Each month, the Toronto Real Estate Board (TREB) releases a MarketWatch Report. The following statistics were obtained from the January 2012 Report and make comparisons to the same period one year ago. As of January 2012, in York Mills (C12), there were 97 active market listings, an increase of 14% from the previous year’s statistics. Unit sales for January (year over year) increased by 30% to 17 units. The total volume sold for the month of January increased by nearly 55% while the median price also increased by 15%. In January, the average number of days on the market for each home was 46 days, compared to 55 days as reported a year ago, with homes selling for 98% of listing price. What do these facts mean to you? Property value in the York Mills (C12) area continues to increase, even with a huge swell in transactions. Homes are selling faster. It’s time to call Barry for firsthand real estate information and insight into soon-to-be launched homes. Source: Toronto Real Estate Board – MarketWatch January 2012 and 2011

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Now that we're officially into the New Year, it's time to take one final look at the fascinating real estate market that was Toronto in 2011. While many major markets in North American continued to stagnate, Toronto's year-over-year results were very optimistic. In fact, the December results capped off the second best year on record under the current Toronto Real Estate Board (TREB) boundaries. Here are the actual year-over-year numbers. For 2011, the average selling price was $465,412, an increase of 8% compared to the average of $431,276 in 2010. Total sales for 2011 amounted to 89,347 – up 4% in comparison to 2010. Even though both these figures are for GTA as a whole and not just for the York Mills (C12) area, they do boast well for the luxury housing niches in Central Toronto. According to TREB’s Senior Manager of Market Analysis, tight market conditions and reduced inventory (dipping by 27% under 2010’s stock in the month of May) were key contributors towards keeping prices higher. As well, low borrowing costs helped keep buyers confident in the face of such things as mortgage risk. Looking back at the monthly figures for the York Mills (C12) area, the general idea of these trends holds true. On the whole, I’ve noticed that the region is growing up and becoming more multicultural. More and more of the older bungalows and 70s style houses have been replaced by far larger and more glamorous dwellings, most of which are taken by families who intend to stay in the neighborhood for a long time. It’s a natural maturation process given that the lot sizes in York Mills are unmatched by other nearby districts. If this continues, it means progressively fewer houses coming on the market and steadily increasing house value. So, will the good times continue for 2012? It’s a tough call, especially given the continued instability of the global economy. Furthermore, many analysts are predicting some sort of correction for the Toronto Condominium Market which has experienced momentous growth over the past decade. Although this is intrinsically linked to the luxury housing market, it’s important to distinguish the primary demographics for both markets. With many of the luxury housing sales already coming from overseas in addition to the already superior investments in home renewal and renovation, I wouldn’t expect any ‘Condominium Blip’ to significantly impact the York Mills region. Have a great New Year everyone! For reference, here are the featured 2011 articles from each month on select real estate topics. February – Energy Efficiency March - Staging April – Curb Appeal May – Moving In and Moving Out June – Home Inspections July – 10 Tips to Get the Most for Your Home August – Your Garage September – Mortgage Brokers October – Moving Insurance November – Zoocasa and Zoopraisals December – Title Insurance

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Each month, the Toronto Real Estate Board (TREB) releases a MarketWatch Report. The following statistics were obtained from the December 2011 Report and make comparisons to the same period one year ago. As of December 31st, in York Mills (C12), there were 105 active market listings, an increase of 28% from the previous year’s statistics. Unit sales for December (year over year) decreased by 15% to 20 units. The total volume sold for the month of December decreased by just over 13% while the median price increased by just over 5%. In December, the average number of days on the market for each home was 43 days, compared to 27 days as reported a year ago, with homes selling for 98% of listing price. What do these facts mean to you? Property value in the York Mills (C12) area continues to increase. It’s time to call Barry for firsthand real estate information and insight into soon-to-be launched homes. Source: Toronto Real Estate Board – MarketWatch December 2011 and 2010

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Much like Moving Insurance, which I discussed back in October, Title Insurance is another type of auxiliary safety net to ensure that all your bases are covered. In a nutshell, title insurance guarantees that the person selling the house to you actually owns the house, although many other variables are also contained, most critically any outstanding mortgages, property taxes, third-party claims or liens held against the property. Largely optional, mortgage and institutional lenders often mandate title insurance prior to the transfer of property. Typically, it is purchased through your lawyer as an adjunct to their expertise and legal opinion which confirms or denies the good standing of a property’s title. The attorney’s role is nevertheless irreplaceable as they still have to research and certify the status of the title before any policy can be approved. Even though title insurance is primarily designated for purchasers, it is also offered to existing homeowners for the same amount of protection. Title insurance policies are designed to fill in the gaps of your lawyer’s research into the integrity of your property. Here’s a more detailed list of what’s covered: title defects lawsuits attacking the title mortgage invalidity liens easements encroachments unpaid property taxes from prior owner fraud, forgery or omissions, both for the prior owner and solicitor breach of municipal zoning by-laws or development agreements survey errors or illegibility As a house is a substantial of money changing hands, this additional coverage makes perfect sense. It can be included in a purchaser’s total legal costs with no significant deductibles incurred. And for buyers who do not include it – do so at your own peril. Title insurance is a relatively inexpensive form of coverage that may save you a very big headache down the road – something that I would definitely recommend. Feel free to discuss this with me or your lawyer to ensure that you are fully covered.

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Each month, the Toronto Real Estate Board (TREB) releases a MarketWatch Report. The following statistics were obtained from the November 2011 Report and make comparisons to the same period one year ago. As of November 30, in York Mills (C12), there were 125 active market listings, an increase of nearly 12% from the previous year’s statistics. Unit sales for November (year over year) increased by 63% to 44 units. The total volume sold for the month of November increased by nearly 79% while the median price increased by 36.5%. In November, the average number of days on the market for each home was 49 days, compared to 33 days as reported a year ago, with homes selling for 95% of listing price. What do these facts mean to you? A very active month for sales in York Mills (C12). Property value in the area continues to increase. It’s time to call Barry for firsthand real estate information and insight into soon-to-be launched homes. Source: Toronto Real Estate Board – MarketWatch November 2011 and 2010

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There's been a lot of hubbub over Zoocasa's recent launch of their instant home appraisal system called Zoopraisals through their website (www.zoocasa.com). For those unfamiliar, Zoocasa is an online search engine for Canadian homes. Some have heralded their Zoopraisal system as a tool to circumnavigate the traditional realtor authorities, while others label it a gimmick. Before I offer my two cents, plug in your house and see what figure Zoocasa generates. Backed by Rogers Communications Inc., the site determines its estimates from data pooled from Central Settlement Services, a property valuation service that has done millions of appraisals across Canada, as well as statistics from most recent census in 2006 and recent housing assessments updated into the system. At first glance, their sourcing methods might rouse some confidentiality issues, but Zoocasa contends that their valuations are based off of similar properties in a neighborhood and not any specific report for an individual property. So, the big question becomes: is a Zoopraisal accurate? The system is designed for simplicity. It only lets you input your address, the type of dwelling, number of bedrooms, number of washrooms, dwelling square footage, lot square footage and year built. This inherent ambiguity means it doesn’t fully account for the micro-distinctions within a neighborhood such as proximity to noisy streets, parks, schools or shopping areas. As well, it won’t factor in unique features or quality home upgrades such as new floors, room additions, LEED compliance improvements or granite countertops in the kitchen. After all, these nuances are the real differentiators when pinpointing true value. Zoopraisals appears to be better suited for new homes in homogenous suburban developments instead of established areas within the city. Just to be sure, I used the results from a dozen recent sales from different neighborhoods around Central Toronto to try it out. From the results, Zoocasa doesn’t appear to be sufficiently accurate for anyone planning to sell their home. Additionally, the more expensive the residence and neighborhood, the less data Zoocasa has to work with, thus the more inaccurate the estimate becomes. Take it with a grain of salt. At best, Zoocasa offers a ballpark figure, helping you decide whether buying or selling is feasible in a given timeframe as well as nullifying any trepidation over certain neighborhood averages. Don’t be discouraged if an estimate comes in a tad low and don't be overly excited if the estimate comes in way above what you were expecting. (One of my clients got a Zoocasa estimate that was almost double the price he just paid for his home!) Even though Zoocasa refutes the gossip of it being a ‘usurp the industry’ device, I foresee this website evolving into a rigorously precise system as time goes by. Regardless, there’s just no substitute for a real evaluation performed by a property valuation expert. Our years of experience can’t be outdone by a finicky online appraisal. Moreover, realtors are up-to-date on regional trends to inform you of where the market is headed, not just where it is at the present. In the end, Zoocasa another tool in your arsenal to weigh your options before you contact a real estate agent. So, try out your own Zoopraisal for fun, and when you want to get serious, you know who to call!

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Each month, the Toronto Real Estate Board (TREB) releases a MarketWatch Report. The following statistics were obtained from the October 2011 Report and make comparisons to the same period one year ago. As of October 31, in York Mills (C12), there were 148 active market listings, an increase of 34.5% from the previous year’s statistics. Unit sales for October (year over year) also increased by 26.5% to 43 units. The total volume sold for the month of October increased by over 21% while the median price decreased by 14%. In October, the average number of days on the market for each home was 30 days, compared to 33 days as reported a year ago, with homes selling for 97% of listing price. What do these facts mean to you? The York Mills (C12) area continues to be high in demand with heavy market activity. It’s time to call Barry for firsthand real estate information and insight into soon-to-be launched homes. Source: Toronto Real Estate Board – MarketWatch October 2011 and 2010

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So you’ve just found a new house and the countdown to moving day is on. Between packing, updating addresses and work, you’re likely squeezed for time. The last thing you want to have to worry about is the risk of items damaged or lost in transit. That is why it’s important you have a basic handle on moving insurance and some of its peculiarities to avoid unwanted troubles. It’s important to note the three property distinctions within your insurance policy that you should be aware of. Structural insurance remedies the cost of rebuilding your house or sections of it. Content insurance protects your belongings and items of extraordinary value. Third is liability insurance, which covers you against personal injuries or damages resulting from the occupation or operation of your property. Moving insurance pertains mostly to content insurance, but don’t let the other two fall by the wayside while organizing your move. Your policy might cover household items while they are in the movers’ possession. But if this is not the case, be ready to investigate alternative methods. First and foremost, notify your insurer as early as possible. They will advise you on the next steps to ensure that you are never at a complete loss. Every situation is different and an insurance professional can help clarify any details about their coverage policies for certain cargo. I find its best to read some general information on company websites so that you can hone your time with these experts towards more specific questions. For instance, how does your coverage change when you switch from a tenant’s policy to a homeowner’s policy? What are the exact differences between an insurance policy and a protection agreement? How is the total coverage split between the old house, the new house, and while your goods are in transit? Are there any actions that will void my coverage of certain goods? Last, ask your insurer about any deductibles they can offer. Canadian law mandates that basic protection agreements from moving companies cannot be given at an extra cost to the consumer. As a result, however, moving companies will generally only reimburse you at a rate between 50 to 75 cents per pound – hardly enough to effectively compensate for valuables. Most will charge a premium for added value protection, also on a dollar per pound basis. Two other options to consider are market value and replacement value coverage. For the former, the depreciated value of a damaged or lost item is used for compensation, but not the actual list price of that item when it was purchased. Replacement value coverage has a sizably higher premium, but it is the safest bet for ensuring that you are fully repaid in the event of accidents. These last two are best when you have items of extraordinary value such as antiques, art or sculptures. Prior to arranging for such a premium plan, you first have to detail exactly what is to be covered. Keep a running list while sorting out what will and what will not be going to the new house. This list might also include object weights and inventory numbering so that nothing is lost. Pictures are always good to help categorize and in case you need to make a claim in the future. Assign each extraordinary item a replacement value and consult your insurance provider so that this appraisal is accurate. Then, make sure to review the items of extraordinary value with the moving company beforehand and ask about their price ceilings for cargo protection. For valuables, you may wish to wrap and crate them yourself to avoid any problems, keeping in mind that companies have different rules for owner-packed goods. In fact, most movers will stipulate that if certain objects like lamps, figurines or sculptures are not put in boxes then no coverage will be provided. Check the fine print as rules vary amongst movers when it comes to reimbursements towards owner-packed goods. And even then, there are some items that will almost never be insured, packed or unpacked. These include papers and lightweight items of extremely high value such as jewelry, coins, stamps or bank notes. This classification also includes items of sentimental value such as photographs, journals or software data on a computer. The best course of action is to keep these on you throughout the move. Things get even trickier when it comes to electronics. The interior workings of televisions, applications, stereos or others of this kind are not covered because it is impossible to determine if any damage occurred as a direct result of improper handling. You can avoid problems here by taking photos prior to the move and noting any physical harm to the exterior afterwards. The last classification to be mindful of are dangerous goods. The specifics here are outlined under the Dangerous Goods Act, and it is crucial that you remember to not pack these items yourself. This action can void your insurance coverage and make you liable for any damages to the crew or truck. Some moving companies may refuse to handle dangerous goods, so notify them beforehand to clarify. Aside from cargo particulars, you also have to consider the distance of your move. Rates will vary depending on whether it is local or long distance. For the latter, you’ll also have to investigate getting additional storage insurance, which is likely not covered under your homeowner’s policy. Again, the moving process is laborious, but that doesn’t mean it has to be utterly nerve-racking. The key, as always, is diligent preparation well in advance (ideally eight week prior). Organize your cargo and talk things through with your insurer and moving company. And if you’re looking for a good mover or are still at a loss, you know who to call.

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Each month, the Toronto Real Estate Board (TREB) releases a MarketWatch Report. The following statistics were obtained from the September 2011 Report and make comparisons to the same period one year ago. As of September 30, in York Mills (C12), there were 157 active market listings, an increase of nearly 21% from the previous year’s statistics. Unit sales for September (year over year) increased by 5% to 41 units while the total volume sold for the month of September increased by almost 10% with the median price increasing by 2.5%. In September, the average number of days on the market for each home was 38 days, compared to 46 days as reported a year ago, with homes selling for 96% of listing price. What do these facts mean to you? Property value in the York Mills (C12) area continues to increase. Homes continue to sell fast. It’s time to call Barry for firsthand real estate information and insight into soon-to-be launched homes. Source: Toronto Real Estate Board – MarketWatch September 2011 and 2010

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The simple way to look at mortgages is as a private arrangement between you and your bank. Most people have a foundation of knowledge when it comes to this type of loan, but have neither the means nor the time to investigate its many intricacies; all with the hope of getting a better deal and saving money. Luckily, there's a specialized intermediary to handle your mortgage affairs and streamline the process for the best possible results. Introducing the mortgage broker. Provincially regulated through CAAMP (Canadian Association of Accredited Mortgage Professionals), they fight on your behalf to advise you on the right type of mortgage to buy and guide you around any restrictions. They’ll also manage all the finer details in the ordeal like applying for a lenders agreement and filing the lender application form; all so it is as stress free as possible. In Canada, mortgage brokers are paid through a commission and/or a finder’s fee by the lender, so there is very little risk upfront. These commissions typically vary between 0.5% and 1.25% depending on the length of mortgage’s term and are taken off the top of the gross mortgage amount. As the borrower, if a broker is going to charge you a service fee, this must be disclosed at the beginning. Such an instance is only really likely if you have an adverse credit history, which in itself is another noteworthy reason to go through a specialist. The mortgage market is now more complex and more competitive than ever before. If you were to research through all the major banks, credit unions, trust companies and other financial lenders all by yourself, you would end up spending all your time on this laborious task, and probably drive yourself temporarily mad. This is one of the main reasons by brokers now represent over 30% of the mortgage market. Let them do their job so you can do yours. Mortgage brokers are updated daily by their stable of contacts at various credit institutions with information like interest rate fluctuations, new public offers and exclusive deals not available on the open market. From this constant exposure, they’ll know what’s best for your particular circumstances. And they are not obligated to any one lender in particular, which allows them to approach your unique situation from an unbiased stance and negotiate for a better interest rate or lower application fees. All said, it’s in your financial best interest to navigate this multifaceted process through a certified mortgage broker. Think of these experts on mortgage loans as you would real estate brokers for houses. And if you are having problems finding a mortgage broker, start by contacting me and we’ll go from there.

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