Home Re-sale Market (GTA - TREB areas)

• Jan. 2008
  • Homes sold(through MLS) : 5075
  • Average home price: $374,449
• Feb. 2008
  • Homes sold(through MLS) : 6015
  • Average home price: $382,048

Protecting Your Home Base
Once you have purchased a home, you also need to protect its value. After all, for most people a home is their largest single asset. In fact it can be the basis for securing funding for other endeavors, like college or the purchase of a second property. Here are four things you can do to help your property maintain its value.

1. Dedicate one weekend each quarter to home maintenance. Clear the calendar and make a list. Tasks may include power washing, painting, clearing out the attic / garage or basement, or removing debris. It is also a good idea to prepare ahead of time by making sure the necessary supplies and tools are on hand.
2. Hire the right professionals for certain tasks. For instance, each year you should have your furnace serviced and chimney cleaned. Consistent upkeep can help prevent home systems from failing.
3. Undertake at least one home improvement project each year. This may include upgrading your landscaping, repairing a cracked patio, finishing a basement or upgrading electrical capacity. A commitment to improving your home and property will pay off in the long run.
4. Get involved in your community. When you bought your home you made a significant investment in the location. A home is worth more when it is located in a desirable community. Attend the township meetings, serve on the planning board or volunteer at your child’s school.

Whose Market Is It?
The market forces of supply and demand help determine whether it is a buyer’s or seller’s market. When the supply of homes is high, the sense of urgency for buyers lessens. Because there are more homes to choose from buyers can be more selective and may wield more power during the negotiations. In turn, sellers may need to lower their asking prices to attract consumer interest.

Conversely, in a seller’s market, inventory is lower. Buyers have fewer options and the sense of immediacy is heightened. As a result, the number of bids on any given listing may increase, asking prices might rise, and buying terms may become more stringent.

A second factor that influences the market is mortgage interest rates. High rates mean it costs buyers more money to borrow from a bank or lender. Higher rates can lessen consumer demand. On the other hand, when rates are lower and buyers feel they can get more for their money it can propel them into the real estate market.

If you are considering buying or selling a home it is critical that you determine whether it is a buyer’s or seller’s market. Equally important is to remember that real estate is local. Ask us about conditions in your local marketplace.

Up to $5000 Government Grant For Your Purchase
Since early 2007, the Government of Canada (federal government) has introduced a grant program for homeowners called ecoENERGY Retrofit. The main purpose of the program is to give an incentive to the homeowners to improve the energy efficiency of their homes and reducing their home's impact on the environment. The program is managed by Office of Energy Efficiency, Natural Resources Canada (NRCan).

Under the program, your purchase of windows, doors, air conditioning system, heating system, insulation, hot water system and other items that contribute to energy and water consumption may be eligible for a grant. You are not restricted to purchase items from any specific vendor or of specific brands. However, the items need to have certain certification indicating that they are energy efficient.

In order to receive the grant under the program, you need to show that your purchases of above mentioned items have improved energy efficiency in your home. First you hire NRCan certified advisor to do detailed on-site assessment of your home's energy use from the attic down to the basement. The advisor will provide you with a personalized report, including a checklist of recommended retrofits to improve the energy efficiency of your home. The report will also outline the amount of grant that you can receive upon making recommended improvements. Once the improvements are made and verified, you will receive the grant as per the report from the advisor.

Before you make any decision, get detailed information on the program from the web site http://ecoaction.gc.ca and talk to NRCan certified advisor. You can also find a list of NRCan certified advisors in your area from the web site or just contact us and we can put you in touch with an advisor.

Making your home energy efficient makes dollars and sense!

Home Renovations
More and more omeowners choose to renovate their home for comfort, new style or for extra living space. Normally renovation to the home is like a good investment in that it will add value to your home.

Once completed, if you believe that your renovation has significantly upgraded your home, contact your home insurance company. The insurance company may re-evaluate the home to cover additional value that the renovation may have added to the home. Failing to inform the insurance company may put your renovation dollors at risk

"Nothing happens unless first a dream" - Carl Sandburg