Toronto Real Estate with Mulholland | Ross

BUYING INFORMATION Category

Average Price Tops $500,000!

We knew it was coming though I am not sure anyone expected it to climb so high – so fast!

The Toronto Real Estate Board reported an average sale price for 2011 of $465, 412 – which is right around where the Average price for February 2011 was.  Last year was a relatively stable  year for price increases.  Who was expecting the average price to climb about 10%  in less than 2 months and top the $500,000 mark for February 2012?

In the 416 area, the average price of a detached home is now $818,000 (up 13% from this time last year) while the average price of a detached home in the 905 area is $568,000. (up 11% from this time last year).  The number of sales has also increased – with a huge increase in the 905 areas.  Interestingly, the average price for a condo apartment in both the 416 and 905 areas has risen about 4%.

If you love trends and stats and things – enjoy this months Market Watch and Trend Reports here.

If these numbers confuse or bore you and you simply want to know what your own home is worth – or your options when buying a home, condo or investment, just give us a call or drop us a note (ora@realestatetoronto.com). 

We are always happy to meet to discuss your plans (no obligation or cost).  If you have some ideas about where you think this market might go please share your thoughts with us and our readers!  Thank you.

A Skate Party with a Cause – You’re Invited!

 Did you know that 36% of the people that use food banks are under the age of 18.

Over 40% of the people that use the Food Bank will do so for less than 6 months.

The North York Harvest Food Bank is the 2nd largest food bank in the Toronto area and serves our communities and those in needs so many different ways!  Read More!

You can help by making a donation on our secure partner website - and get a tax receipt!

The Mulholland Ross Team have been proud supporters and sponsors for over 5 years – this year we invite you to help support the North York Harvest Food Bank. Join neighbours and friends at our 3rd Annual Family Skate Party on December 31st between 12:00 – 2:00pm.

Free hot chocoate, Music, Face Painting and More! Bring a non-perishable food donation for your chance to win some fantastic prizes. Read the rest of this entry »

You’re Never too Young to Invest in Real Estate

Note: we’ve posted this one before yet we feel it is so important that we thought we run it again. Your comments and thoughts are welcome!

“Remember when homes at Yonge and Sheppard were selling for less than $200,000? I should have bought 3 of them.”

Oh how we wish we had purchased more real estate when we were younger.  Before we had kids and we were able to live with more flexibility; we could bring in room mates, purchase a home with a friend or colleague, or rent out a basement to help pay the mortgage.

It’s a shame that ‘accumulated interest’ and ‘Real Estate Investment’ isn’t taught in any practical applied context right from middle school!  Business, Investment and Money Management should be a mandetory class in High Schools everywhere.

Back in 1984 I was working in a Veterinarin Clinic earning about $17,000 per year and paying $475/month for rent.  One of the other assistants had a goal of purchasing Real Estate before she was 21 years old.   Three of us decided to pitch in and purchase a home.  We called a Realtor and went and looked at a skinny detached home on Carlaw Avenue just off the Danforth.  The home was listed for $97,000.00  Read the rest of this entry »

Your Matrimonial Home

 ‘Matrimonial Home’ is a special legal term meaning ‘the home that the spouses live in’ and in a divorce it is defined as ‘the home the spouses lived in at the time they separated’.

If you are working through a divorce, It is important to know that your ‘Matrimonial Home’ is treated differently from the rest of the property that is brought into or acquired during the marriage.

It does not matter if one spouse is not on title, or if one spouse bought the home prior to the marriage.  No matter what, each spouse has an equal right to possession of the Matrimonial Home.  If only one spouse is on title, then that person is entitled to keep the home – but they must pay the other party 50% of the value of that home on the date of separation.

There are many misunderstandings about ‘Common Law’ relationships and Real Estate. In the province of Ontario, only legally married spouses can make a claim to 50% of the Matrimonial Home. Read the rest of this entry »

Where Have All the Sellers Gone?

July 2011 was one of the nicest warmest summer months we can remember. The hot weather typically slows the Toronto Real Estate market down as home Buyer’s take time off their search to spend sunny afternoons with family and friends. However, this summer the only thing slowing the market down is the lack of homes for sale. The Buyers are here and ready to purchase a home or condo….where have all the Sellers gone? Read the rest of this entry »

MLS Introduces Neighbourhood Searches

Always wondered what ‘MLS District’ you live in?  No need to wonder anymore!

As of July 5th, The Toronto Real Estate Board will officially drop all the odd titled districts (‘C07′ ,‘No2′,E03 etc) and replace them with what they feel are ‘Neighbourhood Names’.

For example, the Toronto Real Estate Board district  C07, which extends from the 401 all the way up to Steeles Avenue on the West side of Yonge St to Bathurst, will now be comprised of four (4) searchable communities;

1. Lansing/Westgate
2. Willowdale West
3. Newtonbrook West
4. Westminster/Branson

You might not recognize the name of your own community but according to the City of Toronto, these are our neighbourhoods!  There are a few surprising changes. For example, the ‘Lansing Westgate’ community appears to have removed the ‘Armour Heights’ name completely and joined two communities that are naturally divided by the West Don Ravine system. 

The East side of Yonge in central North York which was referred to previously as C14 is now;

1. Willowdale East
2. Newtonbrook East

Check out the map and make note of the changes for your future home searches.  Agents have always marketed communities but the public has grown increasingly accustomed to the Real Estate Board’s coded district names.  This, like all changes, will take some getting used to. Read More And View Neighbourhood Map Read the rest of this entry »

Sales Up – Condo Sales Really Up!

In March 2011, 9,262 transactions were reported through the TorontoMLS® system. This represented the 2nd best March on record – the number of transactions was still 11 per cent lower than the record result reported in March of 2010.

The average selling price for March 2011 was up five per cent from March 2010, to $456,147.

The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

Location Location

Of course these numbers differ from area to area. In the 905 areas, the sales of condos make up less than 27% of the total sales. In the 416 area, condos make up over 46% of the total sales! 

Some other interesting sales information breaks down what is selling in our Central North York neighbourhoods. 

For example, there were 40 sales of detached compared to 85 Condo apartment sales in C07(401 to Steeles – From Yonge to Bathurst). 

There were 49 sales or detached homes in C14 and 128 Condo sales in C14(East of Yonge to Bayview). Read the rest of this entry »

Do Open Houses Sell Houses?

We are asked this question every time we list a home for sale. “Do Open Houses really work?”  While we may not get an offer tonight from someone who visited the open house this afternoon, Open Houses can often help sell your home for the highest possible price in a shorter amount of time.

We like to be doing at few Open Houses each week because it puts us ‘on the ground’ with all the current home buyers who are out and about looking for real estate in your neighbourhood.  This gives us great insight as to how Buyers think about the market and the current inventory.  Read the rest of this entry »

Wise Toronto Home Buyers See Past the Paint

At first glance, the green shag carpet and dark paneled walls made this young couple want to cry. They had hoped to find pot lights and shiny stainless steel appliances; the modern decor seen in most condo and home magazines.

But this wise Toronto couple quickly saw ‘past the paint’ and realized that this house could be everything they wished for with just a little planning. Read the rest of this entry »

Save on the Cost of Moving Up

When it’s time to move up to your ‘next’ home, we understand that it’s all about finding the right home.  However, if one could choose the very best time in the market to purchase their next home, it would be when the mortgage rates are at their lowest.

Don’t be misguided into thinking it is all about what sale prices are doing (unless you are making an all cash purchase without the need of a mortgage).

The difference between a mortgage rate of 3.91% and 4.91% on a $400k loan over a 5 year term is substantial. Take a look at the following illustrations to understand how much money can be saved when purchasing with the lowest interest rate. Read the rest of this entry »