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