TREB President's message - New mortgage rules have affected home sales

December 14, 2012
A moderate number of resale home transactions took place throughout the Greater Toronto Area (GTA) in November, with 5,793 homes changing hands. This represented a 16 per cent decrease from 6,908 sales in November 2011.
In Toronto 2,308 transactions took place last month compared to 2,952 sales a year ago - a decline of nearly 28 per cent. Meanwhile 3,485 homes changed hands in the 905 Regions, a decrease of more than 13 per cent from 3,956 sales in November 2011.
A key factor that has influenced the dip in sales experienced in recent months relates to the changes in mortgage lending guidelines that came into effect in July. The changes reduced the maximum amortization period from 30 years to 25 years and set a purchase price ceiling for government backed insured mortgages at one million dollars. These regulations have resulted in some households putting their decision to purchase on hold while they save up more money for a down payment and/or experience an increase in their income. Adding to this situation in the City of Toronto is the additional upfront Land Transfer Tax, which takes money from home buyers that could otherwise be used to offset the high costs of home ownership.
While sales decreased year-over-year in November, a modest overall price increase was reported, with the average price of a GTA home reaching $485,328. This represented an increase of 1.6 per cent compared to a year ago.
The 905 Region, with an average price of $463,779, showed a price increase of four per cent compared to a half-percent decrease in the City of Toronto average home price, which was $517,866.
The pace of average price growth in November was slower than what was experienced for much of 2012, especially in the low-rise segment of the market. This was largely due to the fact that the mix of single detached homes sold in the City of Toronto this past November changed relative to last year. Specifically, the share of homes that sold for over one million dollars was down considerably.
While the mix of home types sold may have changed, market conditions remained tight for low-rise home types. This is evident when we consider the MLS® Home Price Index (HPI) for the GTA. The MLS® HPI tracks the price change for benchmark homes – in other words: a home with the same attributes over time. When we look at price through this lens, we find that the benchmark price for major home types was up by 4.6 per cent in the GTA as a whole and 3.9 per cent for the City of Toronto.
News on the employment front was positive in November, as the Toronto seasonally adjusted unemployment rate decreased to 8.2 per cent, from 8.6 per cent the previous month. Interest rates remain largely unchanged, with a five year fixed mortgage rate of just over three per cent continuing to be available.
At this time of year I am often asked whether it is prudent to list one’s home for sale over the holidays, and there are in fact, many benefits to doing so. Consider that those viewing homes at this time of year are more likely to be serious buyers. As well, homes often look their best when they are decorated for the holidays, and a favourable emotional response to a property often prompts an offer.
I encourage you to talk to a Greater Toronto REALTOR® about the many other factors you should consider before choosing to make your next move and in the meantime, be sure to visit www.TorontoRealEstateBoard.com for all of the latest updates on the market.
Ann Hannah is President of the Toronto Real Estate Board, a professional association that represents 35,000 REALTORS® in the Greater Toronto Area.

Article can be read here: http://communications3.torontomls.net/media_centre/star_column/index.htm

Should I sell my home During the Holidays?

Here is a great article for those thinking about putting their property on the market during the holiday season!
Enjoy!

http://online.wsj.com/article/SB10001424127887324640104578165580618753110.html

November 2012 Real Estate Market update

Newmarket Real Estate Data

Average Price
November 2012
Average Price: $439,470
Active Listing: 182
Sales/Month: 100
Sales/Active Listings: 54.95%
Sales/Year (to-date): 1,425





Volume of Sales

November 2011
Average Price: $427,706
Active Listings: 109

Sales/Month: 106
Sales/Active Listings: 97.24%
Sales/Year (to-date): 1,336






Prices are still historically high, but the concern is going to be whether the market will bear the high prices with stricter lending policies put in place by the federal government.

If there are more Buyers than Sellers, the market is good for Sellers and prices increase. But if Buyers are having a tougher time qualifying for financing, the Buyer pool becomes smaller than the Seller pool and simple economic, supply and demand law, will dictate that prices should decrease.

So, long and the short of it is this: The government is trying to curb consumer debt by making lending policies stricter, which should also put the brakes on housing prices continue to soar. I'm not saying the market is going to crash, especially since we are located in a great geographical location and have amazing services at our finger tips (thus creating an outside demand for our area), but Sellers need to understand that they might not sell their home for more than their neighbour did this year... the market is changing!

Let me know your thoughts!
Darcy Toombs

YorkRegion Article: Newmarket courthouse expansion overdue: AG

Years of scheduling pressures at the Newmarket courthouse has finally resulted in Ontario’s attorney general applying for an expansion of the 165,000-square-foot facility.
The move comes after the ministry was criticized for refusing to add more courtrooms and associated staff, despite court times steadily increasing at the facility that serves all of York Region.

For full article, click here:
YorkRegion Article: Newmarket courthouse expansion overdue: AG

10 Tips for Halloween Safety! - From The Fire Guy

Courtesy Canadian Red Cross                            The day that paranormal creatures invade city streets is near.
As your little ones prepare their costumes to trick or treat their way through the night, the Canadian Red Cross has prepared a quick list of 10 tips to make sure everyone gets home safely. You may not need to fear vampires and ghosts knocking on your door, but fire hazards, scrapes and getting lost are potential concerns.

1.     Give your kids a map of their trick or treat route so they can find their way home. Mark the homes of nearby friends and relatives in case they need assistance on their journey. Younger children should be chaperoned by an adult.

2.     Instruct children to walk on the sidewalk not the street - even princesses and fairies have to watch out for motorists!

3.     Prepare for the dark with lighter coloured clothing and reflective surfaces. What better way to decorate a sword or a cape than with magical glowing tape?

4.     Avoid any type of flame by substituting candles with glow sticks. Wigs and costumes are highly flammable and glow sticks are perfect for illuminating Jack-o-lanterns.

5.     Remind your kids to stick with groups of at least four or five - after all, even legendary heroes are stronger as a team (like the Avengers and X-Men!)

6.     Tell them to only visit residences with a porch light on and not to enter a stranger’s home - politely accept candy and promptly leave.

7.     Costumes are meant to embellish - not to hide. Keep hems short to avoid tripping and don’t let masks block the eyes.

8.     Whether you have one eye, two eyes, three eyes or four, always look both ways before crossing the street.

9.     Both mystical creatures and children need to let parents check their candy before eating to remove any potential hazards.

10.   A flashlight is akin to a protective light saber of sorts and makes night-time travelling safer (it also helps you spot a ghost or goblin trying to plan a surprise attack!)

Following these tips on October 31 will help ensure your family has a fun and safe night of trick or treating!

For all your Retrofit needs remember The Fire Guy
 "Who is here protecting you from Fire and Fire Departments"

Weekend GoTrain Service to Newmarket/Aurora!

If you didn't know, it is now possible to catch the GoTrain to and From Toronto in Newmarket/Aurora on weekends and Holidays.
Between June 23, 2012 and September 3, 2012, GoTransit (Government of Ontario Transit) is doing a pilot GoTrain schedule along the Barrie line.
My guess is that they will continue if they see the usage, but it appears to be here just for the Summer (for now).

Here is some details on the Service:

It appears that there will be 2 trains that will do the entire route from Barrie to Toronto and run up and down all day, 6 times. However, will only run all the way to Barrie twice, stopping and turning around at the East Gwillimbury Station on Green Lane 4 of the 6 times.

This train line services: Allandale go Station (Barrie) -> Barrie South Go station -> Bradford Go Station -> East Gwillimbury (EG) Go Station -> Newmarket GoTrain Station -> Aurora Go Station -> King City Go Station -> Maple Go Station -> Rutherford Go Station -> York University Go Station -> Union Station (Toronto)

South Bound Service:

10:20am departure - Barrie (Allandale Go Station) -> Toronto (union Station) - 11:58am arrival

1:20pm departure - EG Station (Green Lane/Main St North) -> Toronto - 2:21pm arrival

4:12pm departure - EG Station -> Toronto - 5:13pm Arrival

5:00pm departure - Barrie Allandale Station -> Toronto - 6:38pm arrival

8:00pm departure - EG Station -> Toronto - 9:01pm Arrival

10:22pm departure - EG Station -> Toronto - 11:56pm arrival

Northbound Service

12:10pm departure - Toronto (Union) -> EG Station - 1:09pm arrival

3:01pm departure - Toronto -> EG Station - 4pm arrival

5:25pm departure - Toronto -> Barrie Allandale Station - 7:02pm arrival

6:50pm departure - Toronto -> EG Station - 7:49pm arrival

9:41pm departure - Toronto -> EG Station - 10:40pm arrival

12:10am departure - Toronto -> Barrie Allandale Station - 1:45am arrival

to view the complete schedule, click on the following link:
http://www.gotransit.com/publicroot/en/PDF/Timetables/CurrentBoard/Table65.pdf

Newmarket Southbound trains (GoTrain station @ Davis Drive/Superior [Tannery Mall]):

11:00am; 1:23pm; 4:15pm; 5:40pm; 8:03pm; 10:58pm

Aurora Southbound Trains (Aurora GoTrain Station on Wellington):

11:06am; 1:29pm; 4:21pm; 5:46pm; 8:09pm; 11:04pm

I'll be sure to follow how well this pilot program goes as I believe better train service to Newmarket/Aurora will be well used in the coming years.
Lets see a few more trains during the work week too!

Increasing your payment by a small amount can yield huge savings.

As you know, you're paying interest every day you have a mortgage. So the sooner you reduce the amount you owe, the less interest you pay. One relatively painless way to do this is by increasing your payment by a small amount. Then all you have to do is sit back and let time work it's magic—before you know it, you'll have chipped thousands of dollars off your mortgage! 

Let's say you have a $200,000 mortgage at 4.5% with a 30 year amortization, and you're in year 3. If you increase your monthly payment by $100—roughly the cost of one premium coffee per day—that reduces your amortization by 51 months and saves you $24,622 in interest over the life of the mortgage! Now, I'm not suggesting you give up all of life's pleasures to pay off your mortgage faster. But it's obvious that doing something small can make a BIG difference. 


Information is compliments of:
Mike Havery AMP, Mortgage Planner
http://www.themortgagearchitect.ca/

Demand for Luxury homes on the rise across Canada

Sales of luxury homes have started out at a record-setting pace for 2012, up almost 50 per cent over the first quarter of last year, according to a new ReMax report.
While the luxury market only accounts for about 2 per cent of the total GTA housing market, the unexpectedly strong demand, coupled with a
“severe shortage” of prime properties in higher-end neighbourhoods, is only further fuelling bidding wars and price escalations, it says.
That, in turn, is driving more properties into the “luxury” price range. Even suburban communities such as Vaughan, Markham and Richmond Hill have seen a 54 per cent jump in demand for $1.5 million-plus homes in the first quarter of 2012 over 2011.
But that translates into just 54 luxury homes changing hands in those communities, it’s important to note, up from 35 sales in the first quarter of last year.
The annual report, Upper-End Market Trends 2012, examines prices and trends across Canada, prime neighbourhood by prime neighbourhood.
Luxury sales records were set in 10 of the 16 urban markets the report tracks, although the definition of luxury can vary from $500,000 (in mid-sized markets such as Regina and Halifax) up to $2 million (Greater Vancouver.)
Some 412 homes sold for over $1.5 million from January to the end of March across the GTA, up from 277 during the same time last year, the report says.
While high-end demand in Toronto was hot — especially in neighbourhoods within walking distance of transit — things have cooled in Vancouver where last year a frenzy of foreign buyers not only drove up sales numbers, but skewed average house prices upward right across the country before the buying frenzy eased later in 2011.
Low interest rates, improving consumer confidence and “tremendous confidence in the city’s residential housing market” in the face of stock market and global economic turmoil, are all being cited as factors. But, even then, the sales figures came as a surprise, says Michael Polzler, executive vice president for ReMax Ontario-Atlantic Canada.
“We didn’t expect (luxury sales) to be up nearly this much. This is significant.
“I think there is a lot of momentum out there in the market and people want to buy. If anything, in many cases, there is a shortage of product.”
That shortage is being felt even in the condo sector, Polzler said.
Seven per cent of luxury sales were condos in Toronto’s pricey core, the report notes, most of them in Yorkville.
The highest-priced condo sold in Toronto so far this year went for $5.3 million — a far cry from the record $28 million spent by an international buyer last year for a penthouse, due to be completed this summer, in the new Four Seasons Private Residences and hotel towers.
Regina, where luxury comes in at $500,000 or more, saw the biggest increase in luxury sales this year, up 56 per cent over the first quarter of 2011.
More: New home prices continue to rise
More: Things to watch for when flipping a condo
]]> http://www.moneyville.ca/article/1179107--demand-for-high-priced-homes-up-across-canada http://www.moneyville.ca/article/1179107 Thu, 17 May 2012 11:38:00 -0400

Closing on June 29??? Might want to try another date

I got this email today and wanted to share it with everyone!

REALTOR WARNING RE: CLOSINGS ON JUNE 29, 2012
All realtors are aware that the end of June (after schools close for the summer) is the busiest closing time of the year.

Typically, at a month’s end, real estate closings are spread between the last FRIDAY of a month and the last business day of a month PLUS the first business day of the following month. In 2012, at the end of June, the last FRIDAY is the SAME day (June 29) as the last business day of the month being before a long weekend. Therefore, few buyers and sellers closing in the end of June will want a month’s end closing day to be prior to June 29 or after the long weekend (Monday, July 3 will be the holiday and the land registry system will be closed).

THE PROBLEM is that with most buyers and sellers wanting to close at end of June on one day, FRIDAY, June 29, 2012 (being the last business day of June and being the last FRIDAY before a long weekend), the possibility of many closing failing to occur on such a date increases due to delays in getting mortgage advances for buyers which will have a chain reaction causing delays to other closings. Inevitably, many closings will occur very late in the day on June 29, if they do close.

•          If people are trying to move using elevators in condo buildings (or moving out of a rental unit)...
GOOD LUCK!
•          Moving vans will all be fully booked... WATCH OUT!
•          Mortgage lenders will NOT be able to process mortgage advances adequately due to the heavy month’s end volume.
•          Lawyers will be scrambling for late deliveries of closing packages to get deals closed and roads will be clogged (delaying deliveries of closing packages) as people try to escape the big city for the long weekend after school is out.
SUGGESTION:         Recommend to your buyers and sellers NOT to select June 29, 2012 as the closing date.
Selecting any other date would be much more reliable as a closing day.


My website www.home-legal-cost.com allows anyone to print out legal fees and disbursements by clicking on QUOTATION for any purchase or sale price under $1.5 million. See our 8 Toronto area law office locations specializing in residential real estate closings at www.home-legal-cost.com. For questions, call me to 11pm 7 days at (416) 520-6120.
Regards,


STEPHEN SHUB


Stephen H. Shub Professional Corporation
Barrister, Solicitor, Notary

8 Toronto Area Law Offices with
34 staff serving you in many languages
www.home-legal-cost.com
Cell 416-520-6120
(to 11pm 7 days)

The last 7 days in Newmarket Real Estate (March 31 - Apr 6, 2012)

Well, the past week has been very similar to the week before!

In Newmarket, there were 34 Solds, ranging from $285,000, for a Tidy 2 bedroom Century Semi in the old downtown area,  all the way up to $804,000, for a large 4-Bedroom Wyndam Village home.

Average Sold price was $492,640 while the sold price as a percentage of list price worked out to be a 101.91%. 2 listings, one of which was mine, sold for 111% of asking!

The stat that amazed me the most this past week was which area of town had the most action... Stonehaven -Wyndam Village, with 8 sales, followed by Woodland Hill (New area behind Walmart) with 7 sales.

Take a look at the stats for more info!

The past week in Newmarket Real Estate (March 22, 2012 - March 29, 2012)

It's amazing what is happening here and hard to keep up with it.
In the past 7 days*, there have been 32 reported sales in Newmarket, ranging from $296,000 to $872,000, with an average of $504,522.

What I consider to be the most amazing sales figure is the percentage of list price. The average of the 32 homes sold in the past 7 days was 101.47% of asking! In one case, a property in the Leslie Valley/Huron heights area sold for 116% of asking @ $497,000, which was $68k over asking.

With the rapid sales, and what some are considering outrageous prices for homes in areas that do not normally achieve such premiums, I am a little concerned about buyers purchasing homes that have less than 25% down, because a more thorough appraisal might have to be done and if the banks loan-value ratios don't match what the buyer offered to pay, then, the buyers will be required to come up with more money to close the deal... As a Realtor working for sellers, I will be ensuring I get a hefty deposit so that the buyers have no option to not close.

I want to close though with this. Newmarket/Aurora is a fantastic place to live and the buyers seem to be coming from the south, likely due to the prices being cheaper than Toronto/Richmond Hill/Vaughan, and as long as the immigration and population figures continue to grow, I'm not sure we will see a drastic drop in the prices... The demand seems to be there, and the option of renting just doesn't seem to be a better choice right now.

*as reported at 12:05pm March 29, 2012

The past 10 days in Newmarket Real Estate

The past 10 days have been very active for home sales in Newmarket. The Toronto real Estate Board (TREB) has reported 45 homes sold in Newmarket, ranging from a 3 bedroom semi with a basement apartment for $311,000 ($11,100 over the $299,900 asking price) all the way up to a near 3/4 acre 4-bedroom Estate home which sold for $1,310,000.

The amazing part of all this is that the time at which it is taking to sell these properties. The median (the number in the middle of all the numbers) days on market was 10 days, while the Mode ( The mode is the number that is repeated most often ) was 7. What this means is that the majority of homes are selling fast! It's a great time to be a seller, provided you price your property with the market. The lack of inventory, so far this year, has really started the market off to a record breaking start. The Average price in February 2012 was $445,799, compared to the $392,892 in February 2011!

It's a different story if you are a buyer right now though as you may have to get your self into competition over a property with other buyers. The average sale price has been 99.39% of asking, while the highest percentage of list in  the past 10 days was 108%!!!

Buyers and agents need to be educated on values, but also should be careful not to offer more than a home is really worth. For buyers who require high ratio financing you need to remember that a lender must still approve not only you, but ensure the home is worth what you are paying for it. If a home does not appraise out for what you are offering, you could get into a very sticky situation if you remove your financing condition before the bank appraises the property.

It's hard to say which way our local market is going, but from what I can see, it looks like there are more and more buyers moving north from southern communities based on a lot of the buyers agents office locations... Being a very nice and tidy community in the northern GTA that has some of the most "affordable" real estate prices must have a lot to do with it.

*All the data provided came from a search of sales on TREB of Residential sales that were reported within the past 10 days. For more info on Mode/Median/Average

December 2011 Market Stats - Annual Recap

Night time photos of "Riverwalk Commons"

Some great night time photos of Newmarket's Riverwalk Commons!

Canadian Home Sales Top Expectations

OTTAWA— The Canadian Press
Published Tuesday, Nov. 15, 2011 9:56AM ESTLast updated Tuesday, Nov. 15, 2011 10:20AM ESTcomments
The Canadian Real Estate Association says home sales in Ontario were stronger than anticipated during the third quarter — resulting in a slightly brighter outlook for CREA's 2011 and 2012 national forecasts.

The industry association is now projecting sales this year will be up 1.4 per cent from 2010, half a percentage point better than the previous forecast.

CREA expects there will be slightly fewer units sold next year than in 2011, but the 0.5 per cent decline is an upward revision.

October's sales activity through CREA members was the highest since January and the national average price was up 5.5 per cent from October 2010.

Source

Newmarket's Urban Park is taking Shape

Here are a few images taken today of the construction progress of the New Urban Park being Built behind main Street, Newmarket. For more information on the project, CLICK HERE

for more real estate information, go to: www.darcytoombs.com

Glenway Information Sessions Planned

For all those who know Newmarket, you know that the sale of Glenway Golf and Country Club to a developer has been a hot button issue for the past few years. Now with services at the club being scaled back and some even cancelled, it is believed that there will soon be an announcement as to what is happening with the course.

Newmarket's Ward 7 Councillor, Chris Emmanuel, has been taking a very direct approach with the community to keep them up to date with what is going on.

This morning at 9:45am, I, along with the others on his email recipient list, received a bulk email from Chris informing me of the information sessions that the Owners of Glenway will be hosting on Saturday June 18th at Glenway Golf and Country Club.

It is their intent to have this session with residents about the development concept, where they will take residents comments.

Above is a map and indication on the times at which they would like to visit with certain sections of the Glenway community.

I'm not entirely sure if this will be a drop in session for all Newmarket Residents, as this is not a Town of Newmarket event, but rather an event hosted by the New Owners of Glenway.

However, to stay up to date with all that is going on with Glenway, go to http://www.chrisemanuel.com/ to sign up for his email notificatations.

Know what to Look for in a Condo

Bill Johnston, TREB President
April 22, 2011 -- Condominium transactions (sales of condo apartments and condo townhouses combined) comprise approximately one in every three resale home transactions in the Greater Toronto Area compared to 25 years ago when condominiums comprised 25 per cent of the market.

There are many advantages to condo living including energy efficiency, proximity to amenities and maintenance free living. There is also a wider selection of condominium housing structures than ever before.

Regardless of the structure all condominium owners hold title to their units and share ownership and responsibility of and for the operating costs of the common elements that comprise the balance of the property.

Maintenance fees, which are paid in addition to your mortgage and property taxes, are directly related to the size of each condominium apartment unit.

While the maintenance fees may include the cost of heat, hydro, building insurance and upkeep of common areas, it is important to understand specifically what is covered in the maintenance fees.

Ask your REALTOR® for help in understanding what your fees will include in the particular condominium you're interested in buying.

Condominium townhouses may also involve maintenance fees. In this case, fees are related to common areas outside of the structure like Snow removal and lawn care.

There are a number of details involved in a condominium purchase that are unique to this housing type. As such, it's wise to work with a REALTOR®, regardless of whether you are buying a new or resale unit.

When buying a new condo unit, buyers should request a disclosure statement. It includes a description of the project's most important features, bylaws that govern the corporation, rules that regulate owners' living environments and the condominium corporation's budget for the first year after registration.

When buying a resale condo, buyers should also request a status certificate, which offers similar information and confirms that the owner is current with common expenses. It's important to speak with your REALTOR® and discuss which conditions are best suited for your offer.

The move-in date for a new condominium is referred to as an occupancy closing, which takes place until the condominium corporation is registered. Again, ask your REALTOR® to help you understand exactly what is and can be expected at closing.

A condominium Board of Directors, consisting of at least three Directors, is responsible for ensuring monies are held in trust, funds are properly invested and records are kept.

Owners meanwhile are responsible for ensuring their units are in good repair and must seek approval for structural changes within them.

To be sure that you are clear as to your responsibilities as a condominium buyer, be sure to talk to a Greater Toronto REALTOR® who can help you find a condominium ideally suited to your lifestyle. For more information visit www.TorontoRealEstateBoard.com


Bill Johnston is President of the Toronto Real Estate Board, a professional association that represents 31,000 REALTORS® in the Greater Toronto Area

Image Source Page: http://urbanrealtytoronto.com/wordpress/2010/08/18/toronto-hotel-boutique-condos-part-2/

TV Show being filmed in Newmarket TODAY!

Today is the day that the USA network films a few shots of it's Show Covert Affairs.
Scenes will be shot in these three areas:

1. Travelling shots on Eagle street between Main and Yonge Street.

2. Filming at the intersection of Main St and Queen Street. (approx 7-9pm)

3. Filming in the Market Squarre Parking Lot (by the Public Library) (Approx 9-11pm)

For more info on the show, click on the following link: http://www.usanetwork.com/series/covertaffairs/

The 1% solution: 5 tips to help sell your house

By Jennifer Wilson | Wed Mar 23 2011

Whether you’re moving out of town, moving up or splitting up, everyone has the same goal when they’re selling their home: to make as much as they can.

One way to get the best sale price is to invest a few dollars to spruce up your place for prospective buyers. One rule of thumb is that you should set aside 1 per cent of your asking price, so, if you’re listing for $400,000 a renovation budget of $4,000 isn’t out of line.

Of course, certain projects will get you more, though in most cases you won’t get all your money back. The return can be anywhere from nothing, for skylights and pools, to an average of 75 per cent on high-performing kitchens and bathroom projects.

Here are some tips:

Kitchen

You can expect to recover 75 to 100 per cent of your investment in kitchens and bathrooms.

“The payback is tremendous,” says Frank Turco, Home Depot’s trend and design manager. That’s because buyers don’t want to undertake a cumbersome renovation that restricts access to these key spaces.

A few hundred dollars can give your kitchen a whole new look. Cabinets can be cleaned, lightly sanded and painted to look like new, while hardware can also be updated quickly and inexpensively, with new pulls and handles starting at a few dollars a pop. Outdated track lights can be replaced with more fashionable varieties, focused task lighting and undercabinet lighting. Dingy backsplashes can also be refreshed with a coat of paint or new tiles, which are available in peel-and-stick varieties.

For a bit more of a splurge, try replacing laminate cabinets with wood and laminate countertops for something a higher end, such as Corian or granite. New appliances are also a worthy investment, with stainless steel and once again trendy glossy white appealing to buyers.

Bathrooms

In the bathroom, like the kitchen, painting the vanity, and swapping out light fixtures and pulls can refresh the space inexpensively. Upgrading faucets, taps and shower heads are another simple project in the $50 - $100 range.

Additional storage is also essential in the bathroom, so look into closet and cupboard organizing systems and adding extra shelving.

Or go all out and embrace the trend for more spa-like bathrooms with marble tiling, full glass showers with extra nozzles and high-end showerheads or a steam shower. Double sinks, heated floors and upgraded countertops are also nice perks.

Paint

In all spaces, a fresh coat of paint works wonders – bringing homeowners a return of 50 to 70 cents on the dollar, says says Mariano Gigante, a sales representative with Sutton Group. Others like, Re/Max salesperson Justin Kua estimate a fresh paint job can bring in returns of 300 per cent.

“Even if it is a simple thing to fix, buyers want it done,” says Gigante, noting it also helps sell homes quicker than other upgrades. Wipe away scuffed paint and outdated colours with neutral hues for a fresh, buyer friendly look.

Flooring

Ripping out worn carpets and refinishing, or replacing, battered floors can offer returns of 75 to 100 per cent, says Gigante, noting that laminate and wood offer the highest rate of return.

Turco recommends laminate vinyl options, explaining “vinyl has come a long, long way” and is now available in durable planks, tiles and sheets that can mimic almost any look and texture, with many varieties available in the $60 range for 24 square feet. Plus, as far as projects go, it’s “inexpensive and easy, as long as you have a box cutter and a ruler.”

Other upgrades

Replacing doors and windows can bring in 50 to 75 per cent – and help you save on energy costs to boot.

Landscaping, meanwhile, will put roughly 25 to 50 per cent of what you spend back into your pocket. A well-maintained garden, brick paths and even urns can also do a lot to boost your home’s curb appeal.

A buyer’s first impression is key so for an easy fix up under $100, Turco suggests cleaning up the front yard, repainting pots and planters, laying a new welcome mat and painting the front door.

Read about 10 easy ways to boost your home’s curb appeal here.

What not to do

Finishing a basement will see about a 50 per cent return on your investment, but as a big and costly job, Gigante says it’s only worthwhile if the homeowners intend on using it themselves for a while.

Skip the skylight. While additional natural light can be a boost, this project is expected to bring you absolutely no return, says Gigante.

Also avoid adding a swimming pool or Jacuzzi. It usually doesn’t improve your resale value and can even discourage buyers, such as families with small children.

If you are tackling a larger scale reno or working with a contractor, make sure the project comes in at less than your one per cent resale renovation budget, including a hefty contingency fund. The projects that offer the biggest returns – kitchens and bathrooms – can also bring the biggest surprises, snowballing costs as mechanical problems are uncovered.

Jennifer Wilson is the editor of yourhome.ca