logo
NEWS DECEMBER 2013
Main Page
Buying Home
Selling Home
Invest
News
Listings
School
 
 
       
  TORONTO, December 4, 2013 Greater Toronto Area (GTA) REALTORS® reported 6,391 residential transactions through the TorontoMLS system in October 2013. This represented a 13.9% increase compared to sales in November 2012.
“Housing affordability is top of mind in the GTA and indeed nationally. Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income” said Toronto Real Estate Board President Dianne Usher.
Competition between buyers increased last month. Transactions were up strongly year-over-year while the number of homes available for sale was down ,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
The
average selling price for November 2013 was $538,881 – up by 11.3% compared to October 2012.
     
  Micro-condo now! Nano condo next?
Downtown Toronto: decent jobs, passable entertainment, increasingly unaffordable housing.
The solution may be to shrink the amount of space and buy micro-condo. The city’s first micro-condos, geared towards “people who choose to live small (and smartly),” are in the works. Units will measure 300 sq. ft. and up, and prices are expected to start at $249,000, features include an “extra-deep counter space with an additional fully-retractable countertop” and multipurpose furniture, like a desk that converts into a bed. 25-storey building called Smart House, located at Queen Street and University Avenue went on sale in October, will see soon buyers reaction.
 
  How to Win a Bidding War Without Overpaying

The inventory of properties for sale is low, prices are rising, and mortgage rate are down. As result , in many markets, buyers are facing stiff competition.
So how can buyers win a bidding war without overpaying?
When it comes to price, be realistic. When sales were l slow, buyers could sometimes get away with lowball offers. Now make sure your initial bid isn't insulting.
Pick your "walkaway number"—and stick with it. What might start as just a few thousand dollars to top another offer could end up costing far more if buyers lose their head. Pick a number at the beginning and don't stray from it.
Be flexible on other offer terms. While price may be what matters most to a seller, being flexible on other selling conditions can set your offer apart.
Position yourself as a backup in case another buyer pulls out. In this market, it isn't unusual for sales to fall through because of low appraisals, difficult buyers or for other reasons. If you really like a property, have your agent communicate your interest even after another bid has been accepted
 
  I recommend...
Timeless gift - Official portrait Commissions for VIP clients
by Veronica Kvassetskaia,
Old masters' Technique, Museum Quality, Luxury Portraits