Ontario Real Estate Association Highlights

Ontario home sales set new October record
Highlights
  • Residential sales up 8.9% in October 2016 compared to a year earlier.
  • New listings in Ontario numbered 27,162 units in October 2016, a decrease of 2.6% compared to last year.
  • The provincial average price of homes in October 2016 rose 19% compared to a year earlier.
  • There were just 1.9 months of inventory at the end of October 2016.
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Water Damage and Possible Prevention

Water damage can result from many different causes: storms, flooding, broken water pipes and lines, leaking washing machines, and more. This can lead to mold and odor problems, and worse. If left unmitigated, water damage can eventually cause structural damage, which can entail significant costs to repair and can even affect a home’s value.
Prevention is the first defense against water damage. Here are some basics on preventing water damage and its effects:
Condensation is a big problem at this time of year.  Especially this year, with hot humid weather and thirty days over 30C outside ,  the basement is the coolest spot in the home.   Warm air infiltrates around the sill plate, doors and windows and at night especially will reach dew point behind the vapour barrier.   Purchasers may think the basement is leaking,   it is not it is condensation.
A basement dehumidifier is needed to dry this up,   caulking the exterior around doors and windows will reduce air infiltration and foam insulation on the interior sill plate will stop air infiltration.

Water supply lines to and from washing machines and dishwashers should be regularly checked for leaks. Both the hoses themselves and the connections should be examined. Even a small leak can cause water damage over time, so any leaks should be repaired immediately. If the laundry room is located on the main floor or above, damage to the floor and ceiling below can be especially problematic.  Recommend these water lines be turned off when you are on holidays and most insurance companies require the home to checked every three days.
Tank-style water heaters are prone to leaks, especially after several years of use. Over time, the bottom of the tank can rust out, causing a serious leak. Ideally, an overflow valve should be installed that will conduct leaking water to a pipe that drains either outside or to an appropriate interior drain.  If your tank is 12 to 15 years of age it is probably time to replace it.
Another common source of water leaks is the icemaker supply line; this should be checked as well. Plastic lines can be replaced with copper lines.
Be aware that pipe leakage can occur inside the walls or ceiling and may be impossible to detect visually before damage has already occurred. Proper equipment such as an infrared scanner can be used to detect signs of moisture.  Where pipes are exposed pipe wrap will hel with condensation and sweating water pipes.   Unlined toilet tanks can be replaced with a lined toilet tank to reduce condensation and water damage behind the toilet
Gutters and downspouts should be checked to ensure that water is flowing away from the home’s foundation. Make any adjustments, and check the flow again using water from a garden hose.  Downspouts are the number one reason for water penetration in the basement as a huge amount of water is discharged in a small area.
Water leak detectors can be installed at floor level near water heaters and interior air conditioning units. Simple, inexpensive wireless models are widely available and will sound an alarm when water is detected on the floor near these appliances.  I recommend these for all sump pump and sewage ejectors in country homes.
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Ontario home sales set new July record

Highlights
  • Residential sales up 1.1% in July 2016 compared to a year earlier.
  • New listings in Ontario numbered 30,130 units in July 2016, a decrease of 12.3% compared to last year.
  • The provincial average price of homes in July 2016 rose 13.9% compared to a year earlier.
  • There were just 2.2 months of inventory at the end of July 2016.
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Ontario Real Estate Association Report for May 2016

  • Residential sales up 9.3% in May 2016 compared to a year earlier.
  • New listings in Ontario numbered 40,432 units in May 2016, a decrease of 7.9% compared to last year.
  • The provincial average price of homes in May 2016 rose 12.8% compared to a year earlier.
  • There were just 1.9 months of inventory at the end of May 2016.
  • Peter’s comments: We are selling more houses than we are listing. According to OREA we are moving out of a balanced market and starting to move towards a sellers market. Notice the trend: we had 4 months of inventory in January 2016 and we are down to 1.9 months of inventory by the end of May 2016.
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Ontario Real Estate Association Report for April 2016

[OREA Insights] Ontario home sales set new April record

Ontario home sales set new April record
Highlights
  • Residential sales up 8.4% in April 2016 compared to a year earlier.
  • New listings in Ontario numbered 37,633 units in April 2016, a decrease of 10.6% compared to last year.
  • The provincial average price of homes in April 2016 rose 12.1% compared to a year earlier.
  • There were 2 months of inventory at the end of April 2016.
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Ontario Real Estate Association February Highlights

Ontario home sales rise to new February record Highlights:

Residential sales up 15.8% in February 2016 compared to a year earlier.
New listings in Ontario numbered 25,384 units in February 2016, an increase of 3.8% compared to last year.
The provincial average price of homes in February 2016 rises 12.7% compared to a year earlier.
There were 2.8 months of inventory at the end of February 2016.

Peter’s Comments: There are more residential sales (higher demand). With house prices increasing by 12.7% over the same time period and with the high demand for residential real estate, it may be the right time to list your property. Call us at Sutton Group-Heritage if you would like to discuss the current market: 905-619-9500

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Ontario Real Estate Board Summary for January 2016

Ontario Real Estate Association
Highlights
  • Residential sales up 4.9% in January 2016 compared to a year earlier.
  • New listings in Ontario numbered 21,405 units in January 2016, a decline of 10.6% compared to last year.
  • The provincial average price of homes in January 2016 rises 11% compared to a year earlier.
  • There were 4 months of inventory at the end of January 2016.

Peter’s Comments: There are more residential sales (higher demand) and a lower number of residential listings in Ontario for January 2016, compared to January 2015. With house prices increasing by 11% over the same time period and with the high demand for residential real estate, it may be the right time to list your property. Call us at Sutton Group-Heritage if you would like to discuss the current market: 905-619-9500

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1216 Alder Rd., Cobourg. Sold. Both Cobourg listings Sold. Buyers are from York Region and Durham Region. Call me to find out how to effectively advertise in the Toronto Real Estate Board.

1216 Alder Rd. Cobourg, Front Entrance

1216 Alder Rd. Cobourg, Front Entrance

1216 Alder Rd Cobourg Pool

1216 Alder Rd Cobourg Pool

$685,000

Outstanding all brick bungalow with a finished walk-out basement. The pool picture is from the main floor balcony looking out onto the Ganaraska Forest.

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Another Sold. Great Social Media is required to effectively sell houses

336 Parkview Hills Dr.

$425,000

Great, all brick, raised bungalow with 9ft ceilings. Hardwood floors on the main level, bamboo floors on the lower level, tumbled marble in the master ensuite, upgraded trim throughout, 2 plus 1 bedrooms, above ground windows in lower level, insulated and drywalled garage, and large backyard decks.

 

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45 Scadding Ave. Sold to Another Happy Buyer

45 Scadding Ave., Whitby

Outstanding, 2 story, 4 bedroom house for sale with great landscaping,  hardwood floors and finished basement.

E3286478

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