National home sales rise in March

OTTAWA – April 16, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity edged higher in March 2012.

Highlights:•Home sales rose 2.5% from February to March.
•Actual (not seasonally adjusted) activity stood 1.6% above levels in March 2011, the smallest year-over-year increase since last April.
•The number of newly listed homes eased 0.3% from February to March.
•While still well balanced, the national housing market tightened due to the rise in activity.
•The national average home price edged down 0.5% on a year-over-year basis in March.
Sales activity over MLS® Systems of Canadian real estate Boards and Associations rose 2.5 per cent from February to March 2012. The increase lifted national activity to its highest monthly level since April 2010.
Activity in March was up from the previous month in two-thirds of all local markets, with Toronto, Calgary, and Edmonton contributing most to the national increase.
Actual (not seasonally adjusted) activity stood 1.6 per cent above levels in March 2011, the smallest year-over-year increase since last April. It reflects moderate gains in a number of major centres, including Toronto, Calgary, Montreal, Ottawa, and Quebec City. Increases in these housing markets offset larger declines in Vancouver and the Fraser Valley, where activity last year ran at unusually strong levels.
A total of 108,373 homes traded hands in the first three months of the year. This is 5.0 per cent above the five-year average for first quarter sales, 3.8 per cent above the 10-year average, and 4.4 per cent above activity in the first quarter of 2011.
New listings were little changed following their uptick in February, having edged lower by 0.3 per cent on a month-over-month basis in March. The number of newly listed homes declined from the previous month in just over half of all local Canadian housing markets, and rose in almost all of the remainder.
“The spring housing market is off to a good start,” said Wayne Moen, CREA’s President. “The number of sales and newly listed properties are up from levels last year, and the vast majority of housing markets remain balanced. That said, all housing is local, so buyers and sellers should talk to their local REALTOR® to understand current and prospective trends where they live.”
The national housing market remains well balanced, although the monthly increase in sales activity caused the balance between supply and demand to tighten slightly.
The national sales-to-new listings ratio, a measure of market balance, stood at 55.1 per cent in March. This remains firmly in balanced market territory, but is up from 53.6 per cent in February. Based on a ratio of between 40 and 60 per cent, more than half of local markets were balanced in March.
The number of months of inventory stood at 5.7 at the end of March on a national basis, down slightly from 5.8 months in February. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.
The actual (not seasonally adjusted) national average price for homes sold in March 2012 was $369,677, representing a decline of one half of a percentage point from the same month last year.
“Average prices are up from year-ago levels in most large urban centres,” said Gregory Klump, CREA’s Chief Economist. “The slight decline in the national average price points to a tug of war between Toronto and Vancouver from the standpoint of their sales mix compared to last year.”
“The national average price was skewed higher last spring by record level high-end home sales in some of Vancouver’s priciest neighbourhoods. It was expected that this would not recur this spring, which the latest sales figures confirm. The decline in average price reflects the change in Vancouver’s sales mix, not housing price deflation.”
“At the same time, overall home sales activity in Toronto is stronger than it was last spring, and higher-end home sales are up from year-ago levels. Being by far the most active housing market in Canada, Toronto represents the single biggest factor supporting national average price compared to last year.”
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.
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/
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Another Strong Sales in Real Estate in Month of August

We have had yet another good month in August. Below is the Market Watch from Toronto Real Estate Board.

September 7, 2011 -- Greater Toronto REALTORS® reported 7,542 sales through the TorontoMLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

"Home sales in the GTA have stood up well despite a less certain economic outlook," said Toronto Real Estate Board President Richard Silver. "Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City's land transfer tax. This tax currently represents a substantial upfront cost for home buyers."

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August – up by more than 10 per cent year-over-year to $451,663.

"We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December," said TREB's Senior Manager of Market Analysis Jason Mercer. "Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year."

If you wish to get a detailed report you could contact me and I would be happy to email it to you.

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/
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What is UFFI?

What Is UFFI?


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.