Average Sales Prices for West Mississauga zones W16, W19 and W20

In the three tables below you can see the sales statistics for the month of January 2007. The stats show the averages for Freehold townhomes, townhome condos, high rise condos, semi detached home, detached homes, co-operative homes, link detached homes and detached condos that were sold in the areas of W16, W19 and W20

If you are not sure of the boundaries for these zones, please browse to this page and it will show you all the W zones and you may click the zone to see details and boundaries.



MLS Sold Statistical Summary for W19 on 1/31/2007

MLS Sold Statistical Summary for W20 on 1/31/2007


W16


W19





See all the stats and numbers at this page

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

Age Old Question - Should I Rent or Own??

Is it better to Rent or Own your home?

The Benefits of Home Ownership

Unlike renting, buying a home is an investment that can appreciate over time, giving you more financial security long term. If you are still paying rent to someone else, these numbers may be of interest to you.
The example that follows is based on these assumptions:

Anticipated Home Price: $ 200,000 Down Payment: $ 0.00
Interest Rate: 5.09% Amortization: 25 yr
Monthly Rent: $1,200 Mortgage Payment: $1,173
Annual Rent Increase: 3.0% Home Value Increase: 3.0%




After 5 years, you will have accumulated $54,591 equity in your home. In addition, you will have paid $6,043 less than your rental payments. This chart shows the totals year by year:



*Calculation results are approximations and are for information purposes only. Actual figures may vary. It assumes all payments are made when due. This does not include any additional home ownership expenses i.e. property taxes, heating costs, and condo fees if applicable. Article courtesy of Scotiabank

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

"Set the Stage" if You are Thinking of Selling soon -

Home Staged Home
What to do before you sell

"Home Staging" is more than just preparing to sell your home by making it look the best it can. It's really the art of first impressions. For many home sellers and real estate agents, the concept of "home staging" is being more frequently recognized and used to effectively promote and market a home in the marketplace. However, while real estate agents are experts in the field of selling houses and closing the sale, many are not experts in design. If you are in the process of, or thinking about, selling your home, you may want to consider hiring a professional home stager to assist you. They work with the "flow" of a home, eliminate clutter, arrange furniture, and even assist in enhancing curb appeal. Or, if you're more the do-it-yourself type, below are some tips on what you can do to improve your home's "first impression."

Start at the curb
Curb appeal is the first step to selling your home. No one wants to buy a previous owner's dirty house. Power-wash the siding and wash windows until they shine. Trees, shrubs, and flowers should be neat and tidy, the garden weeded and the lawn mowed and edged. Once you've removed everything that isn't necessary, add touches such as large, lush flower pots or hanging planters to welcome visitors.

Move inside
Once you've created a promising exterior, you need to focus on the interior. The key to staging is to make it meaningful, set the tone and suggest countless possibilities. That means you need to remove everything that could distract the buyer's attention. Keep only what you must to remain functional. If you don't use something everyday, pack it for the move.

Like the exterior, the inside needs to be neat and clean. If paint is showing signs of age, repaint. Neutrals often work best.

Once the house is clean, stage your home with minimal furnishings. If you need inspiration, visit some model homes to see how decorators have put rooms together.

Clear out closets, cupboards, and drawers.

Strip the kitchen down to the necessities. Counters, however, should be clear, except for a decoratively placed bowl of fruit or bouquet of fresh flowers.

It's not necessary for individual rooms to be used for their original purpose as long as the functions they represent are logical and show the space off well.

Remove anything personal such as family pictures and mementos.

Edit books, CDs, and videos on bookshelves.

Arrange furniture to enhance the strengths of the room and facilitate traffic flow.

If your furniture shows signs of age, consider borrowing pieces.

Open the curtains to allow natural light to fill the room.

Appeal to the buyer's sense of smell. Hot apple cider, cinnamon rolls, or fresh baked cookies add a homey smell.

Simplicity and comfort is your ultimate goal!

Your Home Staging Checklist

Are all countertops clean and clear?

Have you removed unnecessary furniture throughout the house?

Is the refrigerator free of children's art and magnets?

Check the bathrooms

Are the surfaces clean and clear?

Are shower curtains clean and hung properly?

Is the flooring clean and fresh?

Are towels neatly hung?

Check the walls

Is paint and wallpaper fresh and clean?

Are the walls free from cracks and holes?

Is there anything on the walls that need to be removed?

Check the floors

Is the carpet clean and free from stains?

Are hard surface floors clean and free from stains?

Check the windows

Are all the windows clean?

Are draperies and blinds clean?

Pet check

Remove any signs that this is a pet's home.

Check the aroma

Air out the home prior to showings.

Set the mood prior to showings

Open draperies and blinds.

Turn on the radio to a soft music station, set the volume low.

If you have time, bake a batch of cookies or muffins to create a warm, welcoming aroma.

Read more about setting the stage

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

New Landlord and Tenant Rules in Ontario as of February 2007

New Residential Tenancy Rules Take Effect in Ontario

February 2, 2007 -- New rules regulating residential tenancies took effect on January 31, 2007. The new rules are a result of a provincial government initiative that began almost two years ago with consultations that included input from TREB.

TREB Input Achieved Results

When the provincial government began consultations on making changes to residential tenancy rules, one of the most significant changes proposed was with regard to rent control. The proposal considered eliminating the current system of vacancy de-control, which allows landlords to negotiate rent freely with a prospective tenant when dealing with a vacant unit. Once the tenant has agreed to a rent, they are then protected by the annual rent increase guideline, set by the provincial government, which stipulates how much the rent can be increased each year.

Given the high vacancy rates in recent years, TREB, and other groups, told the provincial government that the system of vacancy de-control was working, as intended, to improve availability and standards of rental accommodation. As a result of this input, the provincial government decided to maintain vacancy de-control.

New Rules

The new Residential Tenancies Act, which is now in effect, makes various changes to rules governing rents and landlord-tenant relationships. Some of the key changes include:

The annual rent increase guideline will be based on the Ontario Consumer Price Index, which will be the rate of inflation for the year running from June to May.
Landlords will be able to inspect rental units for maintenance problems, with 24 hours notice.
Landlords will have more remedies to deal with a tenant if he/she is causing willful and/or excessive damage in a rental unit or building. The new remedies will cut the eviction process approximately in half.
Improvements to processes under the Landlord and Tenant Board (formerly known as the Ontario Rental Housing Tribunal)
Interest paid to tenants on last month’s rent deposit will be the same as the Consumer Price Index

More Information

Complete background information, including highlights of the new Residential Tenancies Act, is available at a special web site established by the provincial government.

Read more about Landlord and Tenant Investment Property Issues

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

CMHC Purchase Plus Improvements Program

CMHC Purchase Plus Improvements Program

This program is brought to all Canadians by the Canada Mortgage and Housing Corporation (CMHC).

CMHC insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property. This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates.

Details

The insured loan will be based on the lower of:

• The purchase price plus the actual cost of improvements, or,

• The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements.
Applicants must have the following:

• A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements).

• Cost estimates for renovations/improvements.

• Qualifications to obtain a CMHC insured loan through an approved lender.
For more information call CMHC at (416) 221-2642 or www.cmhc.ca.
Mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements

Example:
Purchase Price $100,000
Renovations/improvements costs $25,000
Total cost $125,000
Lending Value $125,000
Maximum Mortgage (95%) $118,750
Minimum 5% down payment $6,250

For more information please contact A. Mark Argentino or visit my website

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

Is the Land Transfer Tax (LTT) Rebate Program for You?

Land Transfer Tax (LTT) Rebate Program In Canada

How the Program works

This program is for First-time home buyers who purchase a newly constructed home will receive a rebate of the Land Transfer Tax (LTT). All other buyers will continue to pay the full applicable tax. The maximum LTT rebate is $2,000.

Details of the program

The 1996 Ontario Budget announced a special one-year provision to the LTT that was renewed every year and is now a permanent program.

FIRST-TIME BUYERS who purchase a NEWLY CONSTRUCTED HOME will receive a rebate of the LTT. All other buyers will continue to pay the full applicable tax.

The maximum rebate is $2000. If an individual owns less than 100% interest in the newly built home, the amount of the rebate would be reduced and calculated according to the amount of interest in the home.

A rebate of $2,000 is equivalent to the LTT payable on a purchase price of $227,500 (net of GST).

Only individuals who are at least 18 years of age, have not (or spouse) previously owned an interest in a home anywhere qualify for the rebate.

Individuals who have received an Ontario Home Ownership Savings Plan (OHOSP) based refund of the LTT do not qualify.

A real estate transfer tax is assessed on real property when ownership of the property is transferred from one party to another. The tax is a percentage of the value of the property based on a graduated scale:

0.5% on amounts up to and including $55,000;

+1.0% on the amount exceeding $55,000 up to and including $250,000;

+1.5% on amounts above $250,000 up to and including $400,000 for residential / +1.5% on the amount in excess of $250,000 for business properties;

+2.0% of the amount in excess of $400,000. [residential only] For more information call the Ontario Finance Ministry at 1-800-263-7965 or access through

www.gov.on.ca/FIN/english/bke-ltt.htm

These four portions added up together total the LTT payable. As simple formula is as follows:

**Purchase Price Calculation of LTT

$0 to $55,000 .005 x purchase price

$55,001 to $250,000 (.01 x purchase price) minus 275

$250,001 to $400,000 residential (.015 x purchase price) minus 1525

$250,001 plus (business)

$400,001 plus (residential only) (.02 x purchase price) minus 3525

*If the purchase price falls within this range, then apply the appropriate formula to the purchase price. For example, on a $200,000 property, the LTT calculation would be [(.01 x $200,000) minus 275 = $1,725].

Or use my online land transfer tax calculator

Make the Right Move. Consult a Toronto Real Estate Board REALTOR.

www.TorontoRealEstateBoard.com

Read more about Land Transfer Tax here:

I have an online land transfer tax calculator at my site
For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

Is it better to rent out a property that you cannot break even on?

I bought a new home and want to sell for a profit, but can't right now, is there another option available to me?

In the past 8 months or so, I've had clients who have purchased a new property and have waited a year or more until the closing before they can sell the property. Normally, they would be able to make a nice profit on their investment, but this is not happening recently as often as it did over the past 10 years or so.

Sometimes a qualified buyer comes along and will pay a high enough price for the property and you can make a profit and other times you end up having to rent out the property.

The reason for this is that over the past 10 years real estate has appreciated at such a high rate per year, there has seldom been a problem with "selling for a profit" on your new property, mostly because of the extended time period from when you put in the offer until the closing.

The problem recently is that the market has cooled a little since about May of 2006 and the prices have not escalated as much as in previous years. Thus, there are other sellers that are very close to the break even point when they sell. You have to not only account for the real estate commission, but also your legal fees when you purchase and sell and the land transfer tax when you purchase plus other closing costs and disbursements. For a detailed list, read more here.

What happens is that we will end up putting the property on the market for rent and for sale and if an acceptable offer to purchase comes in before renting it out, that's great, if not then we end up renting out the property and waiting until the market value increases.

To see average price trends in the GTA.

Prices in the GTA fluctuate throughout the year Seasonal Price trends at this page.

The bottom line: Be careful when purchasing a new property in the current market if you are planning on selling it right away to make a profit. Plan on renting it out if you can't sell it for a profit.

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

RSP's and The Home Buyers' Program in Canada

RSP's and The Home Buyers' Program

The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $20,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home.

Withdrawals that meet all applicable HBP conditions do not have to be included in your income, and your RRSP issuer will not withhold tax on these amounts. However, before you can withdraw funds you must have entered into a written agreement to buy or build a qualifying home which you must occupy no later than one year after buying or building the home. If you buy the qualifying home together with your spouse or other individuals, each of you can withdraw up to $20,000.

RRSP Home Buyers’ Plan

You can participate in the HBP more than once if:

• your HBP balance for your previous participation is zero on January 1 of the year you want your new participation in the HBP to occur; and

• you meet the first-time buyer’s condition and all other HBP conditions that apply to your situation.

You cannot withdraw an amount from your RRSP under the HBP if you or your spouse owned the home more than 30 days before the date of your withdrawal.

Details

• Up to $20,000 per person could be withdrawn tax-free from RRSPs to buy or build a principal residence. Couples —including common-law — will be able to withdraw up to $40,000.

• You have to meet the first-time buyer’s condition. You are not considered a first-time home buyer if you or your spouse owned a home that you occupied as your principal place of residence in the past 5 years. To determine past 5 years, the 4 years preceding the year you make your withdrawal plus the period in the year you make your withdrawal ending 31 days

• Home buyers withdrawing funds do not have to pay income tax on the amount withdrawn, as long as the funds are repaid into an RRSP in the future.

• The 15-year repayment period will begin in the second calendar year following the calendar year in which the withdrawal is made. In addition, a qualifying home must generally be acquired before October 1 of the calendar year following the year of withdrawal. For example, those making withdrawals under the plan in 2000 will have until October 1, 2001 to acquire a qualifying home and their first annual repayment will be due by the end of 2002 or the first two months of 2003.

• A special rule denies a tax deduction for contributions to an RRSP that are withdrawn within 90 days of the RRSP deposit being made. Consequently, to get the normal tax break for a contribution and to use those funds under the plan, the money must be in your RRSP for at least 90 days before a withdrawal is made. Existing homeowners can use the HBP to purchase a more accessible home or a home for a disabled dependent relative where the individual withdrawing the funds:

• qualifies for the disability tax credit (DTC) and is buying a home that is more accessible for the individual or is better suited for the care of the individual;

• is related to a disabled individual who qualifies for the DTC and is buying a home for the benefit of the disabled individual that is more accessible for, or better suited for, the care of the disabled individual, or;

• is related to a disabled individual who qualifies for the DTC and is withdrawing an amount for the disabled individual to buy a home that is more accessible for, or better suited for, the care of the disabled individual.

A special rule denies a tax deduction for contributions to an RRSP that are withdrawn within 90 days of the RRSP deposit being made.

Read more about buying a home at this page

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

Five Percent Downpayment Home Buyer Program in Ontario

Five Percent Downpayment Home Buyer Program

With as little as five per cent down payment, from personal or other sources (see below for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership.

Details of the program

• Mortgage insurance for 95 per cent mortgages is available to both first time and repeat home buyers. Homebuyers have the option of using personal sources, such as savings or gifts, or other sources, such as lender incentives, borrowed funds/credit, or sweat equity (the amount of money spent to help construct the home) for the required five per cent down payment.

• Buyers using the Program may consume up to 32 per cent of their gross monthly household income for payments of principal interest, property taxes and heating, and total debt load cannot exceed 40 per cent of monthly household income.

• Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from personal sources will be 2.75 per cent of the mortgage loan. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from other sources will be 2.9 per cent of the mortgage loan. This premium can be added to the mortgage.

• The maximum amortization period is 25 years.

• Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price.

• Where the minimum equity requirement. is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase.
  
  For more information call CMHC at 1-800-668-2642 or access through www.cmhc.ca Mortgage insurance is available to both first time and repeat home buyers.
  

For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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

Over 25 Years Many Home values see annual double-digit Increases: Re/Max

Residential real estate values in major Canadian markets post extraordinary gains over 25-year period, says RE/MAX

Mississauga, ON (January 24, 2007) – Residential housing values in virtually all major Canadian centres have posted significant gains since 1981, with almost half reporting double-digit appreciation annually, according to RE/MAX. Leading the charge is Barrie, Ontario with an exceptional 372 per cent increase in average price ($51,665 to $244,000) over the 25-year period.

Despite the cyclical nature of the business, an analysis of 17 housing markets across the country found that price appreciation topped 240 per cent in seven areas, including Barrie (372 per cent), St. Catharines (329 per cent), Hamilton-Burlington (325 per cent), Ottawa (297 per cent), Greater Toronto Area (290 per cent), Greater Vancouver Area and Halifax-Dartmouth (242 per cent increase). Victoria reported a 229 per cent increase, London experienced an upswing of 228 per cent, Calgary was up 227 per cent, and Kelowna rounded out the top 10 at 211 per cent.

“Conventional wisdom used to be that real estate was a relatively safe, long-term investment that typically appreciates at a rate of five per cent annually,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “These statistics clearly tell a different tale. In the top ten markets, real estate values rose at least eight per cent or more on an annual basis. Even the worst performing market in the country experienced an increase of close to six per cent annually since 1981.”

Nationally, average price appreciated 264 per cent (11 per cent annually) in the 25-year period, rising from $76,021 to an estimated $277,000 in 2006. Although a number of factors contributed to the substantial upswing in values, perhaps the greatest influence was a 25 per cent increase in Canada’s population (which rose from 24,820,393 to a projected 1,021,251 in 2005).

“The results are nothing short of remarkable, given the economic volatility of the marketplace in the past 25-year period,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “This is especially true in recent years when serious external factors such as 9/11, SARS, and an outbreak of forest fires barely registered on housing activity. Any one of these disasters would have had a significant impact on real estate markets in the 1980s.”

Thanks to economic diversity, today’s housing markets are more insulated than in the past. Alberta’s pro-business stance, for example, has served to attract major corporations to the province in recent years. Saskatchewan’s economic base has shifted from agriculture to natural resources virtually overnight. In Ottawa, an economy once solely dependent on the one major employer in the area, the evolution of high-tech has played a substantial role in the overall health of the residential real estate market.

“Immigration has also bolstered residential home sales, particularly in Canada’s largest cities,” says Polzler. “Approximately 250,000 new Canadians arrive annually and we know from experience that many will buy a home within five years of immigrating. Job opportunities have also prompted in-migration across the country as purchasers from more rural communities seek employment in major metropolitan areas.”

Baby Boomers have also been a powerful force behind housing demand, explains Ash, particularly in the upper end where sales have surged in recent years. “Boomers have demonstrated their buying intentions through the purchase of primary residences, recreational and retirement properties and even in financially assisting their children—the next generation of home-buyers—thereby stimulating the first-time segment as well.”

RE/MAX is Canada’s leading real estate organization with over 16,880 sales associates situated throughout its more than 630 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 33rd year of consecutive growth, is a global real estate system operating in over 63 countries. More than 6,740 independently owned offices engage 119,400 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation and asset management. For more information, visit: www.remax.ca



The graph below shows the average residential home price in the GTA from 1981 to 2007, the past 25 years! Click the image below to see the graph in a much larger version



For more information please contact A. Mark Argentino

A. Mark Argentino Associate Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
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