The Miller Report
Your Monthly Real Estate Update
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I hope all is well with you and your family and you had lots of fun and goodies on Hallowe'en! Here is your report for the beginning of November 2006!
FALL MARKET UPDATE
November 3, 2006 -- The Toronto Residential market put in another solid performance in October, with 6,876 homes changing hands through the TMLS system, Toronto Real Estate Board (TREB) President Dorothy Mason announced today. "This is up about four per cent over September's 6,622 figure. And, though it has moderated slightly from October of 2005, we are still looking at an annual total of well over 80,000 homes transacted. This is a very healthy, active market." Prices continued their upward trend in October, rising two per cent over September to $356,423. They were also up four per cent over the $342,450 recorded in October of 2005.
Breaking down the total, 2,520 sales were reported in TREB’s 28 West districts and averaged $330,585; 1,317 sales were reported in the 14 Central districts and averaged $473,336; 1,383 sales were reported in the 23 North districts and averaged $379,680; and 1,658 sales were reported in TREB’s 21 East districts and averaged $283,339.
JAY'S WORD FROM THE STREET
For years we have been experiencing a very heathy Real Estate market. What some people don't realize is that the Greater Toronto Area average price increase year over year has been in the 5-8% range. This is great news as we don't want the year over year to be too high because then the market will have to correct itself. My personal prediction for 2006 is that we will be a bit off those numbers but still realize a good increase in housing prices. Our economy is healthy, there is even talk of interest rates coming down again. Some people voice concerns that we are going to see the same kind of market correction the US has experienced, but remember we are not in the midst of a war and our demographic in the GTA is very unlike the majority of US centres. The bottom line is the Real Estate market in the GTA is healthy but neutral (Not a Buyer or Seller's market). Sellers should be very careful to choose the right list price for their home or risk staying on the market or expiring. Buyers need to determine whether the Seller has priced their home near market value and make their offer accordingly. A great way to determine market value is to request an Area Report!
FREE AREA REPORTS!
A super-easy way to determine the value of a property is to request an 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!
ARE YOUR PROPERTY TAXES TOO HIGH?
Property Taxes Explained
Do you know how your property taxes come to be? Simply put, The Municipal Property Assessment Corporation (MPAC) assigns a Current Value Assessment (CVA) to your property. Your city or town then applies a tax rate to the assessment and that's how your taxes are determined. For example, if the property tax rate in your city or town is .988053% and your CVA from MPAC is $355,00, your property taxes will be $3507.59 You should be able to find your CVA and tax rate on your tax bill or Contact your area municipal office to obtain your current tax rate.
If you feel your property taxes are too high, contact MPAC and ask how they determined your CVA. If you feel MPAC's assessment is not accurate, write them a detailed letter explaining why and ask to be re-assessed. Feel free to contact me to help you by supplying you with your Area Report which could help support your conclusions!
FREE REAL ESTATE SERVICES
Click here for FREE Real Estate information including Bank and Distress sales, my Home Finder program which instantly notifies you of new listings that match your specifications, Area Reports to determine the value of homes in your area of choice and much more...
This information can help you make informed decisions and give you an advantage in the marketplace!