Friday, August 31, 2007

School Safety Reminders


School Is Out, Safety Is In:

Summer child safety reminders focus indoors and out
(NC)-With the final ringing of the school bell comes the exodus of children from indoors to the great outdoors, along with a heightened responsibility for mom and dad to help keep their kids summer-safe.

From going over bike, scooter and roller blade safety rules, to dealing with strangers, to staying clear of swollen river banks or deep water cottage docks, parents and grandparents must pick up where educators leave off to continue to instill good safety decision-making skills in kids at an early age.

Local fire departments also point out that indoors, household fire danger never takes a summer vacation. Now is a great time, fire officials stress, to review indoor fire safety rules and escape route drills with kids. Also mandatory is a thorough check of smoke and carbon monoxide alarms that may be past their prime or which have become inoperable, due to worn out batteries or batteries that have been removed due to a recent nuisance alarm from shower steam or burnt toast.

"Local fire departments and prevention officials do an incredible job all year long and work closely with school fire safety and awareness programs in their community," says Carol Heller, vice-president of Kidde Canada, Canada's leading manufacturer of fire safety devices. "But there is only so much they can do. Once summer comes, it is an especially good time for parents to continue those safety lessons with their kids."

Heller agrees with the firefighting community that, by following just a few simple steps, parents can prevent a summertime fire tragedy. These include:

. Create, review and practice a family fire escape route plan

. Update your family's fire protection with the latest advances, including smoke alarms with "Hush" buttons that let you silence nuisance alarms while still keeping your family safe

. Keep all fire safety equipment in peak working order by vacuuming alarms, replacing alarms that are more than 10 years old, and making sure batteries are fresh

Heller adds that, as a major supporter of national fire safety programs, Kidde recently introduced a specialty smoke alarm aimed at school-aged kids to promote greater fire safety awareness and early warning protection.

"Our new Sparky the Fire Dog smoke alarm is made for children's sleeping or play areas and features the latest technology plus a glow-in-the-dark image of Sparky. As a popular safety icon, Sparky serves as an aid to parents to keep fire safety top-of-mind with their kids," she says.

More information on summertime fire safety, including planning escape routes and silencing nuisance alarms, can be found on the www.SafeAtHome.ca web site or at www.makeitstop.ca. This article is courtesy of www.newscanada.com

Read more about Mississauga Schools


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, August 30, 2007

Vancouver and Toronto among world's most "liveable" cities


Vancouver, Toronto among world's most "liveable" cities

VANCOUVER -- Vancouver has been dubbed the most "liveable" city in the world for the fifth year in a row.

According to the British-based Economist Intelligence Unit, an Economist magazine affiliate, Vancouver offers the most exceptional quality of life of any of 132 cities polled this year.

Toronto placed fifth.

The survey rates cities on their attractiveness to business travellers.

Last year, an article in The Economist described Vancouver as a troubled city where "homeless panhandlers yell at theatre-goers, while young addicts deal drugs on street corners."

But that wasn't enough to knock Vancouver off the top, primarily because Vancouver is not considered to be at risk of a terrorist act like some U.S. and European cities.

The Economist noted that Vancouver has low crime, little threat from instability or terrorism and highly developed transportation and communications infrastructures.

By comparison, megacities such as New York, Tokyo, London and Paris suffer from "big city buzz," it said.

"Traffic congestion and higher crime rates associated with large urban centres have to some extent offset the obvious cultural gains of living in such location," the report stated.

"This is also compounded by fears that large centres like London and New York will remain targets for high-profile terror attacks."

No U.S. cities made it onto the Economist Intelligence Unit's top 10.

Read more about why Mississauga is such a great place to live

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, August 29, 2007

Ontario Provincial Trends According to RBC

ONTARIO PROVINCIAL CURRENT TRENDS

August 2007

Ongoing adjustments in Ontario's trade sector

Last year was a tough one for Ontario's exporters. International exports from the province dropped 1%, while imports rose 2%, leading to a significant increase in the province's nominal trade deficit (price effects included) for a fifth consecutive year.

As the province makes adjustments to adapt to the new economic environment, significant changes in the composition of both trading products and partners have emerged. This phenomenon has become particularly evident in the most recent economic cycle starting in 2002 that saw commodity prices and the Canadian dollar strengthen dramatically.

An analysis of the changing composition of Ontario's trade sector supports our view that several critical factors will be at play to make way for some stabilization in the province's trade sector in 2008. Three factors — commodity prices, currency effects and a rebound in U.S. demand — will ultimately help support a gradual recovery for Ontario's trade sector.

We now believe that the currency has peaked and should moderate from the recent 95 U.S.-cent trading range down to the 89-90 U.S.-cent range by the end of next year. Although we expect commodity prices to remain elevated, buoyed by support from a robust global economy, we are looking for prices to pull off their recent peaks.

Also, many of Ontario's key industries have already absorbed the initial shock of higher energy prices and have made adjustments to adapt more efficiently to a higher commodity price environment.

We anticipate a rebound in the U.S. economy starting next year and into 2009. Stronger U.S. demand, combined with evidence that productivity-enhancing investments are currently under way — particularly in Ontario's critical auto sector — will be supportive of the outlook for exporters. Courtesy of RBC

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
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Big Garages! What do buyers want?


What do buyers want? Big Garages

A survey of what U.S. home buyers want shows that garages with two or more spaces rank at the top of the list.

The 2007 Profile of Buyers’ Home Feature Preferences, released by the National Association of Realtors, says that since the last survey in 2004, oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home, gaining 16 percentage points to 57 per cent. Among buyers who purchased homes without this feature, 56 per cent said they would have paid more for an oversize garage, compared to only six per cent in the 2004 survey.

Other priorities for today’s home buyers include air conditioning, with three out of every four respondents ranking this as “very important,” and a walk-in closet in the master bedroom, which was very important to 53 per cent of respondents. Hardwood floors and granite countertops each gained seven percentage points from the 2004 survey, with 28 per cent and 23 per cent, respectively, of buyers viewing these features as “very important.” Gaining six percentage points was cable/satellite TV-ready, at 46 per cent.

The survey reports responses from buyers who purchased homes in 2006. Home buyers were asked about 75 features and room types to assess the importance of each.

“Realtors see hundreds, if not thousands, of houses with their buyer clients every year and know exactly what buyers are looking for in a home,” says NAR President Pat V. Combs, of Grand Rapids, Mich., and vice-president of Coldwell Banker-AJS-Schmidt. “This insight is one more way Realtors add value to the real estate transaction and why nearly eight out of 10 recent buyers used a real estate professional when buying their home.”
According to the survey, nearly six out of 10 recent home buyers took on remodeling or home improvement projects within three months of their purchase. Close to half of home buyers who remodeled or made improvements updated their kitchen, and nearly half remodeled or improved their bathroom. New homeowners spent a median of $4,350 on home improvement or remodeling projects undertaken within three months of purchase.

More than half of home buyers believe their home has high investment potential, and another four out of 10 believe it has moder ate investment potential. Only three per cent felt their home’s investment potential was low.

“The fact that a majority of home buyers quickly remodel key areas of their homes ties into the fact that their home is a good, long-term investment,” says Paul Bishop, NAR manager of real estate research. “Regardless of market conditions in the short term, when purchased for the long term, housing is one of the safest investments consumers can make.”

Energy efficiency was more important to new home buyers than buyers of existing homes, with 65 per cent of new home buyers saying it was very important compared to 39 per cent for buyers of existing homes. Older buyers placed a higher priority on energy efficiency than did younger buyers – 63 per cent of buyers 75 and older said it was very important, but only 32 per cent of buyers who were 18-24 agreed.

The survey identified some regional preferences in home features. For home buyers in the South and Midwest, central air conditioning was a priority, with 91 per cent and 81 per cent, respectively, saying this feature was very important. Sixty-six per cent of buyers in the South thought a walk-in closet in the master bedroom was very important, while 61 per cent of Midwesterners valued an oversized garage. In the Northeast, the highest percentage of buyers placed a premium on a backyard or play area (53 per cent), followed by central air conditioning at 41 per cent. Two-thirds of buyers in the West want oversized garages (66 per cent), followed by central air conditioning at 59 per cent.

Age was the biggest differentiation in what buyers were looking for in a home. Buyers 75 years old and older wanted a single-level home (74 per cent) that was less than 10 years old (43 per cent) with a walk-in closet in the master bedroom (74 per cent). Most buyers between the ages of 25 and 34 wanted a backyard or play area (60 per cent). More than half of buyers over 65 wanted a separate shower enclosure in the master bathroom, compared to only one-fourth of buyers ages 25-34.

For those who purchased a home without it, 65 per cent of buyers said they would be willing to pay a median $1,880 extra for central air conditioning. One out of four buyers was willing to pay a median of $4,760 more for waterfront property.
Homes are getting bigger, but have fewer bedrooms. From 2004 to 2006, the size of the typical home purchased increased by about 100 square feet to 1,840 square feet, while the median number of bedrooms dropped from four to three during the same period. The median home age reported in the current survey is 12 years, down from 15 years in 2004. Courtesy of R.Paul Chadwick TD/CT

Read more about real estate purchasing decisions


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, August 28, 2007

US Price Trends Improve, Existing-Home Sales Lag


Price Trends Improve, Existing-Home Sales Lag
During the second quarter, home prices improved in the majority of U.S. metro areas, but sales activity remained below year-ago levels in most states, according to research by the NATIONAL ASSOCIATION OF REALTORS®.

Price increases were apparent in 97 of the 149 metropolitan statistical areas surveyed by NAR. That compares with just 83 metro areas that had price increases in the first quarter of 2007, and 68 areas in the fourth quarter of 2006.

"Although home prices are relatively flat, more metro areas are showing price gains since bottoming-out in the fourth quarter of 2006," says Lawrence Yun, NAR senior economist. "Recent mortgage disruptions will hold back sales temporarily, but the fundamental momentum clearly suggests stabilizing price trends in many local markets."

The national median existing single-family home price was $223,800 in the second quarter, down 1.5 percent from the year-earlier period, when the median price was $227,100. The median is a typical market price where half of the homes sold for more and half sold for less, but there has been a downward skew in the national comparison because sales have declined in many high-cost areas and risen in some lower cost markets.

NAR President Pat V. Combs says homes continue to be good investments, especially since typical owners stay in their home for six years. "While local conditions vary greatly, a typical owner who bought six years ago is seeing a 45 percent increase in the value of their home," she says.

An analysis of all available data over the past six years shows almost every market experienced price gains from the second quarter of 2001 to the second quarter of this year.

Sales Pace Down 11% Nationally

Total state existing-home sales, including single-family and condo, were at a seasonally adjusted annual rate of 5.91 million units in the second quarter, down 10.8 percent from a 6.63 million-unit pace in the second quarter of 2006.

Six states showed increases in the sales pace from a year ago; one was unchanged and complete data for two states were not available.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage was 6.37 percent in the second quarter, up from 6.22 percent in the first quarter; the rate was 6.6 percent in the second quarter of 2006.

Most, Least Affordable Areas in the U.S.

During the second quarter, median single-family home prices ranged from a very affordable $71,700 in Elmira, N.Y., to 12 times that amount in the San Jose-Sunnyvale-Santa Clara area of California, where the median price was $865,000.

The second most expensive area was San Francisco-Oakland-Fremont, at $846,800, followed by the Anaheim-Santa Ana-Irvine area (Orange County, Calif.), at $727,000.

In addition to Elmira, other affordable markets include the Youngstown-Warren-Boardman area of Ohio and Pennsylvania, at $76,700, and the Saginaw-Saginaw Township North area of Michigan, with a second-quarter median price of $86,900.

The biggest price gains were found in the Salt Lake City area, where the median price of $233,100 rose 21.9 percent from a year ago. Next was Binghamton, N.Y., at $111,200, up 19.8 percent from the second quarter of 2006, followed by Salem, Ore., where the second quarter median price rose 16.7 percent to $227,900. Most of the metros with price declines were modest, although four areas experienced double-digit drops.

The best total sales performance was in Wyoming, where existing-home sales rose 10.8 percent from the second quarter of 2006. In Iowa, the second-quarter sales pace rose 4.1 percent from a year ago, while North Dakota experienced the third strongest gain, up 2.9 percent. Oklahoma, Indiana, and Nebraska also posted annual sales gains.

A Closer Look at Regional Sales, Price Data

Northeast: Existing-home sales fell 6.8 percent to an annual pace of 1.05 million units in the second quarter from the same period a year ago. The median existing single-family home price rose 0.7 percent to $298,000 in the second quarter from the same period 2006.

After Binghamton, N.Y., the strongest price increase in the Northeast was in the Allentown-Bethlehem-Easton area of Pennsylvania and New Jersey, with a median price of $274,500, up 12.8 percent from the second quarter of last year, followed by the Reading, Penn., area, at $157,800, up 11.2 percent, and Glenn Falls, N.Y., which rose 10.7 percent to $175,500.

Midwest: Existing-home sales dropped 8.4 percent to a 1.39 million-unit annual level in the second quarter compared with a year ago. The median existing single-family home price was $163,500, down 2.2 percent from the second quarter of 2006.

The strongest metro price increase in the Midwest was Bismarck, N.D., area where the median price of $151,400 was 9.2 percent higher than a year ago. Next was Gary-Hammond, Ind., at $137,800, up 7.3 percent from the second quarter of 2006, and Bloomington-Normal, Ill., at $161,500, up 7 percent.

South: Existing-home sales in the South were at an annual rate of 2.31 million units in the second quarter, down 10.7 percent from the second quarter of 2006. The median existing single-family home price was $185,000 in the second quarter, which is 1.6 percent below a year earlier.

The strongest price increase in the South was in the Beaumont-Port Arthur area of Texas, at $127,700, up 11.8 percent from a year ago, followed by the Cumberland area of Maryland and West Virginia, with a 9.3 percent gain to $109,300, and Raleigh-Cary, N.C., at $225,100, up 8.4 percent.

West: The existing-home sales pace of 1.16 million units was down16.9 percent from the second quarter of 2006. The median existing single-family home price was $349,400 in the second quarter, down 0.4 percent from a year ago.

After Salt Lake City and Salem, the strongest metro price increase in the West was in Farmington, N.M., at $201,900, up 14.0 percent from a year ago, followed by the Spokane, Wash., area, at $197,700, up 10.4 percent from the second quarter of 2006.

What's Happening With Condos?

In the condo sector, metro area condominium and cooperative prices – covering changes in 55 metro areas – show the national median existing condo price was $226,800 in the second quarter, up 1 percent from $224,500 in the second quarter of 2006. Thirty-seven metros showed annual increases in the median condo price, including seven areas with double-digit gains; one was unchanged and 17 areas had price declines.

The strongest condo price gains were in the Salt Lake City area, where the second quarter price of $162,200 rose 25.2 percent from a year earlier, followed by Reno-Sparks, Nev., at $220,500, up 17 percent, and the Austin-Round Rock area of Texas, where the median condo price of $172,100 rose 14.9 percent from the second quarter of 2006.

Metro area median existing-condo prices in the second quarter ranged from $116,400 in Greensboro-High Point, N.C., to $608,700 in the San Francisco-Oakland-Fremont area. The second most expensive condo market reported was Los Angeles-Long Beach-Santa Ana, at $413,400, followed by the San Diego-Carlsbad-San Marcos area at $368,600.

Other affordable condo markets include Wichita, Kan., at $117,900 in the second quarter, and Rochester, N.Y., at $118,900. from REALTOR® Magazine Online


This was an interesting perspective from the USA on their current marketplace


Toronto Real Estate Board (TREB) Average Prices and Graph Read more about our Toronto and GTA Real Estate Marketplace and Average Price Trends

For more information please contact me.

Thank you,
Mark

A. Mark Argentino
P. Eng. Associate Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

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FAX 905-828-2829 ÈCELL 416-520-1577
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Monday, August 27, 2007

Mississauga City Awards Designated Heritage Property Grants

City Awards Designated Heritage Property Grants

The City of Mississauga has awarded the first grants in its new Designated Heritage Property Grant program launched this spring.

"The program applies to properties designated under the Ontario Heritage Act and provides matching grants from $500 to $5,000 for the conservation, repair and/or restoration of heritage attributes," said Mark Warrack, heritage coordinator. "The funding aids property owners in maintaining and conserving Mississauga's invaluable heritage resources."

In its inaugural year, the budget for the Designated Heritage Property Grant program was set at $50,000. Submissions are received and reviewed by City staff to determine eligibility. The applications are then reviewed by the Mississauga Heritage Advisory Committee to ensure all proposed work is in keeping with the Ontario Heritage Act and accepted heritage conservation practices.

"Priority is given to projects that conserve or restore elements considered attributes of cultural heritage or interest," said Warrack.

This year, 13 projects were approved and will receive funding through the Designated Heritage Property Grant program for work that includes repairing and/or repainting woodwork and/or siding, repointing brickwork, replacing windows and reconstructing heritage shutters and roofs.

The successful properties receiving funding include: the Graydon House and St. Andrew's Church in Streetsville; Old Erindale Public School, more recently known as Springbank Arts Centre; Tomlinson House, Malton; R.Y. Eaton Coach House, east of Lorne Park Estates; and several properties in the Old Port Credit and Meadowvale Village Heritage Conservation Districts, including, in the latter, the Blacksmith Shop, Apple Tree Inn and both the Silverthorn and Graham-Pearson Houses.

The City of Mississauga will be accepting applications for next year's program in the spring. For more information on this or other City of Mississauga heritage conservation initiatives, please visit us online at www.mississauga.ca/heritage.

Mississauga is Canada's sixth largest city with a population of more than 700,000. With well-established infrastructure and state-of-the-art facilities, the City delivers quality municipal programs and services to its citizens. Mississauga is recognized as Canada's safest city.


Toronto Real Estate Board (TREB) Average Prices and Graph Read more about our Toronto and GTA Real Estate Marketplace and Average Price Trends

For more information please contact me.

Thank you,
Mark

A. Mark Argentino
P. Eng. Associate Broker
Specializing in Residential & Investment Real Estate


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987

(
BUS 905-828-3434
2
FAX 905-828-2829 ÈCELL 416-520-1577
E-MAIL : mark@mississauga4sale.com
Website : Mississauga4Sale.com

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Friday, August 24, 2007

How much does that $200,000 home really cost?

How a $200K home costs $400K
Do you know what your mortgage costs?

The No. 1 financial tip I can dispense is to pay off your mortgage as soon as possible. This may not be as exciting as investing in emerging markets or hedge funds, but it's the most important tip you'll ever get.

Yet, more than half of Canadians underestimate how much home mortgages really cost. According to a survey released last week, GfK Roper Public Affairs & Media found 45% of Canadians don't realize how much they pay in interest payments over the course of a traditional mortgage. Only 20% correctly answered they'll end up paying 150% to 200% of a home's price over a 25-year amortization schedule.

Thus, with a 6.43% fixed mortgage, a $200,000 house will cost almost $400,000.

How can this be? In the early years of an amortization, most of your monthly payments goes just to interest -- if you set things up the way the bank wants you to. Under the guise of making your payments "affordable," you'll barely make a dent in reducing the principal on the loan.

This is a mug's game. What you need is higher and more frequent payments: The more you pay, the more you're paying down the principal and the less interest you'll be shelling out down the road.

The survey found the misperception is the same for both homeowners and renters: only 20% of either group knew how much mortgages really cost.

If anything, homeowners are getting more ignorant. The rise of interest-only mortgages or 40-year amortization periods can only be possible in a world where consumers are oblivious to the arithmetic of compounding interest.

Alan Silverstein, a real estate lawyer and author of The Perfect Mortgage, estimates that on a $100,000, 6% mortgage amortized over 25 years, homeowners pay an extra $91,940 in interest. The monthly payment is $639.91.

The lure with longer amortization is that the monthly payments are lower. What they don't go out of their way to tell you is those payments will drag on much longer and cost you even more interest in the long run. As Silverstein says, extending the amortization is "penny wise, pound foolish."

Thus, a 30-year amortization at 6% results in lower monthly payments -- just $594.82 -- but total interest jumps to $114,136.

Move out to 40 years and the monthly payment drops even more, to $545.09. But the total interest paid over those 40 years spikes up to $161,642, or more than 150% of the original price of the home.

In other words, with a 40-year amortization, the $100,000 home ends up costing $261,642. And, as Silverstein notes, you'll have to pay all that interest in after-tax dollars, so you'll have to earn perhaps 40% more than the $261,642 to carry that debt.

The reductio ad absurdum of this is interest-only loans, where not a penny of your payment goes to the principal. You'll be paying forever. This may make sense in the United States, where mortgage interest is tax deductible, but it's lunacy in Canada.

Remember the name of the game is paying down the principal. You do this by shortening -- not lengthening -- the amortization period, and increasing -- not decreasing -- the frequency of payments. Typically, once a year, you are allowed to give the bank a lump sum of 10% or 15% of the outstanding principal. This is a great but unappreciated benefit --all the payment goes directly to the principal, speeding the day when you are mortgage free.

Read more about How to Pay off your mortgage quicker

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

Legal Advice can be very important!


Have your lawyer review purchase agreement before you sign anything

This can be the best advice you may ever receive when you are contemplating purchasing real estate

A decision of a three-judge panel of the Ontario Divisional Court earlier this year highlights the risk of waiving conditions in a multiple-offer scenario.

In December 2001, Saeid Sharifara and his wife were refugees from Iran who had started their own business in Canada and accumulated enough capital for a down payment on a house.

Sharifara submitted an offer to buy a house through a real estate agent. Among other things, the offer was conditional on arranging financing within seven business days. One day later, Sharifara learned there were other potential buyers bidding for the property. He then submitted a second written offer to purchase the house at a higher price and with a larger deposit.

He says that at the time he signed the second offer, he believed that only the price and the amount of the deposit had been increased and that the new offer was conditional in the same way as the first had been. It wasn't, and when the second offer was accepted by the seller, an unconditional agreement of purchase and sale was made.

Sharifara testified that the agent, without his consent, did not include the financing and other conditions in the second offer. The agent disputes this and testified that Sharifara was aware the second offer was unconditional.

Four days after submitting the second offer, the buyer was approved for financing by the Bank of Montreal. He began preparations to move into the house on Jan. 10, 2002, the scheduled closing date.

Two days before closing, however, the bank withdrew its approval for financing because of discrepancies in the mortgage application. All of the dealings Sharifara had with the bank were handled by a mortgage broker without any direct participation or involvement by the applicant.

Sharifara then consulted a lawyer to review the agreement of purchase and sale and says that only then did he learn the agreement was unconditional. Despite this, he decided not to proceed with the transaction. Using the services of another lawyer, he negotiated a return of one-half of his deposit and successfully sued his real estate agent and broker for damages including the forfeited half of the deposit.

The agent and broker then appealed the judgment against them to the Divisional Court. In a decision released in March of this year, the trial judgment was reversed and the buyer's action against the agent and broker was dismissed.

Writing for the three-judge panel, Justice Theodore Matlow notes that the real cause of Sharifara's problem was not the unconditional offer prepared by the agent, but rather "the decision of the bank to withdraw the financing that it had earlier offered to provide to him."

Even if the second offer had been made conditional, as Sharifara says he expected, the financing condition would have expired before the bank withdrew its offer of financing, and the buyer "would have been left in exactly the same position he would have been in had the offer been conditional, namely, without the desired financing from the bank."

In dismissing the action, the court concluded that Sharifara suffered no damage as a result of any act or omission of his agent or broker, since they had no responsibility for the actions of the bank.

Three important lessons to be learned from the case are:

Always have an agreement of purchase and sale reviewed by a real estate lawyer before signing it or make it conditional on subsequent approval of the terms by a lawyer.

Remember that a financing commitment is almost always conditional until closing. A prudent buyer will have a Plan B in case the bank changes its mind at the last minute.

Blaming the real estate agent for something that's not his or her fault is not a wise idea.

Read more about lawyers, legal advice and cautions when making an offer

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, August 23, 2007

The latest from RBC about Financial market stress

Here is the latest from RBC about Financial market stress — not economic fundamentals — to prompt Fed rate cut as of August 22, 2007

We have revised our outlook for the Fed funds rate and are now calling for a 50 basis-point rate cut as policymakers work to alleviate liquidity concerns that have recently emerged in financial markets.

On August 17, the U.S. Federal Reserve reduced the discount rate in order to “promote the restoration of orderly conditions in financial markets.” The Fed has also updated its economic outlook, stating that “although recent data suggest that the economy has continued to expand at a moderate pace” volatility in financial markets has “the potential to restrain economic growth going forward.”

Since these risks have not yet abated, we expect the Fed to cut the Fed funds rate to 4.75% at or before the September 18 FOMC meeting, supplemented by other liquidity-enhancing measures, including possible additional changes to the discount rate and the continued injection of temporary reserves, until financing markets stabilize. The Fed is likely to keep the amount of easing limited, however, since the aim of this policy change is to ensure that financing remains accessible.

These Fed measures would also limit the extent of any damage to economic activity going forward. The combination of weaker equity markets and tightening credit conditions implies slightly greater restraint on business investment in the near-term. However, the extent of the restraint will be limited by large cash balances retained by businesses. The weakness in housing is likely to persist longer than previously expected.

Consumers will be contending with both falling housing prices and weaker equity prices that will likely moderate real spending growth to a pace slightly below 2.5% during the second half of this year. One main offset is that strong global demand will keep U.S. exporters in good shape. With import growth lagging, the trade sector will provide decent support to growth.

Inflation risks remain, making Fed reluctant to prime the system further
This growth outlook will not prevent core inflation from holding just above 2% for the remainder of 2007 and the headline CPI rate is expected to move higher as the big decline in commodity prices in the latter part of 2006 will likely not be repeated. Pipeline price pressures remain as evidenced by the elevated level of the ISM price indices and one-year inflation expectations are holding above 3% according to the University of Michigan consumer sentiment survey.

While the Fed has acknowledged that the “downside risks to growth have increased appreciably,” they were mum on the repercussions for the inflation outlook, suggesting that they still view the risks that “inflation will fail to moderate as expected” as remaining substantive.

Rate decline in 2007 will be more than reversed in 2008
Our baseline assessment for growth going forward is that the combination of tight labour markets, an easing in credit conditions and a return to stability in equity markets will limit the downside risk. While the financial market fallout may curb growth in the second half of 2007, more stimulative monetary policy in the near-term makes us confident in our 2.9% real GDP forecast for 2008. Importantly, a more stimulative monetary policy will keep alive the risks that core inflation will remain above 2% meaning that the Fed will look to reverse the rate cut.

By the second quarter of 2008, the period of risk reassessment and high liquidity needs is expected to have passed and the Federal Reserve will be looking to reverse the easing of mid-2007. Given our view that the economy will expand at about its potential pace in 2008 and that core inflation measures will remain above 2%, we expect the Fed to shift policy to a less neutral stance, with 75 basis points of rate increases expected by the end of 2008 to put the Fed funds rate at 5.5%, just a notch below our previous 5.75% year-end 2008 forecast.

Our revised Fed forecast calls for market interest rates to be lower in 2007 than in our previous outlook. We are forecasting the yield on the two-year UST at 4.5% at the end of 2007 with the 10-year yield forecast at 4.85%. This compares to our previous forecast which looked for the two-year yield to rise to 5.20% and 10-year rate to 5.35% at the end of 2007. Our forecasts for 2008 are little changed with the two-year at 5.55% and the 10-year rate at 5.75% at the end of the year.

Bank of Canada to stay on the sidelines; focus shifts to liquidity measures

Canada’s economy remains in healthy shape with second-quarter real GDP growth of 3% expected to be announced on August 31, the second consecutive quarter of above-potential growth. The retail spending report for June highlighted the economy’s strength with real retail sales growing at a stellar 10.7% annualized pace in the second quarter. Labour market conditions are tight and wage growth has accelerated sharply in the past three months. Inflation remains elevated with both the Bank of Canada’s core rate and the all-items inflation rate holding above the 2% target. With the economy running in a state of excess demand, housing price inflation strong and wage growth accelerating, inflation pressures are expected to remain elevated.

Against this fundamental backdrop, the Bank of Canada would normally be raising interest rates to ensure that inflation rates fall back to the 2% target. However the significant dislocation in the short-end of Canada’s financial market and weakening in equities during the period of global financial market volatility will likely keep the Bank concentrating on maintaining liquid markets so that financial market volatility does not spill over into the real side economy.

Worries about the spillover from the financial markets into the economy will likely keep interest rates lower than in our previous forecast. We have shifted the timing of the next Bank of Canada rate hike in our forecast to the first quarter of 2008, a change from our previous view that the Bank would raise the policy rate by 25 basis points on September 5. Interest rates will remain lower as investor risk aversion will result in continued buying of safer government securities. The two-year rate is forecast to end 2007 at 4.5% and the 10-year rate 4.70% (from 5.10% for both the two-year and 10-year yields in our August 1 forecast).

In early 2008, the economy’s strong momentum and the waning of risk aversion will see the Bank of Canada move to tighten policy, with the overnight rate forecast to rise to 5.25% over the first half of 2008 (up 75 basis points). Two-year yields are forecast to rise to 5.3% with 10-year rates peaking at around 5.45%, little changed from our previous forecast.

This article is courtesy of RBC Economics and research

You may wish to read more about our markets


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

Sunday, August 19, 2007

Buyer Agency in the GTA

“Working with a buyer's agent is like having a real estate advisor, a home finder and a financial consultant--all for free!”

Until recently, real estate agents were legally bound to represent the seller's interests in a real estate transaction, whether they were the "listing agent" or the agent who helped the buyer find the home.

That's all changed. Today, buyer's agents not only help buyers find homes, they can help negotiate price and contract terms on the buyer's behalf; provide information about a home, the sellers, previous offers and counteroffers; and help arrange for financing, among other services. In almost all cases in our area the buyer's agents are paid from the sales commissions offered by sellers.

Read more about Buyer Agency

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

Saturday, August 18, 2007

Child Safety Around the Home

Child Safety Around the Home

Your Child's Safety is #1

Ensuring safety for your child is a parent's utmost concern and responsibility. In these high-tech times of fast-paced lifestyles, paying extra attention to your child's well-being may sometimes prove challenging, yet never-the-less crucial. From babies and toddlers to the teenage years, here are some important tips to help you maintain peace of mind for your child's welfare.

Childproofing Your Home

Use Safety Latches and Locks for cabinets and drawers in kitchens, bathrooms, and other areas to help prevent poisonings and other injuries.

Use Safety Gates to help prevent falls down stairs and to keep children away from dangerous areas.

Use Door Knob Covers and Door Locks to help prevent children from entering rooms and other areas with possible dangers. Door knob covers and door locks can help keep children away from places with hazards, including swimming pools.

Use Anti-Scald Devices for faucets and shower heads and set your water heater temperature to 120 degrees Fahrenheit to help prevent burns from hot water.

Use Smoke Detectors on every level of your home and near bedrooms to alert you to fires.

Use Window Guards and Safety Netting to help prevent falls from windows, balconies, decks, and landings.

Use Corner and Edge Bumpers to help prevent injuries from falls against sharp edges of furniture and fireplaces.

Use Outlet Covers and Outlet Plates to help prevent electrocution.

Use a Carbon Monoxide (CO) Detector outside bedrooms to help prevent help prevent CO poisoning.

Cut Window Blind Cords.

Use Safety Tassels and Inner Cord Stops to help prevent children from strangling in blind cord loops.

Use Door Stops and Door Holders to help prevent injuries to fingers and hands.

Use a Cordless Phone to make it easier to continuously watch young children, especially when they're in bathtubs, swimming pools, or other potentially dangerous areas.

On-line Safety for Children

Be aware of your child's online activities and be sure to maintain rules of usage, especially if they frequent chatrooms. It is important to instruct your children:

to never arrange a face-to-face meeting with someone they met online
to never upload (post) pictures of themselves onto the Internet or online service to people they do not personally know
to never give out identifying information such as their name, home address, school name or telephone number
to never download pictures from an unknown source, as there is a good chance there could be sexually explicit images
to never respond to messages or bulletin board postings that are suggestive, obscene, belligerent or harassing
that whatever they are told on-line may or may not be true

Child Safety Trips

Make sure your child learns his or her address and phone number at an early age.
Teach your child how to call 911 in case of an emergency.
Do not leave a child unattended while shopping, visiting with neighbors or friends, or running errands. Under no circumstances should you leave a child alone in a vehicle.
When home alone, children should never open the door for strangers.
On the telephone, your child should never let anyone know they are home alone. Discuss responses such as : "Mom/Dad is busy right now."
A child should never leave school or daycare with anyone except a parent or guardian.
When shopping or in a crowd, children should be taught who to go to if separated from you.
Make sure your child knows to scream and run if approached in an alarming way by anyone.
Your child should know to make you aware anytime he or she feels uncomfortable with anyone.
Make sure your child always checks with you before going anywhere with anyone. Have them inform you of where they are going, whom they are going with and when they will be home.
Keep a record of your child's personal and medical information on hand in case of an emergency. Always include a recent photograph.
Remember to teach children that police officers are their friends, and that they are there to help them.
If children find a gun or bullets - do not touch it! Tell an adult.
Never leave children unattended near operating stoves or burning candles, even for a short time.
Teach children not to touch matches or lighters they may find. Instead, they should tell an adult immediately.
Choose babysitters with care. Obtain references from family, friends, and neighbors. Ask your children how the experience with the caregiver was, and listen carefully to their responses.
Be careful when you put your child's name on clothing, backpacks, lunch boxes or bicycle license plates. If a child's name is visible, it may put them on a "first name" basis with an abductor.

Read more about water safety
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, August 17, 2007

Recent mortgage interest rates

Current mortgage interest rates in the GTA

This is a table showing the current posted mortage interest rates in the GTA and the rates available from mortgage brokers.

TERMPOSTED Best RATES
6 Month 6.65%6.25%
1 Year7.15%5.6%
2 Year7.3%5.65%
3 Year7.3%5.7%
4 Year7.3%5.84%
5 Year7.24%5.79%
7 Year7.55%6%
10 Year7.9%6.15%
Variable Rate3.05%
Prime Rate6.25%


If you are interested in obtaining good rates, please send me an email and I will put you in touch with these mortgage brokers.

See graph of recent mortgage 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

Thursday, August 16, 2007

Canadian Resale market is still sizzling

Resale home transactions still sizzling
Hit fourth straight monthly record in July, but construction of new units tailing off

Sales of existing homes in Canada set a blistering pace again last month, and show few signs of letting up for the rest of the year.

Resale home transactions hit a fourth straight monthly record in July, with the average price rising to $332,442, a 13.1-per-cent increase from the previous July, according to statistics released yesterday by the Canadian Real Estate Association.

Sales are expected to reach 514,450 units for the year, the highest level on record and a 6.5-per-cent increase over last year.

Before the U.S. subprime mortgage crisis and its impact on the credit markets, this strength may have tipped the scales in favour of an interest rate increase when the Bank of Canada meets next month, said Douglas Porter, managing director and deputy chief economist at BMO Nesbitt Burns Inc. Now, it will probably lessen the likelihood of an interest rate cut if the credit trauma worsens, he added.


"The latest resale data again show precisely zero signs of a let up. Absent the credit market turmoil, the bank would surely be tightening again in September ... but that's like saying absent John Wilkes Booth, Abe would surely have enjoyed the play," Mr. Porter said in a research note.

The average price of a resale home in 2007 is expected to rise 9.9 per cent over last year, primarily due to strength in Western Canadian markets, according to a report yesterday from Canada Mortgage and Housing Corp.

Higher house prices, however, along with mortgage rates that have risen about three quarters of a percentage point since the start of the year have started to put a damper on new home construction.

The number of new homes built this year will drop in every province except Manitoba, Quebec and Saskatchewan, all of which are being bolstered by steady economic growth and job creation, according to the CMHC's third-quarter outlook.

"Despite high employment levels, income gains and low mortgage rates, housing starts will trend downwards in 2007. The slight pull back in housing starts this year and next will be mainly due to the continued growth in house prices coupled with modest increases in mortgage rates," CMHC chief economist Bob Dugan said.

A total of 220,000 new housing units are expected to be completed this year, a 3.2-per-cent decrease from 2006. This is seen declining to 207,200 new units in 2008.

Mr. Porter said anything in the range of 200,000 housing starts a year still indicates a "very strong" real estate market. Existing home sales provide a better gauge of consumer confidence and discretionary spending on items including furniture and appliances than new construction does, Mr. Porter said.

Existing home sales and prices are expected to increase next year at a more moderate pace, with sales seen hitting 494,750 units in 2008 and prices rising 5.2 per cent, CMHC said.

Spending on home renovations is expected to increase by 9.8 per cent to $49.9-billion in 2007 compared with 2006, and by 6.8 per cent in 2008 to $53.3-billion.



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, August 15, 2007

Where is the market heading? In light of increased mortgage interest rates.


I received another email question today and thought I would post my long-winded answer below and share my thoughts with you too.


Enjoy! Mark

The question was:


Just wondering what is happening in the market after interest rates went
up.

Is there a lot of Townhomes on the market and are prices coming down.
Just wandering if is a good time to invest again.

Thanks

A.

Here's my answer:


Hi A.,

The market is quite fast these days. Normally, it slows down in the summer, but this summer has been quite active. Average prices are down a couple of percent which is typical for this time of year, but the volume of sales is hitting records. See the link below. Normally there are about 40-50 townhomes in Erin Mills for sale at any one time, but there are only 34 right now and many of them are conditionally sold.

Yes, this is a very good time to invest.


I realize the rates have increased but only marginally and it will likely only be short term. We are going short on all of our mortgages, time proves short term is by far the better option, see here, of course probably until I follow that method! :-))

There are not too many major scenarios that will cause real estate market to tank. One scenario is major global catastrophe or war or terrorist act. All could cause sudden and major drop in market, but the stock market would take a huge hit too. So would our entire economy, so all things being equal, anything major will affect everything, so real estate should still be a good long term investment. Time has proven real estate will recover and then some, so I am not worried, besides, it would just mean we get less rent, if we don't have to sell, all is fine, but more properties!

Another thing that could happen is that interest rates continue to climb. Once they reach 7 or 8 percent the economy will slow and then rates will stabilize and/or come down again. This may only last a year or two and then the economy will settle down again. Increasing rates certainly cut out the very bottom entry level buyers, but there seems to be enough buyers out there to sustain and continue to cause prices to rise and record sales month after month.

Another possibility is the US economy continues to be bad or gets worse. Although it used to be that "if the US got a sniffle Canada would get a cold or the flu", no longer seems to be the case. Our marketplace in the GTA, Ontario and Canada seems to have been insulated from events in the US since about 911 and seems to be able to sustain itself regardless of what happens to our friends south of the border.

Oil prices rise to $100 or more per barrel. Again, yes, this will have an impact on our marketplace, but maybe only short term. The demand for gasoline seems to be completely inelastic, regardless of how high gasoline and oil prices rise, we still drive large vehicles and conserve very little. We may complain like hell about the price at the pumps, but we pay it and keep driving.

US election years have almost always caused our market to slow, EXCEPT in 2004. Thus, it's your guess whether our market and economy slows next year or not.

Un-Employment rates rise, due to dollar, economy or overseas markets could cause our market to slow, people spend less money and the economy stalls, again, this would affect all markets, not just real estate.

Another scenario is that the baby boomers all get old in the next ten years and sell off their real estate and/or give it to their kids who cash out. Either way, if a flood of listings were to come on the market it could affect our prices in the short and long term. Personally, this does not worry me. There seems to be enough people out there to absorb any increase in inventory, but only time will tell on this one. I believe it will be much more gradual than people think. Fractional ownership worries me more than the boomers cashing out. I may be wrong on this and I've not researched the success or failure of fractional ownership in other parts of Canada or the world, but if time shares are any indication, I think that this may hurt more people than help them in the long run.

At any rate, these are some of the scenarios that the doomsayers are predicting and hopefully none of them will come to fruition and even if they do, I feel they will have less impact on our real estate market than some think.

There are other possible scenarios, I would like to hear your feelings and ideas, but these are some of the major reasons for large price swings in the market in the past and could be for the future too.

If history repeats itself again this fall, prices will likely escalate again in mid to late September until middle of November, see the graph here, so make your purchase soon or wait until December 10th to purchase and hope there are some listings on the market at that time that you like!

In summary, and I know it sounds corny, I still go by the old adage that the best time to buy real estate is yesterday.

Thanks,
Mark




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, August 14, 2007

Canada’s Economy on Fire - From RBC


Canada’s economy on fire


The economic news from Canada during the past month has been unambiguously strong, with retail sales posting the largest one-month gain in almost 10 years in May and employers adding 35,000 more workers to their June payrolls.

Even manufacturers, who have to contend with the Canadian dollar trading at its highest level against the U.S. dollar in 30 years and rising input prices, remain optimistic. Statistics Canada’s quarterly survey of manufacturers, released in late July, reported continued optimism on production and employment with only a modest deterioration in the outlook for orders.

This upbeat assessment is likely to alleviate worries at the Bank of Canada that the currency has risen to levels inconsistent with economic fundamentals. The strong data reports support our forecast that the economy grew at an above-potential 3% annual rate in the second quarter and moved deeper into a state of excess demand.

In the July Monetary Policy Report Update, the Bank acknowledged that the economy “is operating further above its potential than was projected in the April report,” justifying their decision to raise the policy rate to 4.5% on July 10. Courtesy of RBC

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

Saturday, August 11, 2007

Canada’s economy still has solid momentum

Canada’s economy still has solid momentum
Canada’s economy enjoyed strong momentum going into the second quarter, but mixed
data for April and May resulted in a downward revision to the market’s forecast for the degree of monetary policy tightening in the pipeline.

The pace of job creation paused in April and May, although the unemployment rate held at its 33-year low and wage growth firmed, signalling that labour market conditions are tight. April’s headline numbers in the manufacturing, retail and wholesale reports were disappointing, although manufacturing and retail activity actually firmed in the month after adjusting for price changes; only wholesalers saw a big dip in sales.

Real GDP growth flattened out in April compared to the rapid gains in February and
March, but even with only a modest pick-up in May and June the economy is on track to grow at close to its potential rate in the second quarter. After the strong increase in the first quarter and with the economy already operating in a state of excess demand, a trend like increase in the second quarter spells no relief from the upward pressure being exerted on prices. This means that the Bank will have to raise the overnight rate if the mediumterm
inflation target is to be met.

See how the TREB Average Prices have escalated over the past 10 years

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, August 08, 2007

Scottsdale Fine Properties located in Scottsdale Arizona

Toronto Real Estate Board (TREB) Average Prices and Graph
Scottsdale Fine Properties located in Scottsdale Arizona
Sponsored Post by Mark Argentino

Recently I had the opportunity to review a real estate site located in Scottsdale Arizona. The website is named Scottsdale Fine Properties and is a diamond when it comes to Arizona real estate services. The owner of this real estate company is Lesley Martinson and her team understand the fine art of managing transactions at the high end of the market. Their exclusive focus on the Scottsdale luxury home, investment, vacation and condominium segment, and delivering an extraordinary level of service, have earned them both success and a sparkling reputation nationwide.

This site would compare quite nicely to this Mississauga site due to the fact that it appeals to the high end of the marketplace and the agents offer top level service to their clients.

Lesley Martinson's company offers complete buyer and seller real estate services for estates, luxury homes, executive homes, golf properties, condos, seasonal property, and land. Mississauga4sale.com offers similar types of properties and opportunities.

They also have a unique focus on new home sales in affluent North Scottsdale. Lesley brings 17 years of personal real estate experience to the business, with career personal sales in excess of half-billion dollars. Mark Argentino brings nearly 20 years of real estate sales experience.

Scottsdale Fine Properties marketing and advertising targets high-income clients both nationally and internationally through their exclusive membership in Who's Who in Luxury Real Estate and other professional affiliations. They advertise in numerous publications including Fortune, The Robb Report, The Wall Street Journal, Dupont Registry, Who’s Who in Luxury Real Estate, Dream Homes, Luxury Homes and Investor's Business Daily. They also reach the local market with ads in Scottsdale Magazine, Camelback and 85255 as well as selected special publications. Mississauga4sale.com advertises exclusively on the internet.

In Summary, if you are interested in working with a complete and full service real estate company that deals with all types of properties and appeals to people who want their transactions managed from beginning to end, then Scottsdale Fine Properties is the realtor to use in Scottsdale Arizona. http://www.scottsdalefineproperties.com/


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

TREB Real Estate Market Continues to set Fast Pace

Toronto Real Estate Board (TREB) Average Prices and Graph
August Report - More Records Broken
August 2, 2007 -- TREB Members reported 8,912 total sales in July, 26 percent ahead of the 7,082 sales recorded in July of 2006, and an all time record for the month.

Furthermore, July makes the fourth month in a row that sales have broken monthly records. "The local resale market is as healthy as it has ever been," said TREB President Donald Bentley. "Not only are we running 13 per cent ahead of last year's January - July total of 52,682, we are running 14 per cent ahead of the seven month total for 2005, which became our best year ever."

While sales have set a blistering pace, prices eased in July, down two per cent to $366,012 from June's average of $373,719. "This decline is seasonal in nature," said the President. "Prices tend to ease in July/August as potential homebuyers and sellers go on holiday." He went on to note that the year-to-date average, at $373,326, was up five per cent over the same time-frame in 2006.
See graphs of the average historic TREB 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

Monday, August 06, 2007

Condo's continue to be very HOT in Canada


It's Still Condo Mania in Canada

Nearly half of all new home sales in Toronto in April were high-rise condominium suites, lofts and stacked townhouses. Across Canada, from 2001 to 2005, condo starts have posted an annual increase of more than 16 per cent, accounting for almost one-third of new home construction. Despite the amount of new product available, in most parts of the country, it's still a sellers' market.

A recent survey by Ipsos-Reid for TD Canada Trust, and a follow-up report by TD Economics, says both the short and long-term outlook for condos in Canada is good. It says Canada's healthy labour market, low interest rates and an aging population will contribute to brisk condo sales.

"The hottest markets, notably Calgary and Vancouver, will see some cooling off from dramatic and unsustainable highs last year, but overall conditions will remain healthy and activity will be high," says Craig Alexander, VP and deputy chief economist for TD Economics, and author of the study.

He predicts that during the next 18 months, the pace of condo starts will decline by about six per cent and resale prices will "cool out, while still remaining quite elevated." He expects Calgary will see price growth drop from 26.6 per cent last year, to 10.5 per cent in 2007/08. He forecasts Edmonton prices to drop from 16.6 per cent to 12.5 per cent, and Vancouver prices to go from a 16.3 per cent increase last year, to 10.5 per cent this year.

In the more stable central and eastern markets, Alexander calls for Toronto condo prices to increase by 4.2 per cent this year, while Ottawa price gains rise from 3.6 per cent last year to 4.5 per cent. Montreal price increases are expected to drop to 3.5 per cent from 6.4 per cent.

The survey found the top two reasons for preferring condos were lower maintenance costs and greater affordability. Alexander says that condo prices are almost half of the average price of detached bungalows in Vancouver, and roughly one-third less than the average price in Calgary and Toronto. "Given the rapid price increases in detached dwellings sustained over the last few years, condos may be the only option for some potential homeowners -- and many first-time buyers -- in selected markets," he says.

Other reasons for preferring condos are good building security, attractive design and environmentally friendly design/energy efficiency. Proximity to public transit, retail outlets and entertainment are also important factors for those looking for a condo.

The survey found that 39 per cent of Canadians would consider buying a new or resale condo, an increase of four per cent from a similar survey taken in June 2006.

"Looking beyond the near-term outlook, there is fundamental support for condos in the major Canadian markets from structural economic trends, including the aging population and the continued urbanization of the country," says Alexander in the report.

Older Canadians are attracted to condos as they downsize and look for less maintenance in their homes. The median age in Canada was 37 in 2001 and is expected to be between 45 and 50 by 2056. "This could create headwinds for real estate, which is influenced by demographic demand for housing, but the aging population could prove positive for condos," Alexander says.

While the demographic trend suggests slower population growth, Alexander says it is evident that cities will continue to grow faster than rural communities. In 1901, 37 per cent of Canadians lived in urban centres. By 1951 it was 62 per cent, and by 2006, 80 per cent of the population was living in an urban centre.

Rising traffic densities has led to urban renewal in the cities, which is expected to intensify in the years to come, Alexander says. "While condos are not solely located in cities, as evidenced by their presence in some resort settings, the bulk of condos are concentrated in urban centres, making them highly likely to benefit from the urbanization trend."

Despite the generally rosy outlook, Alexander says there are some risks for the condo market.

"The explosive price growth and the presence of speculation in the west have been sending off warning signals," he says. "But, if price growth moderates as new supply comes on the market and as eroding affordability dampens demand, a boom-bust cycle can be avoided.

"Meanwhile there is significant additional supply in the pipeline for Toronto from projects that are already underway, but are not yet completed. This could impact price growth, but so long as employment remains solid and interest rates do not rise significantly from current levels, there should be no problem absorbing the additional units," Alexander says.

Read more about Mississauga and GTA Condos

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