There is no doubt that the hardest hit will be new home buyers. If you are a first time buyer and were basing your budget on a 35 year amortization, you may want to consider buying before March 18th 2011.
Here is an excerpt from the Globe and Mail:
Ottawa’s three-pronged announcement Monday will effectively eliminate 35-year mortgages for home buyers who need mortgage insurance, lower the maximum amount that people can borrow in refinancing their mortgage and put an onus on lenders to be more careful about which customers get home equity lines of credit.
“It’s a tough little set of measures that will pull back the excess availability of credit,” said John Cocomile, a broker with GreedyMortgage.com in Toronto. “I think it’s fantastic. It’s too bad the Americans didn’t do this three or four years ago, or the mess they’re dealing with wouldn’t be nearly as bad.”
The Bank of Canada is worried about how indebted Canadians are, big bank executives have spoken up on the subject and now the federal government has shown how concerned it is as well. Borrowers, as Mr. Cocomile tells it, have been oblivious. As a result, they need to be saved from themselves.
At Mr. Cocomile’s office, nine of 10 new home buyers have been choosing to pay off their mortgage over 35 years. Starting March 18, 30 years will be the new ceiling for people with down payments of less than 20 per cent.
The extra interest charges resulting from an amortization period of 35 years as compared with 30 years can amount to tens of thousands of dollars. Mr. Cocomile said clients who are informed of this typically say they intend to start paying down their mortgage at the earliest opportunity. Does that actually happen?
“No,” Mr. Cocomile said. “I’ll follow up with them and say, ‘Why don’t we ramp up payments?’ They say, ‘Oh, we have a car loan now, or we spent some money on renovations, or we’re trying to get rid of credit card debt.’ Credit’s so easy – everyone’s using it.”
Requiring people to pay off their mortgages over a shorter period means they must either pay more per month, or buy a cheaper house. So it’s hard not to see home sales suffering as a result of the new measures in pricey cities like Toronto, where David Larock is building up his new mortgage planning business.
“None of these measures will be popular with mortgage brokers and realtors, but Canadian debt levels were climbing to alarmingly high levels,” said Mr. Larock, a onetime employee in a big bank’s mortgage department. “I don’t like it, but for the long-term health of our market I think it’s short-term pain for long-term gain.”
Mr. Flaherty said his prime concern is that people are borrowing to the maximum at a time of low interest rates. Rising rates will make the debt load less manageable, but people haven’t shown any inclination to alter their behaviour in the housing market and in other forms of borrowing.
That’s why the government is lowering the maximum people can borrow through a refinancing of their mortgages to 85 per cent of the value of their home, down from 90 per cent. Mr. Cocomile said he’s seen strong demand for refinancings from people who have run up other debts and want to consolidate them in their mortgage.
Whereas you can get a five-year mortgage at 3.85 per cent, a typical credit card would charge about 19 per cent. But refinancing to the maximum drastically reduces your home equity and leaves your house vulnerable if you can’t keep up with your mortgage when interest rates rise.
Home equity lines of credit have become one of hottest borrowing tools around, but they’re getting the lightest treatment from Ottawa. Instead of targeting borrowers directly, the government is putting the onus on banks to lend responsibly. Starting April 18, government-backed insurance will no longer be available to banks to cover losses from customers with lines of credit.
Interest rates on new home equity credit lines could rise as a result, or it could become tougher to qualify for one. Call this another example of how protecting Canadians from themselves comes at a cost that even people who make their living in the housing market think is worthwhile.
“You can totally realize why the Finance Minister is imposing these rules,” Mr. Cocomile said. “As interest rates nudge up, people won’t be as pressed as they might have been.”
Changing Mortgage Rules
Starting March 18, people buying a home with a down payment of less than 20 per cent will be able to take no more than 30 years to repay the loan, down from the current maximum of 35 years. Here are two ways the changes will affect people.
1.) The maximum affordable house price falls
Example: A couple with household income of $120,000 and a 10 per cent down payment.
Maximum house price with a 35-year amortization: $620,000
Maximum house price with a 30-year amortization: $560,000
2.) Monthly payments rise (but the amount of interest paid over the long term falls)
Example: A $300,000 mortgage at 4 per cent
Monthly payments over 35 years: $1,322
Monthly payments over 30 years: $1,427
Additional monthly cost: $105
Total interest savings: $41,850
Source: John Cocomile, Department of Finance
http://www.theglobeandmail.com/report-on-business/economy/housing/flaherty-details-new-mortgage-rules/article1872599/page2/
Tuesday, January 18, 2011
Saturday, January 15, 2011
Toronto Real Estate: 2010 in Review
GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, January 6, 2011
Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.
“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.
“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.
The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.
“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.”
Home sales in the GTA were spread across a number of different housing types in 2010. Detached homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional 25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite different, with condominium apartments accounting for 61 per cent of total sales.
“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.
TORONTO, January 6, 2011
Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.
“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.
“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.
The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.
“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.”
Home sales in the GTA were spread across a number of different housing types in 2010. Detached homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional 25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite different, with condominium apartments accounting for 61 per cent of total sales.
“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.
Friday, December 31, 2010
Toronto Real Estate: Getting Your House Ready to Sell
Selling your house in any real estate market takes a lot of planning. In a balanced market, buyers will be picky, so planning well is important before you put your house on the market. The three major considerations a seller needs to understand are how to get your home in its best condition, both inside and out, and how to price the home effectively.
Lots of sellers can get overwhelmed with what it takes to get their home ready to sell. I've seen homeowners who do the least possible and I've seen those that break the bank in over-improvements that don't pay off. Somewhere in the middle is where most successful sellers end up. Before dropping a bundle into repairs and renovations that might or might not pay off, a seller would be wise to do their research. First, a home needs to be in keeping with the neighborhood standard to compete in the local market. If the average home in your price-range and area doesn't have a lot of expensive upgrades, like granite countertops and high-end appliances, then you'd be wasting your money to do a lot of high-end upgrades. You won't get a good return on your investment. Vice-versa, if you skimp on the upgrades that every house around you has, your neighbors will appreciate you for helping them to sell their house before yours. You can skimp, but just don't expect to get the same amount for your home.
A lot of energy is spent on research about what buyers are looking for these days. Realtor Magazine published a recent article listing the top ten wish-list of today's buyers:
1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable
If you have any of these features in your home, emphasize them in your marketing. If you don't have some of these features, don't sweat it, this is a "wish-list", just keep emphasizing the positives. Don't spend a lot of time and money creating something that's not there, spend your time and efforts making what you have look its best.
Outside the House - Curb Appeal
Sometimes sellers grow accustomed to the look of their homes. It can be helpful to have another opinion when trying to decide what projects to take on and how much work is needed when the subject of curb appeal comes up.
The psychology behind great curb appeal is really pretty simple. As a seller, you want your home to be attractive, appealing, and welcoming. Most of the time, achieving that can be very simple. You want to accentuate positives and minimize negatives. The negatives you want to minimize are also simple: You don't want the buyer to say to themselves, There's one more thing I'm going to have to do if I buy this house." That's a comment a seller never wants to generate from the buyer. They should rather hear, "I love this house, I could just move right in!"
So how do you get that kind of comment? Five basic steps.
1. Clean up and declutter. Most of the work is usually in this category.
• Trim back trees, bushes, sidewalk edges and thin out overgrown beds. (Think of it as a haircut, although more of a trim, not a drastic head-shave:) You don't want the buyer to say, wow, I'm going to have to trim all this back when I move in.
• Rent, borrow or buy a power washer and clean up sidewalks, porches, decks and siding. You'll be amazed at what a difference a clean surface makes.
• Make sure the grass stays mowed while your home is on the market.
• A fresh coat of paint or stain. Any wood should be freshly cleaned and stained. Again, the buyer will notice and count it as a positive that they won't have to add it to their list of things to do after moving in. As this list grows, so does the dollar amount a buyer subtracts from their offer!
• The front door and trim is a first impression. You want it to say, The owners love this house and take good care of it."
• The door handle and lighting should be newer and in keeping with the style of the house. Don't be afraid to light up the entryway for those night-time showings.
2. Make your porch inviting. Muskoka Chairs or wicker - create an outdoor living area.
3. Create a focal point at the front door. If you have room for seating, add a cozy chair or a bench. Add a wreath of flowers on the door. The idea is to create a sense of welcome.
4. Add color with flowers. If you don't have space to plant some annuals, then put out pots of colorful flowers around the entryway. Colorful flowers are a delight to the eyes and senses, and they say a big "Hello".
5.Repair any problems with driveways, sidewalks or brick or stone edging. Patch and seal for a finished look.
None of these projects have to be expensive and exhausting. They just take a little elbow grease. And make sure you don't overdo the colors or the flowers, you don't want to overwhelm your visitors, you just want to make them feel welcome. Welcome enough to want to stay!
Inside the Home - Staging
You can find great staging tips all over the internet, but the real value is in getting an understanding of the mind of a buyer. Seeing through their eyes will be very helpful to you when you are staging your Frederick home for sale.
Sellers need to realize that the best-looking and best-priced homes are the ones that will sell. It's really that simple. Your home must look the best it can. You have to be vigilant about Dirt and Clutter.
When buyers see dirt, the natural assumption is, "If they can't clean their house for a showing, I wonder what other deferred maintenance issues I might have to deal with?" In their mind, a dirty house is not a house that has been cared for. A note to pet owners: some folks are allergic, so you have to do everything you can to minimize pet dander or better yet send your beloved pet for a mini vacation while you are trying to sell.
Clutter is also something that absolutely must be tackled. Buyers have a hard time seeing themselves and their stuff in your house, if they can't see past the clutter. Clutter also makes the space look smaller than it is. Here's my thought: You're moving anyway, so why not pack up most of your stuff and live lightly for a few weeks?
As a seller, you are trying to throw as wide a net as possible, and appeal to as many buyers as you can. That is the psychology behind neutralizing and de-personalizing your decor. Not to the point of boring, but to the point of tasteful and neutral. You have to change your thinking from "this house;is my home and hearth", to "this house is a commodity that I am trying to sell."
1. Assume that buyers have no imagination. They can't see past the gold velvet drapes in the dining room. Sure they looked great with your Queen Anne dining set, but most buyers probably don't have your exact set. The average buyer is 30 years old. They probably like Pottery Barn or even Ikea, who knows. The point is, they have to see themselves in your home.
2. If you have some great features, don't be shy about highlighting them, especially if they were the features that sold you on the house. Do you have a great view? Then open the window coverings, and orient the furniture to emphasize the view. Do you have a hot tub? By all means, turn it on, uncover it and put out the margarita glasses. Suggest to buyers how they will enjoy your home. Do you have a gorgeous master bath? Put out the candles and Champaign glasses and suggest romance to your buyers. Remember, you're assuming that they have no imagination, so you need to give them every reason to love your home.
3. For so many years, we've watched buyers in the decision-making process. No matter how analytical they are when they start the process, eventually, they make decisions based largely on emotion. They connect emotionally with a house and they start to see themselves making it their home. Find ways to stage your home so that you Accentuate the Positive and Minimize the Negative. Help buyers fall in love with your home.
The Spring and Fall Market is an ideal time to sell as buyers catch real estate fever!
Lots of sellers can get overwhelmed with what it takes to get their home ready to sell. I've seen homeowners who do the least possible and I've seen those that break the bank in over-improvements that don't pay off. Somewhere in the middle is where most successful sellers end up. Before dropping a bundle into repairs and renovations that might or might not pay off, a seller would be wise to do their research. First, a home needs to be in keeping with the neighborhood standard to compete in the local market. If the average home in your price-range and area doesn't have a lot of expensive upgrades, like granite countertops and high-end appliances, then you'd be wasting your money to do a lot of high-end upgrades. You won't get a good return on your investment. Vice-versa, if you skimp on the upgrades that every house around you has, your neighbors will appreciate you for helping them to sell their house before yours. You can skimp, but just don't expect to get the same amount for your home.
A lot of energy is spent on research about what buyers are looking for these days. Realtor Magazine published a recent article listing the top ten wish-list of today's buyers:
1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable
If you have any of these features in your home, emphasize them in your marketing. If you don't have some of these features, don't sweat it, this is a "wish-list", just keep emphasizing the positives. Don't spend a lot of time and money creating something that's not there, spend your time and efforts making what you have look its best.
Outside the House - Curb Appeal
Sometimes sellers grow accustomed to the look of their homes. It can be helpful to have another opinion when trying to decide what projects to take on and how much work is needed when the subject of curb appeal comes up.
The psychology behind great curb appeal is really pretty simple. As a seller, you want your home to be attractive, appealing, and welcoming. Most of the time, achieving that can be very simple. You want to accentuate positives and minimize negatives. The negatives you want to minimize are also simple: You don't want the buyer to say to themselves, There's one more thing I'm going to have to do if I buy this house." That's a comment a seller never wants to generate from the buyer. They should rather hear, "I love this house, I could just move right in!"
So how do you get that kind of comment? Five basic steps.
1. Clean up and declutter. Most of the work is usually in this category.
• Trim back trees, bushes, sidewalk edges and thin out overgrown beds. (Think of it as a haircut, although more of a trim, not a drastic head-shave:) You don't want the buyer to say, wow, I'm going to have to trim all this back when I move in.
• Rent, borrow or buy a power washer and clean up sidewalks, porches, decks and siding. You'll be amazed at what a difference a clean surface makes.
• Make sure the grass stays mowed while your home is on the market.
• A fresh coat of paint or stain. Any wood should be freshly cleaned and stained. Again, the buyer will notice and count it as a positive that they won't have to add it to their list of things to do after moving in. As this list grows, so does the dollar amount a buyer subtracts from their offer!
• The front door and trim is a first impression. You want it to say, The owners love this house and take good care of it."
• The door handle and lighting should be newer and in keeping with the style of the house. Don't be afraid to light up the entryway for those night-time showings.
2. Make your porch inviting. Muskoka Chairs or wicker - create an outdoor living area.
3. Create a focal point at the front door. If you have room for seating, add a cozy chair or a bench. Add a wreath of flowers on the door. The idea is to create a sense of welcome.
4. Add color with flowers. If you don't have space to plant some annuals, then put out pots of colorful flowers around the entryway. Colorful flowers are a delight to the eyes and senses, and they say a big "Hello".
5.Repair any problems with driveways, sidewalks or brick or stone edging. Patch and seal for a finished look.
None of these projects have to be expensive and exhausting. They just take a little elbow grease. And make sure you don't overdo the colors or the flowers, you don't want to overwhelm your visitors, you just want to make them feel welcome. Welcome enough to want to stay!
Inside the Home - Staging
You can find great staging tips all over the internet, but the real value is in getting an understanding of the mind of a buyer. Seeing through their eyes will be very helpful to you when you are staging your Frederick home for sale.
Sellers need to realize that the best-looking and best-priced homes are the ones that will sell. It's really that simple. Your home must look the best it can. You have to be vigilant about Dirt and Clutter.
When buyers see dirt, the natural assumption is, "If they can't clean their house for a showing, I wonder what other deferred maintenance issues I might have to deal with?" In their mind, a dirty house is not a house that has been cared for. A note to pet owners: some folks are allergic, so you have to do everything you can to minimize pet dander or better yet send your beloved pet for a mini vacation while you are trying to sell.
Clutter is also something that absolutely must be tackled. Buyers have a hard time seeing themselves and their stuff in your house, if they can't see past the clutter. Clutter also makes the space look smaller than it is. Here's my thought: You're moving anyway, so why not pack up most of your stuff and live lightly for a few weeks?
As a seller, you are trying to throw as wide a net as possible, and appeal to as many buyers as you can. That is the psychology behind neutralizing and de-personalizing your decor. Not to the point of boring, but to the point of tasteful and neutral. You have to change your thinking from "this house;is my home and hearth", to "this house is a commodity that I am trying to sell."
1. Assume that buyers have no imagination. They can't see past the gold velvet drapes in the dining room. Sure they looked great with your Queen Anne dining set, but most buyers probably don't have your exact set. The average buyer is 30 years old. They probably like Pottery Barn or even Ikea, who knows. The point is, they have to see themselves in your home.
2. If you have some great features, don't be shy about highlighting them, especially if they were the features that sold you on the house. Do you have a great view? Then open the window coverings, and orient the furniture to emphasize the view. Do you have a hot tub? By all means, turn it on, uncover it and put out the margarita glasses. Suggest to buyers how they will enjoy your home. Do you have a gorgeous master bath? Put out the candles and Champaign glasses and suggest romance to your buyers. Remember, you're assuming that they have no imagination, so you need to give them every reason to love your home.
3. For so many years, we've watched buyers in the decision-making process. No matter how analytical they are when they start the process, eventually, they make decisions based largely on emotion. They connect emotionally with a house and they start to see themselves making it their home. Find ways to stage your home so that you Accentuate the Positive and Minimize the Negative. Help buyers fall in love with your home.
The Spring and Fall Market is an ideal time to sell as buyers catch real estate fever!
Tuesday, November 30, 2010
Toronto Housing Prices: Market still up over the past 4 years
It's interesting to watch the Toronto fall housing market. Though volume is down, prices are still up.
With less product available on the market, prices continue to stay buoyant. Going into the traditional slower season of December, houses will start to sit and deals will become available. It's important to find those motivated sellers.
December is a good time to look and buy. I have a couple of interesting properties I am watching.
Best regards,
The Corcoran Team
Thursday, November 11, 2010
Toronto Real Estate: October 2010 Stats
The October stats are out for Real Estate Sales in Toronto and though the volume of transactions is down slightly, prices continue to increase.
_______________________________________________________________
TORONTO, November 3, 2010 -- Greater Toronto REALTORS® reported 6,681 sales
through the Multiple Listing Service® (MLS®) in October 2010. This represented a 21 per cent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one per cent compared to the January through October period in 2009.
“The annual change in sales and average selling prices has been quite uniform across the GTA
and by property type as the market has balanced out from record levels of sales in the second
half of 2009 and first few months of 2010,” said Toronto Real Estate Board (TREB) President
Bill Johnston.
“The composition of GTA home sales does differ depending on location. Condominium
apartments accounted for 42 per cent of total sales in the City of Toronto and almost 60 per cent of sales in TREB’s central districts,” Johnston continued. “In regions surrounding the City of
Toronto, in contrast, low rise home types accounted for almost 90 per cent of transactions.”
The average price for October transactions was $443,729 – up five per cent compared to the
average of $423,559 reported in October 2009. The average selling price through the first nine
months of the year was $430,802.
“The average selling price in the GTA has continued to grow relative to 2009 because home
ownership has remained affordable,” said Jason Mercer, the Toronto Real Estate Board’s
Senior Manager of Market Analysis. “A household earning the average income in the GTA can
comfortably afford the mortgage payments associated with the purchase of an average priced
home.”
“The outlook for mortgage rates and income growth over the next year is favorable. The
average home selling price could increase moderately next year and remain affordable for the
average GTA household,” continued Mercer.
http://www.torontorealestateboard.com/consumer_info/market_news/news2010/pdf/nr_market_watch_1010.pdf
For more information on Homes, Neighbourhood pricing and much more, feel free to contact me at Dan@DanCorcoran.ca or 416.465.4545
_______________________________________________________________
TORONTO, November 3, 2010 -- Greater Toronto REALTORS® reported 6,681 sales
through the Multiple Listing Service® (MLS®) in October 2010. This represented a 21 per cent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one per cent compared to the January through October period in 2009.
“The annual change in sales and average selling prices has been quite uniform across the GTA
and by property type as the market has balanced out from record levels of sales in the second
half of 2009 and first few months of 2010,” said Toronto Real Estate Board (TREB) President
Bill Johnston.
“The composition of GTA home sales does differ depending on location. Condominium
apartments accounted for 42 per cent of total sales in the City of Toronto and almost 60 per cent of sales in TREB’s central districts,” Johnston continued. “In regions surrounding the City of
Toronto, in contrast, low rise home types accounted for almost 90 per cent of transactions.”
The average price for October transactions was $443,729 – up five per cent compared to the
average of $423,559 reported in October 2009. The average selling price through the first nine
months of the year was $430,802.
“The average selling price in the GTA has continued to grow relative to 2009 because home
ownership has remained affordable,” said Jason Mercer, the Toronto Real Estate Board’s
Senior Manager of Market Analysis. “A household earning the average income in the GTA can
comfortably afford the mortgage payments associated with the purchase of an average priced
home.”
“The outlook for mortgage rates and income growth over the next year is favorable. The
average home selling price could increase moderately next year and remain affordable for the
average GTA household,” continued Mercer.
http://www.torontorealestateboard.com/consumer_info/market_news/news2010/pdf/nr_market_watch_1010.pdf
For more information on Homes, Neighbourhood pricing and much more, feel free to contact me at Dan@DanCorcoran.ca or 416.465.4545
Tuesday, February 16, 2010
Wednesday, August 19, 2009
August Mid-Market Report
In the first 2 weeks of August, Toronto Realtors reported 3,832 sales - up 27 percent compared to the first two weeks of August 2008. The average price for these transactions was up 3 percent year-over-year to $383, 796.
To read the full article, click on the link below. http://communications2.torontomls.net/newstand/news/2009/mn0908/pdf/nr_mid_month_0809.pdf
Best...Dan
To read the full article, click on the link below. http://communications2.torontomls.net/newstand/news/2009/mn0908/pdf/nr_mid_month_0809.pdf
Best...Dan
Sunday, August 09, 2009
July Home Sales Hottest Ever!
Hello,
What a great month July was in Real Estate! Below is an article from the Toronto Star.
If you have any real estate questions or inquiries, please don't hesitate to contact me at Dan@DanCorcoran.ca.
Best...Dan
An unexpected surge in summer deals has sent Toronto board scrambling to revise fall forecast
The renovated, four-bedroom home on Hanna Rd. in the leafy downtown Toronto neighbourhood of Leaside was expected to fetch a good price. The vendor was asking $949,000. Some agents figured it was deliberately under priced.
But no one expected the home to go for $286,000 over list when it sold last week amid multiple offers for a cool $1,235,000.
As a result of the summer surge of home buying, the Toronto Real Estate Board is now scrambling to revise its forecasts upward.
Despite the economic downturn, analysts now expect sales to match or surpass last year's 74,558 sales. The earlier estimate was in the range of 65,000 to 70,000.
Yesterday, the real estate board reported 9,967 sales of existing homes in July, up 28 per cent from the same time last year, the best such month on record. The average price of a home is $395,414, up 6 per cent from the same month last year.
The record sales and buoyant prices caught many realtors and buyers by surprise, especially after a rocky start to the year that saw sales plunge by half in January.
"I thought I would be able to get much more of a deal this year," said first-time buyer Renee Chong, 31.
Chong, who has been looking at condos for the past six months, said low interest rates lured her into the market. But she isn't in a hurry to buy if the price isn't right.
"I really don't want to get stuck in a bidding war and do something that I'm going to regret."
Historically low interest rates have fuelled the market, especially for first-time buyers. But not everyone expects the frenzy to last.
One reason for the healthy price increases in the Toronto market is a lack of listings – down 36 per cent in July compared with the same month last year. Less inventory means buyers have to compete against each other, resulting in multiple offers in popular neighbourhoods. This trend should ease in the fall as more move-up buyers place their homes on the market.
"Some sellers have held off listing their homes thinking they were probably not going to get a good price, but after this summer you will likely see these people back in," said Jason Mercer, the board's senior manager of market analysis.
In terms of listings, the best deals and most selection are in the west GTA neighbourhoods, according to a new Coldwell Banker report. "Buyers' best opportunities to negotiate price will tend to be where inventory is plentiful," said Andrew Zsolt, president of Coldwell Banker Terrequity Realty.
"It's a simple case of supply and demand."
West neighbourhoods such as Mississauga and Brampton had 6,697 units listed in July, twice as many as central and east areas, says Coldwell Banker. Central Toronto, where demand is traditionally high, had the lowest inventory with 2,569 homes on the market.
"There is a lot of immigration and population growth in the west, which has caused a lot of move-up buying and people to list their homes," Zsolt added.
Building permits in the Toronto area were also up by a greater than expected 1.2 per cent.
Developers took out $932 million worth of permits in June, compared with $921 million in May, with most of the bump in non-residential building.
Year-to-date permits are down 22 per cent in the Toronto area. Nationally, permits are up 1 per cent.
Source Tony Wong-Toronto Star
What a great month July was in Real Estate! Below is an article from the Toronto Star.
If you have any real estate questions or inquiries, please don't hesitate to contact me at Dan@DanCorcoran.ca.
Best...Dan
An unexpected surge in summer deals has sent Toronto board scrambling to revise fall forecast
The renovated, four-bedroom home on Hanna Rd. in the leafy downtown Toronto neighbourhood of Leaside was expected to fetch a good price. The vendor was asking $949,000. Some agents figured it was deliberately under priced.
But no one expected the home to go for $286,000 over list when it sold last week amid multiple offers for a cool $1,235,000.
As a result of the summer surge of home buying, the Toronto Real Estate Board is now scrambling to revise its forecasts upward.
Despite the economic downturn, analysts now expect sales to match or surpass last year's 74,558 sales. The earlier estimate was in the range of 65,000 to 70,000.
Yesterday, the real estate board reported 9,967 sales of existing homes in July, up 28 per cent from the same time last year, the best such month on record. The average price of a home is $395,414, up 6 per cent from the same month last year.
The record sales and buoyant prices caught many realtors and buyers by surprise, especially after a rocky start to the year that saw sales plunge by half in January.
"I thought I would be able to get much more of a deal this year," said first-time buyer Renee Chong, 31.
Chong, who has been looking at condos for the past six months, said low interest rates lured her into the market. But she isn't in a hurry to buy if the price isn't right.
"I really don't want to get stuck in a bidding war and do something that I'm going to regret."
Historically low interest rates have fuelled the market, especially for first-time buyers. But not everyone expects the frenzy to last.
One reason for the healthy price increases in the Toronto market is a lack of listings – down 36 per cent in July compared with the same month last year. Less inventory means buyers have to compete against each other, resulting in multiple offers in popular neighbourhoods. This trend should ease in the fall as more move-up buyers place their homes on the market.
"Some sellers have held off listing their homes thinking they were probably not going to get a good price, but after this summer you will likely see these people back in," said Jason Mercer, the board's senior manager of market analysis.
In terms of listings, the best deals and most selection are in the west GTA neighbourhoods, according to a new Coldwell Banker report. "Buyers' best opportunities to negotiate price will tend to be where inventory is plentiful," said Andrew Zsolt, president of Coldwell Banker Terrequity Realty.
"It's a simple case of supply and demand."
West neighbourhoods such as Mississauga and Brampton had 6,697 units listed in July, twice as many as central and east areas, says Coldwell Banker. Central Toronto, where demand is traditionally high, had the lowest inventory with 2,569 homes on the market.
"There is a lot of immigration and population growth in the west, which has caused a lot of move-up buying and people to list their homes," Zsolt added.
Building permits in the Toronto area were also up by a greater than expected 1.2 per cent.
Developers took out $932 million worth of permits in June, compared with $921 million in May, with most of the bump in non-residential building.
Year-to-date permits are down 22 per cent in the Toronto area. Nationally, permits are up 1 per cent.
Source Tony Wong-Toronto Star
Friday, July 31, 2009
Mid-Month Market Report - July 2009
GTA Realtors report sales up first two weeks of July! Click on the link below to view the full article.
Best...Dan
Wednesday, July 29, 2009
Home Maintenance Tips!
Hello. I hope everyone is enjoying their summer. Here is an informative article on summer home maintenance. Protect Your Home — and Your Investment!
Best...Dan
If you're like most Canadians, your home is probably your most important investment. A regular schedule of maintenance and repairs can help you protect that investment — and keep your family healthy and safe and sound — for years to come.
Canada Mortgage and Housing Corporation (CMHC) has a checklist of simple inspections and repairs that can help you put a stop to the most common and costly problems before they occur, often in as little as a few minutes a week, including:
- Check and clean your range hood filters on a monthly basis.
-Use a dehumidifier if necessary to keep the relative humidity level in your basement at or below 60 per cent.
-Check basement pipes for condensation or dripping, and take corrective action if needed.
-Refill the basement floor drain if the trap doesn't have enough water in it.
-Run water briefly in fixtures that aren't used frequently, such as the laundry tub or spare bathroom sink, tub or shower.
-Deep clean carpets and rugs, and vacuum the bathroom fan grille.
-Disconnect the duct connected to your clothes dryer and vacuum lint from the duct, the areas surrounding the dryer and the vent hood outside.
-Check all windows, door hinges and garage door opener hardware for smooth operation, and lubricate as required.
-Replace damaged caulking and weatherstripping around windows and doorways, including the doorway between the garage and the house.
-Inspect electrical service lines for secure attachment where they enter the house, and make sure no water is leaking into your home along the electrical conduit.
-Check the exterior wood siding and clean, replace or refinish it as needed.
-Seal off any holes in the exterior cladding that could become entry points for pests.
-Check your roof for sagging or damaged shingles, and examine all roof flashings at chimney and roof joints for signs of cracks or leaks.
-Inspect and sweep chimneys connected to any woodburning appliance or fireplace.
-Repair the driveway and walkways if needed, and repair any damaged steps, guardrails or handrails that could pose a safety problem.
-Canada Mortgage and Housing Corporation http://www.cmhc.ca/
Best...Dan
If you're like most Canadians, your home is probably your most important investment. A regular schedule of maintenance and repairs can help you protect that investment — and keep your family healthy and safe and sound — for years to come.
Canada Mortgage and Housing Corporation (CMHC) has a checklist of simple inspections and repairs that can help you put a stop to the most common and costly problems before they occur, often in as little as a few minutes a week, including:
- Check and clean your range hood filters on a monthly basis.
-Use a dehumidifier if necessary to keep the relative humidity level in your basement at or below 60 per cent.
-Check basement pipes for condensation or dripping, and take corrective action if needed.
-Refill the basement floor drain if the trap doesn't have enough water in it.
-Run water briefly in fixtures that aren't used frequently, such as the laundry tub or spare bathroom sink, tub or shower.
-Deep clean carpets and rugs, and vacuum the bathroom fan grille.
-Disconnect the duct connected to your clothes dryer and vacuum lint from the duct, the areas surrounding the dryer and the vent hood outside.
-Check all windows, door hinges and garage door opener hardware for smooth operation, and lubricate as required.
-Replace damaged caulking and weatherstripping around windows and doorways, including the doorway between the garage and the house.
-Inspect electrical service lines for secure attachment where they enter the house, and make sure no water is leaking into your home along the electrical conduit.
-Check the exterior wood siding and clean, replace or refinish it as needed.
-Seal off any holes in the exterior cladding that could become entry points for pests.
-Check your roof for sagging or damaged shingles, and examine all roof flashings at chimney and roof joints for signs of cracks or leaks.
-Inspect and sweep chimneys connected to any woodburning appliance or fireplace.
-Repair the driveway and walkways if needed, and repair any damaged steps, guardrails or handrails that could pose a safety problem.
-Canada Mortgage and Housing Corporation http://www.cmhc.ca/
Tuesday, July 07, 2009
June 2009 - Great Month In Real Estate!
GTA Resale Housing Market Posts Best June on Record! Click on the link below to view the June 2009 Market Report from the Toronto Real Estate Board.
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0906.pdf
All my best...Dan
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0906.pdf
All my best...Dan
Monday, July 06, 2009
Hot Up and Coming Area!
Hello. I hope everyone is enjoying the summer!
Read below an interesting article on the area of Jarvis to Parliament Streeat and from Queen Street south of The Esplanade.
All my best...Dan
In the East End, a hot pocket! Parliament/Queen area has 15,000 new units booked and prices are rising with demand.
If you are one of those people always on the lookout for the next big thing, then as far as new condos go it will likely be that area of the city bound by Jarvis to Parliament Streets and from Queen Street south of the Esplanade, give or take a couple of blocks.
Once characterized by its proliferating used furniture and book stores, rooming houses and small pockets of light industry, there were also a handful of mews streets of wonderful turn-of-the-century row houses but not much else to recommend the area to home buyers.
But as more desirable areas such as downtown west started to fill with condos and rents started to rise for commercial enterprises, canny developers started moving east drawn by relatively inexpensive land prices and great public transit.
“It was a bit of a dead zone,” says Brad Lamb, of Brad J. Lamb Realty Inc., who is developing projects of his own in the area. “But now it is definitely an area to watch.”
One indicator of strong demand is the area's rapid rise in price for square footage, says Jane Renwick, executive vice-president of Urbanation Inc., which tracks the GTA housing market. She says the average for all condos sold to date is about $449 a square foot, while unsold inventory now commands $531 a square foot. What is more, there are nine new condo projects currently under way, plus seven more in the planning stages.
That, however, is only a very tiny tip to the downtown east iceberg. If you include the adjacent west Docklands and waterfront lands, Ms. Renwick says there are 15,597 new condo units in various stages of approval.
“It is the largest area of Toronto for future new development, and because of the city's commitment to the Docklands and waterfront it is certain to include terrific new parks and great public transit,” she says.
If Toronto wins its bid for the 2015 Pan American Games, then the area will really heat up, says John Berman, a partner in the redevelopment of the Distillery District at Mill Street and Parliament Street.
“One of the first things to be built will be 6,000 residential suites to house the athletes,” he says. “That will go up right next to the Distillery District."
“We already have a streetcar loop to Cherry Street going in. This area is really taking off.”
None too soon frankly. In 1980 I bought a 19th century row house on Wascana Avenue, one block north of Queen, running west off River Street. The hope was that the area would soon follow in the path of Cabbagetown. My timing was about 30 years premature.
What the area needed was a new focal point, something so unique that it would draw traffic and interest east.
Eight years ago, Mr. Berman and his partners in Cityscape Development Corp., provided that when they bought the five hectares of land and 45 buildings that ounce housed the Gooderham & Worts distillery.
Today the area boasts 325,000 square feet of commercial space, a quartet of completed condominiums with another two under way. Its restaurants, cafes, theatre and dance companies, boutiques and specialty stores draw in tourists and locals alike. No other neighbourhood in the city looks and feels quite like it.
“There is no question that what we have done had provided a draw for redevelopment,” says Mr. Berman. “We supplied that solid eastern anchor the area needed.”
Besides, he says, it is a lot easier to get in and out of this neighbourhood than downtown west. The Bayview extension is five minutes away, a quick route to St. Clair or Eglinton. The King and Queen Street streetcars are close by and Lakeshore Boulevard is a 9-iron shot to the south.
Buyers in this neighbourhood also don't have to put up with the noise and traffic congestion common in downtown west as there are fewer clubs and nightspots. Another appealing feature, says Ms. Renwick, is that, on average, new condos in the southern chunk of downtown east are more like boutique structures – offering smaller and more affordable suites in smaller projects. The average number of suites per building is just 232, she says. “They also tend to pop up in small pockets and usually spark an overall gentrification of the immediate neighbourhood.” And unlike many other areas of the city, these projects continue to sell, says Mr. Berman. “In the first week of June we sold 10 suites in the two we have on sale now.”
-The Globe and Mail: Terrance Belford
Read below an interesting article on the area of Jarvis to Parliament Streeat and from Queen Street south of The Esplanade.
All my best...Dan
In the East End, a hot pocket! Parliament/Queen area has 15,000 new units booked and prices are rising with demand.
If you are one of those people always on the lookout for the next big thing, then as far as new condos go it will likely be that area of the city bound by Jarvis to Parliament Streets and from Queen Street south of the Esplanade, give or take a couple of blocks.
Once characterized by its proliferating used furniture and book stores, rooming houses and small pockets of light industry, there were also a handful of mews streets of wonderful turn-of-the-century row houses but not much else to recommend the area to home buyers.
But as more desirable areas such as downtown west started to fill with condos and rents started to rise for commercial enterprises, canny developers started moving east drawn by relatively inexpensive land prices and great public transit.
“It was a bit of a dead zone,” says Brad Lamb, of Brad J. Lamb Realty Inc., who is developing projects of his own in the area. “But now it is definitely an area to watch.”
One indicator of strong demand is the area's rapid rise in price for square footage, says Jane Renwick, executive vice-president of Urbanation Inc., which tracks the GTA housing market. She says the average for all condos sold to date is about $449 a square foot, while unsold inventory now commands $531 a square foot. What is more, there are nine new condo projects currently under way, plus seven more in the planning stages.
That, however, is only a very tiny tip to the downtown east iceberg. If you include the adjacent west Docklands and waterfront lands, Ms. Renwick says there are 15,597 new condo units in various stages of approval.
“It is the largest area of Toronto for future new development, and because of the city's commitment to the Docklands and waterfront it is certain to include terrific new parks and great public transit,” she says.
If Toronto wins its bid for the 2015 Pan American Games, then the area will really heat up, says John Berman, a partner in the redevelopment of the Distillery District at Mill Street and Parliament Street.
“One of the first things to be built will be 6,000 residential suites to house the athletes,” he says. “That will go up right next to the Distillery District."
“We already have a streetcar loop to Cherry Street going in. This area is really taking off.”
None too soon frankly. In 1980 I bought a 19th century row house on Wascana Avenue, one block north of Queen, running west off River Street. The hope was that the area would soon follow in the path of Cabbagetown. My timing was about 30 years premature.
What the area needed was a new focal point, something so unique that it would draw traffic and interest east.
Eight years ago, Mr. Berman and his partners in Cityscape Development Corp., provided that when they bought the five hectares of land and 45 buildings that ounce housed the Gooderham & Worts distillery.
Today the area boasts 325,000 square feet of commercial space, a quartet of completed condominiums with another two under way. Its restaurants, cafes, theatre and dance companies, boutiques and specialty stores draw in tourists and locals alike. No other neighbourhood in the city looks and feels quite like it.
“There is no question that what we have done had provided a draw for redevelopment,” says Mr. Berman. “We supplied that solid eastern anchor the area needed.”
Besides, he says, it is a lot easier to get in and out of this neighbourhood than downtown west. The Bayview extension is five minutes away, a quick route to St. Clair or Eglinton. The King and Queen Street streetcars are close by and Lakeshore Boulevard is a 9-iron shot to the south.
Buyers in this neighbourhood also don't have to put up with the noise and traffic congestion common in downtown west as there are fewer clubs and nightspots. Another appealing feature, says Ms. Renwick, is that, on average, new condos in the southern chunk of downtown east are more like boutique structures – offering smaller and more affordable suites in smaller projects. The average number of suites per building is just 232, she says. “They also tend to pop up in small pockets and usually spark an overall gentrification of the immediate neighbourhood.” And unlike many other areas of the city, these projects continue to sell, says Mr. Berman. “In the first week of June we sold 10 suites in the two we have on sale now.”
-The Globe and Mail: Terrance Belford
Thursday, May 07, 2009
Home Inspections
Check out this article on the Home Inspection. If you have any further questions on home inspections after reading this report or have any questions regarding real estate in general, please feel free to email me @ Dan@DanCorcoran.ca any time!
Best...Dan
'The time and effort it takes to finally arrive in your new home can be stressful enough without the added anxiety of dealing with unexpected problems after you move in. Failing to take the time to assess the physical condition of a new home is a recipe for disaster. Unexpected repair costs can be crippling to a family on a tight budget. Home inspectors can better inform you of your home's physical condition and make you aware of damage that could potentially cost you thousands of dollars to repair.
You may wonder what a home inspection is, or why you can't simply do it yourself. The reality is that home inspections are extremely thorough and only an extensively trained and experience individual can carry one out effectively. Home inspections are a visual analyses lasting about three hours. The assessment includes roofing, plumbing, heating, electrical, interior and overall structural integrity. The home inspector's goal is to ensure that all physical aspects of the home are structurally sound and to determine the need for repairs, both immediate and in the future. The home inspector's findings will be presented to you in a report within 24 hours. Alan Glushko, of Allmax Home & Property inspectors says that a proper home inspection will not only ensure your home is structurally safe and sound, but we will also save you money.
'For example, it is not unusual for unchecked water leakage to lead to the need for an exterior excavation at the cost at least $5,000' he says.
However, it is important to remember that not all home inspectors and not all home inspections are created equal. In order to undertake a home inspection the new home buyer must first find an appropriate inspector. It is best to choose an RHI, or registered home inspector. This designation can only be passed on to an inspector who is approved by his/her province's inspection association. Aside from seeking an RHI there are a number of other characteristics you should seek in your inspector;
Experience: This is not always easy to determine but choosing an inspector with a lot of experience will help ensure a very thorough and professional inspection.
Qualifications: If you are unsure, ask for proof that your inspector is an RHI and don't hesitate to ask for references.
Educational background: Choose an inspector with an appropriate engineering or related university degree.
Integrity: Choose a prompt and thorough inspector who takes the time to answer your questions and provides a complete report.
New home buyers should be also be very familiar with these guidelines as, according to Glushko, buying a new home doesn't mean that there can't potentially be problems. "The responsibility is on the buyer to hire a suitable inspector and to ask as many questions as possible. A competent inspector will encourage any type of questions and be able to answer everything" he added.'
Source: TheStar.com
Best...Dan
'The time and effort it takes to finally arrive in your new home can be stressful enough without the added anxiety of dealing with unexpected problems after you move in. Failing to take the time to assess the physical condition of a new home is a recipe for disaster. Unexpected repair costs can be crippling to a family on a tight budget. Home inspectors can better inform you of your home's physical condition and make you aware of damage that could potentially cost you thousands of dollars to repair.
You may wonder what a home inspection is, or why you can't simply do it yourself. The reality is that home inspections are extremely thorough and only an extensively trained and experience individual can carry one out effectively. Home inspections are a visual analyses lasting about three hours. The assessment includes roofing, plumbing, heating, electrical, interior and overall structural integrity. The home inspector's goal is to ensure that all physical aspects of the home are structurally sound and to determine the need for repairs, both immediate and in the future. The home inspector's findings will be presented to you in a report within 24 hours. Alan Glushko, of Allmax Home & Property inspectors says that a proper home inspection will not only ensure your home is structurally safe and sound, but we will also save you money.
'For example, it is not unusual for unchecked water leakage to lead to the need for an exterior excavation at the cost at least $5,000' he says.
However, it is important to remember that not all home inspectors and not all home inspections are created equal. In order to undertake a home inspection the new home buyer must first find an appropriate inspector. It is best to choose an RHI, or registered home inspector. This designation can only be passed on to an inspector who is approved by his/her province's inspection association. Aside from seeking an RHI there are a number of other characteristics you should seek in your inspector;
Experience: This is not always easy to determine but choosing an inspector with a lot of experience will help ensure a very thorough and professional inspection.
Qualifications: If you are unsure, ask for proof that your inspector is an RHI and don't hesitate to ask for references.
Educational background: Choose an inspector with an appropriate engineering or related university degree.
Integrity: Choose a prompt and thorough inspector who takes the time to answer your questions and provides a complete report.
New home buyers should be also be very familiar with these guidelines as, according to Glushko, buying a new home doesn't mean that there can't potentially be problems. "The responsibility is on the buyer to hire a suitable inspector and to ask as many questions as possible. A competent inspector will encourage any type of questions and be able to answer everything" he added.'
Source: TheStar.com
Monday, April 27, 2009
Signs Of An Early Rebound
Find what homes are selling for where you live! To check out the feature in the Globe and Mail Real Estate section, click on the link below!
http://beta.theglobeandmail.com/globe-investor/early-signs-of-a-rebound/article1061236/
Best,
Dan
http://beta.theglobeandmail.com/globe-investor/early-signs-of-a-rebound/article1061236/
Best,
Dan
Thursday, April 16, 2009
March 2009 Positive Market Report!
Take a look at this article from The Globe and Mail on the spring market report for March!
All my best...Dan
Spring Brings Sales Thaw As Brokers See New Signs Of Life In Housing Market
- Virgina Galt & Josh Wingrove (Globe and Mail)
Looking to get into a bigger home, townhouse owner James VanderLinden decided last month was the time to make a move.
A buyer in a struggling economy, he bought a new home under asking price - paying $1.1-million in midtown Toronto - but hadn't yet sold his first place.
"I wanted to take advantage of the market," said Mr. VanderLinden, 34, who works in online advertising. "I knew also that selling my current house, I would probably not get as much money for it as I would if the market was up."
But his fears were put to rest two days later, when his townhouse sold for $275,000, just $4,000 under his asking price. It's a cautious sign for optimism that's playing out across the country, where sales volumes are up. After a long, harsh winter of woe, a housing sales thaw may be on its way.
The Canadian Real Estate Association said yesterday that the volume of existing home sales was up 7 per cent in March, on the heels of February's 10.3-per-cent gain in activity.
"The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers...who are taking advantage of improved affordability," said Gregory Klump, CREA's chief economist.
Toronto real-estate broker Theodore Babiak recently listed a semi-detached home in the city's west end. Within a day, he had three offers for the home, which sold for $10,000 over asking price - a phenomenon all but unheard of two months ago.
"There's more optimism. There's more enthusiasm among buyers. There's definitely more volume," said Mr. Babiak, an agent with Royal LePage Real Estate.
According to the CREA report, the largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent.
The burst of sales may be nothing more than the annual spring surge, aided by unseasonal warm spells in parts of the country. The more telling year-over-year picture was bleaker, with sales down nationally by 13.7 per cent. The national average resale price also dropped to $288,641 - down 7.7 per cent from a year earlier.
But it was the smallest year-over-year decline in six months, as some sellers resisted demands for further discounts and some buyers waited for further price declines.
"Call it a standoff or whatnot," said Vancouver realtor Shaun Kimmins. "Buyers are wanting tomorrow's prices and sellers are wanting yesterday's prices."
That was the case for Curtis Muir, a 30-year-old looking to take advantage of low interest rates and buy his first home. He's expecting to pay under asking price, but was surprised when a condo in the Toronto area where he's looking recently sold above its asking price.
"I look at that and it makes me [think] I've got to do something right now because it's starting to come back. A bidding war? ... That's crazy," Mr. Muir said. "I just feel like that the market's good enough that I should be able to lowball a little bit and get what I want."
The possible turn in fortunes comes on the heels of the widespread interest-rate cuts - five-year mortgage rates are as low as 4 per cent - that attracted buyers such Mr. Muir, as well as government efforts to stimulate home buying.
"I think [the market] is going to remain strong as long as rates stay in the general range they're in," said Mr. Muir's agent, Dan Ellenberg of Royal LePage.
But economists were reluctant to characterize the increased sales activity as the beginning of a full-fledged recovery. Bank of Montreal economist Robert Kavcic noted that sales activity is still down more than 30 per cent from its 2007 peak.
"Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn," Mr. Kavcic said.
"Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes."
Sales of existing homes listed with the industry's MLS service totalled 35,225 units across Canada in March - 18 per cent higher than in January, when activity was at its lowest in a decade.
Mr. Kimmins, of Century 21 In Town Realty, said it's a buyers' market and there is now a sense among buyers "that interest rates are about as low as they are going to go. There is still a question as to how low the market is going to go," he said.
Home prices have been hit hardest in Western Canada and in Ontario manufacturing centres affected by layoffs, but have remained strong in some cities, including Saint John, N.B., and Regina, he said.
The price depreciation appears to be kick-starting the Vancouver market, said real-estate agent Austin Gangur. Mr. Gangur said a couple who balked at the price of a Vancouver loft last August just bought a unit in the same building for $50,000 less.
"They moved in three weeks ago," said Mr. Gangur, an agent with Sutton Group West Coast Reality. "They are happy as flies on a rib roast."
All my best...Dan
Spring Brings Sales Thaw As Brokers See New Signs Of Life In Housing Market
- Virgina Galt & Josh Wingrove (Globe and Mail)
Looking to get into a bigger home, townhouse owner James VanderLinden decided last month was the time to make a move.
A buyer in a struggling economy, he bought a new home under asking price - paying $1.1-million in midtown Toronto - but hadn't yet sold his first place.
"I wanted to take advantage of the market," said Mr. VanderLinden, 34, who works in online advertising. "I knew also that selling my current house, I would probably not get as much money for it as I would if the market was up."
But his fears were put to rest two days later, when his townhouse sold for $275,000, just $4,000 under his asking price. It's a cautious sign for optimism that's playing out across the country, where sales volumes are up. After a long, harsh winter of woe, a housing sales thaw may be on its way.
The Canadian Real Estate Association said yesterday that the volume of existing home sales was up 7 per cent in March, on the heels of February's 10.3-per-cent gain in activity.
"The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers...who are taking advantage of improved affordability," said Gregory Klump, CREA's chief economist.
Toronto real-estate broker Theodore Babiak recently listed a semi-detached home in the city's west end. Within a day, he had three offers for the home, which sold for $10,000 over asking price - a phenomenon all but unheard of two months ago.
"There's more optimism. There's more enthusiasm among buyers. There's definitely more volume," said Mr. Babiak, an agent with Royal LePage Real Estate.
According to the CREA report, the largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent.
The burst of sales may be nothing more than the annual spring surge, aided by unseasonal warm spells in parts of the country. The more telling year-over-year picture was bleaker, with sales down nationally by 13.7 per cent. The national average resale price also dropped to $288,641 - down 7.7 per cent from a year earlier.
But it was the smallest year-over-year decline in six months, as some sellers resisted demands for further discounts and some buyers waited for further price declines.
"Call it a standoff or whatnot," said Vancouver realtor Shaun Kimmins. "Buyers are wanting tomorrow's prices and sellers are wanting yesterday's prices."
That was the case for Curtis Muir, a 30-year-old looking to take advantage of low interest rates and buy his first home. He's expecting to pay under asking price, but was surprised when a condo in the Toronto area where he's looking recently sold above its asking price.
"I look at that and it makes me [think] I've got to do something right now because it's starting to come back. A bidding war? ... That's crazy," Mr. Muir said. "I just feel like that the market's good enough that I should be able to lowball a little bit and get what I want."
The possible turn in fortunes comes on the heels of the widespread interest-rate cuts - five-year mortgage rates are as low as 4 per cent - that attracted buyers such Mr. Muir, as well as government efforts to stimulate home buying.
"I think [the market] is going to remain strong as long as rates stay in the general range they're in," said Mr. Muir's agent, Dan Ellenberg of Royal LePage.
But economists were reluctant to characterize the increased sales activity as the beginning of a full-fledged recovery. Bank of Montreal economist Robert Kavcic noted that sales activity is still down more than 30 per cent from its 2007 peak.
"Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn," Mr. Kavcic said.
"Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes."
Sales of existing homes listed with the industry's MLS service totalled 35,225 units across Canada in March - 18 per cent higher than in January, when activity was at its lowest in a decade.
Mr. Kimmins, of Century 21 In Town Realty, said it's a buyers' market and there is now a sense among buyers "that interest rates are about as low as they are going to go. There is still a question as to how low the market is going to go," he said.
Home prices have been hit hardest in Western Canada and in Ontario manufacturing centres affected by layoffs, but have remained strong in some cities, including Saint John, N.B., and Regina, he said.
The price depreciation appears to be kick-starting the Vancouver market, said real-estate agent Austin Gangur. Mr. Gangur said a couple who balked at the price of a Vancouver loft last August just bought a unit in the same building for $50,000 less.
"They moved in three weeks ago," said Mr. Gangur, an agent with Sutton Group West Coast Reality. "They are happy as flies on a rib roast."
Monday, March 30, 2009
Keller Williams Realty Climbs to Third-Largest Real Estate Franchise in United States
Hello,
I’m very excited about my companies growth and wanted to share this with you!
All My Best...Dan
Company outpaces market with financial model, agent-centric initiatives.
Keller Williams® Realty Inc., announced last week at its annual convention in
Orlando, Fla. that it is now the third-largest real estate franchise in the United
States surpassing RE/MAX® International. According to Steve Murray of
REAL Trends, a leading source of analysis and information in the residential
real estate industry, the Austin, Texas-based company claimed the number
three spot with 72,794 U.S. associates at the end of 2008.
“The success of Keller Williams Realty can be directly attributed to the hard
work and perseverance of our associates and the soundness of our economic
and organizational models,” said Mark Willis, CEO of Keller Williams Realty,
Inc. “While others might be looking at this market and seeing fear and
uncertainty, we have always approached it as our opportunity to shine and
grow. And that mindset has paid off.”
The company has been gaining ground for the last three years, outpacing
pervasive downward trends in the real estate industry. Comparing the
average annual performance of the company from 2004 - 2005 (Before the
shift in the U.S. real estate market) to 2006 - 2008, Keller Williams Realty
increased its associate count by 52 percent, while market share for its offices
increased 83 percent and agent gross commission income went up 35
percent. Keller Williams Realty has 679 offices operating in the United States
and Canada. In 2008, the company shared more than $30 million in profits
with its associates through its profit sharing program.
“Through profit share, technology offerings and our phenomenal in house
education, coaching and training systems, we are providing agents exactly
what they need to succeed and thrive in this market.” John Furber, Canada
Director of Keller Williams Realty added, “The new best selling book by Gary
Keller “Shift” helps agents embrace and tackle these tough times”.
Last fall, the company also announced the launch of KW Commercial, a new
division of the company dedicated to providing commercial real estate
associates with specialized technology, marketing tools and resources. KW
Commercial already has more than 220 active brokers across the U.S. and
Canada.
“Our goal is to create synergy between the residential and commercial sides
of our Keller Williams offices, raising the bar for the service we provide to our
clients,” said Ernest Furtado, KW Canada Commercial Director. “We envision
our commercial and residential agents working side-by-side, sharing referrals
and helping our offices grow.”
“Our growth in the last year and now becoming the third-largest real estate
company in the United States was a true team effort and a company-wide
win. We are so grateful for all of the leadership and commitment our
associates have shown to power through this shift,” added Willis.
“Keller Williams is quickly picking up momentum in Canada and it will not be
long before we will mirror the U.S. market share and growth numbers,” said
Furber. “We are committed to our company mission… to build careers worth
having, businesses worth owning and lives worth living”.
I’m very excited about my companies growth and wanted to share this with you!
All My Best...Dan
Company outpaces market with financial model, agent-centric initiatives.
Keller Williams® Realty Inc., announced last week at its annual convention in
Orlando, Fla. that it is now the third-largest real estate franchise in the United
States surpassing RE/MAX® International. According to Steve Murray of
REAL Trends, a leading source of analysis and information in the residential
real estate industry, the Austin, Texas-based company claimed the number
three spot with 72,794 U.S. associates at the end of 2008.
“The success of Keller Williams Realty can be directly attributed to the hard
work and perseverance of our associates and the soundness of our economic
and organizational models,” said Mark Willis, CEO of Keller Williams Realty,
Inc. “While others might be looking at this market and seeing fear and
uncertainty, we have always approached it as our opportunity to shine and
grow. And that mindset has paid off.”
The company has been gaining ground for the last three years, outpacing
pervasive downward trends in the real estate industry. Comparing the
average annual performance of the company from 2004 - 2005 (Before the
shift in the U.S. real estate market) to 2006 - 2008, Keller Williams Realty
increased its associate count by 52 percent, while market share for its offices
increased 83 percent and agent gross commission income went up 35
percent. Keller Williams Realty has 679 offices operating in the United States
and Canada. In 2008, the company shared more than $30 million in profits
with its associates through its profit sharing program.
“Through profit share, technology offerings and our phenomenal in house
education, coaching and training systems, we are providing agents exactly
what they need to succeed and thrive in this market.” John Furber, Canada
Director of Keller Williams Realty added, “The new best selling book by Gary
Keller “Shift” helps agents embrace and tackle these tough times”.
Last fall, the company also announced the launch of KW Commercial, a new
division of the company dedicated to providing commercial real estate
associates with specialized technology, marketing tools and resources. KW
Commercial already has more than 220 active brokers across the U.S. and
Canada.
“Our goal is to create synergy between the residential and commercial sides
of our Keller Williams offices, raising the bar for the service we provide to our
clients,” said Ernest Furtado, KW Canada Commercial Director. “We envision
our commercial and residential agents working side-by-side, sharing referrals
and helping our offices grow.”
“Our growth in the last year and now becoming the third-largest real estate
company in the United States was a true team effort and a company-wide
win. We are so grateful for all of the leadership and commitment our
associates have shown to power through this shift,” added Willis.
“Keller Williams is quickly picking up momentum in Canada and it will not be
long before we will mirror the U.S. market share and growth numbers,” said
Furber. “We are committed to our company mission… to build careers worth
having, businesses worth owning and lives worth living”.
Our Weekly Thought
"Competition Does Not Mean War...It Means Learn, It Means Prepare, It Means Be Your Best!"
- Jeffrey Gitomer
- Jeffrey Gitomer
Monday, March 02, 2009
Home Renovation Tax Credit
Hello,
Please read below to learn more about the Home Renovation Tax Credit. If you would like further information on this or any other topic, please don’t hesitate to contact me.
All the best…Dan
1. What is the Home Renovation Tax Credit (HRTC)?
The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling.
2. What is meant by eligible dwelling?
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This means that any dwelling that you own and use personally could qualify, including your home or your cottage.
3. What is the eligibility period?
The credit will be based on eligible expenditures for work performed or goods acquired after January 27, 2009, and before February 1, 2010. Expenditures incurred pursuant to an agreement that was entered into before January 28, 2009, will not be eligible for the credit.
4. Who will be eligible for the credit?
Eligibility for the HRTC will be family based. A family will generally be considered to consist of an individual or an individual and his or her spouse or common-law partner, including children who will be under 18 years of age, at the end of 2009. A family will be allowed a single credit that may be shared within the family. If two or more families share the ownership of an eligible dwelling, each family will be eligible for their own separate credit (i.e. each up to $1,350) that will be calculated on their respective eligible expenditures.
5. How will the credit be calculated?
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
6. What are eligible expenditures?
To be eligible, expenditures incurred in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling, and includes the cost of labour and professional services, building materials, fixtures, rentals, and permits.Eligible expenditures must be supported by acceptable documentation.
7. What does the CRA consider to be acceptable documentation?
Documentation, such as agreements, invoices, and receipts, must clearly identify the type and quantity of goods purchased or services provided, including, but not limited to, the following information: information that clearly identifies the vendor/contractor, their business address and, if applicable, the GST/HST registration number; a description of the goods and the date when the goods were purchased; The date when the goods were delivered (keep your delivery slip as proof) and/or when the work or services were performed; A description of the work performed including the address where the work was performed; the amount of the invoice; and
proof of payment. Receipts or invoices must indicate paid in full or be accompanied by other proof of payment, such as a credit card slip or cancelled cheque. Please consult our Underground Economy Web page, for tips to protect yourself when hiring a contractor.
To verify whether someone is registered for GST/HST, please consult the GST/HST Registry.
8. If I own both a house and a cottage and incur eligible expenditures for both, are both sets of expenditures eligible for the HRTC?
If you own and use your home and cottage personally, eligible expenditures incurred for both properties will normally qualify for the HRTC. Please note that the maximum amount of eligible expenditures you can claim in respect of the HRTC is $10,000 per family.
9. I am planning to replace my windows in 2009: can I hire my brother-in-law to help me out and still be eligible?
It depends. Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm's length with the individual, unless that person is registered for the Goods and Services Tax/Harmonized Sales Tax under the Excise Tax Act. So, in your case, if your brother-in-law is registered for GST/HST and if all other conditions are met, the expenditure will be eligible for the credit.
10. Will expenditures for the common areas of condominiums and co-operative housing corporations qualify for the credit?
In the case of condominiums and co-operative housing corporations, the individual's share of the cost of eligible expenditures for common areas will qualify.
11. I rent out my basement. If I renovate the basement for my tenant, will I be allowed to claim the credit?
No. Individuals who earn business or rental income from part of their principal residence will be allowed to claim the credit only for expenditures made for the personal-use areas of the residence. For expenditures made for common areas or that benefit the housing unit as a whole (such as re-shingling a roof), you must divide the expense between personal use and income-earning use. For further information, please consult the Business and Professional Income Guide or the Rental Income Guide, as applicable.
12. If an eligible expenditure also qualifies for the Medical Expense Tax Credit (METC), will I be allowed to claim both the HRTC and METC?
Yes. Where an eligible expenditure qualifies for the METC the individual will be permitted to claim both the METC and the HRTC for that expenditure.
13. Will the credit be reduced by other government grants or credits that I may receive for the same expenditures?
No. Eligible expenditures will not be reduced by other government tax credits or grants that the individual may be entitled to.
14. Does work performed by electricians, plumbers, carpenters, architects, etc. qualify?
Generally, work performed by electricians, plumbers, carpenters, architects, etc. in respect of an eligible expenditure will qualify. See below for examples of eligible expenditures. If you're planning on hiring a contractor to do construction, renovation, or repair work on your home, the Get it in Writing! Web site has information that will help you.
15. Could you provide me with some examples of eligible and ineligible expenditures?
Yes, some examples are:
Eligable: Renovating a kitchen, bathroom or basement; New carpet or hardwood floors; Building an addition, garage, deck, garden/storage shed, fence; Re-shingling a roof; A new furnace, woodstove, boiler, fireplace, water softener or water heater; A new driveway or resurfacing a driveway ;Painting of interior or exterior of a house ;Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling; Laying new sod; Swimming Pools (Permanent - in ground and above ground); Fixtures – lights, fans, etc.; Associated costs such as permits, professional services, equipment rentals and incidental expenses.
Ineligable: Furniture, appliances, and audio and visual electronics; Purchasing of tools; Cleaning carpets; House cleaning; Maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning); Financing costs.
16. What types of expenditures will not qualify?
The following expenditures will not be eligible for the HRTC:
the cost of routine repairs and maintenance normally performed on an annual or more frequent basis; expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation; expenditures for appliances and audio-visual electronics; and financing costs.
17. Do I have to submit any supporting documents with my income tax return?
No. However, you must ensure that this information is available, should it be requested by the CRA.
18. How will I claim the HRTC?
A new line will be incorporated in the 2009 personal income tax return to allow you to claim the credit.
19. Where can I get more information about this new tax credit?
Additional information will be posted on the CRA's Web site as it becomes available. In the meantime, please see the Department of Finance's Budget 2009 documents for details.
Please read below to learn more about the Home Renovation Tax Credit. If you would like further information on this or any other topic, please don’t hesitate to contact me.
All the best…Dan
1. What is the Home Renovation Tax Credit (HRTC)?
The proposed HRTC is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling.
2. What is meant by eligible dwelling?
An eligible dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between January 27, 2009 and February 1, 2010. In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. This means that any dwelling that you own and use personally could qualify, including your home or your cottage.
3. What is the eligibility period?
The credit will be based on eligible expenditures for work performed or goods acquired after January 27, 2009, and before February 1, 2010. Expenditures incurred pursuant to an agreement that was entered into before January 28, 2009, will not be eligible for the credit.
4. Who will be eligible for the credit?
Eligibility for the HRTC will be family based. A family will generally be considered to consist of an individual or an individual and his or her spouse or common-law partner, including children who will be under 18 years of age, at the end of 2009. A family will be allowed a single credit that may be shared within the family. If two or more families share the ownership of an eligible dwelling, each family will be eligible for their own separate credit (i.e. each up to $1,350) that will be calculated on their respective eligible expenditures.
5. How will the credit be calculated?
The credit will only be available for the 2009 tax year and applies to eligible expenditures of more than $1,000, but not more than $10,000, resulting in a maximum credit of $1,350 ($9,000 x 15%).
6. What are eligible expenditures?
To be eligible, expenditures incurred in relation to a renovation or alteration to an eligible dwelling (or the land that forms part of the eligible dwelling) must be of an enduring nature and integral to the dwelling, and includes the cost of labour and professional services, building materials, fixtures, rentals, and permits.Eligible expenditures must be supported by acceptable documentation.
7. What does the CRA consider to be acceptable documentation?
Documentation, such as agreements, invoices, and receipts, must clearly identify the type and quantity of goods purchased or services provided, including, but not limited to, the following information: information that clearly identifies the vendor/contractor, their business address and, if applicable, the GST/HST registration number; a description of the goods and the date when the goods were purchased; The date when the goods were delivered (keep your delivery slip as proof) and/or when the work or services were performed; A description of the work performed including the address where the work was performed; the amount of the invoice; and
proof of payment. Receipts or invoices must indicate paid in full or be accompanied by other proof of payment, such as a credit card slip or cancelled cheque. Please consult our Underground Economy Web page, for tips to protect yourself when hiring a contractor.
To verify whether someone is registered for GST/HST, please consult the GST/HST Registry.
8. If I own both a house and a cottage and incur eligible expenditures for both, are both sets of expenditures eligible for the HRTC?
If you own and use your home and cottage personally, eligible expenditures incurred for both properties will normally qualify for the HRTC. Please note that the maximum amount of eligible expenditures you can claim in respect of the HRTC is $10,000 per family.
9. I am planning to replace my windows in 2009: can I hire my brother-in-law to help me out and still be eligible?
It depends. Expenditures will not be eligible if the related goods or services are provided by a person not dealing at arm's length with the individual, unless that person is registered for the Goods and Services Tax/Harmonized Sales Tax under the Excise Tax Act. So, in your case, if your brother-in-law is registered for GST/HST and if all other conditions are met, the expenditure will be eligible for the credit.
10. Will expenditures for the common areas of condominiums and co-operative housing corporations qualify for the credit?
In the case of condominiums and co-operative housing corporations, the individual's share of the cost of eligible expenditures for common areas will qualify.
11. I rent out my basement. If I renovate the basement for my tenant, will I be allowed to claim the credit?
No. Individuals who earn business or rental income from part of their principal residence will be allowed to claim the credit only for expenditures made for the personal-use areas of the residence. For expenditures made for common areas or that benefit the housing unit as a whole (such as re-shingling a roof), you must divide the expense between personal use and income-earning use. For further information, please consult the Business and Professional Income Guide or the Rental Income Guide, as applicable.
12. If an eligible expenditure also qualifies for the Medical Expense Tax Credit (METC), will I be allowed to claim both the HRTC and METC?
Yes. Where an eligible expenditure qualifies for the METC the individual will be permitted to claim both the METC and the HRTC for that expenditure.
13. Will the credit be reduced by other government grants or credits that I may receive for the same expenditures?
No. Eligible expenditures will not be reduced by other government tax credits or grants that the individual may be entitled to.
14. Does work performed by electricians, plumbers, carpenters, architects, etc. qualify?
Generally, work performed by electricians, plumbers, carpenters, architects, etc. in respect of an eligible expenditure will qualify. See below for examples of eligible expenditures. If you're planning on hiring a contractor to do construction, renovation, or repair work on your home, the Get it in Writing! Web site has information that will help you.
15. Could you provide me with some examples of eligible and ineligible expenditures?
Yes, some examples are:
Eligable: Renovating a kitchen, bathroom or basement; New carpet or hardwood floors; Building an addition, garage, deck, garden/storage shed, fence; Re-shingling a roof; A new furnace, woodstove, boiler, fireplace, water softener or water heater; A new driveway or resurfacing a driveway ;Painting of interior or exterior of a house ;Window coverings directly attached to the window frame and whose removal would alter the nature of the dwelling; Laying new sod; Swimming Pools (Permanent - in ground and above ground); Fixtures – lights, fans, etc.; Associated costs such as permits, professional services, equipment rentals and incidental expenses.
Ineligable: Furniture, appliances, and audio and visual electronics; Purchasing of tools; Cleaning carpets; House cleaning; Maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning); Financing costs.
16. What types of expenditures will not qualify?
The following expenditures will not be eligible for the HRTC:
the cost of routine repairs and maintenance normally performed on an annual or more frequent basis; expenditures that are not integral to the dwelling, and other indirect expenditures that retain a value independent of the renovation; expenditures for appliances and audio-visual electronics; and financing costs.
17. Do I have to submit any supporting documents with my income tax return?
No. However, you must ensure that this information is available, should it be requested by the CRA.
18. How will I claim the HRTC?
A new line will be incorporated in the 2009 personal income tax return to allow you to claim the credit.
19. Where can I get more information about this new tax credit?
Additional information will be posted on the CRA's Web site as it becomes available. In the meantime, please see the Department of Finance's Budget 2009 documents for details.
Thursday, February 12, 2009
Hello,
I hope the beginning of 2009 has been great! The break in temperature has sure been nice! Keeping that in mind, below is an article on avoiding basement flooding as the snow begins to melt!
All the best…Dan
Avoiding Basement Flooding
Protect Your Home — and Your Investment
Cleaning debris from your eavestrough is one way of preventing flooding in your basement.
With up to 40,000 reported cases in Canada each year, basement flooding is a serious problem in many parts of the country. Damages resulting from a flooded basement average between $3,000 to $5,000. These costs will likely be higher for basements with extensive finishings. Plus, in addition to the mess and inconvenience, flooding can cause health hazards, and lead to structural damage.
To help you protect your basement, the health of your family and your pocketbook, Canada Mortgage and Housing Corporation (CMHC) has a number of practical steps you can take to avoid basement flooding in your home, including:
Clean debris from your eavestroughs on a regular basis, and make sure your downspouts extend at least 1.8 metres (six feet) away from your basement wall, and drains away from your house toward the street, rear yard or back lane. If your downspouts are connected to your home’s sewer system or weeping tile, disconnect them.
If the land around your home slopes inward, fill in and grade the ground so that it slopes away from your house for at least 1.8 metres (six feet) out from the foundation. Also, examine sidewalks, patios, decks and driveways to be sure they aren’t causing water to drain back towards your basement walls.
If your drainage system tends to overload, consider installing one or more floodproofing devices, such as a sump pump or back flow valve. Some devices may require a plumbing permit, so check with your municipal office or a qualified plumber before carrying out any installation. Plus, keep all floodproofing devices and plumbing fixtures clean and well maintained, and have a qualified plumber inspect them regularly to ensure that they’re operating properly.
For severe storms or power blackouts, you may want to invest in a battery-powered backup sump pump, or a water-powered pump that runs by city water flowing through the pump impeller.
Install impermeable floor finishes such as ceramic tile to lessen the potential damage from flooding in your basement, and to make clean-up easier and less expensive. Use wall finishes that can be easily removed or are not susceptible to mold growth. In addition, make sure any furniture in the basement has legs to keep the fabric off the floor, and consider using area rugs as an alternative to broadloom for easier removal and cleaning.
Finally, check with your insurance agent or broker to ensure that you have adequate coverage against flood damage. Keep your insurance policies and related records in a safe location that is easily accessible after an emergency, and maintain a detailed inventory of everything in your residence for use in the event of a loss.
I hope the beginning of 2009 has been great! The break in temperature has sure been nice! Keeping that in mind, below is an article on avoiding basement flooding as the snow begins to melt!
All the best…Dan
Avoiding Basement Flooding
Protect Your Home — and Your Investment
Cleaning debris from your eavestrough is one way of preventing flooding in your basement.
With up to 40,000 reported cases in Canada each year, basement flooding is a serious problem in many parts of the country. Damages resulting from a flooded basement average between $3,000 to $5,000. These costs will likely be higher for basements with extensive finishings. Plus, in addition to the mess and inconvenience, flooding can cause health hazards, and lead to structural damage.
To help you protect your basement, the health of your family and your pocketbook, Canada Mortgage and Housing Corporation (CMHC) has a number of practical steps you can take to avoid basement flooding in your home, including:
Clean debris from your eavestroughs on a regular basis, and make sure your downspouts extend at least 1.8 metres (six feet) away from your basement wall, and drains away from your house toward the street, rear yard or back lane. If your downspouts are connected to your home’s sewer system or weeping tile, disconnect them.
If the land around your home slopes inward, fill in and grade the ground so that it slopes away from your house for at least 1.8 metres (six feet) out from the foundation. Also, examine sidewalks, patios, decks and driveways to be sure they aren’t causing water to drain back towards your basement walls.
If your drainage system tends to overload, consider installing one or more floodproofing devices, such as a sump pump or back flow valve. Some devices may require a plumbing permit, so check with your municipal office or a qualified plumber before carrying out any installation. Plus, keep all floodproofing devices and plumbing fixtures clean and well maintained, and have a qualified plumber inspect them regularly to ensure that they’re operating properly.
For severe storms or power blackouts, you may want to invest in a battery-powered backup sump pump, or a water-powered pump that runs by city water flowing through the pump impeller.
Install impermeable floor finishes such as ceramic tile to lessen the potential damage from flooding in your basement, and to make clean-up easier and less expensive. Use wall finishes that can be easily removed or are not susceptible to mold growth. In addition, make sure any furniture in the basement has legs to keep the fabric off the floor, and consider using area rugs as an alternative to broadloom for easier removal and cleaning.
Finally, check with your insurance agent or broker to ensure that you have adequate coverage against flood damage. Keep your insurance policies and related records in a safe location that is easily accessible after an emergency, and maintain a detailed inventory of everything in your residence for use in the event of a loss.
Monday, September 15, 2008
GTA Resale Housing Remains Steady Throughout Summer Months
Hello,
I hope everyone had a great summer! Below is an article on the Real Estate Market throughout the summer months.
All the best...Dan
September 4, 2008 --The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.
The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.
In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.
In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.
“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.
With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.
In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago. Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.
The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.
“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”There are currently 25,076, properties available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.
Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.
In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales. In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.
Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales. Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).
I hope everyone had a great summer! Below is an article on the Real Estate Market throughout the summer months.
All the best...Dan
September 4, 2008 --The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.
The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.
In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.
In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.
“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.
With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.
In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago. Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.
The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.
“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”There are currently 25,076, properties available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in properties remaining on the market for an average of 36 days compared to 33 days a year ago.
Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.
In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales. In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.
Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales. Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).
Friday, August 22, 2008
Not Time to Sign Home-Heating Contract
Natural gas prices soared earlier this year. This led Ontario's two major utilities to put through hefty rate increases on July 1.
But both Enbridge Gas Distribution and Union Gas say they expect prices to start dropping – at least a little – by Oct. 1.
This is good news for customers who haven't locked into a long-term gas contract at a fixed price.
A 20 per cent boost in gas bills may be tolerable in summer, but can cause great pain when you turn on your furnace in the cooler months.
Natural gas prices had been pushed up by the rising price of crude oil on commodity markets even though the supply and demand for gas is mainly in North America, rather than worldwide.
Gas started falling, along with oil, early last month. But gas has plunged more than oil because of excitement about drilling results in the southern United States.
"There's been very robust natural gas activity and the unlocking of some gas resources, such as shale plays in Texas," says Malini Giridhar, director of energy policy and analysis for Enbridge Gas.
This is causing downward pressure on natural gas prices, she says, since production could increase by up to 5 per cent over the next three to four years.
Mild summer weather and an absence of hurricanes that cut production have also depressed natural gas, with the spot price dropping to $8 (U.S.) a gigajoule from more than $13 in early July.
"I would definitely call it a very bearish outlook," Giridhar said.
Customers won't see the impact of falling commodity prices on their gas bills right away, however.
Utilities bought gas in early July at higher prices to put into storage. They still haven't passed along those increases to customers.
Enbridge's posted gas price is 39.01 cents (Canadian) a cubic metre, while Union Gas charges 37.83 cents. Both utilities have a retroactive adjustment that brings down their prices by about one cent.
This compares with the 30 cents utility customers were paying last spring and 27 cents last winter.
Union Gas also anticipates a decrease in its Oct. 1 rate application that will go to the Ontario Energy Board next week.
"Our storage positions for gas are returning to more normal levels. There was a fear we wouldn't be able to replenish the storage," said Andrea Stass, a Union Gas spokeswoman.
Even at today's rates, which may not last through the winter, the utilities are charging less than what you'd pay for a price protection plan from an unregulated retailer.
The current price is 39.9 cents to 45.9 cents a cubic metre for a five-year deal, according to Energyshop.com.
The best deal is from Canadian RiteRate Energy, which sells gas on the Internet and not door to door, at 37.4 cents for five years.
The utilities have not noticed an increase yet in customers opting for contracts.
"Maybe in the winter, when gas consumption is higher, we'll see more," Stass said.
The risks of hedging energy prices in a fast-moving market became clear last month when SemGroup LP went bankrupt.
It was the parent of Wholesale Energy Group Ltd., which had been an active licensed retailer of gas and electricity contracts in Ontario.
Universal Energy Group bought Wholesale Energy's contracts and is now administering them.
With gas prices starting to come down again, I'd advise staying with your utility.
Make sure you're on an equal billing plan that spreads your payments throughout the year – and look for incentives on products that improve your home's energy efficiency.
You'll save more money that way than by locking in a gas price at a high level for years to come.
But both Enbridge Gas Distribution and Union Gas say they expect prices to start dropping – at least a little – by Oct. 1.
This is good news for customers who haven't locked into a long-term gas contract at a fixed price.
A 20 per cent boost in gas bills may be tolerable in summer, but can cause great pain when you turn on your furnace in the cooler months.
Natural gas prices had been pushed up by the rising price of crude oil on commodity markets even though the supply and demand for gas is mainly in North America, rather than worldwide.
Gas started falling, along with oil, early last month. But gas has plunged more than oil because of excitement about drilling results in the southern United States.
"There's been very robust natural gas activity and the unlocking of some gas resources, such as shale plays in Texas," says Malini Giridhar, director of energy policy and analysis for Enbridge Gas.
This is causing downward pressure on natural gas prices, she says, since production could increase by up to 5 per cent over the next three to four years.
Mild summer weather and an absence of hurricanes that cut production have also depressed natural gas, with the spot price dropping to $8 (U.S.) a gigajoule from more than $13 in early July.
"I would definitely call it a very bearish outlook," Giridhar said.
Customers won't see the impact of falling commodity prices on their gas bills right away, however.
Utilities bought gas in early July at higher prices to put into storage. They still haven't passed along those increases to customers.
Enbridge's posted gas price is 39.01 cents (Canadian) a cubic metre, while Union Gas charges 37.83 cents. Both utilities have a retroactive adjustment that brings down their prices by about one cent.
This compares with the 30 cents utility customers were paying last spring and 27 cents last winter.
Union Gas also anticipates a decrease in its Oct. 1 rate application that will go to the Ontario Energy Board next week.
"Our storage positions for gas are returning to more normal levels. There was a fear we wouldn't be able to replenish the storage," said Andrea Stass, a Union Gas spokeswoman.
Even at today's rates, which may not last through the winter, the utilities are charging less than what you'd pay for a price protection plan from an unregulated retailer.
The current price is 39.9 cents to 45.9 cents a cubic metre for a five-year deal, according to Energyshop.com.
The best deal is from Canadian RiteRate Energy, which sells gas on the Internet and not door to door, at 37.4 cents for five years.
The utilities have not noticed an increase yet in customers opting for contracts.
"Maybe in the winter, when gas consumption is higher, we'll see more," Stass said.
The risks of hedging energy prices in a fast-moving market became clear last month when SemGroup LP went bankrupt.
It was the parent of Wholesale Energy Group Ltd., which had been an active licensed retailer of gas and electricity contracts in Ontario.
Universal Energy Group bought Wholesale Energy's contracts and is now administering them.
With gas prices starting to come down again, I'd advise staying with your utility.
Make sure you're on an equal billing plan that spreads your payments throughout the year – and look for incentives on products that improve your home's energy efficiency.
You'll save more money that way than by locking in a gas price at a high level for years to come.
Tuesday, July 08, 2008
GTA Resale Housing More Balanced in June
The trend toward more balanced market conditions continued in June with 8,600 properties changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.
It is important to note that in this release you will also find market numbers specific to the resale
housing activity in 2006 and 2007. This comparison is provided to help present a more accurate
perspective of the resale housing market of 2008.
At $395,866, the Greater Toronto Area average price for last month increased by four per cent
compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.
In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.
In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from$334,220 in 2006.
“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to
8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,”said Ms. O’Neill.
“This year we’re seeing a return to calmer conditions but the market remains healthy. When
compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by
only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.
In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June
2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.
The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month
compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905 Region increased by 22 per cent.
In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from
50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the
same period in 2006. When you compare the first two quarters of 2007 with the same period in
2006, GTA sales increased by 11 per cent.
In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per centto 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when youcompare the first two quarters of 2007 with the same period in 2006, sales increased by 9 percent in the City of Toronto and by 12 per cent in the 905 Region.
“The increase in listings we have seen in recent months has resulted in a slightly longer period
during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms.
O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”
In certain pockets however, the pace of sales remained brisk this June.
Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached
home transactions.
Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions
and even more robust attached/row house sales.
In Downtown East (C08), activity was up four per cent due to attached/row house and
condominium apartment sales.
“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill.
“When you look at it from a long-term perspective real estate invariably provides stable returns.”
It is important to note that in this release you will also find market numbers specific to the resale
housing activity in 2006 and 2007. This comparison is provided to help present a more accurate
perspective of the resale housing market of 2008.
At $395,866, the Greater Toronto Area average price for last month increased by four per cent
compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.
In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.
In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from$334,220 in 2006.
“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to
8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,”said Ms. O’Neill.
“This year we’re seeing a return to calmer conditions but the market remains healthy. When
compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by
only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.
In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June
2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.
The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month
compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905 Region increased by 22 per cent.
In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from
50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the
same period in 2006. When you compare the first two quarters of 2007 with the same period in
2006, GTA sales increased by 11 per cent.
In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per centto 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when youcompare the first two quarters of 2007 with the same period in 2006, sales increased by 9 percent in the City of Toronto and by 12 per cent in the 905 Region.
“The increase in listings we have seen in recent months has resulted in a slightly longer period
during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms.
O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”
In certain pockets however, the pace of sales remained brisk this June.
Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached
home transactions.
Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions
and even more robust attached/row house sales.
In Downtown East (C08), activity was up four per cent due to attached/row house and
condominium apartment sales.
“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill.
“When you look at it from a long-term perspective real estate invariably provides stable returns.”
Tuesday, June 10, 2008
CREATING CURB APPEAL
They say you can’t judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.
When selling, it is the outside, or the home’s curb appeal that often determines whether the inside is ever seen. How a house 'shows’ from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they’ve been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.
That’s why most Realtors recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What’s not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you’re not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn’t mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
CLEAN UP THE YARD
Mow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
REPAIR ANY PROBLEMS
If the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
ELIMINATE CLUTTER
If you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven’t used something in a year, give it to charity or recycle it.
GIVE SIDING A FRESH NEW LOOK
Cleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.
USE PAINT TO BRIGHTEN, RE-PROPORTION EXTERIOR
A paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
CO-ORDINATE THE EXTERIOR 'LOOK’
The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look’ of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
USE FLOWER POWER
Well-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.
When selling, it is the outside, or the home’s curb appeal that often determines whether the inside is ever seen. How a house 'shows’ from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they’ve been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.
That’s why most Realtors recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What’s not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you’re not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn’t mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
CLEAN UP THE YARD
Mow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
REPAIR ANY PROBLEMS
If the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
ELIMINATE CLUTTER
If you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven’t used something in a year, give it to charity or recycle it.
GIVE SIDING A FRESH NEW LOOK
Cleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.
USE PAINT TO BRIGHTEN, RE-PROPORTION EXTERIOR
A paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
CO-ORDINATE THE EXTERIOR 'LOOK’
The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look’ of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
USE FLOWER POWER
Well-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.
Wednesday, June 04, 2008
101 Streetsmart Condo Buying Tips for Canadians
Location:
One of the prime considerations is the location. How close is the property to schools, cultural attractions, shopping centres, recreational facilities, work and transportation? How attractive is the present and future development of the area surrounding the property?
Noise:
Assess the levels of noise. Consider such factors as nearby highways or busy streets, driveways, parking lots, playgrounds and businesses. Consider the location of the garage doors, elevators, garbage chutes and the heating and air-conditioning plant or equipment, in relation to the unit you are interested in.
Privacy:
Privacy is an important consideration and has to be thoroughly explored. Make sure that the sound insulation between the walls, floors and ceilings of your property is sufficient. Consider the distance between your unit and other common areas, including walkways, roads and fences.
Pricing:
The pricing of the property you are considering should be competitive with that of other, similar offerings. You may decide that you do not want extra facilities, in which case paying an extra price for the unit because of these features would not be economical. On the other hand, you have to look at the resale potential.
Common Elements and Facilities:
Review all the common elements in the development and consider these from the perspective of the relevance to your needs, as well as the maintenance or operational costs that might be required to service these features.
Parking Facilities:
Are the facilities outdoors or underground? Is there sufficient lighting for security protection? Is there ample visitor parking?
Storage Facilities:
Does there appear to be sufficient storage space for your needs, or will you have to rent a mini-locker?
Quality of Construction Materials:
Thoroughly look at your building and the surrounding development to make an assessment of the overall quality of the development. Hire a contractor whom you trust, or a building inspector, to give you an opinion on the quality and condition of the building or unit.
Design and Layout:
Consider your present and future needs. Are there restrictions relating to the exterior of your unit or any structural changes that you may make to the unit? If you are intending to have a separate room for an expanded family, in-laws or an office, you should consider the implications beforehand.
Neighbourhood:
Look at the surrounding neighbourhood and make an assessment as to whether the value of the residences in the neighbourhood will affect the value of your property.
Owner/Occupiers vs. Tenants:
Ask how many tenants as opposed to owners there are currently in the complex, and the maximum number of tenants allowed. The higher the percentage of owners/occupiers, the more pride of ownership.
Management:
Inquire whether the condo building is being operated by a professional management company, a resident manager or is self-managed. Check out the condominium unit or property in order to give you a better profile of noise factors, children or parties, and the effectiveness of the management control.
Property Taxes:
Compare the costs of taxes in the area that you are considering with those of other areas equally attractive to you. Also inquire as to whether there is any anticipated tax increase and why.
One of the prime considerations is the location. How close is the property to schools, cultural attractions, shopping centres, recreational facilities, work and transportation? How attractive is the present and future development of the area surrounding the property?
Noise:
Assess the levels of noise. Consider such factors as nearby highways or busy streets, driveways, parking lots, playgrounds and businesses. Consider the location of the garage doors, elevators, garbage chutes and the heating and air-conditioning plant or equipment, in relation to the unit you are interested in.
Privacy:
Privacy is an important consideration and has to be thoroughly explored. Make sure that the sound insulation between the walls, floors and ceilings of your property is sufficient. Consider the distance between your unit and other common areas, including walkways, roads and fences.
Pricing:
The pricing of the property you are considering should be competitive with that of other, similar offerings. You may decide that you do not want extra facilities, in which case paying an extra price for the unit because of these features would not be economical. On the other hand, you have to look at the resale potential.
Common Elements and Facilities:
Review all the common elements in the development and consider these from the perspective of the relevance to your needs, as well as the maintenance or operational costs that might be required to service these features.
Parking Facilities:
Are the facilities outdoors or underground? Is there sufficient lighting for security protection? Is there ample visitor parking?
Storage Facilities:
Does there appear to be sufficient storage space for your needs, or will you have to rent a mini-locker?
Quality of Construction Materials:
Thoroughly look at your building and the surrounding development to make an assessment of the overall quality of the development. Hire a contractor whom you trust, or a building inspector, to give you an opinion on the quality and condition of the building or unit.
Design and Layout:
Consider your present and future needs. Are there restrictions relating to the exterior of your unit or any structural changes that you may make to the unit? If you are intending to have a separate room for an expanded family, in-laws or an office, you should consider the implications beforehand.
Neighbourhood:
Look at the surrounding neighbourhood and make an assessment as to whether the value of the residences in the neighbourhood will affect the value of your property.
Owner/Occupiers vs. Tenants:
Ask how many tenants as opposed to owners there are currently in the complex, and the maximum number of tenants allowed. The higher the percentage of owners/occupiers, the more pride of ownership.
Management:
Inquire whether the condo building is being operated by a professional management company, a resident manager or is self-managed. Check out the condominium unit or property in order to give you a better profile of noise factors, children or parties, and the effectiveness of the management control.
Property Taxes:
Compare the costs of taxes in the area that you are considering with those of other areas equally attractive to you. Also inquire as to whether there is any anticipated tax increase and why.
Wednesday, March 05, 2008
GTA Resale Housing Down but Healthy
March 5, 2008 -- President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.
“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February."
“This indicates that despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O’Neill added.
Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February. At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.
Despite the overall decline, some GTA neighbourhoods experienced strong sales in February.
In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.
Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.
Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.
“All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said Ms. O’Neill.March 5, 2008 -- President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.
“To get an accurate perspective of current market conditions, a number of factors have to be considered,” said Ms. O’Neill. “With 18,018 properties available for sale, inventory has decreased seven per cent from last February."
“This indicates that despite moderate sales, there is not an over-supply of homes on the market. Generally, properties that are listed are selling fairly quickly and with a list to sale price ratio of 99 per cent, for the most part, sellers are realizing their asking price,” O’Neill added.
Despite the decrease in the number of sales from this time last year, there was positive news with respect to prices in February. At $382,048 in the Greater Toronto Area and $424,235 in the City of Toronto, the average price increased four and two per cent respectively compared to February 2007. As well, the time on market in February was 30 days compared to 35 days a year ago.
Despite the overall decline, some GTA neighbourhoods experienced strong sales in February.
In Pickering (E13) sales rose 28 per cent overall compared to a year ago due to a strong increase in condo townhouse and condo-apartment transactions.
Strong condo-apartment sales also drove transactions in Rexdale (W10) to an overall increase of 18 per cent compared to February 2007.
Richmond Hill North (N05) experienced a 19 per cent sales increase compared to a year ago primarily as a result of strong detached home transactions.
“All economic indicators are in place for an active year in the GTA, and as the weather improves sales are expected to increase as well,” said Ms. O’Neill.March 5, 2008 -- President Maureen O'Neill announced today, Toronto Real Estate Board Members recorded 6,015 resale home transactions last month, down 11 per cent in the Greater Toronto Area overall , 14 per cent in the City of Toronto and 9 per cent in the 905 suburbs compared to February 2007.
Friday, January 25, 2008
Annoucement
I’m excited to announce that I have joined Keller Williams Advantage Realty. Keller Williams is the fastest growing real estate company in North America and I am thrilled to be joining this dynamic organization!
With the support of Keller Williams, this change will translate into superior results for my clients.
My new coordinates are Dan@DanCorcoran.ca and encourage your to visit my web site at www.DanCorcoran.ca
I look forward to working with you under the Keller Williams banner and I want to extend my heart felt thanks for your continued support!
Warm Regards,
Dan
With the support of Keller Williams, this change will translate into superior results for my clients.
My new coordinates are Dan@DanCorcoran.ca and encourage your to visit my web site at www.DanCorcoran.ca
I look forward to working with you under the Keller Williams banner and I want to extend my heart felt thanks for your continued support!
Warm Regards,
Dan
Monday, October 01, 2007
Home Maintenance
Hello,
The fall market is strong once again. We have yet to see any real impact from the mortgage fraud issues affecting the US market.
If you would like further information on this topic or any other, please let me know.
All the best...Dan
Priority Maintenance for Home Buyers
There are so many home maintenance and repair items that are important; it can be confusing trying to establish which are the most critical. To simplify things, we have compiled a short list of our favorites. These are by no means all-inclusive, nor do they replace any of the information in a home inspection report. They should, however, help you get started on the right foot. Remember, any items marked as priority or safety issues on your home inspection report need immediate attention.
One-Time Tasks
1. Install smoke detectors as necessary (usually one on each level of the home, near any sleeping areas). Install carbon monoxide detectors, according to manufacturer’s recommendations.
2. Make any electrical improvements recommended in the home inspection report.
3. Remove any wood/soil contact to prevent rot and insect damage.
4. Change the locks on all doors. Use a dead bolt for better security and to minimize insurance costs.
5. Correct trip hazards such as broken or uneven walks and driveways, loose or torn carpet or uneven flooring.
6. Correct unsafe stairways and landings. (Railings missing, loose, too low, et cetera.)
7. Have all chimneys inspected before operating any of these appliances.
8. Locate and mark the shut-offs for the heating, electrical and plumbing systems.
9. Label the circuits in electrical panels.
10. If there is a septic system, have the tank pumped and inspected. If the house is on a private water supply (well), set up a regular testing procedure for checking water quality.
Regular Maintenance Items
11. Clean the gutters in the spring and fall.
12. Check for damaged roofing and flashing materials twice a year.
13. Cut back trees and shrubs from the house walls, roof and air conditioning system as needed.
14. Clean the tracks on horizontal sliding windows annually, and ensure the drain holes are clear.
15. Test ground fault circuit interrupters, carbon monoxide detectors and smoke detectors using the test button, monthly.
16. Service furnace or boiler yearly.
17. Check furnace filters, humidifiers and electronic air cleaners monthly.
18. Check the bathtub and shower caulking monthly and improve promptly as needed.
19. If you are in a climate where freezing occurs, shut off outdoor water faucets in the fall.
20. Check reversing mechanism on garage door opener monthly.
21. Check attics for evidence of leaks and condensation and make sure vents are not obstructed, at least twice a year. (Provide access into all attics and crawl spaces.)
The fall market is strong once again. We have yet to see any real impact from the mortgage fraud issues affecting the US market.
If you would like further information on this topic or any other, please let me know.
All the best...Dan
Priority Maintenance for Home Buyers
There are so many home maintenance and repair items that are important; it can be confusing trying to establish which are the most critical. To simplify things, we have compiled a short list of our favorites. These are by no means all-inclusive, nor do they replace any of the information in a home inspection report. They should, however, help you get started on the right foot. Remember, any items marked as priority or safety issues on your home inspection report need immediate attention.
One-Time Tasks
1. Install smoke detectors as necessary (usually one on each level of the home, near any sleeping areas). Install carbon monoxide detectors, according to manufacturer’s recommendations.
2. Make any electrical improvements recommended in the home inspection report.
3. Remove any wood/soil contact to prevent rot and insect damage.
4. Change the locks on all doors. Use a dead bolt for better security and to minimize insurance costs.
5. Correct trip hazards such as broken or uneven walks and driveways, loose or torn carpet or uneven flooring.
6. Correct unsafe stairways and landings. (Railings missing, loose, too low, et cetera.)
7. Have all chimneys inspected before operating any of these appliances.
8. Locate and mark the shut-offs for the heating, electrical and plumbing systems.
9. Label the circuits in electrical panels.
10. If there is a septic system, have the tank pumped and inspected. If the house is on a private water supply (well), set up a regular testing procedure for checking water quality.
Regular Maintenance Items
11. Clean the gutters in the spring and fall.
12. Check for damaged roofing and flashing materials twice a year.
13. Cut back trees and shrubs from the house walls, roof and air conditioning system as needed.
14. Clean the tracks on horizontal sliding windows annually, and ensure the drain holes are clear.
15. Test ground fault circuit interrupters, carbon monoxide detectors and smoke detectors using the test button, monthly.
16. Service furnace or boiler yearly.
17. Check furnace filters, humidifiers and electronic air cleaners monthly.
18. Check the bathtub and shower caulking monthly and improve promptly as needed.
19. If you are in a climate where freezing occurs, shut off outdoor water faucets in the fall.
20. Check reversing mechanism on garage door opener monthly.
21. Check attics for evidence of leaks and condensation and make sure vents are not obstructed, at least twice a year. (Provide access into all attics and crawl spaces.)
Tuesday, May 01, 2007
Cottage Property
Hello,
I hope you're enjoying the springtime weather. The market is going strong, so if you're thinking of selling or jumping in, give me a call!
Baby Boomers Living Large in Recreational Property Markets
(May 01, 2007) – Luxury recreational property sales are set to soar in coming months as affluent baby boomers drive demand for upscale product from coast-to-coast, according to a report released by RE/MAX.
The 2007 RE/MAX Recreational Property Report found the top-end of the market stands to gain most from the aging baby boom demographic, as many prepare for their retirement years. Teardowns, custom-builds, and renovation continue unabated as a result, changing the shoreline of lakes and rivers in 34 of the 39 markets surveyed from Newfoundland/Labrador to British Columbia. Upper-end sales have also affected recreational property values across the board, placing upward pressure on prices, particularly in Western Canada. Starting prices have topped $500,000 in 31 per cent of recreational property markets. Only seven offer waterfront properties under the $250,000 price point.
It's been said that money made in stocks and bonds typically works its way into real estate. This year is a prime example, as economic performance and stock market profits have propped up activity in most Canadian markets. The boomer attitude is go big or stay home.
I hope you're enjoying the springtime weather. The market is going strong, so if you're thinking of selling or jumping in, give me a call!
Baby Boomers Living Large in Recreational Property Markets
(May 01, 2007) – Luxury recreational property sales are set to soar in coming months as affluent baby boomers drive demand for upscale product from coast-to-coast, according to a report released by RE/MAX.
The 2007 RE/MAX Recreational Property Report found the top-end of the market stands to gain most from the aging baby boom demographic, as many prepare for their retirement years. Teardowns, custom-builds, and renovation continue unabated as a result, changing the shoreline of lakes and rivers in 34 of the 39 markets surveyed from Newfoundland/Labrador to British Columbia. Upper-end sales have also affected recreational property values across the board, placing upward pressure on prices, particularly in Western Canada. Starting prices have topped $500,000 in 31 per cent of recreational property markets. Only seven offer waterfront properties under the $250,000 price point.
It's been said that money made in stocks and bonds typically works its way into real estate. This year is a prime example, as economic performance and stock market profits have propped up activity in most Canadian markets. The boomer attitude is go big or stay home.
Wednesday, March 28, 2007
FIRST TIME BUYERS CONTINUE TO BOOST HOME SALES
Hello all. I hope your enjoying the improving weather! The market is moving along swiflty. Please read below to learn more.
All the best...Dan
Mississauga, ON (March 20, 2007) – Higher housing values, tight inventory levels, and all-out bidding wars have yet to deter first-time buyers in their quest to realize homeownership in major Canadian centers this year, according to a report released today by RE/MAX. “Despite a decade of year-over-year price increases, compounded by challenging market conditions this year, entry-level buyers continue to be a driving force in real estate,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Their undaunted enthusiasm is expected to translate into sales at or ahead of last year’s record levels in the Spring.”
The RE/MAX Affordability Report, which highlights first-time buying activity and trends in 13 housing markets across the country, found that substantial price increases have had little impact on buyer intentions. The greatest year-over-year price appreciation occurred in Edmonton, Calgary, Saskatoon, and Kelowna, where averages rose 52, 29, 26, and 23 per cent respectively. Average price in the country’s most expensive market – Greater Vancouver – has jumped 11 per cent, topping the half million dollar
mark. While prices in these markets may now seem costly, entry-level product such as
Condominiums can start at half the average price.
“Buyers are finding the means necessary to enter the market, even in the western provinces, where double-digit price gains have been reported and sales to listings ratios hover above the 80 per cent mark,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Purchasers simply refuse to be priced out of the market, even though household income has not kept pace with housing appreciation. Something’s got to give -- and the trends identified in this report show it’s the how, what,
where and when of the equation.”
Case in point is the surge in condominium sales from coast-to-coast. Affordability and accessibility have made the condominium lifestyle a popular choice. Condominiums now represent fewer than one in every two sales in markets like Vancouver and Victoria. In Edmonton, Calgary, and the Greater Toronto Area, close to one in every three sales involve a condominium apartment or town home. In smaller markets like Saskatoon, Regina, and Winnipeg, condominiums are gaining momentum. Condominium sales represent approximately 12 per cent of total residential sales in Halifax-Dartmouth and Ottawa.
“Low interest rates and solid economic performance in most major Canadian centers have also played a substantial role in providing purchasers with the confidence to go out and buy their first home,” explains Polzler. “Yet, in some centers, there are other motivating factors at play. Price increases, for example, area reality in the marketplace. One year can set you back – from location to house size – and your dollar just doesn’t have the same purchasing power.” Yet, buyers have found inventive ways to address that as well. Innovative financing has allowed a growing number of first-time buyers to enter the marketplace. With most prepared to up the ante to realize “the dream of homeownership”, unique new mortgage products with longer amortization periods
are helping to make mortgage payments easier to carry.” The offloading of family wealth and inheritance are also factors influencing the up swell in home-buying activity,” says Ash. “Some first-time buyers are digging into RRSPs and borrowing money from parents, while others are looking to offset carrying costs through in-law suites, now factored into debt service ratios by a growing number of lending institutions.”
All the best...Dan
Mississauga, ON (March 20, 2007) – Higher housing values, tight inventory levels, and all-out bidding wars have yet to deter first-time buyers in their quest to realize homeownership in major Canadian centers this year, according to a report released today by RE/MAX. “Despite a decade of year-over-year price increases, compounded by challenging market conditions this year, entry-level buyers continue to be a driving force in real estate,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Their undaunted enthusiasm is expected to translate into sales at or ahead of last year’s record levels in the Spring.”
The RE/MAX Affordability Report, which highlights first-time buying activity and trends in 13 housing markets across the country, found that substantial price increases have had little impact on buyer intentions. The greatest year-over-year price appreciation occurred in Edmonton, Calgary, Saskatoon, and Kelowna, where averages rose 52, 29, 26, and 23 per cent respectively. Average price in the country’s most expensive market – Greater Vancouver – has jumped 11 per cent, topping the half million dollar
mark. While prices in these markets may now seem costly, entry-level product such as
Condominiums can start at half the average price.
“Buyers are finding the means necessary to enter the market, even in the western provinces, where double-digit price gains have been reported and sales to listings ratios hover above the 80 per cent mark,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Purchasers simply refuse to be priced out of the market, even though household income has not kept pace with housing appreciation. Something’s got to give -- and the trends identified in this report show it’s the how, what,
where and when of the equation.”
Case in point is the surge in condominium sales from coast-to-coast. Affordability and accessibility have made the condominium lifestyle a popular choice. Condominiums now represent fewer than one in every two sales in markets like Vancouver and Victoria. In Edmonton, Calgary, and the Greater Toronto Area, close to one in every three sales involve a condominium apartment or town home. In smaller markets like Saskatoon, Regina, and Winnipeg, condominiums are gaining momentum. Condominium sales represent approximately 12 per cent of total residential sales in Halifax-Dartmouth and Ottawa.
“Low interest rates and solid economic performance in most major Canadian centers have also played a substantial role in providing purchasers with the confidence to go out and buy their first home,” explains Polzler. “Yet, in some centers, there are other motivating factors at play. Price increases, for example, area reality in the marketplace. One year can set you back – from location to house size – and your dollar just doesn’t have the same purchasing power.” Yet, buyers have found inventive ways to address that as well. Innovative financing has allowed a growing number of first-time buyers to enter the marketplace. With most prepared to up the ante to realize “the dream of homeownership”, unique new mortgage products with longer amortization periods
are helping to make mortgage payments easier to carry.” The offloading of family wealth and inheritance are also factors influencing the up swell in home-buying activity,” says Ash. “Some first-time buyers are digging into RRSPs and borrowing money from parents, while others are looking to offset carrying costs through in-law suites, now factored into debt service ratios by a growing number of lending institutions.”
Tuesday, February 13, 2007
2007 Market Research
Hello,
Just a short update on how 2007 is starting off. Contact me directly anytime if you have any questions…All the best…Dan
Strong start for 2007TORONTO, February 13, 2007 -- The January resale housing market was the best January ever, registering 13 per cent more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The 5,173 sales in the month were six per cent above the previous record set in January 2002.
“Sales have been very solid to start the year,” Mrs. Mason said. “It's a very good sign for the market to see a healthy level of activity carrying over from last year's strong finish.”
Scarborough's Birchmount Park / Cliffside area (E06) saw 55 per cent more overall sales compared to last January, with detached homes accounting for nearly all transactions.In the Islington / Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 per cent higher than January 2006
.
An increase in sales of condominiums and semi-detached homes helped lift Forest Hill to an overall increase of 56 per cent over January of last year.
North of the city, in Markham West / Langstaff (N01), 50 per cent more homes changed hands in January than during the same month a year ago.
Ted Tsiakopoulos, CMHC's Ontario regional economist, noted that Toronto's housing market has been a very stable sector of the economy.
“The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada,” Mr. Tsiakopoulos said. “Historically low interest rates, strong income growth and healthy consumer confidence are important factors keeping January home sales buoyant across the GTA.”
TREB's President added that while the results are preliminary, they should instill confidence in consumers.
“The housing market is healthy and continues to be well supported by strong economic fundamentals,” Mrs. Mason said. “These are ideal conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time.”
Just a short update on how 2007 is starting off. Contact me directly anytime if you have any questions…All the best…Dan
Strong start for 2007TORONTO, February 13, 2007 -- The January resale housing market was the best January ever, registering 13 per cent more transactions than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. The 5,173 sales in the month were six per cent above the previous record set in January 2002.
“Sales have been very solid to start the year,” Mrs. Mason said. “It's a very good sign for the market to see a healthy level of activity carrying over from last year's strong finish.”
Scarborough's Birchmount Park / Cliffside area (E06) saw 55 per cent more overall sales compared to last January, with detached homes accounting for nearly all transactions.In the Islington / Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 per cent higher than January 2006
.
An increase in sales of condominiums and semi-detached homes helped lift Forest Hill to an overall increase of 56 per cent over January of last year.
North of the city, in Markham West / Langstaff (N01), 50 per cent more homes changed hands in January than during the same month a year ago.
Ted Tsiakopoulos, CMHC's Ontario regional economist, noted that Toronto's housing market has been a very stable sector of the economy.
“The market remains resilient despite slower job growth, high energy prices, and a loss of migrants to western Canada,” Mr. Tsiakopoulos said. “Historically low interest rates, strong income growth and healthy consumer confidence are important factors keeping January home sales buoyant across the GTA.”
TREB's President added that while the results are preliminary, they should instill confidence in consumers.
“The housing market is healthy and continues to be well supported by strong economic fundamentals,” Mrs. Mason said. “These are ideal conditions, and consumers can feel confident making a switch to another home or realizing their dream of home ownership for the first time.”
Thursday, January 25, 2007
Green Bin Program
This is some interesting information on how the Green Bin works:
http://www.toronto.ca/greenbin/faq.htm#note
How the program works
Where is the organic material going?
A:
Your organic materials are picked up at the curb by collection vehicles and taken to the Dufferin Organics Processing Facility in Toronto, which was built specifically for the Green Bin Organics Program. A biological process that uses bacteria in the absence of oxygen ("anaerobic digestion") converts the organics into organic solid material. This material is taken to another facility where it is turned into compost.
Q:
What will the finished compost be used for?
A:
It will be used as a soil amendment for farmland and parkland.
Q:
Is this program safe and sanitary? What about germs/bacteria from diapers or animal waste?
A:
The Green Bin Program is completely sanitary and safe. All of the materials collected in the green bin were previously collected as garbage, so the common sense precautions you take when handling household waste still apply. Between collection days, store your green bin in a secure location to avoid accidental tipping and animal interference. Keep the lid closed to minimize odours and discourage flies/pests. Just as you would after handling any waste container, wash your hands after handling the green bin.
Materials collected in the Green Bin Program go through a series of processing operations resulting in a clean and safe compost product. Mechanical operations separate organic materials from the film plastic bags used to either line the green bin or the kitchen container and the contaminant materials normally found in such waste. Final processing involves aerobic composting, a biological process that occurs in the presence of oxygen, produces a stabilized organic material called compost. Composting has been used for decades to convert a variety of organic materials, including human and animal waste, into a safe and bacteria-free product.
Through decades of experiment and experience, sanitary engineering practice has developed standards for the composting process that ensure elimination of disease-causing organisms (pathogens). The high temperatures occurring naturally during the composting process destroys pathogens. Maintaining such high temperatures for a minimum time period ensures the final finished compost is pathogen-free.
Ontario’s Ministry of the Environment specifies and regulates processing requirements via the operating permits it issues to composting facilities in the province.
Q:
How have the bins been tested to ensure they are durable?
A:
The containers have been thoroughly tested by the manufacturer and are guaranteed to last five years. The City did additional testing, including drop tests, and involved both collectors and ergonomists to analyze the bins. If your bin cracks or breaks, please call Customer Service at 416-338-2010 to find out where to go to replace it (you will need to bring your broken bin with you).
Q:
Are apartment residents participating in the Green Bin Organics Program?
A:
Not at this time. There are pilot projects being undertaken across the City in apartment buildings to determine the system that would work best there.
Hello,
http://www.toronto.ca/greenbin/faq.htm#note
How the program works
Where is the organic material going?
A:
Your organic materials are picked up at the curb by collection vehicles and taken to the Dufferin Organics Processing Facility in Toronto, which was built specifically for the Green Bin Organics Program. A biological process that uses bacteria in the absence of oxygen ("anaerobic digestion") converts the organics into organic solid material. This material is taken to another facility where it is turned into compost.
Q:
What will the finished compost be used for?
A:
It will be used as a soil amendment for farmland and parkland.
Q:
Is this program safe and sanitary? What about germs/bacteria from diapers or animal waste?
A:
The Green Bin Program is completely sanitary and safe. All of the materials collected in the green bin were previously collected as garbage, so the common sense precautions you take when handling household waste still apply. Between collection days, store your green bin in a secure location to avoid accidental tipping and animal interference. Keep the lid closed to minimize odours and discourage flies/pests. Just as you would after handling any waste container, wash your hands after handling the green bin.
Materials collected in the Green Bin Program go through a series of processing operations resulting in a clean and safe compost product. Mechanical operations separate organic materials from the film plastic bags used to either line the green bin or the kitchen container and the contaminant materials normally found in such waste. Final processing involves aerobic composting, a biological process that occurs in the presence of oxygen, produces a stabilized organic material called compost. Composting has been used for decades to convert a variety of organic materials, including human and animal waste, into a safe and bacteria-free product.
Through decades of experiment and experience, sanitary engineering practice has developed standards for the composting process that ensure elimination of disease-causing organisms (pathogens). The high temperatures occurring naturally during the composting process destroys pathogens. Maintaining such high temperatures for a minimum time period ensures the final finished compost is pathogen-free.
Ontario’s Ministry of the Environment specifies and regulates processing requirements via the operating permits it issues to composting facilities in the province.
Q:
How have the bins been tested to ensure they are durable?
A:
The containers have been thoroughly tested by the manufacturer and are guaranteed to last five years. The City did additional testing, including drop tests, and involved both collectors and ergonomists to analyze the bins. If your bin cracks or breaks, please call Customer Service at 416-338-2010 to find out where to go to replace it (you will need to bring your broken bin with you).
Q:
Are apartment residents participating in the Green Bin Organics Program?
A:
Not at this time. There are pilot projects being undertaken across the City in apartment buildings to determine the system that would work best there.
Hello,
I hope the cold isn't getting you all down! We were out sledding this past week taking advantage of the good snow!
Below you will find an interesting article about the Green Bin program and how it works...All the best...Dan
The big picture: Diverting waste from landfill
Q:
Is the Green Bin Program really helping Toronto reduce waste from landfill?
A:
Yes. We know by studying results from the Etobicoke and Scarborough communities' participation that, on average, each participating household is diverting 200 kg of organics from landfill - a lot more than the City had hoped for. How much is that exactly? Enough to keep almost 1,500 trucks bound for Michigan landfill off the road each year. And if Toronto, York and East York perform as well as Etobicoke and Scarborough, that will represent an additional 1,800 or more trucks bound for Michigan landfill off the road annually.
Tuesday, January 09, 2007
Happy New Year
Hello all! I hope you had a nice Holiday. We were off to London to see family and friends. Spent New Years Eve in a friend’s restaurant called “The Tasting Room” in London Ontario on Richmond Street. Check it out if you find yourself in the area. The proprietors, Carl and Pam are sure to show you a great time!
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