DNA Parking Space - Sold

I am pleased to report that the parking space has been sold successfully. It took just a little over a week to find the right person to buy it. It was puchased by someone who has recently purchased a suite in the building that did not come with a parking space at all.

So, the purchaser is happy. they have their own place to park, without renting. The seller is happy. They got a better return on their investment than if they had sold their condo with 2-spots. I am happy, I helped my client. The other agent is happy. They improved the quality of the suite their client is purchasing.

Solid Summer Sales - Toronto Real Estate Board

Today the Toronto Real estate Board published their mid-month update on the Toronto area housing market. The average prices are up about 5% year-over-year and the transaction volume remains very strong. - Ralph

Here is the report...

July 20, 2006 -- In the first half of July, the Toronto Area resale housing market outperformed last year’s mid-July sales pace by three per cent, Toronto Real Estate Board President Dorothy Mason announced today.The 3,251 transactions recorded to the 15th of the month eclipsed the 3,145 sales recorded to the same time in July of 2005.“As we progress through the summer, the market is demonstrating a great deal of stability,” Mrs. Mason said. “The strong, consistent activity we are seeing is certainly a positive sign.”The price of a home in the Greater Toronto Area at mid-month was $346,267, up five percent from the same period last year when the price was $329,478. “Price increases are steady,” Mrs. Mason noted, “and a healthy 25,875 listings at mid-month means they will likely remain at a sustainable level.”Overall sales in Toronto’s downtown / Harbourfront area through the first half of the month outpaced last year’s mid-July performance by 30 per cent on the strength of a very active condominium market.A jump in condominium activity also helped fuel an overall sales increase of 56 per cent in Scarborough’s Morningside area, compared to mid-July 2005.In the Clarkson / Lorne Park area of Mississauga, detached homes were most common as the area saw 88 per cent more homes change hands in the first half of the month compared with mid-July of last year.“Consumers can find a lot to be confident about in terms of activity, prices and inventory,” TREB’s President said. “Things are moving in the right direction so it’s a great time to be in the market.”

RE/MAX - Return on Investment Report

Today RE/MAX released to the media the RE/MAX Return on Investment report.

RE/MAX looked at 63 TREB districts in compiling the Best ROI in Toronto and outlying areas. In doing so, stats were calculated based on year-to-date figures January-June 2006 vs January-June 2005. The areas experiencing upward pressure have shifted.

To learn more about the findings following is a link to the press release.

Click here to download the Press Release

Market News

A couple of news worthy announcements were made today:

1. The Bank of Canada had the opportunity to change its key overnight lending rate today. However, they choose to hold their rate steady at 4.25%. This rate has a major impact on mortgage rates. It was the first time rates did not change after seven consecutive quarter-point rate hikes that began last September. Thus the immediate outlook will see mortage rates remaining constant.
   
2. Canada Mortgage and Housing (CMHC) released the monthly figures for housing starts for *Ontario* and for *Toronto*. While housing starts are down from where they were a year ago, they are still strong. The seasonally adjusted starts increased to 43,000 annually, from 40,000 annually a month ago. New construction of single detached homes along with semi-detached homes and townhouses are seeing the most decline. Stacked townhouses and apartment condos are leading the way, with the number of starts up 18% since a year ago.

DNA Condo - Parking Space

I have just finished helping a homeowner of a condo to sell their suite. They owned two parking spaces. The condo suite was most attractive to potential buyers if it only had one parking space with it. So, to get the best return, we decided to market the parking space separately.

I've never sold just a parking space before. We will see how it goes. The buyer has to live in the DNA Condo at 1 Shaw St in Toronto.

I'm going to promote it to other agents active in this building who have listed or sold something here. I'm also trying to reach the building homeowners through the bulletin board in the mail room.

Why create a blog?

I have created this blog as a web space to comment on current events in the Toronto Real Estate market and as way to connect with others about topics of interest.

My main website is : www.RealEstateHelpDesk.ca

Ralph Evans
Sales Representative
RE/MAX Professionals Inc., Brokerage

Office 416 236-1241
Direct 416 577-5486 -- best to call this number!