Tuesday, March 31, 2009

Confusion at Kingsbridge Gardens Circle Condos Mississauga

If you've ever driven on Kingsbridge Garden Circle and looked for one of the condos, you know the numbering is very confusing.
This post will tell you exactly where the condos are.
When you are located at the corner of Highway 10 (Hurontario) and Kingsbridge Garden you head west from that point and the very first set of traffic lights west of Hurontario and Kingsbridge Garden Circle has a street running to the north and the south. On the south side are the green buildings, called the Emerald Centre, there is a Rabba in that building.
Now to confuse things, the condo located at 50 Kingsbridge Garden Circle is on the south side of the street on the west side after your turn left at the lights. The street name to the left (south) is named Tucana Court, but 50 Kingsbridge Garden Circle condo is on that street, very confusing!
On the north side of this intersection, where the HSBC and newer strip plaza at the corner of Highway 10 and Kingsbridge are located is where there are 4 condos.
As you head north on this large dead end street, there are two condos on the left and two on the right.
The first building on the left is 55 Kingsbridge Garden Circle, which is also called the Mansion
The second building on the left is 45 Kingsbridge Garden Circle and it's called the Park Mansion.
The two buildings on the right side are the newest buildings in the area and they are called Skymark West, and the first building on the right is 25 Kingsbridge Garden Circle and the second building is 35 Kingsbridge Garden Circle
See the actual locations at this link:
These links below will take you to information about each building in the area.
None of these buildings are less than 6 years old. The Mansion and Park Mansion are about 18 years old.
I hope this helps you navigate this trick area!
All the best,
Mark

Sunday, March 29, 2009

Mortgage interest rate decrease

Hello and welcome to Spring 2009!

Mortgage rates are very low, and you can secure a 120 day rate hold by going through the preapproval process.
Not only do you benefit from a rate hold & preapproval amount but it's a great opportunity to learn more about their options and the mortgage process.
It's definitely to your advantage to have time to consider/evaluate the different financing options before signing an Offer to Purchase.

Current mortgage interest rates are below


Best rates as of March 2 3rd, 2009*

Prime................2.50%
Variable........... Prime plus .80%
1 yr closed........3.25%
2 yr closed........3.80%
3 yr closed........3.84%
4 yr closed........4.10%
5 yr closed....... 3.99%
7 yr closed........5.15%
10 yr closed......5.25%

*Rates subject to change without notice

I hope this finds you Happy and Healthy!

All the Best!

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

Saturday, March 28, 2009

Mortgage interest rate update

See how the rates have changed!

It’s a great time to lock in their rates for 120 days. (till July) or tell your family and friends!

If you have a closing within 30 days can take advantage of a low rate of 3.99%.(o.a.c). on a 5 year closed term.

5 YEAR TERMS

5 YEAR closed 4.05% (120 DAYS)

CLOSED VRM prime plus 0.80% (3.30%)

OPEN VRM prime plus 1.00% (3.50%)

I hope this finds you Happy and Healthy!

All the Best!

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

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

Friday, March 27, 2009

Anyone can sell a Corvette at half price!

I received the email below and thought I would share it with you along with my answer.
Enjoy,
Mark


From: [mailto:]
Sent: Tuesday, March 10, 2009 3:07 PM
To: mark@mississauga4sale.com
Subject: Information Request


Hi Mark

I am impressed!

Just found your site when asking the question: What percentage of listing agents are selling agents?

As I wanted to see the stats on agents listing, do they sell your house, or do agents from other companies actually sell your house?

Even though we wont be using your services as we are in BC and you are in Ontario, I do wish to compliment you on your web site, and professional approach to your clients...

I like your web site, the questions and answers....especially what you promise to deliver

We are listed for sale here in Victoria, and I am very very discouraged and now that I have read about you approach to listing and selling a home for your client.....I am thinking things over more....The feedback from a viewing is very helpful to a client....getting no reply back is very disheartening, and we have had aproximately 6 or 7 viewings in the past few months, and I have never heard back from my agent.

We thought we chose the best agent in Victoria, and I have just reread the 5 Truths... http://www.mississauga4sale.com/5truths.htm it enlightens me more Especially Truth #1... I know it is a tough market..but homes are still selling....Our property is rare for our area, its waterfront on a lake in an up and coming area., with revenue potential in several ways, and has several options for the future...

..I know the purchaser decides on the price, and I am astounded our agent wants to lower it yet again..and seldom do we hear from him unless it is to lower the price
.
ANYONE CAN SELL A CORVETTE AT HALF PRICE....however, a clever salesman gets the highest dollar he can to get the highest commission, which is his final goal...

Anyway I have taken up too much of your valuable time....thank you for this valuable information on your web site;....

Good luck to you I am sure your clients have had good results.

G

my response back to this person was:

Hi G,
Wow, such a thoughtful email, so nice of you to write such positive comments.
I am glad you like sections of my site, especially the http://www.mississauga4sale.com/5truths.htm I really try to help people and explain things.
I love your "ANYONE CAN SELL A CORVETTE AT HALF PRICE" I will have to remember that one! Unfortunately, we are in a tough market and it's taking longer to sell, but as you say, with expert marketing the price can still be maximized!
I wish you luck with your sale and most importantly, I wish you and your family all the best in life!
Thank you,
Mark

Thursday, March 26, 2009

Pre-Foreclosures in GTA - do they exist?

I get asked about pre-foreclosure properties quite often, so I thought I would post a question and my answer below.

Hi Mark,

Do you have any thing on pre-foreclosures?

Do you have properties where there can be discounts of 30 to 50%?

Of course there has to be room for profit;foreclosure don't work so well that way or do they?

Are you able to provide the deep discount properties?

Thanks Mark,

GG

Hello GG,

Our system in Ontario is not set up for pre-foreclosures. Pre-foreclosure is a US term or out of province term, does not happen in Ontario very often.
I've not seen any properties at 30 to 50% off market value, not in the GTA. Sometimes 10% and rarely more, but it does happen.
Again, seldom are there foreclosures in Ontario, it's almost always POS.
Thank you,
Mark


Wednesday, March 25, 2009

Pre Power of Sale Properties question and answer

Hi Mark,
I understand what you have said about new and changed Power of Sale Properties in the GTA.
But Mark don't you have people calling you occasionally who are in fear of going into power of sale and ask you to sell there home for them before the bank takes over?
Thank you,
VE
Hello VE,
Yes, occasionally I get people who are in trouble and have been served POS proceedings, but often by that time they are so far behind that it will sell for less when it eventually goes POS.
I have one person right now, but they are 5 months behind, the bank just wrote them for the final time and their mortgage, arrears interest and bank legal fees are about 25k more than what the property is worth.
In this case the people will just wait it out, let the bank sell the property and then leave.
I will keep you signed up to the list, their are some very good deals that come out of that list, just have to keep watching.
Thank you,
Mark

Tuesday, March 24, 2009

Interest rates, what's best Fixed vs. variable... a different story

Hello
Historically speaking, variable rate mortgages have always been better choices then fixed rates as far as interest savings. see the graph here: http://www.mississauga4sale.com/rates_1year_5year.jpg

However, that was then, this is now. With the discounted variable rates being a thing of the past (it may be something that we will not see for many years to come) and variable rate mortgages now being offered at a premium, the gap between variable and fixed rates is now much smaller.

So am I saying that you should go fixed? Not necessarily. You will experience an immediate savings with the variable rate, as always in the past, and most variable rate products allow you to switch to a fixed at anytime without penalty. Going the variable rate route at this day and age, is much more risky than it has been in the past. A

nyone going with a variable rate must be prepared to switch at some point within the next year to two years when rates start going back up again in order to benefit from any savings. For this reason, I suggest this product only for the more financial savvy mortgage seekers. For homeowners who would rather get into a mortgage and not have to worry about it for the next 5 years, the fixed rate will be the better, safer option.

We anticipate one more rate drop of 25 basis points (1/4%) during the next interest rate announcement from the Bank of Canada on April 21rd which will most likely be the last prime rate drop we see. Can it really go much lower? Bank of Canada Prime rate is currently sitting at .5%


Fixed rates are continuing to drop with a 5 year fixed now as low as 4.07%! WOW!


Today's lowest rates are as follows:


1 year fixed 3.25%
2 year fixed 3.89%
3 year fixed 3.99
4 year fixed 4.15%
5 year fixed 4.15%
5 year fixed 4.07% (30 day quick close)
5 year variable 3.30% (prime + 0.8%)

Thanks
Mark

I hope this finds you Happy and Healthy!

All the Best!

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



Friday, March 20, 2009

Mortgage Interest Rate update

The table below will show you the current posted and rates that are available from some lenders.

I hope this finds you happy and healthy!
Mark

TERMPOSTED Achievable RATES*
6 Month 5.20%5.00%
1 Year4.50%3.25%
2 Year5.00%3.79%
3 Year5.20%3.74%
4 Year5.44%3.94%
5 Year5.55%3.82%
7 Year6.80%4.95%
10 Year5.80%5.25%
Variable Rate3.25%
Prime Rate2.50%
















* Rates may vary and are subject to change without notice.
Rates Last Updated: Friday, March 20, 2009

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


Tuesday, March 17, 2009

Tim Horton's chances of winning a car!

I just heard on the radio with the Roll up the Rim to WIN with Tim's that they put more winning cups in BC compared to Ontario

The odds of winning a car in BC are about 1 in 5 million and in Ontario the odds are 1 in 10 million which is about the same odds as you becoming a professional athlete or dating a super model, good luck!

Lol

Mark

Monday, March 16, 2009

Current Mortgage Interest Rates in Toronto Area

These are the current mortage interest rates in the GTA

Take advantage of today's historically low interest rates.

There's no better time to consider purchasing your first home, renewing your mortgage, or planning that home renovation you've been thinking of.


TERMPOSTED BEST RATES*
6 Month 5.20%5.00%
1 Year4.50%3.50%
2 Year5.00%3.99%
3 Year5.20%4.00%
4 Year5.44%4.14%
5 Year5.79%4.12%
7 Year7.00%6.00%
10 Year7.35%6.35%
Variable Rate3.25%
Prime Rate2.50%

















* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, March 12, 2009


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

Sunday, March 15, 2009

TREB reports Number of listings is up, time on market is up and numer of sales down




The chart above shows that our market is still soft compared to his time last year.


The number of listings is up, the number of sales is down and the time on the market is 50% longer compared to the same time last year.


This is my 21st year in real estate and I've seen this type of market before in the early 1990's I don't feel that we will sink nearly as low as prices fell in the early 90's as the economics are quite different now compared to then.


With that said, we are still in for a rocky few quarters before we come out of this financial crisis.


I wish you all the best!

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

Saturday, March 14, 2009

Economy poised for recovery this year

The Bank of Canada announced Another 50 bps trimmed off the policy rate and talk about adding quantitative easing to the mix.

The economy sagged in the fourth quarter and first-quarter reports point to a larger contraction in early 2009.

I tend to agree with the expert financial institutions that current interest rates are low and fiscal stimulus is in the pipeline, setting up for a recovery later this year.

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

Friday, March 13, 2009

POS property purchasing something of lower value?

I had another question about power of sale properties and I thought I would share the question and my answer, Mark

Hi Mark,

I've read through your section on Power of Sale & found it very helpful, but I just don't understand this one point & was hoping you can clarify for me - "One saying about Power of Sale Properties is "you get a lower price but it's a lessor product" " - does this mean I may be purchasing something of lower value?

Thanks in advance,

SL

Hello SL,

Thanks for your comment and question. Yes, generally speaking you are purchasing a lesser product. This means that the property you are purchasing may not have window coverings, appliances etc. included and the property could require some renovations or improvements.

In addition to this you are taking more risk such as the seller redeeming before closing, no warranties on anything, buying as is, where is, etc. so you are effectively purchasing a property with less inclusions and higher risk compared to 'regular' properties for sale in the same area. With this said, this is why you will usually be able to purchase a POS at a lower price.

I hope this helps.

Please let me know if you have other questions.

Mark

Thursday, March 12, 2009

Are less people selling or are homes on the market longer, or combination?

another good question that I thought I would share the answer with you

Hi Mark,

I have a question. The 50% drop in sales from last year means;1 ) less people are selling(i.e they are holding on to their homes)
2) homes longer on the market( i.e homes are being listed just as much as last year but there is less interest to buy 3) combination of the two.

Thanks,
S.
Hello S.,
Good questions.
  1. There are actually more homes on the market. 50% drop is the actual number of sales year over year.
  2. Days on market is longer, meaning it's taking on average, about 2 weeks longer to sell a home. Behind this, what they don't tell you, is that sellers are on the market for 2 to 4 weeks, don't sell, reduce price by 5 to 10% and sell, house takes 5 to 7 weeks to sell rather than 2-3 weeks.
  3. The two situations above are an indicator of a slowing/slow marketplace. Not sure which one came first.
There are less people buying, especially first time buyers, so this is the end result of a cautious buyer.
I hope this helps.
Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you,

Mark



Wednesday, March 11, 2009

Save over $300 per month on a $300k mortgage with Today's mortgage interest rates!

This article talks about the recent lowering of the prime rate and it's effect on interest rates

With the drop of 50 basis points (1/2%)to the prime rate by the Bank of Canada last week, we have seen virtually every lender adapt this change by lowering their prime rates to a new record low of 2.5%. The next BOC rate announcement is set for April 21st, where a cut of another 25 basis points is expected. This will most likely be the final cut, after all, anymore cuts and they would be paying us to take mortgages! Anyone with a 'prime minus' variable rate should have a very large smile on their face :)
As of today, we are starting to see some downward movement on fixed rates. The lowest available 5 year fixed rate now is 4.19% (30 day quick close) and the one year fixed as dropped to 3.25%! Will the fixed rates come down further than this? We will have to wait and see.
The prime rate is then expected to remain relatively stable for the remainder of the year.

With mortgage rates this low, and with the fallen prices of homes, there has never been a better time in history to buy real estate then right now. This is a time that anyone in this business should be excited about. Even if homes were to depreciate another 3% for the year, the amount they end up saving at today's interest rate more than makes up for it!

Last year at this time, the lowest 5 year fixed rate was 5.99%..... a 1.8% difference from the lowest rate today.
Here is an example of how today's interest rates are better: A $300k mortgage at last years rate of 5.99% amortized over 25 years would have a monthly payment of $1,917. The same mortgage at today's rate of 4.19% would have a monthly payment of $1,609..... a difference of $308! Multiply that difference over the 5 year term and you have saved $18,480. That's $18,400 that stays in your pocket as opposed to going into the banks.

Let's look positively upon the financial opportunity in front of us right now. It is there. Let's make it happen!

Today's lowest rates that I can find:

1 year fixed 3.25%
2 year fixed 3.99%
3 year fixed 3.99%
4 year fixed 4.25%
5 year fixed 4.34%
5 year fixed 4.19% (30 day quick close)

I hope this finds you Happy and Healthy!

All the Best!

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

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

RE/MAX reports on first time buyers

This is a report issued by REMAX for first time buyers. REMAX feels that first time buyers will be the main force in the residential market this year.
All the best!
Mark


First-time buyers driving force in Canada's residential real estate markets, says RE/MAX

Mississauga, Ontario (March 11, 2009) - A report released today by RE/MAX confirms that entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada.

The 2009 RE/MAX First-Time Buyers Report highlighting first-time buying activity in 32 residential housing markets across Canada found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market.

Increased inventory and longer days on market coupled with the lowest lending rates ever are presenting opportunities that have not been seen in almost a decade.

While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today's buyer-centric real estate climate.

The new reality is that homeownership remains well within reach for most first-time buyers."

"While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices," explains Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Affordability has greatly improved and buyers are firmly in the drivers' seat in just about every market we surveyed.

Other banks around the world are following the Bank of Canada

this is an interesting report from RBC about the Bank of England reducing their prime rate by .5%
thanks
Mark

Highlights

Canada's economy crumbled in

late 2008, with real GDP contracting

at the fastest pace in 17 years.

The slumping labour market and

housing slowdown point to the

economy continuing to contract in

the first half of 2009.

The Bank cut the policy rate

again in early March and said it is

considering implementing quantitative

or credit easing to ensure

that monetary policy stimulus is

adequate.

The Bank of England (BoE) and

ECB also trimmed their policy rates

and the BoE launched a quantitative

easing program.

BoE cuts rates; announces quantitative easing plan

The BoE cut the policy rate by 50 basis points in early March to 0.5% and announced that it would purchase financial assets financed by the issuance of reserves. The details of the plan showed the BoE intends to buy both corporate debt and government bonds, with the majority of assets purchased being medium and long-term Treasury debt.

Recessionary conditions, globally and in the U.K., were deemed to threaten an undershooting of the 2% medium-term inflation target necessitating the aggressive policy actions.

In the Eurozone, the ECB cut its policy rate by 50 basis points to 1.5%, the lowest in its 10- year history. While there was no overt talk of quantitative easing, ECB President Trichet did not rule out using new "non-standard measures" as forecasts for growth and inflation were cut back.

Tuesday, March 10, 2009

Real estate prices recovered in February 2009 compared to January 2009

This chart below shows you the average residential price of single family homes for the past 14 moths in the GTA. Note that prices have recovered in February 2009 compared to January 2009

Greater Toronto REALTORS® Reported 4,120 Resale Housing


Transactions in February TORONTO - Thursday, March 5, 2009

Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year.

“A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties,” said Toronto Real Estate Board President Maureen O’Neill.

On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.

“While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain.” Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue.

According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998, and well within the government’s planned range of 240,000 to 265,000 new permanent residents for 2009. The TREB President pointed out that Greater Toronto REALTORS® are an integral part of the real estate transaction process. “TREB Members are uniquely positioned to help home buyers and sellers adapt to changing market conditions,” added Ms. O’Neill. “In addition, TREB continues to advocate public policies that do not threaten affordability but support home ownership in the GTA such as lower taxation and less regulation.”

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
Toronto Real Estate Board (TREB) Average Prices and Graph