Housing Sales up 11 % in comparison to November 2010

 Greater Toronto REALTORS® reported 7,092 residential transactions through the TorontoMLS® system in November – up 11 per cent in comparison to November 2010. At the same time, the number of new listings was up by 14 per cent in comparison to last year.

"We have seen strong annual sales growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area," said Toronto Real Estate Board (TREB) President Richard Silver. "The market has also become better supplied, with annual new listings growth outstripping that of sales. As this trend continues into 2012, we will see more balanced market conditions."

The average price for November transactions was $480,421, representing an increase of almost 10 per cent in comparison to $437,494 in November 2010.

"Despite strong price growth this year, the housing market remains affordable in the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The correct method of assessing affordability is to consider the share of the average household's income that is dedicated to mortgage principal and interest, property taxes and utilities. Currently, this share remains in line with generally accepted lending guidelines. Given this positive affordability picture, average price growth is forecast to continue in 2012, albeit at a more moderate pace." Summary of TorontoMLS® Sales and Average Price November 1 – 30

 See Report Video on You Tube 

 

			2011								2010
			Sales					Average Price			Sales		Average Price
City of Toronto ("416")			3,027					$524,805			2,742			$477,092
Rest of GTA ("905")			4,065					$447,371			3,642			$407,682
GTA			7,092					$480,421			6,384			$437,494
TorontoMLS® Sales & Average Price By Home Type November 1 - 30, 2011
		Sales							Average Price
		416			905		Total		416			905				Total
Detached	975			2,259		3,234				776,017		540,299			611,364
Yr./Yr. % Change	9%			12%		11%				12%		10%			10%
Semi-Detached	333			449		782				562,064		370,827			452,262
Yr./Yr. % Change	13%			13%		13%				13%		8%			11%
Townhouse	350			711		1,061				418,050		342,954			367,727
Yr./Yr. % Change	17%			4%		8%				2%		11%			8%
Condo Apartment	1,336			546		1,882				365,131		272,479			338,251
Yr./Yr. % Change	9%			18%		11%				8%		9%			8%

 

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Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Return On Your Renovations...Are You Interested ?

My two neighbors are in process of renovating their homes and were thinking which should give them Big Bang for the Bucks they spend.

I did some research and collected some numbers. Usually all renovations adds value to your home, but some renos makes home more sell-able than others. 

 

If you have planned your move and planning to sell your home, you should at least consider three renovations.

1) Interior Colour  - Return on investment -- 75 % - 100 %

2) Bathroom Renovations - Return on investment -- 75 % - 100 %

3) Kitchen Renovations - Return on investment -- 75 % - 100 %

Other renovation do make your home more attractive but return on investment is lower.

- Basement Renovation 75 %  - 100 %

- Flooring upgrade  50 %  - 75 %

- Installation of a Fireplace - 50 %  - 75 %

- Window and Door upgrades - 50 % - 75 %

- Roof Shingles Replacement - 25 % - 75 %

Call me if you are planning your next move. I can help you with staging for FREE and help you sell you home in days or its FREE.  Click here for more info

Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Current Interest Rate

Term	Posted Rate	Best Rate
6 month	5.05%	5.05%
1 year	4.50%	2.74%
2 year	4.05%	2.49%
3 year	4.55%	2.94%
4 year	5.14%	3.09%
5 year	5.49%	3.24%
7 year	6.59%	4.34%
10 year	6.99%	4.69%
Variable Rate	2.80%
Prime Rate	3.00%

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Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Home Renovation Tax Credit (HRTC)

Home Renovation Tax Credit (HRTC)

What is the HRTC?
The HRTC is a non-refundable tax credit based on eligible expenditures incurred for work performed for home renovations. The HRTC can be claimed when filing your 2011 tax return.
The HRTC can be claimed for renovations and alterations of an enduring nature and that are integral to the eligible dwelling (such as your home or cottage) or the land that forms part of the eligible dwelling.


How is the HRTC calculated?
The 15% non-refundable tax credit can be claimed on eligible expenditures of more than $1,000 but not more than $10,000. The maximum tax credit that can be claimed to reduce your federal income tax is $1,350. However, if the total of your non-refundable tax credits is more than your federal income tax, you have no federal income tax to pay, and you will not receive a refund for the HRTC.


Example
William and his spouse Marie pay $5,000 to purchase an energy-efficient furnace for their home and $3,500 to build a deck at their cottage. They also decide to have the area around the deck landscaped for $2,500, bringing their total costs to $11,000 ($5,000 + $3,500 + $2,500). Marie claims expenses of $9,000 ($10,000 – $1,000), resulting in an HRTC of $1,350.
William and Marie may also be eligible for the ecoENERGY Retrofit – Homes grant.

 For more information about the ecoENERGY program, visit www.ecoaction.gc.ca.


Important things to remember
You do not have to submit your supporting documents with your income tax and benefit return; however, you must ensure this information is available should the Canada Revenue Agency request it.


To avoid problems with your HRTC claim, make sure you:
■ get your contracts in writing; and
■ keep your receipts.
Eligible expenses must be of an enduring nature and be integral to the eligible dwelling. The cost of routine repairs, maintenance, and expenditures not integral to the dwelling are not eligible.


Examples of eligible expenses
■ Renovating a kitchen, bathroom, or basement
■ New carpet or hardwood floors
■ Building an addition, garage, deck, garden/storage shed, or fence
■ Re-shingling a roof
■ A new furnace, woodstove, boiler, fireplace, water softener, or water heater
■ A new driveway or resurfacing a driveway
■ Painting the interior or exterior of a house
■ Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling
■ Laying new sod
■ Swimming pools (permanent – in ground and above ground)
■ Fixtures (e.g., lights, fans, etc.)
■ Associated costs such as permits, professional services, equipment rentals, and incidental expenses
Examples of ineligible expenses
■ Furniture, appliances, and audio and visual electronics
■ Purchasing of tools
■ Carpet cleaning
■ House cleaning
■ Maintenance contracts (e.g., furnace cleaning, snow
removal, lawn care, and pool cleaning)
■ Financing costs

Where can I get more information?
For more information, go to www.cra.gc.ca/hrtc or
www.hiringacontractor.com, or call us at 1-800-959-8281