News

MARKET REPORT

The 2014 Toronto real estate sales numbers are in from the Toronto Real Estate Board, and the result? 2014 almost beat the record set for
sales in 2007, falling ever so slightly short with a 6.7% increase in sales numbers over 2013. All in all, 92, 867 residential properties changed hands in Toronto and the GTA in 2014. Prices climbed even higher than sales numbers in 2014, with an 8.4% increase in the average price of a GTA home to an average of $566,726 across all property types. Even condos, often maligned as the property market’s Achilles heel, posted a 5.4% increase in average price year-over-year in the GTA.
The upshot? Despite a significant increase in home sales over 2013, there still weren’t enough homes on the market to keep up with consumer demand. Prices soared because there were many more interested buyers than there were sellers. As TREB Director of Market Analysis Jason Mercer explains it: “The strong price growth we experienced in 2014 can be explained with two words: listings shortage. The constrained supply of listings was especially evident for low-rise home types like singles, semis and town houses. The number of households looking to purchase these home types increased, while the number of homes from which they could choose decreased. This situation resulted in more competition between buyers and more aggressive offers.”

MARKET WATCH

FE-BURRRR-ARY

February is here, and with winter not showing any signs of letting up, it might be time to look at some simple ways to stay warm at home. Here are some tips for reducing your heating bill, while making your home more comfortable and energy efficient.

TIP 1 – Seal your walls: Caulk away the cold by taking a good hard look at your drywall – the last line of defense from keeping the cold out. Reduce leakage by removing the faceplate of your plugs and switches and use a high quality caulk to seal around the area where the electrical box meets the drywall.

TIP 2 – Look up: Make your money count by re- insulating your attic. Doing so can reduce your year-round heating or cooling use by 20 to 60%! Don’t forget that compressing the insulation or eaving any room for air movement around the insulation substantially reduces its effectiveness.

TIP 3 – Check and tune-up your heating system: A tune-up is always important to reduce costs, prevent carbon monoxide leaks, and to ensure your home is warm and safe. When replacing your filter, make sure to get a more efficient and higher quality filter for improved air quality.

TIP 4 – Check your windows: Windows can be a big contributor to raising your energy bill. If a renovation isn’t in the cards, simply weather-stripping doors and windows can help eliminate those cold winter drafts.

Stay tuned for more Real Estate Market news.