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AUGUST 2012                                                                                              REAL ESTATE UPDATE




       The average price of a resale home in the GTA in July was            From a volume perspective, the month of July produced
       $476,947 - which was up by a respectable 4% versus the               a 1% decline in sales (7,570 transactions versus 7,683
       July 2011 average price of $458,646. It is interesting to            in July 2011). The sales decline was led by the condo
       note that the MLS® Home Price Index (MLS® HPI), which                apartment segment (-10%) while, at the opposite end
       provides an apples-to-apples comparison of benchmark                 of the spectrum, the townhome segment posted a very
       home prices from one year to the next, was up by 7.1%                robust volume increase of 15%. The very strong annual
       on a year-over-year basis. The variance between these                sales growth in the first half of 2012 and an earlier peak
       two price growth rates is accounted for the fact that the            in sales this spring compared to 2011 help explain more
       mix of homes sold in July 2012 versus July 2011 was                  moderate sales this summer. The new more stringent
       substantively different. As a result, the MLS® HPI likely            CMHC mortgage lending guidelines (which became
       offers a more accurate reading on actual price growth for            effective on July 9th) and the continued weight of the
       this particular period. However, price growth has definitely          additional upfront cost of the City of Toronto land transfer
       moderated versus recent months due to a much better                  tax have also likely prompted some households to put
       supplied market.                                                     their buying decisions on hold.

                               GTA AVERAGE RESALE PRICE                                          GTA RESALE HOME SALES
  8        9           10 11 12                                         8       9      10 11 12
      $540,000                                                              12,000
                                                        2011         2012                                                              2011
      $520,000                                                              10,500
                                                                                                                                       2012

sale Home SalesGTA Resale Home Sales
      $500,000                                                               9,000
      $480,000                                                               7,500
      $460,000                                                               6,000
      $440,000                                                               4,500
      $420,000                                                               3,000
      $400,000                                                               1,500
                 JAN     MAR     MAY      JUL     SEP          NOV                   JAN   MAR      MAY       JUL       SEP      NOV




                                 James Metcalfe BROKER
                                 416-931-4161                                                         Royal LePage Real Estate Services Ltd.
                                                                                                      Johnston & Daniel Division, Brokerage
                                                                                                 477 Mount Pleasant Rd., Toronto, ON M4S 2L9


                                 www.OurHomeToronto.com | Service@OurHomeToronto.com
                                                                                                                                     1
BASEMENT APARTMENT LEGALITIES




Basement apartments also play an important role in meeting                    Fire containment refers to a building’s ability to contain a fire in
demand for housing throughout the Greater Toronto Area and if                 the unit where it started. Walls, floors, ceilings and doors are
you have ever listed a property with one, you may be familiar                 rated based on how long they will survive a direct fire before
with the “Seller does not warrant retrofit” clause. Second suites              burning through. The typical requirement is a rating that affords
can cause confusion for homebuyers and REALTORS® alike, but                   a 30-minute separation between the units. Drywall and plaster
this doesn’t have to be the case.                                             ceilings for example are acceptable, but they must be continuous
                                                                              so that joists are not exposed in any room. By contrast,
According to noted home inspectors Carson Dunlop, achieving a                 suspended ceilings are not acceptable. 
“legal” basement apartment involves five areas of consideration:
bylaw permissibility; compliance with the building, fire, and                  Means of egress refers to the occupants’ ability to exit the
electrical safety codes; and registration. In short, if a listing             house. Ideally, units should have their own exits. Units that share
indicates that a property has a retrofit basement apartment, it                a common exit are allowed if the common exit is ‘fire separated’
must meet municipal bylaw requirements, have a Certificate                     from both of the units with a 30-minute rating. If it not rated as
of Compliance to verify that it has passed fire and electrical                 such, it can still be used provided that there is a second exit from
inspections, and be registered with Municipal Property                        each unit and the fire alarms are interconnected. To be considered
Standards. Additionally, if it is newly constructed, it must meet             an acceptable second exit, a window must have an opening of at
Building Code requirements.                                                   least 600 square inches, with the smallest dimension being 18
                                                                              inches; the windowsill must be within three feet of grade; and
Identifying whether a municipality’s bylaws permit basement
                                                                              basement window wells must extend three feet out from the
apartments and if any special conditions apply is the first step
                                                                              house wall, to allow room to crawl out.
in the process. Since 1995, municipalities have had the authority
to enforce their bylaws with respect to basement apartments;                  The fire detection area of compliance requires that all units have
however, units that existed prior to November 1995 are exempt                 smoke alarms. Smoke alarms do not have to be interconnected
from meeting local bylaw requirements.                                        unless the fire separation to the common exit area does not have
                                                                              a 30-minute rating. Some municipalities may also require carbon
The Building and Fire Codes are related in that the Fire Code is
                                                                              monoxide detectors.
a subset of the Building Code. There is, however, an important
distinction between them. The Building Code, which prescribes                 Electrical safety refers to the required inspection by the Electrical
minimum requirements for the construction of buildings, for                   Safety Authority. As with the fire department’s inspection,
the most part applies only to the day the house was built, not                deficiencies that the Electrical Safety Authority identifies must
retroactively. The Fire Code, which prescribes construction and               be addressed. In general, an apartment’s minimum ceiling height
safety issues related to how a building is required to perform                must be 6 feet 5 inches; its entrance door must be at least
should it catch fire, does apply retroactively. In 1994, the provincial        32 inches by 78 inches; bathrooms require either a window or
government set new Fire Code rules with which all basement                    an exhaust fan; and if there is a parking spot for one of the units,
apartments, new and existing, must comply. A unit upgraded to                 there must also be a parking spot for the other unit.
comply with the Fire Code is called a “basement retrofit” The fire
                                                            .
department must inspect all basement apartments and when                      Once bylaw and code requirements have been met and certified,
any deficiencies have been corrected, as is required, it will issue            homeowners can register the basement apartment with
a certificate to verify compliance.                                            Municipal Property Standards.

The Fire Code involves four key areas of compliance: fire                      Bear in mind that if you are planning to construct a basement
containment, means of egress, fire detection and alarms, and                   apartment, you must also apply for a building permit and comply
electrical safety.                                                            with today’s Building Code.



    2
                                                        This article was sourced from the Toronto Real Estate Board.
WHAT YOU NEED TO KNOW ABOUT MOULD




Moulds are forms of fungus (mildew, yeast and mushrooms are                             What is an “amplification site”?
other forms of fungus) that grow indoors and outdoors. People
                                                                                        As mentioned above, buildings are not sterile; the presence of
are exposed to mould spores (i.e. airborne “seeds”) daily in the
                                                                                        mould spores is very common in most buildings. It is interesting
air they breathe; however, sometimes moulds grow excessively
                                                                                        to note that the mere presence of mould spores in a building is
in certain areas called “amplification sites” (see below for further
                                                                                        not a concern; the concern arises when mould areas have grown
information) and can cause different types of illnesses. Some
                                                                                        in a building. When areas in a building have suitable nutrient and
moulds are more hazardous than other moulds and different
                                                                                        moisture content that fosters mould growth, the area is called an
people have different responses to mould exposure. In particular,
                                                                                        amplification site.
those with allergies, existing respiratory conditions or suppressed
immune systems are especially susceptible to health problems
                                                                                        Can mould be easily identified in homes by a visual
from mould exposure. Additionally, infants and children, pregnant
                                                                                        inspection?
women and the elderly can be sensitive to the effects of mould
exposure. Some people that are exposed to mould experience                              No. Past studies have indicated that up to 90% of mould growth
allergic reactions, with symptoms similar to hay fever and the                          is not visible at the surface. Certain school boards have found
common cold but that last for longer periods, while others can                          a very poor correlation between the results of visual (surface)
experience aggravation to asthma. Researchers have identified                           inspections and subsequent invasive inspections in portables
that some fungi in indoor environments can induce allergic                              in Ontario. Certain guidelines state that invasive inspection is
and irritant response, infectious disease, respiratory problems,                        necessary to make a complete assessment of the extent of
hypersensitivity reactions and organ toxicity. In addition, some                        mould contamination in a building.
moulds produce chemicals called mycotoxins, which can cause
flu-like symptoms. It should be noted that the causes and effects                       HELPFUL TIP
of mould exposure on people are not very well understood. In                            Moisture is one of the key factors that affect mould growth.
some cases, health problems that are attributable to mould are                          There is very little time after a flood to prevent development of an
temporary and can be controlled by limiting exposure to moulds.                         amplification site. Buildings are not sterile and pre-existing mould
What factors affect mould growth?                                                       spores will begin to develop rapidly with the proper nutrient,
                                                                                        moisture and temperature combinations. It is considered good
Several factors affect mould growth, including:                                         practice to remove water very quickly (within 24 to 48 hours)
  • Nutrient availability - nutrients absorb moisture to maintain                       after flooding. Surface moisture should be reduced to below 70%
      a favourable environment for mould growth, and include                            relative humidity as soon as possible to reduce the potential for
      many surfaces such as soil, dirt, wood, cellulose (paper,                         mould growth.
      ceiling tile, jute carpet backing, cork, pipe wrap), some
      forms of insulation, fabric, oil, etc.
  • Moisture content - the amount of moisture in a material
      influences how an organism can support growth.
      Moisture sources include condensation in humid rooms,
      on windows, walls, unheated closets, dampness under
      carpets and on shower curtains, and periodic wet sections
      in duct work of air conditioned ventilation.
  • Temperature - Temperature is also a factor that affects
      mould growth; moulds typically require temperatures
      between 5°C and 38ºC to grow.



                                                                                                                                                    3
          This article was contributed by AmeriSpec Canada, a leading home inspection company. Please visit them online at www.en.amerispec.ca.
Home renovations undertaken by Ontario’s 3.2 million                                                                   homebuilders believe that the best way to mitigate the growth
homeowners produced over $20.3 billion in economic activity                                                            of the underground home renovation economy is to give home
last year. Unfortunately, a large amount of home renovation work                                                       owners a financial incentive to use professional contractors.
in this province is conducted via the “cash deal” or through the                                                       Professional contractors have HST numbers, maintain insurance
underground economy. Unlicensed workers hurt the reputations                                                           and pay taxes.
and competitiveness of legitimate renovation contractors and
cheat governments out of billions of dollars. The Ontario Home                                                         Specifically, Realtors are urging all provincial politicians to
Builders’ Association estimates that the underground home                                                              support the creation of a permanent Ontario Home Renovation
renovation economy causes the loss of up to $298 million in HST                                                        Tax Rebate. If the provincial government were to institute a
revenue annually, $1.6 billion in income tax revenue annually and                                                      renovation rebate, payable to the homeowner, homeowners
$767 million in other revenues like CPP WSIB, Employer Health
                                         ,                                                                             would be far more likely to insist on a receipt creating a paper trail
Tax and Employment Insurance Premiums.                                                                                 that would deter underground economic activity. The payment
                                                                                                                       to the homeowner provides the incentive for written contracts
In addition, the underground home renovation industry poses                                                            which is good for everybody, particularly governments losing
a number of serious risks to homeowners. Underground                                                                   billions of dollars in tax revenue to the underground economy
contractors often do not meet health and safety standards,                                                             and at the same time it can go a long way to stimulating the
carry no liability insurance and do not offer warranties. Moreover,                                                    provincial economy.
homeowners have little to no recourse in the event of shoddy
or unsafe workmanship. If a worker falls on your property, you,                                                        As usual, your client referrals are both highly valued and much
as the property owner, may be held liable. Realtors and                                                                appreciated. Until next time, take care!




                                                       James Metcalfe BROKER
                                                       “YOUR REFERRALS ARE SINCERELY APPRECIATED! THANK YOU!”

                                                       416-931-4161
                                                       www.OurHomeToronto.com | Service@OurHomeToronto.com


                                                                                                                                                                                                                            GTA Res
                                                                                                                      Royal LePage Real Estate Services Ltd.
                                                                                                                      Johnston & Daniel Division, Brokerage
                                                                                                                   477 Mount Pleasant Rd., Toronto, ON M4S 2L9




                              “A government that robs Peter to pay Paul can always depend upon the support of Paul. –
                                                                                                                  ”
                              George Bernard Shaw

                              “A sure cure for seasickness is to sit under a tree. – Spike Milligan
                                                                                 ”

                              “A vegetarian is a person who won’t eat anything that can have children. – David Brenner
                                                                                                     ”

                              “Happiness is having a large, loving, caring, close-knit family in another city. – George Burns
                                                                                                             ”


             In accordance with PIPEDA, to be removed from this mailing list please e-mail or phone this request to the REALTOR ® Not intended to solicit buyers or sellers currently under contract with a broker. The
             information and opinions contained in this newsletter are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for damages resulting from


   4
             using the published information. This newsletter is provided with the understanding that it does not render legal, accounting or other professional advice. Statistics are courtesy of the Toronto Real Estate Board. Copyright © 2012
             Mission Response Inc. 416.236.0543 All Rights Reserved.									                                                                                                                                                             D191

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James Metcalfe's Real Estate Update August 2012

  • 1. AUGUST 2012 REAL ESTATE UPDATE The average price of a resale home in the GTA in July was From a volume perspective, the month of July produced $476,947 - which was up by a respectable 4% versus the a 1% decline in sales (7,570 transactions versus 7,683 July 2011 average price of $458,646. It is interesting to in July 2011). The sales decline was led by the condo note that the MLS® Home Price Index (MLS® HPI), which apartment segment (-10%) while, at the opposite end provides an apples-to-apples comparison of benchmark of the spectrum, the townhome segment posted a very home prices from one year to the next, was up by 7.1% robust volume increase of 15%. The very strong annual on a year-over-year basis. The variance between these sales growth in the first half of 2012 and an earlier peak two price growth rates is accounted for the fact that the in sales this spring compared to 2011 help explain more mix of homes sold in July 2012 versus July 2011 was moderate sales this summer. The new more stringent substantively different. As a result, the MLS® HPI likely CMHC mortgage lending guidelines (which became offers a more accurate reading on actual price growth for effective on July 9th) and the continued weight of the this particular period. However, price growth has definitely additional upfront cost of the City of Toronto land transfer moderated versus recent months due to a much better tax have also likely prompted some households to put supplied market. their buying decisions on hold. GTA AVERAGE RESALE PRICE GTA RESALE HOME SALES 8 9 10 11 12 8 9 10 11 12 $540,000 12,000 2011 2012 2011 $520,000 10,500 2012 sale Home SalesGTA Resale Home Sales $500,000 9,000 $480,000 7,500 $460,000 6,000 $440,000 4,500 $420,000 3,000 $400,000 1,500 JAN MAR MAY JUL SEP NOV JAN MAR MAY JUL SEP NOV James Metcalfe BROKER 416-931-4161 Royal LePage Real Estate Services Ltd. Johnston & Daniel Division, Brokerage 477 Mount Pleasant Rd., Toronto, ON M4S 2L9 www.OurHomeToronto.com | Service@OurHomeToronto.com 1
  • 2. BASEMENT APARTMENT LEGALITIES Basement apartments also play an important role in meeting Fire containment refers to a building’s ability to contain a fire in demand for housing throughout the Greater Toronto Area and if the unit where it started. Walls, floors, ceilings and doors are you have ever listed a property with one, you may be familiar rated based on how long they will survive a direct fire before with the “Seller does not warrant retrofit” clause. Second suites burning through. The typical requirement is a rating that affords can cause confusion for homebuyers and REALTORS® alike, but a 30-minute separation between the units. Drywall and plaster this doesn’t have to be the case. ceilings for example are acceptable, but they must be continuous so that joists are not exposed in any room. By contrast, According to noted home inspectors Carson Dunlop, achieving a suspended ceilings are not acceptable.  “legal” basement apartment involves five areas of consideration: bylaw permissibility; compliance with the building, fire, and Means of egress refers to the occupants’ ability to exit the electrical safety codes; and registration. In short, if a listing house. Ideally, units should have their own exits. Units that share indicates that a property has a retrofit basement apartment, it a common exit are allowed if the common exit is ‘fire separated’ must meet municipal bylaw requirements, have a Certificate from both of the units with a 30-minute rating. If it not rated as of Compliance to verify that it has passed fire and electrical such, it can still be used provided that there is a second exit from inspections, and be registered with Municipal Property each unit and the fire alarms are interconnected. To be considered Standards. Additionally, if it is newly constructed, it must meet an acceptable second exit, a window must have an opening of at Building Code requirements. least 600 square inches, with the smallest dimension being 18 inches; the windowsill must be within three feet of grade; and Identifying whether a municipality’s bylaws permit basement basement window wells must extend three feet out from the apartments and if any special conditions apply is the first step house wall, to allow room to crawl out. in the process. Since 1995, municipalities have had the authority to enforce their bylaws with respect to basement apartments; The fire detection area of compliance requires that all units have however, units that existed prior to November 1995 are exempt smoke alarms. Smoke alarms do not have to be interconnected from meeting local bylaw requirements. unless the fire separation to the common exit area does not have a 30-minute rating. Some municipalities may also require carbon The Building and Fire Codes are related in that the Fire Code is monoxide detectors. a subset of the Building Code. There is, however, an important distinction between them. The Building Code, which prescribes Electrical safety refers to the required inspection by the Electrical minimum requirements for the construction of buildings, for Safety Authority. As with the fire department’s inspection, the most part applies only to the day the house was built, not deficiencies that the Electrical Safety Authority identifies must retroactively. The Fire Code, which prescribes construction and be addressed. In general, an apartment’s minimum ceiling height safety issues related to how a building is required to perform must be 6 feet 5 inches; its entrance door must be at least should it catch fire, does apply retroactively. In 1994, the provincial 32 inches by 78 inches; bathrooms require either a window or government set new Fire Code rules with which all basement an exhaust fan; and if there is a parking spot for one of the units, apartments, new and existing, must comply. A unit upgraded to there must also be a parking spot for the other unit. comply with the Fire Code is called a “basement retrofit” The fire . department must inspect all basement apartments and when Once bylaw and code requirements have been met and certified, any deficiencies have been corrected, as is required, it will issue homeowners can register the basement apartment with a certificate to verify compliance. Municipal Property Standards. The Fire Code involves four key areas of compliance: fire Bear in mind that if you are planning to construct a basement containment, means of egress, fire detection and alarms, and apartment, you must also apply for a building permit and comply electrical safety. with today’s Building Code. 2 This article was sourced from the Toronto Real Estate Board.
  • 3. WHAT YOU NEED TO KNOW ABOUT MOULD Moulds are forms of fungus (mildew, yeast and mushrooms are What is an “amplification site”? other forms of fungus) that grow indoors and outdoors. People As mentioned above, buildings are not sterile; the presence of are exposed to mould spores (i.e. airborne “seeds”) daily in the mould spores is very common in most buildings. It is interesting air they breathe; however, sometimes moulds grow excessively to note that the mere presence of mould spores in a building is in certain areas called “amplification sites” (see below for further not a concern; the concern arises when mould areas have grown information) and can cause different types of illnesses. Some in a building. When areas in a building have suitable nutrient and moulds are more hazardous than other moulds and different moisture content that fosters mould growth, the area is called an people have different responses to mould exposure. In particular, amplification site. those with allergies, existing respiratory conditions or suppressed immune systems are especially susceptible to health problems Can mould be easily identified in homes by a visual from mould exposure. Additionally, infants and children, pregnant inspection? women and the elderly can be sensitive to the effects of mould exposure. Some people that are exposed to mould experience No. Past studies have indicated that up to 90% of mould growth allergic reactions, with symptoms similar to hay fever and the is not visible at the surface. Certain school boards have found common cold but that last for longer periods, while others can a very poor correlation between the results of visual (surface) experience aggravation to asthma. Researchers have identified inspections and subsequent invasive inspections in portables that some fungi in indoor environments can induce allergic in Ontario. Certain guidelines state that invasive inspection is and irritant response, infectious disease, respiratory problems, necessary to make a complete assessment of the extent of hypersensitivity reactions and organ toxicity. In addition, some mould contamination in a building. moulds produce chemicals called mycotoxins, which can cause flu-like symptoms. It should be noted that the causes and effects HELPFUL TIP of mould exposure on people are not very well understood. In Moisture is one of the key factors that affect mould growth. some cases, health problems that are attributable to mould are There is very little time after a flood to prevent development of an temporary and can be controlled by limiting exposure to moulds. amplification site. Buildings are not sterile and pre-existing mould What factors affect mould growth? spores will begin to develop rapidly with the proper nutrient, moisture and temperature combinations. It is considered good Several factors affect mould growth, including: practice to remove water very quickly (within 24 to 48 hours) • Nutrient availability - nutrients absorb moisture to maintain after flooding. Surface moisture should be reduced to below 70% a favourable environment for mould growth, and include relative humidity as soon as possible to reduce the potential for many surfaces such as soil, dirt, wood, cellulose (paper, mould growth. ceiling tile, jute carpet backing, cork, pipe wrap), some forms of insulation, fabric, oil, etc. • Moisture content - the amount of moisture in a material influences how an organism can support growth. Moisture sources include condensation in humid rooms, on windows, walls, unheated closets, dampness under carpets and on shower curtains, and periodic wet sections in duct work of air conditioned ventilation. • Temperature - Temperature is also a factor that affects mould growth; moulds typically require temperatures between 5°C and 38ºC to grow. 3 This article was contributed by AmeriSpec Canada, a leading home inspection company. Please visit them online at www.en.amerispec.ca.
  • 4. Home renovations undertaken by Ontario’s 3.2 million homebuilders believe that the best way to mitigate the growth homeowners produced over $20.3 billion in economic activity of the underground home renovation economy is to give home last year. Unfortunately, a large amount of home renovation work owners a financial incentive to use professional contractors. in this province is conducted via the “cash deal” or through the Professional contractors have HST numbers, maintain insurance underground economy. Unlicensed workers hurt the reputations and pay taxes. and competitiveness of legitimate renovation contractors and cheat governments out of billions of dollars. The Ontario Home Specifically, Realtors are urging all provincial politicians to Builders’ Association estimates that the underground home support the creation of a permanent Ontario Home Renovation renovation economy causes the loss of up to $298 million in HST Tax Rebate. If the provincial government were to institute a revenue annually, $1.6 billion in income tax revenue annually and renovation rebate, payable to the homeowner, homeowners $767 million in other revenues like CPP WSIB, Employer Health , would be far more likely to insist on a receipt creating a paper trail Tax and Employment Insurance Premiums. that would deter underground economic activity. The payment to the homeowner provides the incentive for written contracts In addition, the underground home renovation industry poses which is good for everybody, particularly governments losing a number of serious risks to homeowners. Underground billions of dollars in tax revenue to the underground economy contractors often do not meet health and safety standards, and at the same time it can go a long way to stimulating the carry no liability insurance and do not offer warranties. Moreover, provincial economy. homeowners have little to no recourse in the event of shoddy or unsafe workmanship. If a worker falls on your property, you, As usual, your client referrals are both highly valued and much as the property owner, may be held liable. Realtors and appreciated. Until next time, take care! James Metcalfe BROKER “YOUR REFERRALS ARE SINCERELY APPRECIATED! THANK YOU!” 416-931-4161 www.OurHomeToronto.com | Service@OurHomeToronto.com GTA Res Royal LePage Real Estate Services Ltd. Johnston & Daniel Division, Brokerage 477 Mount Pleasant Rd., Toronto, ON M4S 2L9 “A government that robs Peter to pay Paul can always depend upon the support of Paul. – ” George Bernard Shaw “A sure cure for seasickness is to sit under a tree. – Spike Milligan ” “A vegetarian is a person who won’t eat anything that can have children. – David Brenner ” “Happiness is having a large, loving, caring, close-knit family in another city. – George Burns ” In accordance with PIPEDA, to be removed from this mailing list please e-mail or phone this request to the REALTOR ® Not intended to solicit buyers or sellers currently under contract with a broker. The information and opinions contained in this newsletter are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for damages resulting from 4 using the published information. This newsletter is provided with the understanding that it does not render legal, accounting or other professional advice. Statistics are courtesy of the Toronto Real Estate Board. Copyright © 2012 Mission Response Inc. 416.236.0543 All Rights Reserved. D191