Home Trends from Ed Wang & Chris Wannamaker

Connect Realty, Brokerage

January 2023

Edward Wang

Christopher Wannamaker

Direct: 416.807.1977 edward@wgrouprealestate.ca

Direct: 647.285.6964 christopher@wgrouprealestate.ca

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

Happy New Year! We hope you took some time to rest during the holidays and that 2023 is off to a strong start. We had a lovely time with both the Wangs and the Wannamakers in December, and now we are feeling recharged and ready for a great start to the new year! As for the Toronto real estate market, December was a slow month, as is typical with people travelling and enjoying the holidays. Normally January is the kickoff to the busy spring season, with low inventory and lots of buyers who are ready to ramp up their searches after relaxing over the holidays. With last year’s rate increases and another rate announcement set for January 25th, as the government continues to battle high inflation numbers, it remains to be seen if this year will have a quick start or a slow burn. Our initial thoughts are that we continue to see the market cool for at least the next few months as rates increase further or stabilize. For investors and those owning more than one property, an annual tax will be levied on vacant Toronto residences, payable beginning in 2023. Owners must submit a declaration of their property’s 2022 occupancy status by February 2, 2023. Interest applies to any overdue Vacant Home Tax amount at a rate of 1.25 per cent on the first day of default and on the first day of each month thereafter, for as long as taxes or charges remain unpaid. So make sure to fill out your declarations! And finally, for the fourth consecutive year, The W Group Real Estate team has achieved the top award level at Royal LePage and has again made it into the Chairman’s Club, representing the top 1% of Realtors across Canada. Our brokerage has also once again named our team the number one Realtors in the brokerage for 2022. Thank you to all our clients and friends who have worked with us during what can only be described as a very unpredictable and challenging year. Your trust and faith in us to help you make the best decisions for you and your families are responsibilities we do not take likely. We hope we can continue to earn your trust and prove that we want what’s best for you, too! As always, please feel free to reach out to us any time to talk about the market or your situation. Wishing you a joyful and prosperous New Year! Your Friends, Ed + Chris

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

HOUSEHOLD HEATING SYSTEMS COME IN A VARIETY OF STYLES

other rooms not positively affected by the heat of the sun can become cool. The various heating systems available all have specific requirements for maintenance in order to operate at maximum efficiency. All heating systems can be noisy at times due to the expansion and contraction of pipes and other metal components of the distribution system. These noises don’t affect its performance. Systems that rely on burning fuel to generate heat require makeup air for combustion. This air supply must not be blocked as dangerous back drafting conditions can occur. With forced air systems, the heat outlets and cold air returns must be kept free of any furniture or floor coverings which could block the free flow of air. In addition, the filters must be cleaned or replaced regularly to allow the unobstructed flow of air through the furnace. The quality of the replacement filter used dramatically affects the air quality within the home.

Heating your home, especially during the winter months is a primary concern for any homeowner. But modern heating systems can take on many different forms and offer different advantages and maintenance requirements. Regardless of type, the heating system of a home is designed to maintain a minimum interior temperature of 21°C. The indoor temperature is measured in the center of the room. It varies from room to room. heat. At times, it may be necessary to ignore the numerical temperature settings and set the thermostat for a temperature that is comfortable. Adjusting a thermostat to a setting higher than the temperature desired will not speed the rise in temperature. Heating systems will not operate unless the thermostat setting is higher than the room temperature. Solar heat gains can warm a room or area to the extent that the thermostat is warm enough not to be calling for more heat. The heating system will then remain turned off and There are numerous types of thermostatic controls for any given heating system. The accuracy of these controls can vary due to internal heat gains caused by a continued demand for

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

USING A GARAGE FOR STORAGE: A FEW SIMPLE SAFETY TIPS

to you make sure it’s accessible when needed. Before you start storing items decide what you want to use, what you want to keep and what you ultimately want to give away. If some things can be disposed of in a garage sale, or donated to charity, then set them aside beforehand. Children’s items they’ve outgrown, sporting goods you no longer use, or clothing you no longer want are ideal fodder for removal. For safety reasons some items should not be kept in storage. For instance paint, propane, solvents, pet food that can attract vermin, gasoline and operating but empty appliances should not be kept in storage. Side note: powered refrigerators are a huge energy drain, especially in a non-heated garage. Once you’ve done your groundwork start moving in your storage boxes and containers.

If you have a garage, and you’re not using all the space to park your vehicles, then you have a natural spot to store your additional items. But using a garage as a storage area does require some thought, planning and effort to keep that once open space from becoming a cluttered mess, or in some cases a safety hazard. Here are some tips to consider if you’re going to use a garage for storage. Some organizational professionals estimate that vehicles only take up about 30 percent of the space in a garage, meaning there’s typically going to be a lot of available room for other items. Before you start moving items into the garage, make sure it’s clean. Give it a day, or two, or even a weekend to ensure the job is done right. Once something is stored away it’s likely going to be there for a long time, so if something is important

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

IMPROVING THE ENERGY EFFICIENCY OF YOUR HOME

continuously as with an older style of hot water tank. But millions of the more traditional units are in use in Canada, which can have efficiency improved by wrapping them in an approved insulating blanket. This simple step will help to reduce heat loss from the tank. Ductwork: As you remember from your school science class heat rises – and when running a household that rising heat carries with it money in the form of lost heat. As heat can rise through joints in ductwork, applying heating vent tape to all visible joints will help to reduce this loss. Doors and Windows: Air escaping from the inside of a home to the great outdoors is another key culprit when it comes to rising heating costs – with doors and windows some of the worst offenders. The use of caulking around window frames or weather stripping about door frames are quick, inexpensive and efficient ways to save money on heating costs.

Regardless of the age or type of home you live in there are ways to help make any property more energy efficient, and ultimately more affordable to heat. Here are just a few examples. The Furnace: Obviously what you use to heat your home will be one of the most expensive and important contributors to your heating bill. Regular maintenance of any furnace, old or new is a simple way to get the most out of your heating system. While newer high-efficiency furnaces have been designed to use less energy, even older styles can be made to operate more efficiently. Routine maintenance is at the heart of this effort. A yearly servicing by a qualified professional is considered a worthwhile investment. A DIY contribution to this is ensuring furnace filters are replaced regularly. A clogged filter means the furnace must work harder to draw in air, forcing it to use more energy. Hot Water Tank: Newer homes often come equipped with modern on-demand water heaters, which are the most energy efficient type – as they only heat the water when in actual use – not

Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

RUGS CAN PROVIDE VARIETY AND OPTIONS FOR DECORATING

Often overlooked or undervalued, rugs can play an essential role in decorating a home. Rugs add colour, they can imply warmth and quality, and as they come in a variety of sizes, shapes and colours they can be used in an equally diverse variety of ways. A rug can be the centerpiece of a room, even if you don’t realize it at first glance. Here are a few ways that rugs can be used to decorate homes of any size. In a home with an open floor plan strategically placed rugs are the ideal way to separate areas. For example this can be to define where the dining room begins and the living room ends. A rugged and simple rug in the foyer helps to guide you indoors from the outer world, while a shapely and vibrantly coloured rug in the living room showcases charm and comfort in an area where people are going to be spending a greater amount of time. 2. Depending on the size of the room using more than one rug might be required.

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A rug can also be used to create the impression of space, something that may be physically lacking in a studio apartment for example. A sense of variety in a room can be created by using two different rugs of dissimilar size. To create a feeling of comfort and harmony when using more than one rug select styles and colours that complement each other and avoid creating a shocking or discordant feeling in the room with wildly different styles. If your home has a certain colour scheme throughout try to select rugs that compliment that effect. Using a rug that matches the colour or style scheme helps to tie the room together visually, especially once the furnishings are in place. A rug, especially a quality Persian or Oriental carpet for example, can serve as the focal point of any room. A room’s paint scheme can be altered to match some element in an especially fine rug for example, making the rug’s visual qualities stand out all even more.

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Office: 416.588.8248 | www.wgrouprealestate.ca

THE W GROUP REAL ESTATE

Royal LePage Connect Realty

Toronto December Market Report

AVG. SALE PRICE Single Family Dwelling $1,627,635

AVG. SALE PRICE Condo/Apartment $741,584

ACTIVE LISTINGS 3,549

DAYS ON MARKET 28

GTA REALTORS® RELEASE, January 2023 - The Greater Toronto Area (GTA) housing market experienced a marked adjustment in 2022 compared to record levels in 2021. Existing affordability issues brought about by a lack of housing supply were exacerbated by sustained interest rate hikes by the Bank of Canada. “Following a very strong start to the year, home sales trended lower in the spring and summer of 2022, as aggressive Bank of Canada interest rate hikes further hampered housing affordability. With no relief from the Office of Superintendent of Financial Institutions (OSFI) mortgage stress test or other mortgage lending guidelines including amortization periods, home selling prices adjusted downward to mitigate the impact of higher mortgage rates. However, home prices started levelling off in the late summer, suggesting the aggressive early market adjustment may be coming to an end,” said newToronto Regional Real Estate Board (TRREB) President Paul Baron. There were 75,140 sales reported through TRREB9s MLS® System in 2022 3 down 38.2 percent compared to the 2021 record of 121,639. The number of new listings amounted to 152,873 3 down 8.2 percent compared to 166,600 new listings in 2021. Seasonally adjusted monthly data for sales and price data show a marked flattening of the sales and price trends since the late summer. The average selling price for 2022 was $1,189,850 3 up 8.6 percent compared to $1,095,333 in 2021. This growth was based on a strong start to the year, in terms of year-over-year price growth. The pace of growth moderated from the spring of 2022 onwards.

Source: Toronto Regional Real Estate Board | Market values stated are of the average of Toronto and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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Office: 416.588.8248 | www.wgrouprealestate.ca