Wednesday, June 27, 2007

Safe Kids Canada's water safety advice for parents


Safe Kids Canada's water safety advice for parents: "Layers of protection are the best way to prevent your children from drowning"
(NC)-Each year, an estimated 58 children under the age of 14 will drown and another 140 children will be hospitalized as a result of a near-drowning incident. Safe Kids Canada strongly recommends parents use all of these "layers of protection" to keep their children safe when in, on or around water.

1. Actively Supervise: 42 per cent of all children under the age of 14 who drowned in the past 10 years did not have an adult watching them. Whether it's a bathtub, a home pool, a lake or a river make sure you stay within sight and reach of children at all times. Avoid talking on the phone or reading a book when your children are in, on or around water. Even children who can swim need adult supervision. Children can drown quickly and silently in inches of water and in just a few seconds.

2. Get Trained: Know how to react in an emergency situation. Learn to swim or have an experienced adult swimmer supervise children in, on or around water. Weak swimmers should take swimming lessons, and caregivers should learn First Aid and CPR before assuming the role of supervisor.

3. Create Barriers: Children should not be able to get to the pool directly from the house. Using a four-sided pool fence with a self-closing, self-latching gate can prevent up to seven out of 10 drownings in children under the age of five. Installing a 1.2 m (4 ft) high four-sided fence with self-closing, self-latching gate around the pool can keep young children safely away from the pool. If a property has natural water hazards (lakes, ponds, streams, rivers etc.) or even decorative water features, a separate play space for children should be fenced off to keep them safely away from the water.

4. Use Lifejackets: Put young children and weak swimmers in lifejackets when in, on or around water. Children should never be left without adult supervision even if they are wearing a lifejacket.

5. Teach Kids To Swim: Parent and tot swimming classes are fun for the family, and they help educate parents on how to keep toddlers safe around water. By age five, children are ready to be enrolled in swimming lessons. But remember, swimming lessons alone are not enough. You need to put in place all of these layers of protection to keep your child safe in, on or around water.

These tips are part of the 2007 Safe Kids Week campaign - Splash into Safety - running from May 28 - June 3 and sponsored by Johnson & Johnson. To learn more about drowning prevention, call Safe Kids Canada at 1-888-SAFE-TIPS (723-3847) or visit www.safekidscanada.ca.

Credit: www.newscanada.com

Read more about home inspection issues around your house

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, June 26, 2007

New Housing Costs rise Substantially in April

Toronto Real Estate Board (TREB) Average Prices and Graph The cost of new housing rose substantially in April, rising 0.8 per cent from the previous month.

Contractors' selling prices were up 8.9 per cent from a year earlier as 12 of 21 metropolitan areas surveyed registered increases.

Edmonton led all monthly increases, at 4.4 per cent, as well as annual increases, at 40.5 per cent.

Regina (up 2.2 per cent), Saskatoon (2.1) and Calgary (2) followed as monthly price advances were mostly attributable to materials and labour; noteworthy gains were also recorded in Halifax, Greater Sudbury and ThunderBay, Ont., and Vancouver.

Five metropolitan areas registered no monthly change. Victoria (-0.9%) recorded the largest decrease due to a moderating market. Prices in St.John's, Saint John, Fredericton and Moncton, and Charlottetown also declined.

Land prices rose in only five of 12 metropolitan areas surveyed.

See more statistics for resale homes at this page



For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, June 25, 2007

Advantages of New Home and Resale Home purchase

The Advantages of a New Home

Tips and discussion

NEW: If you purchased your new home prior to July 1, 2006 and will be taking possession after July 1, 2006 click here for transitional GST information and rebate form from the Canada Revenue Agency (Posted June 2006)

If a home comes up for sale in a mature neighbourhood where there’s an established sense of community and a history of strong property values, buying a resale home can be a good choice. However, there are several reasons why buying a new home is often the wiser choice.

We just don’t build homes the way they used to – and that’s a good thing! Today’s homes are built with state-of-the-art technology using lowmaintenance and durable building materials, to save you time and money.

From vinyl-clad windows to aluminum soffits to clay brick, a modern home requires far less upkeep than a resale home, even a fairly modern one. Advanced wiring and Internet-ready cabling means you can work out of your new home about as efficiently as you can in many office buildings.

Modern home design is lightyears ahead of older homes. Indeed, light is one of the main design features of today’s homes. Windows are bigger and better and they’re everywhere. They flood the interior with natural light without letting in the cold or letting out the heat.

Today’s homes also offer floorplans that are very functional, accommodatingyour needs, not the lifestyle of some mythical family from bygone generations. Open concept plans give modern homes a light and airy feeling, yet they can be informal or formal, casual or elegant.

Moreover, you can get exactly what you want, because many builders will customize the model you choose, allowing you to create rooms or styles that meet your personal needs. Options and upgrades provide further flexibility. Modern designs are also very clever when it comes to providing storage space, the lack of which is one of the biggest drawbacks of older homes.

Better insulation, higher efficiency heating systems, better windows and doors, overall tight construction and improved ventilation are hallmarks of homes built in the last few years. That means lower energy costs and a more comfortable home all year round.

With the purchase of a new home also comes peace of mind. Every new home sold in Ontario is covered by one-, two- and seven-year warranties, described in detail later. Safety is also improved, with features such as smoke detectors wired into the home’s electrical system; or video surveillance in condos.

Finally, many new homes are built in new communities, where there is consistent design among the homes and careful attention paid to public elements such as landscaping and street lighting. New home communities generally offer parks, schools, shopping and recreational amenities close at hand.


Advantages of a Resale Home

The major advantage of buying a resale home is that you are moving into an established neighborhood. Your lawn is green, your shrubs are growing, your driveway is paved and your trees are well enough established to give your street a feeling of permanence. Often, most extras are already present, such as appliances, curtains, drapes, central vacuum, humidifiers, decks, fencing, electric garage door openers, finishing the basement, walkways, outdoor lighting, indoor light fixtures, trees, shrubs, gardens and landscaping, children's play sets, swimming pool, air conditioning, etc.

In terms of investment, a resale home will often give you far more value than a brand new home. Many owners put tens of thousands of dollars into home improvements ranging from small items, such as landscaping, to major projects, such as a finished basement or any of the items above. Although these improvements will make the home more attractive to potential buyers, they may not increase the market value of the home. A $35,000 swimming pool or a $15,000 finished basement or even $5,000 worth of landscaping may make the home very attractive. However these additional costs incurred may not necessarily increase the market value of a home, especially if you have to sell it at a time of year where these major items add little or no perceived value. The buyer gets the home at its real fair market value, which is based on comparable homes for sale or sold in the neighborhood. All those expensive extras may be included in the home with benefit to the buyer at little or no extra cost. This can be a substantial savings over buying a new home.

With a resale, the vendor's asking price is almost always negotiable downwards unlike the builders list price which is usually firm. Any extras or changes are added to the list price of a new home and add up quickly.


Read an indepth article about buying new or resale home


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com


Friday, June 22, 2007

How does an "Offer to Purchase" (a high rise Condo) under "Power of Sale" differ from a regular offer?


I had another client email me with a Power of Sale Question and have posted my answer below.

Question: How does an "Offer to Purchase" (a high rise Condo) under "Power of Sale" differ from a regular offer?

Answer: Thank you for your real estate inquiry. The short answer is 'tremendously' and the medium answer is:
The clauses in the offer for a power of sale protect the bank and the previous owner, just in case the owner comes up with the money prior to closing. As well, the bank will NOT warrant any items in the condo, the condo maintenance fees, taxes, utilities, status certificate or anything related to the condo, the building or the sale. This is how power of sales are carried out in Ontario.


The long answer to how a power of sale differs from a 'normal' sale is shown in a section of my website that I just wrote last night. It's an incredibly detailed set of pages and I am not quite done yet, as soon as I am, I will post/email you the link. You can also let me know what you think of the new section on my site.

To read about what I have already written about power of sales browse to my POS FAQ's

Please let me know if you have any other questions or if there is anything else I can help you with.



Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, June 20, 2007

Residential Real Estate Shatters Records Across Canada


MLS® resale housing market shatters all previous records in May
Major market activity on track to set a new annual record in 2007

OTTAWA – June 14, 2007 – MLS® residential sales activity, new listings, average prices and dollar volume in Canada's major markets broke all previous monthly records in May, according to statistics released by The Canadian Real Estate Association (CREA).

Actual MLS® home sales activity in Canada's major markets was up 11.6 per cent year-over-year to 42,039 units in May 2007. Led by year-over-year gains in Toronto and Montréal, this was the first time in history that sales activity in Canada's major markets surpassed 40,000 transactions in one month.

On a seasonally adjusted basis, activity rose by 1.3 per cent from the previous month to 31,053 units in May. The increase was fueled by a monthly increase in activity in Vancouver, Winnipeg, London & St. Thomas, Ottawa and Montréal. Seasonally adjusted sales activity set new monthly records in Winnipeg, Ottawa, Montréal and Saint John, and reached the second highest level on record in Saskatoon, Regina and Toronto.

“Dramatic price increases and additional listings in Alberta's major markets are causing some buyers in that province to take a bit longer to make a purchasing decision,” notes CREA Chief Economist Gregory Klump.

Year-to-date transactions also set new records in most major markets in May. Transactions via Board and Association MLS® systems numbered 165,800 units in Canada's major markets during the first five months of 2007, which represents an increase of 8.5 per cent over the same period last year.

“Activity broke all previous records in the first quarter, and gained momentum in the second quarter,” Klump said. “The increase in transactions for the year-to-date suggests activity is on track to set a new annual record this year.”

MLS® residential new listings also reached the highest level ever in May, climbing 6.7 per cent year-over-year to 63,165 units. This was also the first time that the number of new listings on Board and Association MLS® systems in Canada's major markets surpassed 60,000 units in a single month.

Seasonally adjusted MLS® residential new listings rose 0.8 per cent month-over-month to 49,665 units in May to surpass the previous monthly record set in October 1990. The monthly increase was fueled by a large rise in new listings in Edmonton, and additional new listings in Calgary and Saskatoon. Seasonally adjusted new listings in Calgary and Edmonton reached their highest levels ever in May.

The major market MLS® residential average price rose 10.2 per cent year-over-year to set a new monthly record of $333,524 in May. Average price reached the highest monthly level on record in many of Canada's major markets including Vancouver, Calgary, Edmonton, Regina, Saskatoon, Toronto, London & St. Thomas, Hamilton-Burlington & District, Montréal, Quebec City and Halifax-Dartmouth.

“With mortgage interest rates on the rise and an increasing supply of new listings on the market, CREA expects that price increases will return to the single digits in the second half of this year,” added Klump. “CREA forecasts that the annual national average price will rise by 9.5 per cent in 2007, and by 5.5 per cent in 2008.”

“Canada's resale housing industry is a driving force behind the national economy, and a new study released by The Canadian Real Estate Association shows the average MLS® home sale generates $32,200 in additional consumer spending above and beyond the purchase price,” said CREA President Ann Bosley. “Job creation is also a major spin-off benefit of the resale housing market, with more than 94,000 jobs created in Canada each year as a direct result of resale housing transactions.”

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 neighborhoods 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 90,000 REALTORS® working though more than 100 real estate Boards and Associations. CREA's primary mission is to represent members at the federal level, and to defend the public's right to own and enjoy property.

This report is published by the Communications Department of The Canadian Real Estate Association (CREA). Further information can be found at www.crea.ca.

Read more about average prices

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, June 19, 2007

Mortgage Fraud, Common Methods to Dupe You and Your Money

Common forms of mortgage fraud
April 2007 ET Pat Curry

Mortgage fraud can take countless forms, says Ann Fulmer, an attorney, mortgage fraud investigator and founder of the Georgia Real Estate Fraud Prevention and Awareness Coalition. Homebuyers can run afoul of the law under a broad category called "fraud to qualify" or "fraud for house." In these cases, the borrower typically provides false information, such as income, source of down payment, employment, or intent to occupy the property.

Or, the fraud might be in the form of what's called a silent second. The seller lends the buyer money for a down payment through an unrecorded second mortgage. When this happens, the lender thinks the borrower is investing his own money. Why would lenders care? "The critical issue is the risk the lender is taking," Fulmer says. "It misrepresents the financing picture of the borrower."

Whatever the form of fraud, the goal is the same: to obtain a mortgage for which the borrower would not legitimately qualify. In these cases, the borrower wants the house and plans to repay the loan.

Then, there is "fraud for profit," a much more sophisticated version of mortgage fraud that involves industry insiders, such as real estate agents, appraisers, lenders or closing attorneys.

While there are an infinite number of variations on fraud for profit, these are among the most common:

Flipping. This term has gotten confused because of TV shows, such as "Flip This House," which isn't flipping at all. Those types of deals, in which houses are acquired legitimately, improvements are made and the houses are resold quickly, are known in the business as quick turns. "There is nothing wrong with that," Fulmer says. "It becomes illegal when people start lying about the improvements, the value of them or (lying) to qualify the buyer." Flipping involves a fraudulent appraisal and a grossly inflated sales price.

Straw buyers. One of the most frequent types of fraud occurs when "straw buyers" are used to hide the identity of the true borrower, who would not qualify for the mortgage. "The perpetrators use a straw buyer because they have good credit and can get the loan," Fulmer says. Straw buyers may be duped into thinking that they're investing in real estate that will be rented out, with the rental payments paying the mortgage. In fact, no payments are made and the lender forecloses on the loan. Or, sometimes, straw buyers are in on the scam and are getting a cut of the proceeds. "People may see this as a way to make a lot of money," Fulmer says. "In one case, a number of straw buyers purchased numerous properties and received boatloads of money back."

Appraisal fraud. Appraisal fraud is a part of most mortgage fraud scams. A dishonest appraiser inflates the value of the property. When the seller gets the check at the closing for a bogus amount, he pays off the appraiser and anyone else involved in the scam. Usually, the borrower doesn't make any payments and the house goes to foreclosure.

Foreclosure schemes. These are particularly evil because they prey on people with big enough financial problems that they're in danger of losing their home. A homeowner in the early stages of foreclosure may be contacted by a fraudster who says he can help the homeowner get rid of his debt and save his house for an upfront fee, which the fraudster takes and then disappears. In another scheme, a homeowner is approached by a con artist who offers to help them refinance the loan. "They sign all these documents and find out later that they actually sold the house -- to the fraudster. Then they face eviction. That's a lovely one." Read more about foreclosure and power of sales

Toronto Real Estate Board (TREB) Average Prices and Graph Read more about mortages

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Sunday, June 17, 2007

Moving Day - When do you receive the keys to your new home?

Moving Day - When do you receive the keys to your new home?

This is another question that I frequently receive regarding when the buyer receives the keys on the closing date and how to organize the move.

Hello Mark,

I just had a question about how things will happen on the closing day. Is it possible that we wrap up the paperwork for the closing of both sale and purchase in the morning or at least by early afternoon?

We can be packed up and out of my condo by noon - 1:00pm. But will we be able to have the keys to our house for that time as well? We just want to be prepared so then if people are helping us move, they do not have to waste their time if we can't get the keys until later in the afternoon.

Please let me know your thoughts.
Thank you!
T

Hello T,

The timing depends mostly upon what your lawyer is planning on the closing day. If your lawyer is planning to close at, say, 1pm, then you could expect to receive your keys an hour or two later. Some lawyers operate differently and have keys for all closings available at 5pm on closing day. In my experience, most buyers obtain keys to their new house between 3 and 6pm on the closing day. Rarely do they get keys earlier than 3pm, from my experience. We agents are not involved on the closing day, unless something is prearranged with keys or delivery of keys, it's the lawyer who closes your sale and purchase.

From a practical point of view, I would plan to have everything out of your condo and the truck packed and ready to go by about 2-3pm, go for lunch and then drive the truck to the new house, wait for the keys to be ready to be picked up and drive to your lawyer's and get the keys with a separate car and then move into the house. This way you will minimize the idle time of your helpers. You may end up waiting an hour or two for the keys or you may have them early, you never know until the actual closing day.

It is best to ask your lawyer what time they are planning to close and what time they expect to have the keys ready for you.

Just in case: moving checklist


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, June 15, 2007

Are Boomers in No Hurry to pay off their mortgage?


Boomers in no hurry to pay off mortgage

In contrast to other age groups in Canada, the boomer generation of homeowners isn’t as concerned about being mortgage-free when they retire, according to the latest findings in a homeownership survey. While 66 per cent of all Canadians think it's very important to have their mortgages entirely paid off by the time they retire, this sentiment decreases with age, dropping to 59 per cent among those aged 55 plus -- the lowest percentage among all age groups.

More than a third (37 per cent) of the 55 plus age group still has a mortgage on their homes, compared to 71 per cent of those aged 45-54 who have a mortgage -- an indication that many older Canadians are successfully paying down their mortgages leading up to retirement. While the national average remaining on Canadians’ mortgages stands at $105,557, Canada’s boomers have an average of $80,331.

“Most Canadians still think it’s important to pay off their mortgage by the time they retire, and we see a huge jump in those that have paid it off once they hit 55. Yet, it appears that the level of importance in being mortgage free in retirement is decreasing for boomers,” says Catherine Adams, a vice-president of home equity financing.

The poll also showed that boomer homeowners with a mortgage have the highest comfort level of all age groups with variable rate mortgages.

Almost one-third (30 per cent) of homeowners aged 55 plus who have mortgages said that when they next renewed their mortgage, they would opt for a variable rate option -- a higher percentage than any other age group. “We found this particularly interesting, as older Canadians would recall the double-digit interest rates of the 1980s, and might be more inclined towards the security of a fixed rate,” says Adams. “But boomers also have enough mortgage experience to have uncovered one of the secrets to saving money -- they know that variable rates often bring significant savings in interest costs over the course of a mortgage, while at the same time offering the certainty of predictable payments.”

As expected, boomers are also less likely to want to upsize their homes when considering a future property purchase. Thirty-seven per cent of those 55 plus who intend to purchase a home in the next two years indicated they would prefer a smaller home, while 40 per cent would prefer the same size home. Only 22 per cent are looking for a bigger home. At 15 per cent, both younger (18-24) and boomer home buyers (55+) are more likely to be thinking about buying a condo or loft, compared with seven to nine per cent of those aged 25-54.

“We’re definitely starting to see the influence of boomers on the housing market,” says Adams. “Boomers may well be seeking the lifestyle flexibility to do some of the things they’re looking forward to in their retirement years, without the property upkeep concerns of a larger home.” Article courtesy of R.Paul Chadwick Manager of Residential Mortgages, TD Canada Trust

Read how to pay off your mortgage faster

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, June 07, 2007

Power of Sales, Tax Sales, Foreclosure & Distress Sales in Ontario Canada

This is a separate blog dedicated to Power of Sales, Tax Sales, Foreclosure & Distress Sales in Ontario Canada

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, June 06, 2007

Toronto Housing Market for June 2007 - another blistering month!

Toronto Real Estate Board (TREB) Average Prices and Graph

June Report: Toronto Housing Market Reaches New Heights!

June 5, 2007 -- With an astonishing 11,146 sales in May, the Toronto Real Estate market put in its best performance since records have been kept, President Dorothy Mason announced today. "The Toronto Real Estate Board has been tracking the local housing market for over forty years, and there has never been a month that even approaches this level of activity," Ms. Mason stated. "May was up 18 per cent over April, our previous record month (9,452 sales), and also up 18 per cent over May of 2006 (9,434 sales), which now ranks as the third highest sales total recorded."

Ms. Mason further noted that, according to statistics compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (for renovations, furniture purchases, and so forth) over and above direct expenditures involved in the transaction. "This means that Realtors® and their clients have contributed over $300 million to the local economy in ancillary costs last month alone."

However, while sales sky-rocketed, price increases were restrained, with the average rising a mere five per cent to $382,787 from the $365,537 recorded during May of 2006.

Breaking down the totals,
4,175 sales were reported in TREB’s 28 West districts and averaged $356,836
2,038 sales were reported in the 14 Central districts and averaged $506,172
2,323 sales were reported in the 23 North districts and averaged $408,391
2,610 sales were reported in TREB’s 21 East districts and averaged $305,168

See district areas

NB: the average price rose 1% in May compared to April

See a graph of this month and previous months sale prices


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, June 05, 2007

First time in Canada - Average home sale tops $300,000

Average home sale tops $300,000 for first time
Last Updated: Tuesday, May 29, 2007 4:49 PM ET

The average price of a resale home in Canada has moved above the $300,000 level for the first time ever.
Data from the Multiple Listing Service show that the average home sold for $305,542 in April, according to the Canadian Real Estate Association.
Average MLS price for resale home
Region
Apr/07
Increase from Apr/06
B.C.
$431,909
11.1%
Alberta
$359,640
29.8%
Saskatchewan
$163,811
23.8%
Manitoba
$171,130
8.2%
Ontario
$299,796
4.7%
Quebec
$208,693
6.0%
Nova Scotia
$191,076
6.6%
N.B.
$139,138
3.6%
P.E.I.
$135,019
7.5%
N.L.
$142,497
1.1%
Yukon
$250,255
23.9%
N.W.T.
$328,904
15.0%
Canada
$305,542
9.3%
Source: Canadian Real Estate Assn.

That's up 9.3 per cent (or $26,000) from the average sale a year ago.
New record highs were recorded in every province from Quebec westward, as well as in Nova Scotia.

The highest provincial average can still be found in British Columbia. Its $431,909 average is up 11.1 per cent year-over-year as the average resale price in Vancouver topped $564,000 last month.

Alberta's average resale price of $359,640 was up 29.8 per cent over the April 2006 figure — the biggest percentage increase among any province. Put another way, that means that the average homeowner in Alberta made $82,500 on paper simply by living in their home over the past year.

Data released earlier this month showed average resale prices in Calgary had reached $420,000 in April.
Saskatchewan posted a 23.8 per cent price hike to $163,811.
But Manitoba, Ontario, Quebec, and the Atlantic provinces reported much more modest, single-digit price increases.
"Anecdotal evidence suggests that resale housing activity in westernmarkets is being boosted by a shortage of lots and by buyers who are ready to move up but don’t want to wait for a newly constructed home to be completed," said Gregory Klump, chief economist for the Canadian Real Estate Association.
MLS stats also showed year-to-date sales at a record high. In the first four months of 2007, 172,421 homes were sold in Canada through the MLS system. That's up 6.7 per cent from the same period last year.

See average Toronto and GTA prices at this pageToronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Canadian Dollar is surging, many predicting par with US Dollar by end of 2007


Canadian dollar surges on expectations of rate hike; stocks mixedPublished: Tuesday, May 29, 2007 10:39 AM ET
Canadian Press: MALCOLM MORRISON
TORONTO (CP) - The Canadian dollar surged almost three-quarters of a U.S. cent Tuesday morning, charting territory last visited 30 years ago, after the Bank of Canada hinted at a rate hike "in the near term."
The Toronto stock market was little changed after posting gains for the last two sessions with energy stocks under pressure from a sharp drop in oil prices.
An investor watches the stock price monitor at a securities company Tuesday in Shanghai, China. (AP Photo)
The loonie was up 0.72 of a cent to 93.29 cents US - its highest level since September 1977 - after the Bank of Canada announced it's leaving its key interest rate unchanged at 4.25 per cent but warned of rising inflationm.
"There is an increased risk that future inflation will persist above the two per cent inflation target and that some increase in the target for the overnight rate may be required in the near term to bring inflation back to the target," the central bank said.
However, analysts were not convinced a rate hike is in the offing.
"I still don't believe the bank will have room to tighten given recent news of lumber mill shutdowns (due to the dollar) and increased opposition to currency appreciation by manufacturers," said Andrew Pyle, investment adviser at Scotia McLeod in Peterborough, Ont.
The currency has risen about 8.7 per cent this year, partly in the belief that the Bank of Canada will raise interest rates later this year to cool inflation. It has also been supported by a string of positive economic reports, higher commodity prices and corporate acquisition activity that has boosted demand for Canadian dollars.
New York markets were higher after consumer confidence bounced back unexpectedly in May.
Toronto's S&P/TSX composite index slipped 3.3 points to 14,070.44.
A big early mover was transport giant Bombardier Inc. (TSX:BBD). Its shares jumped over 10 per cent to $5.30 after first-quarter profit more than tripled to US$79 million, from US$24 million a year earlier.
The TSX Venture Exchange climbed 11.39 points to 3,237.52.
In New York, the Dow Jones industrials were up 25.6 points to 13,532.88.
The New York-based Conference Board said its consumer confidence index rose to 108.0 in May, up from a revised 106.3 in April, mainly because of "a more upbeat assesment of present-day business conditions."
The Nasdaq composite index rose 13.29 points to 2,570.48 and the S&P 500 index added 3.05 points to 1,518.78.
Also Tuesday, Standard & Poor's releases its home price index and the Dallas and Chicago Federal Reserves will report on regional manufacturing activity.
And on Friday, the U.S. non-farms payrolls report for May comes out.
The TSX energy sector lost 0.4 per cent as oil prices fell Tuesday, reflecting hopes that the inauguration of a new president in OPEC member Nigeria would contribute to stability in the market. Light sweet crude for July delivery fell $1.19 to US$64.01 a barrel on the New York Mercantile Exchange.
Suncor Energy was down 42 cents to $93.10.
Shares in Pacific Energy Resources Ltd. (TSX:PFE) rose eight cents to $3.22 after it announced it is paying US$448 million plus 5.5 million shares for all Alaska oil and gas properties and operations owned by Forest Oil and Forest Holding.
In other news:
-A consortium led by Royal Bank of Scotland said Tuesday it will launch a bid of 71.1 billion euros (US$95.5 billion) for ABN Amro, topping a friendly offer from Barclays PLC and pressing Bank of America Corp. for control of the Dutch bank's U.S. arm.
-The Wall Street Journal says telecommunications gear maker Avaya is negotiating with possible buyers, which may include Nortel Networks (TSX:NT). Nortel shares were up 36 cents to $28.11.
-FNX Mining (TSX:FNX) said drilling continues to expand its finding of "high-grade" copper, nickel, platinum, palladium and gold at the Levack footwall deposit in Sudbury, Ont. The report came a day after FNX shares jumped 10 per cent to a new closing high of $34.71 after the company quadrupled its resource estimate at properties other than the Levack footwall. On Tuesday morning, its shares rose 16 cents to $34.87.
Overseas, London's FTSE 100 index rose 28.8 points to 6,599.3.
Frankfurt's DAX 30 climbed 38.47 points to 7,777.67 and the Paris CAC 40 declined 10.43 points to 6,061.04.
In Tokyo, the Nikkei 225 index rose 84.97 points, or 0.48 per cent, to finish at 17,672.56 points.
In Hong Kong, the blue-chip Hang Seng Index fell 60.17 points, or 0.29 per cent, to 20,469.59.
Investors are expecting China to issue more tightening measures to cool the domestic stock market after the benchmark Shanghai composite index rose to a third consecutive record high. The Shanghai index ended up 1.5 per cent at a record close 4,334.92 as new investors continued to pour into the stock market.

More on interest rates

Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, June 01, 2007

Foreclosure Courses - are they worth the price of attendance?

Foreclosure and Power of Sale Courses - are they worth the price of admission?

I had another question about taking expensive educational courses to become educated on foreclosure properties.

The question and my answer are below.

Hi Mark, I attended a Markus Group seminar tonite held by Dan Frederick. He offers a course on how to do foreclosures, sandwich options, assignments etc. etc. His information is all Canadian (unlike so much of the Trump Wealth Expo ) which was very American. He said he also shows a lot of R.E. people how they can use their skills to make themselves wealthy. The 2 day weekend course is $1295. He will be speaking again May 30th at Holiday Inn, Dixon Rd. Would you be interested in hearing him? I am looking to partner with someone so cost is reduced to $650. each. Also thank you for the continued listings!
Regards,
SZ


Hello SZ,

I will be very honest and direct. Keep your $650 or $1295 for your downpayment or for your renovations once you buy the investment property.

Foreclosures and bank sales in Ontario are nowhere near the 'great deals' that they are in the states or even in other provinces. Our laws are different. Read more at my blog:
http://www.mississauga4sale.com/blog/2007/04/power-of-sale-properties-are-they-great.html

Time of year you purchase and finding a motivated or anxious seller can go much further than a power of sale property.

This is the truth.

This is not an advertisement for my services, just my advice from 20 years in the real estate business.

If you want to invest in real estate, find a knowledgeable, honest, dependable and experienced agent such as myself or my partner who will teach you everything there is to know about investing and then go buy an investment property and make money.

Also, there are few real estate salespeople that are wealthy. I would guess that less than 1 in 20 owns an investment property, maybe a little more than non-real estate sales people, but still bleak considering we are in the market and often see good deals throughout the year.

My experience is that you have to make a concerted effort to research the areas you want to purchase the investment property and be ready, able and willing to buy it when you see the good deal.

The key to anything in life is action. Many take courses, research and spend hours and days and years researching an investment property purchase, but just never do it for one reason or another. If you have the resources for the downpayment and become pre-qualified and work with a good agent, then you can proceed and make money.

I am just speaking from the heart and my personal experience, I don't like to see people part with their money unnecessarily.

I hope this helps!

Thank you,
Mark

See Foreclosure and Power of Sales Properties.





Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL:
mark@mississauga4sale.com
Website:
Mississauga4Sale.com