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TORONTO, June 4, 2014 – Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 percent year-over-year increase compared to the average price of $540,544 in May 2013.

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Posted on Wednesday, June 4, 2014 at 03:25PM by Registered CommenterElaine in | CommentsPost a Comment

Cottage financing: An entirely different kettle of fish

No furnace? No foundation? When it comes to buying a cottage, that could mean no financing.

City dwellers are beginning to think of ducks and docks as a respite from concrete and congestion. But unless you have the cash on hand, it’s important to understand mortgage options before you start looking for your slice of paradise.

“We like to make sure clients are fully educated so they’re not wasting their time,” says Jeremy Ridley, a Barrie, Ont.-based senior residential mortgage specialist at RBC Royal Bank. “Also that they don’t fall in love with a property that can’t be mortgaged within their means.” Preapproval is especially important, he adds, because of huge variances in location and the types of properties that are available.

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Posted on Saturday, May 31, 2014 at 03:05PM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

Sale of the Week: the $1.3 million home that shows buyers still love the Beach

This renovated three-storey home is a rarity in The Beach, where semi-detached and rental units reign. The property features its own private backyard with a deck. Inside, modern finishes such as pot lights, central air and upgraded kitchen appliances complement old-fashioned touches, like original trim. People who live near this section of Waverley Road rarely move out of the area, thanks in part to the nearby waterfront and a tight-knit community association. In fact, several people who viewed the home were serial neighbours who have moved from home to home on the street.

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Posted on Tuesday, May 20, 2014 at 11:27AM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

Welcome to Hipsterville East

The neighbourhood has changed, but Jim’s Restaurant endures. The greasy spoon on Queen St. E. still boasts the best Western sandwiches around, and on a typical day, lunchtime stretches nonchalantly through the afternoon.

Right now, the place is humming. At one table some 20-somethings are talking about how to shoot a movie they’re making. A few chairs down, a young woman is reading a book about theatre, and there’s a small cluster of old-timers in paint-splattered pants sipping from beer bottles beneath an old TV that plays CP24 in the eatery’s back corner.

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Posted on Friday, May 16, 2014 at 02:39PM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

In Toronto, sometimes meeting the asking price just isn’t enough

Bidding wars that lead to offers six figures over asking have become routine in Toronto’s spring market. But even in a contest reduced to a single buyer and seller, the results are unpredictable, as agent Ira Jelinek and his clients found out recently.

They had already lost out on several houses this spring when a semi-detached came up for sale in Leslieville. The house at 104 Jones Ave. was listed with an asking price around the $600,000. They expected to compete against other contenders, as they had five or so times already. But to their surprise, on offer day, Mr. Jelinek’s clients were the only buyers to turn up.

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Posted on Friday, May 16, 2014 at 01:15PM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference