January 5, 2012 — Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.

“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.

The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.

“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer.

For full December 2011 GTA real estate resale numbers click here.

Luxury for Less

Just because you are on a budget, doesn’t mean you have to compromise on style in your home. If it’s time to refresh your décor but you don’t think you have the necessary funds, think again. Here are a few ways you can add a touch of luxury to any room of your home without breaking the bank:

Start with the walls
No room of your home can ever feel luxurious if the paintwork is shabby or wallpaper looks dull or weathered. A new coat of paint or wallpaper is the fastest, and easiest way to a fresh new look. If painting, consider a suede, satin or cashmere finish in a neutral colour for a look of elegance. If wallpapering, consider rich colours, textures or traditional patterns. Use good quality products for best results.

Liven up the living room
Add an instant touch of lavishness with one or two large cushions in rich embroidered fabric, velvet or faux fur. Add warmth to your wood floors with a shag rug for modern décor, Turkish or Oriental style for more traditional tastes. No need to splurge on new lamps, simply update the shades with linen or silk-like material. Give a favourite piece of furniture a makeover with updated sleek metal hardware or repaint with an attractive gloss paint.

Beautify bedrooms & bathrooms
Buy beautiful bed linen when it is on sale. Billowy comforters or duvets with plenty of plump pillows make the whole room look luxurious and inviting. A plush rug for stepping in and out of bed gives a sumptuous start and end to your day. Add plenty of thick fresh towels and large pillar candles in the bathroom to set a pampered scene. Invest in light switch dimmers to create the ambiance you desire.

Get chic in the kitchen
Freshen up cabinetry with new paint or modern hardware and update lighting fixtures. Buy a beautiful tablecloth or table runner and top it off with a potted orchid in an attractive pot. Rather than using every day chipped or stained mugs, treat yourself to a couple of fine china tea cups from a thrift store or good quality coffee mugs for your favourite brew. Then sit back, enjoy tea for two with a friend, and truly savour the moment.

October 5, 2011

“We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers,” said Toronto Real Estate Board President Richard Silver.

“Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead.” With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.

“Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes,” said the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer. “As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area.”

For full September 2011 Toronto real estate statistics click here.