Mid January Market Report

It's that time again for my mid month market report regarding Toronto real estate. I'm sure the numbers will not come as a surprise to you considering we finished off 2011 really strong and it obviously has carried over into the new year.

Here are the numbers for the first 14 days of 2012 from TREB's report:

• 1,506 transactions reported through the MLS during the first 14 days of January, up 6% from January 2011, that's pretty strong!
• Average selling price in the 416 area is....$467,152, up 12% from the same period last year
• Average selling price in the GTA is....$444,473, up 8.5% from January 2011

These numbers indicate that the Toronto real estate market is still hot and very much in a sellers market! No doom and gloom as predicted by the media time and time again, especially with the announcement by BMO (Bank Of Montreal) of a 2.99% 5 year fixed rate, people would be crazy not to buy something and take advantage of this rate for the next 5 years. But before you get too excited about this rate, it does come with some stipulations, one of the more important ones being the amortization rate, which is 25 years and not the 30 years we are use to seeing. This may actually not be a bad thing as our banks want to prevent the same scenario that happened in the US and with a rate this low, people may think they can afford more expensive houses without thinking of the future and that's what we have the banks for.

Which leads me into my next point of discussion. In TREB's report it said that the strongest price growth was for single detached homes in the City of Toronto. The average price in the 416 area code was up by 22% year-over-year, wow!!!  What does that mean? Well considering that we have 9.2 million generation Y (born from 1977-1994) buyers, it seems like, while some of these buyers are entering into the real estate world for the first time via condos, the others are ready to move on and start families, needing more space and a backyard for their kids. This growth is also supported by our historically low interest rates, meaning people think and can, afford more then before. Clearly buyers are taking advantage of the rates, as is indicative by the numbers.

Lastly, a recent study released by Legatum Institute, which measured the world's most prosperous nations, ranked Canada as the sixth best country in the world based on criteria that have an effect on economic growth and personal well being. So if this doesn't have you convinced that Canada is doing just fine, despite all the negativity we have been hearing, then I give up! I'm not saying that we shouldn't watch what we spend and accumulate a lot of debt, but what I am saying is that we should continue to support our banks in their conservative approaches and exercise the same practices in respect to our household finances This will keep our nation going strong and prevent any housing catastrophes. The ball is in our court, so use it wisely.

What are your thoughts?

Creative Decor: Painted Ceilings

I thought painted ceilings should make it into the creative decor section of my blog as they are often neglected. The trick is, that it definitely needs to be done right, if done wrong, the room can seem smaller and shorter, so it's very important that you know what you're doing. Here are some examples to help inspire you to do something with that fifth wall.
These pictures can attest that a painted ceiling can be done in any room:

contemporary living room design by charleston architect Catalyst Architects, LLC

traditional living room design by charleston architect Catalyst Architects, LLC

kitchen design by new york interior designer Tara Seawright

traditional hall design by burlington architect Smith & Vansant Architects PC

Let me know what you think!
***Images via Houzz,  Michelle Workman and Apartment Therapy***

More Updates: Recent Project

I was thinking today that I'm overdue with an update on my project in the Junction Triangle, so I thought I would do one today. The last update saw a lot of visible change and this one won't as much as a lot of "behind the scenes" work is being done, the kind you hear people talking about on HGTV and wondering where all their money was spent as it's "not visible". Well, here it is and let me take you through it to have a better understanding.


The house had knob and tube wiring and that's a big no no for home insurance companies and with buyers, so the whole house had to be rewired. Here you are looking at the new electrical wires running through the house, this is one of those jobs I was mentioning above. Once the new dry wall goes up you can no longer see the amount of time, work and money it takes to rewire the whole house! All you're left with is new receptacles and light switches, which doesn't seem like a lot of work or money, but believe me on this one.
  
Before...                                                                  Now...

All the walls are officially down and all heating vents that were in the way have been moved. Seems so much bigger with the walls gone, can't wait to decorate (I know, I'm getting ahead of myself here).

Before...Back entrance/stairs to the basement

Now...back entrance/stairs to the basement

In this back area of the house, I had a big decision to make, leave the entrance to the basement here (works well if you intended to use as basement apartment) or close it off and relocate the entrance to the basement to make it more conducive to a single family residence. Well, I figured first off, that the type of buyer that will be buying this home in this area, will be a couple or young family who will not want a tenant in the basement so this space will be pretty useless and ugly. So I decided to have new cedar stairs put it, leading from the kitchen to this area and close off the entrance to the basement and lay a floor, as pictured above (only sub floor pictured). This back area will not only be the entrance from the backyard but will also act as a mud room/storage area, where the new owners can store their jackets, shoes, etc. Once I'm done with this room, you will be shocked with the remarkable difference.
***Key note here about basement apartments...before closing off a separate entrance to a basement apartment, think about the area you live in and what kind of buyers will most likely buy your house in the future. For example, in the Corso Italia neighbourhood, people LOVE their basement apartments and therefore I would never close it off***

I know you're asking, how am I going to get to my basement? Well here is the answer:

Underneath the main stairs...where it should be. Highly recommend that if the entrance to your basement doesn't continue underneath your main staircase then you should relocate it, if you can, especially for a single family residence.

That's all I got for now, the basement has been gutted too, but I wasn't going to take my chances on that ladder to snap pictures....oh well, next time!

Meet Roxie!!!!

 As I honour Harley's memory and all the good times we had, I wanted to introduce my new furry assistance, Roxie a.k.a Coco Puffs. I received her as a Christmas present and it was the best one I got this year. Roxie is now 3 months old and she's an all black miniature schnauzer, which by the way is the 12th smartest dog in the world. Full grown she will be approximately 15-20 lbs, same size as Harley, if not a touch bigger. Roxie has definitely made this whole transition easier for me and I just love her to bits! So I want all of you to welcome her to the RealtyqueenTO/Realty Royalty team.

Here's Roxie:



When we first brought her home....she's so small!!!






Bedazzled doggie

My little black fur ball

My sleeping princess

She's so well behaved.....when she's sleeping!

Isn't she the cutest thing you've ever seen?

Have a great weekend!

Cool Homes: Birdview Residence

This week's feature is really cool and includes some genius architecture. This 10,000 sq ft home located in Malibu California, was remodeled by architect Douglas W. Burdge and boosts incredible views of the Pacific. It is not uncommon to see gray whales during their migration from this home, how cool is that? The house and guest house sit on a 1.1 acre lot with a swimming pool and spa and features 7 bedrooms and 8 washrooms. I'm absolutely in love with all the floor to ceiling windows and the amazing views from each room. The home is currently on the market for $27 million, anyone interested?

Now I know you're all dying to see it, so here it is!

What do you think?

A huge shout out to Mark Mclean for spotting this architectural beauty.
***Images via The Platform***

Send Me A Referral & Win A TV!!!

I'm very excited to announce something new I will be trying this year for my real estate business. As you all know referrals are the lifeline to my business and a great form of flattery. As an acknowledgement to their critical role in my success, I will be giving away a 32 inch LCD TV.  That's right, you read it right, free TV!!!! If all goes well, I will try to do a draw each month.

Here's how it works:

• If you know someone who is thinking of buying or selling real estate in the Toronto area, pass their name and contact information to me (make sure to inform them I will be calling)
• For each referral, you'll receive one entry into a draw, entry is not contingent on an actual purchase or sale, so it's that easy!
• I will provide your referral with my knowledge and professional service to help them achieve their real estate goals
• Receive additional entries by tweeting and facebooking about the referral you gave me
• The grand prize will be drawn at the end of February 2012 using random.org and announced on my blog
• The winner will receive a 32 inch LCD TV by a reputable brand like Samsung, LG, Toshiba, etc

So everyone get your thinking caps on and start sending me your referrals because remember, I'm never too busy for your referrals.

Thank you all for your continued support and I look forward to helping your family and friends with all their real estate needs.

***Image via Engadget***
***TV pictured here is not necessarily the model or brand that will be given away***

5 Renos That Pay Off

I recently came across this article from CNN Money talking about 5 renovations that pay off the most. Being a realtor and also a renovator myself, I would have to say I disagree with some of their points and also surprised that some important items did not even make the list. On the bright side, it inspired me to do my own version, based on my experience and knowledge, of the 5 renovations that pay off most when selling your home.

First off, I'm going to list the 5 renovations that were mentioned in the article and then I will list 5 of my own (in no particular order):

1. New entry door (steel) Really...steel? I love wood doors, especially old ones, so much charm and character and they can be fixed up
2. Garage door....again, really? No one really cares about a new garage door as long as the old one works, garages in downtown Toronto are usually located in a laneway anyhow
3. Minor kitchen remodel, what constitutes minor? With a kitchen, you need to go all the way or don't bother at all
4. Deck addition, I do agree on this point, but it needs to be expanded on further
5. New siding (vinyl), too expensive, try washing and repainting it first

Here are my 5:

1. Kitchen, this one is an important one! Majority of people spend most of their time in the kitchen, cooking and entertaining guests, therefore the kitchen matters....a lot! Also since the whole HGTV effect has rubbed off on new buyers, make sure to have some pretty, shiny, high tech, stainless steel appliances, don't go cheap here. Nothing worse then showing a house with a beautiful new kitchen renovation and seeing white appliances, yuck! Regarding cabinets, sleek, modern designs with chunky stainless steel handles are a sure win, Ikea has some great, designer styles for cheap and the quality is not so bad either, despite of what you may think. Lasty some sort of stone countertop, granite, corian, lot's of options to choose from
2. Bathrooms, this one is pretty important too! There are definitely a lot of old, dingy, outdated bathrooms in downtown Toronto and they are usually pretty small with coloured tubs and sinks, therefore a renovation will make a big impression here. Since they are small spaces, you can put some cool features and it won't cost you an arm and leg. Also buyers want something spa-like in their bathrooms, somewhere they can come home after work and forget all their troubles. The HGTV effect also plays a role here and people want updated, sleek toilets and soaker tubs with glass enclosures
3. Backyards, this one expands on the deck addition above. I'm always talking about how buyers are looking for a backyard oasis, somewhere they can forget about the city and have BBQ's on warm summer nights with friends. So a nicely landscaped backyard with an impressionable, private deck and new fence goes a long way here. The more popular materials to use is either synthetic carefree materials or cedar.
4. Front yards, this one is as equally important as backyards. The front yard is all about curb appeal, (which I always talk about) and what kind of impression your home gives to potential buyers. A lot of buyers love to drive around on sunny Sunday afternoons and look for, for sale signs in the neighbourhoods they want to live in, therefore your home has to stand out from the rest and make a lasting impression. The key point here is to entice potential buyers to want to see more. The front porch and garden are the key points to address.
5. Open concept main floors are love at first sight. Again the HGTV effect comes into play here. People want to open their front door and be wowed! An open concept main floor with a beautiful kitchen does the trick.

Ok, so I realize these are all costly renovations when compared to CNN's list, but I strongly believe these are the important ones. So if you do have the money, then spend it wisely on the 5 things I listed here or even one or two, I promise you will fetch a higher price for your home in the end. Like I keep mentioning, the HGTV effect has left a lasting impression on buyers, people watch all these shows on HGTV and see shiny and new and they want it for themselves so your home has to deliver.

 If you don't have thousands of dollars to spend, but still want to do something to spruce up your home, here are some inexpensive tips and tricks to help you on your way:

1. Declutter...need I say more?
2. Clean everything outside the home. I think we already established that curb appeal is of high importance, therefore having a dirty exterior or messy yard is not going by this rule. Powerwash the exterior of your home including sidewalks, driveways, patios, etc
3. Tend to your garden. Make sure all weeds are cut and the grass is cut. Remember you're trying to create a backyard oasis. Also some fresh mulch is a nice finishing touch.
4. Make simple repairs. These don't require much effort or money. Fix sticky or squeak doors, replace any doors off tracks, make sure things are hung straight, etc
5. Last but not least, clean your house! Hiring a professional cleaner to do a thorough once over of your home and then it's just a matter of upkeep for the showings. Make sure your home is pristine when you leave every morning for work, as a showing can be scheduled last minute and during the day.

My last piece of advice is paint. I wasn't sure which list to include this one as it can be done inexpensively on your own or professionally at a cost. You can gather all your friends and family together and have a painting party or forgo that experience and hire a painter. Either way, make sure to choose non intrusive colours, like neutrals or greys, so that it appeals to the masses. Everyone has their own personal preference on colours and you shouldn't impose your own taste on potential buyers as they may not like it. Remember, most people don't have an imagination to picture things differently from what they are, so your job is to help them along in this process.

I hope this has inspired you to do something with your home and I would love to hear your suggestions!
***Images via Nanaimo Real Estate Blog, Canadian Home Builder's Association***