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Pearls of Wisdom

James Metcalfe’s June Real Estate Update

June 20, 2013 by James Metcalfe Leave a Comment

June has come and gone but the month’s real estate update proves that May was a great month for the resale value of  homes in the GTA. In May we saw a 5% increase in the price of a resale home versus May 2012. In fact, price growth occurred in all major market segments! And all this growth seems on track to meet the Toronto Real Estate Boards price growth forecast of 3.5% as a whole.

In this month’s update we feature 10 home improvement projects that add value to your home including:

  • Painting
  • Kitchen remodeling
  • Finishing unfinished space
  • Home office remodeling

Also, in our “Legally Speaking” segment we discuss the finer points of walking away from a house deal. This can be complicated so make sure to read carefully. We cover important points such as a buyer’s remorse period and who gets the deposit when buyers change their mind.

Featured this month are some of the highlights from the CAAMP (Canadian Association of Accredited Mortgage Professionals) survey as well as the ever popular “Pearls of Wisdom”

Metcalfe june from James Metcalfe

 

Filed Under: Consumer Best Interests, Legal, Maintenance & Security, Market Stats & Trends, Our Home Toronto Real Estate Newsletter, Toronto ... Bylaws & Outlaws, Your Next Move ... Up-Sizing / Down-Sizing Tagged With: home improvements, James Metcalfe Real Estate, legally speaking, Pearls of Wisdom, real estate stats, Toronto Real Estate, Toronto Real Estate Trends

James Metcalfe’s April Real Estate Update

April 29, 2013 by James Metcalfe Leave a Comment

Spring has finally arrived (sort of) and with it some growth in the average price of a resale home in the GTA. In March, we saw the price of homes increase by 4% versus March 2012 which means the average price of a home increased from $500, 875 to $519, 879. We also saw price growth across all market segments including single- detached homes, semi-detached homes, townhomes and condo apartments. Although we saw price growth there was a 17% decrease in sales versus March 2o12.

This month in our update we look at a case of a couple with two dogs and the importance of examining the building’s certificate of status prior to placing an offer on a unit. Make sure to ask your real estate agent about the certificate of status prior to placing a bid on a resale condo. They should know of any restrictions when it comes to pets and so should you!

We also take a look at some of your electrical questions including examining the electrical capacity of your home and what to do if some of your electrical out lets are not grounded. What are the risks and consequences?

Lastly, and as always we have the popular Pearls of Wisdom. Here is a preview: “Here’s something to think about: how come you never see a headline like ‘Psychic Wins Lottery'” – Jay Leno.

James Metcalfe’s April Real Estate Update from James Metcalfe

Filed Under: Consumer Best Interests, Legal, Market Stats & Trends, Our Home Toronto Real Estate Newsletter, Toronto ... Bylaws & Outlaws, Toronto Condos, Your Next Move ... Up-Sizing / Down-Sizing Tagged With: certificate of status, downtown Toronto, electrical questions, James Metcalfe, James Metcalfe Real Estate, Pearls of Wisdom, Real Estate Update, Toronto Condos, Toronto Homes, Toronto Real Estate, Toronto Real Estate Trends

James Metcalfe’s February Real Estate Update

February 18, 2013 by James Metcalfe Leave a Comment

February has almost come to a close and was once again a very successful month. The average price of a resale home increased by 4.3% to an average price of $482,648. The industry saw price growth in many market segments including single-detached homes, semi-detached homes, town homes and condo apartments. This month in our newsletter we focus on personal finance and look at tax issues when selling a condo. This month in personal finance we look at the pros and cons of reverse mortgages: how they work, the advantages and disadvantages and traditional mortgages vs. reverse mortgages. When you are selling a condo (and it is not your primary residence) it is important to realize that half the profit is taxable. Read more about taxes and condo sales in this month’s Condo Corner. Returning this month as always are the ever popular pearls of wisdom. Here is a sneak peak to get you in the spirit. “The secret to staying young is to live honestly, eat slowly and lie about your age.”- Lucille Ball

Filed Under: Consumer Best Interests, F.A.Q., Love to Laugh, Maintenance & Security, Market Stats & Trends, Our Home Toronto Real Estate Newsletter Tagged With: condo taxes, James Metcalfe Real, James Metcalfe Real Estate, Pearls of Wisdom, reverse mortgages

James Metcalfe’s November Real Estate Update in Our Home Toronto

November 18, 2012 by James Metcalfe Leave a Comment

It is hard to believe that we are already halfway through November. This month in our Real Estate Update in Our Home Toronto we find that the average price of a resale home in October in the GTA was $503,479, a +6% increase from October 2011. Townhomes saw an increase of +3% and condos remained flat at +/- 0%. The average price remains well above the rate of inflation but volume of homes sold is decreasing. This month we also discuss an important court decision regarding the question of whether or not condo corporations need to inspect the unit before issuing a status certificate (for the unit)? In this month’s look at “Personal Finance” we look at three important tips to take into consideration when evaluating adjustable rate mortgages. And as always, we have our ever popular “Pearls of Wisdom- here is a quick preview “The difference between stupidity and genius is that genius has its limits”-Albert Einstein .

James Metcalfe’s November Real Estate Update from James Metcalfe

Filed Under: Consumer Best Interests, F.A.Q., Legal, Market Stats & Trends, Our Home Toronto Real Estate Newsletter, Your Next Move ... Up-Sizing / Down-Sizing Tagged With: adjustable rate mortgage, downtown Toronto, James Metcalfe Real Estate, November, Pearls of Wisdom, Real Estate Update, status certificates, toronto

James Metcalfe’s Real Estate Update October 2012…In Our Home Toronto

November 1, 2012 by James Metcalfe Leave a Comment

Here is our October 2012 Real Estate Update in Our Home Toronto. September saw strong price growth versus 2011. The average price of a resale home in the GTA in September was $503,662 a +9% increase from 2011. We also saw strong growth in single detached homes (+8%), semi-detached homes (+12%), townhomes (+6%) and apartment condos (+6%). This month we also provide some ideas for decorating for the fall season including tips on rugs, lights, plants and backdrops. This month in Legally Speaking we discuss the legalities of the home inspection clause with a case from the Ontario Court of Appeal. We also provide you some tips on how to strengthen home inspection clauses from the seller’s point of view. Finally this month we provide you with some heat saving tips and the ever popular Pearls of Wisdom….here is a preview “Behind every great man is a woman rolling her eyes”- Jim Carrey

Filed Under: Consumer Best Interests, F.A.Q., Market Stats & Trends, Our Home Toronto Real Estate Newsletter, Your Next Move ... Up-Sizing / Down-Sizing Tagged With: design, design trends, home inspection, James Metcalfe Real Estate, Pearls of Wisdom, toronto, Toronto Real Estate

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