October 2013 Real Estate Update

Posted by: Elise Stern, Created date: October 11, 2013

Elise Stern's October 2013 Real Estate Newletter Update

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Welcome to October!

As the days cool down and the nights shorten, we all tend to hunker down in our homes with our fuzzy blankets and our comfy couches. It’s a cozy time of year.
October is also the month of Thanksgiving, which is coming up soon. One thing I'm thankful for, of course, is the fact that the real estate market is continuing its summer rally after a slower winter and spring. As you can read in the market report below, sales are up, prices are up, and demand is up as well. As we all know, it's impossible to predict the future, but at the moment we're looking at a strong, healthy market that's good for both buyers and sellers. 
If you'd like to discuss how I can help you fulfill your real estate goals, please give me a call or send me an email anytime.



Elise Stern, LL.B.
Real Estate Salesperson

What’s Happening In Toronto?

HarbourKIDS Thanksgiving (October 12)

Bring the kids to a world of good at Harbourfront Centre this Thanksgiving Monday. Featuring a full day of family fun, including concerts, films, crafts and more. We're putting the "great" back in grateful.

Toronto After Dark Film Festival (Oct. 17-25)
Toronto After Dark Film Festival is one of the world's leading showcases of thrilling genre cinema, screening new horror, sci-fi, action and cult movies over nine exciting October nights in the city, in the run up towards Halloween. Now in its 8th year, the festival has grown to become a signature event in Canada's largest city, enjoying an annual attendance of over 10,000 enthusiastic film fans and over 100 members of press and industry.

I LOVE LUCY – Live On Stage! (October 17-25)

I LOVE LUCY® LIVE ON STAGE is the brand-new hit stage show adapted from the most beloved program in television history! It's 1952 and you are a member of the studio audience awaiting the filming of two I LOVE LUCY® episodes. When the episodes begin, you witness, firsthand, the side-splitting antics of that crazy redhead in the Ricardo's New York apartment and thrill to the Cuban sounds of "The Ricky Ricardo Orchestra”.

Real Estate Market Update: 

       Octo?ber 2013

The Toronto Real Estate Board numbers for September are in... and all we can say is wow. The surge we saw in sales over the summer shows no signs of letting up; this month's 7,411 total sales represent an amazing 30% increase in sales numbers over the same period in 2012! This increase is accompanied by a 6.5% year-over-year increase in average sales price: more great news for sellers.
As you know, the first half of the year continued the slump of late 2012 - but since late June, we've had an enormous rally in the market. And it looks like this year's fall market, traditionally matched only by spring as one of the hottest times of the year to buy or sell a home, is going to continue that trend.
TREB president Dianne Usher strikes a similarly happy note: "It's great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA.  We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied."

The only fly in the ointment? Condos, which saw a small decrease in average price despite a similarly massive increase in sales numbers from September 2012. Condo prices are still increasing, but in a longer timeframe, and there is more of what TREB Senior Manager of Market Analysis Jason Mercer calls "slower price growth and month-to-month volatility" in the condo market than anywhere else. They're still a good investment, but they're riskier than the super-hot single-family detached homes that are the most in-demand properties of all.

How Do You Choose a Neighbourhood?

Did you read the recent National Post piece on emerging neighbourhoods in the Toronto area? No house is an island: you're going to have to interact with your neighbours, and with your surroundings, at some point. So finding your dream home in the middle of a wasteland isn't really all that helpful. Here are some tips to find the neighbourhood that’s right for you.

Talk with the people who will share your home - most likely, your family. This sounds basic, but it's surprising how many people forget this very simple step. Set aside some time: go out to dinner, have a nice brunch, or find some space in your weekend to have a serious (but still dreamy!) conversation about what's most important to you in a neighbourhood. Is it staying on the opposite side of the city from your in-laws? Is it being close to them? Is it the commute? Is it having a big yard? It's best to be open and honest about everything you want, and then to find shared priorities.

Take a walk in the neighbourhoods you're interested in. It's easy to miss details when you're in a car or on a bike. If you're seriously considering making an offer on a house, take a walk around the neighbourhood after the open house. Can you easily find services like grocery stores or libraries? Is it a place you would feel safe walking your dog at night?

Decide if, or how, kids will fit into your decision. If you're buying for a family, draw up a list of things you need close at hand for the continued well-being of your kids as they grow up. It might mean being close to grandparents. It might mean being close to dance classes and community pools. It might mean being near certain types of schools. Ask your kids what they want. Get them on board with this change, and the change itself will be easier. 

Consider moving to a neighbourhood with a designated Business Improvement Area. BIAs are a sign of community investment in the future, and they're often tight-knit. These areas will have regular events for you and your family to participate in, and they'll offer opportunities for you to improve your own neighbourhood as part of a team effort. 

If you're still uncertain, check the coffee shops - yes, I am serious! Coffee shops are a huge indication of where a neighbourhood is going.

Ultimately, the easiest way to feel great about your neighbourhood years from now is to feel great about it the moment you move in. Part of that is having a clear vision of exactly what you want, but the other part is not getting rushed into a decision. You'll feel better about your choice if you can make it without reservations. Handle the emotional side of the equation, and the rest might just follow.

If you're thinking of buying, selling or leasing a home, please feel free to give me a call or send me an email at any time. I'd be happy to help!

Elise Stern, LL.B.
Real Estate Salesperson
Harvey Kalles Real Estate Ltd.






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