The Toronto Real Estate Board (TREB) has released its resale market figures for the month of March, reporting that “the average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average report for March 2013. The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.”* For the most part, home prices across Canada are on the rise, as demonstrated by the hot markets in major cities such as Vancouver, Calgary, and Toronto.
These high prices are especially prevalent in the Greater Toronto Area where the demand for houses is much greater than the supply. TREB President, Dianne Usher, explains the effects this equation has had on the real estate market: “Sales activity in the GTA accelerated last month. Compared to last year, a greater number of buyers found affordable home ownership options, as evidenced by sales growth for all major home types. Against this backdrop, however, overall inventory at the end of March remained lower than last year. This means competition between buyers increased, which is why the average selling price continued to climb.”*
With only a small number of new listings available, especially in spring, which is the busiest season for real estate, buyers are entering a frenzied market. The Toronto Star is reporting that, in an effort to combat the extreme measures home buyers feel they must go to, “the Real Estate Council of Ontario [RECO] has launched a public education campaign to warn buyers about the dangers of letting emotion get out of hand.”** Unfortunately, this trend of high prices as a response to limited listings isn’t expected to shift anytime soon. TREB’s Senior Manager of Market Analysis, Jason Mercer, says, “With borrowing costs remaining low, and in fact declining, strong home ownership demand will continue to butt up against a constrained supply of listings. Strong price growth will be the result for the remainder of 2014.”* So what does this mean for home buyers? How can they protect themselves?
We recognize that having to pay more for a home means having a greatly reduced budget for repairs – especially unexpected ones. And just as RECO’s attempt to quell the frustration brought on by current market conditions focuses on education and encourages home buyers to be home smart, we have redesigned our Home Buyer’s Inspections to further inform and protect our clients. We now offer multi-tiered inspections to address whatever concerns that buyers may have, and at cost-effective prices. Our clients now have a choice of three Home Buyer’s Inspection packages: Basic, Essential, and Enhanced.
 The inspection includes:
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 The inspection includes:
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 The inspection includes:
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Our Home Inspectors are available to perform these inspections seven days a week. You can schedule your inspection over the phone at 800-268-7070 or online. All of our packages start with a great one-on-one inspection experience and a clear inspection report to guide you, then increase in scope and depth. Buyers select the package that best fits their needs.
If you have any questions about Home Inspections or our new packages, give us a call or reach out to us via email. You can also connect with us on Twitter or Facebook – we’re always here to help.