12 ways to burglar-proof your house
September 05, 2011
There are some simple steps you can take to make your home more burglar proof.
SHUTTERSTOCK A friend of mine recently told me about a break- in at her home. The front door was smashed off the frame and all her jewellery was stolen. The loss of heirloom pieces that had belonged to her mother was devastating.
As a result, she installed an expensive burglar alarm system including cameras at both the front and the back of the house.
While Statistics Canada reports that alarm systems and motion detectors have led to a steady reduction in home break-ins in recent years, they may not deter a determined thief. They should be combined with other measures that help keep burglars from finding your home an attractive target.
Here are some things you can do at little or no cost:
1. Take your name off your mailbox: This will prevent thieves from calling 411 to get your phone number. Many thieves will call a house they are planning to rob first to see if you are home.
2. Never leave a note on the door: If you are going out and expect a delivery, resist the temptation to leave a note on the door asking the post office to leave the package with your neighbour.
3. Stop mail or newspapers: Before you go on vacation, stop mail and newspapers. Even if you leave town for a weekend, have a neighbour pick up these items plus unsolicited fliers.
4. Get a yappy dog: Dogs are not free, but if you have one that barks when people come to the door, pay attention. He may know something you do not. Even the most affectionate puppy like mine can scare away bad guys.
5. Prune trees or shrubs: If you have verdant greenery close to the house, tame it regularly so burglars do not have a place to hide.
6. Hide you spare key carefully: A key left under the door mat, on the ledge over the door or under a flower pot is an “open door” invitation to a dishonest person. Be more creative, or leave it with a neighbour.
7. Doors and windows: Always lock doors and windows and change the locks if you move into a new home or lose the key. Combination locks are becoming more popular because it is easier to change the code than replacing the whole lock. Put security bars on basement windows and secure sliding doors with a stick or a metal bar.
8. Don’t leave valuables in the open: If a thief can see valuables like art, electronics, jewellery or silver through a door or window, you could become a target. Consider a bolted down, fireproof safe.
9. Make the house look lived in: Have the grass cut and the driveway shovelled when you are away. Keep a car in the driveway. Use timers on lights, radios and TVs. Don’t put a message on your voice mail announcing your absence.
10. Put neighbours on alert: Let your neighbours know how long you will be away and if someone is coming to feed the cat. Make sure they have a way to contact you in case they see something strange happening around your home.
11. Don’t widely advertise your plans: Never mention you are going to be away to strangers or tweet your plans to all of your 10,000 followers.
12. Hire a house-sitter: Getting a friend to house-sit while you are away is a great way to keep your house safe from burglars. And if you have pets that need care, in-house care for them could be an added bonus.
Desperate, dishonest people are hard to deter. But they may also take the path of least resistance. With a little preparation, you may be able to prevent that path from leading to your front door.
Also see: How to protect your password from hackers and 7 ways to protect your credit cards on vacation.
Tuesday, September 6, 2011
Saturday, September 3, 2011
What to Know About Holding Open Houses
Back to Will an open house help sell your home?
Will an open house help sell your home?
September 02, 2011
Mark Weisleder
Shutterstock I am often asked whether a seller should agree to open houses when they put their home up for sale. Some say it helps the agent find new clients and does nothing to sell the home. Others say it is necessary to find the largest number of potential buyers. Which is correct?
In practice, there are two kinds of open houses. One is limited to real estate agents, so they can conduct research in the area and be able to recommend the right homes to their buyer clients. The second is open to the general public. This can include nosy neighbours who just want to see your home, buyers who don’t have nearly enough money to consider putting in an offer and even criminals who are there to either steal something from the home during the open house or check out the security system so they can come back later.
Open houses will lead to more exposure for your home and more feedback from potential buyers. On the other hand, since we have so much information available to buyers on the Internet, such as video tours of the entire home, wouldn’t it make more sense to wait for a truly interested buyer to schedule a private appointment to see your home? That shows more commitment.
Still, in a seller’s market, where there are more buyers than available properties, open houses are a good idea so the maximum number of buyers can see the property in a very short time period.
If you do agree to conduct an open house, here are some tips:
• Make sure proper home staging is done in advance so your home appeals to the maximum number of potential buyers.
• Do not stay in the house during the open house. You are more than likely to volunteer too much information, including why you are selling. This will hurt your negotiating position later.
• Make sure your agent will be there the entire time.
• It is not against the law to ask for identification in order to allow someone to enter your home. If they refuse to provide it, tell your agent to refuse them entry.
• Sometimes criminals will come in pairs; while one distracts the salesperson, the other is going through drawers. If a lot of people are expected make sure your agent brings an assistant.
• Ask your agent to check all windows and doors before they leave your home to make sure everything is properly secured.
• Remove all valuables or store them in a safe, if you have one in the home. This includes your laptop and any discs that may have your personal information on them.
• Keep all of your bank and credit card statements out of view, as this could lead to identity theft if someone takes them.
• Take pictures of each room so you can check later if something is missing or damaged during the open house.
Whatever you decide regarding an open house, make sure you are properly prepared in advance.
Also read:
Bully bids a symptom of market madness?
More Mark Weisleder columns
Mark Weisleder is a lawyer, author and speaker to the real estate industry. Email him at mark@markweisleder.com
Saturday, July 16, 2011
Do Your Research Before Selling Your House On Your Own!
Back to Should you sell your home on your own?
Should you sell your home on your own?
July 15, 2011
Marc Weisleder
Should you sell your house on your own without an agent?
Shutterstock Everyone wants to sell real estate these days. That is what happens when you have one of the hottest markets in North America.
It means new choices for consumers when buying or selling, but it appears more than 90 per cent of Canadian home sales still involve a professional real-estate agent. The statistic is the same in the United States, where discount brokerages have been operating for the past 10 years. The question is, why?
It is easy to attack real-estate agents and the commissions of up to 5 per cent for buying and selling. But what do you get with the alternatives?
Last October, organized real estate and the federal Competition Bureau reached a deal that allows sellers to use discount brokers and have their listings posted on the MLS system at a discounted fee of a few hundred dollars. Home at Ease and Realtysellers in Toronto are among those offering this service to consumers.
There are also for-sale-by-owner companies, such as the PropertyGuys and ComFree, which will sell you a package so you can sell by yourself, including having your property listed on the for-sale-by-owner website. For an extra charge, you can list on a national MLS website with a registered broker. Their packages cost between $500 and $1,000.
Lawyers are trying to sell real estate through a similar website called propertyshop.ca, where they will also help you negotiate and close your deal, for a fee of around 1 per cent to the buyer and 1 per cent to the seller.
You can also use a public auctioneer to sell your home, for a fee of around 2 per cent to 2.5 per cent total commission.
For-sale-by-owner companies claim to have a unique system for selling real estate. Yet they are not licensed to sell real estate or give advice to consumers. They are not regulated, yet they help people sell their largest investment, without providing any guidance about the pitfalls, especially when hidden defects are not disclosed to buyers.
They are not there to help during the difficult contract negotiations, where mistakes of judgment and in the contract itself can easily be made. Still, more and more sellers are using these services to try and save the commission. Buyers must therefore be very careful before signing anything with a private seller. This includes verifying the lot measurements by asking to see the seller’s deed and survey, conducting a home inspection and asking the seller to represent that they have never had issues with water penetration into the home, or to provide details of any corrective action taken.
Discount real-estate brokerages that merely post listings on an MLS system are not, in my opinion, providing the due diligence required of their provincial codes of ethics. Buyers must therefore conduct the same due diligence noted above before committing to any purchase.
Lawyers can assist with negotiations and can certainly close a deal. However, lawyers are not salesmen or marketers. Will they be there at 11 p.m. to help reach a deal? Do they have the network of buyers and sellers that agents build up over the years, not just from this country, but from all over the world?
With auctioneers, you may pay less in commissions, but are you sure they will attract the most buyers, to get the price you want?
Real-estate agents are far from perfect. For every consumer who tells me about a great experience, I hear many more about incompetent agents who do not properly protect their clients, whether it is overpaying in a bidding war, not listening to requests or receiving unwelcome surprises after closing. I believe the real-estate industry needs to do more to properly mentor new agents, and to reduce the number of part-time agents who don’t do a proper service to themselves or their clients.
In all cases, buyers and sellers need to do a lot of research and ask questions before selecting anyone to assist with buying or selling their next home. Remember, if it was easy, everyone would be doing it.
Also read
Why I wouldn’t sell on my own
Yes you can sell without an agent
Mark Weisleder is a lawyer, author and speaker to the real estate industry. Email mark at mark@markweisleder.com
Should you sell your home on your own?
July 15, 2011
Marc Weisleder
Should you sell your house on your own without an agent?
Shutterstock Everyone wants to sell real estate these days. That is what happens when you have one of the hottest markets in North America.
It means new choices for consumers when buying or selling, but it appears more than 90 per cent of Canadian home sales still involve a professional real-estate agent. The statistic is the same in the United States, where discount brokerages have been operating for the past 10 years. The question is, why?
It is easy to attack real-estate agents and the commissions of up to 5 per cent for buying and selling. But what do you get with the alternatives?
Last October, organized real estate and the federal Competition Bureau reached a deal that allows sellers to use discount brokers and have their listings posted on the MLS system at a discounted fee of a few hundred dollars. Home at Ease and Realtysellers in Toronto are among those offering this service to consumers.
There are also for-sale-by-owner companies, such as the PropertyGuys and ComFree, which will sell you a package so you can sell by yourself, including having your property listed on the for-sale-by-owner website. For an extra charge, you can list on a national MLS website with a registered broker. Their packages cost between $500 and $1,000.
Lawyers are trying to sell real estate through a similar website called propertyshop.ca, where they will also help you negotiate and close your deal, for a fee of around 1 per cent to the buyer and 1 per cent to the seller.
You can also use a public auctioneer to sell your home, for a fee of around 2 per cent to 2.5 per cent total commission.
For-sale-by-owner companies claim to have a unique system for selling real estate. Yet they are not licensed to sell real estate or give advice to consumers. They are not regulated, yet they help people sell their largest investment, without providing any guidance about the pitfalls, especially when hidden defects are not disclosed to buyers.
They are not there to help during the difficult contract negotiations, where mistakes of judgment and in the contract itself can easily be made. Still, more and more sellers are using these services to try and save the commission. Buyers must therefore be very careful before signing anything with a private seller. This includes verifying the lot measurements by asking to see the seller’s deed and survey, conducting a home inspection and asking the seller to represent that they have never had issues with water penetration into the home, or to provide details of any corrective action taken.
Discount real-estate brokerages that merely post listings on an MLS system are not, in my opinion, providing the due diligence required of their provincial codes of ethics. Buyers must therefore conduct the same due diligence noted above before committing to any purchase.
Lawyers can assist with negotiations and can certainly close a deal. However, lawyers are not salesmen or marketers. Will they be there at 11 p.m. to help reach a deal? Do they have the network of buyers and sellers that agents build up over the years, not just from this country, but from all over the world?
With auctioneers, you may pay less in commissions, but are you sure they will attract the most buyers, to get the price you want?
Real-estate agents are far from perfect. For every consumer who tells me about a great experience, I hear many more about incompetent agents who do not properly protect their clients, whether it is overpaying in a bidding war, not listening to requests or receiving unwelcome surprises after closing. I believe the real-estate industry needs to do more to properly mentor new agents, and to reduce the number of part-time agents who don’t do a proper service to themselves or their clients.
In all cases, buyers and sellers need to do a lot of research and ask questions before selecting anyone to assist with buying or selling their next home. Remember, if it was easy, everyone would be doing it.
Also read
Why I wouldn’t sell on my own
Yes you can sell without an agent
Mark Weisleder is a lawyer, author and speaker to the real estate industry. Email mark at mark@markweisleder.com
Thursday, July 7, 2011
June Market Watch Released
Greater Toronto REALTORS® release June Resale Market Figures
Toronto, July 6, 2011 – Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.
“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver. “The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”
The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.
Toronto, July 6, 2011 – Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.
“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver. “The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”
The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.
Toronto Housing Demand Surging!
GTA housing demand surging
July 06, 2011
Tony Wong
Those cranes on the Toronto skyline aren’t going to disappear anytime soon.
Building permits in Ontario were up by 15 per cent or a seasonally adjusted $2.17 billion in May, compared with $1.89 billion in April according to figures released Wednesday by Statistics Canada.
Much of that was because of the strong condominium market in the Toronto area, and intentions to build commercial projects. Residential permits rose 22 per cent to $683 million in Toronto, while non-residential projects which include commercial, industrial and institutional building, rose by 24 per cent to $488 million.
“Ontario rebounded from the recession with significant momentum,” said a report by Scotiabank also released Wednesday.
Building permits are considered a forward looking indicator of future economic activity. Developers who take out permits today will likely break ground in the following months, buying supplies and creating jobs.
While the province looked to be in relatively good shape, the bank said significant challenges still remained for the province, including a high Canadian dollar and a subdued economic recovery in the United States.
The bank said housing activity would likely slow in the second half of the year as high home prices alongside moderate income growth is expected to dampen affordability.
However, there hasn’t been much evidence of that in the Toronto market in the first half of the year.
Toronto existing home sales are up by 21 per cent in June from a year earlier, according to figures released Wednesday by the Toronto Real Estate Board.
The average price of a home in June was $476,371, up by 9.5 per cent from the same time a year ago.
“Housing demand is currently surging in the GTA but remains flat and relatively soft for all of Canada,” said housing analyst Will Dunning. “Economic confidence is in a weakening phase in much of the world, and this should rein-in expectations, hopefully reducing the frothiness, although not yet a bubble in the GTA.”
The Toronto board said this was the third best June on record for sales, behind 2007, which was the all time high, and second-place 2008.
“The pace of sales was a bit sluggish at the beginning of the year but rebounded in May and June,” said TREB president Richard Silver in a statement.
A strong June capped off a half year that wasn’t quite as strong as 2010 and down by 4.5 per cent, but solid by historical standards.
One problem, according to analysts, is that listings have been down. In June, active listings were down by 24 per cent compared with last year, creating a supply issue.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the board’s senior manager of market analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
Also read:
Cheaper real estate fees are coming
July 06, 2011
Tony Wong
Those cranes on the Toronto skyline aren’t going to disappear anytime soon.
Building permits in Ontario were up by 15 per cent or a seasonally adjusted $2.17 billion in May, compared with $1.89 billion in April according to figures released Wednesday by Statistics Canada.
Much of that was because of the strong condominium market in the Toronto area, and intentions to build commercial projects. Residential permits rose 22 per cent to $683 million in Toronto, while non-residential projects which include commercial, industrial and institutional building, rose by 24 per cent to $488 million.
“Ontario rebounded from the recession with significant momentum,” said a report by Scotiabank also released Wednesday.
Building permits are considered a forward looking indicator of future economic activity. Developers who take out permits today will likely break ground in the following months, buying supplies and creating jobs.
While the province looked to be in relatively good shape, the bank said significant challenges still remained for the province, including a high Canadian dollar and a subdued economic recovery in the United States.
The bank said housing activity would likely slow in the second half of the year as high home prices alongside moderate income growth is expected to dampen affordability.
However, there hasn’t been much evidence of that in the Toronto market in the first half of the year.
Toronto existing home sales are up by 21 per cent in June from a year earlier, according to figures released Wednesday by the Toronto Real Estate Board.
The average price of a home in June was $476,371, up by 9.5 per cent from the same time a year ago.
“Housing demand is currently surging in the GTA but remains flat and relatively soft for all of Canada,” said housing analyst Will Dunning. “Economic confidence is in a weakening phase in much of the world, and this should rein-in expectations, hopefully reducing the frothiness, although not yet a bubble in the GTA.”
The Toronto board said this was the third best June on record for sales, behind 2007, which was the all time high, and second-place 2008.
“The pace of sales was a bit sluggish at the beginning of the year but rebounded in May and June,” said TREB president Richard Silver in a statement.
A strong June capped off a half year that wasn’t quite as strong as 2010 and down by 4.5 per cent, but solid by historical standards.
One problem, according to analysts, is that listings have been down. In June, active listings were down by 24 per cent compared with last year, creating a supply issue.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the board’s senior manager of market analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
Also read:
Cheaper real estate fees are coming
Sunday, June 26, 2011
Real Estate Bidding Wars: What To Know
Back to Caught in a bidding war? Know the rules
Caught in a bidding war? Know the rules
June 24, 2011
Mark Weisleder
Multiple offers or bidding wars continue to happen all over the GTA. Buyers, sellers and real estate agents need to be aware of what to expect. The rules may be different, depending on whether you are selling your home through a real estate agent, or privately.
I have been asked a range of questions on this subject: “Why can there not be a silent auction when a house is sold?” “What does registering an offer mean?” “How did the house sell last night when the seller said offers were not to be delivered for three days?”
To create the atmosphere for multiple offers, it may indicate on the MLS listing that interested offers are to be submitted in three days. The seller hopes this will give many buyers the opportunity to visit the property during the three-day period and that this will result in multiple offers.
However, there is nothing stopping someone from delivering an offer immediately. The seller’s agent is under an ethical obligation to bring every offer to the seller’s attention. The seller then has the right to deal with the offer, if they want to.
Most sellers will instruct their agent to tell this anxious buyer to wait until the proper time period. However, if the seller wants to consider the offer, their agent will then change the information on the MLS listing immediately to notify every other agent that the rules have changed, and that offers can be submitted that evening. The agent will also likely call every other agent who has expressed an interest in the property to tell them personally that offers can now be brought immediately.
When a buyer agent has a signed offer, they will usually call the listing agent office to register their offer verbally. There is a protocol that has been established in Toronto that if you were the first to register your offer, you will be given the first opportunity to present it to the seller in person, if there is more than one offer. This is just a protocol, and does not have to be followed by every real estate firm.
However, an offer is not completed unless it is communicated to the seller or seller’s agent, either by personal delivery, fax or email. Therefore, a buyer can still cancel their offer at any time before it is communicated. That is why an offer might be registered but never delivered. The buyer changed his or her mind.
Why can’t we have a silent auction? When buyers make offers through an agent, the agent has an ethical obligation not to disclose the contents of any offer to any of the other buyers. A seller agent can only tell all other bidders how many offers were received. They cannot tell the price or identity associated with any of the offers. However, a private seller could take one buyer offer and just show it to another bidder. This is one of the main reasons private sellers have trouble creating bidding wars.
I think it was a lawyer who created the “sharp bid clause.” An example would be “I agree to pay $5,000 more than any other offer.” This clause would require the seller to tell the buyer what the other bids were so they could bid $5,000 more. An agent cannot do this based on their code of ethics. However, you could give this to a private seller in a bidding war, where the rules are different. If you are thinking of using this clause, I would caution you to add something like “not to exceed $X or a maximum price,” so you do not end up paying more than you can afford.
By understanding the bidding war rules, buyers and sellers can be better prepared for this extremely stressful negotiation.
Mark Weisleder is a lawyer, author and speaker to the real estate industry. Contact Mark at mark@markweisleder.com
Caught in a bidding war? Know the rules
June 24, 2011
Mark Weisleder
Multiple offers or bidding wars continue to happen all over the GTA. Buyers, sellers and real estate agents need to be aware of what to expect. The rules may be different, depending on whether you are selling your home through a real estate agent, or privately.
I have been asked a range of questions on this subject: “Why can there not be a silent auction when a house is sold?” “What does registering an offer mean?” “How did the house sell last night when the seller said offers were not to be delivered for three days?”
To create the atmosphere for multiple offers, it may indicate on the MLS listing that interested offers are to be submitted in three days. The seller hopes this will give many buyers the opportunity to visit the property during the three-day period and that this will result in multiple offers.
However, there is nothing stopping someone from delivering an offer immediately. The seller’s agent is under an ethical obligation to bring every offer to the seller’s attention. The seller then has the right to deal with the offer, if they want to.
Most sellers will instruct their agent to tell this anxious buyer to wait until the proper time period. However, if the seller wants to consider the offer, their agent will then change the information on the MLS listing immediately to notify every other agent that the rules have changed, and that offers can be submitted that evening. The agent will also likely call every other agent who has expressed an interest in the property to tell them personally that offers can now be brought immediately.
When a buyer agent has a signed offer, they will usually call the listing agent office to register their offer verbally. There is a protocol that has been established in Toronto that if you were the first to register your offer, you will be given the first opportunity to present it to the seller in person, if there is more than one offer. This is just a protocol, and does not have to be followed by every real estate firm.
However, an offer is not completed unless it is communicated to the seller or seller’s agent, either by personal delivery, fax or email. Therefore, a buyer can still cancel their offer at any time before it is communicated. That is why an offer might be registered but never delivered. The buyer changed his or her mind.
Why can’t we have a silent auction? When buyers make offers through an agent, the agent has an ethical obligation not to disclose the contents of any offer to any of the other buyers. A seller agent can only tell all other bidders how many offers were received. They cannot tell the price or identity associated with any of the offers. However, a private seller could take one buyer offer and just show it to another bidder. This is one of the main reasons private sellers have trouble creating bidding wars.
I think it was a lawyer who created the “sharp bid clause.” An example would be “I agree to pay $5,000 more than any other offer.” This clause would require the seller to tell the buyer what the other bids were so they could bid $5,000 more. An agent cannot do this based on their code of ethics. However, you could give this to a private seller in a bidding war, where the rules are different. If you are thinking of using this clause, I would caution you to add something like “not to exceed $X or a maximum price,” so you do not end up paying more than you can afford.
By understanding the bidding war rules, buyers and sellers can be better prepared for this extremely stressful negotiation.
Mark Weisleder is a lawyer, author and speaker to the real estate industry. Contact Mark at mark@markweisleder.com
Friday, June 24, 2011
Toronto Housing Market Continue To Surge
Toronto housing market continues surge
By STEVE LADURANTAYE
From Saturday's Globe and Mail June 4, 2011
Sales in Vancouver show signs of slowdown, as index price tops $800,000
When you're hot, you're hot.
It was the second best May for Toronto real estate sales since the Toronto Real Estate Board began compiling data, according to statistics released Friday.
Sales increased 6 per cent from May 2010, while prices gained 9 per cent to an average $485,520. The number of listings to hit the market decreased by 15 per cent from last year, meaning more competition through the summer as buyers compete for fewer houses. Houses were on the market an average of 23 days in May.
The real estate board breaks out sales by median prices, with detached homes hitting $505,000. Other categories include semi-detached at $395,000, condo townhouses at $305,00 and condo apartments at $303,000.
The Canadian Real Estate Association compiles data on the 15th of each month, but the country's 101 real estate boards often release regional data earlier. Vancouver reported Thursday, saying sales were up 7 per cent compared with last May while prices were up 6 per cent.
Sales are showing signs of slowing in Vancouver, however, slipping 8.1 per cent below the 10-year average in May.
The market has caused concern because of the high prices; the board said its index price for a detached house was $805,000 in May, up 10 per cent from a year ago. The index "represents the price of a typical property within a market, taking into consideration what averages and medians do not - items such a lots size, age, number of rooms, etc."
The board said there have a been a lot of high-price sales in Vancouver this spring, which makes big headline numbers deceptive. "Of all residential properties sold on the MLS in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower," the board stated.
"While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire board area."
The Globe and Mail, Inc
By STEVE LADURANTAYE
From Saturday's Globe and Mail June 4, 2011
Sales in Vancouver show signs of slowdown, as index price tops $800,000
When you're hot, you're hot.
It was the second best May for Toronto real estate sales since the Toronto Real Estate Board began compiling data, according to statistics released Friday.
Sales increased 6 per cent from May 2010, while prices gained 9 per cent to an average $485,520. The number of listings to hit the market decreased by 15 per cent from last year, meaning more competition through the summer as buyers compete for fewer houses. Houses were on the market an average of 23 days in May.
The real estate board breaks out sales by median prices, with detached homes hitting $505,000. Other categories include semi-detached at $395,000, condo townhouses at $305,00 and condo apartments at $303,000.
The Canadian Real Estate Association compiles data on the 15th of each month, but the country's 101 real estate boards often release regional data earlier. Vancouver reported Thursday, saying sales were up 7 per cent compared with last May while prices were up 6 per cent.
Sales are showing signs of slowing in Vancouver, however, slipping 8.1 per cent below the 10-year average in May.
The market has caused concern because of the high prices; the board said its index price for a detached house was $805,000 in May, up 10 per cent from a year ago. The index "represents the price of a typical property within a market, taking into consideration what averages and medians do not - items such a lots size, age, number of rooms, etc."
The board said there have a been a lot of high-price sales in Vancouver this spring, which makes big headline numbers deceptive. "Of all residential properties sold on the MLS in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower," the board stated.
"While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire board area."
The Globe and Mail, Inc
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