Toronto Real Estate Board Market Statistics June 2010

 
Market More Balanced in June

July 6, 2010 -- Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."

The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."

Median Price
In June, the median price was $367,750, from the $345,000 recorded during June of 2009. 
 
 
For the full report and detailed numbers for your home/area, please call me and I will assist you.
 
Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

 

Search the entire MLS right from www.AsifKhan.ca

Hello Everyone:

Some more exciting news to share with you about our website! In our
continued effort of making this your one-stop site, we have just added a
very cool new feature. You can now search the entire MLS right from our
site. A new button has been added to the top navigation bar called
SEARCH MLS. Click on that button and it takes you right into your search.


With this new feature, and previously added features such as Toronto's
Breaking News (which gives you current traffic conditions on our highways,
up to the minute news, weather and sports, as well as financial market
information), Toronto Sports Team updates (linked through their individual
sites for up to date team info), a Marketplace (where our clients buy and
sell items), Businesses I Refer (the hottest feature on our site - find the
right person for the job), and of course Asif Khan TV (local information,
and informative videos). This and much more, including our featured
listings, a mortgage calculator, Children's Miracle Network donation area,
make this your one-stop site for information. Bookmark us, and set
www.AsifKhan.ca as your new homepage. You'll also find my Blog and links to
Facebook and Twitter.

Please visit the site, try out the new and exciting features and let me know
what you think.

Regards,

Asif

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

Google me: Asif Khan Re/Max

Real Estate Exposed - Teaser Video

 
This summer, a hot new series called Real Estate Exposed will make its debut.  I'll be co-hosting the series with fellow Realtor, Theresa Le.  This series is not just a Real Estate Update, it's a look at the Real Estate market in the GTA, but with a bite! Watch for it!!! Stay tuned for details on our first episodes, and if you would like to sponsor a show or two, have your company contact us!! 
 
 

 

Asif Khan, Realtor

 

Re/Max All-Stars Realty Inc.

 

 

 

Google me: Asif Khan ReMax

 

Follow me on Twitter  www.twitter.com/remaxallstar

 

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Movie Morning - Toy Story 3, Our greatest movie morning EVER!!

Meet the star studded cast of Toy Story 3 1/2 - The Real Estate Games! Topper (played by HP), Stretch (played by Mastercraft), GyPSy (played by Nextar), Vanna (played by Chevy), Berry (played by RIM), Celly (played by Nokia) and Flash (played by Olympus), and of course Flipper (played by Flip Cam).

Thank you to everyone for coming out and making it a huge success, and for Daily Web TV for covering this event.  Can't wait to see the episode when it hits the air!!

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

6 Backyard Improvement Ideas to Add More Value to Your Home

RISMEDIA, June 10, 2010—If you’re like most homeowners, there is never a shortage of options when it comes to projects around the house. But studies have shown that some of the highest return on household improvements can come from those on the outside, not the inside.
A primary reason is that outside investments can produce curb appeal, which is especially important if you are planning to sell your home. Those same improvements can enhance the enjoyment factor if you and your family plan to stay in your home.
For example, one national industry resource—the National Association of Realtors, reported recently their experience shows a new wood deck produces the second highest return on home improvement investment of any common addition, remodel or replacement project.
However projects don’t have to be big to add value or enjoyment, according to Jimmy Rane, president of Great Southern Wood Preserving, a leading producer of pressure-treated lumber products and maker of YellaWood brand products.
The following popular outside improvement projects will increase the curb appeal or value of a home:

Adirondack chairs—Uniquely-American classic outdoor furniture is made entirely of wood and has a straight back and seat, which are set at a slant to sit comfortably on a hillside or mountain incline, but still be comfortable at any angle.

Gazebo—A gazebo can be freestanding or attached to a garden wall, roofed and open on all sizes to provide shade or shelter.

Planters and window boxes—Planters have become popular because they are both functional and ornamental. Additionally, some can be moved frequently to account for seasonal weather or just to create a change in scenery.

Picnic table—Picnic tables go well on a patio or a deck, but equally as well on the grass or under a tree in the yard. A traditional picnic table is all in one piece so that it wears well without a lot of maintenance.

Trellis—A trellis can function as a unique sun screen or it can be the framework for an outdoor hanging garden. Building it with pressure treated lumber can add life by minimizing rotting and other threats.

Trash can corral or compost bin—While many outdoor projects tend to be cosmetic in nature, here are two ideas that are both practical and pretty. With a trash can corral, you can hide unsightly trash cans and with a compost bin, you can reduce your own carbon footprint in a way that doesn’t take away from the visual appeal of the place

Asif Khan, Realtor
Re/Max All-Stars Realty Inc.

Text "ASIF" to 68888 to join my Mobile Community

RE/MAX vs. The Industry

The numbers are out. Re/Max agents top the Industry. Congrats to all our brokerages and to our competitors.

Asif Khan, Realtor
Re/Max All-Stars Realty Inc.

Text "ASIF" to 68888 to join my Mobile Community

Today's Interest Rate Hike By The Bank of Canada And What it Means To You

The Bank of Canada has raised its benchmark interest rate for the first time
since 2007. The modest, and much anticipated 0.25% increase makes Canada
the first of the G-7 to raise rates, however borrowing rates remain
extremely low. I've had a number of calls today from friends asking about
the effect on the housing market. When you break the increase down into
dollars and cents, for every $100,000 you have borrowed for your variable
mortgage, you will pay approximately $12 more per month. The Bank of Canada's mandate has always been to keep inflation in check at
the 2% mark, and they are saying inflation is unfolding as expected and that
spillover from the European debt crisis has been limited. There still is
considerable uncertainty about an "increasingly uneven" global recovery.

The Bank of Canada stated that "The required rebalancing of global growth
has not yet materialized". The imbalance is highlighted by some markets
showing strong momentum with regard to recovery and then economies such as
the United States and Japan remaining heavily dependent on low interest
rates and government spending. While Europe is in a state of renewed
weakness and facing drastic spending cuts and higher borrowing costs, the
effects of the crisis on Canada have been limited to a modest fall in
commodity prices and relatively tighter financial conditions. The Canadian
economy, posted an astounding 6.1-per-cent annualized growth rate for the
first quarter - the fastest in more than a decade. The Canadian economy is of course led by a hot housing market, higher
incomes and labour-market recovery that have helped fuel consumer spending.
Since summer of 2009, Canada's unemployment rate has dropped from 8.7% to
8.1% and is poised to dip below 8% by the end of summer 2010. With the HST
being introduced in July, this will add 0.6% to the Consumer Price Index and
the bank has suggested that household spending, and the economy, will slow a
bit in the coming months as consumers deal with higher borrowing costs and
try to limit or reduce their debt loads and as government stimulus spending
fades. In a statement on the move, however, Mr. Carney and his rate-setting panel
sought to emphasize that investors should not necessarily interpret the
increase as the first in an uninterrupted series. Mark Carney stated that
"This decision still leaves considerable monetary stimulus in place,
consistent with achieving the 2 per cent inflation target in light of the
significant excess supply in Canada, the strength of domestic spending and
the uneven global recovery." "Given the considerable uncertainty surrounding
the outlook, any further reduction of monetary stimulus would have to be
weighed carefully against domestic and global economic developments."

Getting back to the $12 increase per $100,000 you have on your mortgage.
Contact me to find out you can cut 10-12 years OFF your mortgage interest
and save tens of thousands of dollars. Our "HOME-FREE" Program will have
your mortgage paid off sooner, and the impact of future rate hikes will be
even less than the small hike today. J

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

Google me: Asif Khan Re/Max

Follow me on Twitter Become a Fan on Facebook

The Bank of Canada has raised its benchmark interest rate for the first time
since 2007. The modest, and much anticipated 0.25% increase makes Canada
the first of the G-7 to raise rates, however borrowing rates remain
extremely low. I've had a number of calls today from friends asking about
the effect on the housing market. When you break the increase down into
dollars and cents, for every $100,000 you have borrowed for your variable
mortgage, you will pay approximately $12 more per month. The Bank of Canada's mandate has always been to keep inflation in check at
the 2% mark, and they are saying inflation is unfolding as expected and that
spillover from the European debt crisis has been limited. There still is
considerable uncertainty about an "increasingly uneven" global recovery.

The Bank of Canada stated that "The required rebalancing of global growth
has not yet materialized". The imbalance is highlighted by some markets
showing strong momentum with regard to recovery and then economies such as
the United States and Japan remaining heavily dependent on low interest
rates and government spending. While Europe is in a state of renewed
weakness and facing drastic spending cuts and higher borrowing costs, the
effects of the crisis on Canada have been limited to a modest fall in
commodity prices and relatively tighter financial conditions. The Canadian
economy, posted an astounding 6.1-per-cent annualized growth rate for the
first quarter - the fastest in more than a decade. The Canadian economy is of course led by a hot housing market, higher
incomes and labour-market recovery that have helped fuel consumer spending.
Since summer of 2009, Canada's unemployment rate has dropped from 8.7% to
8.1% and is poised to dip below 8% by the end of summer 2010. With the HST
being introduced in July, this will add 0.6% to the Consumer Price Index and
the bank has suggested that household spending, and the economy, will slow a
bit in the coming months as consumers deal with higher borrowing costs and
try to limit or reduce their debt loads and as government stimulus spending
fades. In a statement on the move, however, Mr. Carney and his rate-setting panel
sought to emphasize that investors should not necessarily interpret the
increase as the first in an uninterrupted series. Mark Carney stated that
"This decision still leaves considerable monetary stimulus in place,
consistent with achieving the 2 per cent inflation target in light of the
significant excess supply in Canada, the strength of domestic spending and
the uneven global recovery." "Given the considerable uncertainty surrounding
the outlook, any further reduction of monetary stimulus would have to be
weighed carefully against domestic and global economic developments."

Getting back to the $12 increase per $100,000 you have on your mortgage.
Contact me to find out you can cut 10-12 years OFF your mortgage interest
and save tens of thousands of dollars. Our "HOME-FREE" Program will have
your mortgage paid off sooner, and the impact of future rate hikes will be
even less than the small hike today. J

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

Google me: Asif Khan Re/Max

Follow me on Twitter Become a Fan on Facebook

What they sold for

Have you wondered what the average price is in your area?  Here are the numbers for last week (May 20, 2010) from the Toronto Real Estate Board:

Region
  Area Sales
  Average Price
  East
  555
  $343,410
  West
  886
  $407,828
  Central
  419
  $593,205
  North
  476
  $436,192
  Total
  2,336
  $431,553


 

 

 

 

 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

10 Questions You Need To Ask When Listing Your Property For Sale

Selecting the right representation is the key to successful Real Estate transactions.  Here is a list of 10 questions you MUST ask to determine whether you are receiving the best value in terms of Real Estate Representation.

1. Do you have a list of references from past clients and other Real Estate Representatives?
By reviewing the testimonials from past clients you will get a feel for how the salesperson handles transactions from the initial meeting to negotiations to post-sale service.  Post Sale service is the most important factor, as the completion of negotiations is just the start of the work.  You also want to see testimonials from other Realtors, how does the representative work with peers?  What type of reputation does this person have, and will his/her peers show property and negotiate in good faith with him/her?  How does the Realtor handle stressful situations, for instance when deals are falling apart before the closing date, what is the Realtors' reputation for stepping in and saving the deal? 

2. You have a team, so what is YOUR role in getting my home sold? 
Teams are a great way for you to receive great service, and deal with a live person throughout the process.  How active is the Team Leader?  Will the Team Leader be accessible to you at all times, or will you be handed over to the "assistants"? Is the Team Leader a brand, or is the Team Leader hands on?

3. Are you a full-time Real Estate Professional? What designations do you hold and how often do you attend continuing education courses to stay on top of market conditions? 
Professionalism, Education, and Experience are keys to successful Real Estate Transactions.  This is not to say that someone new to the business would not be a great asset, they would bring alot of energy and excitement. However, depending on the nature of your transaction, you may feel more comfortable with an agent that has a proven track record of success. The market changes continuously, and knowledge is power.  The Real Estate License is just the starting point to a great Real Estate Career.  There are many courses and updates that Realtors need to attend to stay on top of the market, laws, and general strategies.  The more up to date your Realtor is with current market information, the better you will fare during the negotiations.

4. How many homes did you sell last year?
Don't confuse length of service with experience.  Just because someone has been in the business for years, doesn't mean they have been successful.  Find out how many transactions they have completed over the last year or two. Suppose an agent has been around for 20 years, and sells 4 homes per year,  a new agent could sell 40 houses per year and be in the business for three years.  The new agent has more experience than the 20 year veteran based on the number of homes sold.

5. What is your marketing plan?
The market swings back and forth like a pendulum.  The market is always great, sometimes for sellers, and sometimes for buyers.  If you are selling a house in a buyers market, then you need a solid marketing plan to make your home stand out. Selling in a Sellers' market?  How can you maximize your return on your property?  A sign in the lawn and an MLS listing is just the start, not a stand-alone marketing strategy.  Is your Realtor tech-savvy?  Ask for some samples of the technology they are implementing to market your home and provide you with value added benefits to provide greater exposure. Will your home be featured through social media sites, will you have videos streamed through the web to showcase your property and make it stand out?  The old school marketing methods are still good for exposure, but you need to be on the cutting edge to put yourself over the top. 

6. What are your home sales stats?
Ask for their current statistics compared to industry averages.  How long will it take and how does this timeline compare to the Real Estate Board's numbers?  What is the average sale price to list price ratio for the agent vs. the board?  How many Sales Representatives are in this person's office?  A larger office will have more resources for the agent to pull from.  They should know this information off the top of their head, or at least have the statistics readily available if they are in the business full-time.

7. How often do you communicate with your clients? 
In today's day and age, and with the technology available, there is no excuse for them not to stay in constant contact. With email, sms, telephones, and social media, you should always be aware of the status of your home. Some agents have secure areas on their website to communicate exclusively with their clients, an option that is available to you 24/7.  Does this Realtor have the tools to provide you with answers when you need them?

8. What type of network do you have? 
Does the Realtor's network include other services you will rely on to get the job completed successfully?  Do they have lenders, lawyers, inspectors, contractors, decorators, cleaning services, etc.? The stronger the network, the better off you will be.  A strong network will provide you with peace of mind and make for a less stressful transaction. 

9.  How will you ensure that my property will receive greater attention from other Realtors?
The key is to make sure your home is accessible to as many Realtors as possible.  What strategies will your Realtor have in their arsenal to entice their colleagues to show your property over the competitors? Will they chargeback all or a portion of their marketing costs to other Realtors or charge Administrative fees and scare them off?  Do they recommend an incentive to make your property stand out?

10.  What is the benefit of choosing a full-service Realtor instead of selling it myself or through an alternative service? 
Although some Realtors will focus on saving you 1% or so, your focus is on maximizing your bottom line.  How will your Realtor guarantee you the proper marketing and service? Will your property receive the proper attention and funding it requires to bring you a higher than average return?  Ask for copies of previously used marketing materials and sample on-line collateral.  You get what you pay for and your Realtor needs to deliver.

Make sure you receive satisfactory answers to these 1o key questions.  The answers will make a difference in how fast and for how much your home will sell.    As always, this is not intended to solicit properties that are currently under contract with other brokerages. 

Choose wisely!

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax