Toronto, November 3, 2010 - Greater Toronto REALTORS® reported 6,681 sales through the Multiple Listing Service® (MLS®) in October 2010. This represented a 21% 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 1% 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% of total sales in the City of Toronto and almost 60% 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% of transactions."
The average price for October transactions was $443,729 – up 5% 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 median price was $366,000 in October, from the $357,000 recorded during October of 2009.
For a detailed report for the month of October click here.
Regards, Zeenia Kola Sales Representative with Re/Max Realty Specialists Inc., Brokerage Email: zeenia@zeeniakola.com Ph: 905-828-3434 Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1 website: http://www.zeeniakola.com/ Facebook Link
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For Further Information Contact: Zeenia Kola Sales Representative with Re/Max Realty Specialists Inc., Brokerage Email: zeenia@zeeniakola.com Ph: 905-828-3434 Add: 2691 Credit Valley Rd, #101, Mississauga, L5M 7A1 website: http://www.zeeniakola.com/ Facebook Link
A Great Article by the President of the Toronto Real Estate Board, Bill Johnston in Toronto Star. When it comes to character, you just can't beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.
From the roof to the foundation, a number of innovative building practices often go into constructing today's greenest homes.
Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials. Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home's poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.
If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly. Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you're not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.
A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.
Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.
If you're planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.
In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets. Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home's energy efficiency as well.
Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.
Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements.
Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.
The Bank of Canada has announced today that it is raising its overnight rate by 25 basis points. That changes the overnight rate from 0.75% to 1%. This change in the overnight rate has a direct effect on the prime lending rate, which will now jump from 2.75% to 3.00%.
In recent weeks, many reports have come out projecting smaller than projected growth, although many top economists still believed that the Bank of Canada would increase the key rate. As outlined in the press release "the global economic recovery is proceeding but remains uneven, balancing strong activity in emerging market economies with weak growth in some advanced economies".
Future forecasts for growth in Canada expect growth to be solid and business investment is expected to rise. From the press release, the Bank of Canada believes that the economic recovery will be more gradual than the previous Monetary Policy Report, which was released in July 2010, mainly in part due to the weakness in the United States.
Even amidst the report of slowing economic growth, the Bank of Canada determined that allowing a 25 basis point increase would still allow for stimulation, even though there may be some financial tightening. The increase in the prime rate is one key way that the Bank of Canada tries to control the inflation rate within the country, in order for it to stay around 2%.
This rate increase of 25 basis points is the third consecutive rate increase since June 1st, 2010. Canada was the first from the Group of Seven to begin increasing interest rates, and previous publications by the Bank of Canada predicted Canada to be leading the way in terms of the global economic recovery.
However, the Bank of Canada heeded in saying "any further reduction in monetary policy stimulus would need to be carefully considered in light of the unusual uncertainty surrounding the outlook". Most economists have now tightened their forecasts for future rate increases.
Since the rate hike announcement at the policy meeting, the Canadian dollar has increased 1.09 cents, sitting at 0.9650 cents US by midday Wednesday. The Toronto Stock Exchange also felt some gains of about 0.2%.
The next scheduled date for the Bank of Canada to announce the overnight rate is scheduled for October 19, and an updated Monetary Policy Report will be released on October 20, 2010.
Current home owners with a variable mortgage are most likely wondering what this all means in terms of their existing loan. Variable rate mortgages are based on Prime lending rate minus or plus a specific amount.Contact your Accredited Mortgage Professional, Mortgage Broker today to find out more about your available mortgage solutions.
The Canadian resale housing market continues to ease up. July sales dropped significantly when compared with the same month last year. This slow-down is not surprising in the face of tighter mortgage regulations and rising interest rates. "The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring," said Toronto Real Estate Board (TREB) President Bill Johnston. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price.
Ontario - Sales and new listings down, average price up in July
Toronto, August 5, 2010 - Greater Toronto REALTORS® reported 6,564 sales in July – a 34% dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002. Total sales through the first seven months of 2010 were up 12% compared to the same period in 2009. Despite the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009. Over the first seven months of 2010, the average selling price was up 12% annually to $432,253. "Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price," said Jason Mercer, TREB's Senior Manager of Market Analysis. In July, the median price was $361,000, from the $339,900 recorded during July of 2009.
Urea-formaldehyde foam insulation (UFFI) was developed in Europe in the 1950s as an improved means of insulating difficult-to-reach cavities in house walls. It is typically made at a construction site from a mixture of urea-formaldehyde resin, a foaming agent and compressed air. When the mixture is injected into the wall, urea and formaldehyde unite and "cure" into an insulating foam plastic.
During the 1970s, when concerns about energy efficiency led to efforts to improve home insulation in Canada, UFFI became an important insulation product for existing houses. Most installations occurred between 1977 and its ban in Canada in 1980.
Why Was UFFI Banned?
In the insulating process, a slight excess of formaldehyde was often added to ensure complete "curing" with the urea to produce the urea-formaldehyde foam. That excess was given off during the curing, almost entirely within a day or two of injection. Properly installed, UFFI might not have resulted in any problem. Unfortunately, however, UFFI was sometimes improperly installed or used in locations where it should not have been. Enough complaints were received, particularly from people living in small, well-sealed homes, that Canadian authorities became concerned about possible health implications. The further use of UFFI was banned in 1980.
What Is Formaldehyde?
Formaldehyde is a pungent, colourless gas commonly used in water solution as a preservative and disinfectant. It is also a basis for major plastics, including durable adhesives. It occurs naturally in the human body and in the outdoor environment. Formaldehyde is used to bond plywood, particleboard, carpets and fabrics, and it contributes to "that new house smell." Formaldehyde is also a by product of combustion; it is found in tobacco smoke, vehicle exhaust and the fumes from furnaces, fireplaces and wood stoves.
While small amounts of formaldehyde are harmless, it is an irritating and toxic gas in significant concentrations. Symptoms of overexposure to formaldehyde include irritation to eyes, nose and throat; persistent cough and respiratory distress; skin irritation; nausea; headache; and dizziness.
Health Canada has determined that 0.1 parts per million (ppm) is a safe level of formaldehyde in the home. Sensitivity to this level may vary based on individual age and health.
Should You Be Concerned About UFFI Today?
Tests show that UFFI is not a source of over-exposure to formaldehyde after the initial curing and release of excess gas. As it was last installed in 1980, it would certainly not be causing excess indoor formaldehyde today. Houses with UFFI show no higher formaldehyde levels than those without it. However, if UFFI comes in contact with water or moisture, it could begin to break down. Wet or deteriorating UFFI should be removed by a specialist and the source of the moisture problem should be repaired.
In new or other well-sealed houses, significant indoor formaldehyde levels may still occur when new carpets or wood composite materials, such as plywood, particleboard and waferboard, are used in home construction, cabinetry and furnishings. These are the most likely sources of high formaldehyde levels in the home today.
If you are asked for a UFFI declaration
Since 1993, a UFFI declaration has not been required for mortgage insurance under the National Housing Act. However, a UFFI declaration may still be requested as part of a real estate listing or an agreement of purchase and sale. Even though UFFI should not be a cause for concern, you may, depending on where you live in Canada, be asked to declare whether or not it is in your home.
Some home inspectors will have the training or experience to identify UFFI. You can make a physical check of the home yourself. Look for a series of small patched holes, 1.2 to 2 cm (1/2 to 3/4 in.) across, at regular intervals on exterior or interior walls. Foam may be obvious where floor joists meet the exterior walls of the basement or around electrical outlets or switch plates. These indicators do not necessarily mean that UFFI is present, but they may alert you to the possibility.
TORONTO, August 5, 2010 ‐ Greater Toronto REALTORS® reported 6,564 sales in July – a 34% dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002. “The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston. Total sales through the first seven months of 2010 were up by 12% compared to the same period in 2009. Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a 6% increase over July 2009. Over the first seven months of 2010, the average selling price was up 12% annually to $432,253. “Market conditions promoting annual growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
For Further Information Contact: Zeenia Kola Sales Representative with Re/Max Realty Specialists Inc., Brokerage Email: zeenia@zeeniakola.com Website: www.zeeniakola.com Ph: 905-828-3434 Add: 2691 Credit Valley Road, Mississauga, L5M 7A1
June 3, 2010 -- Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a 1% dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”
New listings were up 38% annually to 18,940. The average price for May transactions was $446,593 – up 13% compared to the average of $395,609 recorded in May 2009.
“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”
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For further Information Contact: Zeenia Kola Sales Representative with Re/Max Realty Specialists Inc., Brokerage Add: 2691 Credit Valley Road, Mississauga, ON L5M 7A1 Ph: 905-828-3434 Email: zeenia@zeeniakola.com Website: www.zeeniakola.com
Yesterday the Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34% increase compared to April 2009. There were also 20,683 new listings in April – a 59% annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”
The average price for April transactions was $437,600 – up 13% compared to the average of $385,641 recorded in April 2009. Click here for complete details.
"Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
69 per cent of markets set records for best-ever first quarter sales
Mississauga, ON (April 26, 2010) – Luxury home sales soared in the first quarter of 2010 as affluent purchasers moved to take advantage of favourable market conditions across the country, according to a report released today by RE/MAX. The RE/MAX Upper End 2010 Report, highlighting sales and trends in 13 major Canadian centres and five sub-markets, found that improved economic performance, increased personal wealth, immigration and foreign investment all contributed to a serious upswing in sales. Virtually all areas experienced double and triple-digit increases between January and March of this year over 2009 figures for the same period. Nine out of the 13 markets examined (69 per cent) shattered existing records – setting new all-time highs for first quarter activity in the upper end. “Real estate continues to resonate with purchasers at every price point,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “With the top end of the market shifting into high gear, every segment of the residential real estate sector is now operating in tandem. Despite the upward momentum, there are still deals to be had – especially at the higher price points—a fact that is motivating buyers to act.”
While comparisons are being made to one of the worst first quarters on record – it’s important to note that the bounce back in many areas – including Greater Vancouver, Victoria, Winnipeg, London-St. Thomas, Greater Toronto, Ottawa, Montreal (Island), Halifax-Dartmouth, and St. John’s -- exceeds record levels reported in years past. Leading in terms of percentage increase in sales is Kelowna (700 per cent), Montreal (Island) (300 per cent), Victoria (275 per cent), Greater Toronto (263 per cent), Greater Vancouver (184 per cent), Hamilton-Burlington (169 per cent), Edmonton (164 per cent), London-St. Thomas (125 per cent), and Ottawa (121 per cent). “Recovery in the upper end has been nothing short of remarkable,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “This segment of the market was hardest hit when the recession took hold—yet its comeback has been fast and furious. There is no doubt that mindset has changed and confidence has returned. One only has to look at the percentage increases to see the current upward trajectory.”
Economic performance has been a major driver, boosting consumer confidence levels across the board. The tangibility of bricks and mortar has also played a role in record activity – a development that began in 2008 as affluent purchasers reduced their exposure to equities and shifted their earnings into real estate holdings. Recovering stock markets – and portfolios – in the months ahead will further contribute to housing market activity. “Luxury sales as a percentage of the market have been steadily increasing in recent years – with the exception of 2009,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “With the return to economic growth, it’s expected that the number of high net worth individuals will begin to rebound, following two years of consecutive decline. This will continue to help prop up Canada’s luxury market going forward.” Immigration and foreign investment have also had an impact on the luxury segment – and in some markets, seriously bolstered sales. Middle Eastern buyers, Mainland China investors, and Europeans— to a lesser extent—are represented in virtually every market across the country. Canada’s sound banking system, political stability, and strong dollar are attracting foreign investment – and that is spilling over into high end residential real estate. Most active in 2010 were business executives, entrepreneurs, and professionals. Location was first and foremost among upper-end buyers, followed by a preference for newer homes or those that are turnkey (completely renovated). With the exception of Toronto, buyers could be relatively particular and take their time in making decisions as balanced conditions characterized markets across the board. Given adequate supply, prices are likely to hold steady or experience modest increases in the majority of markets in 2010. Canada’s most expensive luxury markets are shared equally among East and West, with Greater Vancouver topping the entry-level price point for high-end homes at $2 million, followed by $1.5 million in Greater Toronto and Montreal (Island). Upper-end value markets were most abundant in Atlantic Canada and smaller centres in Ontario, where luxury home prices started at $400,000 in St. John’s, $450,000 in Halifax-Dartmouth, $500,000 in London St. Thomas, and $750,000 in Ottawa and Hamilton- Burlington. Winnipeg and Edmonton represented good value in the West at $500,000 and $850,000 respectively. Greater Vancouver holds the title for the most expensive home sold through MLS in the first quarter. The property—an 11,600 sq. ft. home on ¾ of an acre on the city’s Westside, changed hands for $10.06 million. Other noteworthy sales include: $7.25 million in the Greater Toronto suburb of Mississauga, $6.25 million in Toronto’s central core, $5.75 million in Calgary, $5.5 million in Montreal (Island), and $5.3 million in White Rock/South Surrey. The priciest MLS listings could be found in West Vancouver ($29.9 million), Greater Toronto ($23 million in Bridle Path), Vancouver Westside’s Shaughnessy area ($22 million) and Victoria ($19 million).
TORONTO, April 16, 2010 – Greater Toronto REALTORS® reported 4,601 sales through the Multiple Listing Service® (MLS®) during the first two weeks of April. This represented a 25% increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512. “The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour. "Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price." The average price for April mid-month transactions was $430,271 – up 12% compared to the average of $383,361 recorded during the first 14 days of April 2009. "The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. "As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”
Warm Regards, Zeenia Kola Sales Representative with Re/Max Realty Specialists Inc., Brokerage 2691 Credit Valley Road, Mississauag, L5M 7A1 Ph: 905-828-3434 Email: zeenia@zeeniakola.com Website: www.zeeniakola.com
The City of Mississauga, in partnership with Enersource and Tim Hortons, is encouraging residents and businesses to join the fight against climate change by participating in
Earth Hour
Saturday, March 27, 2010
From 8:30 p.m. to 9:30 p.m.
Residents and businesses can participate by turning off all non-essential lights and electrical appliances in the home and office. Last year, the City saw a 9% reduction in energy consumption during Earth Hour. This year we are challenging the community to double that and help us reach 20 per cent. We are encouraging everyone to get involved and to think about what more they can do for Earth Hour this year.
For the first time ever, the City of Mississauga will be holding an event to celebrate Earth Hour. The event will feature many great youth oriented performances all leading up to the grand finale, which will be a performance by Canada’s latest breakthrough country star, Marshall Dane. Light refreshments will be served at this free event. All are welcome!!
Event Details: Date:Saturday, March 27, 2010 Time:7:30 p.m. to 9:30 p.m. Location:Mississauga Civic Centre, Great Hall (Duke of York Blvd. & Burnhamthorpe Rd)
Regards,
Zeenia Kola
Sales Representative with Re/Max Realty Specialists Inc., Brokerage
Add: 2691 Credit Valley Road, Mississauga, L5M 7A1
Purchasing a new home is one of the biggest investments you’ll ever make. Before making an offer, make sure you’re ready to take on all the financial and emotional responsibilities. To help you make an informed decision, ask yourself the following questions (Courtesy of CMHC):
Are you Financially Ready? To avoid unpleasant surprises down the road, take time now to calculate your net worth, current household budget and monthly debt payments. This information can help you assess your current financial situation and decide how much house you can afford. As a general rule, your monthly housing costs (including mortgage principal and interest, taxes and heating) shouldn’t add up to more than 32% of your gross household monthly income. In addition, your entire monthly debt load shouldn’t be more than 40% of your monthly income.
How much will your home actually cost? You need to take into account all the costs related with home ownership, including up-front costs like mortgage loan insurance premiums, appraisal and home inspection fees, legal fees, moving expenses and a down payment, as well as ongoing costs like maintenance and repairs, emergency savings, and condo or strata fees.
What Kind of Mortgage is Right for you? Depending on the size of your down payment, you may have either a conventional or high ratio mortgage. You also need to choose the term and amortization period for your mortgage, work out a payment schedule, decide whether you prefer a closed or open mortgage, and choose between a fixed, variable or adjustable interest rate. To make these decisions easier, it’s a good idea to select a lender and get pre-approved for a mortgage before you begin your home hunt.
Warm Regards, Zeenia Kola Sales Representative with Re/Max Realty Specialists Inc., Brokerage 2691 Credit Valley Road, Mississauag, L5M 7A1 Ph: 905-828-3434 Email: zeenia@zeeniakola.com Website: www.zeeniakola.com
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The Greater Toronto Area’s spring real estate market is just weeks away and many analysts anticipate that it will be a busy one.
It is expected that the number of properties available for sale will increase as homeowners react favourably to recent months’ activity. It’s also likely that the market will have more homebuyers, prompted to make a purchase before the added costs of the Harmonized Sales Tax (HST) take effect on July 1st.
If you’re planning on making a venture into the market this year, now could be the time to undertake improvements, which if carefully planned, can increase the value of your home considerably.
Most of us know that kitchens, bathrooms and a fresh coat of paint inside and out, offer the best return on investment. According to the Appraisal Institute of Canada, you can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Painting can return 50 to 100 per cent of your investment.
While these are typically low risk investments, a number of factors can influence the gains you achieve with other types of renovations. Location is one such consideration. The completion of a basement recreation room for example, can generally return 50 to 75 per cent of expenses, depending on the preferences of future buyers in your area. In a predominantly seniors community its value could be considerably limited.
It’s also important to consider your home’s most crucial needs. Window and door replacement may offer a return of 50 to 75 per cent, but if your existing units are broken, this home improvement should take priority on your project list. Where glaring needs are concerned, the value associated with your home’s overall impression outweighs specific project returns.
When deciding whether to continue with functional renovations though, it’s also important to consider that significant government rebates are available for many energy efficiency improvements.
There are some improvements that we undertake simply for our own enjoyment, like a swimming pool, from which you can get back up to 40 per cent of your investment or landscaping, which is likely to offer a 25 to 50 per cent return. Despite the limited gains they may offer individually, these types of improvements can also make an important contribution to your property’s overall image.
Consider as well that not all of your renovations need to be sizable. Even minor improvements like new light fixtures; cabinet hardware or faucets can give your home a contemporary look.
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This is the latest report from our Toronto Real Estate Market and shows that our market is very strong.
March 3, 2010 -- Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.
“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”
New listings also increased in February, climbing 24 per cent compared to the same month last year.
“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”
If you want the statistics or the chart for the February Month, please don't hesitate to contact me.
When it comes to character, you just can’t beat the charisma of an older home. Newly constructed homes however, come with their own unique assets, one of the most remarkable of which is energy efficiency.
From the roof to the foundation, a number of innovative building practices often go into constructing today’s greenest homes.
Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.
Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home’s poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.
If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly.
Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you’re not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.
A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.
Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.
If you’re planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.
In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets.
Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home’s energy efficiency as well.
Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.
Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full benefit of a number of government rebates for energy-saving home improvements.
Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.
This is the latest press release from Re/Max regarding the real estate market. Lack of inventory in Mississauga is going to set stage for heated Spring Market!!
Low inventory levels set stage for heated Spring market in most major Canadian centres, says RE/MAX
Active listings down in 81 per cent of markets in January
Mississauga, ON (February 24, 2010) - Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.
The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.
"There have never been so many motivating factors in play at once," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "We're in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies."
Regards, Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage. Ph: 905-828-3434 Website: www.zeeniakola.com Email: zeenia@zeeniakola.com
Jim Flaherty announced today plans to tightened mortgage lending rules which will take into effect on April 19, 2010. Please read below. I have also included a globe and mail link at the bottom of the page.
The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.
"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."
The Government will therefore adjust the rules for government-backed insured mortgages as follows:
Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.
"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.
For further information contact: Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage. Ph: 905-828-3434 Website: www.zeeniakola.com Email: zeenia@zeeniakola.com
February 12, 2010 -- No matter where your travels take you throughout the Greater Toronto Area these days, you’ll find that real estate is on many people’s minds.
From office lobbies to restaurants to subway trains, snippets of conversations about the market can be heard. This is a reflection of how profoundly our city’s real estate market affects all of us. Indeed, the quick bounce back in the real estate market (GTA and Canadian) contributed greatly to the recovery experienced in the economy to date. The Canadian Real Estate Association estimates that each resale home transaction in Canada results in over $46,000 in additional spending across many different sectors of the economy. Obviously, this spending also helps with keeping people employed and creating new jobs as we continue to recover from the recession.
Regardless of whether you’re planning a move in the near future, it’s important to keep up to date on the GTA real estate market as it has such a tremendous impact on the broader economy. In January, 4,986 homes changed hands throughout the Greater Toronto Area. This figure far exceeds last January’s 2,670 sales, which took place in the depths of our short-lived recession. Most significantly, it is comparable to January 2008’s 5,075 transactions and the 5,173 sales that took place in January 2007, the latter of which was the strongest year on record. Breaking down the numbers, there were 1,973 sales in the 416 Area and 3,013 transactions in the 905 Region last month.
Condominium apartments comprised 47 % of all sales in the 416 and nearly 13 % of all 905 transactions last month. By contrast, at this time a year ago condominiums comprised 43 % of 416 sales and 11 % of 905 transactions, despite the fact that in last year’s struggling economy, a condominium purchase may have been a more affordable option for many homebuyers. Condominium living is becoming an increasingly popular option for a broader array of households in the GTA.
With respect to prices, there is more encouraging news. Currently, the average price of a home in the GTA is $409,058, which represents a 19 % increase over the January 2009 average price of $343,632. The increase was even more significant in the 905 Region, where last January’s average price of $328,935 rose more than 20 % to $396,556 last month. In the 416 Area the average price rose 17 % from $364,416 a year ago to $428,151 in January.
There are currently 12,052 resale homes available for sale throughout the GTA as compared to 20,450 a year ago. As we move toward the spring market though, we can expect more listings as homeowners react favourably to recent months’ activity. The average home price will continue to grow in the GTA, but at a more moderate pace.
To find out more about market conditions in your specific neighbourhood, give me a call or send me an email and I can advise you on recent sales in the area so that you can make informed decisions when planning your next move.
Zeenia Kola with Sales Representative with Re/Max Realty Specialists Inc. Brokerage. Ph: 905-828-3434 Website: www.zeeniakola.com Email: zeenia@zeeniakola.com
TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the 5 years preceding 2009.
“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.
“Increasingly confident consumers moved to take advantage of affordable home ownership.” The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.
“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower in the second half of 2010.”
