Current Mortgage Interest Rates

This table below shows you the current mortgage interest rates here in the GTA

The Bank of Canada is meeting at the end of this month and it's likely that they will drop the prime rate again, mostly likely by .25% Most feel this may be the final cut in the prime rate.

I hope this finds you happy and healthy,
Mark

TERM	POSTED	"Best" RATES*
6 Month	5.90%	5.90%
1 Year	5.60%	4.00%
2 Year	6.25%	4.94%
3 Year	6.25%	4.75%
4 Year	6.09%	4.69%
5 Year	6.75%	4.79%
7 Year	7.20%	6.10%
10 Year	7.55%	6.25%
Variable Rate		4.10%
Prime Rate		3.50%

* Rates are subject to change without notice.
Rates Last Updated: Thursday, January 15, 2009

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

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

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

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TREB January 2009 Report - 2,500 GTA Resale Home Sales in December, 74,000 total in 2008

January 2009 Report - 2,500 GTA Housing Resale's in December, 74,000 in 2008

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

The average price increased about 2% in 2008 compared to 2007 average prices. This is a little less than most were predicting for 2008, but still, it was a fairly good year in real estate in Toronto and the GTA in 2008.

It appears the boom that has been going on since 1995 is over. We are clearly in a buyers market now and this could continue for at least the next 1 or 2 quarters, maybe longer. Only time will tell.

See the graph here:

Or at this link:
http://www.mississauga4sale.com/TREBprice.htm#graph



This is the latest report from TREB on the past month and year.

The average price in December of 2008 came in at $361,415, compared to $394,931 in 2007, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006.

TORONTO, January 9, 2009 –Toronto Real Estate Board Members reported 2,577 sales in December 2008, compared to the 4,646 recorded during the same month in 2007, and the 4,447 recorded in December 2006, TREB President Maureen O’Neill announced today. “Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007, and the 83,084 recorded during 2006.”

The average price in the city was $387,482 compared to the $425,842 recorded in December of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.

The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 in December of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in 2007 and 48,680 in 2006.

The average price in the 905 was $341,847 in December, compared to $360,307 in 2007 and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to $350,092 in 2007 and $332,976 in 2006.

The City of Toronto (416) recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.

Breaking down the total, 993 sales were reported in TREB’s 28 West districts and averaged $338,855; 473 sales were reported in the 14 Central districts and averaged $479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and 620 sales were reported in TREB’s 21 East districts and averaged $291,488.

Median Price

The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006.

The Median for the year as a whole was $325,000, as opposed to $318,200 in 2007 and $299,000 in 2006.

I wish you all the best!
Mark

Have new MLS listings sent to your inbox

If you would like to receive new listings as they come on the market in the GTA, please sing up to my neighbourhood watch program. All you need to give me is your email and first name and I will send you listings that meet your pricing and area critiera. No charge for this service. Another valueable service for you brought to you by me with no strings attached!

Sign up here:
http://www.mississauga4sale.com/Neighbourhood-Watch.htm

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

TREB Real Estate results for December 2009 - Great Year

You can see that 2009 was a good year for real estate. It began with a bang and ended with a wimper, but overall the prices and activity were very high. Most are anticipating that the average prices may fall about 3 to 5% in 2009. Of course, only time will tell, but our market is still quite strong and activiy during this first week of 2009 has been up compared to the past 2 months, from my perspective.



Read the full report and analysis of the results with graphs of prices and trends at this page:

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

This is what TREB reported today:

2,500 Sales in December, 74,000 in 2008

TORONTO - Friday, January 9, 2009 -- TREB Members reported 2,577 sales inDecember 2008, compared to the 4,646 recorded during the same month in 2007, andthe 4,447 recorded in December 2006, TREB President Maureen O’Neill announced today.“Sales for the whole of 2008 were 74,552, compared to the 93,193 recorded in 2007,and the 83,084 recorded during 2006.”

The average price in December of 2008 came in at $361,415, compared to $394,931 lastyear, and $336,217 in December of 2006. For 2008 as a whole, prices averaged $379,347,compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006.

The City of Toronto (416) recorded 1,105 sales in December, compared to 2,302 in December 2007 and 1,827 in December of 2006. For all of 2008, there were 29,878 sales, compared to 39,052 in 2007 and 34,404 in 2006.

The average price in the city was $387,482 compared to the $425,842 recorded inDecember of 2007 and the $350,139 recorded in December 2006. For all of 2008 the average was $410,271. In 2007 the comparable figure was $412,480, and in 2006 $378,776.

The 905 area saw 1,472 sales in December, from 2,344 in December of 2007 and 2,620 inDecember of 2006. For all of 2008, there were 44,674 sales in this region, versus 54,141 in2007 and 48,680 in 2006.

The average price in the 905 was $341,847 in December, compared to $360,307 in 2007and $326,509 in 2006. For all of 2008, the average was $358,665, as compared to$350,092 in 2007 and $332,976 in 2006.

Breaking down the total, 993 sales were reported in TREB’s 28 West districts andaveraged $338,855; 473 sales were reported in the 14 Central districts and averaged$479,095; 491 sales were reported in the 23 North districts and averaged $381,975; and620 sales were reported in TREB’s 21 East districts and averaged $291,488.

Median Price

The median price for December was $305,000, compared to $320,950 in 2007 and $290,000 in 2006. For all of 2008, the Median was $325,000, as opposed to 320,950 in 2007 and $299,000 in 2006.

That's it, I will post more information and update my graphs shortly!

Thanks

Mark

I hope this finds you healthy and happy and I wish you and your family all the best in 2009!

Mark





For more information please contact A. Mark Argentino

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

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

Mortgage Interest Rate Update

Mortgage rates seem to be holding at about the same across the board over the past week or so.

It appears that there may be another Prime Rate drop on January 20th.T

here has been no change in Fixed Rates..but we may see some drop over in the next 3 weeks or so .

I wish you all the best!

Mark

TERM	POSTED	OUR RATES*
6 Month	5.9%	5.9%
1 Year	5.6%	4%
2 Year	6.25%	4.94%
3 Year	6.25%	4.84%
4 Year	6.09%	4.79%
5 Year	6.75%	4.72%
7 Year	7.2%	5.8%
10 Year	7.55%	5.95%
Variable Rate		4.1%
Prime Rate		3.5%

Rates Last Updated: Thursday, January 08, 2009

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

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

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Scotiabank offers some finacial advice for Canadians

These are some of the items that Scotiabank has offered to Canadians in order to improve their financial situation. Some of these are fine ideas and I would agree that if you follow them, you will have a solid financial plan.

Enjoy

All the best in 2009!
Mark


Scotiabank offers Canadians five financial strategies to bolster their bottom line in uncertain times

TORONTO, Dec. 29 /CNW/ - With holiday shopping and gift giving behind us and the New Year just ahead, now is the perfect time for people to take stock of their financial situation. While current economic conditions are challenging many Canadians to re-think their budget, Scotiabank has some practical suggestions to help households shore up their financial position.

1. Don't panic or make emotional decisions. One way to avoid the trap of leaping before you look and making financial or investment decisions you'll regret in the long run, is to manage stress by paying attention to your physical and emotional fitness. If you don't have a financial plan, now is the time to get one that emphasizes debt management and
map out your short and long term goals. Focusing on those goals will help you maintain perspective.

2. Position your investment portfolio for recovery - but diversify to manage risk. Remember that when markets are down, there are investment opportunities that can potentially benefit your portfolio in the long term. Be diversified with an appropriate mix of asset classes (equity, bonds and cash equivalents) that fit your risk tolerance, investment time horizon and income requirements. Stay in regular contact with
your financial advisor to ensure your portfolio is appropriately balanced to meet your needs, manage risk, and to offset market fluctuations.


3. Pay down debt. Start by tackling consumer debt such as higher rate department store and other credit cards. Inform yourself about interest rates and options, such as a consolidation loan, that will help you free up cash for other priorities such as investing or paying down your mortgage.

4. Make an RRSP contribution and then use your refund to help manage competing financial priorities. The refund could be used to pay down high cost debt, make an extra mortgage payment, open a new Tax-Free Savings Account (TFSA) or contribute to your child's Registered Education Savings Plan (RESP). Borrowing to make an RRSP contribution makes good fiscal sense if you are confident that you can pay the loan
back relatively quickly.

5. Reduce your discretionary spending so you can redirect more money to debt repayment or savings. Review your household budget to track how much money is coming in, what your fixed expenses are and identify things you're spending money on that you could live without. For example, pack your lunch rather than eating out every day, cut back on magazine subscriptions or visit the library more often rather than buying books all the time. Then consider setting up an automatic savings plan so that the money you're saving comes straight out of your bank account. Before long, chances are you won't even miss it.

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

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

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

Toronto and GTA Mortgage Interest Rates 2009

the table below shows the current mortgage rates in the GTA. Most lenders have reduced their rates after the recent Bank of Canada prime rate drop


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

Enjoy!
Mark

TERM	POSTED	Best Obtainable RATES*
6 Month	5.90%	5.89%
1 Year	5.60%	4.00%
2 Year	6.25%	4.94%
3 Year	6.25%	4.84%
4 Year	6.09%	4.79%
5 Year	6.75%	4.72%
7 Year	7.20%	5.80%
10 Year	7.55%	5.95%
Variable Rate		4.10%
Prime Rate		3.50%

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

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

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

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

housing styles in Toronto and the GTA

This will give you some information to help you when you are looking at homes in the GTA

Traditional

if your tastes run towards the elegant, luxurious and
formal, a Traditional style is for you. Colonial, Victorian and
French Provincial décors are examples of this style, of which
symmetric configurations and ornate details are hallmarks.
Traditional furniture is characterized by dark,
rich woods (mahogany, cherry, rosewood, walnut)
and features detailed carvings and exposed legs.
demonstrative of quality workmanship, Traditional
furniture is typically durable and pricey.
Jewel tones dominate the Traditional palette: deep red,
bottle green, sapphire blue. Fabrics are equally rich:
damask, jacquard, chintz, brocade, tapestry, velvet, silk,
satin. Fitting accessories, which should be minimal and
symmetrically balanced, include oil paintings, china
or silver collections, gilt mirrors and oriental rugs.

CaSual

if you feel that Contemporary décors are too
cold and impersonal for your taste, you may
feel more at home with a Casual décor. Casual
spaces are all about warmth and comfort.
To best facilitate that comfort, Casual furniture is
generally overstuffed for softness, and thus of a larger
scale. Slipcovers on sofas and chairs are typical. Woods
common to Casual pieces include oak, maple and pine.
earthy tones – olive, terra cotta, wine – comprise
the Casual color palette, as do neutrals like tan,
gray and beige. Fabrics are appropriately soft,
like cotton and linen. asymmetrically balanced
accessories, which suggest informality, are typically
very personal to the user(s) of the space.

ConTemPorary

Traditional too conservative for you? Consider a
Contemporary look. referring to a variety of styles developed
in the last half of the 20th century, a Contemporary décor
is defined by open, minimally furnished, efficient spaces.
more comfortable and affordable than Traditional
furniture, Contemporary pieces are simple and sleek:
low profiles, clean lines, smooth surfaces, exposed legs.
Shapes are geometric and materials include light woods
like birch and maple, stainless steel, chrome and glass.
Vinyl and leather are characteristic upholstering choices.
Palettes are typically monochromatic, often with bursts of vivid
color found in accessories like boldly patterned rugs. When
looking for accessories to complement your Contemporary
décor, you'll want to lean to less rather than more.

eCleCTiC

not a style unto itself, an eclectic décor is a
blending of distinct styles. Creating an eclectic
décor that works isn't easy – it takes planning and
an understanding of design principles. But the result
– an utterly unique space – is worth the effort.
The key to pulling off eclectic style lies in finding a
common denominator – color, pattern, shape, texture
– that serves to unite seemingly disparate pieces. The
result is a room where all the pieces feel like they belong,
though they may be from different styles or eras.
The amateur trying their hand at creating an
eclectic look might want to establish a décor that's
predominantly characterized by one style, then
introduce a second style by way of just one key item.

Co-ownership property purchase and financing

Did you know...co-ownership properties can be financed through some mortgage lenders?

The banks are generally not interested in placing mortgages on this type of property; however, some mortgage brokers can assist buyers in arranging a mortgage at competitive rates.

The following general guidelines apply:

• 30% down payment required
• Application fee $250
• Verifiable income
• 32% GDS / 42% TDS
• Extended amortization available (no surcharge)
• Choice of payment frequency
• Prepayment privileges available
  

If you are considering a co-ownership property purchase, please let me know and I will have my mortgage contact check to see if that particular property is on the lender's approved list of properties.

As usual, please let me know how I can help you!

read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS and more at my website

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

• Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• On-Line Real Estate Newsletter sign up
• See seasonal housing patterns

How to do a final walk through before your closing date

This is a good article about what to look at just before you close on yoru purchase

You're just about to close on the purchase of a new house.


But before you do, you'd be wise to conduct a final walkthroughof the property. Here's how.


Bring your contract with you so you can reference it regarding items excluded from and included in the sale.

Assuming a home inspection was performed, these things would have been checked, but you'll want to make sure their condition hasn't since changed.

You'll also want your paperwork handy to remind you of what repairs, if any, the seller was to have made, as this is the time to confi rm they've indeed been done.

Inspect for any damage done to the house when the previous residents moved out (on fl oors and around door frames, especially), as well as damage that may have been hidden from sight by furniture, rugs or artwork during
previous visits you made to the house.

Ensure the seller hasn't left anything behind they shouldn't have, like trash or unwanted furniture. On the other hand, confi rm all items the seller agreed to include in the sale (appliances, window treatments, lighting, etc.) are still there and haven't been substituted.

Get copies of invoices and any warranties relating to the work performed.

Test appliances and heating and air-conditioning systems, if possible: flush toilets; turn taps, light fi xtures, exhaust fans and garbage disposals on and off; open and close windows and doors.

Go through the house from attic to basement, room by room.

In addition to the interior, don't forget to include the house's garage, backyard and any storage sheds that might be on the property as you conduct your fi nal walk-through.