Toronto Income Property Newsletter – May 2014
Go Raptors Go. I think that this is the first time in my many years of writing these newsletters that I am cheering for our basketball team. Hey, playoffs are playoffs and that’s something we don’t get that often in this town. It’s great to see all the people in the square cheering on our team to success. We really are a great city and have the best fans in the world, despite our many sporting setbacks.
The downtown Toronto real estate market remains strong for sellers, with many properties continuing to trade above the asking price. Interest rates remain low and agents seem to be under-pricing properties in order to continue drive prices as high as possible.
– P.A.
Spring Cleaning & Maintenance Checklist
It’s the time of year where as a landlord you should be thinking about whether your income property needs any upgrading or fixes. This is when you should be thinking about addressing any outstanding maintenance issues. We just went through a deadly winter, so a lot of properties will need some attention. I just had to clean out my garage (raccoons), deal with my hot water tank (it sprung a leak) and have all my carpets cleaned (cats). I will also be doing a few patches and dealing with the fallout of a very tough winter.
Here is a checklist of things that you may want to consider doing to keep your investment property in tip top shape:
- Test all ground fault circuit interrupters in your washrooms, kitchens, outside receptacles and on the electrical panel
- Replace your furnace filters and have a technician inspect the furnace fan belt
- Inspect the roof visually from the ground if possible – if you have to go onto the roof, wear a safety harness or hire a contractor.
- Clean gutters and down-pipes, and make sure downspouts and splash pads drain away from walls and foundation
- Inspect caulking inside and out, and touch-up or replace where needed with products designed for the job
- Clean windows and window tracks, and make sure weep holes are not blocked (including sliding door tracks – lubricate openers and track rollers with silicone spray).
- Review flashing for damage or staining
- Turn on the interior water supply to hose bibs and exterior faucets, and check for leaks
You should also remember to check the batteries in your smoke and carbon monoxide detectors and ensure that all fire extinguishers are in good working order. If you keep your property in a good state of repair, you will be providing a much better experience for you tenants.
YTD Sales Statistics
The Toronto Real Estate Board reported 8,081 sales of single family homes in March 2014. This sales volume represents a 42 percent increase over the sales volume reported for February and, was also 7.2 percent higher than the sales volume reported for March 2013.
