Warren Shouldice

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October Real Estate Update

For the first time in two years, sales activity in October resembled long term averages for our city. The 1644 sold properties marks a 16% increase over last year. While this is definitely a good sign, the increase in sales likely has something to do with the government's new mortgage rules which took effect on October 17th. It will take a few more months of data to determine whether or not this is the beginning of an upswing in the market or just a temporary shift.

Despite the good news, benchmark prices still edged down slightly in October. Since the beginning of the downturn, home prices have declined from a low of 3.8% in the detached sector to a high of 9.4% in the condominium sector. As always, prices, market trends and sales activity varies greatly based on location, property type and price. If you have any questions please don't hesitate to contact me!

 

Quick Stats:

 

  Oct. 16 Oct. 15 Y/Y % change
Detached      
Total sales 1031 872 18.23%
Inventory 2565 2921 -12.19%
Months of supply* 2.49 3.35 -25.73%
Average DOM 42 days 38 days 9.95%
Benchmark price** $502,200 $518,800 -3.20%
       
Attached      
Total sales 362 313 15.65%
Inventory 1320 1334 -1.05%
Months of supply* 3.65 4.26 -14.44%
Average DOM 49 days 41 days 20.64%
Benchmark price** $329,600 $347,000 -5.01%
       
Condo      
Total sales 251 237 5.91%
Inventory 1542 1366 12.88%
Months of supply* 6.14 5.76 6.59%
Average DOM 54 days 50 days 8.41%
Benchmark price** $273,800 $292,300 -6.33%

 

*Months of supply: The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.

 

**Benchmark price: The monthly price of the typical home based on it's attributes, providing the best measure of price trends. 

 

Getting a Taste of The Market
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While you may not be seriously considering selling your home or looking for a new one, you might still be interested in what’s going on in the marketplace. After all, it’s nice to see “what’s out there” and find out more about some of the homes that are currently listed on the market.

There’s nothing wrong with that. In fact, it’s a good idea.

Keeping up with what’s going on in the local market, will help you make better decisions about your own home, especially if you anticipate selling within the next year or so.

Many people do this by reviewing listings online, ads in the real estate section of the local paper or dropping in on open houses. While these techniques are helpful, they don’t always give you the best picture of what’s really going on.

A better strategy is to talk to me. I will give you the best information about properties available and where the local market is headed.

As your REALTOR®, I can also satisfy your curiosity about how much particular homes have sold for in the area – which will give you a clearer idea of what your own home might get if it was listed today.

Speaking of price, I can provide you with a free assessment of your home’s current market value, which will give you an even clearer idea of what you’re likely to get.

Clearly, by working with me, you’ll have a source of advice and information that will help you make the best decision when the time comes to consider making a move.

 

Enhance Your Foyer Appeal
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You’ve probably heard the term “curb appeal”. It refers to how your property looks when a potential buyer first sees it from the curb. Curb appeal plays an important role in the first impression a buyer gets of your home.

There is another type of appeal you should also be concerned about – “foyer appeal”. Foyer appeal is all about the impression a buyer gets when he or she first walks through your front door.

Think about it. What do you do when you enter a particular home for the first time? You probably take a quick look around while you’re removing your jacket or shoes. In fact, a lot of the impression you form about a home comes from the first look you get while standing in the foyer. Home buyers do the same thing.

So when preparing your home for sale, it makes sense to make your home look as attractive as possible from the perspective of the foyer. There are many ways you can do that. Make sure the area is clean and uncluttered. Don’t have shoes and boots lying around. Make sure there is nothing obvious and unsightly in the foyer.

Fair or not, buyers form lasting impressions from the foyer. So make sure that the first impression is a good one!

 

How to Decorate a Room on a Shoestring
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It would be ideal if you could hire an interior designer and completely remodel your living room. But, let’s face it, that could be very expensive.

That doesn’t mean you can’t make your current room look a lot better. Here are some simple, low-cost decorating tips that will accomplish just that.

  • Put a covering over your worn sofa or chair. A simple throw blanket placed at an angle can make a dramatic difference.
  • Plants, real or artificial, make just about any room look better. Just don’t overdo it.
  • Don’t try to hide problem areas. Instead, accent them. For example, if the window sill is worn and aged, place a couple of antique-looking ornaments on it!
  • Re-do the walls. Move pictures around. Consider adding other wall decor, such as plates and mini-shelves.
  • Place your favourite hard-cover books around the room. Add illustrated books in the living room and cookbooks in the kitchen or dining room.
  • Lamps, especially interesting looking ones, can go a long way toward enhancing a room.

Don’t be afraid to experiment. Be daring. Sometimes just moving a picture or a piece of furniture can make all the difference.

 

notable, quotable... quotes!

 

“The best way to have a good idea is to have lots of ideas.”

Linus Pauling

 

“All that is necessary for evil to succeed is that good men do nothing.”

Edmund Burke

 

“Dreams are the touchstones of our character.”

Henry David Thoreau

Not intended to solicit buyers or sellers currently under contract.
©IXACT Contact Solutions Inc.

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Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.