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MarketNewsJAMES METCALFE’S REAL ESTATE UPDATE JUNE 2011 VOLUMES AND PRICES STRONG IN MAYA 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 inversus May 2010. This result was the second best on record for May increased by 9% to $485,520 and established yetMay 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 byborrowing costs. The following is a brief breakdown of volume both strong demand and by very tight supply. In fact, theperformance by major dwelling types: number of new listings in May 2011, at 16,076, was downDwelling 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 recentSemi-Det 1,132 ±0% 11.3%Condo TH 810 +9% 8.1% months and will continue in the absence of a major influxFreehold 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 PAGE 1
Answering your air conditioning questions House SmartWhat 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 cleanedthe unit. A high SEER indicates a more energy efficient air and lubricated where applicable, following manufacturer’sconditioner. New air conditioners sold in Canada have SEERs instructions, andranging from 10 to 17, with 17 being the most energy • If there is a humidifier damper, make sure it is closed forefficient 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 contractortype of refrigerant available in air conditioners. However, to undertake a more thorough servicing, such as checkingfreon contains chlorine compounds which, if released into the refrigerant level or making electrical or mechanicalthe 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 withwarming. Recent international agreements have created a manufacturer’s specifications is recommended.plan to cease production of freon in the next few years. Thishas already effectively reduced the world supply of freon, Can an air conditioner be tested for proper operationdriving 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 airand puron air conditioning systems are available, however conditioning systems can be tested, or damage to thethe benefits of installing a puron system should be evaluated compressor may result. Air conditioning systems should notwhen considering repairing an older system or installing a be tested when the outdoor temperature is below 18ºC ornewer system. has been below 18ºC in the past 24 hours, or when theWhat can I do to maintain my air conditioner in good power has been on for less than 12 to 24 hours. Underworking condition? these circumstances, refrigerant in the compressor can mix with lubricating oil, providing poor lubrication and potentiallyHere 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 airlocated in the return air duct at the furnace) every 2 months, conditioner, it is important to not to operate them during theor 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 homeof dirt, leaves and grass clippings. The coil can be carefully inspection company. Please visit them at www.amerispec.ca PAGE 2
Benefits of mortgage pre-approvals Personal FinanceIt 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 willa 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 onsale agreement that they will not be able to secure financing company letterhead outlining your name, position, grossfor the property they have finally selected. When you pre- annual income, and number of years employed with theapprove, 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, anddetermine what you can afford to shop for, then now is the tax returns (together with official assessment from Canadatime. 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-dayperiod. 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 ratesgo 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 youinstitution with which you pre-approve is going to pay the may have had. Many people have them, but just be sure youcosts 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 interestrate fluctuations is only one of the benefits that a pre- Don’t be the next person to go home shopping only toapproval has to offer. By pre-approving with a good lender or discover you are not qualified, or that you could be gettingmortgage consultant, you learn about what you need in the your dream home now. Talk to your mortgage broker or lenderway 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 ofgoing with a short or longer term. You learn what incentivesand kickback programs there are in the market, and which This article was contributed by Calum Ross, a prominent Toronto-basedmortgage products will best meet your needs. mortgage consultant. Please visit him online at www.calumross.com PAGE 3