Comparison of Toronto versus GTA average January sales and prices

This graph shows the average prices and number of sales for the City of Toronto and the GTA and clearly shows that prices in the 416 area are significantly higher than the surrounding 905 regions in the GTA. There are more sales in the 905 area compared to Toronto, this makes intuitive sense since the 905 area is far larger than the city of Toronto




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

in the GTA and clearly shows that both prices have been slowl

This graph shows the average and median prices for single family residential real estate in the GTA and clearly shows that both prices have been slowly but surely increasing over the past 10 years.




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

How does a real estate guru make money? They know the 3 little words!

These two quotes below come from the site listed at the bottom, they were in reference to Tom Vu, the real estate mogul who, as Tom has said himself, "suckered" many people into 'coming to his seminars' only to learn techniques that were not very applicable in real life.

In TV commercials, Tom Vu would lure people to come to his seminars by saying to them they will learn the 3 little words that will teach them to become millionaires, how could anyone resist such an offer and many people did go to his seminars. The three little words were, Don't Give Up! Quite true!

Even to this day there are many people that I run across that want to make fast money and easy money.

I love these two lines below, they are perfect and really sum up many people:
How does a real estate guru make money?
Answer: By taking it from chumps with illusions of making lots of easy money.
How does a poker player make money?
Answer: By taking it from chumps with illusions of making lots of easy money.
...so please, don't have the illusion of earning 'lots of easy money' it's just not there often enough and you will more often than not, lose all your money!
Try real estate for the long term, not short term, and you will profit.
Read more here:http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm
Just like the stock market, when people make money in the stock market they buy low and sell high. When someone sells high, that means that someone has purchased high and will lose.
That sounds a lot like me and my dealings with the stock market, any stock I seem to buy ends up in the tank, two in particular that I have lost over $10,000 NO MORE, I am not buying any more stocks, only real estate and some RSP's in the markets in mutual funds, that's it! LOL
This is the site where the quote above came fromhttp://www.mymoneyblog.com/archives/2007/01/bikini-girls-waterfalls-90s-real
-estate-guru-tom-vu.html
All the best!
Mark

Mortgage renewal - lock in now or go short?

I had another question about mortgage renewal advice and thought I would share the question and my answer.

The question was:

Hi,

I have been always checking your websites on pointers and I learned so much on it.

Now I would like to ask regarding mortgage. I am due for renewal of mortgage (oct) and cant decide what to do so Im seeking your wisdom,

I have 100,000 left from my mortgage. and now being offered by my current bank to take 2.65% for a year. If I keep the same payment, my banker said I can finish it off in 6 to 7 years.

What I used before is paying a biweekly 650.00 but each month I paid a lumpsump of at least 500.

Now on my renewal, is it best to do the same thing again? Or I can save more if upfront, I decrease my mortgage length instead by paying making my biweekly payment of 900?

Please advise.
Thanks

Rose

My answer

Hello Rose,

I am a firm believer in paying that mortgage off as soon as you can. We may never see today's' rates again. I would go with the short term variable rate and have your bank lower your amortization upon renewal until the payment is $650 or whatever your payment was before. You can get less than 2.65% on a variable rate. This should reduce your amortization to maybe about 5 years, see the calculator here: http://www.mississauga4sale.com/mortgage-amortization-creator.htm

Then you should be able to pay it off in 5 years or so.

Even if the prime rate increases later this year, which it is supposed to, the 5 year variable has to climb to about 4.75% for you to be even compared to the 2.65% mortgage for 5 years and you will still be ahead of the game.

Reason is, it may take 2 years to reach 4.75%, if ever, and then you have saved a pile in interest in the first 2 years of your mortgage. You should be earning more in 2 years from now and look at it as an investment in yourself.

Also, in 3 years, you can renew that 5 year mortgage and who knows, there may be some good specials out there that you can take advantage of.

Please make sure your payments are accelerated bi weekly or accelerated weekly, which I am guessing they are, but please confirm this with your bank.

I am always learning too in this business and I heard another gem of advice the other day. When your mortgage is coming up for renewal, look for a new bank branch opening. They often will give a discounted rate ONLY at that branch because they want new customers coming into the branch and creating accounts and business. This would be a 'branch special' and maybe a great method of getting an even better rate. My colleague who told me this said that you may be able to get an additional .5% off the best rate, because they want new business. I will look for this next time one of our mortgages comes due, sounds interesting! :-)

You should be better off in the long run going short term, read my experience here:

http://www.mississauga4sale.com/Lock-In-Short-Term-Long-Term-Mortgage.htm

All the best!

Mark

5-year Fixed mortgage rate as low as 3.53%

There are some great 'specials' out in the marketplace for mortgages in the
Toronto, Mississauga and GTA.

Good news,

Special 5-year fixed rate has dropped to 3.53%. Fully qualified quick
closing deal only (within 30 days).

Also variable rate P-0.40% (1.85%) with term around 2.5 years still
available. But it might ends soon.

To take advantage send me an email and I'll put you in touch with my
mortgage broker.

All the best,
Mark

Toronto and Mississauga Real Estate Market January 2010 is a far cry from January 2009

Homes sales in the GTA and Mississauga were slightly higher than the average number of home sales in the past 5 years. If you are a buyer looking for a property right now, you know that our marketplace is very fast right now and almost everything is selling very quick.

Average prices are up considerably when you compare January 2010 to January of 2009, but the period from October 2008 to January 2009 was dismal.

In fact January of 2009 was the bottom of the slump in our market, the outlook for real estate was dismal. One year later and the outlook is incredibly different, you won't find many people who are not optimistic on real estate in Mississauga and Toronto for 2010

All the best,
Mark

Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010.

This result represented a large increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough. Last month’s sales were slightly higher than the January average in the five years

preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.

“Increasingly confident consumers moved to take advantage of affordable home ownership.”

The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.

“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of 2009,” said Jason

Mercer, TREB’s Senior Manager of Market Analysis. “The rate of sales and price growth will be lower

Strong start to 2010 Residential Real Estate in Toronto and Mississauga

These are the stats for January 2010, the Toronto and Mississauga Real Estate Marketplace began with a very strong start. Prices are up compared to same month in 09 and so are number of sales. We expect 2010 to be a strong year in real estate sales.

All the best!
Mark

GTA REALTORS® REPORT JANUARY RESALE HOUSING MARKET FIGURES

TORONTO, February 3, 2010 -- Greater Toronto REALTORS® reported 4,986 transactions through the Multiple Listing Service (MLS®) in January 2010. This result represented a large

increase over the 2,670 sales in January 2009 when the home sales were in a recessionary trough.

Last month’s sales were slightly higher than the January average in the five years preceding 2009.

“The GTA housing market has rebounded well from the lows in sales experienced at the beginning of 2009. Sales climbed back to healthy levels across the GTA because the cost of home ownership remained affordable in the Toronto area,” said TREB President Tom Lebour.

“Increasingly confident consumers moved to take advantage of affordable home ownership.”

The average home selling price in January 2010 climbed 19 per cent to $409,058, compared to 343,632 in the same month last year.

“Expect strong annual growth rates for existing home sales and average price through the first quarter as we continue to make comparisons to the weak market conditions at the beginning of

2009,”

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
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How to find Tax Sale Properties in your Municipality

In order to find tax sale properties in your area, you have to contact each municipality, this is not an easy task!

Read more about the process here:

http://www.mississauga4sale.com/Power-Sales-TAX-Sales.htm

Please let me know if you have any other questions or if there is anything else I can help you with regarding tax sale properties.

Thank you,

Mark

Why does maintenance fee show $0 for many power of sale properties?

This is a common question that I receive about POS properties and zero maintenance fees on the mls listing.

Hello Mark,

Thanks for your daily information and sure helps...I have a question for you some of the listing says $0 maintenance fees what does that really mean? Is it that the POS includes the maintenance fees for one year?

My answer is:

Hi B.

Thank you for your real estate inquiry.

The maintenance fee shows $0 because the bank does not want to take any responsibility for any oversight or underestimate of the fee, so they put $0.

We/You have to find out from us what the average is for that type of unit.

When you submit your offer, we will receive a status certificate that shows the exact fee for that particular unit.

Mark

$1500 extra taxes due to HST in real estate transactions in Toronto and Mississauga

HST is coming to Ontario July 1st, 2010 whether we like it or not.

The HST effectively combines the 8% Provincial Sales Tax (PST) and the 5%
Federal Goods and Services Tax (GST) for a combined 13% sales tax rate known
as the Harmonized Sales Tax (HST).

The HST will apply to a number of goods and services that are currently
exempt.

For housing in Ontario, the HST will add 8% more tax on any services related
to real estate transactions, such as real estate commissions, legal fees,
home inspections and moving costs.

It is estimated by OREA that the HST will add about $1500 in additional
taxes to the cost of the average residential real estate transaction.

It is expected that there will be a surge in sales this spring to avoid the
HST that becomes law on July 1st.

All the best!
Mark