The Toronto Regional Real Estate Board (TRREB) has published the sales data for August. With 5,294 home sales reported through the local MLS, transactions were down 5.2% when compared to the same period last year. The average selling price of $1,082,496 is virtually unchanged from last August, representing a year over- year increase of 0.3%. The MLS Home Price Index (HPI) Composite Benchmark, which helps measure inflation in the market, was up 2.47% year over-year (+1.12% in Toronto). Greater Toronto Area (GTA) housing market conditions remained consistent with the previous month. New listings were up 16.2% year-over-year to 12,296. Active listings were up 16.5% year-over year to 15,497, representing a 2.93-month supply heading into September. The average sale took place in 20 days on market and at 100% of the listing price. Looking at prices by housing type: Detached homes sold for an average of $1,416,366, a year-over-year increase of 2.8%, and a month-over-month decrease of 0.8%. The average price for semi-detached homes was $1,067,980 (+6.9%/-3.1%), townhomes sold on average for $935,800 (+3.9%/-2.2%), and the average price of condos was $705,572 (-0.9%/-4.0%). Higher interest rates, uncertainty around the Bank of Canada’s decision-making direction, and a constrained supply of listings resulted in fewer home sales in August. Looking forward, the outlook for ownership housing demand remains robust based on strong population growth. However, in the short-term, many homebuyers will continue to wait on the sidelines for the direction of monetary policy and the economy to become clearer. If you are planning to buy or sell real estate, please speak with our team. We are here to help you stay informed. Harvey Kalles Real Estate has been in business since 1957 and we bring a wealth of experience to uncertain real estate markets.

WHAT IS RADON?

Radon is a naturally occurring radioactive gas that comes from the bedrock and soil beneath our homes. It exists in every house in Canada in varying concentrations. After smoking, radon is the leading cause of lung cancer, accounting for more deaths in Canada annually than vehicle collisions, house fires, carbon monoxide poisoning, and accidental drownings combined.

Radon levels are measured in units of Becquerels per Cubic Meter (Bq/m3) of indoor air. Health Canada recommends taking action to mitigate radon when levels exceed 200 Bq/m3, while the World Health Organization recommends keeping radon levels below 100 Bq/m3.

No amount of radon is healthy, and levels should be kept “As Low As Reasonably Achievable” (ALARA). However, since radon gas is odorless, tasteless and colourless, the only way to know how much radon is in your home is to test for it.

HOW TO TEST FOR RADON?The two most common ways to test for radon involve the use of a digital radon monitor or a radon test kit. Tests must be left in place for 2 to 91 days. Digital Monitors provide real-time feedback, while radon test kits must be sent to a Health Canada approved lab for analysis. Consumer-grade, high-quality digital radon monitors typically range in price from $200 to $400, and radon test kits typically range from $50 to $100.

HOW TO MITIGATE RADON?The most common and effective radon mitigation method involves sealing the basement envelope and installing a radon removal system that draws air from below the basement floor slab(s), and then exhausts it away from the home.  These radon/soil gas removal systems are also referred to as Active Soil Depressurization (ASD) systems, and typically reduce radon levels by 80% or more.