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James Metcalfe's Real Estate Update 06,11
1. MarketNews
JAMES METCALFE’S REAL ESTATE UPDATE JUNE 2011
VOLUMES AND PRICES STRONG IN MAY
A total of 10,046 homes were sold in the GTA during May - up 6% The average selling price of a resale home in the GTA in
versus May 2010. This result was the second best on record for May increased by 9% to $485,520 and established yet
May in the history of the Toronto Real Estate Board. The market another new record price for the TorontoMLS® system.
was buoyed by positive economic news and by continued low Continued excellent resale prices are being fueled by
borrowing costs. The following is a brief breakdown of volume both strong demand and by very tight supply. In fact, the
performance by major dwelling types: number of new listings in May 2011, at 16,076, was down
Dwelling Units Ann’l % of 15% compared to last year. Overall active listings, at 18,481,
Type Sold Growth Total were down by a whopping 27% versus the previous year.
Detached 4,993 +8% 49.7% Homes were on the market for an average of just 23 days.
Condo Apt 2,215 +4% 22.0% All in all, a clear-cut seller’s market has emerged in recent
Semi-Det 1,132 ±0% 11.3%
Condo TH 810 +9% 8.1%
months and will continue in the absence of a major influx
Freehold TH 697 +10% 6.9% of new listings.
GTA RESALE HOME SALES (UNITS SOLD) - MAY GTA RESALE HOME SALES (AVERAGE PRICE) - MAY
2008 2008
2009 2009
2010 2010
2011 2011
4,000 6,000 8,000 10,000 $300,000 $350,000 $400,000 $450,000
James Metcalfe BROKER
416-931-4161 Royal LePage Real Estate Services Ltd.
www.OurHomeToronto.com Johnston & Daniel Division, Brokerage
Service@OurHomeToronto.com 477 Mount Pleasant Rd., Toronto, ON M4S 2L9
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2. Answering your air conditioning questions
House
Smart
What type of new central air conditioner should I buy? cleaned with a garden hose after debris is vacuumed off,
Look for the Seasonal Energy Efficiency Rating (SEER) for • Both the blower fan and outdoor fan should be cleaned
the unit. A high SEER indicates a more energy efficient air and lubricated where applicable, following manufacturer’s
conditioner. New air conditioners sold in Canada have SEERs instructions, and
ranging from 10 to 17, with 17 being the most energy
• If there is a humidifier damper, make sure it is closed for
efficient and 10 being the least.
the summer to reduce the unnecessary addition of moisture-
The type of refrigerant used in the unit should also be a laden air to the home.
consideration. The two types of refrigerant available are R-22
If, after completing these suggestions your air conditioner
(freon) and R-410A (puron). Until recently, freon was the only
is performing poorly, you should hire a qualified contractor
type of refrigerant available in air conditioners. However,
to undertake a more thorough servicing, such as checking
freon contains chlorine compounds which, if released into
the refrigerant level or making electrical or mechanical
the atmosphere due to normal wear and tear or equipment
checks and adjustments. As with all mechanical equipment,
failure, destroy the ozone layer and contribute to global
regular servicing by a qualified contractor in accordance with
warming. Recent international agreements have created a
manufacturer’s specifications is recommended.
plan to cease production of freon in the next few years. This
has already effectively reduced the world supply of freon, Can an air conditioner be tested for proper operation
driving up its cost to the consumer. Puron does not contain at any time?
the same ozone depleting properties as freon. Both the freon
No. Unfortunately there are some limitations to when air
and puron air conditioning systems are available, however
conditioning systems can be tested, or damage to the
the benefits of installing a puron system should be evaluated
compressor may result. Air conditioning systems should not
when considering repairing an older system or installing a
be tested when the outdoor temperature is below 18ºC or
newer system.
has been below 18ºC in the past 24 hours, or when the
What can I do to maintain my air conditioner in good power has been on for less than 12 to 24 hours. Under
working condition? these circumstances, refrigerant in the compressor can mix
with lubricating oil, providing poor lubrication and potentially
Here are a few suggestions:
resulting in seizing the compressor. Given that compressors
• Inspect, and clean/replace the blower fan filter (usually are the most expensive component to replace on an air
located in the return air duct at the furnace) every 2 months, conditioner, it is important to not to operate them during the
or as recommended by the manufacturer, above noted conditions.
• Vacuum or brush clean the outdoor coil to keep it clear This article was contributed by AmeriSpec Canada, a leading Canadian home
of dirt, leaves and grass clippings. The coil can be carefully inspection company. Please visit them at www.amerispec.ca
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3. Benefits of mortgage pre-approvals
Personal
Finance
It is surprising at the number of people who don’t take the Be prepared before you talk with your mortgage professional.
time to pre-approve before they go out home shopping. As The following is a list of all the necessary information you will
a mortgage consultant, it is a terrible feeling to have to tell need to secure home financing:
people who have entered into a conditional purchase and a. Be prepared to have your employer give you a letter on
sale agreement that they will not be able to secure financing company letterhead outlining your name, position, gross
for the property they have finally selected. When you pre- annual income, and number of years employed with the
approve, you have nothing to lose and everything to gain. company.
If you are in the market for a new home and need to b. If self employed, three years financial statements, and
determine what you can afford to shop for, then now is the tax returns (together with official assessment from Canada
time. In today’s mortgage market, some lenders are offering Customs and Revenue).
to hold mortgage rates for up to 120 days while you shop c. Social Insurance Number(s)
for your new home. Many will also match the builder’s rate
d. At least 3 years’ history of residences and employers.
cap program if your home does not close within a 120-day
period. That’s not the only plus - it gets even better. e. Know your banking information (i.e., institution’s name,
address, type of accounts, account numbers).
When you pre-approve with a lender, you are automatically
f. Know your assets and their value (i.e., cash amounts,
guaranteed an interest rate no greater than the rate for which
stocks, bonds, RRSPs, car).
you are pre-approved. At the same time, if interest rates
go down after you pre-approve, you are usually given the g. Know your liabilities (i.e., car loan, credit card balances).
benefit of that lower rate. To put it more simply - the financial h. Always let the lender know any past credit problems you
institution with which you pre-approve is going to pay the may have had. Many people have them, but just be sure you
costs of you playing the interest rate game. can give an exact recount of the details surrounding any late
payments.
The fact that the financial institution bears the risk of interest
rate fluctuations is only one of the benefits that a pre- Don’t be the next person to go home shopping only to
approval has to offer. By pre-approving with a good lender or discover you are not qualified, or that you could be getting
mortgage consultant, you learn about what you need in the your dream home now. Talk to your mortgage broker or lender
way of income verification, down payment, credit rating, and and get the peace of mind offered by a pre-approval.
mortgage products. You learn to understand the benefits of
going with a short or longer term. You learn what incentives
and kickback programs there are in the market, and which This article was contributed by Calum Ross, a prominent Toronto-based
mortgage products will best meet your needs. mortgage consultant. Please visit him online at www.calumross.com
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