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Bungalow
A one-story house, cottage, or cabin.
Condominium
A large property complex that is divided into individual units and sold. Ownership usually includes a non-exclusive interest in certain "common properties" controlled by the condominium management.
Close
The final procedure in a home sale in which documents are signed and recorded. This is the time when the ownership of the property is transferred.
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Closing Statement
A document commonly used in real estate transactions, detailing the fees, commissions, insurance, etc. that must be transacted for a successful transfer of ownership to take place. This document is prepared by a closing agent and is also known as a "settlement sheet".
Commercial Real Estate
Property that is solely used for business purposes.
Deed
A legal document that grants the bearer a right or privilege, provided that he or she meets a number of conditions. In order to receive the privilege - usually ownership, the bearer must be able to do so without causing others undue hardship. A person who poses a risk to society as a result of holding a deed may be restricted in his or her ability to use the property. Deeds are most known for being used to transfer the ownership of automobiles or land between two parties.
Investment Real Estate
Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.
Land
Property or real estate, not including buildings or equipment, that does not occur naturally. Depending on the title, land ownership may also give the holder the rights to all natural resources on the land. These may include water, plants, human and animal life, fossils, soil, minerals, electromagnetic features, geographical location, and geophysical occurrences.
Land Value
The total value of the land, including any upgrades or improvements to the land.
Real Estate Sales Representative
A person with a provincial license to represent a buyer or a seller in a real-estate transaction in exchange for commission. Most Sales Representatives work for a real estate brokerage or agent.
Zoning
Government (usually municipal) laws that control the use of land within a jurisdiction.
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MID - JANUARY GTA MLS
GTA REALTORS® RELEASE MONTHLY MARKET FIGURES
TORONTO, February 3, 2012 – Toronto Real Estate Board reported 4,567 MLS sales in January 2012, up 8.8 % from the 4,199 sales reported in January 2011.
The average transaction price for January 2012 was $463,534 – up by almost 9% compared to January 2011.
The hope was that higher prices would produce more listings as the market tries to find equilibrium. But as usual the Buyers are out before the sellers are ready and the resulting imbalance has caused an immoderate price increase and heartache for buyers as they are again forced to compete for scarce listings.
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Summary of TorontoMLS® Sales and Average Price
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January 1 - 31
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2012
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2011
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Sales
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Average Price
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Sales
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Average Price
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City of Toronto ("416")
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1,705
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$499,045
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1,677
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$446,458
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Rest of GTA ("905")
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2,862
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$442,380
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2,522
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$412,000
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GTA
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4,567
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$463,534
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4,199
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$425,762
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ed 1,506 MILS during the first two weeks of January 2012., a 6% increase over the first 14 days of January 2011. New listings were also
2011 GTA MARKET REPORT
2011 MLS
TORONTO, January 5, 2012 The Toronto Real Estate Board reported 4,718 MLS transactions through the TorontoMLS® system in December 2011. This gave a total of 89,347 for the year – up four per cent in comparison to 2010 and is the second best year on record under the current Toronto Real Estate Board (TREB) boundaries. This despite an extended shortage of listings. . We could have sold more had we the product and possibly kept the year on year price increase below 8%. An increase from the $431,276 of 2010 to $465,412 in 2011. A more sustainable 4% increase is forecast for 2012 to an average price in the $480,000’s
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Summary of TorontoMLS® Sales and Average Price
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December 1-31
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2011
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2010
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Sales
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Ave. Price
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Sales
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Ave. Price
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City of Toronto "416"
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1,948
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$474,270
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1,818
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$463,580
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Rest of GTA "905"
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2,770
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$435,378
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2,468
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$411,383
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GTA
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4,718
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$451,436
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4,286
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$433,523
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