GTA real estate proves resilient during first six months of 2009, says RE/MAX

In the midst of the recession, approximately twenty per cent of single-detached homes and condominiums in Greater Toronto Area neighbourhoods managed to post an increase in average price, according to RE/MAX.

Mississauga, Ontario (July 28, 2009) - In the midst of the recession, approximately 20%of single-detached homes and condominiums in Greater Toronto Area neighbourhoods managed to post an increase in average price, according to RE/MAX.
The RE/MAX Return on Investment Report found that 11 (17 per cent) of the 65 Toronto Real Estate Board (TREB) districts reported an upswing in the value of a single-detached home in the first six months of 2009, despite one of the worst first quarters on record. The Beach (E02) saw the greatest percentage increase year-over-year at 3.79 per cent, with average price rising to $715,422, up from $689,278 in June, 2008. Pickering (E13) placed second, with the average price of a single-detached home climbing 3.72 per cent to $389,536, up from $375,577 from one year earlier. Willowdale, Newtonbrook (C14) ranked third, with a single-detached home rising in value from $754,470 to $779,537 -- a 3.32 per cent increase. Rounding out the top five neighbourhoods are newcomers Downsview, Weston (W04) – where prices have climbed 2.25 per cent to $384,485 from $376,007, and Rouge, Malvern (E11) where a 1.99 per cent uptick has brought year-to-date housing values to $345,468 (from $338,738).
“Purchasers clearly moved to take advantage of greater affordability in the marketplace in the first half of the year,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Prices were down in virtually every neighbourhood surveyed; supply of homes listed for sale was at an all-time high; and interest rates were at historic levels. If you’re a buyer, it doesn’t get much better than that.”
Given their more affordable price point, condominium properties fared slightly better than single-detached homes, with 13 (22 per cent) of 59 TREB districts posting an increase in average price. Condos in Cliffcrest, Guildwood (E08) in the city’s east end saw the greatest appreciation in value, with average price climbing 6.45 per cent to $175,855, up from $165,197 one year ago. North Toronto, Cricket Club (C04) ranked second with a 6.1 per cent increase in average price, bringing condominium values to $301,065 (up from $283,746). Downsview, Weston (W04) clinched third spot, with a 4.37 per cent increase in average price to $173,083 in June 2009, up from $165,834 one year earlier. Mississauga’s thriving Port Credit community (W12) experienced a 2.63 per cent increase in condominium values year-over-year – with average price hovering at $304,954. Bendale, Woburn, and West Hill comprise E09, where the average price of a condo appreciated 2.46 per cent over figures reported one year ago to $201,830.
“But that was then and this is now,” says Polzler. “Lower inventory levels combined with increased demand -- comparable to what we’ve seen in recent months -- is expected to place renewed pressure on housing values for the remainder of the year. As a result, average prices are forecast to be at par or slightly ahead of last year’s levels by year-end in almost all neighbourhoods.”
Case in point is areas like Toronto’s east end, where bidding wars are breaking out on single-detached properties daily. The average sale-to-list price ratio in E01 and E02 approaches 100 per cent. Average prices are up in four of the 18 East District neighbourhoods. Overall average price in the east is down less than one per cent to $346,597 from the January to June 2008 figure.
The areas with the highest percentage decreases in the average price of a single-detached home have also seen the greatest increases in the number of properties sold. The overall average price of a single-detached home fell by 5.17 per cent in the Central District to $884,036, down from $932,198 one year ago, while the North District dropped 4.49 per cent in value to $526,693, down from $551,452 in June 2008. Sales are up in both areas, with 2,000 homes changing hands in the central area (up 4.28 per cent over one year ago) and 4,249 properties sold in the north (up three per cent from June 2008).
Only one district reported an overall increase in the average price. Condominiums in the North District – comprised mostly of York Region – posted a 0.26 per cent increase in values – and now hover at $275,822, compared with $275,113 one year ago.
“The momentum going forward is expected to be healthy – buoyed by positive economic data and a return to stability in the financial sector,” says Polzler. “There may be some bumps along the road, but all in all, the worst is over for the residential real estate in the Greater Toronto Area.”

One in five neighbourhoods have surpassed pre-recession average price levels.

TORONTO, July 20, 2009 - In the first two weeks of July, Greater Toronto REALTORS®

TORONTO, July 20, 2009 - In the first two weeks of July, Greater Toronto REALTORS® reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.
"The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July," said TREB President Tom Lebour. "If the mid-month results carry forward, we may see the best July on record."
Year-to-date sales, at 45,213 are down four per cent compared to 2008. Average price, at$384,645 is down one per cent.
"The GTA housing market has held up very well this year given the current economic climate,especially relative to past economic slow-downs," explained Jason Mercer, TREB's SeniorManager of Market Analysis.

GTA Resale Housing Market Posts Best June on Record

This is the best news so far in the Real Estate Industry!!

The Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales inJune was 100,700.1"The record result in June is testament to the fundamentally sound housing market in the GTA,"said the Toronto Real Estate Board’s newly appointed President Tom Lebour. "An increasingnumber of households have been confident in purchasing a home in the region’s affordable anddiverse resale housing market."The average price for June transactions was $403,972 – up by two per cent compared to thesame month last year."The re-emergence of seller’s market conditions has exerted upward pressure on home prices,"explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for sales to remainhigh relative to listings in the second half of the year. This will keep home prices growing."

For a complete copy of the Market Watch visit http://www.zeeniakola.com/ShowResources.cfm?TypeOfPage=5&Page=1

or contact Zeenia Kola : 905-828-3434

The New Reality for Real Estate Agents and Real Estate Market reported by Re/max Ontario Atlantic

I thought I would share this article with you which I received today from Michael Polzler, the regional director of RE/MAX Ontario Atlantic.This tells us how our housing market is currently doing and what is predicted for the short term. It also tells us what we real estate agents need to do in order to survive in this business.

Dear Sales Associates, Broker Owners, & Managers:

Real estate - The new market reality

As stability returns to residential real estate markets across the country, realtors and their customers are breathing a sigh of relief. The carnage south of the border has failed to materialize in Canada and all indicators - economic and otherwise -- point to a housing market on the upswing.

These have been trying times for our industry. Realtors that bought into the negativity in the marketplace from September 2008 to March 2009 now find themselves in a precarious position. No listings, no clients, no money. The 'paralysis by analysis' approach of letting fear limit progress has few benefits. Those that stayed the course over the period-pressing forward despite obvious challenges, adjusting to conditions, employing new strategies, creating solid business plans, farming entire neighbourhoods, and aggressively listing properties--are now ideally positioned. Realtors, who stepped up, instead of standing back, are now reaping the rewards.

The same held true for purchasers. Buyers who moved in the midst of uncertainty, ignoring warnings from doom and gloom forecasters, economists and naysayers, snapped up some of the best real estate deals this market has seen in years. By contrast, those who panicked and chose to sit it out on the sidelines are now facing rising interest rates and-in some markets-limited inventory levels.

With national resale housing market activity returning to pre-recession levels in May, it would seem that we've come through the worst of the financial meltdown, with the real estate correction nearing an end. The number of positive indicators is very encouraging. However, recovery is still underway, and there may still be some bumps along the road. Nevertheless, the buoyancy in the marketplace took economists by surprise. Just over half of all major markets reported an increase in unit sales in May over year-ago levels. Consumer confidence continues to strengthen across the board. While the summer months are approaching, it is important to remember that there is still much work to be done. This is not the time to take your eye off the ball.

Ours is a market-a business-that must, by necessity, continually evolve. We know by experience that the real estate climate can change quickly, as evidenced by events such as 9-11 and the current financial crisis. However, a smart realtor is one that is always prepared-never taking a good market for granted, always employing strong business fundamentals to ensure that, while markets may suffer, his/her career will not. To that end, going forward, we may all have to go a bit further, work a bit harder, and persevere to maintain a competitive edge. While some may view this a time to survive, there's no question that, for those who are savvy, it can very well be a time to thrive.

Thank you for reading,

Zeenia Kola,
Sales Representative

Re/Max Realty Specialists Inc., Brokerage
2691 Credit Valley Rd, Mississauga, ON, L5M 7A1

Ph: 905-828-3434
Email: zeenia@zeeniakola.com

GOOD NEWS!!! GTA Resale Housing Sales Up 19% in the First Half of June

Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19% compared to the same period last year. "Households in the GTA have become more confident in purchasing a home over the past 3 months," said TREB President Maureen O’Neill. "Affordability, due in part to very low borrowing costs, has played a key role."

The average price for MLS® sales was $407,716, up by 2% compared to last year."Heightened interest in ownership housing this spring has solidified resale home prices,"according to Jason Mercer, TREB's Senior Manager of Market Analysis. “The number of homebuyers has been high relative to the number of listings, pushing the average price above lastyear's level.”

For a complete copy of the Market Watch Report visit http://www.zeeniakola.com/

For Further details contact:
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Ph: 905-828-3434
or
Email: zeenia@zeeniakola.com
or
http://www.zeeniakola.com/AgentProfile/contactme.cfm

Give Your Home an Inexpensive and Fun Makeover This Summer

Many homeowners want to change their home’s decor but think they can’t afford it. Some even feel they should use the money to pay off their mortgage. However, revamping your home decor doesn't have to cost you a bundle. All it takes is creative thinking—colours, placement, and the mood you want to set. You'll be surprised how small changes can add flavour to your lifestyle without spending a lot of money.

Simplicity is bliss
Less means more in terms of style and overall look. Clutter-free spaces make your home appear larger in size. So the first step of any makeover should be to tidy up. Store away any item that you will not need for the season like heavy blankets and clothing.

Cover your furniture
Slipcovers give any room a fresh new makeover. Not only do they conceal old upholstery, but changing the entire colour palette of the room becomes a snap. In addition, slipcovers are inexpensive and easy to clean.

Dark colour furniture creates a warm, cozy feeling in the winter but might be a bit too much for summer. Simply toss on a white slipcover to create a cool atmosphere for those humid days.

The trick with slipcovers is to use them to match furniture pieces—both in colour and style. Change the hues in your room to transform the mood. Turn an old couch into a beautiful new sofa. The possibilities are endless.

Add flair with pillows
It is always a wise investment in furniture to go with neutral shades because the classic look will never go out of style. However, that doesn’t mean you have to sacrifice fashion for function. Pillows are an excellent way to bring current design trends into your home without breaking your budget. Select pillows in different sizes, patterns, and textures to add some flair to your rooms.

Get an area rug
Area rugs are a great example of how you can creatively redecorate your home without making permanent changes. Area rugs do two jobs; they make your room cosier and add a touch of sophistication.

Don’t invest in expensive and huge carpets. Select something that won’t challenge your space, but rather complement it.

Create ambiance
Beyond creating a very romantic mood in your home, candles are an easy way to make your environment more pleasing to the eye. Don’t be a slave to symmetry. Buy candles in all shapes and sizes from pillars to tea lights. Choose your colour palette based on the season: autumnal burgundies and browns for the colder months, peaches and pastels for summer time.

Bring the outdoors inside
What better way to bring the outdoors in than growing a windowsill garden right in your own home. Select your own seeds, from petunias to lush marigolds. You're guaranteed cheerful blooms all year round!

Not only do plants add grace to your look, but research shows they also improve your health. Plants work hard to clean your air of toxins and reduce stress.

Add flavour to walls
People have a love/hate relationship with wallpaper. Truthfully, there is nothing easier to install than wallpaper to create that instant wow-factor. Nowadays wallpaper coverings have come a long way in both patterns and colours, so you really can find a style that suits your tastes. You don’t need to wallpaper your entire living space; instead, select one of two parallel walls to cover that will complement your existing decor.

Make it picture perfect
You can make a bold statement in your home’s décor by simply picking up a few basic and inexpensive picture frames. Then, buy a whole selection of patterned wrapping paper (yes, the kind you use to wrap presents!) to frame. It’s an easy and interesting way to add a bit of interest to an otherwise standard-looking wall.

Create visual effects
Place large glass jars or carafes of various sizes around the house. Fill with delicious home-baked cookies, pastas, legumes, and other colourful food, or display vibrant fresh blooms. You can even fill the jars based on the season. For example, cinnamon hearts in February and candy canes at Christmas.

Lighten up your space
Lighting is the most important aspect of a home makeover. The right mix of lights can bring a room to life. Pay attention to your kitchen since it's the gathering spot in most homes.

If you've given your home a complete makeover and it still doesn't feel right, the problem may be your selection of lighting.

By incorporating some of the above ideas, you can inexpensively transform your home into a comfy, cozy haven that you will be proud to share with your family and enjoy with friends.

If you are thinking of making a move or just curious about what I may have to offer, please feel free to contact me at any time. It will be my pleasure to answer your questions.

Contact Zeenia Kola at 905-828-3434

Re/Max Realty Specialists Inc., Brokerage

Contact me by email: http://www.zeeniakola.com/AgentProfile/contactme.cfm

I can help you save time and money by shopping smarter:

http://www.zeeniakola.com/createnewclientuserid/whyregister.cfm

Ontario - Record-breaking number of resale homes sold in May

Toronto, June 2, 2009 – Greater Toronto REALTORS® reported 9,589 sales in May which is almost 2% up from May 2008—the first annual increase since December 2007.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for May transactions was $395,609—down less than 1% compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

Ottawa, June 3, 2009 – Members of the Ottawa Real Estate Board sold 1,969 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,896 in May 2008, an increase of 3.9%. That number also represents a 19% increase over the 1,594 sales recorded in April 2009.

Of those sales, 348 were in the condominium property class, while 1,621 were in the residential property class. The condominium property class includes any property, regardless of style (i.e., detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“This was the best May on record for residential resale home sales in Ottawa,” said Board President Rick Snell. “Homes in every price range are selling well, from starter homes to luxury properties. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market,” he added.
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $312,045, an increase of 5.3% over May 2008. The average sale price for a condominium-class property was $231,351, an increase of 4.6% over May 2008.

The average sale price of a residential-class property was $329,368, an increase of 4.7% over May 2008. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.


For a complete copy of the Market Watch visit www.zeeniakola.com

If you have any questions or observations please do feel free to contact
Zeenia Kola
905-828-3434
or
email me at : zeenia@zeeniakola.com