News

MARKET REPORT

Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 6,338 home sales last
month, representing a substantial 11.3% year-over-year increase compared to February 2014. “Even with the record low temperatures,”
said Etherington, “we still saw an increase in the number of people purchasing homes in the GTA. This speaks to the importance households place on home ownership and the fact that buyers continue to view ownership housing as a quality long-term investment”. Large annual increases in transactions were noted for most major home types, in the City of Toronto and surrounding GTA regions. The overall supply of homes for sale was down by 8.7% compared to last February, showing that market conditions have tightened, leading to more competition between buyers.

The overall average selling price for February 2015 home sales was $596,163 – up by 7.8% compared to the average for February 2014. Driving this increase was the detached market segment. In the City of Toronto, the average detached selling price moved above $1 million dollars for the first time in a calendar month. “The strong year-over-year price growth we experienced in February points to the robust demand for ownership housing in the GTA, coupled with a constrained supply of homes for sale in some market segments, especially where low-rise home types like singles, semis and townhouses are concerned,” said Jason Mercer, TREB’s Director of Market Analysis.

INSPECTIONS

Buying a home is probably one of the biggest investments you are going to make. Whether you are a first time home buyer or experiences in moving – it is always important to get the help and support from professionals you can trust along the way. Working with a qualified home inspector when buying or selling a home is a worthwhile step to take.

When hiring someone to inspect a home, look for a Registered Home Inspector, or RHI. This designation is given out by the CAHPI (Canadian Association of Home and Property Inspectors) and the OAHI (Ontario Association of Home Inspectors) to individuals that are trained and educated to properly conduct inspections.

How much do home inspections cost? Anywhere between $500 and $1,500 depending on the inspector or organization. What should home inspectors check during an inspection? The structural system, home’s exterior, roof system, plumbing system, electrical system, heating system, air conditioning systems, interior, insulation and ventilation, fireplaces and solid fuel burning appliances.
Are there limitations to a home inspection? Yes, while they are an excellent precaution, there are some limitations. Such things as the condition of systems or components which are not readily accessible, issues pertaining to concealed conditions or systems, and latent defects can not be identified.

Remember, a home inspection is not a guarantee, but an exercise in risk reduction. Bring in a specialist if the inspector thinks that a more thorough followup inspection on a specific component of the house is needed.

Stay tuned for more Real Estate News.