Wednesday, December 17, 2008

Real Estate Humour

More Real Estate Humour to laugh at, enjoy! Mark

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

    All the best!
    Mark

Tuesday, December 16, 2008

CMHC reports on TORONTO HOUSING STARTS MODERATE IN NOVEMBER 2008

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

TORONTO’S HOUSING STARTS MODERATE IN NOVEMBER

issued TORONTO, DECEMBER 8, 2008 –

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

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

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

Source: Canada Mortgage and Housing Corporation

Read more about:Homes for Sale

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

Mark

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


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

Providing Full-Time Professional Real Estate Services since 1987

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

Homes for Sale

Monday, December 15, 2008

Canadian Financial Markets rough and rocky ride for the past month

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

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

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

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

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

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

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

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

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

Read more about:Homes for Sale

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

Mark

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


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

Sunday, December 14, 2008

RBC's comments on the Toronto Economy

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

Only time will tell.

I hope this finds you healthy and happy!
Mark

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

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


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

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

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

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

Saturday, December 13, 2008

Banks are aggressively pricing their 1 and 5 year closed terms

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

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

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

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

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

Posted Interest "BEST" Rates
December 12, 2008

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

Read more about:Homes for Sale

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

Mark

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


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

Providing Full-Time Professional Real Estate Services since 1987

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

Homes for Sale

More trivia fun!

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

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

Enjoy, Mark


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

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

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

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

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

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

left to right or right to left (palindromes).

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

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

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

A cat has 32 muscles in each ear.

A goldfish has a memory span of three seconds.

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

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

A snail can sleep for three years.

Almonds are a member of the peach family.

An ostrich's eye is bigger than its brain.

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

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

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

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

Leonardo Da Vinci invented the scissors

Peanuts are one of the ingredients of dynamite!

Rubber bands last longer when refrigerated.

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

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

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

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

There are more chickens than people in the world.

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

Women blink nearly twice as much as men.

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

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


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

Friday, December 12, 2008

RBC comments on Ontario Markets downturn

This is RBC's comments on the Ontario marketplace

Ontario — Markets succumbing to economic blues

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

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


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

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

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

Read more about:Homes for Sale

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

Mark

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


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

Providing Full-Time Professional Real Estate Services since 1987

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

Homes for Sale

Thursday, December 11, 2008

Bank of Canada announces foreclosures may increase

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

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

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

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

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

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


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




For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

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

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

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

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



Toronto Real Estate Board (TREB) Average Prices and Graph

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com