Tuesday, December 17, 2013

ADU Accessory Dwelling Units in Mississauga


As they have said on council, there will surely be some issues with regards to the implementation of Accessory second units,
to read the full report on the ADU's in Misissauga, click this link (pdf)
 
The City of Mississauga licencing by-law that will legalize second units will come into effect soon. .If approved, the bylaw will set licensing fees and other requirements, such as inspections and proof of insurance, for owners who want to rent second units.
 
You can read more at  mississauga.ca/housingchoices for updates and more information.
 
Thanks!
Mark
 


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Monday, December 16, 2013

Basement Apartments in Mississauga ADU's will be legally licensed starting January 1, 2014

Basement Apartments will be legal in Mississauga shortly.

Secondary Units Licensing Program Bylaw Effective January 1, 2014

City Council approved a bylaw on September 18 to license second units in Mississauga. The bylaw will be effective on January 1, 2014~ Ontario laws now require municipalities to allow second units in homes. These units are also known as basement apartments, in-law suites and secondary units .

Starting January 15t,a City licence is required for second unit in Mississauga to be legal. A unit will only be licensed if it complies with Official Plan zoning regulations, as well as Ontario fire and building code requirements.

The City held public meetings in 2012 to gather the public's thoughts and ideas about how second units should be permit them in Mississauga.

Comments were also received by email and through an online survey. A statutory public meeting required by the Planning Act was held in early 2013.

The City's Second Unit Implementation Strategy is part of Housing Choices: Mississauga's Affordable Housing Stragey. The City's goals for legalizing second units included ensuring safety, preserving neighbourhood character and maintaining public services.

See the article below too.

Read more at mississauga.ca




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

Housing Choices -- Second Unit Information

Recent changes to provincial legislation require all municipalities in
Ontario to permit second units.

Second units are self-contained units in single-family homes. They are often
called basement apartments or in-law suites.

Second units can expand housing opportunities within established communities
and provide much needed safe, healthy, housing choices. They can offer
accommodation for people with affordability issues such as youth, older
adults and new immigrants. They can also provide additional income for young
couples looking to buy their first home or older adults wanting to stay in
their neighbourhood

Wednesday, December 04, 2013

Bank of Canada Rate Announcement Decmeber 4 2013 no change in rate

Bank of Canada has decided to not change the bank rate

Once again, the Bank of Canada is leaving it's key lending rate at 1% which means that we consumers have a base of 3% for our Bank Prime lending rate.  This has remained unchanged for over 3 years now, unprecendented in the history of the Bank of Canada to leave the rate unchanged for such a long period of time.

See historic interest rate graph at this link

The Bank of Canada said, "
The global economy is expanding at a modest rate, as the Bank expected. Although growth in several emerging markets has continued to ease, growth in the United States during the third quarter of 2013 was stronger than forecast. Even if some of this pickup was due to temporary factors, the data are consistent with the Bank’s view of gathering momentum in the U.S. economy.
In Canada, underlying growth is broadly in line with the Bank’s projections in its October and July Monetary Policy Reports. Real GDP growth in the third quarter, at 2.7 per cent, was stronger than the Bank was projecting, but its composition does not yet indicate a rebalancing towards exports and investment. The housing sector has been stronger than expected but is consistent with updated demographic data and a pulling forward of home purchases in light of favourable financing conditions. The Bank continues to expect a soft landing in the housing market. Non-commodity exports continue to disappoint and the price of oil produced in Canada has eased further. Business investment spending is up from previous low levels, but is still recovering more slowly than anticipated. On balance, the Bank sees no reason to adjust its expectation of a gradual return to full production capacity around the end of 2015"

Read more from the Bank of Canada


Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Saturday, November 30, 2013

Bank of Canada Interest Rate - latest announcement

As of November 30, 2013 the Bank Prime remains at 1%

Typical lending rates for the public is Bank Prime Rate which is 3%

see current best interest rates

This is an excerpt from the latest announcement from the Bank of Canada

Ottawa -
The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.
The global economy is expected to expand modestly in 2013, although its near-term dynamic has changed and the composition of growth is now slightly less favourable for Canada. The U.S. economy is softer than expected but as fiscal headwinds dissipate and household deleveraging ends, growth should accelerate through 2014 and 2015. The nascent recovery in Europe, while modest, has surprised on the upside. China’s economy is showing renewed momentum, while growth in a number of other emerging market economies has slowed as their financial conditions have tightened. Overall, the global economy is projected to grow by 2.8 per cent in 2013 and accelerate to 3.4 per cent in 2014 and 3.6 per cent in 2015.
In Canada, uncertain global and domestic economic conditions are delaying the pick-up in exports and business investment, leaving the level of economic activity lower than the Bank had been expecting. While household spending remains solid, slower growth of household credit and higher mortgage interest rates point to a gradual unwinding of household imbalances. The Bank expects that a better balance between domestic and foreign demand will be achieved over time and that growth will become more self-sustaining. Real GDP growth is projected to increase from 1.6 per cent in 2013 to 2.3 per cent in 2014 and 2.6 per cent in 2015. The Bank expects that the economy will return gradually to full production capacity, around the end of 2015.

read more: http://www.bankofcanada.ca/monetary-policy-introduction/key-interest-rate/schedule/

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

Monday, October 07, 2013

Real estate Investment Strategies & Thoughts in Mississauga and surrounding areas

There are many different methods to invest in real estate in the Mississauga and surrounding areas.

Let's look at investing in real estate rental properties.

I am ruling out the option of a flip. With this out of the picture you would be looking at a rental property.

The options below are as follows:

1. You can buy a property for short term investment where the resale is very good so you will get maximum return when you resell in 4 years. Best bet is probably a town home in Churchill Meadows or Erin Mills of Mississauga or near Square One. These are great rentals as well!

2. You can purchase a maintenance free condo. For this I would recommend one Mississauga, Mimico or Toronto. For new-5yr old condos in Square one and Mimico - the rent would depend on the unit and area, but for an idea, sq one 1 beds go around 1350-1400 per month and 2 bedrooms $1600+.

3. You can buy a home in a high rental area, such as Mississauga or Brampton, where it is split into two units (ie: upper and basement) rented separately and get maximum rent and make a monthly profit.

Email me and I'll send you a list of Properties of Interest for you to view in this style

(As you will not make a profit on the above 2 options - you will just break even)

With a down payment of $90,000 you are looking to purchase in the $400k or below range.

The area is dependent on which of the investment goals you choose to purchase in as for

(1) you need a high resale area like certain Mississauga pockets,

(2) would be good by square one or downtown (although the downtown condo market is pretty saturated right now and prices are decreasing - great to buy but risky cause it is unknown if they will inflate again), and

(3) would be best in Brampton. I personally am not a fan of "student" rentals as the turnover is frequent and the wear and tear is sometimes high.

Please let me know if you have other questions or need more information.

Thank you,
Mark 

Thursday, June 20, 2013

42 Story Condominium Tower to be built at Erin Mills and Eglinton by Daniels Erin Mills across from Credit Valley Hospital!

The image below shows, in part, a request for an Official Plan Amendment and Rezoning to permit at 42 story condominium apartment building

This is another phase of DANIELS ERIN MILLS CONDOS

42 Story Condominium Tower to be built at Erin Mills and Eglinton by Daniels Erin Mills across from Credit Valley Hospital!

Daniels posted a giant sign at the corner of Erin Mills and Eglinton earlier this year, 2013, announcing Downtown Erin Mills condos! "Coming Soon"

Daniels has purchased the south west corner of Erin Mills and Eglinton just across from the Credit Valley Hospital a total of 6 acres.

In the end, the site will have a total of 3 high rise towers, see the site plan below.

The West Tower will be the first of the 3 towers to be built. 

The tallest of the 3 buildings will be 42 stories tall.

For comparison purposed, the Park Mansion at 45 Kingsbridge Garden Circle is one of the tallest  buildings in Mississauga north of the 403 at highway 10 and it's 38 stories  tall, the condo building that they are planning on building at Erin Mills and Eglinton is 42 stories tall!

They are also building two sister buildings at Erin Mills and Eglinton two  25 story buildings!

The Absolute buildings the last two towers (Absolute World 4 & 5) called the  Twisted Sisters are the tallest buildings in Mississauga at 50 and 58  stories tall!

Mississauga is a first class city with very tall buildings

I'll update you as more information comes becomes available!

All the best!
Mark

Wednesday, June 19, 2013

Toronto Real Estate Board Mid month report for the housing sales in June 2013

Below is the report and the figures for the mid month results from the Toronto Real Estate board for the
housing sales in June 2013

You can see that sales are up by about 5% and average selling price up
nearly 4% compared to June of 2012

All the best!
Mark



GTA REALTORS(r) RELEASE MID-MONTH RESALE HOUSING FIGURES


TORONTO, June 18, 2013 - Greater Toronto Area REALTORS(r) reported 4,620 sales through the TorontoMLS system during the first two weeks of June 2013.

This result was up by 4.7 per cent compared to the first two weeks of June
2012.

Year-over-year sales growth was driven by the regions/counties surrounding the City of Toronto.

Home sales in the City were basically flat in comparison to last year.

"The expectation was for an improvement in home sales in the second half of 2013. Early June results are in line with this outlook. Many households have adapted to stricter lending guidelines and have renewed their search for ownership housing," said Toronto Real Estate Board President Ann Hannah.

"It is also important to note that new listings were down over the same period. With sales up and new listings down, market conditions became tighter. This supports the moderate to strong rates of price growth reported for most major home types, including condominium apartments," added Ms. Hannah.

The average selling price for the first fourteen days of June was $536,141 - up by 3.8 per cent compared to June 2012.

"While price growth has been driven by low-rise home types this year, condominium apartment price growth has improved since March. Despite higher inventory levels, there have been enough buyers relative to available listings to support condo price appreciation," said Jason Mercer, TREB's Senior Manager of Market Analysis.

I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm


* Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm


* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm


* See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm


* Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

Wednesday, June 05, 2013

June 5, 2013 -TREB residential real estate report

See all the graphs and latest from TREB about prices and sales in May of
2013

http://www.mississauga4sale.com/TREBprice.htm

The report below is the latest report from TREB


TORONTO, June 5, 2013 - Price Growth Across All Major Home Types in May

TORONTO, June 5, 2013 - Greater Toronto Area (GTA) REALTORS(r) reported  10,182 sales through the TorontoMLS system in May 2013, representing a dip  of 3.4 per cent compared to May 2012. Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year over- year increase in the City of Toronto.

"The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year's levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market," said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 - up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semidetached home transactions in the City of Toronto.

Average condominium apartment prices were also up slightly in comparison to last year.

The MLS(r) Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent yearover- year.

"The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Greater Toronto REALTORS(r) are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

All the Best!

Mark

Wednesday, May 08, 2013

Average home prices up, sales down - TREB housing figures for April 2013 - May 2013

This is the latest report from TREB for GTA monthly housing sales for May 2013

see Graphs and all the details at this page


GTA REALTORS(r) RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, May 3, 2013 - Greater Toronto Area REALTORS(r) reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

"Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year," said Toronto Real Estate Board President Ann Hannah.

"It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy," continued Ms. Hannah.

The average selling price for April 2013 transactions was $526,335 - up by two per cent in comparison to April 2012. The MLS(r) HPI Composite Benchmark Price was up by 2.9 per cent.


"The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market Analysis. Summary of TorontoMLS Sales and Average Price April 1 -



I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm

* Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm

* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm

* See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm

* Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

Monday, April 22, 2013

17 Items you should consider when you are thinking of leasing business commercial space

I am mainly a residential real estate agent.

I had a client looking for commercial space to open up a small bakery store and was considering a commercial location to rent.

These were some of my thoughts and experience and items to watch out for when considering a commercial lease.
  
  1. rent is usually charged as per square foot of total space plus TMI
  2. TMI is taxes, maintenance and insurance (building)
  3. TMI is typically more than the rent, meaning that the rent may be $4/square foot but the TMI is $8 extra, this is not always the case, but I've seen this often, cheap rent, high TMI
  4. typically, you will need to install all interiors, from the electrical panel to the ovens and vent hoods and bathroom and even the walls, many people when they leave an existing commercial rental space, take everything
  5. you will need permits for everything you do in a commercial installation, from the outside bent hoods for your ovens, to the lighting and sinks and whatever, you will require all professional trades to do all the work and approve everything with the municipality and meet all codes, your landlord and municipality don't want you burning down the building when you cook or overnight due to shoddy work, so they want it done right
  6. the landlord must approve all your renovations, inside and outside and will have restrictions on signage etc
  7. the landlord will also have clauses in the lease that will only allow you to sell or make or bake certain items
  8. typical commercial leases will also have a non-competition clause section where you can only bake your cakes and cupcakes etc. but you can't sell cigarettes or maybe coffee or pop or something that someone else in the strip plaza or building could or does sell
  9. all commercial leases allow for the landlord to lock you out and seize all your goods and chattels and everything inside your business if you default on the rent (this is NOT allowed in residential leases in Ontario)
  10. commercial leases are typically 5+5, meaning you sign a 5 year lease with the option of 5 more years - you want this, because if you become successful, you don't want to be thrown out after the first 5 years of hard work AND you don't want your rent tripling in the last 5 years because your business has done so well
  11. you will most likely be required to provide an entire business plan with everything in your business sales, installation, all costs and expenses, advertising, floor plans, the entire enchilada before the landlord will accept you - reason is that that commercial leases are far different than residential, they don't want to lease to you and then have you go belly up in 6 months because the landlord doesn't want to lock the doors and sell your stuff, they want you to survive, flourish and be successful so that they get your rent for 5+5 years AND you make the plaza, building look good
  12. You need to know to lease commercial space like the rent commitment, plus other costs per month
  13. what it would cost to put in what you need like the oven and sometimes the landlord will help with this, but you need to ask if  the landlord help with that
  14. I strongly suggest you go to RBC at 33 City Centre in Mississauga and speak with the business development branch of the RBC, they have tons and tons of information that will help you develop a business plan
  15. to go about finding a reputable commercial agent that will answer your initial questions before actually going to see places will be difficult. 
  16. You need to gather all this information beforehand so you know exactly what you are getting into
  17. There is a very high cost to start up a business like this, just make sure you know everything before you do anything
     
     
I'm a very optimistic person, but I am also a realist and extremely skeptical of everything and anything when it comes to spending money. 
 
You must be extremely careful in this. You could spend a year researching and investigating how to start up a business online and with the help of banks and others.  I'm not negative, but I think I just read in a real estate publication that 19 of 20 restaurants fail in the first year and more than half of all new business ventures failed by the end of the third year - cash flow from your personal savings, the banks loan or from sales are most critical in first year and too many people don't estimate the costs in the first year and end up closing shop because of poor planning - as I tell everyone who will listen to me -  "if you fail to plan, you plan to fail" -  I hope that your business flourishes! :-)

There are many other considerations too, but this is a start.

I would recommend you look for a suitable space that you 'think' you might like, contact the listing agent on the mls and gather as much information about their particular listing, the restrictions etc. to see what they tell you.

You can use the ici search tool, http://www.icx.ca/index.aspx?cul=1


I hope this helps

Please let me know if you have more questions or more specific items you want to know.

Thanks
Mark

Friday, April 19, 2013

BIG DECISIONS when buying a home in Mississauga Real Estate

BIG DECISIONS

In life one of the most important decisions we ever make is about buying or selling your home.

It's a big step that's filled with excitement and anxiety.

You want to be sure that the choices you make are the right ones. That's where we make all the difference - a professional with the insight and experience to help make the most of your options.

When it comes to life's big decisions it's reassuring to have an expert on your side
Please send me an email if you are interested in "teaming up"

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

Thursday, April 18, 2013

Real Estate Rental Market Update GTA and Mississauga 1st Quarter 2013

This is the latest report regarding rentals for the GTA in the first quarter of 2013

Number of rentals are up and so are average rental prices. see the full report below.



GTA REALTORS(r) RELEASE RENTAL MARKET REPORT

TORONTO, April 16, 2013 - Greater Toronto Area REALTORS(r) reported a substantial increase in the number of condominium apartments rented through the TorontoMLS system in the first quarter of 2013.

There were 4,277 condominium apartments rented - up by almost 13 per cent on a year-over-year basis.

The total number of rental properties listed on TorontoMLS during the first quarter was up by more than 25 per cent year-over-year to 8,816.

"Demand for rental condominium apartments remained strong during the first quarter of the year. People looking for higher end rental accommodation, including those who have temporarily put their decision to purchase on hold, were likely driving rental activity during the first three months of the year," said Toronto Real Estate Board President Ann Hannah.

The average monthly rent for one-bedroom condominium apartments in the first quarter was $1,597 - up by almost four per cent compared to Q1 2012. The average two-bedroom condominium apartment rent was up by slightly more than one per cent over the same period to $2,114.

"The rental market has remained quite tight over the last year. Competition between renters has been strong enough to drive increases in average rents.

However, growth in the number of units listed outstripped growth in the number of rental transactions in the first quarter, suggesting that renters benefitted from more choice. If this trend continues, the pace of rent growth could moderate," commented Jason Mercer, TREB's Senior Manager of Market Analysis.














I hope this finds you Happy and Healthy!

All the Best!

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
BUS 905-828-3434
FAX 905-828-2829 CELL 416-520-1577
mark@mississauga4sale.com
Mississauga4Sale.com

* Thinking of selling your home in the next 3 to 6 months? Would you
like a Complimentary & Quick Over-The-Net Home Evaluation ?
www.mississauga4sale.com/internet-evaluation.htm


* Power of Sales and Foreclosures
www.mississauga4sale.com/Power-Sales-Bank-Sales-Alert-Request.htm


* If you have not already signed up to receive my monthly real estate
newsletter, you may do so here: On-Line Real Estate Newsletter sign up
www.mississauga4sale.com/popupquestion.htm


* See seasonal housing patterns
www.mississauga4sale.com/TREBprice.htm


* Would you like me to send you a desk or wall Calendar?
www.mississauga4sale.com/Calendar-Order-Form.htm

Wednesday, April 17, 2013

TRANSITION VERSUS TRANSACTION when buying a home in Mississauga Real Estate

TRANSITION VERSUS TRANSACTION

Buying or selling a home is far more than just a transaction.

It's often at the heart of a major life transition - buying your first home, requiring a larger home because you're starting a family, or downsizing to simplify your life.

That's where we really help - we know the joys and the anxieties that are part of life's big changes and we're experts at handling all of the details so you can focus on what really matters

If you are interested in buying in the near future, please send me an email and we will "team up"!

Mark




Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, April 16, 2013

KNOWLEDGE IS PROTECTION when buying a home in Mississauga Real Estate

KNOWLEDGE IS PROTECTION

When it comes to buying or selling a home things may not always be as they appear.

That's where I will be an invaluable guide. Wey have our fingers on the pulse and know the questions to ask, the places to probe and what to look for so you get the whole picture about the property and the community.

With me by your side you can make an informed decision - complementing what you see with what we know.

Please send me an email if you are interested in "teaming up"

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

Monday, April 08, 2013

Mississauga Condo rental properties - does supply determine market value rent?

Rental properties - Does supply of properties affect their demand
The supply and demand for rental properties determines the market value rent. I've written a little about rental prices in the past at my blog, see one post here.

http://blog.mississauga4sale.com/search/label/rental-market

The supply of condos is quite high at the moment, meaning that this may put downward force on rental rates for condos, not upward. TREB feels that the higher inventory has not had a negative effect on the rental market rents.

The trend for condo rental prices has generally been up for the past 10 years, similar to the sale market. Unfortunately, prices have escalated far more than rental rates and therefore, even with our current low interest rates, you need to put a much larger percentage downpayment now on a condo in order for the rent to carry the carrying costs.

Please let me know if you have any other questions or require further
information.

Thank you,

Mark

Friday, April 05, 2013

TREB mid month Mississauga and GTA RESALE HOUSING FIGURES

You can see the figures for sales of resale homes in the GTA for Mid March
2013 below



GTA REALTORS(r) RELEASE MID-MONTH RESALE HOUSING FIGURES

TORONTO, March 18, 2013 - Greater Toronto Area REALTORS(r) reported 3,594
transactions through the TorontoMLS system during the first 14 days of March
2013 - down 11.5 per cent compared to the same period last year. The number
of new listings was up by less than two per cent.

"With sales down and listings up slightly, the GTA market was better
supplied in the first half of March compared to last year. This fact
notwithstanding, there has been enough competition between buyers to promote
moderate to strong upward pressure on average selling prices for most home
types on an annual basis," said Toronto Real Estate Board President Ann
Hannah.

"The average price for condominium apartments in the City of Toronto was up
over last year. If this price growth continues, it may indicate that
conditions are tightening slightly in this segment," added Ms. Hannah.

The average selling price for the first two weeks of March was up by almost
six per cent year-over-year to $532,102. Average prices were up for all
major home type categories.

"Due to tight supply, the average annual rate of price growth for singles,
semis and towns continues to far outpace the rate of inflation. The condo
apartment segment has been a mitigating factor, which is why our forecast
for price growth in 2013 remains at approximately 3.5 per cent or $515,000
for all home types combined," said Jason Mercer, TREB's Senior Manager of
Market Analysis.

Wednesday, April 03, 2013

TREB April 2013 residential real estate results average prices up about 3.8% and volume of sales down about 17% for March 2013 compared to March 2012

The figures for March are now out from TREB

Average prices up about 3.8% for March 2013 compared to March 2012

Volume of sales is down about 17% comparing year over year.

See the full report below:

Average Price up in March and First Quarter


TORONTO, April 3, 2013 – Greater Toronto Area REALTORS® reported 7,765 transactions

through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012. While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012.

Generally speaking, there are fewer sales reported on statutory holidays and weekends.

In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today. While some households have put their decision to purchase on hold as a result of stricter lending guidelines or the additional Land Transfer Tax in the City of Toronto, other households simply haven’t been able to find the right house due to a shortage of listings in some market segments," said Toronto Real Estate Board President Ann Hannah.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.

"The average selling price and the MLS® Home Price Index Composite Benchmark was up on a year-over-year basis across most home types, especially in the low-rise market segments where supply remains an issue. TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent

See graphs of prices and trends at this page
Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Wednesday, March 13, 2013

4th quarter 2012 Average prices for condominium units based upon the number of bedrooms in the Mississauga City

Toronto Real Estate Board (TREB) Average Prices and Graph
This chart below shows the average prices for condominium units based upon the number of bedrooms in the Mississauga City Centre breakdown for the 4th Quarter of 2012






















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 09, 2013

Toronto and Mississauga rental market report shows Strong Growth in Rental Transactions Listings in Q4 for 2012

Below is the report and a chart showing average prices etc. for the rental market in the GTA for the 4th quarter of 2012

The number of rental transactions is up about 13% year over year

One bedroom units are up about 4% to an average of $1626 per month 2 bedroom units up 2% to $2088 per month

TREB feels that although there are more condos on the market for rent they feel there are no indications of oversupply given that rental increases are continuing at or above inflationary figures.

All the best!
Mark




 







Strong Growth in Rental Transactions/Listings in Q4

Toronto, January 11, 2013 - Greater Toronto Area REALTORS(r) reported 3,648 rental transactions for condominium apartments through the TorontoMLS system in the fourth quarter of 2012, up 13 per cent from the 3,234 rentals reported during the same period in 2011. The number of units listed for rent
at some point during the fourth quarter was up by close to 18 per cent on a year-over-year basis.

"The number of rental transactions through the TorontoMLS system has been growing quite strongly over the past year, as many renter households are attracted to investor-held condominium apartments and townhomes that offer modern finishes and amenities in popular areas throughout the Greater Toronto Area," said Toronto Real Estate Board (TREB) President Ann Hannah.

One-bedroom and two-bedroom apartments accounted for the vast majority of transactions. The average one-bedroom rent was up by more than four per cent annually in the fourth quarter to $1,626. The average two-bedroom rent was up by almost two per cent to $2,088.

"The rental market became better supplied in the fourth quarter compared to the same period in 2011 as growth in listed units outpaced growth in sales. With strong new condominium apartment completions over the past year, investors with a longer term investment horizon chose to rent their units rather than sell," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"While the condo rental market became better supplied in the fourth quarter, there are no indications of oversupply, given that rent increases continued at or above the rate of inflation," continued Mercer.

Wednesday, March 06, 2013

Bank of Canada Interest Rate announcement March 6, 2013

The Bank of Canada just announced they are keeping the prime rate at 1% meaning that the prime lending rate stays at 3%

This is historic news, this is the longest stretch that the Bank of Canada has kept it's rate this low.  It's been at 1% since the fall of 2010!

Read more at this link

See current rates at this link

Full aannouncement is below

Toronto Real Estate Board (TREB) Average Prices and Graph


Ottawa - The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.




The global economic outlook is broadly consistent with the Bank’s projection in its January Monetary Policy Report (MPR). Global financial conditions remain stimulative, despite recent volatility. In the United States, the economic expansion is continuing at a gradual pace and private sector demand is gaining momentum. Fiscal drag in the United States over the next two years remains consistent with the Bank’s January projection, although it is likely to be more front-loaded as a result of sequestration cuts. The recession in Europe continues. Growth in China has improved, while economic activity in some other major emerging economies is expected to benefit from policy stimulus. Commodity prices have remained at historically elevated levels, although persistent transportation bottlenecks are leading to continued discounts for Canadian heavy crude oil.



Canada’s economy grew by 0.6 per cent at annual rates in the fourth quarter of 2012, with solid growth across most domestic components of GDP offset by a sharp reduction in the pace of inventory investment. The Bank expects growth in Canada to pick up through 2013, supported by modest growth in household spending combined with a recovery in exports and solid business investment. With a more constructive evolution of imbalances in the household sector, residential investment is expected to decline further from historically high levels. The Bank expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels. Despite the expected recovery in exports, they are likely to remain below their pre-recession peak until the second half of 2014 owing to restrained foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.



Total CPI inflation has been somewhat more subdued than projected in the January MPR as a result of weaker core inflation and lower mortgage interest costs, which were only partially offset by higher gasoline prices. Low core inflation reflects muted price pressures across a wide range of goods and services, consistent with material excess capacity in the economy. Core and total CPI inflation are expected to remain low in the near term before rising gradually to reach 2 per cent over the projection horizon as the economy returns to full capacity and inflation expectations remain well-anchored.



Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. With continued slack in the Canadian economy, the muted outlook for inflation, and the more constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2 per cent inflation target.


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Tuesday, March 05, 2013

March results from Toronto Real Estate Board on the February 2013 sales figures

Below is the latest report from the Toronto Real Estate Board for March on
the February 2013 sales figures

Average selling price was up year over year but volume of sales is down
about 15% during the same period

Read the entire report and press releases below.

See the figures and graphs at my site

All the best!

Mark



GTA REALTORS(r) RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, March 5, 2013 - Greater Toronto Area (GTA) REALTORS(r) reported  5,759 sales through the TorontoMLS system in February 2013 - a decline of 15  per cent in comparison to February 2012. It should be noted that 2012 was a  leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 - up two per cent in comparison to February 2012.

"The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole," said Toronto Real Estate Board (TREB) President Ann Hannah.


"Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto's additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales," added Ms. Hannah.

The MLS(r) HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

"We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year. Our current average price forecast is $515,000 for all home types combined in 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.







 

Price Growth Continues in February

TORONTO, March 5, 2013 - Greater Toronto Area (GTA) REALTORS(r) reported 5,759 sales through the TorontoMLS system in February 2013 - a decline of 15 per cent in comparison to February 2012. It should be noted that 2012 was a leap year with one extra day in February. A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 - up two per cent in comparison to February 2012.

"The share of sales and dollar volume accounted for by luxury detached homes in the City of Toronto was lower this February compared to last. This contributed to a more modest pace of overall average price growth for the GTA as a whole," said Toronto Real Estate Board (TREB) President Ann Hannah.


"Stricter mortgage lending guidelines that precluded government backed mortgages on homes sold for over one million dollars and the City of Toronto's additional upfront land transfer tax arguably played a role in the slower pace of luxury detached home sales," added Ms. Hannah.

The MLS(r) HPI Composite Benchmark price covering all major home types eliminates fluctuations in price growth due to changes in sales mix. The Composite Benchmark price was up by more than three per cent on a year-over-year basis in February.

"We will undoubtedly experience some volatility in price growth for some market segments in 2013. However, months of inventory in the low-rise market segment will remain low, resulting in average price growth above three per cent for the TREB market area this year. Our current average price forecast is $515,000 for all home types combined in 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Thank you!
Mark

Monday, March 04, 2013

ADU's (Accessory Dwellling Units) or Second units, basement apartments, in-law suites or secondary suites in the City of Mississauga

Toronto Real Estate Board (TREB) Average Prices and Graph
The City of Mississauga has a section on their website that is a start page for information about ADU's (Accessory Dwelling Units) or Second units are also called basement apartments, in-law suites or secondary suites, see the link below

http://www.mississauga.ca/portal/residents/housingchoices


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Friday, March 01, 2013

Plain language information about ADU's (Accessory Dwelling Units) or basement apartments in Mississauga

The link below will give you information about the current legislation in place for basement apartments in Mississauga

It's a
QUESTION AND ANSWER GUIDE
 for ACCESSORY DWELLING UNITS - BASEMENT APARTMENTS & LODGING HOUSES
http://www.mississauga.ca/file/COM/Accessory_Dwelling_Units_Q_A__Guide.pdf

This link below will take you to the current by-laws and information about ADU's in Mississauga

http://www.mississauga.ca/portal/residents/accessorydwellingunits

As I've already written, the province of Ontario has made it legal in all of Ontario to have a basement apartment in your home.  It is now mandatory for Municipalities to draft legislation to allow for this in each city.  Mississauga is currently drafting the laws that will allow for basement apartments.  The city has regular information meetings.  They are still in the process of developing the law.

Read more about basement apartments in Mississauga at my site

Read more at the city of Mississauga site:

http://www5.mississauga.ca/agendas/planning/2013/02_25_13/Item01HousingChoices.pdf

or

http://www.mississauga.ca/portal/residents/accessorydwellingunits

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1
BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Thursday, February 28, 2013

Basement Apartments in Mississauga and Peel Region

The basement apartment issue in Mississauga and surrounding areas is an important part of current and future planning.

I was asked a question about basement apartments in Mississauga and thought I would share my answer with you.

I was asked:

Hi Mark,


Thanks for your reply, I am located in Mississauga, have they not passed a Law yet in Mississauga? Is there a ETA?
I came across a blog on
http://blog.mississauga4sale.com/2012/02/basement-apartments-are-now-legal-in.html
The writing says that basement Apartments are now Legal in Ontario .

Could you clarify that?
My home has a Basement Apartment, would I now be able to rent it out legally?

Thanks,
H.

Hello H,

Correct, they have not updated the by-laws in Mississauga as yet. They've  been working on the process and all the details, they even had me in for an  interview, but it's a long involved process. It should be implemented  sometime later this year, is my guess. You can contact the Planning  department for the City of Mississauga for more information.

There is a public information session coming up soon, not sure the date.

I'll try and find it and post it on my blog

You can search "Proposed Amendments to Mississauga Official Plan and Zoning By-law 0225-2007 – Second Units" at the the City of Mississauga website and find the most current information

Once it's lawful to have a basement apartment in your home in Mississauga,  then you will need to apply to make your apartment legal, the city and the  fire department will inspect your unit and tell you if it complies or not. 

This will be the process, in a nutshell.

Please let me know if you have any other questions or require further information.

Thank you,

Mark

Wednesday, February 06, 2013

Month by month snapshot of how our Mississauga and GTA real estate market has performed over the past year

This is a month by month snapshot of how our market has performed over the past year.

The average price has increased 5-6% comparing December 2011 with December 2012, but not month over month.

2012 average monthly prices

January $462,655
February $500,249
March $500,894
April $515,869
May $514,546
June $507,366
July $475,507
August $477,533
September $501,704
October $502,274
November $485,544
December $478,739

Year-to-Date overall average price $497,298


See the month to month prices at this graph.

http://www.mississauga4sale.com/avgprices.JPG

and this is the page on my site that has the data:

http://www.mississauga4sale.com/TREBprice.htm#graph

Prices have only stayed about steady or fallen over the past 6 months.

Thank you,

Mark

Tuesday, February 05, 2013

GTA and Mississauga Real Estate market results for January 1013

Hello,

The figures are in for January 2013


* Sales volume in January down less than 1% year over year
* Prices up 4.3% in January 2013 compared to January 2012
* Prices up less than 1% comparing January 2013 to December 2012
* TREB is predicting a 3-5% increase in prices in 2013


Read the full report below

Mark




GTA REALTORS(r) RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, February 5, 2013 - Greater Toronto Area REALTORS(r) reported 4,375 transactions through the TorontoMLS system in January 2013. This number represented a slight decline compared to 4,432 transactions reported in January 2012.

"The January sales figures represent a good start to 2013. While the number of transactions was down slightly compared to last year, the rate of decline was much less than what was experienced in the second half of 2012.

This suggests that some buyers, who put their decision to purchase on hold last year due to stricter mortgage lending guidelines, are once again becoming active in the market," said Toronto Real Estate Board (TREB) president Ann Hannah.

"It is interesting to note that sales were up for many home types in the GTA regions surrounding the City of Toronto. This is due, at least in part, to the additional upfront land transfer tax in the City of Toronto," added Ms. Hannah.

The average selling price for January 2013 sales was $482,648 - up by 4.3 per cent compared to $462,655 in January 2012. The MLS(r) Home Price Index (HPI) Composite Benchmark price was up by 3.8 per cent over the same period.

"There will be enough competition between buyers in the marketplace to prompt continued growth in home prices in 2013. Expect annual average price growth in the three to five per cent range this year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

see graphs and data at this link

Thank you,
Mark

Wednesday, January 30, 2013

Fraud Alert - Scam Mail and your loved one's

My mother passed away about 6 years ago. About 5 years ago my Dad got a computer so he could email me and my brothers and "keep in touch". He would occasionally forward me an email that told him he won huge sums of money either in Euro's or USD or some great prize. They were so compelling, he was 'sure' he had won. Of course I would tell him these are all scams or phishing emails and after some convincing on my part, he would finally delete the email.

My Dad turned 87 last April and whenever we visited him we would notice that his dining room table was covered in letters from companies 'shouting' out to him that he had won $30,000 or $100,000 or millions of dollars or a new Ford Mustang Convertible car or trip or holiday etc. All he had to do was send $25 or $50 or similar amounts as a "processing fee" or "administration fee" or some type of fee to hold his winnings or begin the process. We would ask him about the letters, but he assured us that they were just junk mail and that he only liked to read them and would eventually throw them out.

We did not know the extent to which my Dad was answering these letters and sending cash or cheques in the mail until we finally gained access to his bank accounts. He had sent hundreds of letters back to these people and had written more than 100 cheques and paid out probably $1000's of dollars and maybe more than $10,000 to these scammers. We have no idea of the total amount he got tricked into sending to these fraudsters.

Very recently, we found out that my father has progressive Alzheimer's and we've moved him into a long term care facility. We never knew that answering these letters gave my father something to do and gave him false hope that he would receive the money or prizes. These letters with their promises became my Dad's new reality. When we cleaned out my Dad's apartment, in many of his drawers and "private" storage areas we found many pieces of fake ruby jewels with fake gold chains inside cheesy red velvet (plastic) bags. He had paid $20, $30 or even $50 for some of these pieces of junk. Good grief! He never told any of us about this world he was participating in.

We had his mail forwarded to my home address in late December 2012 and my wife and I have been receiving and opening his mail for about a month now. Some days we receive only 2 or 3 pieces of junk/scam mail addressed to my Dad. Other days there were 10 to 15 or even more pieces of mail on one day!

It's absolutely shocking the amount of "scam mail" he receives that claims he has won lotteries, prizes, trips and more. Once an unsuspecting person sends payment to these scammers, they sell the list of 'suckers' to other scammers and it snowballs.

These are all fraudulent scammers from all over the world. Some of these letters are from the Netherlands, others from Hong Kong, The Middle East and parts of Africa. These countries must have loose mail fraud laws or maybe inexpensive mailing costs. Very little of these letters originate from Canada or the USA.

Yesterday, we received a piece of mail from the New Scotland Yard Metropolitan Police Department in the UK! See a copy of the letter below.

My Dad had sent money to one of these Mass Mail Marketing Fraudsters and the police in the UK were intercepting payments sent by unsuspecting people like my Dad and retaining the letters and payments as evidence in their investigation.

The letter from the police indicates that they are no longer taking action with this matter and they returned my Dad's $25 cash he had sent in the mail. Wow! What a world we live in.

Also, along with the letter to my Dad, the police from Scotland Yard included a brochure containing information and advice about scam mail and a campaign they have in the UK called Think Jessica The statistics are astounding. Mail scams in the UK cost consumers about 3.5 billion pounds per year! You can read more at this link about Think Jessica.

I'm posting this on my blog because many of my clients and friends are about my age and have parents or family that are in their 70's or 80's and they are most susceptible to these types of crimes.

If you see a pile of letters sitting on your families table, ask many questions about what they are doing with the letters and try to help them avoid being scammed by these fraudsters like my Dad was!

I wish you and your family All the best!
Mark

Wednesday, January 23, 2013

Reasons to be very happy we live under the current financial climate in Canada


The Bank of Canada also comments on future circumstances and predictions of what it sees for interest rates in the future.  At each announcment, as they did this morning, they update their forcast.  This is the latest forcast:

"Following an estimated 1.9 per cent in 2012, the Canadian economy is expected to grow by 2.0 per cent in 2013 and 2.7 per cent in 2014, and to reach full  capacity in the second half of 2014, later than anticipated in the October Report."

This indicates that as long at the economy in Canada and globally continues as it is, we can probably expect that interest rates will remain at about 1% well into 2014.  This is good news for people who need to borrow.

The governor of the Bank of Canada is Mark Carney and he made a remark in Decmeber of 2012 and it was:

“Achieving our objective will mean delivering a path of policy that adjusts as economic circumstances evolve…. Our goal, as always, is to ensure that households, firms and investors can make their decisions in a stable macro environment.”

With this type of thinking we have to be very happy to live under this financial climate in Canada

All the Best!
Mark



For more information please contact A. Mark Argentino

Toronto Real Estate Board (TREB) Average Prices and GraphA. 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

Prime Rate stays at 1% Bank of Canada

The Bank of Canada announcement today stated they overestimated growth in the economy and are keeping the rate at 1% meaning the prime lending rate for public stays at 3%

The next Bank of Canada interest rate announcement is 6 March 2013 and their comments on the economy will be interesting indeed!

All the best
Mark

This is the annoucement from the Bank of Canada

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent.




The global economic outlook is slightly weaker than the Bank had projected in its October Monetary Policy Report (MPR). At the same time, global tail risks have diminished. The economic expansion in the United States is continuing at a gradual pace, restrained by ongoing public and private deleveraging, global weakness and uncertainty related to fiscal negotiations. Despite a marked improvement in peripheral sovereign debt markets, Europe remains in recession, with a somewhat more protracted downturn now expected than in October. Growth in China is improving, though economic activity has slowed further in some other major emerging economies. Supported by central bank actions and by positive policy developments in Europe, global financial conditions are more stimulative. Commodity prices have remained at historically elevated levels, though temporary disruptions and persistent transportation bottlenecks have led to a record discount on Canadian heavy crude.



In Canada, the slowdown in the second half of 2012 was more pronounced than the Bank had anticipated, owing to weaker business investment and exports. Caution about high debt levels has begun to restrain household spending. The Bank expects economic growth to pick up through 2013. Business investment and exports are projected to rebound as foreign demand strengthens, uncertainty diminishes and the temporary factors that have weighed on resource sector activity are unwound. Nonetheless, exports should remain below their pre-recession peak until the second half of 2014 owing to a lower track for foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar. Consumption is expected to grow moderately and residential investment to decline further from historically high levels. The Bank expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels.



Relative to the October MPR, Canadian economic activity is expected to be more restrained. Following an estimated 1.9 per cent in 2012, the economy is expected to grow by 2.0 per cent in 2013 and 2.7 per cent in 2014. The Bank now expects the economy to reach full capacity in the second half of 2014, later than anticipated in the October MPR.



Core inflation has softened by more than the Bank had expected, with more muted price pressures across a wide range of goods and services, consistent with the unexpected increase in excess capacity. Total CPI inflation has also been lower than anticipated, reflecting developments in core inflation and weaker-than-projected gasoline prices. Total CPI inflation is expected to remain around 1 per cent in the near term before rising gradually, along with core inflation, to the 2 per cent target in the second half of 2014 as the economy returns to full capacity and inflation expectations remain well-anchored.



Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. While some modest withdrawal of monetary policy stimulus will likely be required over time, consistent with achieving the 2 per cent inflation target, the more muted inflation outlook and the beginnings of a more constructive evolution of imbalances in the household sector suggest that the timing of any such withdrawal is less imminent than previously anticipated.



Information note:

The next scheduled date for announcing the overnight rate target is 6 March 2013. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 17 April 2013.

read more at this page

Monday, January 07, 2013

What are Special Assessments on condominium properties?

What are Special Assessments on condominium properties?

A special assessment is an additional payment or a levy that a condo board  has to impose when unexpected shortfalls or unexpected expenditures occur in  the budget, or when an expensive system has to be replaced (i.e., windows,  mechanicals) and there is not enough money in the reserve fund to cover for  it.

Special assessments often occur in condos that were built before 2001, when  reserve fund studies were not mandated by the previous Condo Act. As a  result, developers and boards failed to build up sufficient  reserve funds  for future replacements.

The fact that the owners have paid this already means that you will not have  to assume the additional payments when purchasing this condo, which is  great.

Buying a condo townhome is the same risk as buying a condo apartment -  anytime you buy a condo you are becoming responsible for the debt of the  condo (shared with the other owners). Condo townhomes are less likely to  have special assessments as there are not as many expenses due to less  amenities in the building.

As an agent, we ensure to request a status certificate that your lawyer  would review to make sure the  reserve fund of the condo is in good standing and has sufficient money.

As for the increase in condo fees, they usually increase each year, but the amount varies and it is stated in the status certificate for each particular building. It is usually a small amount (under $20.00) but again, each
situation varies.

If you have any further questions or would like to view this condo please let me know.

Thank you!
Mark Argentino
Mississauga Real Estate

Sunday, January 06, 2013

Average Resale Home price rose 7% to $497,298 in 2012 in GTA

Toronto Real Estate Board (TREB) Average Prices and Graph
Average price for last month was $478,739 (it was $485,328 the previous month and $503,479 in October) and this represents almost a 6.5 increase compared to the same month in 2011 - see graph of prices by clicking the graph at the right


Prices were down and sales volumes were 3690 units, down from 4585 in December 2011

Read the full report below:

Average Home Price Up Strongly in 2012


TORONTO, January 4, 2013 –

Greater Toronto Area REALTORS® reported 3,690 sales through the TorontoMLS system in December 2012 – down from 4,585 sales in December 2011. Total sales for 2012 amounted to 85,731 – down from 89,096 transactions in 2011.

“The number of transactions in 2012 was quite strong from a historic perspective. We saw strong year-over-year growth in sales in the first half of the year, but this growth was more than offset by sales declines in the second half.


Stricter mortgage lending guidelines resulted in some households postponing their purchase of a home. In the City of Toronto, the dip in sales was compounded by the additional Land Transfer Tax, which buyers must pay upfront,” said Toronto Real Estate Board (TREB) President Ann Hannah.


The average selling price in December 2012 was up by 6.5 per cent year-overyearto $478,739. The average selling price for 2012 as a whole was up by almost seven per cent to $497,298.

“Robust annual rates of price growth were reported through most months of 2012.

Price growth was strongest for low-rise homes, including singles, semis and townhouses. Despite a dip in sales, market conditions remained tight for these home types with substantial competition between buyers,” said TREB’s Senior Manager of Market Analysis Jason Mercer.


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