At the same time, I’m also aware that real estate agents have a reputation for chasing clients. Nonetheless, there is a fine but legitimate line between hounding and going on a successful hunt.

Let me explain. Let’s say you’ve hired me to sell your home. Your circumstances are such that it must be sold within 45 days or you may find yourself in a very difficult position.

My job is to shift into high gear and find your buyer as soon as possible. This means:

• Following up with every agent who has either viewed or taken a potential buyer through your home
• Staying in touch will all potential buyers I’ve sourced myself

But here’s where the hunt can get somewhat hound-like.  Because of your time-crunch situation, I can’t afford just to sit back and wait for buyers to contact me. So, I’ll call (and, sometimes, call and call), email, or even drop by to firm up a definitive “yes” or a “no”.  After all, this is my job and what you are paying me to do.

Few sellers (or buyers, for that matter) would prefer I sit back and wait for the buyers to come to me. Most sellers under time-pressure expect an agent to be pro-active, even if it means coming dangerously close to hounding.

So, how do you as a buyer (or seller) get information from an agent while at the same time preventing the agent from becoming a nuisance?

As a consumer, here’s what I would do: Tell the agent from the get-go that you are just starting your search, and to please respect your wishes, especially those regarding further contact. You will find that most will.

However, if the agent disregards your request and steps over that fine line, I’d tell them you are going to report them to the Real Estate Council of Ontario (RECO), which is the real estate’s agents’ policing body.

And if that doesn’t work – you will send in the hounds!

Want to get the best new home listings sent directly to your inbox and not be hounded? Send me an email.

This detached home on a generous 33’ foot lot offers abundant space for a growing family. The well proportioned dining and living room with cozy fireplace allow for easy entertaining.

The galley kitchen opens into the family room with its view overlooking the private south rear garden .. delightful for a quiet BBQ.

The current owners enjoy the easy access to downtown, highly regarded schools and the much-enjoyed stores, boutiques and restaurants on Bayview and Mt Pleasant.

Leaside is one of the most popular neighbourhoods in Toronto and is in especially high demand with upper middle income families who value this neighbourhood as an ideal place to raise children.

Leaside’s Tudor-style houses were built largely in the 1930’s and 1940’s and most of the houses contain beautiful wood trim, hardwood floors, and a working fireplace.  The typical Leaside house is situated on a generous size lot with a private drive and a garage. 

There is a good mix of two-story detached homes, bungalows, and semi-detached houses.

Looking for your dream home?  Click here to find all Leaside homes for sale.

Toronto Home Remodelling: Can Your Family Afford the Emotional Cost?
There is an old idiomatic expression in the real estate industry that goes, “Renovation leads to separation.” This is especially true if the family inhabits the home while the renovation is taking place. Noise, dust, cramped quarters and dealing with unreliable contractors take a huge toll on even the most stable relationship.

This is added stress on top of professional responsibilities, child rearing and other day-to-day pressures. This is why I have always found that the most important factor to consider when deciding whether or not to renovate is not the financial cost, but the emotional cost.

After all, what good is a newly renovated home when there is no family left intact to enjoy it?

Toronto Home Remodelling: When It Makes Sense to Move Forward
If your family is prepared to weather the emotional toll, following is when it makes sense to move forward with a home remodelling project.

You Love Your Home: This is probably the best reason. If you love the basic bones of your house, its location, and the feel of the neighbourhood, then remodelling makes sense – if it’s within reason (which we’ll discuss in just a bit).

The Costs are in Line with the Neighbourhood: You can easily spend too much on a home renovation project. Following are two questions to ask that will help you keep costs in line with your desires.

The first question you need to ask – and answer – before proceeding is, “Does it make sense to spend this amount of money, on this home, in this area?” You want to be able to answer “yes” emphatically. The second question is, “When all the work is done, will my home be the most expensive home on the street?” The answer to this question should be “no.”

The reason is, any improvements you make should be those that a future buyer will be willing to pay for.

Remember, potential homebuyers pay relative to what other homes in that vicinity have sold for. So no matter how much that slate tile in the master bath costs or how great it looks, if it puts your home in the “most expensive” category, it’s unlikely you’ll recoup what you spent.

Toronto Home Remodelling: Make Sure Moving Is Not a Better Option
As renovating can get expensive – quickly - sometimes it makes sense to move. To illustrate, consider this: let’s say you own a beautiful two-bedroom, semi-detached home on a lovely, quiet street. You need a third bedroom and would like to have a family room on the ground floor. You’d also like a pool.

Do you think it would be a good idea to have all of these changes and additions done to your existing home? My experienced opinion is, “Probably not.” Why?

These are significant changes. You’re not remodelling, you’re rebuilding. In real estate speak, changes like this make you a classic “move-up buyer”; one who wants a detached home with a private driveway and a larger lot size. It would be better to buy a home with these features than remodel your existing one.

Toronto Home Remodelling: Get First-hand Advice before Making a Final Decision
No matter what your decision, get some helpful first-hand advice before making it. Seek out the following three people:
(i) an experienced, local real estate agent. They’ll be able to advise you on tangibles like resale value;
(ii) someone who has gone through a similar home remodelling project. They’ll be able to tell you what to expect, e.g., cost, how long it’s going to take, recommend contractors, etc.; and
(iii) a contractor who can provide you total costs for your Toronto home remodelling project.

Want to buy a home in a prime Toronto neighbourhood? Visit PrimeTorontoNeighbourhoods.com to find your dream home.

This caught me by surprise and I inquired further, asking her if she knew why this was so. She replied, “It seems that people want what they cannot have.”

Her answer reminded me of a similar situation that affects home buyers in some high-demand areas in Toronto. Often, I encounter prospective buyers who decide not to proceed with a purchase simply because no one else has made an offer.

What many of these future homeowners are in essence saying is, “I will buy that house when I know somebody else wants to buy it too.” Of course, this is not what they say out loud, but it is exactly what their actions say.

How to Win the New and Revived Home Bidding Wars in Toronto

If you find yourself in a home bidding war in Toronto, don’t panic. You can win at this game. Following are some tips for doing so.

Offer High:
Make the highest offer you can afford. This is no time to try and low-ball.

Get Your Documentation in Order: This will help to ensure a speedy sale, which can be the difference between you and another home bidder.

Do not include unnecessary conditions:
Make it as easy as possible for the seller to say yes. Note: Don’t waive a home inspection, which will be discussed in just a bit. You want to make your offer attractive, but not at the expense of doing your due diligence as a home buyer.

If at all possible have the home inspection done before you make an offer. The only downside is the small cost of your inspection in the event your offer is not accepted.

The bottom line is, if the home you are considering buying meets most of your criteria regarding location, price and amenities in Toronto, then don’t wait for another buyer to outbid you. What this means is that if the condition of the home is unsatisfactory, you can still walk away and get your deposit money back.

Success in buying a great home in prime Toronto neighbourhoods comes to those who act independently — and who brave home bidding wars secure in the knowledge that they haven’t followed the crowd.

Weighing Today’s Large Home Needs in Prime Toronto Neighbourhoods against Tomorrow’s Finances

Chances are, you’re planning to have that four or five-bedroom home built because your family is growing. This is perfectly logical.

HOWEVER, as anyone who has children knows, they grow up and move out quicker than you ever imagine. Then, what you’re left with is a house that is too big for just the two of you.

Why Large Homes in Prime Toronto Neighbourhoods May Be Harder to Sell Than You Think

“So,” you may be thinking, “I’ll just downsize. I’ll sell my house and move to a smaller home or perhaps a condominium.” But, this may not work out the way you think. There are several factors at play that will conspire to drag down the value of large homes in the future, making them harder to sell. Specifically:

Retiring Baby Boomers: Since the late seventies, baby boomers have been the driving force in the housing market. And, with millions of them in the U.S. and Canada set to retire, the housing market is set to change dramatically. This group will be downsizing to smaller dwellings – not larger ones.

The New Homebuyers: Young adults will make up the bulk of new demand for housing. And with the shift towards a greener economy and environment, efficiency, lower maintenance and lower taxes are their priorities – not massive amounts of space.

Immigration: Immigration to Canada has slowed considerably, especially to cities like Vancouver. This is important to know because the first wave of immigrants tends not to be homebuyers. They struggle and sacrifice in order to give their children a better life. And many of them succeed, producing a second generation who has the buying power to afford larger, more expensive homes in prime Toronto neighbourhoods.

If the predictions for lower housing demand by population experts such as Boom, Bust and Echo author David Foot unfold, you may find yourself owning the home equivalent of a gas-guzzling SUV.

On the other hand, if your financial situation is such that money is no object, then by all means go ahead and build your large home in a prime Toronto neighbourhood – and live happily ever after in your Casa Loma!

Looking for no-strings-attached advice about buying or selling in central Toronto?  Write to me at  rsmithcarr@sympatico.ca or call me at 416-482-8360 ext. 3519

In many Central Toronto neighbourhoods – even in this market – we continue to see homes sell at or above the asking price. “But,” you may be thinking, “Does it make sense to pay more than the asking price?”

The answer is an emphatic yes because like a Chanel suit, some things will always be in fashion – and hold their value. A good neighbourhood is one of those things. Following are three reasons to pay at or above the asking price for a home in central Toronto, with full knowledge that you’ve made a sound financial decision.

Central Toronto Neighbourhoods: The Best Ones Cost

No matter what the real estate market at large is doing, the best neighbourhoods in central Toronto tend to hold their value. This can be attributed to several factors. Following are two of the most important.

The Best Schools: One of the determining factors of home prices is school districts. Homeowners in the best neighbourhoods tend to pay more in property taxes, which in part fund school districts, to ensure that their schools are the best.

When homebuyers — in particular those with children — are looking to buy, they will pay top dollar to ensure that their children have access to the best education.

Active Homeowners: The best central Toronto neighbourhoods also tend to have an active populace who pay attention to variables like crime statistics, property upkeep and pollution (e.g., clean, safe streets and parks). This is why these neighbourhoods tend to stay pristine – and desired places to live.

Central Toronto Neighbourhoods: Low Inventory, Bidding Wars & Pricing to Sell

Mainly due to the above reasons, housing inventory in the best Toronto neighbourhoods tends to run low. It’s a simple case of demand outpacing supply. Therefore, when a home that is appropriately priced comes on the market in one of these neighbourhoods, they more often than not sell quickly. Bidding wars are not uncommon, which can quickly drive the cost past the asking price.

Furthermore, homeowners in prime Toronto neighbourhoods know the value of their residences – and what serious prospective buyers are willing to pay. Hence, they price them appropriately and stage them to sell.

Central Toronto Neighbourhoods: Taking the Long View

If you’ve heard it once, you’ve heard it a thousand times, i.e., real estate is all about location, location, location. When buying a home in Toronto (or any place else), you should always buy with this long-term view in mind. You can change the cosmetics of a house, but you can’t change its location, its school district, or the safety and cleanliness of its streets.

If you have a good idea of the type of house you want and the Toronto neighbourhood you want to live in, you may have no option but to get in line with others seeking the same – even engaging in a few bidding wars and possibly paying more than the asking price.

When you consider however that your home is probably the largest investment you will ever make, when you buy in a prime central Toronto neighbourhood that retains its value, as Martha Stewart would say, “That is a good thing.”

Want to buy a home in a prime Toronto neighbourhood? Visit PrimeTorontoNeighbourhoods.com to find your dream home.

You can also quickly find out what your current home is worth, and get valuable information on how to attract the highest number of buyers.

One recent report declared that the price of an average house was at an all-time high, while another warned that prices have been in steady decline over the past five months.

So where does the Canadian real estate market stand in all this? Or is that even the right question to ask?

Common wisdom reminds us that when we ask the wrong question, we get the wrong answer

In reality, there is no such thing as a “Canadian” or an “American” real estate market. Nobody buys homes “nationally”. Rather, we buy homes in specific cities, towns and neighbourhoods. And whether prices in general are going or down, the bottom line for most buyers is: What’s happening with prices in the area I’m interested in?

In some areas of the U.S., prices have dropped as much of 50 per cent following the financial crisis. However, there many large metropolitan areas, such as San Francisco, Las Vegas and Phoenix, where bidding wars are back and buyers are paying more than the asking price.

In Canada, MLS figures showed the average national home price for May set a record high of $319,757, up a substantial 16.4% from January.

Yet Phil Soper, chief executive of Royal Le-Page Real Estate Services Ltd., was philosophical about the new data. “You can’t argue with the accuracy of the number,” he said, “but you can argue that the number misrepresents what’s happening in the marketplace.”

According to Soper, home prices have remained pretty much the same since January, but when comparing sales on a monthly basis, seasonal factors affected the results. For instance, many winter-time home sales were distressed sales, which artificially lowered the average house price.

All in all, compared to this time last year, the CREA data shows average home prices as flat.

However, home prices in central Toronto neighbourhoods such as Leaside and Davisville Village are on the rise again. If history repeats itself, we can expect home prices there to continue to rise.

Stay tuned for more updates on home values in these and other desirable neighbourhoods!

Want to buy a home in a prime Toronto neighbourhood?  Visit PrimeTorontoNeighbourhoods.com to find your dream home.

The results are almost the same for Halifax, though its prices are slightly lower than in its counterpart, Boston.

As of the end of March, prices were significantly higher north of the 49^th parallel. For instance, in Toronto, the average housing price fell only four percent to $394,099, while in Chicago, the average price plummeted 34 per cent to US$249,901.

Likewise, Toronto homes were on the market for only about three weeks before being sold, substantially shorter than the Chicago homes’ 168-day (or 24-week) turnover.

In Winnipeg, the average selling price rose three per cent to $209,628, while in Minneapolis the average price fell 24 per cent to US$148,317. In St. Paul, the selling price dropped even further (36 per cent), to US$105,858.

Meanwhile, Halifax continues to buck recent real estate trends, posting a notable seven per cent increase in the average selling price (to $282,499), compared to Boston, which posted a 28 per cent plunge (to US$394,550). However, homes in both cities remained on the market for almost the same number of days.

In the nations’ capitals, prices inched upward one percent in Ottawa, while prices in Washington fell three per cent. It also took more than twice as long to sell a home in Washington.

But things are different for Calgary and its “twin”, Houston.

In Calgary, where the prices are significantly higher and selling times much shorter than in Houston, the Stampede city still posted a hefty 11 per cent price drop compared to its American counterpart. Average home prices in Calgary were $380,737 and US$200,233 in Houston.

When exposed to humid conditions, the defective drywall gives off toxic gases like hydrogen sulphide, sulphur dioxide and others. Not only do these gases create a noxious odour (comparable to a rotten egg smell), they also cause health problems such as shortness of breath, eye irritation, fatigue, dizziness, insomnia, sore throat, bloody nose, and headaches.

Along with unpleasant smells, other evidence of the presence of the toxic Chinese drywall in new or renovated homes includes blackened and burnt wiring behind wall plugs and switch plates, and corroded evaporator coils on air conditioning units.

Unfortunately, homes containing defective Chinese drywall cannot be repaired. The only course of action is for them to be completely gutted and rebuilt. Experts in the field estimate that it can take as few as three sheets of the toxic drywall to contaminate an entire home to the point of making it uninhabitable.

Between 2001 and 2008, hundreds of millions of sheets of the toxic drywall were imported to the U.S. During the same time period, about a million square metres were shipped to Canada.

America’s Watchdog, a national advocacy group for consumer protection, is taking an active role in tracking down those responsible for the defective drywall. The president of America’s Watchdog, Thomas Martin, says the crisis is “the worst case of sick houses in U.S. history.”

In April of this year, the Drywall Safety Act was introduced in the United States House of Representatives. If approved, the Act would prompt a recall of all Chinese drywall imported into the U.S. between 2004 and 2007.

Meanwhile, the full extent of Chinese drywall installation in Canadian homes is still under investigation. The Environmental Protection Agency has a 9 page report on Chinese Drywall.

If you suspect your home may contain the defective drywall, contact an environmental engineer or a qualified home inspector.

Looking for no-strings-attached advice about buying or selling in central Toronto?  Write to me at  rsmithcarr@sympatico.ca or call me at 416-482-8360 ext. 3519

In the first two weeks of May,  housing sales in the Greater Toronto Area (GTA) were in positive territory for the first time since the market’s tailspin last fall, chalking up a healthy 3 per cent increase over the same period last year.

Housing analyst and economist, Will Dunning, explains that the current mini-boom is what he calls a return to reality of sorts. “Buyers have returned to the market with the realization that apart from manufacturing and construction, the GTA economy is holding up well.”

Indeed, the Toronto real estate market has been more than encouraging of late. A lack of homes on the market and record-low mortgage rates have lured buyers back into the game.

And game they are. In May 2009 in Davisville Village and Leaside, 41 per cent of homes in the 500,000 to 950,000 range sold for the full asking price or above, while a property on the Danforth listed for $549,000 sold for $715,000, or 130 per cent of the asking price.

However, despite these promising signs, some analysts are already warning the mini-boom won’t last and that average existing home prices will drop 5 per cent by the end of the year. And while consumer confidence is buoyed by the more positive economic news, the seas ahead could be choppy.

Once again, the word here is caution. Dunning tempers his enthusiasm over the mini-boom by looking ahead at the long-term implications. “Improved affordability generally results in a short-lived wave of buying. So we may see several good months, but there could be another slowing in the second half of the year. I remain skeptical.”

High demand for housing has already caused a rise in mortgage rates. We are well advised not to experience a second round of Irrational Exuberance, as the title of Robert Shiller’s book so aptly describes it.

Unsure as to what to do in this real estate market? Simply send me an email, or call me: Rosalin Smith-Carr, at my direct line (416) 482-8330 ext. 3519