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Who's stealing your house?
Simple precautions can slam the door on real estate title fraud.
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ost people are familiar with how to protect their credit card from fraud by keeping the card secure and only providing it to authorized merchants. In addition, credit card companies have put systems in place to recognize out-of-pattern spending in order to reduce the number of fraudulent charges.
However, many homeowners are unaware of the possibility of fraud against their homes. While it seems highly unlikely that a thief could steal the house out from under you, fraud involving property titles is becoming more common. The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) estimated real estate title fraud at approximately $300 million per year nationally.
While real estate title fraud is growing, people about to purchase a home and those who already own their home can protect their title against fraud by purchasing title insurance. Title insurance provides coverage for, among other things, loss or damage resulting from fraud and forgery pertaining to the insured homeowner’s right of ownership in real estate.
Fraudsters have a number of methods of obtaining bogus mortgages against properties. One target is a higher worth individual with no existing mortgage on the property, so the thief can apply for a larger mortgage amount. They assume the property owner’s identity and secure a mortgage based on the existing owner’s credit rating and property.
The second approach involves fraudulently discharging an existing mortgage before obtaining a new mortgage. This means the title to the property is clear when applying for new financing. In both cases, once the mortgage proceeds are secured from a lending institution the funds are directed to a third party rather than to the registered property owner.
In most cases, homeowners are innocent victims of title fraud. The criminal can often complete the entire transaction without the existing homeowner’s knowledge, through false identification and forged documents. Once a thief commits title fraud, the burden falls on the original homeowner to prove the deception. This can mean extensive legal fees and hassles before the title is restored to the rightful owner. Homeowners in Canada have had to pay tens of thousands of dollars worth of legal fees to restore the title on their property after they were victims of fraud.
“When a fraudulent charge is placed on your credit card, the bank allows you to challenge the amount and suspend payment until there is an investigation,” says Susan Leslie, Vice President, First Canadian Title, a leading title insurance company based in Oakville, Ontario. “There is no similar system for real estate when someone fraudulently charges a mortgage against your property. The onus is on the homeowner to prove the crime and it can be very costly to restore your title.”
Title insurance for people who currently own their home is available for a one-time premium based on the value of the property. For as little as $200., the insurance is effective as long as the homeowner owns the house and protects against fraud as well as other title issues, such as survey defects, loss as a result of a renovation done without a building permit, tax arrears and more.
Until recently, title insurance could only be purchased when buying a home. Now, First Canadian Title offers a title insurance policy for existing homeowners.
“For homeowners, title insurance is peace of mind in case they are a targeted by a criminal,” says Leslie. “Discovering you no longer own your home creates anxiety, frustration, expense and hardship. For a one-time premium, title insurance protects your right of ownership for as long as you own your home.”
For more information about the Existing Home Owner Policy or to obtain coverage, speak to your lawyer.
July 31, 2006 in Home Maintenance Matters | Permalink | Comments (0) | TrackBack
Detached homes continue gains
"Appreciation has slowed in the central core as detached
housing values approach $830,000"
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trong demand for residential real estate across the Greater Toronto Area continues to place serious upward pressure on housing values, according to RE/MAX-Ontario-Atlantic Canada. Despite a modest five per cent year-to-date increase in overall average price, detached homes in 17 per cent, or 11 of the 63 Toronto Real Estate Board (TREB) districts examined, reported increases in excess of 10 per cent in the first six months of 2006. Although double-digit appreciation in the detached housing category was on par with last year's levels, the districts experiencing upward pressure have shifted. In 2005, nearly 50 per cent of detached homes reporting double-digit growth were located in the central core. This year, double-digit appreciation has been far more equitable, with increases occurring across the board, including the city's east, west, and north ends.
Both detached housing and condominium apartments and town home values are climbing in TREB districts across Greater Toronto. Leading the charge in terms of price appreciation in the detached housing category are: the Scarborough Bluffs area (E08), where prices have climbed 21.2 per cent to $360,175; the Beach (E02), which has seen an increase of 19.6 per cent to $622,042; Swansea, South Parkdale, and Roncesvalles (W01), where values have risen 19.25 per cent to $640,132; Bayview Village (C15) where prices have jumped 17.7 per cent to $602,211: and Lawrence Park (C10) where housing values have appreciated 17.6 per cent to $1,132,410.
"After years of extraordinary upward momentum, escalation in the city's central district is moderating. The core is no longer the centre of the universe," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "With the average price of a single-detached home approaching a prohibitive $830,000 in the core, it's clear that purchasers are expanding their boundaries and seeking more affordable options in other areas of the city."
Neighbourhoods that offer detached product at reasonable prices have experienced the greatest return on investment. For example, the Scarborough Bluffs area, south of Kingston Rd., offers properties similar to those found on the Bridle Path at a fraction of the price. South Parkdale and Roncesvalles, both communities undergoing revitalization, continue to rank among the top five neighbourhoods in terms of price appreciation. After years of slow but steady growth, newcomer Bayview Village, with its large bungalows and good lot sizes, has finally been discovered.
While the average price of detached housing continues its ascent, condominium apartments and town homes are also reporting solid gains. Tops in terms of price appreciation is the Annex, Yorkville (C02) area where condominium values have jumped a substantial 16 per cent to $516,729. Affordably-priced Humber Summit, Elia (W05) rose 14 per cent to $173,238 while the desirable Lawrence Park, Davisville area (C10) ranked third with a percentage increase of 10.6 per cent to $327,525. Richview, Humber Heights (W09) climbed 9.2 per cent to $184,389 while Don Valley South, including Don Mills, Victoria Park Village, Parkwoods, and Graydon (C13), rounded out the top five with an 8.5 per cent jump to $258,206.
"Condominiums continue to represent the best value for first-time buyers, allowing purchasers to buy into the city's best neighbourhoods at an affordable price point," says Polzler. "The sacrifice in terms of size is negligible, given the location of some of these condominiums."
July 31, 2006 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
Real estate commissions 101
T
he Toronto area real estate market has shown steady growth for nearly 10 years, resulting in positive outcomes for consumers, the real estate business and the economy as a whole. However, this period of growth has also led to a number of misconceptions about the business.
Perhaps the most common misconception is that in a hot market, properties "sell themselves" and the REALTOR® has less work to do in order to earn commissions. Many consumers are not aware of how the commission structure works, and given the significant amount of money changing hands in a real estate transaction it is natural for them to want to know where their money is going. Let’s take a brief look at how commissions work.
When a consumer decides to sell their home, they often agree to pay their chosen salesperson (actually the brokerage) a certain percentage of the selling price of their home upon completion of the sale. This rate is generally specified in the Listing Agreement that is signed by the homeowner and the listing salesperson. As in any business transaction, prior to signing an agreement the consumer should firmly establish the level of service they will be receiving and the fees they will be required to pay.
When a home sells, commission is initially paid to the real estate brokerage that employs the listing salesperson. In most cases a portion of this money - often half - is immediately forwarded to the company working on behalf of the buyer for services provided in bringing the transaction to fruition. The remaining funds, meanwhile, may be distributed in a number of ways depending on the business model of the listing brokerage.
Some brokerages retain a portion of the listing salesperson’s commission for operational costs like company management, rent, office staff, employee training, franchise fees and so on. Other companies may forward all of the commission to the salesperson but charge a significant monthly fee.
A good portion of the commission earned goes toward maintaining the business operation and, of course, marketing and selling the home. Keep in mind that most real estate professionals are paid solely on commission, with no base salary. Their livelihood relies on the level of service they provide their customers and clients.
It is also important to understand that as the real estate market grows, so too does competition for commissions. An active real estate market typically brings in a large influx of new registrants that reduce market share for each individual. For example, the total number of sales in 2005 was 24 per cent higher than in 2001, the beginning of the most recent “hot market.” By comparison, the number of Toronto Real Estate Board Members during that time increased by 33 per cent, to over 23,000 active Members. The 7,000 transactions, on average, that take place each month are divided among these Members.
Learn about our commitment to reduce the cost of selling homes by providing full MLS® service at 3%.
July 30, 2006 in Selling Toronto Real Estate | Permalink | Comments (0) | TrackBack
Where's Jane Jacobs Boulevard?
New York's naming a park -- and maybe even a city block -- after the late urban activist. What's taking Toronto so long?
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n life, she stopped urban planners determined to run highways through downtown North American cities. Now that she's gone, remembering Jane Jacobs -- who died this past April at 89 -- and the lasting impact she had is not high on the priority list of the city she called home for 40 years.
"We don't have a specific plan as yet," Mayor David Miller says when asked about how the legendary urban thinker and writer would be commemorated.
One possibility that's no longer an option is buying her house on Albany Avenue, which was put up for sale this month. The $850,000 property sold last week to a private buyer, says real estate agent Gilbert Goldstein, who is "very respectful of Jane Jacobs and her memory," but has no plans to turn the home into a memorial site.
Other cities haven't been so slow off the mark, however. Ms. Jacobs lived in Greenwich Village until 1968 when she moved to Toronto, and last week New York City moved to rename a park after her. All but a city council vote is needed to also rename a block on Hudson Street in Greenwich Village Jane Jacobs Way. This in addition to a mayoral proclamation that declared June 28 Jane Jacobs Day in New York City.
So why was another city so much quicker to step up and create a permanent memorial?
"It's always been clear to us that she was someone we would want to honour in this way," explains Andrew Berman, executive director of the Greenwich Village Society for Historic Preservation, a group Ms. Jacobs helped establish.
"We would have done this years ago, but you're not supposed to do it until people are deceased," he says.
These kinds of tributes, according those who were close to her in Toronto, would not have pleased Ms. Jacobs.
"She was iconoclastic and not interested in being memorialized, other than having people read her work and debate her ideas," her long-time friend Alan Broadbent remembers.
Ms. Jacobs was instrumental in blocking a plan to run a highway across lower Manhattan in the 1960s and she fought to keep the character of Greenwich Village intact against the forces of development. When she moved to Toronto, the author of The Death and Life of Great American Cities was front and centre in blocking the Spadina expressway.
Toronto is now in the delicate situation of trying to come up with a way to remember someone who didn't want the recognition. "I don't think it will happen," former mayor John Sewell says.
One Annex resident has reportedly proposed that the city create a community centre named after Ms. Jacobs at the site of a house on Spadina Road just above the north entrance to the Spadina subway station.
"This has potential and may be a good fit, because Jane was involved in the Spadina subway and the area needs a facility of this kind," says Helen Kennedy, a candidate for city council in the fall election.
Whatever Toronto comes up with, Mr. Berman believes his efforts in New York are justified. "Without doubt she was an incredibly modest woman who would demur from any honouring of her legacy," he says. "But I think it's the responsibility of those of us who benefited from her wisdom to not be so modest in bestowing the kind of honour that she deserves."
July 29, 2006 in Location, location, location | Permalink | Comments (0) | TrackBack
What homes do retirees want?
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t's no surprise that many businesses stand to cash in on the wave of boomers about to turn 65. Homebuilders are especially well positioned. Mature homebuyers--the retired or semi-retired--will drive three-quarters of the housing growth in Canada over the next decade, according to Clayton Research, a real estate economics consulting firm in Toronto. For developers of retirement communities, the challenge is to figure out what this generation of retirees wants in a home, and in a community.
The first obstacle is convincing people to move at all. Not only are Canadians retiring later in life, they're staying in their current homes longer. "One of the trends right now is aging in place," says Clayton vice-president Peter Norman. "Instead of buying a new place, people are opting to renovate existing home for retirement." Norman says this trend partly accounts for the healthy home-renovation market, which has jumped around 10% each year for the past decade.
In the United States, one in four building permits is for a retirement community--traditionally thought of as age-targeted villages consisting of bungalows, a clubhouse and a golf course. But American developers were concerned boomers would find the concept unappealing, which is exactly what Feinberg & Associates, a home design firm in New Jersey, discovered in focus groups conducted from 2003 to 2005. Boomers wanted to avoid the stigma of old age, preferring instead to live with people of all ages. They also disliked the uniformity of most retirement housing designs. That attitude has shifted slightly, however. ProMatura, a Mississippi market research firm that deals with seniors, found only 46% of adults over 55 refused to live in an active lifestyle community, versus nearly 80% in 2000.
If developers are to appeal to this demographic, they'll have to change their approach, and the popularity of retirement communities in Canada depends on how appealing they can make the concept. That will make the difference between whether retirement communities make up 5% or 10% of the total empty-nester demand in coming years, according to Clayton Research.
"The generation before boomers would settle for the basics," says Ann Parsons, sales and marketing manager for Ontario-based Phelps Homes, a specialist in adult lifestyle communities. "Baby boomers want nothing but the best." Builders are already seeing a demand for higher-quality retirement housing. Phelps Homes offers customization options--and buyers are taking full advantage, driving up the cost of a home by up to 25%. "Before, we could put together a few floor plans and that would be it," says Parsons. "Now, the customer is much more finicky and demanding." Buyers are upgrading with the likes of gourmet kitchens and home theatres, proving that downsizing doesn't mean a loss in luxury.
Real estate agents will also have to work harder to establish a relationship with potential buyers if they expect to sell. Dave Rozycki, co-CEO of Parkbridge Lifestyle Communities, a Calgary-based builder with developments in Alberta, Ontario and Quebec, says it can take customers up to two years before settling on a home. "This is not an impulse purchase," says Rozycki. "This could be the last house they own." That means having the patience to develop long-term relationships, notifying customers about open houses and new developments, and responding promptly to customer inquiries.
Parkbridge, which began investing in retirement communities in 1999 and now owns 16 in Ontario and Alberta, has seen profits jump 85% in the past three years, to $16.7 million. But it won't be easy for other Canadian developers looking to enter the market. Rozycki says securing and zoning land is increasingly difficult, and starting a retirement community is capital intensive. "You're not just building homes," he says. "You're building rec centres, indoor pools and golf courses. It takes a company that's solid financially to build these communities." With land that can range from $50,000 to $200,000 an acre, plus $25,000 in infrastructure costs for each individual lot and another $1 million for a clubhouse, Rozycki says it can take years before developers see a return on investment.
The startup costs, along with the time it takes mature buyers to decide on a home, are why many builders are "loath to approach the market," says Klaus Rohrich of Taylor/Rohrich Associates, a Toronto advertising agency specializing in marketing mature housing. But with 35% of the population set to be over 50 in five years, builders who ignore the demographic are doing themselves a disservice. "The mature market is extremely profitable," says Rohrich. "They've got all this extra money rolling around, and they're going to treat themselves."
July 28, 2006 in Agency Matters | Permalink | Comments (0) | TrackBack
Older homes need a checkup
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ew modern homes can beat the charm and character of homes built before the twentieth century. Natural wood beams and trim, built-in cabinets and cozy bedroom alcoves are only a few of the features that make older homes special and attractive to many home buyers.
Yet along with their appealing style and atmosphere, many of these houses also possess an array of ailments and conditions specifically because of their age. The Canadian Association of Home & Property Inspectors (CAHPI), an organization of home inspection professionals, cautions buyers to be aware of these problems when they shop.
While a lot may be learned about a home by its outward appearance, its interior condition and future lifespan can only be evaluated by an expert on home construction: the professional home inspector.
CAHPI inspectors know what to look for in older homes, and how to "listen" to what they may have to say. For example:
1. PLUMBING - The plumbing of an older house must be looked at very carefully, since it could be on its second or third generation of piping. If incompatible metals have been mixed in the piping, there may be extensive corrosion.
2. SETTLEMENT - In addition to possible damage to the foundation, settlement of the structure can also cause problems in the plumbing system. Pipes that were once pitched properly to carry waste water away may now be pitched the wrong way if settlement is severe.
3. SAGGING - A common problem in older homes, sagging is often compounded by alterations to the house. Support structures are often cut with no thought to their ability to carry the weight of the building.
4. WIRING SYSTEM - When many of the older houses were wired, the only electrical requirements were a couple of lights and an occasional outlet - clearly inadequate for today’s needs. If the electrical system has not been modernized, or if modernization has been done by amateurs, a sizable expenditure may be anticipated.
5. ENERGY CONSERVATION - When these older homes were built, this was not even a consideration. Special attention must be paid to the conservation measures that may or may not have been installed.
6. PROPER VENTILATION - On the other hand, an unknowledgeable homeowner, in an attempt to seal and insulate his house, may have created more problems than he solved. A house can be made energy efficient, but it must also breathe.
7. HEATING SYSTEM - The transition from old systems (wood or coal burning stoves) to modern oil or gas fired central heating was often made by alterations to the existing equipment. Sometimes these modifications were done properly; more often they were not, and supple-mental heat is frequently needed. In addition, heat distribution pipes or ducts may have deteriorated with age and need replacement.
CAHPI advises home buyers to look closely at these aspects themselves before they fall in love with that quaint older home of their dreams, and to have a professional home inspection before they commit to a purchase.
Not everyone, though, is qualified to be a home inspector. CAHPI warns against hiring a "moonlighter" who may not be sufficiently knowledgeable in all areas of home construction, and who might use home inspections as a means of obtaining repair contracts.
Consumers should verify an inspector’s professional objectivity by making sure he or she doesn’t offer to make repairs on any of the problems discovered during the inspection, or even to recommend a contractor for repair work. CAHPI’s Code of Ethics forbids its members from engaging in any activity which might be construed as a conflict of interest.
CAHPI members are professionals who must meet demanding technical and experience requirements. The Association’s Standards of Practice and strict Code of Ethics provide the nationally recognized benchmark of performance for the home inspection professional.
For further information on Home Inspections, or to obtain the names of qualified home inspectors in your area, visit the website: www.cahpi.ca.
July 28, 2006 in Buying Toronto Real Estate | Permalink | Comments (0) | TrackBack
Choosing A Home Inspector
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f the selection of a home inspector is made carefully and ahead of time, home buyers will have one less detail to worry about during the chaos and excitement of finding a new home.
Canadian Association of Home & Property Inspectors (CAHPI) suggests that home buyers call several inspectors in their area and interview them in advance to ascertain their qualifications. Home buyers may also call the CAHPI for qualified home inspectors in their area. Here are some important questions to ask:
1. What professional associations does the inspector belong to?
2. Is the inspector a member of one of the provincial/regional organizations of CAHPI?
3. Does the inspector supply a written report? Will the inspection and report be done in accordance with CAHPI’s Standards of Practice?
4. How long has the inspector been in business as a home inspection firm?
5. Is the inspector specifically experienced in residential construction?
6. Does the company offer to do any repairs or improvements based on its inspection? This might cause a conflict of interest.
7. How long will the inspection take? (The average is 1-1/2 to 2-1/2 hours; anything less isn’t enough time to do a thorough inspection.)
8. How much will the inspection cost? (Fees are not set by the Association.)
9. Does the inspector encourage the client to attend the inspection? This is a valuable educational opportunity, and an inspector’s refusal should raise a red flag.
10. Does the inspector participate in continuing education programs to keep his expertise up to date?
For further information on Home Inspections, or to obtain the names of qualified home inspectors in your area, visit the website: www.cahpi.ca.
July 27, 2006 in Buying Toronto Real Estate | Permalink | Comments (0) | TrackBack
The meter's running
Realtor® poll finds 6 in 10 homeowners fear surging hydro prices
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ay's surging hydro prices have spooked homeowners who already fear skyrocketing carrying costs are making their homes too expensive to keep. George Harrison's first solo album was called All Things Must Pass. That includes Toronto's real estate market.
To look at the numbers, the market appears to have strong legs. Yet it's suddenly under a deathwatch -- not just when it will end, but how. Will it be a crash or a soft landing? Will the housing bubble burst or simply deflate? Is an apocalypse possible or will the market just stabilize?
Affordability clearly has taken a hit lately, as prices and interest rates doggedly march upward. June 2006's average resale price in Toronto topped $358,000, compared with $345,065 a year earlier. Over that same period, five-year mortgages soared from 5.8% to 6.95%, though rate breaks are available (see canoe.ca for the latest numbers).
WATCHFUL EYE
In the first quarter of 2006, RBC Financial's Housing Affordabilty Index for Toronto stood at 41.7 (meaning housing costs gobbled up 41.7% of a household's pre-tax income), the second straight quarter it deteriorated. Sure that's nowhere near the horrifying 70.5 in 1989 just before the Toronto market imploded. But a watchful eye on affordability is a must.
What could spook buyers from the marketplace? Here's a surprise. Not the high cost of buying a home, but the high cost of owning a home. That's the bottom line from a National Association of Realtors report last month. And it could be a wakeup call for what lies ahead.
When asked about obstacles to homeownership, escalating carrying costs clearly were Public Enemy No. 1, cited by 60%, compared with just 33% who griped about larger down payments. Meanwhile, 34% complained about ballooning property taxes, while 28% grumbled about rising energy costs.
Only 14% found interest rate hikes a turn-off, shredding the myth that higher rates alone will be the market killer.
Alarm bells aren't just ringing for buyers. More than six in 10 current homeowners fear higher ongoing costs could force them to sell their homes. Rising interest rates gave four in 10 the shivers, too. What about the future? Will out-of-control housing costs cool the jets of potential home buyers? A grim 37% said yes. Scary stuff.
A FOOL'S PARADISE
Anyone who pooh-poohs these results as being American is living in a fool's paradise. Canadian carrying costs have been on a tear too. The only difference: Their impact hasn't been studied here yet.
Take energy costs. Hydro charges surged 10.3% in May in Ontario, thanks to the Ontario Energy Board. Homeowners will get whacked even harder down the road, if the McGuinty Liberals foist their 'Smart Meters' on us. That pales against natural gas prices, super-sized an obscene 25% from a year ago.
Toronto property taxes jumped about 3% on average in 2006. But for the thousands of homeowners whose new assessments topped the 11.7% average increase, the property tax pinch is much more painful.
Borrowers who opted for variable rate mortgages may have gambled and lost. VRMs have spiked 1.75% since last year. Volatile insurance premiums have stabilized in recent years, but not before taking painful bites out of homeowners in the aftermath of 9/11. Condo maintenance fees? Owners are up in arms, especially buyers of new units. Statistics Canada even noted a 7.2% annual boost in the cost of home maintenance and repairs.
For most people, a home is the biggest investment you'll ever make. But the flip side is true too. Home ownership likely is the most complex and expensive financial commitment in your life. So ask yourself two questions before inking an offer: Can you pay for the house on closing? And can you handle the monthly carrying costs afterward? Leave nothing to chance. Surprises are for birthdays, not home purchases.
Closing reminder: Make sure the GST on the commission is only 6%. Some sellers are still getting nicked for 7%, often because the statement was issued before July 1.
July 26, 2006 in Toronto Real Estate Update | Permalink | Comments (2) | TrackBack
REALTOR® builds straw house
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t didn’t work for the three little pigs, but a REALTOR® is making straw work for his new home. Julius Bloomfield is creating a straw bale home for himself in Naramata, BC.
"I just wanted to do something different and wanted to build a house that was energy efficient and was off the grid," said Bloomfield. "I'm hoping to inspire the public to at least think about some of the elements of living in this home."
With the help of the newly created Naramata Conservation Initiative (NCI), Bloomfield recently held an open house for the public to see the benefits of working with straw. "We're an organization that provides information for environmentally sustainable home building," said Craig Henderson of NCI.
The straw bale house, which Bloomfield said will cost $275,000 to build, has two feet of straw inlaid in the walls, offering insulation values of about double that of standard-frame homes. The straw will be hidden inside the walls, which will be stuccoed or cement plastered on the interior and exterior.
For electricity, Bloomfield invested in a solar power system which sees rooftop panels cover about 100 square feet to power batteries. The energy in the batteries is converted to AC power for the house.
The house was built into the earth and faces south to gather passive solar energy. The floors are heated through a wood fire water heating system and water is provided from a well 150 feet above the house which runs off a gravity feed to the house.
The home has been under construction for the last year, but Bloomfield and his builders hope it will be done by the end of summer or early fall.
While modern technology like solar panels may not have been available at the time, straw bale homes have been built since the 19th century.
About 130 years ago, settlers in Nebraska used straw when they didn't have enough trees to build with. They turned prairie grasses into bales and stacked them to create walls of a home. Some of the homes are still standing.
Henderson, who toured straw bale homes in Nova Scotia, Prince Edward Island, Ontario and BC, estimated there are about 12 in the South Okanagan.
July 25, 2006 in Home Maintenance Matters | Permalink | Comments (1) | TrackBack
Commercial Real Estate in June
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n June,884,403 square feet of space was leased through the TorontoMLS system, Commercial Council Chair Ron Ridsdill said today. "The market has been brisk throughout most of the year, "Mr.Ridsdill noted. "It has hovered consistently around the 1,000,000 square foot per month level."
Lease prices were mixed in June. While Industrial space (all size catagories)fell to $5.75, Commercial Space rose 29 per cent to $17.00 sfn. Finally,all classes of Office Space leased for an average of $10.11 sfn, down five per cent from May and up ten per cent from the $9.21 sfn recorded during June of 2005.
Sales Market Highlights
June saw 62 sales of Industrial/Commercial properties through the TorontoMLS system. Of these, 39 were Industrial Properties in all size categories,which sold for an average of $67.40 per square foot. Non MLS-Sources provided a figure of $95.54 per square foot.
See Full Report [in PDF format*].
July 24, 2006 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack
