Wednesday, December 31, 2008

CMHC report on New Home Market

This is the latest report by CMHC regarding the new homes market, there is a dichotomy!

This is likely my final post for 2008. I wish you a Happy New Year and all the best to you and your family in 2009.

Thank you,

Mark


New Home Market

Housing Starts Moderate

The seasonally-adjusted annual rate (SAAR) of total housing starts dipped below trend in November for the Toronto Census Metropolitan Area (CMA).

In response to higher home prices, comparatively less expensive high-rise home types have been increasingly popular.

Total home starts on an unadjusted basis were almost 25 per cent above last year’s level for the January through November period. Condominium apartment starts remained the driver – up by over 130 per cent.

Starts for all low-rise housing types were down compared to the same period last year, while apartment starts were up.

The dichotomy between high-rise and low-rise home construction remained in place year to- date through November.

Tuesday, December 30, 2008

New Real Estate and World Economy

Some personal thoughts as we end a miserable econonic year for the stock markets and the economy in general.

We are into a new type of world economy

The US still leads but is no longer the force it once was, so not all follow US lead anymore

Greed will always prevail, so gold should be good for short run, there will be another disaster in the future that will cause a spike and that may be the time to unload

This is why the stock markets fluctuate 10% in a day and nobody blinks an eye anymore

Real estate does not follow 7 year cycles any longer, we just finished a 13 year cycle here in Toronto, interest rates are at historic lows, inflation is low, oil is low, wages are still too high

The future is indeed uncertain, the US will NOT go bankrupt and we will be out of this mess by mid 2010, the problem is that we have not hit bottom yet and there is $uch more pain to come

We've had these cycles before, we must hit despair before we can have hope

Obama will brighten things a little and give us hope

As for precious metals I think that zirconia looks just as nice as diamonds!

Enjoy the winter and all the best to you and your family in the New Year!
Mark

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

test post since having publishing problems

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

RBC reporting that Canada on course for recession

The Royal Bank of Canada, RBC, is reporting that Canada is heading for a recession in 2009. This seems to be a common prediction and will likely continue for at least the next one to two quarters.

This is what RBC reported


Canada on course for recession

- Canada, while somewhat insulated by a solid financial system, now faces a number of negative factors. With commodity prices slumping, the positive growth momentum in Canada's domestic economy will be challenged by erosion in the terms of trade that will dampen income growth next year and the recent widening in spreads and tightening in lending standards argue for slower household spending and a cut in business investment.

- We expect price pressures to continue to ease; the headline inflation rate is forecast to average 1.2% in 2009, one-half the estimated 2008 rate. The Bank of Canada's core inflation rate, which did not climb alongside the headline measure in 2008, is expected to hold steady at 1.6%.

- As a result, we now expect Canada's economy to contract in both the fourth quarter of 2008 and first quarter of 2009. On average, Canada's economy is still expected to eke out mild growth next year of 0.3%, half the pace of this year's estimated 0.6% increase and much slower than the 2.7% pace of 2007.

Monday, December 29, 2008

Gasoline Prices following the economy down!

Gasoline prices are reaching levels we have not seen in many years. The current price at the pump as of December 28 2008 is about 66.4 cents/litre Toronto Real Estate Board (TREB) Average Prices and Graphin and around the GTA. This is exceptionally low compared to prices of late. We paid $1.49 per litre for gasoline at the pump located at the Port Credit Harbour Marina in mid August!

See the graph below to see how prices have fallen

Mark



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, December 28, 2008

Mortgage Interest Rates are still falling

You can see the rates below are slightly lower than the rates that I posted here on my blog a week ago, this is good news for those that are thinking of buying or refinancing their mortgage in the next while.

I hope this finds you happy and healthy!
Mark

TERM

POSTED

Best Obtainable RATES*

6 Month

5.90%

5.89%

1 Year

5.60%

4.00%

2 Year

6.25%

4.94%

3 Year

6.25%

4.84%

4 Year

6.09%

4.79%

5 Year

6.75%

4.72%

7 Year

7.20%

5.80%

10 Year

7.55%

5.95%

Variable Rate

4.10%

Prime Rate

3.50%

* Rates may vary and are subject to change without notice.
Rates Last Updated: Friday, December 26, 2008

Enjoy,

Mark

Thursday, December 25, 2008

CONSUMER PROTECTION Act and Real Estate in Ontario

CONSUMER PROTECTION ACT

The Consumer Protection Act, like the previous legislation. the Business Practices Act. is designed to prohibit unfair practices in sales to consumers.

Although the Act does not affect representations made during the course of selling "real property,'' it does apply to real estate brokerages when representations are made during the course of selling goods and services'' to consumers.

A seller or buyer who complains, under this Act. that there has been an unfair practice in the selling of the registrant's
services, may cancel the contract sue for damages, and/or one a complaint with the Consumer Protection

Branch of the Ministry of Government Services. The type of contract that may be cancelled would therefore be a ''service'' or representations agreement.

Real property, as such, is not included in the definition of goods, however, registrants are affected when providing services: e.g.. listing, representing buyers, appraising, and arranging financing. For example. if a listing or buyer representation agreement is obtained through the use of an unfair practice as deamed by the Act the seller or buyer is entitled to rescind the contract.

An unconscionable consumer representation made in respect of a particular transaction is determined by various considerations. An unconscionable consumer representation occurs if the person making the representation or the employer knows or ought to know: ''

. that the proposed transaction involves or does not involve rights, remedies. or obligations if the indication is false or misleading;

that uses exaggeration. innuendo, or ambiguity as to a material fact or fails to state a material fact if such use or failure deceives or tends to deceive; or

* that misrepresents the purpose or intent of any solicitation of or any communication with a consumer.

Unfair Practices

Unfair practices are grouped under False and an unconscionable consumer representations. A false, mts fading, or deceptive consumer representation includes, but is not limited to, a representation: . that the goods or services have sponsorship, approval. performance characteristics, and benefits or quantities that they do not have; . that the person who is to supply the goods or services has sponsorship. approval, status, affiliation, or connection that he/she does not have;

* that a specific price advantage exists, if it does not;

. that misrepresents the authority of a salesperson,
representative, employee, or agent to negotiate the
final terms of the proposed transaction;

. that the consumer is not reasonably able to
protect his/her interests because of his/her
physical infirmity, ignorance, illiteracy , inability to
understand the language of an agreement, or
similar factors;

. that the price grossly exceeds that at which similar
goods or services are readily available to like
customers;

. that the consumer is unable to receive a
substantial benefit for the subject matter of the
consumer representation;

. that there is no reasonable probability of payment
of the obligation in full by the consumer;

. that the proposed transaction is excessively onesided
in favour of someone other than the
consumer;

. that the terms and conditions of the proposed
transaction are so adverse to the consumer as to
be inequitable;

* that he/she is making a misleading statement of
opinion that the consumer is likely to rely upon to
his/her detriment; or

that he/she is subjecting the consumer to undue
pressure to enter into the transaction.
Session .3 * Legislation & Current Issues

Complaint Procedures

The consumer may complain of unfair practices, for
example. in the case of a seller who claims to have
signed a listing because of undue pressure. Several
alternatives are available in such cases


The seller may rescind or cancel the contract which would terminate the listing upon giving a written notice to the agent, personally or by registered mail, within six months after the agreement was signed

The seller is also entitled to any remedy available
at law including damages that may be ordered by
a court for fraudulent or negligent
misrepresentation or for breach of the duties of
an agent.

If rescission is not possible (property is sold and a
selling agent may be entitled to payment under
the agreement), the seller can recover the amount
of commission paid that exceeds the fair value of
the service. or damages. or both. The court can
also award exemplary or punitive damages.

The seller has another avenue that involves filing a
complaint with the Consumer Protection Branch of
the Ministry of Government Services. An
investigation, search of business premises, removal of
records for copying, and other administrative
procedures may follow. Such a complaint may include
the issuance of an order by the Director of the

Consumer Protection Branch requiring compliance. A
breach of the Act or failure to comply with the
Director's order may result in prosecution. To access
the Consumer Protection Branch


I hope this finds you happy and healthy,
Mark

Tuesday, December 23, 2008

Current Canadian National Mortgage Interest Rates

See the current rates below

NATIONAL MORTGAGE RATES
TermPosted
Rates*
Best
Rates*
6 Month5.90%5.90%
1 Year5.60%4.35%
2 Year6.25%4.99%
3 Year6.25%4.99%
4 Year6.09%4.85%
5 Year6.75%4.99%
7 Year7.20%5.80%
10 Year7.55%5.95%
Variable Rate4.10%
Prime Rate3.50%
* last updated: Dec 22, 2008


Enjoy,
Mark


Friday, December 19, 2008

Bullion prices and the real estate market

I had a question from a reader:
USD is weakening, the entire country is Bankrupt, lots of the major Banks, Auto Manufacturers, Insurers, Savings & Loans, Thrifts, and sub trade suppliers are all on the verge.
Therefore, why is it that Gold and Silver as well a most precious metals and Diamonds, which are usually the safe havens in these recessionary times, are also slipping in price.
Usually they will, as history has shown, increase by up to 20 times the price.
Now they are all going down the slope together.............what gives??.
N.

Dear N.

We are into a new type of world economy

US still leads but is no longer the force it once was, so not all follow US lead anymore

Greed will always prevail, so gold should be good for short run, there will be another disaster in the future that will cause a spike and that may be the time to unload

This is why the stock markets fluctuate 10% in a day and nobody blinks an eye anymore

Real estate does not follow 7 year cycles, interest rates are at historic lows, inflation is low, oil is low, wages are still too high

The future is indeed uncertain, the US will no t go bankrupt and we will be out of this mess by mid 2010, the problem is that we have not hit bottom yet and there is much more pain to come

We've had these cycles before, we must hit despair before we can have hope , see this graph:
http://www.mississauga4sale.com/Market-Emotions-Cycle.htm

Obama will brighten things a little and give us hope

As for precious metals I think that zirconia looks just as nice!

Enjoy the snow!

Mark

Mortgage Interest Rate update

Below are the current posted and best rates in the GTA

TERMPOSTED Obtainable
RATES*
6 Month 5.90%5.90%
1 Year5.60%4.35%
2 Year6.25%4.94%
3 Year6.25%4.84%
4 Year6.09%4.85%
5 Year6.75%4.72%
7 Year7.20%5.80%
10 Year7.55%5.95%
Variable Rate4.10%
Prime Rate3.50%















* Rates are subject to change without notice.
Rates Last Updated: Thursday, December 18, 2008

Read more about: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
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale



Thursday, December 18, 2008

REMAX comments on press reports and state of market

This is what the regional director of RE/MAX Ontario Atlantic is telling us about the state of the economy, the real estate market and what we are reading in the press these days. He is saying that what is reported in the press is doom and gloom and if you ignore most of it, you will do fine. I agree, what do you think?
Mark

If the cup of coffee you were drinking on Tuesday morning didn't wake you up, the headline on the front page of the Globe and Mail most surely did.

The headlines screamed "Housing sales hit 20-year low as real estate slump widens" followed by huge sub-head noting an 11 per cent decline in prices and a 44 per cent drop in Ontario housing sales in large RED print, based on the December 15th press release issued by the Canadian Real Estate Association.

The only problem with the article is that it is incorrect. In the third paragraph, the author writes "Between May and November, the average price of an existing home in Canada fell by 11 per cent, matching the drop in 1990 that coincided with the onset of a painful recession. Housing prices would go on to fall about 20 per cent and it would be another decade before they managed to make new highs."

Unfortunately for the Globe, there was no 20 per cent drop. According to the Canadian Real Estate Association, the Canadian average price actually rose approximately 15 per cent from 1990 to 2000. There were three moderate dips in housing values in the decade – 1990 (3.4 per cent), 1995 (4.6 per cent), and 1998 (1.5 per cent). Average price in Canada has climbed consistently since 1998. It's also important to note that the decline in national housing values have typically been modest and have bounced back almost immediately. Finally there are no two consecutive years of falling prices.

While the national housing picture has been a picture of stability, average housing values in Ontario have seen slightly more volatility over the past 27 years. There have been six decreases in average price noted – with five of the six occurring between 1990 and 1996. Prices fell 17 per cent during that time frame, after climbing a phenomenal 70 per cent between 1986 to 1989 ($107,158 to $182,186). Residential average price has been on an upward trajectory since 1996 – the longest uninterrupted period of growth since 1980.

Based on our comments, the Globe and Mail has printed a correction in this morning's newspaper, page A2

So now that the folks at the Globe have been straightened out, we shift our focus to the challenges today's economic realities are bringing to the housing market. Truth be told, there is not a sector - not even gold - that has not been hard hit by economic turmoil in recent months. Real estate has held up remarkably well, in light of current market realities. We need to see some economic stability - and a recovery in consumer confidence levels - before we can expect housing markets to rebound. Job security will be key.

Inventory will also play an important role. If inventory levels subside, we could see stability return to housing values. To illustrate, new listings fell seven per cent in the Greater Toronto Area in November. If this trend continues, and existing inventory is absorbed, housing values may remain relatively stable in the year ahead.

I'd like to conclude today's communication with the story of a hot dog vendor in Chicago who sold the very best hot dogs by the side of the road. His business was booming, people loved his hot dogs, and his business steadily increases month after month. The man loved his business and believed in the need to provide great food at a great price.

This man was so busy advertising and selling his hot dogs and making lots of money, that he didn't even have time to read the newspaper or listen to the radio. Consequently, he never heard a word about a predicted recession or the need to cut back to save for the potential economic slowdown. As long as he continued to offer his delicious hot dogs, his customers bought them. He kept selling, and they kept buying.

Then one day his college educated son told him that an economic recession was surely coming. His son told him that people wouldn't have enough money to buy his hot dogs. The successful hot dog vendor believed this, so on his son's advice, he cut back on his advertising. Additionally, he started ordering less supplies and product, because after all, people would be cutting back soon.

He even went so far as to take down many of the billboards that lead to his roadside stand. And sure enough, people stopped coming to him. People stopped buying his hot dogs, and he eventually went broke.

Then he thought to himself. "How smart my son is in predicting this."

Don't be influenced by what you read in the newspapers or hear on your television. It's true that market conditions have changed, but human nature has not. Real estate is one of the largest investments people will make in their lifetime. It's also one of the safest. Get out and spread the word. If you bought a home in 1980 worth $67,000, that property is valued at over $300,000 today – an increase of 350 per cent and the profit is capital gains exempt. It's no wonder that Canada has one of the highest homeownership rates in the world, at close to 70 per cent.

No matter what the investment community will tell you, you can't live in your mutual fund.

I hope this finds you happy and healthy,

Mark

Wednesday, December 17, 2008

Real Estate Humour

More Real Estate Humour to laugh at, enjoy! Mark

  • I have a temporary mortgage. What do you mean temporary? Until they foreclose.
  • The sellers told me their house was near the water. It was in the basement.
  • My buyers went through debt consolidation. Now they have only one bill they won't pay.
  • If you think no one cares you're alive, miss a couple of house payments.
  • I listed a maintenance free house. In the last 25 years there hasn't been any maintenance
  • Did you hear about Robin Hood's house? It has a little John.
  • My agent was always smiling. I didn't think anybody could have that many teeth without being a barracuda.
  • If you want to know exactly where the property line is, just watch the neighbor cut the grass.
  • A lot of homes have been spoiled by inferior desecrators.--Frank Lloyd Wright
  • This country is great. It's the only place where you can borrow money for a downpayment, get a 1st and 2nd mortgage and call yourself a homeowner.
  • A man's home is his castle. That's how it seems when he pays taxes on it.
  • By the time you pay for a home in the suburbs, it isn't.
  • A Modern home is a place where a switch controls everything but the kids, and it has gadgets to do everything except make the payments
  • Realtor sign--We have "lots" to be thankful for.
  • Realtor: first you folks tell me what you can afford, then we'll have a good laugh and go on from there.
  • Trivia: The floors of buildings are called stories because early European builders used to paint picture stories on
    the sides of their houses. Each floor had a different story.
  • I bought a two story house. One story before I bought, and another after.
  • A housewarming is the final call for those who haven't sent a wedding present
  • Sign next to FSBO-We shoot every third agent and the 2nd one just left.
  • The trouble with owning a home is that no matter where you sit, you're looking at something you should be doing.
  • Our new house has one down payment and 240 darn payments.
  • Home inspector bringing a ladder into the house, can I help you carry something asks the agent? Yes, my mortgage.

    All the best!
    Mark

Tuesday, December 16, 2008

CMHC reports on TORONTO HOUSING STARTS MODERATE IN NOVEMBER 2008

This is CMHC's report on the housing starts in Toronto area.

TORONTO’S HOUSING STARTS MODERATE IN NOVEMBER

issued TORONTO, DECEMBER 8, 2008 –

The seasonally-adjusted annual rate (SAAR) of total housing starts dipped below trend in November, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC) for the Toronto Census Metropolitan Area (CMA).

Total home starts on an unadjusted basis were almost 25 per cent above last year’s level for the January through November period. Condominium apartment starts remained the driver – up by over 130 per cent.

“The seasonally adjusted annual rate of home starts dipped in November, in part because of the volatile condominium apartment market segment in the GTA,” according to Jason Mercer, CMHC’s Senior Market Analyst for the GTA. “In line with the CMHC forecast, total starts year-to-date are up strongly compared to the first eleven months of 2007.’’

Source: Canada Mortgage and Housing Corporation

Read more about: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
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Monday, December 15, 2008

Canadian Financial Markets rough and rocky ride for the past month

It's been a rough and rocky ride for the past month in the financial markets since I wrote you last month. The Canadian and US stock markets are down about 45% The federal bailout of the big 3 automakers is on the table and many are waiting for approval.

On the local real estate front, the market volume of sales is down by about 50% for November and historically December is our slowest month of the year. Thus, what could be ahead for the month of December? Only time will tell!

December Report - Average November price is slightly up compared to previous month price

December 2008 Sales volume down about 50% compared to November 2007

Our prices are soft, sales are down, but our local Mississauga and surrounding area marketplace is still moving along at a fairly good rate. Not time to panic by any means. I've blogged about this if you want to read more

Update on interest rates, Bank Prime rates are holding at 4.00%, read more, Bank Rate

Last months real estate sales figures are extremely soft, as you can see by the headlines below.

Our prices are soft, sales are down, but our local Mississauga and surrounding area marketplace is still moving along at a fairly good rate. Not time to panic by any means. I've blogged about this if you want to read more

Update on interest rates, Bank Prime rates are holding at 4.00%, read more, Bank Rate

Read more about: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.

Sunday, December 14, 2008

RBC's comments on the Toronto Economy

I love the way that Banks and large financial and government instittuions try to 'soften' the blow of negative news. This article from RBC does exactly that. Should we believe them or is this just the tip of the financial icebery that is beginning to tilt?

Only time will tell.

I hope this finds you healthy and happy!
Mark

RBC reports, Toronto — No reason to panic, but consolidation ahead

In about two months, market sentiment turned on a dime in the Greater Toronto Area
this fall.


Until the end of the summer, the feeling was that the GTA was successfully negotiating a landing to a slower, more sustainable pace of activity since home resales had been gracefully trending lower since peaking in the middle of 2007 at never-before-seen levels.

However, reports of notable declines in prices and activity in many Toronto communities during September and October suddenly challenged that view.

While there is no cause to panic at this stage, the GTA market has undoubtedly entered a phase of consolidation. Earlier tightness has eased and buyers now hold more sway.

The area’s economy is facing serious headwinds, which will undermine household confidence. Affordability generally remains an obstacle to would-be buyers, although it has improved modestly in the past few quarters.

Saturday, December 13, 2008

Banks are aggressively pricing their 1 and 5 year closed terms

The banks have been posting adjustments to their rates during the past few days. Many seem to be aggressively pricing the 1 & 5 year closed terms.

The next Bank of Canada rate announcement is scheduled for January 20th, 2009.

The lenders continue to offer rate holds, in many cases up to 120 days. If you are looking at properties, I strongly suggest that you arrange a preapproval / rate hold.

It's also a great opportunity for you to learn more about mortgage options - you'll have a chance to digest the information & it will simplify the process when you have an offer to purchase on the table.

You can become pre-approved with no cost or obligation.

Posted Interest "BEST" Rates
December 12, 2008

Prime................3.50%
Variable rate....Prime plus .60%
1 yr closed........4.35%
2 yr closed........5.05%
3 yr closed........5.15%
4 yr closed........4.89%
5 yr closed........4.99%
7 yr closed........5.80%
10 yr closed......6.10%

Read more about: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
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

More trivia fun!

Below are some interesting facts and fascinating trivia. We live in a very complex
world that is filled with nuances that one does not normally consider or
think of.

These items below will make you wonder who took the time to even think of them! Certainly, I am not taking the time to check the truth in any of these items!

Enjoy, Mark


Stewardesses" is the longest word typed with only the left hand And
"lollipop" is the longest word typed with your right hand.

No word in the English language rhymes with month, orange, silver, or
purple.

"Dreamt" is the only English word that ends in the letters "mt".

Our eyes are always the same size from birth, but our nose and ears never
stop growing.

The sentence: "The quick brown fox jumps over the lazy dog" uses every
letter of the alphabet.

The words 'race car,' 'kayak' and 'level' are the same whether they are read

left to right or right to left (palindromes).

There are only four words in the English language which end in "dous":
tremendous, horrendous, stupendous, and hazardous.

There are two words in the English language that have all five vowels in
order: "abstemious" and "facetious.

TYPEWRITER is the longest word that can be made using the letters only on
one row of the keyboard.

A cat has 32 muscles in each ear.

A goldfish has a memory span of three seconds.

A "jiffy" is an actual unit of time for 1/100th of a second.

A shark is the only fish that can blink with both eyes.

A snail can sleep for three years.

Almonds are a member of the peach family.

An ostrich's eye is bigger than its brain.

Babies are born without kneecaps. They don't appear until the child reaches
2 to 6 years of age.

February 1865 is the only month in recorded history not to have a full moon.

In the last 4,000 years, no new animals have been domesticated.

If the population of China walked past you, 8 abreast, the line would never
end because of the rate of reproduction.

Leonardo Da Vinci invented the scissors

Peanuts are one of the ingredients of dynamite!

Rubber bands last longer when refrigerated.

The average person's left hand does 56% of the typing.

The cruise liner, QE 2 moves only six inches for each gallon of diesel that
it burns.

The microwave was invented after a researcher walked by a radar tube and a
chocolate bar melted in his pocket.

The winter of 1932 was so cold that Niagara Falls froze completely solid.

There are more chickens than people in the world.

Winston Churchill was born in a ladies' room during a dance.

Women blink nearly twice as much as men.

If you live in Peel region you may qualify for downpayment assistance

Did you know that 1st time buyers who live in Peel may qualify for assistance from the government for their downpayment.


Did you know....1st time buyers, living in Peel may be eligible to receive down payment assistance from the Government of Ontario?
The program is designed to help provide low-to-moderate income residents (who currently rent) the opportunity to qualify for a down payment loan when buying a home in Peel Region.
Quick facts:
  • Buyer must be currently renting;
  • Annual household income can not exceed $75,800;
  • Purchase price (resale property) not to exceed $247,000;
  • Property being purchased must be used as principal residence;
  • Qualifying applicants can receive up to $10,000;
  • Client needs to qualify & arrange for a mortgage;
  • Client required to cover all closing costs from own resources;
  • Repayment terms depend on length of time home is owned etc. ..see website.
Please refer to: www.peelregion.ca/homeinpeel for full details.
This program will make first time buyer home buying more accessible.
Looking forward to assisting you in growing your business.
Please let me know how I can help.
Thanks
Mark

Friday, December 12, 2008

RBC comments on Ontario Markets downturn

This is RBC's comments on the Ontario marketplace

Ontario — Markets succumbing to economic blues

A number of worrying developments have emerged in past few months across housing markets in Ontario.

Several areas — including Toronto — have reported notable price declines and plummeting resales activity, clear evidence that the
sector is no longer able to resist the downdraft from a quickly souring provincial economy.


Overall, markets in Ontario appear to have peaked during the first half of 2008 and are likely to sustain a weakening tone until the economy shakes off its blues.

However, the market correction is unlikely to be as devastating as the early 1990s downturn. Ontario markets are entering this part of the cycle with much less threatening imbalances compared to those that had built during the late 1980s.

In particular, the erosion in affordability in the province during the past few years has been much more restrained, so that current measures are not as far off long-run averages as they were at the onset of the early 1990s meltdown.

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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


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Homes for Sale

Thursday, December 11, 2008

Bank of Canada announces foreclosures may increase

The Bank of Canada just issued a press release (seee below) stating that the number of people that may default on their mortgages and loans will increase if the current financial crisis continues and deepens here in Canada.

Specifically the bank states "With household balance sheets under pressure from weak equity markets, softening house prices, slowing income growth, and record-high debt-to-income ratios, a severe economic downturn could result in a substantial increase in default rates on household debt"

The Bank of Canada calls them foreclosures, but I want to point out that here in Ontario the preferred method when a person defaults on their mortgage is Power of Sale (POS). In POS the bank sells the property under it's right contained in the mortgage that you gave them in return for them giving you the money. Remember that time, you needed the money to buy the house, so the bank gave you the money but in return you gave the bank the mortgage!

So, when you default on the mortgage, the bank will sell the property and try and recoup their losses, but if they are still out of pocket, they also retain the right to sue you for their losses. This is the main reason why so many people who lose their homes through power of sale also go bankrupt, because they still owe the debt until they are bankrupt.

You can read more about Power of Sale at this page:
http://www.mississauga4sale.com/POS

This is the press release just issued by the Bank of Canada:


Bank of Canada warns of possible mass home foreclosures if conditions worsen
2 hours ago
OTTAWA — The Bank of Canada is warning of severe economic turmoil, including the risk of many Canadians losing their homes, if the financial-market crisis worsens.
The central bank's December financial systems review says the "most likely outcome" is for markets and credit conditions in Canada to gradually improve as extraordinary measures by central banks and governments take hold.
But that outcome is by no means certain, it warns, saying uncertainties remain about how long it will take for credit markets to return to normal.
And if global financial conditions deteriorate, the bank warns the repercussions for Canada could be serious, including a deep and prolonged recession, slow income growth and severe trouble for Canadians already carrying heavy debt loads.
"With household balance sheets under pressure from weak equity markets, softening house prices, slowing income growth, and record-high debt-to-income ratios, a severe economic downturn could result in a substantial increase in default rates on household debt," the review states.
Canadian banks are among the best-capitalized in the world but would not emerge unscathed, the central bank's analysis concludes.
Much as has happened in the United States, the document says household debt woes could be a channel of contagion spreading through the banking system and cause even greater tightening in the availability of credit.
Banks are somewhat insulated by mortgage insurance, but the Bank of Canada says a severe economic downturn would nonetheless put pressure on their capital ratios.




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

Housing Density changes from the 60's, 70's to the present!

This set of images below sums up the change in density for housing in the GTA over the past 40 years or so quite nicely.

You will see many of the 'urban style' developments rising up from the clay in many newer areas of the GTA.

This certainly increases the density and changes the quality of life, all in the name of expansion!
I hope this finds you healthy and happy!
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