Happy New Year and Welcome 2008!
According to Canadian Real Estate Association, 2007 was a record setting year in terms of number of homes sold in Canada. It was an interesting and exciting year for us as well. We were pleased to have had opportunities to help number of our clients realize their dream home. We sincerely thank for their support and trust.

This year, we have started with a rewamped and redesigned newsletter with information that we hope you will find useful. We look forward to an opportunity to help you and your friends/family. Please do drop us a line. - Ketan & Neha

Highlights of 2007
-Toronto City Council approved Land Transfer Tax (TLTT) for homes in City of Toronto to be effective as of Feb. 1, 2008, in addition to already existing provincial land transfer tax

• Re-sale Home Stats (Source CMHC):
  • Canada
    • Homes sold(through MLS) : 521,100
    • Average home price: $305,000
  • GTA
    • Homes sold (through MLS): 95,000
    • Average home price: $371,000

Looking ahead in 2008

• GST reduced from 6% to 5%
• Re-sale Home Forecast (Source CMHC):
  • Canada
    • Homes sale(through MLS) : 500,800
    • Average home price: $317,900
  • GTA
    • Homes sale(through MLS): 90,000
    • Average home price: $388,000
• Toronto Land Transfer Tax effective on Feb. 1, 2008

Mortgage Rates forecast for 2008

• One year posted rate 6.5% to 7.5%
• Theree and five year posted rate 6.75%-7.75%

Thinking of Selling your Home?
When you decide it’s time to put your house on the market, you also need to decide if you want to try your hand at selling it yourself or if you want to work with a real estate professional. The benefits of hiring a Realtor® are significant. The right agent can help sell your property faster and often for more money.

There are several types of contracts or listing agreements for selling agents. Each specifies the services the Realtor® will provide, the length of time the contract will be in place, and compensation. Here’s a closer look at what you can expect to see on a listing agreement, regardless of its type.

1. Pertinent Information – This includes the name of the Realtor®, his agency, your name and property address.
2. Listing Price – You and your Realtor® should have had a heart-to-heart conversation about where to set the asking price. That number, determined using sale prices for comparable homes in your area and the expertise of your agent, will be included in the listing agreement.
3. Terms – If you intend to include certain items, such as an outdoor shed or washer / dryer in the sale of the home, these will be listed here. In addition, any exclusions would also be mentioned.
4. Commission – Most real estate professionals earn a percentage of the sale price of the home. This percentage rate varies and is also negotiable. Whatever amount is agreed upon will be listed in the contract.
5. Duties – The listing contract will outline what responsibilities the agent will perform. While this section will vary depending on the type of contract signed, some typical functions would be marketing, negotiations, contract review and managing the sale of the property from start to finish. . It is also important to note, that a listing contract states that the Realtor® is your representative and is bound by the contract to work for your best interest.

Return on Home Renovation Investment
So you are thinking of selling your home in the near future and decide to renovate to sell it faster and get top dollor for the home. Most of the quality upgrades to your home will certainly sell home quicker. However, not all renovations give you the same return on investment.

According to Appraisal Institute of Canada's(AIC) interactive tool, bathroom and kithen improvements may yield the highest return while skylight and paving may yeild the least return. Here are expected returns on some of the common renovation projects, calculated from AIC's tool:

• Bathroom & Kitchen: 75%-100%
• Flooring upgrade: 50%-75%
• Interior/Exterior paint: 50%-100%
• Skylight: 0%-25%
• New Roof Shingle:50%-80%
• Asphalt paving: 20%-50%