RBC Reports that Housing affordability hit on all sides

Housing affordability hit on all sides

Increases in house prices, mortgage rates, utilities and property taxes all combined in the second quarter to deliver a severe hit to housing affordability. By a slim margin, the portion of before-tax household income going towards home ownership costs suffered its largest and most broadly based quarterly deterioration in the current housing cycle stretching back to the mid-1990s.

Affordability deteriorated in every housing class we track, in every province and in every major city. In two short quarters, Saskatchewan has set a new affordability low concentrated in Saskatoon.

Albertans now pay a higher share of their country-leading incomes on average than Ontarians across every type of housing, although Torontonians still pay more than Calgarians and Edmontonians for a two-storey home. Albertans now pay a higher share of their country-leading incomes on average than Ontarians across every type of housing, although Torontonians still pay more than Calgarians and Edmontonians for a two-storey home. Alberta is still, however, avoiding British Columbia's stressed affordability conditions.

Housing market conditions from Manitoba eastward are not yet a cause for concern, but conditions in Saskatchewan, Alberta and British Columbia warrant caution given the speed of the massive turnaround in affordability in several key cities. The economic fundamentals are supportive, but have been priced in fairly aggressively. In our view, a continued cooling in the pace of price gains and an ongoing pull back in sales-to-listings ratios lie in the cards in these cities.

Toronto's housing affordability slid across all four housing segments, but outside the core Toronto area, housing market conditions are healthy and roughly balanced. The bigger risk to affordability conditions is the potential for higher property taxes towards the end of the decade after the current freeze on property value assessments is lifted in 2008.

Montreal's housing affordability also softened across every housing segment. However, Montreal's housing market remains one of the softest among the big cities.

Affordability deteriorated across the board in the Atlantic region, but the two-storey and condo segments saw the sharpest erosion. Despite Ontario's second-quarter affordability hit, a look at historical affordability numbers in Ontario should help calm nerves that the province may be at risk of a significant correction. Unlike many of the western provinces, affordability remains comfortably below levels reached in the late 1980s just before the major housing market crash.

Manitoba had its worst quarterly deterioration in more than a year, but is the most affordable region in the country and has managed to avoid the severe affordability stresses prevailing in neighbouring Saskatchewan, Alberta and British Columbia.

Courtesy of Dawn Aspinall RBC Economics Research

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A. Mark Argentino
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What is The Secret to Pricing Your Home to Sell?

The Secret to Pricing Your Home to Sell - What's the Secret?

Reprinted in part from the article by Jim Remley

Contrary to popular belief, when selling your home its value is determined by one thing and one thing only - what a qualified buyer is willing to pay for it. No more and no less. Sure, many sellers will argue that their home has an insurance replacement value, or an appraised value, or a tax assessed value, but unless your insurance agent, your banker, or your tax assessor is willing to write you a check for the home - guess what? None of that matters. A home without a buyer has no value in the market place. Sure it might have a value to you the seller, and it might have a value to your banker, and to your insurance agent, and to your appraiser. But none of these people are buyers.

So here is the secret to pricing your home to sell - It's not what you think the home is worth that matters, it's what a reasonable buyer will think your home is worth that will ultimately determine if your home will sell.

Now you maybe thinking - Hey wait, if I left it up to a buyer, they would pay me as little as possible for my home. True, they would. But in the real world every buyer knows that you, the seller, have no obligation to sell your home at any price. To purchase your home the buyer will have to make you an offer you can't or won't refuse. One that will motivate you to pack up your Ken and Barbie collection, hire a local mover, and wave good bye to a home full of memories.

But here-in lies the trap that many sellers fall into (myself included), which is the mistaken idea that we can hold out for an inflated price and eventually the market will come to us. Wrong! Buyers are under no obligation to buy any particular home, and no amount of marketing, open houses, websites, or signage will motivate a buyer to purchase an overpriced home. Why? Because they can buy one of your neighbours homes for less! This reveals one of the most important considerations in pricing your home - Price VS Time.

Understanding Price VS Time

The age old dilemma that has faced buyers and sellers since the dawn of private property rights is a simple question: What is more important price or time? Believe it or not this conundrum underlies and controls every sellers decision to sell, and every buyers need to complete a purchase. For sellers this boils down to the need to sell within a set time frame or instead to hold out for the best possible price, and as you might guess, for buyers it's the need to buy within a set time frame or to purchase a home for the lowest possible price.

A seller who would like to sell for top dollar should be prepared to potentially wait longer for a buyer willing to pay a premium price. Like trying to sell ice during December, a seller might have to give the stuff away just to get rid of it, but if they wait long enough, say until mid-August when temperatures crest over 100 degrees suddenly that same ice can have real value. On the flip side, a seller who needs to sell quickly, and doesn't have time to wait, should expect to discount their price somewhat because of the limited time they have to expose their home to the market.

What's the difference? Timing!

Buyers are in the same boat. A buyer who has the luxury of shopping for a home over a long period of time can probably wait to find a bargain, while another buyer who must buy a home in the next few weeks will probably be willing to pay a premium. Again it boils down to price vs. time. So you might ask yourself what is your highest priority - Selling quickly or selling for a higher price?

Many homeowners will attempt to put the responsibility of getting both top dollar and fast sale on the back of their hired gun, the real estate agent. The result can be summed up in one word - frustration. Why? Because no matter how much a seller yells, screams, and kicks a real estate agent, they don't do miracles. This is why successful sellers understand that while a real estate agents job is to provide marketing, expert advice, and negotiating services, in the end they don't own the property. They don't make the final decisions on pricing. The seller does, and ultimately the seller's asking price will in large part determine how slowly or quickly the home will sell.

To frame this discussion in a different way, consider what you will do should you arrive luggage in hand at the end of your listing period and the home has not yet sold. At that point are you more likely to give it a little more time or adjust your price? I know - Neither, I'll just fire the agent! To be honest, this is exactly what many sellers' do, they fire their agent and reboot the marketing. Does it work? Sometimes it does, but often these sellers end up three months later in the same slow boat to nowhere. Successful sellers on the other hand take ownership of their pricing decisions by making a clear decision about which is more important to them, selling quickly or selling for top dollar.

Successful sellers have learned that to price their home accurately means they need to think like a buyer, they need to get inside a buyers skin and look at the world through a buyers eyes. For instance, imagine for a minute that you are moving to another area of the country, to a city that you are completely unfamiliar with. If you were faced with buying a home in strange city what would be your first step?

As a typical internet empowered real estate buyer you will look at an average of nine homes over eight weeks with the assistance of a real estate professional. By the end of your journey, like many buyers, you become so knowledgeable about the market that by the last showing you are able to guess, with reasonable accuracy, each homes listing price before your agent can even tell you.

So what happened here? As a buyer you went from a blank slate, with no impression of the market to having the ability to predict listing prices.

Summary: if your home is not priced correctly, it is usually rejected by most buyers before they even see it. And, if they do see it they will reject it because it does not favourably compare to other homes in the same price range.

Read more about pricing your home to sell

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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
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Mortgages are great once you have considered all your options - carefully!

Mortgages are great once you have considered all your options - carefully!

From Thursday's Globe and Mail ROB CARRICK September 6, 2007 at 6:36 AM EDT

Home ownership is a wonderful thing and all, but sometimes it makes sense just to rent.

This is the logical conclusion to be drawn from some tips offered yesterday by the mortgage brokerage firm Invis to help people understand the current interest rate environment and upheaval in the U.S. housing market.

"The key to a successful mortgage experience is carefully considering all your options and buying within your means so that you can sustain your payments," Invis president and CEO Neil Glasberg said in a press release.

It's good advice. If you follow it, you may not end up buying a house right now.

Invis starts off by recommending that people find out what they can afford by getting preapproved for a mortgage by a lender. One benefit of doing this is that you can lock in a mortgage rate for as long as 120 days. Another is that you'll quickly get an idea of whether you'll comfortably be able to afford a home or whether you'll be asking for trouble.

We're not talking about falling into the same difficulties as those poor U.S. home buyers who are defaulting on mortgages that enabled them to get in over their heads. The U.S. subprime mortgage market, catering to people with weak credit ratings and a strong desire to buy a home, is a striking example of how a predatory financial industry eats up gullible people and spits out the bones.

The risk of taking on a mortgage here in Canada is not so much that you'll default, but rather that you'll be so house-poor it hurts.

Invis suggests revisiting your current debts to make a house more affordable, which makes sense in theory because it looks like interest rate declines are going to help on this front. The Bank of Canada left its trendsetting overnight rate unchanged yesterday and said the domestic economy remains strong, even if there are risks posed by the trickle-down effects of the U.S. mortgage situation.

One way to restructure your current debts would be to increase the amortization on a car loan, thereby lowering the monthly payments. This would have the effect of lowering your total debt services ratio, which lenders follow closely because it shows how much of your pretax income is consumed by all your debts, including your mortgage.

Barring financial distress, there are only two good reasons to restructure a loan of any kind: To get the debt paid off sooner, or to take advantage of falling interest rates. Don't renegotiate your debts just so you can borrow more. If this is the only way for you to afford a home, one interpretation would be that you can't actually afford that home.

Lenders generally don't want to see your total debt service ratio go above 40 per cent, which means $40 of every $100 you earned would go to loans, credit cards and your mortgage. If you think this is a financial plan you can live with, stop a moment to consider whether money would be so tight that you end up piling on more debt over the years to maintain your lifestyle.

Invis acknowledges the potential stresses of carrying a big mortgage by suggesting you look into a longer amortization period than the traditional 25-year period. You can go as long as 30, 35 or 40 years, and in doing so you will buy yourself some financial stock on a day-to-day basis. The downside is that you'll pay thousands more in interest, and require an extra five to 20 years to get your mortgage paid off.

If you're 30 years old, you could conceivably be committing yourself to a mortgage you won't be rid of until you retire. Round about the time most people are ramping up their retirement savings, you'll still be paying big chunks of money to your mortgage lender.

Invis suggests increasing the size of your down payment as a way of reducing the amount you need to borrow. The obvious threshold to shoot for is 20 per cent, which would allow you to save on mortgage insurance. But with the average house price in Canada now above $310,000, you'll need at least $62,000 to qualify.

Invis points out that the federal Home Buyers' Plan may help because it allows you to withdraw up to $20,000 from a registered retirement savings plan to buy a home. If you're young and have time to backfill your RRSP, that's not a bad option.

A lot of what's gone on in the mortgage market in recent years has been about helping people buy homes in a market where prices have soared. The underlying assumption is that there's always a way to make homes attainable, when in fact this just isn't true.

If you find that discouraging, just look to the U.S. housing market. Sales there are falling, and you know what that does to prices and affordability.

Read more about Mortgage Interest Rates

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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
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August Sets New Record, Breaks 8,000 Sales

August Sets New Record, Breaks 8,000 Sales

TORONTO - Thursday, September 6, 2007 -- August 2007 became the fifth record-setting month in a row, with 8,059 sales reported by TREB Members throughout the Greater Toronto Area, TREB President Donald Bentley announced today. "This figure is up 15 per cent over August of last year, and up seven per cent over the 7,498 sales recorded during the same month in 2005, which was the previous "best ever" performance for the month of August," said the President. "Summer of 2007 has been hands-down the most active holiday season for the resale market in the history of the Toronto Real Estate Board."

While sales roared ahead, prices remained affordable in August, with a recorded average of $361,890. This figure is up seven per cent over the $338,192 recorded during August of 2006. "While the last decade has seen five record breaking years, and a good possibility of a sixth in 2007, year-over-year prices increases have remained in the single digits. This kind of activity is sustainable for a long time."

Breaking down the total, 3,057sales were reported in TREB's 28 West districts and averaged $343,493; 1,444 sales were reported in the 14 Central districts and averaged $453,718; 1,653 sales were reported in the 23 North districts and averaged $403,539; and 1,905 sales were reported in TREB's 21 East districts and averaged $285,665.

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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
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August sets the stage for a strong autumn market

August sets the stage for a strong autumn market

September 6, 2007 -- More people in the Greater Toronto Area bought resale homes last month than in any August before, Toronto Real Estate Board President Donald Bentley announced today.

The 8,059 sales reported last month exceeded the previous best performance for August, set in 2005, by seven per cent.

August also brought year-to-date figures up 13 per cent over the same period last year. So far this year 67,146 homes have sold as compared to 59,488 at this time in 2006. The pace is also 13 per cent ahead of the same timeframe in 2005, which became the best year on record.

"With five consecutive record-breaking months, spring and summer activity was unprecedented and given the strong economic fundamentals that remain in place, we have tremendous confidence in the autumn housing market," said Mr. Bentley.

The Greater Toronto Area's strongest sales activity in August took place in widely diverse neighbourhoods.

In West Agincourt (E05) a jump in the sale of detached homes and condo apartments resulted in a 34 per cent overall increase compared to last August.

An increase in the sale of detached homes and condo apartments also resulted in an overall increase of 52 per cent in High Park (W02).

In Toronto's Davisville (C10) the sale of semi-detached homes and condo apartments pushed overall activity in the district to a 58 per cent increase over August 2006.

Richmond Hill South (N03) showed a 43 per cent increase, led by condo apartment and detached home sales.

"Prices moderated in August, down approximately one per cent from the previous month, meaning that there will be many opportunities within reach during this autumn market," said Mr. Bentley.

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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
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Title insurance policies and content can differ widely

Title insurance policies and content can differ widely

Are all title insurance policies the same? Are the coverages provided by the various title insurance companies so similar that it doesn't matter which one you choose?

These questions arise in the wake of a recent article on title insurance which appeared in the Aug. 18 New in Homes. The article quoted Toronto real estate lawyer Bruce McKenna, and Mississauga lawyer Lorne Shuman, who works for First Canadian Title.

"Both Shuman and McKenna suggest purchasers go with the insurance provider recommended by their lawyer," the article said, adding that "while there are small differences between providers, your lawyer will be working with the provider he or she feels is best for you."

McKenna is also quoted as saying that, "basically, the coverages are so similar and the market pressures to deal with claims in a reasonable way are so large that I don't feel the insurer matters very much."

I have to differ, but in doing so I should first point out in fairness that I am an elected bencher (director) of the Law Society of Upper Canada, which owns the Lawyers Professional Indemnity Company (LawPRO). That company insures all Ontario lawyers for errors and omissions, and also owns TitlePLUS, one of several licensed title insurance companies in Ontario.

In my capacity as a Law Society bencher, my legal duty is to assist in governing Ontario lawyers in the public interest. I am not, however, a cheerleader for the Law Society.

I have no role in the operations of LawPRO or TitlePLUS except to approve or not approve their annual reports, along with more than 50 other bencher colleagues. I do not sit on the board of LawPRO and do not attend its meetings.

Having said that, I feel compelled to explain that there is, in my opinion, a significant difference among title insurers. Conventional title insurance policies cover a lawyer's negligence only if the mistake relates to a loss that is listed in the policy as an insured risk.

In contrast, only TitlePLUS routinely makes available comprehensive coverage for the legal services provided by a lawyer, in addition to the listed risks. In other words, any negligence by a lawyer in a real estate transaction is covered by a TitlePLUS policy, whether or not the mistake is an insured risk set out in the policy.

What this means is that in a real estate transaction, if a lawyer makes an error amounting to negligence, the legal services coverage in a TitlePLUS policy protects the homeowner, even if the lawyer's mistake is not related to one of the itemized title risks insured by the policy.

One example of legal services coverage occurred when the buyer of a condo unit told her lawyer she wanted to pay cash, but wound up getting stuck with paying interest on a vendor-take-back mortgage during the interim occupancy period. The legal services provision in the TitlePLUS policy compensated the buyer for her $9,000 loss – even though the policy did not specifically insure against this type of loss.

Without the coverage, the client would have had to sue the lawyer for the loss.

The Aug. 18 article also quotes Lorne Shuman as saying that title insurance costs about $299 for a house purchase with a mortgage, but it varies with properties and price range.

In fact, there is a significant difference in the cost of residential title insurance policies among three companies that I called last week. For a resale house selling at between $200,000 and $500,000, with one institutional mortgage, First Canadian Title (FCT) quoted $322.92. Stewart Title Guaranty Company (STG) quoted $351, and TitlePLUS (TP) quoted $238.80 including the legal services coverage.

For new homes, the premiums drop to $268.92 (FCT), $324 (STG), and $233.10 (TP). In both of these types of policies, Stewart Title rebates a fee of $100 to qualified lawyers who arrange coverage over the Internet. The fee must be disclosed to the lawyer's client.

For resale condominium units in the same price range, the premiums are $193.32 (FCT), $189 (STG) and $184.80 (TP).

Whenever I can, I use TitlePLUS policies for purchaser clients. The cost is lower, and the coverage is – in my opinion – far superior.
by: Bob Aaron from the Toronto Star

Read More about Title Insurance

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Mark

A. Mark Argentino
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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
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Bank of Canada announces to hold "lending rate steady"

Bank of Canada announces to hold "lending rate steady"

Some economists expect no change at all in 2007

The Bank of Canada probably won't raise interest rates until December at the earliest, and possibly later, economists said yesterday after the central bank left its benchmark rate unchanged, warning troubles in the United States and global credit markets could bite into Canada's economic growth.

The Bank of Canada not only kept its key overnight rate at 4.5 per cent, but also dropped from its announcement an earlier signal that rates may need to rise to fight inflation. The overnight lending rate is the Bank of Canada's main policy tool, which in turn influences consumer lending rates, and the central bank said it deemed the current level appropriate.

Some economists now believe the Bank of Canada will hold rates steady for the rest of the year, and almost certainly at its next setting on Oct. 16. At least one economist still sees the central bank cutting rates by one-quarter of a percentage point in mid-October.

Developments in the United States and in troubled global credit markets will determine what happens after that, including at a Dec. 4 setting.

The central bank painted a robust picture, saying the Canadian economy appears to be operating more above its production potential than earlier estimated, and citing a strong labour market and higher home sales and prices than expected.

But it pointed to the troubles in the U.S. housing sector and the uncertainty surrounding the depth and length of the current credit crunch.

"It now seems likely that the adjustment in the U.S. residential housing sector will be more pronounced and protracted, exacerbated by recent developments in financial markets," the central bank said, adding this implied weaker demand for Canadian exports than it had anticipated in July.

"I think the conditions right now, and in the past, are quite rosy," Beata Caranci, TD Bank Financial Group's director of economic forecasting, said in an interview, but central banks, economists and markets are having trouble evaluating the economic fallout, if any, from the credit crunch that began with the crisis in U.S. subprime mortgages and spread to other credit markets.

Indeed, the Bank of Canada said that while household spending could be stronger than expected, "recent developments in financial markets have led to some tightening of credit conditions for Canadian borrowers, which should temper growth in domestic demand."

The central bank still cited the fact that inflation in Canada remains above its target but, as Caranci wrote in a research note, did not "show undue concern" about inflation.

BMO Capital Markets senior economist Sal Guatieri said the central bank is now "solidly on the sidelines ... but it will act fairly quickly if the risks of a weaker economy or higher inflation play out."

While many economists see the Bank of Canada simply holding the line for the rest of the year, Ted Carmichael, chief Canadian economist for JPMorgan Chase, believes the central bank will cut rates by one-quarter of a point in mid-October.

Many economists believe the U.S. Federal Reserve Board will cut rates at its next setting Sept. 18, or even earlier, and Carmichael expects the Canadian central bank to follow a month later, seeing U.S. economic growth is going to be weaker, with some fallout in Canada.

Read More about Mortgage Interest Rates

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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
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Moving Company Website Review

The following is a sponsored post.
"MY Moving Quote" Moving Company Website Review

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The url for the site is http://www.mymovingquote.com/ and as they say at their site, they are dedicated to helping people select the best professional movers and not just just the best local movers, but also the best international moving company to meet your international relocation needs.

They also provide people with free Auto Shipping quotes from several companies that would be located in your area. Their website offers car transport tips, storage information, help with understanding car insurance issues, vehicle hauling, and international movers too!

They will provide you with free moving overseas quotes from several international movers in your area. The website also offers moving and packing tips, storage information, help with understanding international insurance protection and international shipping too! Take the worry out of your Relocation by choosing from among the best international moving companies in your area. You can save time by selecting among moving companies that specialize in the types of moving and services that best suit your needs.

My Moving Quote website is dedicated to helping people like you select the best moving company to meet your relocation needs. They will provide you with free moving quotes from several moving companies in your area. Their site offers moving and packing tips, storage information, help with understanding moving insurance issues, auto transport, and international movers too!

You will find many packing tips and packing services at their site. They have a complete and comprehensive section at http://www.mymovingquote.com/Content/PackingTips.shtml

There is also a section that will help you pick a mover. As there are many considerations when choosing a moving company, this site will assist you in making that decision at http://www.mymovingquote.com/content/choosingamover.html

Moving with children can create special concerns and can be as challenging as it is exciting. Sometimes more so. Moving is as hard for kids as it is for adults. They are leaving behind familiar places and important friends. They are starting over: seeking new friends and adjusting to a new home, neighborhood, and school. But because they're still learning how to socialize and how to effectively get their needs, children need caring adults to listen and help them adjust to their new home, now more than ever.

When you are moving with pet, this too can create challenges. Pre-planning is the key to an easier transfer, regardless of the mode of transportation chosen. Travel arrangements should be completed as far in advance of moving day as is practical, keeping departure day tasks to a minimum. One person in the family should assume responsibility for the pet.

You may read more about this moving website.




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

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Luxury sales continue to rise across the country

Luxury sales continue to rise
Luxury sales experience serious upward momentum in major Canadian markets, says RE/MAX Mississauga, ON (September 5, 2007) -- Consistent return on investment has prompted an unprecedented upswing in luxury home sales in major Canadian centres so far this year, according to a report released by RE/MAX.

The RE/MAX Upper-End Market Trends Report examined trends and activity in 16 markets across the country between January and July 2007. Luxury home sales were up over the same period one-year ago in all markets, with percentage increases ranging from 13 per cent in Victoria to 521 per cent in Edmonton. Four markets, including Edmonton, Regina, Saskatoon and Ottawa, reported triple-digit increases while double-digit gains characterized remaining markets. The report also found that the upper-end price points were under stress in most markets surveyed.

“The consumer appetite for luxury property has been insatiable,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Unabated demand throughout the year has created tight market conditions in a number of blue chip neighbourhoods. Limited availability of product has, in turn, placed mounting pressure on housing values. As a result, the million dollar home no longer holds the same cache it once did and in larger markets such as Vancouver, Calgary, and Toronto, it’s simply a starting price.”

Solid gains in housing values – especially in the top-end of the market – have garnered much attention. The steady upward trending has attracted a growing number of affluent purchasers who are taking advantage of both the increased equity and the capital gains exemption for a principle residence.

“Strong economic performance, especially in Western Canadian provinces, has bolstered consumer confidence levels to such a degree that purchasers in the upper-end are comfortable with a million dollar plus investment in real estate,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Recent volatility in the stock market may trigger further investment in real estate as purchasers move to reallocate their holdings.” Out-of-province and international purchasers are active in most markets surveyed, but locals still account for the majority of upper-end sales. Benchmark sales, including one home priced at close to $16 million in Toronto, are occurring with greater frequency and overall, there are more sales taking place in the very upper reaches of the marketplace this year. In smaller centres, benchmarks have been set throughout the year and although some, such as Regina, have yet to report a $1 million sale, the day is nearing.

Upscale condominium sales are also climbing as empty-nesters and retirees up the ante for these types of property. The most expensive sale to date occurred in Vancouver at close to $5 million, while the priciest listing carries a price tag of $18.2 million in the same centre.

“It appears that a growing percentage of the population has that kind of money to spend,” says Polzler. “Growth in market capitalization has generated tremendous wealth in recent years – in fact, both the Dow Jones and S& P 500 reported double-digit growth in 2006. Demand for luxury goods overall – upscale homes, fine art, collectable cars -- is outpacing demand for everyday consumables. Inheritance has played a significant role as well, with the download on an estimated $1 trillion amount already underway.”

“When it comes to shelter, these upscale purchasers clearly want it all,” says Ash. “Price is really no obstacle when it comes to creating a legacy.” RE/MAX is Canada's leading real estate organization with over 17,500 sales associates situated throughout its more than 640 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 34th year of consecutive growth, is a global real estate system operating in over 65 countries. More than 7,000 independently owned offices engage 120,000 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.

Read more about price trends in the GTA




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

I hope you Enjoyed the long weekend - it's hard to believe it's September already!

Mortgage interest rates have remained stable the last few weeks and it's likely the Bank of Canada will not announce an increase in the prime lending rate next week.

HLC RATE UPDATE as of August 31st, 2007

Prime Rate.6.25%
Variable Rate.Prime less .95%*
1 year closed.5.60%
3 year closed.5.70%
5 year closed.5.65%*
7 year closed.5.78%*
10 year closed...5.85%*
25 year closed...6.58%

* for mortgage of $500,000 or greater; slightly higher rates for lower mortgage amounts
Information subject to change without prior notice. APR.E.&O.E.

Best Mortgage Interest Rates

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
› E-MAIL : mark@mississauga4sale.com
Website : Mississauga4Sale.com

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