The Miller Report
Your Monthly Real Estate Update
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All the best to you and your loved ones this holiday weekend! The market remains healthy which is another reason to be thankful. Here is your report for the beginning of October 2006!
SEPTEMBER MARKET STRONG!
October 4, 2006 -- The Toronto Area resale housing market showed solid activity throughout September with 6,622 sales to maintain the year’s strong performance, Toronto Real Estate Board President Dorothy Mason announced today. “Though the overall sales pace is at more normalized levels, 2006 remains within one per cent of 2005’s all- time record pace for the year,” Mrs. Mason said. The average price of a home during September was $349,142, up five per cent from the $335,334 recorded last September. According to Jason Mercer, Senior Market Analyst for the Canada Mortgage and Housing Corporation, good economic conditions continue to provide strong support for the housing market. “While trending lower, sales are forecast to remain near record levels through 2007,” Mr. Mercer said. “Steady job creation and low borrowing costs are key factors underlying continued strong demand for existing homes.”
WHAT IS YOUR HOME WORTH?
An easy way to find out
Your home could be worth more than you think! A super-easy way to determine the value of your home is to get your area report. Find out what homes or condos similar to yours have been selling for in your area and do a direct comparison!
Simply click the "Your Area Report" link in the menu on the left, fill in a bit of data and your report will be sent to you - It's that simple!
THE RETURN ON RENOVATIONS
What to expect when you sell your renovated home
Over the past few years you've renovated your home. Obviously you're curious how those renovations have affected the value of your home.
There is no perfect way to find out exactly what the return on your investment will be because one buyer may pay more of a premium than another, but try going to the Appraisal Institute of Canada's Renova page. You simply type in your renovation and they will give you an estimate of the return you can expect when you sell. These figures are not exact but can help you decide what future renovations will give you the best return on your investment.
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This information can help you make informed decisions and give you an advantage in the marketplace!