Thursday, May 08, 2008

Sales moderate in April but prices up

Sales moderate in April but prices up

May 5, 2008 -- April statistics show that 8,762 houses sold in the Greater Toronto Area. "The market continues to experience a supply and demand situation and to-date it remains a sellers market," said TREB President Maureen O'Neill.

The GTA market was down 7 per cent from last April's record 9,452 transactions. However, it is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.

The sales pace however, did not take place evenly throughout the GTA. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.

Prices continued to appreciate last month, to a GTA average of $398,687, up eight per cent from last April's $367,968. The average price in the City of Toronto was $446,781, up six per cent from April 2007. The 905 region's average price of $367,196 increased five per cent from a year ago.

"For more than a decade, real estate has served as the economy's engine," said Ms. O'Neill. "It's encouraging to see that consumers are continuing to put their faith in real estate as an excellent longterm investment."

Breaking down the total, 3,398 sales were reported in TREB's 28 West districts and averaged $372,575; 1,531 sales were reported in the 14 Central districts and averaged $539,133; 1,768 sales were reported in the 23 North districts and averaged $429,262; and 2,065 sales were reported in TREB's 21 East districts and averaged $311,350.

See a graph of average prices:
http://www.mississauga4sale.com/TREBprice.htm#graph

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



Mark





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


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, May 06, 2008

GTA resale housing market moderate in April, but prices up

GTA resale housing market moderate in April, but prices up

TORONTO, May 5, 2008 -- With 8,762 houses sold in the Greater Toronto Area, April's resale housing activity was down seven per cent from the record 9,452 transactions from the same timeframe a year ago, Toronto Real Estate Board President Maureen O'Neill announced today.

"The market is showing signs for a healthy 2008 compared to the diminished activity we saw in the first quarter of the year," said Ms. O'Neill. "We continue to experience a supply and demand situation and to-date, it remains a sellers market."

Sales activity however, was markedly different in the 416 and 905 regions. With 3,467 transactions in the City of Toronto, sales were down 10 per cent from a year ago. The 905 region was down five per cent from April 2007 sales, with 5,295 homes changing hands.

April's GTA average price was $398,687, up five per cent from the same period a year ago. In the City of Toronto, the average price was $446,781, up six per cent from last April. In the 905 region the average price increased five per cent compared to a year ago, to $367,196.

Several neighbourhoods experienced strong sales in April.

Scarborough East (E08) saw an five per cent overall sales increase compared to April 2007, driven by robust detached home sales.

Caledon (W28) experienced a 15 per cent increase compared to the same timeframe a year ago as a result of strong condominium sales.

Condominium sales also drove Willowdale (C07) to a 32 per cent increase from a year ago.
In Thornhill sales increased eight per cent from last April due to strong detached home sales.

"The number of listings on the Toronto Real Estate Board's Multiple Listing Service has increased to 24,539, up seven per cent from a year ago, which is good for homebuyers, who will find a greater range of options in the market," said Ms. O'Neill. "With prices continuing to appreciate and increased listing inventory there are favourable factors in today's market for consumers."

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

5 year rates finally dropping, but options are changing

Although the prime rate has been dropping, we have not experienced much change in the current 5 year fixed rates, until now.

There are still many people who are not comfortable with a variable rate mortgage, and feel much more comfortable with a guaranteed rate.

There are mortgage brokers that can now offer a 5 year fixed rate of 5.19%

This new product is what they are calling a 'no frills' mortgage, meaning it does not come with the same prepayment benefits of a regular 5 year fixed product, which the vast majority of home owners don't take advantage of anyway.

This makes it a perfect product for first time home buyers with limited opportunities to make lump sum payments during the first 5 years, or anyone just looking for a simple low interest fixed rate.

While there is 0% lump sum prepayment benefits, this product does allow for a 10% increase in the regular payment amount per anniversary year.

Borrowers can also take advantage of the same accelerated bi-weekly or weekly payments to pay down their mortgage sooner.

You may wish to consider taking this mortgage. If interested, email me and I will put you in contact with lenders that offer this product.

Thanks
Mark

MLS ® sales set to set record for 2007

MLS® sales set to establish a new record for 2007

Existing home sales as measured by the Multiple Listing service (MLS®), are expected to increase during 2007 by 7.6 per cent to approximately 519,722 units, surpassing the previous record level of 483,344 set in 2005.

In 2008, MLS® sales are expected to decrease by 3.9 per cent to 499,650 units reflecting moderating demand due to rising mortgage carrying costs.

Despite this forecasted decline, MLS® sales in 2008 will be at their second highest level on record. During 2009, continuing moderation is expected with growth falling by 2.3 per cent to 488,300 units.

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

Saturday, May 03, 2008

CMHC is bullish on Vacancy Rates across Canada

CMHC comments on the rental market in Canada

The vacancy rate across the major centres in Canada was unchanged at 2.6 per cent in 2007. Over the last year, demand remained relatively strong given a solid employment growth, particularly for the younger age groups. Overall net migration was high last year which fuelled demand for rental housing. However, construction of new condo and rental units helped keep the vacancy rate stable.

For next year, the expected slowdown in employment will moderate the demand for rental units. Moreover, the increasing number of condominium units offered for rent on the secondary market will put upward pressure on vacancy rates.

The average vacancy rate for Canada's 34 metropolitan areas is forecast to rise to 2.8 per cent next year. However, the direction and magnitude of the change in vacancy rates will vary from centre to centre. The outlook for vacancy rates for some key rental markets across Canada is summarized below.


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, May 02, 2008

Was the Governor of the Bank of Canada asleep at the wheel?


There was an article in the Toronto Star yesterday that quoted the Governor of the Bank of Canada as saying:

"OTTAWA Confronting an economic crunch created by the sub-prime-mortgage meltdown in the United States, Bank of Canada Governor Mark Carney says he's worried about the increasing popularity of the 40-year mortgage in Canada."

What did he expect? Did he think that people would not extend themselves to the maximum and take the 40 year mortgage when offered to them? Give me a break! I wrote about how bad the 40 year mortgage is for our real estate market and a sign of bad things to come back March of this year, at this post: http://www.mississauga4sale.com/blog/2008/03/negative-consequences-of-40-year.html




The point is that we better be careful that our economy doesn't go the way of the us with their sub-prime meltdown. We many not go as deep or become as bad as the US, but these 40 year and longer term mortgages only prey on the people that probably should not be purchasing real estate or at least save a little more before they buy.


Again, home ownership is a right, but you have to use some common sense before you buy your real estate.


Anyone agree or disagree with me?


Thanks,

Mark


PS: To get you really going, read this article about the 50 year mortgage in Canada!: http://www.mississauga4sale.com/blog/2008/03/have-you-heard-of-new-50-year-mortgage.html


Here is the full article, for those that can't browse the web at work!



OTTAWA–Confronting an economic crunch created by the subprime-mortgage meltdown in the United States, Bank of Canada Governor Mark Carney says he's worried about the increasing popularity of the 40-year mortgage in Canada.


"We have concerns with the increased prevalence of very high loan to value mortgage products," he told members of Parliament on the House of Commons finance committee yesterday.


"They add to momentum in the housing market and, if everyone has a 40-year amortization mortgage, then you just have higher housing prices."


More than half of first-time buyers are said to be choosing to stretch their mortgage payments over 30 to 40 years, rather than the usual 25, for a better house than the buyers could otherwise afford.


Carney stressed, nevertheless, that Canada is not facing the same risks set in motion by subprime mortgages south of the border.


"The structure of our housing finance is entirely different than that of the United States," he said, adding that the creation and bust of a housing-price balloon based on risky mortgages is not possible to the same extent in Canada. Although housing prices have risen aggressively in Canada, Carney said, the country still has the lowest housing affordability among 20 industrialized nations checked by the International Monetary Fund, alongside Austria. Carney also said the Bank of Canada is being forced to cut its trend-setting rates more than it might otherwise because commercial banks are reluctant to pass on the savings to borrowers.


Despite sharp decreases in the central bank's trend-setting overnight rate, the interest rates charged by banks on some loans, particularly five-year fixed-rate mortgages, have not declined accordingly.



Carney said the turmoil in credit markets means commercial lenders are paying more to borrow money themselves and feel they need to recover some of those costs from customers.


"In calibrating monetary policy, we are taking that into account," Carney told MPs.


The issue, which the governor flagged as very important, tends to weaken the ability of the central bank to use interest rates to boost economic growth.


Reacting last week to the struggling Canadian economy, Carney lowered the overnight rate to 3 per cent from 3.5 per cent. It was the second time in two months he has chopped the rate half a percentage point. And Carney has said more stimulus from the central bank may be needed as Canada is dragged down by the sputtering United States economy.


Asked about the loss of jobs in automaking and other manufacturing industries, Carney said a "very difficult" adjustment is going on in Canada.


He said 360,000, or 16 per cent, of Canada's manufacturing jobs have disappeared in the past five years. Over the same period, however, the economy has created 1.8 million jobs in the service sector and non-manufacturing goods-producing industries.


"The nature of manufacturing is changing," Carney observed, noting that people can hope the outcome will be more valuable jobs if they must be fewer.

500th post on Mississauga Homes for Sale Blog

I just noticed today that my previous post yesterday May 1st was my 500th post! I never realized I was so verbose, even though my family tells me so!

Have a great day
Mark


Read more about:Homes for Sale



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


Mark


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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com


Homes for Sale

Thursday, May 01, 2008

CMHC reports that House price gains will remain strong in 2008

House price gains will remain strong in 2008

The average MLS® house price is expected to grow by 10.6 per cent for 2007, to about $306,000 as strong sales in Western Canada continue to
put pressure on prices. In 2008, existing home markets will become more balanced and price pressures will begin to ease.


The average MLS® price will increase by 5.2 per cent to about $322,000 in 2008.

Looking ahead to 2009, the average MLS® price is forecast to increase by 3.8 per cent to approximately $335,000.

It is expected that inflationary pressures will remain stable within the Canadian economy. Inflation was up 2.4 per cent in 2007. For 2008
inflation is forecast to be 2.3 per cent.


Canada's core inflation rate for 2007 increased just 1.7 per cent. Mortgage Rates Mortgage rates increased by about 100 basis points between the start and

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, April 29, 2008

REMAX reports Rising housing values and lack of inventory challenge first-time buyers

Rising housing values and lack of inventory challenge first-time buyers, says RE/MAX

"Homeownership continues to be primary objective" KELOWNA, BC, April 22 /CNW/ -
While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home

In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues
Innovative financing has become key to homeownership in today's environment - with longer amortization periods gaining favour in 62 per cent of the major centres surveyed
Low or no down payments were popular with first-time buyers in 38 per cent of markets
"First-time purchasers continue to play a pivotal role at both a local and national level," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada
"The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges
As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable
" Inventory levels, however, remain one of the foremost concerns facing purchasers across the country
A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report, including St
John's, Moncton, Fredericton, Halifax-Dartmouth, Ottawa, Greater Toronto Area, Hamilton-Burlington, Niagara Falls, Winnipeg, Regina, Saskatoon, Greater Vancouver, Victoria and Kelowna
"Doom and gloom reports coming from south of the border have yet to hinder overall momentum," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada
"First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership
They're determined to get into the market sooner rather than later
If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game
" Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability
Starting prices can be substantially lower than the market average
For example, average price has surpassed the $600,000 benchmark in Greater Vancouver, while the starting price for a detached home can hover as low as $237,500 in the peripheral areas
The best value for the dollar continues to be found in the suburbs
For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative
Condominium conversions in some of the country's major centres can be picked up as low as $150,000 to $175,000
To view the full RE/MAX Affordability Report 2008, click here: http://filesnewswireca/348/REMAXAfford2008pdf

Read more about:Homes for Sale

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

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale

Monday, April 28, 2008

Detached home in city of Toronto for $169,900

I would not have believed it unless I had seen the listing myself.
There is a detached home in Toronto for $169,900 It's a power of sale and needs work, but hey, $169,900 in Toronto, what did you expect. See the listing below and let me know if you would like to see inside this home.
Thanks
Mark
MLS# W1354625
Prepared by A. MARK ARGENTINO, Broker
RE/MAX REALTY SPECIALISTS INC., BROKERAGE
2691 Credit Valley Road, Mississauga, ON L5M7A1
905-828-3434
4/28/2008 1:15:47 PM

13A Denarda St $169,900
Toronto, Ontario M6M4T2 W04 108-11-K
SPIS: N Taxes: $0/2008

Detached Fronting On: S Rooms: 6
2-Storey Acreage: Bedrooms: 3
Dir/Cross St: Eglinton/Weston Washrooms: 1
Lot: 21X110 Feet 1x3
Lot Irreg:

MLS#: W1354625 DOM: 7 Possession: Immed/Tba
PIN#: Contract Date: 4/21/2008

Kitchens: 1
Fam Rm: N
Basement: Full

Fireplace/Stv: N
Heat: Gas
Forced Air
CAC: N Central Vac:
Apx Age:
Apx Sqft:
Assessment:

Elevator: Laundry Lev:
Exterior: Stucco/Plaster

Drive: Other
GarType/Spaces: None/0
Parking Spaces: 1
UFFI:
Pool: None
Zoning:
Cable TV: Hydro:
Gas: Phone:
Water: Municipal
Water Supply:
Sewers: Sewers
Spec Desig: Unknown
Farm/Agr:
Waterfront:
Retirement:



# Room Level Dimensions (m)
1 Living Main 3.75 x 2.93
2 Dining Main 2.99 x 2.98 2 Pc Ensuite
3 Kitchen Main 3.22 x 2.79 W/O To Yard Family Size Kitchen
4 Master 2nd 3.57 x 3.29 Hardwood Floor
5 2nd Br 2nd 2.97 x 2.13 Hardwood Floor
6 3rd Br 2nd 2.13 x 3.05 Hardwood Floor

Power Of Sale;Ready For Drywall And Flooring;Detached 2 Storey 3 Bedrooms;Eat-In Kitchen;Walk Out To Yard;Side Door To Basement;Walk To Public Transit;Schools And Shopping.
Power Of Sale;Being Sold 'As Is,Where Is'.Newer Alumunium Windows;Newer Furnance;Upgraded Electrical.

Toronto Real Estate Board (TREB) assumes no responsibility for the accuracy of any information shown. Copyright TREB 2008
Read more about:Homes for Sale

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

Mark

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


Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987

( BUS 905-828-3434
mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

Homes for Sale