Home sales in Toronto up 21% over June 2010

Toronto, July 6, 2011 - Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 - up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 - down by 4.5 per cent compared to the first half of 2010.

"The strong June result capped off an interesting first half of 2011," said Toronto Real Estate Board President Richard Silver. "The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term."

 The average price for June transactions was $476,371 - a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 - almost an eight per cent increase compared to the same period in 2010.

 "While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter."

 "Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases," continued Mercer.

May Housing figures surpass May 2010

June 3, 2011 -- Greater Toronto REALTORS® reported 10,046 sales in May 2011 - up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.

Do a quarterly home inspection. You can save big on repair costs by detecting a problem before it becomes an emergency. "It comes down to being proactive," says Chris Seman, director of operations for Mr. Handyman. "Your house is like your car. When you first hear the noise, the repair will be less expensive than when it becomes a massive shriek."

Walk your house top to bottom, looking for loose nails, holes, cracks, sags, soft spots and bulges in the walls. Run your finger around the caulk and grout in your bathroom and kitchen to see if it's chalky; if it is, it needs to be redone.

Also, be attuned to early signs of water damage, including bubbling paint, mold or drips at visible plumbing connections. Outside, look for dampness on the roof, gutters, siding, windows and doors. While you're at it, check furnace and air-conditioner filters.

Don't want to do it yourself? Hire a handyman to do a walk-through; this relatively new service runs from $100 to $500. But your seasonal savings could exceed that.

Check the warranty. No need to pay for something you can get for free. Most appliance warranties are oh too short - six months to a year - but home-security systems are often covered longer. Read the documentation that came with the now-broken appliance.

Also, go to the company's Web site and run an Internet search to see if your break is common. If so, call customer service and explain that though the warranty has run out, your problem is a known defect. Ask if they can fix the item for free, replace it or, at the very least, give you a discount on a new one.