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You've many mortgage options

With so many new mortgage features being introduced in the Canadian marketplace, the choices for the consumer are immense. Perhaps the most anxiety-ridden part of house hunting is figuring out how much you can afford. Your real estate Agent or a specialized Mortgage Consultant offers the expert, impartial mortgage advice you need, and can educate you on the range of mortgage types which are now available.

The formula used to be simple. For decades, the thinking was that your monthly mortgage payment, including taxes and insurance, should not exceed 28 percent of your gross pay, and that all your loans, mortgage included, should not exceed 36 percent. Lenders used that formula to qualify people for loans, and people relied on lenders to tell them what they could afford.

Today, lenders rarely use this cookie-cutter method. Some focus more on how much of a person’s monthly income goes toward paying off debt. Some do not use ratios at all. But whatever method lenders use, borrowers should play it safe and stick to the old formula, even if it means scaling back expectations.

You may need to start with a condominium or a small house, look at your purchase as the first investment, and then move up. Do not assume that because a lender is willing to loan you a certain amount of money, you should take all of it. Instead, assess your financial situation, make a budget and decide how much you can afford to sink into a mortgage each month.

Start by figuring out how much you now pay for housing. Do you have to pay the same amount on a home loan? Can you afford to pay more? If so, how much?

Below is some of the Mortgage options currently available in the Canadian Market:

Fixed Rate vs. Variable Rate Mortgages

With a fixed rate mortgage, the interest rate stays the same throughout the term of the loan, providing a measure of stability that some prefer. A variable rate mortgage can allow the borrower to take advantage of low rates as it typically has an interest rate that is calculated on an ongoing basis at the Bank of Canada prime lending rate minus a set percentage.

An Open or Closed Mortgage?

Open mortgages allow the borrower to pre-pay, renew or refinance at any time before maturity without penalties. A “closed” mortgage, on the other hand, usually allows for a set percentage of the principal to be prepaid without penalty. A “closed” mortgage may also be renegotiated or refinanced in most cases with the payment of a penalty which varies from lender to lender.

High-Ratio Mortgages

While a conventional mortgage is a loan for up to 80% of the purchase price of a property, a high-ratio mortgage allows you to borrow up to 95–100% of the purchase price. This type of mortgage must be insured.

The above-mentioned options are just a starting point – there are numerous other mortgage features to be explored, a specialized Mortgage Consultant will work with you to determine which mortgage best meets your individual needs and objectives.

November 29, 2007 in Arranging Mortgage Financing | Permalink | Comments (1) | TrackBack

Toronto Commercial Brokerage Sold

Even the big fish respect the tide.

Joseph J. Barnicke ruled Canada's commercial real estate market for nearly 50 years, and knew it was time to sell. Mr. Barnicke has kept his share of secrets in the nearly 50 years he has helped orchestrate commercial real estate transactions across Canada.

When a company wanted to pick up stakes and move to new quarters, sometimes across the country, the firm's president would often first pick up the phone and talk to Mr. Barnicke, swearing him to secrecy to work out the plan long before employees and shareholders found out.

Or, when the old Eatons department store chain wanted to expand to what was then a novel retail centre - a mall - it was Mr. Barnicke who cut through the red tape by quietly meeting with the political boss of the day.

Now that he's sold his company to British interests, there's no secret about what Mr. Barnicke wants to do - at 84, he would like to maintain a role with the company he founded in 1959 and built into a recognized powerhouse in commercial real estate, with 25 offices across Canada and 400 employees, including 175 at the Toronto head office.

See story by DANNY GALLAGHER in The Globe and Mail »

November 27, 2007 in Toronto Real Estate Update | Permalink | Comments (1) | TrackBack

Singer's condo hits a high note

Nine years ago, singer Alannah Myles was living in L.A., discontent with her business and personal circumstances. Then one weekend she packed up her belongings and moved back to Toronto.

"I moved around for about six months; one of the places offered to me by my real estate agent was this high-security building, so I jumped at it," she says.

See Kathryn Kates story from the Toronto Star »

November 25, 2007 in Real Estate Personalities | Permalink | Comments (0) | TrackBack

How much can I afford?

Knowing what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. In general, lenders don't want borrowers to spend more than 28 percent of their gross income per month on a mortgage payment or more than 36 percent on debts.

It pays to check with several lenders before you start searching for a home. Most will be happy to roughly calculate what you can afford and prequalify you for a loan.

The price you can afford to pay for a home will depend on six factors:

1. gross income

2. the amount of cash you have available for the down payment, closing costs and cash reserves required by the lender

3. your outstanding debts

4. your credit history

5. the type of mortgage you select

6. current interest rates

Another number lenders use to evaluate how much you can afford is the housing expense-to-income ratio. It is determined by calculating your projected monthly housing expense, which consists of the principal and interest payment on your new home loan, property taxes and hazard insurance (or PITI as it is known). If you have to pay monthly homeowners association dues and/or private mortgage insurance, this also will be added to your PITI.

This ratio should fall between 28 to 33 percent, although some lenders will go higher under certain circumstances. Your total debt-to-income ratio should be in the 34 to 38 percent range.

November 23, 2007 in Arranging Mortgage Financing | Permalink | Comments (1) | TrackBack

Tips for preparing your home for winter

As the winter season approaches and the air grows crisp, it's time to start thinking about preparing your house for the season. Once winter blows in, housing have to get serious. It is important to consider the fact that the winter season means spending a lot more time indoors. Roofs must shed rain and snow, windows and doors must reject the cold, and the heating system must keep rooms comfortable. If any of these components don't hold up, you might be faced with scrambling around in the wet, cold and dark to fix them.

By handling these important yet reasonably easy tasks, you can avoid considerable grief later.

1) Inspect the roof. If possible, go up onto the roof to check its condition. Look for cracked or missing shingles, bald spots on shingles, missing or damaged flashing, and other conditions that might allow leaks. Replace any roof shingles that are missing or damaged. You can also seal minor cracks or tears with roofing cement or do the minor repairs yourself.

2) Check the gutters. While you're on the ladder, look into the gutters. If they are clogged with leaves and debris, clean them. Gutters prevent basement and foundation flooding and water damage to siding, windows, and doors. When clogged with leaves and debris, they will fill with rainwater and overflow.

3) Look at the siding. Check the siding for cracks or damage. You can seal-up any leaky spots with clear caulking compound. But, if close inspection of the paint reveals problems such as blistering, peeling, wrinkling, or chalking, either touch them up or call a painting contractor.

4) Investigate weather stripping. Also look to see if windows and doors are effectively sealed with weather stripping. Weather stripping will prevent drafts and winter heat loss. If weather stripping is damaged, it's usually easiest and most effective to entirely replace it rather than to repair it.

5) Check your heating system. Have your heating system checked by a licensed heating/air-conditioning professional. Most furnace manufacturers recommend at least annual inspections.

6) Sweep the chimney. Have your chimneys inspected by a chimney service and, if necessary, cleaned. Cleaning is generally recommended at least once a year for an active fireplace.

7) Trim the trees. Trim trees away from the house. Have dead trees and branches removed by professional tree trimmers, or do it yourself.

8) Check the smoke and Carbon Monoxide detector. Buy extra smoke detector batteries and change them when daylight savings ends. Also, test smoke and carbon monoxide detectors to make sure they work and buy a fire extinguisher or replace an extinguisher older than 10 years.

9) Store plenty of salt. Make sure you are stocked with rock salt, snow shovels, and any other items you will need during the winter.

10) Drain and shut off outdoor water faucets remove and store garden hoses.

11) Examine the basement floor and walls for cracks or leaks; seal as needed.

If you plan to reside elsewhere during the winter months, you may want to partially shutdown your home. In addition to the tips above, consider the following:

The fall season is a good time for you to start thinking about preparing your home for winter. As temperatures begin to drop, your home will require maintenance to keep it in tip-top shape through the winter. By following the easy steps above, you will ensure to have a warm and comfortable winter at the peace of your home!

November 22, 2007 in Home Maintenance Matters | Permalink | Comments (1) | TrackBack

BMO offers to pay new Toronto tax

The Bank of Montreal is offering to ease the tax burden on new homeowners by offering to spring for some of the costs. BMO announced it would pay Toronto's new land transfer tax for their clients who close on a new home purchase by February 2008.

The customer also needs to sign on to a fixed closed mortgage with a minimum five-year term. The bank will cover the land transfer tax up to 1.5 per cent of the mortgage.

The Toronto Real Estate board has reported more people are rushing to close on property deals to avoid having to pay the tax, which comes into effect next year.

"Purchasing a home is the largest investment most of us will ever make," said Cid Palacio, vice president of BMO Bank of Montreal, in a news release.

"It's important that Toronto homeowners don't feel pressured into making a purchase decision based on this new tax."

Under the city's regulations, first-time homeowners will get a rebate on the new tax if their house costs less than $400,000.

Under the tax, people will have to pay:

Here are a few examples of what a homeowner might pay with the new land transfer tax:

"We know the impact of this new tax can be significant for potential buyers, particularly when you add up other associated costs of home ownership," said Alex Dousmanis-Curtis, BMO senior vice president for the Greater Toronto division. "Our advice is to speak with a mortgage expert and explore the variety of options available to you before rushing into a decision."

November 20, 2007 in Toronto Real Estate Taxes | Permalink | Comments (0) | TrackBack

Toronto Real Estate Board:

"Best Year Ever With Six Weeks to Go!"

With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O'Neill announced today. "As I predicted last month, 2007 will indeed be a banner year for home sales in our city," said Ms. O'Neill. "So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year."

With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year.

The current average price is $393,084, a nine per cent increase over the first half of November 2006.

The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 11 1/2 months of 2006.

In West Agincourt (E05), transactions were up 39 per cent as compared to the same timeframe a year ago, driven by a significant increase in detached home sales.

Newmarket (N07) saw an increase of 50 per cent compared to the midway point of last November, due to a substantial number of detached and semi-detached home sales.

Northwest Cooksville (W15) experienced an overall sales increase of 27 per cent compared to mid- November 2006, mainly as a result of condominium townhouse sales.

In the downtown core (C01) condominium apartment transactions resulted in a 32 per cent overall increase as compared to the first half of last November.

"All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low," said Ms. O'Neill. "Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable."

November 20, 2007 in Toronto Real Estate Board | Permalink | Comments (2) | TrackBack

Toronto's Rosedale: Sold.

If you are thinking of buying a nice Rosedale mansion in time for Christmas, you might be out of luck. Real estate sales in Toronto's toniest neighbourhood - home to corporate titans, socialites and the odd rock star or two - has slowed to a trickle. Why? All of the good properties have been sold.

"All of Rosedale is sold-out in the $2.3-million-to-$5-million range," declares Sasha Josipowicz, a partner in Pyramid Architecture, a Toronto-based company specializing in buying, renovating and then selling high-end homes. "All that's left are oversized, overpriced properties. The well has run dry," he says.

But don't move to Willowdale just yet. Real estate, as Chestnut Park's Jimmy Molloy sees it, is cyclical. "It comes and goes in flurries. We may not see a crop of magnificent Rosedale properties until after the holidays. But I can assure you that by Jan. 15, the bloom will be back on the rose of Rosedale."

For James Strathy Warren, sales representative with Royal LePage's Johnson & Daniel Division, that prediction conforms to his own observations. "The Rosedale market tends to move more swiftly in the spring, from January through June, when there is more selection and a larger pool of buyers, from both Toronto and abroad.  " The most expensive sale this year in Rosedale happened this fall, however, while in previous years they happened in the spring."

Mr. Strathy Warren is referring to his own sale of a Glen Road heritage mansion - originally built in 1929 by Simpsons founder C.L. Burton - that set a Rosedale record when it sold in September for $7.050-million to an unidentified Bay Street executive.

"That's who's driving the market in Rosedale these days," Mr. Warren says. "People who have inherited money or people who work in the financial-services industry." They are also the ones who can afford to wait.

Source  |  DEIRDRE KELLY in theglobeandmail.com

November 17, 2007 in Buying Toronto Real Estate | Permalink | Comments (0) | TrackBack

Canada's home sales setting records

Canadian existing home sales had their strongest October showing on record, and are on track to hit an annual record as well, the Canadian Real Estate Association said on Thursday. Sales were up 1.3 percent from September to 28,966 units. That followed three consecutive months of declines, said CREA, an industry trade organization representing over 92,000 realtors. CREA's records go back to 1980.

October sales were up 7.6 percent from the same month a year earlier. Sales in 2007 have risen year-over-year every month except September.

"The trend in new listings shows there is no panic selling in Canada's housing market," CREA president Ann Bosley said in a release.

The unadjusted average resale home price rose 10.6 per cent to C$333,544 in October from a year earlier, the sixth consecutive month that the increase exceeded 10 percent.

The strong numbers highlight the difference between the housing markets in Canada and the U.S., said Gregory Klump, the Canadian Real Estate Association's chief economist.

"We're in two completely different gears," Klump said. "We've got further house price increases on the horizon, and in the States, house prices are on the decline."

Data released in October showed U.S. sales of previously owned homes fell to a record low in September amid a crisis in U.S. subprime mortgage and credit markets.

In Canada, more than half the country's 25 major markets posted a monthly increase in activity, Klump said. "Negotiations still favor the seller in nearly all major markets", he said, suggesting demand remains strong.

Klump expects existing home price increases will continue to exceed overall consumer price inflation. The real estate association revised its market forecast for 2008, and is calling for a gradual slowdown in existing home sales, but with sales volume holding near record levels.

November 16, 2007 in Canadian Real Estate Market | Permalink | Comments (0) | TrackBack

Buyers battle for Toronto condos

Condo hysteria broke out on a Toronto sidewalk yesterday as people waiting in the cold for over a week to buy space in a luxury high-rise accused latecomers of butting into line. About 125 people – including some brokers and many others using paid proxies – took turns shivering in sleeping bags outside the site of an 80-storey condo tower to be built at Yonge and Bloor.

Last week those camping out for a piece of the $450-million skyscraper decided to make life easier for themselves by letting people leave their places so long as they showed up for roll call every few hours.

The social pact worked harmoniously until yesterday morning, when a couple of agents claimed spots at the front of the line a few hours before the sales office opened for the first time at noon.

See story in thestar.com »

November 15, 2007 in Buying Toronto Real Estate | Permalink | Comments (0) | TrackBack

Tax changes aid homebuyers

The tax changes outlined in the federal government’s economic statement are one step in helping Canadians buy a new home. The reduction in the GST rate from seven per cent to five per cent will deliver substantial savings for new homebuyers. According to government figures, a family purchasing a new $250,000 home will save $3,200 in GST, of which $1,600 is from the reduction in the GST rate from six per cent to five per cent.

The latest one per cent reduction in the GST will also help Canadians pay for home renovations, or in the purchase of appliances or furniture. Canadians spend an average of $7,475 on renovations when they buy a home, and spend another $3,950 on furniture and appliances. The GST cut represents $114 in savings based on these averages.

November 13, 2007 in Buying Toronto Real Estate | Permalink | Comments (2) | TrackBack

What your agent needs to know

Real estate agents would say that the more you tell them, the better they can negotiate on your behalf. However, the degree of trust you have with an agent may depend upon their legal obligation. Agents working for buyers have three possible choices: They can represent the buyer exclusively, called buyer representation, or represent the seller exclusively, called listing agent or represent both the buyer and seller in a dual-agency situation.

Provincial regulations require agents to disclose all possible agency relationships before they enter into a residential real estate transaction. Here is a summary of the three basic types:

You should have a full understanding of the nature and scope of the representation that you can expect before you initiate the real estate buying process and transaction.

November 13, 2007 in Buying Toronto Real Estate | Permalink | Comments (1) | TrackBack

Toronto Commercial Real Estate

Over 800,000 square feet leased in October

In October, Toronto Real Estate Board Members reported 821,889 square feet of space leased through the TorontoMLS system. Part of the reason for this healthy result was the lease of a 105,110 square foot building in the Newmarket (N07) area. "As IC&I Realtors further recognize the advantages of listing through MLS, you will see more and more of these large properties appearing on the system," said Commercial Council Chair Garry Lander.

Prices trended upwards in October, with industrial space (all size categories) rising marginally over September to $5.83 sfn, while commercial space climbed 12 per cent to $14.04 sfn over the $12.52 sfn recorded during the previous month.

Sales Market Highlights

The TorontoMLS system saw 60 sales of Industrial/Commercial properties in October. Of these, 34 were of industrial properties in all size classes, which averaged $105.73 per square foot. Non-MLS sources this month gave a figure of $77.95 per square foot.

See Full Report [in PDF format].

November 8, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

Emerging Trends in Real Estate

Despite US housing woes Canadian real estate remains upbeat

Leading real estate experts are predicting the US commercial real estate market will slow in 2008 and follow a similar pattern as the current residential market. However, according to the annual Emerging Trends in Real Estate 2008 report, released by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), their Canadian counterparts are much more upbeat.

Now in its 29th year, Emerging Trends is the oldest, most highly regarded annual industry outlook for the real estate industry. The report reflects interviews with and surveys of more than 600 of the industry's leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants in both Canada and the US. Other versions of this report are conducted in countries around the world including Asia Pacific and Europe.

According to Chris Potter, PwC partner and leader of the firm's Canadian Real Estate Tax practice, Canada benefits from a more conservative investment environment than the US. "In Canada, institution-dominated markets appear to be avoiding 'transaction mania', but real estate values have reached record highs and a strong economy has accelerated tenant demand for space."

According to American respondents, a healthy correction south of the border will likely bypass long-term investors but penalize late-to-the-game speculators and overleveraged buyers. Canadian respondents to the survey remain positive about sidestepping any serious impacts of this possible US correction. Close to 36% view their prospects for profitability in 2008 to be very good and a further 22.4% say they're excellent.

The strongest areas of real estate business activity for Canadian respondents is predicted to be within real estate services, followed by commercial/multifamily development and homebuilding/residential land development. All property sectors share positive prospects across the country especially industrial and retail with respondents, on average, stating development prospects are expected to be modestly good to good. The residential for-sale market is also expected to fair well, but might need to take a breather as homebuilders cannot keep up with the current pace and single-family housing looks overpriced.

Office stock is seeing limited inventories and dated product fill up with tenants. Except for Montreal, where office vacancies are nearing 9%. Canadian metropolitan areas boast below 5% vacancies, and rents have room to push higher. The survey is also showing that costs and land scarcity is limiting new development. Hotel investment and development prospects are modestly good, and most respondents rate this sector either a buy or a hold. Rental apartments are doing well in major cities with high immigration flows. Primary western cities - Vancouver, Calgary, and Edmonton - are veering toward housing shortages as workers, attracted by a plethora of well-paying jobs, pour into the energy zone. Apartment occupancies are soaring in these areas. Development in other regions remains difficult because of costs and land scarcity.

Canadian Markets to Watch

The report comments on how Canadians like to live and work in central cities, as long as they can afford it. If housing is too pricey in 24-hour neighbourhoods, people move to inner-ring suburbs or beyond and commute back into the cores. Investors, especially the institutions, are concentrated in downtown areas too. Planners and developers focus on infill and more vertical projects, which reinforce the urban cores. The hot-growth energy cities out west - Calgary and Edmonton - score the highest ratings for investment prospects, development, and for-sale housing, although it is not certain whether the recent announcements on royalties will have any effect on this. Toronto, Canada's premier global pathway city, and Vancouver also have high ratings. Ottawa and Montreal follow, with Halifax lagging.

Toronto

Toronto ranks as a major global pathway destination, 24-hour city, and manufacturing hub. Compared with other national financial centers, the city is relatively inexpensive. However, the rising loonie is hurting manufacturing industries, and clouds over the US economy threaten to stall out momentum. Three new office towers are under construction, adding 3 million new square feet of office space. Notably, Office (49.1%), Industrial (46.2%) and Apartments (40.8%) are given solid buys.

Calgary/Edmonton

Calgary is the Canada's "resource" capital and North America's number-one boomtown. Survey respondents foresee strong buys for all sectors: 53.5% give a buy recommendation for Hotel Property, 52.8% for Industrial/Distribution, 48.1% for Retail and Apartment Residential and 44.6% for Office Property. Furthermore, on average the majority of respondents see Calgary For-Sale Homebuilding prospects as very good. Edmonton is closely mimicking the Calgary-style growth wave and as long as demand for energy resources stays strong, this market will continue to do well.

Vancouver

Vancouver's diversified economy is roaring, the mining industry is booming and the city provides a large port and a high-tech center. Outrageous real estate prices frustrate homebuyers and commercial investors and the market is extremely hard to crack. The 2010 Winter Olympic Games is also a growth driver and accordingly 44.7% of respondents give Vancouver a buy recommendation for Hotel Property. A further 43.5% give a buy Retail, 41.3% for Industrial/Distribution and 36.7% for Office Property followed by 34.1% for Apartment Residential property. Vancouver also ranks in the good to very good mark for for-sale homebuilding prospects.

Montreal

Montreal continues to face concerns about market stability and overall growth prospects as major companies no longer choose it as a place to set up shop. But, plenty of government offices fill space. Of the larger cities in Canada, Montreal ranks lowest as a "buy" recommendation in all real estate sectors. However, respondents generally rated all Montreal real estate sectors higher as a "hold" recommendation.

The report notes that best bets for investors for the coming years include a focus on all property sectors in the high-growth western energy markets, hold on central business district office space, develop infill condos near subways stops in Toronto, buy infill sites wherever you can and invest overseas. Potter concludes, "Domestic opportunities are too limited at current prices."

A copy of the report may be purchased here »

November 8, 2007 in Canadian Market Forecast | Permalink | Comments (1) | TrackBack

Condo Madness in Toronto

People queuing in eight-night campout mostly being paid to hold spots for real estate agents

Toronto's real estate market reached a new high - or low, depending on your point of view - this week as more than 60 people set up temporary camp on Bloor Street to spend eight nights awaiting the opening of the sales office for the new One Bloor condo development.

When those doors open at noon next Tuesday, the people in line will give up their places in line to dozens of real estate agents who will have first option on the $850-a-square-foot units. Many expect the 80-storey tower to sell out on that brokers-only day.

See full story in the Globe and Mail ...

November 7, 2007 in Buying Toronto Real Estate | Permalink | Comments (0) | TrackBack

Toronto Real Estate Board Reports:

October Sets New Record

Toronto Real Estate Board Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today. "Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record."

"There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area," said Ms. O'Neill. "The effects of the City of Toronto's new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment."

Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11 per cent over the $356,423 recorded in October of 2006.

Breaking down the total, 2,964 sales were reported in TREB’s 28 West districts and averaged $367,139; 1,602 sales were reported in the 14 Central districts and averaged $522,800; 1,555 sales were reported in the 23 North districts and averaged $415,071; and 1,794 sales were reported in TREB’s 21 East districts and averaged $307,950.

NEIGHBOURHOOD CORNER

Agincourt

Within Agincourt (parts of districts E05 and E07) the dominant resale house types are detached and semi-detached units. So far this year detached homes averaged $376,047, up one per cent over the same time-frame in 2006. Semis averaged $313,337, a six per cent increase over the $295,800 recorded for the first ten months of 2006.

The complete report covers all neighbourhoods »

November 6, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

Toronto Real Estate Market

Best October ever pushes 2007 toward a strong finish

The Greater Toronto Area resale housing activity set a new record for the month of October Toronto Real Estate Board President Maureen O’Neill reported today. With 7,915 transactions, activity was up 10 per cent over the previous best for the month, set in 2003.

Sales were also up 15 per cent over last October.

October’s strong performance has pushed year-to-date activity 12 per cent ahead of last year. “There is every indication that 2007 will be a banner year for resale housing activity in the Greater Toronto Area,” said Ms. O’Neill.

“The effects of the City of Toronto’s new land transfer tax will definitely be felt in 2008 but we are also confident that consumers will continue to see the value of real estate as a solid long-term investment.”

Prices also rose in October to an average of $394,646, a four per cent increase over the previous month.

In Pickering (E13), overall activity was up 34 per cent, led by strong detached sales and a doubling of condominium apartment transactions.

Willowdale (C07) experienced the same combination of strong detached sales and sizeable condominium apartment transactions, which led to a 67 per cent increase in overall sales.

Condominium apartment sales also pushed the South Humber area (W07) to a 60 per cent overall increase in activity.

In Central Richmond Hill (N04), a combination of detached sales and attached/row-house sales, contributed to an overall increase of 54%.

November 5, 2007 in Toronto Real Estate Update | Permalink | Comments (0) | TrackBack

Other online real estate sources

Realtor.com is the official site of the American National Association of Realtors, and part of a larger organization called Move.com. According to their Web site, Move.com provides consumers with the real estate content, decision support tools, and professional connections they need before, during, and after a move. Move.com is a publicly traded company that operate several other real estate-related Web sites in addition to Realtor.com.

The relationship Realtor.com has with NAR allows them access to many, though not all, of the active for sale listings in the country. Typically, Realtor.com will receive listing information directly from the more than 900 MLSs across the U.S., though in some areas (like the Toronto Real Estate Board) the brokerage may have to submit a feed to them in order to have their listings displayed.

Realtor.com is the most visited real estate site on the internet (possibly the second most visited if Google broke out their real estate traffic separately). They do not display homes that are for sale by owner or many of the new home development properties.

November 4, 2007 in Buying Toronto Real Estate | Permalink | Comments (0) | TrackBack

Ontario housing market forecast

The latest Ontario housing forecast says resale and new home starts will continue to reach record levels through 2008. Canada Mortgage and Housing Corp. says demand for multi-family homes will be a key force in provincial housing activity.

CMHC predicts Ontario resale volumes will hit 214,350 this year and 206,250 units next year. CMHC also predicts prices for existing homes in Ontario will grow about 6.2 per cent this year and by about 3.3 per cent next year.

November 3, 2007 in Canadian Market Forecast | Permalink | Comments (1) | TrackBack

 

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