January 18, 2008
Bright Start to the New Year
The first half of January saw 1,776 resale homes in the Greater Toronto Area change hands, an 11 per cent increase over the same timeframe a year ago Toronto Real Estate Board President Maureen O’Neill announced today. “This early indication certainly gives us reason to be optimistic about the 2008 resale housing market,” said Ms. O’Neill. “We are still looking forward to a strong, steady year ahead. Toronto’s land transfer tax will come into effect on February 1, so we are watching this issue.”
The average price also increased considerably compared to the first half of January 2007. It currently stands at $367,574 an eight per cent increase over the $340,793 recorded at mid-January a year ago.
Strong activity was noted in several areas of the GTA. Bowmanville (E17) experienced a 65 per cent overall increase in transactions compared to the first half of January 2007, primarily due to detached home sales. In Downsview (W05) sales nearly doubled compared to the same timeframe a year ago, with activity in all housing types.
The Lawrence Manor area (C04) also saw transactions double compared to year ago, driven largely by detached homes sales. entral Richmond Hill (N04) showed a 59 per cent overall increase in sales compared to mid-January 2007, mainly as a result of attached/row house transactions.
The average time a property is currently on the market is 41 days, down 13 per cent as compared to a year ago. “These are all solid gains that point to a stable, healthy market for 2008,” said Ms. O’Neill.
January 17, 2008
Real Estate Agency Representation
Here is a description of real estate agency representation from the perspective of a home buyer:
Listing Agent
The agent who represents the Seller.
This is the Agent you call when you see a ‘For Sale’ sign in a yard; or when you call about an ad in the newspaper; or when you walk into an open house on Sunday afternoon. This Agent is obligated to get the best price for the seller. This Agent becomes a “Dual Agent”, if he or she represents a buyer on the sale of one of his or her company’s listings.
Buyer’s Agent
The agent who represents the Buyer … and maybe the Seller too.
Every real estate agent now wants to call themselves a “Buyer’s Agent”. Buyer’s Agents that work in a traditional real estate office, which takes listings, can indeed represent a buyer. But if that buyer wants to see a home listed by the same company, then the buyer’s agent becomes a dual agent representing both the buyer and the seller. Can someone fully represent two parties, with opposing interests, at the same time? We think not.
Exclusive Buyer’s Agent
The agent who represents only the Buyer … and never the Seller.
This Agent works for a real estate company that never takes property listings, but rather, chooses to represent BUYERS ONLY - 100% of the time. This agent never risks becoming a dual agent. An Exclusive Buyer’s Agent represents the purchaser’s interest 100% of the time. This is the choice we prefer.
January 17, 2008
Home Sales Fall in December
Canadian existing-home sales fell 1 percent in December, the national Realtors’ association said, citing bad weather. Sales of existing homes in major markets listed on the Canadian Real Estate Association’s Multiple Listing Service fell to a seasonally adjusted C$10 billion ($9.83 billion) in December, from C$10.1 billion in November, the Ottawa-based group said yesterday. Unit sales fell 2.5 percent to 29,156 units, the group said.
The average resale price rose 13.1 percent in December from a year earlier to C$332,836. Unit sales for all of 2007 rose 7.9 percent from the previous year to a record 362,934 units, the group said.
The MLS service captures about 80 percent of all homes sold in Canada.