Thursday, January 31, 2008

Ice Dams cause damage and methods to prevent ice dams in the winter

Ice Dams on your roof will create Ice Damage

An ice dam is a ridge of ice that builds up along the edge of a roof. The ice creates a dam that backs water up and under the roof shingles. Once the water is deep enough, it penetrates the roofing system and creates water damage inside the home.

Beneath the ice dam, undetectable damage is occurring in the attic and wall cavities. The wood framing is wet and may be rotting , insulation is soaked – which makes it inefficient and mildew and mould can grow in hidden spots causing odours and other problem inside the home.
Soaked framing and insulation will take a long time to dry out and will continue to contribute to wall damage and interior moisture problems. Uncorrected, the water can cause serious structural damage.

Once the ice dam is high enough to overcome the pitch of the roof, water seeps under asphalt shingles. The alternate freezing and thawing that occurs under these conditions can increase the magnitude of roof leaks. Once the water has penetrated the singles, it flows under the siding and eaves and leaks through the framing into your home.


To prevent ice dams, eliminate heat build-up in the attic space below the roof deck by:

• Improving insulation - Add insulation to improve the thermal envelope and slow heat transfer to the attic. Surfaces between the attic and the heated living space should be insulated to R-38 or more. As a homebuyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages and trying to get the best deals. Do not stop now. Do not let your real estate agent, a patty-cake inspector or anyone else talk you into skimping here.

• Stopping air "bypass" - Seal any opening that allows heated air to "bypass" the insulation and rise into the attic. The warm air in your home will always try to rise and will push through any small opening. The attic door should be weather-stripped even better than an exterior door. Exhaust fans should not empty into the attic and the area between the frame of the fan and the ceiling should be tightly sealed.

• Increasing attic ventilation will cool the space and remove unwanted moisture. The temperature in the attic space should be nearly the same as the outside temperature. When fixing attic insulation, avoid blocking any vents with insulation. The best ventilation system is balanced between low in-take from the overhangs and high-exhaust vents on the attic roof.

Read home maintenance tips



Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


Wednesday, January 30, 2008

Mortgage Rates and Factors to calculate payments

Mortgage Rates and Factors to calculate payments

When calculating mortgage payments, there are quick factors that can be used for a particular interest rate. For example, if the interest rate is 5.95% then the factor is 6.37 per $1,000 in mortgage, thus if you want to know the payments on a $120,000 mortgage at 5.95% then you would multiply $120,000 x 6.37/1,000 = $764.40

The table below shows current rates and their factors.

Discounted Rate (OAC)/ Cost Factor per Thousand

1 Year 6.00% / $6.40

2 Year 6.10% / $6.46

3 Year 6.05% / $6.43

4 Year 5.95% / $6.37

5 Year 5.79% / $6.27

7 Year 6.20% / $6.51

10 Year 6.30% / $6.58

5 Year Variable 5.15% / $5.90
See my mortgage calculators at this page: http://www.mississauga4sale.com/mortgage-payment-calculator.htm
read more about Mortgage Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com

Monday, January 28, 2008

Outlook for Housing Starts Continues to Look good!

The outlook for the housing market continues to be very upbeat for the near term.

Housing Starts:
2007: 227,500
2008: 214,300
Resales:

2007: 521,100
2008: 500,800

Housing starts will remain above the 200,000 unit threshold for a seventh consecutive year in 2008, a feat last accomplished in the 1971-1978 period.

Over the long term it is expected that residential construction will gradually decline as factors that drive housing become less stimulative reaching approximately 198,425 units by 2011. Despite this downward movement, the level of activity will remain well above the average annual level of about 150,000 housing starts observed during the 1990s.

The outlook for Canadian GDP growth remains positive over the medium term. The economy will continue to operate close to its capacity and expand at about 3 per cent from 2008 to 2011.

Employment growth is expected to be constrained over this time frame since a record number of Canadians are presently employed. Employment growth will average 1.3 per cent annually over the 2008 to 2011 period. At this pace, the unemployment rate is expected to creep up toward 6.5 per cent range by 2011.

Inflation will remain modest at about 2 per cent per year over the medium term. As a result, both short and long term interest rates will be fairly stable going forward. Longer term mortgage rates, such as the 5 year fixed rate, will stay low and should increase by 50 to 75 basis points between 2008 and 2011.

Population growth is a key driver of housing demand over the longer term and a major contributor to population growth is immigration. More than 216,000 immigrants arrived in Canada in 2006. Looking ahead, continuing tight labour market conditions will provide an attractive environment that will continue to draw large numbers of immigrants to Canada. As a result, net migration is forecast to rise steadily through 2011.

This rise will boost population growth and household formation, which in turn will support strong levels of housing starts through 2011.


Ontario, Quebec and British Columbia will continue to attract most of the new immigrants settling in Canada.
Source: CMHC Housing Market Outlook Canada Edition 4Q2007


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com




Friday, January 25, 2008

USA Real Estate Round Up for 2007 from NAR


This is what NAR just reported: 2007 Existing-home Sales Fifth Highest


Existing-home sales declined in December following several months of stable activity, with total sales in 2007 still at the fifth highest on record, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales including single-family, townhomes, condominiums and co-ops – slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5 million in November, and are 22 percent below the 6.27 million-unit level in December 2006.

For all of 2007 there were 5,652,000 existing-home sales, the fifth highest year on record. However, the total was 12.8 percent below the 6,478,000 transactions recorded in 2006.

Lawrence Yun, NAR chief economist, says the market is experiencing uncharacteristic weakness.

"Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate," he says. "Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.10 percent in December from 6.21 percent in November; the rate was 6.14 percent in December 2006. Last week, Freddie Mac reported the 30-year fixed rate dropped to 5.69 percent.

"Although interest rates on jumbo loans have fallen somewhat, they remain well above conventional mortgage rates," Yun says. "It isn't surprising that the share of single-family homes selling for more than $500,000 fell to 12.4 percent of transactions in December from 14.2 percent a year ago."


Read about our marketplace: Price Trends


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


Mortgage Interest Rate Update after Bank of Canada Prime Rate Drop of .25%



Mortgage Interest Rate Update after Bank of Canada Prime Rate Drop of .25%


Financial markets and interest rates dominated the news yesterday - as you are aware, the Bank of Canada lowered their lending rates by .25% and most banks have lowered the Prime lending rate to 5.75% (from 6%).


Following yesterday's announcement, fixed rate mortgages remain unchanged. Today's best pricing on a variable rate mortgage is 5.15% (Prime less .60%).


The next Bank of Canada rate announcement is scheduled for March 4th and there were strong suggestions yesterday that addiitional rate decreases are likely.


Mortgage Interest Rate Update
January 25th, 2008


Prime Rate .5.75%
Variable Rate Prime less .60%
1 year closed .5.65%
3 year closed .6.00%
5 year closed .5.99%
7 year closed .6.03%*
10 year closed ...6.10%*
25 year closed ...7.10%


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


Thursday, January 24, 2008

Comments on Canada's Economy from RBC

The Canadian economy still robust

Canada's economy grew at a 2.9% annual rate in the third quarter, only moderately slower than the 3.8% second-quarter pace and first-quarter 3.5% increase. The strength in the third quarter came from the domestic economy, which has been the mainstay of Canada's economic growth during the past several years.

Job growth beat expectations once again in November, with 42,600 jobs created, trouncing forecasts for an 8,000 job gain. The job market has generated 388,200 new jobs so far this year and the pace of wage gains has accelerated strongly from the tepid 2.3% average increase in the first quarter to the 4.2% average pace in October-November.

Retail sales fell 0.2% in September for the third time in the past four months,largely driven by a 1.3% drop in sales by new car dealers. The decline in real retailsales and the only modest increase in manufacturing shipments in September pointto moderating GDP growth in the month.

Housing starts were essentially unchanged in November, coming in at a 227,900 annualized pace compared to 227,600 in October. The average level of housing starts activity year-to-date has been the highest since 2004. Our forecast assumes that starts will trend lower, eventually averaging a little above 200,000 in 2008.

The merchandise trade surplus widened to $3.3 billion in October as exports inched lower by 0.5% and imports dropped 2%. After shaving 4.8 percentage points from third-quarter economic growth, drag from the trade sector and slower domestic demand will slow GDP growth again in the fourth quarter.

Canada's core inflation rate moved to its lowest level since April 2006 in November, and held below the 2% target for the second month running. The all-items inflation rate will likely remain above the Bank of Canada's 2% target in the near-term, but continued discounting by Canadian retailers will keep the core rate below the 2% target.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


Wednesday, January 23, 2008

RE/MAX Reports Condominium appreciation outpaced single-detached housing


New Report from RE/MAX Condominium appreciation outpaces single-detached housing
values in key GTA districts in 2007
, says RE/MAX

Mississauga, Ontario (January 23, 2008) Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end.

According to RE/MAX Ontario-Atlantic Canada, the average price of a condominium rose 12.2 per cent in the central core in 2007 ($327,559 vs. $292,064) while values in the west end jumped 7.3 per cent from $215,036 to $230,749. Statistics for single-detached homes reveal an 11.5 per cent increase in average price in the central core ($910,906 vs. $816,938) and a 6.6 per cent increase in the west ($417,407 vs. $444,945) during the same period.

"Condominiums are clearly a viable—and now financially feasible—alternative to single-detached housing," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.

"With so many purchasers forced to compromise on their choice of housing, the ever-growing return on investment in the condominium market is proving to be quite the consolation prize."

Despite higher prices across the board—approximately 20 per cent, or 12 of 63 Toronto Real Estate Board Districts, experienced a double-digit increase in average price in 2007—the condominium lifestyle allows purchasers to live in the GTA's most coveted communities at a fraction of the price of a single-detached home.
The best performing markets in 2007 include top-ranking Bayview Village (C15), leading with a 28.9 per cent increase in average price year-over-year ($241,611 vs. $340,113); Yorkville, Annex (C02) in second place with a 23.9 per cent increase ($494,861 vs. $650,379); and Rosedale, Summerhill (C09) in third place, with values 17.2 per cent ahead of 2006 figures ($462,067 vs. $558,435).
Forest Hill, Deer Park (C03) and Swansea, Roncesvalles, South Parkdale (W01) both tied at 14.8 per cent—$514,823 vs. $604,924 and $246,900 vs. $289,872 respectively claiming fourth place, while SE Mississauga, Applewood, Rathwood (W14) rounded out the top five at 14.6 per cent ($180,279 vs. $211,185).

"Condominiums now outsell single-detached homes two to one in the central core," explains Polzler.

"Condo sales have accounted for an increasing percentage of the marketplace in the central, west, and northern districts since 2005. The trend is expected to continue as affordability levels diminish, particularly in the central core. It's also important to recognize that the vast majority of these purchasers are end-users and speculation is a rare occurrence in the resale condominium market."

Although they carry some pretty hefty price tags, single-detached homes continued to post solid gains as well, with approximately 21 per cent or 13 of 63 Toronto Real Estate Board districts, reporting increases over 10 per cent in 2007. The best return on investment occurred yet again in proven blue chip neighbourhoods. Forest Hill (C03) led the way with a 17.4 per cent increase in average price in 2007, rising from $849,697 in 2006 to $1,028,960. Leaside (C11), Lansing, Willowdale (C07), and Bathurst Manor, Armour Heights (C06) placed second, third and fourth, with prices rising 14.2 ($791,083 to $922,607), 13.4 ($537,891 to $621,185), and 12.2 per cent ($523,736 to $596,551) respectively year-over-year. Thriving Port Credit (W12) placed a strong fifth with a percentage increase of 11.7 per cent in average price, bringing single-detached housing values in the area to $577,461 from $509,380 in 2006.

"When it comes to bricks and mortar, homeownership can be cost-prohibitive," says Polzler. "The surge in condominium sales and prices is a glimpse at the future. Not only is the condo lifestyle more widely accepted, it is also highly coveted by many. Location, price, amenities, views, low-maintenance living—it's the ideal package for a growing number of purchasers. As such, price growth and demand are expected to continue strong into 2008. "

RE/MAX is Canada's leading real estate organization with over 17,500 sales associates situated throughout its more than 640 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 34th year of consecutive growth, is a global real estate system operating in over 65 countries. More than 7,000 independently owned offices engage 120,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation and asset management. For more information, visit: http://www.remax.ca/.

read more about Price Trends at my site


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


TD/Canada Trust report: Bank of Canads has further rate cuts to come

TD/Canada Trust feels that the Bank of Canads has further rate cuts to come

January 22, 2008

Bank of Canada cuts by 25 basis points

Bank to cut 50bps on March 4th and 25bps on April 22nd

The Bank of Canada cut the overnight rate this morning by a quarter-point to 4.00%. This was broadly in line with market expectations; however speculation was building in the days leading up the meeting that the Bank might be more aggressive given that financial market confidence had been severely undermined by the prospects of a U.S. recession and the possibility of some contagion to the global economy. Speculation of a more aggressive Bank of Canada decision climaxed when the Federal Reserve caught financial markets completely off guard this morning with an inter-meeting cut of 75 basis points. Nevertheless, the Bank stuck to their guns with a more measured approach, reflecting their view that domestic demand on this side of the border is expected to remain strong. However, the Bank made it quite clear in this morning's communication that they are prepared to deliver more rate cuts down the road when they stated that "further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance and to return inflation to target over the medium term".

We believe the next move on March 4th will be a more aggressive 50 basis point cut. That rate decision will probably not be the result of slumping domestic demand. So far, the domestic side of the Canadian economy appears well grounded. In today's communiqué, the Bank noted that despite tighter credit conditions, strength in domestic demand is expected to remain supported by continued income growth associated with the increase in commodity prices since October, which has led to further gains in our terms of trade." It is also important to remember that unlike their American counterparts, Canadians are not getting hit on both ends of their asset portfolios. Home prices remain on the upswing in most major urban centers, and there is little concern that the Canadian housing market will start to mirror the slump in the U.S. In fact, we believe national home prices will rise at a rate of 5-7% in 2008, compared to a U.S. market that will likely absorb losses of around 5% or more.

However, we believe that by the next meeting, data on the U.S. economy will provide a smoking gun, showing clear signs of a sharp economic slowdown. Given that inflationary pressures remain well in hand, a 50 basis point cut would provide much-needed insurance against the degree to which a U.S. economic downturn would lap onto Canadian shores. Certainly, inflation will not provide a barrier to a more aggressive Bank of Canada. The central bank has indicated that increased competitive pressures in the retail sector and the one percentage point GST cut at the start of the year will cause both core and total CPI inflation to fall below 1.5% by the middle of this year before returning to their 2% target by the end of 2009.

Following the March 4th meeting, there is the potential for another 25 basis point cut. However, given the degree of economic uncertainty on both sides of the border, the extent of additional easing will be highly dependent on how developments in the U.S. unfold and whether financial market confidence remains in question.

Some of the guessing on the Bank's views will be answered on Thursday when they release the update to the Monetary Policy Report (10:30ET). This report will lay out the Bank's downgraded views on Canadian and American economic growth alongside a more detailed assessment of the current economic and financial environment.

Read more about Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


Tuesday, January 22, 2008

Bank of Canada Announces .25% rate cut, US Feds slash rates by 3/4%

The Bank of Canada Cuts the Federal
Prime Lending Interest Rates by 1/4 %

The Bank of Canada could have cut more, but decided to go with a quarter-point off its own key rate, but it signalled more cuts to come as U.S. recession worries spiral.

In it's regularly scheduled announcement, the central bank of Canada lowered its overnight lending rate to 4 percent from 4.25 percent.

This was the Bank of Canada's second straight quarter-point cut as it seeks to protect the Canadian economy and infrastructure from the very severe slowdown or even a possible recession that faces the United States.

The move came shortly after the US Federal Reserve slashed its federal funds interest rate by 75 basis points to low 3.5 percent.

This cut by the US disappointed a number of market players who are calling for a bolder rate cut by Canada to match the Fed.

"The Bank of Canada is clearly stubborn, not wanting to cut by more than 25 basis points and I think the market is quite disappointed," said Eric Lascelles, chief economics and rates strategist at TD Securities.

Ted Carmichael, chief economist at JP Morgan Canada, said the bank "did what was expected a week ago and hasn't reacted whatsoever to developments in financial markets in the past week."

The Bank of Canada, which prepared its rate announcement on Monday, opted not to alter its decision at the last minute in reaction to the Fed move.

While warning that Canada's exports will be hit by the U.S. slowdown, the bank emphasized that high commodity prices will continue to help keep Canada's economy buoyant.

"Despite tighter credit conditions, domestic demand is projected to remain strong," the bank said in its statement.

We should see reductions in mortgage interest rates in the next few days!


Read more about Interest Rates


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com




Mortgage Calculators - help with your payments and income qualification

Online Mortgage Calculators
This edition of my blog writings has the latest and best rates for Canadian mortgages. At mortgages, we work on your behalf to find the mortgage that suits your needs. Best of all - our service is "free" for the asking It's the selected lender that gets YOU the best rate. *(O.A.C., E.&O.E.)
• Examples of Current Mortage Interest Rates
• Explore Mortgage Scenarios with Helpful Calculators on dominionlending.ca
TermsPosted RatesDiscounted Rates
1 YEAR7.40%5.65%
2 YEARS7.55%6.05%
3 YEARS7.55%5.90%
4 YEARS7.55%6.04%
5 YEARS7.54%5.90%
7 YEARS7.85%6.25%
10 YEARS8.15%6.30%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 6.00%.

Variable rate mortgages from as low as Prime minus 0.60%.

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Lower rates may be available to those with higher credit scores or higher net worth – check with your mortage Expert for full details.

*O.A.C., E.& O.E.

Explore Mortgage Scenarios
with Helpful Calculators on mortgages

When you're starting to think about what mortgage approach would be beneficial, my online mortgage calculators can help uncover some possible strategies.

The Mississauga4Sale website at mortgages features a full line-up of mortgage tools which allow borrowers like you explore mortgage scenarios before speaking to a mortgage expert.

If you're planning on buying a home, you can calculate:

• the mortgage amount for which you can comfortably qualify,

• your mortgage payments along with an amortization schedule to discover what you would owe in five years,

• savings realized by making prepayments on your mortgage.

If you currently have a mortgage, you can calculate:

• how large a home equity line of credit you may be eligible for,

• how much interest you could save by refinancing your mortgage,

• how to accelerate paying off your mortgage debt.

By visiting mortgages and clicking on "Calculators" on the main page, you can access a range of easy-to-use calculators that will provide you with ample insight into all aspects of mortgage financing.


I wish you all the best.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com

Monday, January 21, 2008

CREA reports that 2007 of existing home sales sailed to another rrecord


CREA reports it's Another press announcment that existing home sales soar to record in 2007


But demand slumped at the end of the year, signalling a rough start to 2008; average price also hits a new high


The value of existing home sales blew past $100-billion for the first time in 2007, but signs of fatigue late in the year are expected to carry into 2008.


Sales came in at a total of $118.3-billion last year, up 20 per cent from the year before, according to data released yesterday by the Canadian Real Estate Association (CREA).


The average price of an existing home also hit a record $326,055 last year across the 25 major markets tracked by CREA.


Sales peaked in the second quarter, and slowed near the end of the year because there were fewer transactions in Calgary, Vancouver, Ottawa and Montreal, according to CREA. Calgary had the biggest drop in unit sales in December, down 27.8 per cent, compared with the year before.



While a sag in December sales activity will likely continue in 2008, the Canadian market is still in much better shape than that of the U.S., said Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc.


"Even with the slight sag in December, Canadian home sales still easily hit a new annual high last year, in staggering contrast to the deepening trauma south of the border," Mr. Porter said in a research note.


"Housing is very unlikely to provide as much support to Canadian growth in 2008, but it's also highly unlikely to follow the U.S. market's due-south lead either."


For example, a total of 362,934 units were sold in Canada last year, up almost 8 per cent from 2006. This stands in "stark contrast" to the estimated 12.6-per-cent drop in U.S. existing home sales in 2007, Mr. Porter said.


Home prices, which rose 10.8 per cent in 2007 from 2006, are expected to go up at a more modest rate in 2008, according to CREA.


"A decline in inflationary pressures due to slower U.S. economic growth will enable the Bank of Canada to reduce interest rates," said Gregory Klump, CREA chief economist. "Additional interest rate cuts this year will keep resale housing market activity on a strong footing, and prices will continue to rise but at a slower pace."


By the numbers


$118-billion


Total dollar value of residential sales.


362,934


Number of units sold in 2007.


$326,055


Average price of home in 2007.


587,607


Number of new listings in 2007


Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark



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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com




Friday, January 18, 2008

RBC reporting Canadian Economy still expanding, but the pace likely to slow


RBC is reporting that the Canadian Economy still expanding, but the pace likely to slow


The economy grew at a 0.2% pace in October and at a 1.4% annualized pace compared to the 2.9% average of the third quarter, setting up for a more moderate quarter for growth following nine months of robust expansion.


Despite the slowdown in job growth in December, Canada's job market pumped out 370,000 new jobs in 2007 and the unemployment rate finished the year near its lowest level in 33 years. The 2007 job increase pushed the number of job created since 2002 above two-million and 82% of those jobs were full-time positions.


Retail activity started the fourth quarter on a firm note, rising 0.1% in October, stronger than market forecasts for a 0.4% decline. The strong labour market and firm wage growth will likely support retail activity as the fourth quarter progresses.


Housing starts slowed to a 187,500 seasonally adjusted annual rate in December from an upwardly revised 233,300 pace in November. Starts were 229,600 in 2007, a 1% gain over 2006. The housing market may cool a bit in 2008 we forecast starts of 210,000 units in the year.


The merchandise trade surplus was larger than expected in November, rising to $3.7 billion. But, with a strong Canadian dollar boosting imports and a sharply slower U.S. economy dampening demand for Canadian exports, we expect the drag coming from the trade sector to be even greater in 2008 than in 2007 and that the economy will grow at a more modest 2.1%.


Canada's core inflation rate moved to its lowest level since April 2006 in November, and held below the 2% target for the second month running. The all-items inflation rate will likely remain above the Bank of Canada's 2% target in the near-term, but continued discounting by Canadian retailers will keep the core rate below the 2% target.



Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale


Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,


Mark


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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com


Thursday, January 17, 2008

Canadian Home Sales: House of the Rising Price

Canadian Home Sales: House of the Rising Price


After a blockbuster year, the Canadian housing market showed some early signs of fatigue as 2007 wore down. Today's December existing home sales data from the Canadian Real Estate Association show that resale activity faded 2.5% from the prior month and was a bit below year-ago levels as well. That's a big turnaround from the steady stream of solid gains through most of last year, which lifted sales to a record annual high and a hefty 7.9% above year-ago levels for all of 2007.

Last year's increase stands in stark contrast to the estimated 12.6% drop in U.S. existing home sales. And while Canadian sales may have lost a bit of momentum late in the year, prices just kept chugging right along. Average home prices were up 13.1% from year-ago levels in December, with 13 of 24 cities reporting double-digit increases. Average price gains have been somewhat skewed up by the mammoth 46% jumps in Regina and Saskatoon, but even the median city saw a 10.4% y/y price increase in December.

All cities west of Lake Superior reported double-digit price increases last year, with Saskatchewan cities firmly taking the baton from Alberta. However, price gains seemed to fade a bit right at the end of the year in Winnipeg and Vancouver. Elsewhere, prices actually gained speed at the end of 2007, despite the growing pressure on central Canada from the surge in the loonie and slowing U.S. growth. Toronto, Ottawa, Sudbury and Quebec City were among those cities in Ontario and Quebec that posted double-digit price gains from a year-ago last month.

Meantime, the previously steaming hot Alberta markets cooled further sales in both Calgary and Edmonton fell steeply from a year ago (Calgary down 27.8% y/y, Edmonton down 20.2% y/y), while new listings continue to rise. That's not a favourable backdrop for prices, although both are still hanging onto double-digit price gains as of December. Still, who would have believed at the start of 2007 that Toronto home prices were poised to rise faster in the next twelve months than in any of Calgary, Edmonton or Vancouver?

The Bottom Line: Even with the slight sag in December, Canadian home sales still easily hit a new annual high last year, in staggering contrast to the deepening trauma south of the border. Housing is very unlikely to provide as much support to Canadian growth in 2008, but it's also highly unlikely to follow the U.S. market's due-south lead either.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website. Homes for Sale

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me now or in the future,

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
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
8 Website : Mississauga4Sale.com