• Quick Stats For Brampton

  
  Sales Activity: May, 2008
  
  - How many properties sold in May? 827.
  - What was the average sale price of a home in May? $319,455.
  - What was the average sale price of a detached home in May? $369,739.
  - What was the average sale price of a semi-detached home in May? $291,111.
  - What was the average sale price of a freehold townhouse in May? $274,338.
  - What was the average sale price of a condo apartment in May? $186,744.
  - What was the average sale price of a condo townhouse in May? $209,822.

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If you’re looking for a quaint home in the Heart Lake area, this home may be perfect for you.  Nestled behind the beautiful foilage of Heart Lake Conservation park, this home offers a spacious open-concept layout with 3 bedrooms in a family-oriented neighbourhood.  The neighbours are all fantastic!  The large basement is finished and features a walk-out to a fenced, private backyard.

Because this is an older home, you’ll find the neighbourhood filled with lots of tall trees, and nature trails leading into Heart Lake are just steps away.  The home is minutes from highway 410 off of Sandalwood Parkway and very close to a large shopping plaza.  A recreation centre, the new hospital, and other convenient amenties are all near by.

There have been a number of recent upgrades to the home, and the sale includes all the appliances and window coverings.  This house is currently listed for $229,500 and won’t last long at this price.  It’s rare to find a beautiful home like this at a price this low in Brampton.  If you’re interested in this home and want to stop by and have a look, please feel free to contact me at the top of the page.  You can also drop in at our open house on June 22, 2008 between 12pm - 4pm.

Hope to talk to you soon!

** Update**

Thanks to Karen for pointing out that I forgot to include the address!  The address is 46 Barrington Crescent, and the main intersection is Sandalwood and Royal Palm.

Popularity: 12% [?]

Although this article may be useful for people living in older homes, purchasers of newer homes can also benefit from this. A home in not unlike a car - it’s made up of a variety of components that have different life expectancies and that need to be replaced throughout various stages of it’s use. If you live in a new home, this list is merely something to keep in mind down the road as your house ages. If you’re living in a older home, it’d be wise to check up on the different parts of your home to see if it’s time for them to be replaced.

Here is a list of important items in your home and their average life expectancies:

The Roof

• Standard asphalt shingles - 12-15 years.
• Premium asphalt shingles - 15-30 years.
• Wood shingles - 10-20 years.
• Concrete or clay tiling - 20-40 years.
• Asbestos cement - 40-80 years.
• Slate tiles - 40-80 years.
• Roll roofing - 5-15 years.
• Tar and gravel - 15-25 years.
• Metal - 60 years.

Heating

• Forced air furnace - 10-25 years.
• Oil tank - 20 years.
• Welded steel water/steam boiler - 15-30 years.
• Cast iron water/steam boiler - 30-50 years.
• Water/steam circulating pump - 10-25 years.

Cooling

• Central air - 10-25 years.
• Heat pump - 10-15 years.
• Window air conditioning - 10-20 years.

Plumbing

• Galvanized water pipes - 20-25 years.
• Hot water heater - 5-15 years.
• Septic/sewer pump - 5-10 years.
• Well pump - 10 years.

Appliances

• Dishwasher - 5-12 years.
• Dryer - 10-25 years.
• Garbage disposal - 5-12 years.
• Oven/range - 15-20 years.
• Washing machine - 5-15 years.

As always, this is only a general guide. Some components may need to replaced sooner due to wear and tear, while others may last longer because of great quality.

Till next time!

Popularity: 15% [?]

There’s no doubt that MLS.ca has become one of the most often-accessed and useful websites in Canada. Last year alone, MLS.ca recorded over three million unique visitors a month. That is close to 10% of Canada’s population and a huge number of people who are searching for homes and condos for sale.  If you’re not familiar with what MLS.ca is, please read my previous article here.

On June 30th, MLS.ca will be replaced by realtor.ca, a new portal that will feature new graphics and new search features for web users. The old site will still be accessible but in time, it will slowly be phased out and replaced by the newer site. What are some of the features of realtor.ca?

• Interactive mapping provided by Microsoft Virtual Earth.
• More user-friendly search layout.
• Real estate related news.

The interactive mapping system has a ton of useful features and will radically change how you search and find a particular property. I invite you to give the website a spin when it launches.

Popularity: 18% [?]

Here are the latest numbers for the real estate market in Brampton for May 2008.  In comparison to last May where a record number of sales was set, May of 2008 was slightly less in the total number of sales.  However, detached homes saw a 3% increase in value and semi-detached homes increased 5% in value compared to sales from January to May of 2007.  Overall, the market remains healthy while inventory has increased slightly compared to last year, which bodes well for home buyers.

May 2008

In May of 2008, Brampton had 2726 active listings on the market, 1834 of which were new listings. There were 827 recorded sales in this month. Here is the break down according to areas in Brampton.

W23 (Any area in Brampton west of Highway 410)

Overall
Average sale price: $312,254
Median sale price: $302,500
Average number of days it took to sell a property: 27 days
Average % of listing price a property sold for: 98% of asking price

Detached Homes
Number of properties sold: 268
Average sale price: $350,055
Median sale price: $342,000
Average % of listing price a property sold for: 98% of asking price

Semi-Detached Homes
Number of properties sold: 114
Average sale price: $285,325
Median sale price: $285,500
Average % of listing price a property sold for: 98% of asking price

Condo Apartment
Number of properties sold: 14
Average sale price: $213,879
Median sale price: $225,950
Average % of listing price a property sold for: 97% of asking price

Condo Townhouse
Number of properties sold: 37
Average sale price: $220,346
Median sale price: $226,000
Average % of listing price a property sold for: 98% of asking price

Attached/Row/Townhouse
Number of properties sold: 46
Average sale price: $262,623
Median sale price: $260,000
Average % of listing price a property sold for: 98% of asking price

W24 (Any area in Brampton east of Highway 410)

Overall
Average sale price: $326,656
Median sale price: $318,850
Average number of days it took to sell a property: 31 days
Average % of listing price a property sold for: 98% of asking price

Detached Homes
Number of properties sold: 182
Average sale price: $389,423
Median sale price: $388,000
Average % of listing price a property sold for: 98% of asking price

Semi-Detached Homes
Number of properties sold: 80
Average sale price: $296,896
Median sale price: $294,550
Average % of listing price a property sold for: 98% of asking price

Condo Apartment
Number of properties sold: 26
Average sale price: $159,608
Median sale price: $157,400
Average % of listing price a property sold for: 96% of asking price

Condo Townhouse
Number of properties sold: 31
Average sale price: $199,298
Median sale price: $191,000
Average % of listing price a property sold for: 97% of asking price

Attached/Row/Townhouse
Number of properties sold: 27
Average sale price: $286,052
Median sale price: $296,000
Average % of listing price a property sold for: 98% of asking price

Popularity: 20% [?]

Here’s the scenario - you’re in the market to purchase a new home and in the course of looking at a few properties, you fall in love with a quaint, older home that’s been newly renovated. It sits in a well established, cozy neighbourhood with tall trees and a large yard. The exterior of the home is nostalgic and reminds you of the home you grew up in, but the interior is freshly renovated with gleaming hardwood, a sparkling new kitchen, and beautiful bathrooms. From what you know, the house was recently purchased in a run-down state, but the seller invested substantially in fixing and updating the house. What are some things you need to consider before you put an offer in on this home?

The advantages are already clear. Older homes tend to be situated in more desirable neighbourhoods. You also know you won’t have to invest any money into fixing up the house. But there may also be some issues of concern that you may have to keep in mind:

• Thoroughly inspect the renovations that were done on the home. Inquire as to the list of renovations that were made.
• Ask for specifics. What exactly does upgraded plumbing or upgraded windows mean? Was plumbing repaired or completely replaced? Were windows resealed or replaced?
• Find a qualified home inspector to thoroughly inspect the property and the new renovations.
• Ask about building permits. Were permits registered and finalized with the city for all the work that was done?
• Is the owner also the renovator? If so, are they qualified contractors who are capable of doing professional work? Are they willing to warranty the work they’ve done on the home?
• Make sure to ask for any warranties for all new work as well as appliances upon purchase of the home.

Buying a flipped house can be both rewarding and time-saving if you are prepared with the right questions upon discussing the purchase of the home. Remember, people tend to take greater care when they are renovating for their own use as opposed to renovating for the purpose of resale, so be sure to inspect the quality of the work first! Keep your eyes open and be diligent, and you may just land yourself the perfect home.

If you’re interested in looking at power of sale homes, or recently flipped homes, feel free to contact me through my contact form and I will be glad to provide you with the most current listings in Brampton.

Popularity: 21% [?]

If you’ve been a long time resident of Brampton, you’ll know that the condo selection is relatively small. Aside from the cluster of condo buildings near Bramalea City Centre, and a few other buildings scattered around the city, there haven’t been any new condo developments in the last while.

You’ve probably also seen signs around the city promoting a new development called Park Place Condos. Here are some information tidbits for you if you’re interested in looking at these units in the future.

• Park Place is being built in the heart of Brampton, at 4 Corners (Highway 10 and Queen St.) Click here to see map.
• The building will be 27 stories.
• In addition to being steps from City Hall, Rose Theatre, and the Peel Museum & Art Gallery, Park Place will also boast a 2000 acre nature park in the backyard.
• The building will feature a full time concierge, library, yoga studio, fitness room, dining and party room, rooftop terrace with BBQ area, billiard room, theatre, and guest suites.
• 9′ ceilings throughout with pre-finished laminate flooring in living, dining, hallway, den, and bedrooms.
• One parking spot and one locker is included with the purchase of every suite.

To contact their sales office and presentation centre, call (905) 451-7001 or visit www.parkplacecondos.ca to see online floor plans.

In the coming weeks, I will preview some more coming real estate developments in Brampton, so stay tuned!

Popularity: 20% [?]

If you’re a first time home buyer, you may be wondering what sort of costs you’ll be facing down the road when it comes time to close the sale on your home. Because there are so many fees, expenses, and taxes to pay, it may be a little scary and overwhelming. Below is a list of the general costs you’ll need to be aware of when you’re closing the deal.

As a rule of thumb, expect and budget approximately 2 - 3% of the purchase price of your home for closing costs. That means if you’re buying a $200,000, you’re looking to pay around $4,000 - $6,000 in total for closing costs. Of course, this is only a general outline, so make sure to ask every person involved in the deal to get a better scope of your costs.

• Home Inspection - A qualified inspector will assess your property for any potential defects as well as give you vital information on your home. Expect to pay anywhere between $250 - $350.
• Appraisal - The lender will arrange for an appraiser to provide a professional opinion on the current market value of your home. This will cost anywhere between $100 - $300.
• Legal Fees - Your lawyer will be handling all the vital paperwork related to the purchase of your home. You will be paying for the legal fees for closing your home and mortgage, as well as paying additional disbursement fees that cover things such as courier costs, photocopies, faxes, supplies, and other registrations. Remember to ask for a quote including the disbursement fees so you’re not in for a surprise later. Fees vary, but they generally range from around $1,000 - $1,300 depending on the circumstances and the lawyer.
• Land Survey or Title Insurance - The seller will most likely provide you with a survey of the home. If no survey is available, you can usually get a replacement for around $600 - $900. However, many lenders will also accept title insurance instead, and that alternative will only cost you a couple hundred dollars. Make sure to ask your lender and check your options.
• Fire Insurance - Be prepared to arrange and maintain fire and extended coverage insurance for the balance of the mortgage or the replacement value of the building. This cost will vary depending on your home, the amount of coverage, the insurance company, and even the city, but expect to pay anywhere between $250 - $600 annually.
• Ontario Land Transfer Tax - Read my previous article about land transfer taxes and how to calculate them for your purchase.
• Interest Adjustment - Oftentimes, mortgage payments are due on the first of the month. If you closing date does not fall on this day, you’ll usually have to prepay the amount of interest accruing up to the 1st of the following month. This is known as the interest adjustment date. If you’ve opted for bi-weekly or weekly payments, this period will be shorter.
• Mortgage Insurance & PST - If your mortgage is insured, the insurance premium will usually be added to the mortgage so you don’t have to pay in cash on the closing date. You will, however, have to pay the provincial sales tax of 8% on closing.
• Closing Adjustments - This typically covers the utilities that the seller has prepaid for and will recover from you.

Are you buying a new home? Don’t forget that you must pay GST on brand new home purchases! Resale homes already have the GST included in the price. Other costs that you should think about are moving costs, appliances, decorating, repairs, tools, and utility hook ups.

Popularity: 26% [?]

Here are the latest numbers for the real estate market in Brampton for April 2008. Sales remain moderate throughout the GTA, but prices are still steadily rising.

April 2008

In April of 2008, Brampton had 2477 active listings on the market, 1857 of which were new listings. There were 852 recorded sales in this month. Here is the break down according to areas in Brampton.

W23 (Any area in Brampton west of Highway 410)

Overall
Average sale price: $310,203
Median sale price: $302,000
Average number of days it took to sell a property: 28 days
Average % of listing price a property sold for: 98% of asking price

Detached Homes
Number of properties sold: 270
Average sale price: $344,372
Median sale price: $334,500
Average % of listing price a property sold for: 98% of asking price

Semi-Detached Homes
Number of properties sold: 113
Average sale price: $287,621
Median sale price: $291,000
Average % of listing price a property sold for: 98% of asking price

Condo Apartment
Number of properties sold: 17
Average sale price: $215,494
Median sale price: $219,000
Average % of listing price a property sold for: 98% of asking price

Condo Townhouse
Number of properties sold: 31
Average sale price: $226,439
Median sale price: $231,500
Average % of listing price a property sold for: 98% of asking price

Attached/Row/Townhouse
Number of properties sold: 51
Average sale price: $263,308
Median sale price: $256,000
Average % of listing price a property sold for: 98% of asking price

W24 (Any area in Brampton east of Highway 410)

Overall
Average sale price: $332,593
Median sale price: $323,000
Average number of days it took to sell a property: 29 days
Average % of listing price a property sold for: 98% of asking price

Detached Homes
Number of properties sold: 211
Average sale price: $395,516
Median sale price: $390,000
Average % of listing price a property sold for: 98% of asking price

Semi-Detached Homes
Number of properties sold: 62
Average sale price: $300,564
Median sale price: $301,500
Average % of listing price a property sold for: 98% of asking price

Condo Apartment
Number of properties sold: 26
Average sale price: $154,315
Median sale price: $143,350
Average % of listing price a property sold for: 97% of asking price

Condo Townhouse
Number of properties sold: 30
Average sale price: $169,833
Median sale price: $153,500
Average % of listing price a property sold for: 97% of asking price

Attached/Row/Townhouse
Number of properties sold: 25
Average sale price: $271,686
Median sale price: $277,000
Average % of listing price a property sold for: 98% of asking price

Popularity: 30% [?]

Condo apartments and condo townhouses are becoming increasingly popular in Brampton to accommodate the other spectrum of buyers that are not looking for large detached homes. If you’re in the process of buying a condo or am thinking of buying one in the near future, you will encounter something called a status certificate. What exactly is a status certificate and what does it do for you?

Every condominium complex is run by a management group. It’s this group’s responsibility to collect maintenance fees and oversee the maintenance and upkeep of the condominium complex. When you purchase a condo, your sale will likely be conditional upon the status certificate, which is a package of documents prepared by the management office. These documents will outline all the details of the condo complex, it’s rules and regulations, it’s financial status, how much money is in the reserve fund, what maintenance fees cover, the details of your unit, and much more.

Generally, the seller will order this certificate and pay for it on behalf of the buyer. A status certificate typically costs $100. The most important parts of the status certificate are those that pertain to your particular unit, how much money is in the reserve fund, and whether or not the condominium corporation predicts any changes to your monthly maintenance fee. A well run condo complex will have an excess of money in their reserve fund in case of emergency repairs or upgrades. A poorly run condo with little money in their reserve fund may require all residents to pay a special levy if something happens and large repairs are required to the complex. Your lawyer will be able to review the status certificate and tell you if the condominium is well managed.

Normally it takes between 5 - 10 days for a status certificate to be ordered, prepared, and delivered to the real estate agent. It’s important to carefully review the status certificate of any potential condo purchase, as it is a good indication of how well the complex is managed.

Popularity: 43% [?]

As always, I’m always on the lookout for building/renovation costs to provide to my readers as a general basis before taking on renovation tasks. It’s tough sometimes knowing where to begin or knowing who to ask regarding large projects and the costs that are associated. Hopefully, my previous articles have been of some help. Today’s pricing list is a general guideline for those interested in paving their driveways or building garages.

Garage
Detached Carport - $4000+
Detached Wood Frame (Single Car) - $8000+
Detached Wood Frame (Double Car) - $13,000+
Detached Block (Single Car) - $18,000+
Detached Block (Double Car) - $24,000+
Removal of Existing Garage - $1,500+

Overhead Doors
Automatic Garage Door Opener - $200-$300
Cladboard (Single) - $450-$650
Cladboard (Double) - $750-$1,000
Metal (Single) - $700
Metal (Double) - $1,100
Wood (Single One Piece) - $725
Wood (Double Sectional) - $1,250

Driveway
Asphalt Paving (Existing Base) - $3-$5/square foot
Asphalt Paving (New Base) - $3-$5.50/square foot
Asphalt Seal - $50-$75
Stamped Concrete - $5-$10/square foot
Interlocking Brick/Stone - $8-$10/square foot

In the coming days, I will have more pricing lists for other renovation/construction projects available!

Popularity: 50% [?]

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