Mississauga Real Estate, Homes, TREB & MLS Blog by Mark Argentino

Monday, December 17, 2007

Today's Current Posted and Discounted Mortgage Interest Rates in Ontario

read more about Mortage Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.

Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com
8 Website : Mississauga4Sale.com

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Friday, December 14, 2007

This weeks U.S. interest rate cut causes a stock sell-off

U.S. federal interest rate cut spurs stock sell-off

Fed lowers benchmark rate quarter-point to 4.25%, markets slump as hopes of bolder reduction dashed

Investors expecting an early Christmas present from the U.S. Federal Reserve saw their hopes dashed after the central bank announced a modest quarter-point cut to its benchmark interest rate and signalled it is keeping its options open on further cuts in 2008.

While yesterday's cut was in line with most economists' forecasts, Wall Street was hoping for a more aggressive half-point reduction to prevent America's housing and credit woes from pushing the world's largest economy into a full-blown recession. The federal funds rate, at 4.25 per cent, is now at a two-year low.

But that did little to placate nervous traders who punished stocks, taking square aim at financial issues.

Wall Street sustained the heaviest losses with the Dow Jones industrials plunging 294.26 points to 13,432.77. Bay Street was also swept up in the sell-off as the S&P/TSX composite index lost 216.65 points to 13,723.71. The Canadian dollar, meanwhile, shed 0.83 of a cent to 98.58 cents (U.S.).

"When the central bank cuts rates and financial stocks still sell off sharply, that gives you a sense that there is a lot of nervousness out there about the health of the financial sector," said Michael Gregory, senior economist with BMO Capital Markets.

Americans have been given plenty of reasons to worry in recent weeks. The Mortgage Bankers Association reported that U.S. home foreclosures hit an all-time high in the third quarter, suggesting the housing downturn is hurting a wide range of homeowners and not just those with subprime mortgages.

On that front, about $400 billion worth of subprime mortgages are scheduled for interest-rate resets beginning in 2008. Several big-name American banks have already disclosed hefty losses related to the subprime market, which targets clients with spotty credit histories. While the U.S. government recently announced a bail-out plan for some subprime borrowers, critics say the interest-rate freeze will only provide limited relief.

Meanwhile, the Fed announced it would hold a meeting next week to propose changes to mortgage regulations to address unfair and deceptive lending practices.

"You've got this outright home-price deflation in the U.S.," Gregory said. "It is affecting all homeowners and even those with very good credit, very good jobs are having a tougher time getting loans."

While lower interest rates may be the quick fix, the Fed is mindful that if it cuts rates too quickly it runs the risk of once again inflating asset prices, Gregory said. Yesterday's rate reduction follows a similar quarter-percentage point cut in late October and a bolder half-point cut in September.

"Incoming information suggests that economic growth is slowing, reflecting the intensification of the housing correction and some softening in business and consumer spending. Moreover, strains in financial markets have increased in recent weeks," the Fed said in its statement. "Today's action, combined with the policy actions taken earlier, should help promote moderate growth over time."

The Fed also noted core inflation readings have "improved modestly this year" but it's still concerned about higher commodity prices.

For their part, equity investors are fixated on lower rates because it makes it cheaper for businesses to borrow money, buttressing earnings and stock valuations.

The Fed also lowered its discount rate, the rate at which it lends to banks, by a quarter-point to 4.75 per cent. Traders were disappointed the spread between those two key rates was not narrowed more substantially.

"They maintained the discount rate spread of 50 basis points, which either indicates they don't regard the strains in the money market as a significant risk, or that an aggressive reduction won't do much good," Scotia Capital economists wrote in a commentary. "Neither explanation does much for the market's confidence."

Last week, the Bank of Canada cut a quarter-point from its key overnight rate to 4.25 per cent. Most economists expect the Fed to cut rates more aggressively than the Bank of Canada next year.

"We expect the Fed will be ready to cut policy rates again if economic and financial market conditions warrant and forecast another 50 basis points of rate cuts (in two 25 basis point increments) in early 2008," said Dawn Desjardins, senior economist with RBC.

That should stimulate the U.S. economy and stabilize American demand for Canadian-made goods, said Charmaine Buskas, senior economics strategist with TD Bank.

But not everyone is convinced the U.S. is teetering on the brink of a recession. Jeff Rubin, CIBC's chief economist, believes the American economy will "re-accelerate" in 2008, spurring North American stocks to new highs. He predicts the TSX composite index will hit 16,200 by the end of next year.

Read more about Current Mortage Interest Rates

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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

Thursday, December 13, 2007

Rental Market Outlook for 2008 - CHMC Rental Housing Market Report Highlights

CHMC Rental Housing Market Report Highlights

• The average apartment vacancy rate in the GTA was unchanged at 3.2 per cent in October 2007. Average same-sample two-bedroom apartment rents
increased by 1.2 per cent.
• Market conditions remained similar to 2006 because new renter household formation was offset by a movement of existing renter households into homeownership.
• The rental market will experience little change in 2008, with the average apartment vacancy rate at 3.5 per cent and average rents growing by less than the rate of inflation.

Market Conditions in Line With 2006

Rental market conditions in 2007 remained in line with those experienced in 2006. There was no change in the 3.2 per cent average apartment vacancy rate and same-sample
rents grew below the rate of inflation.

It is important to note that there was variation in rental market conditions across the different sub-markets of the GTA.
Market Several factors contributed to stability in vacancy rates in 2007. Increased home ownership demand, especially from the first-time buyer segment of the market, resulted in a substantial number of households vacating their rental accommodation

CMHC Rental Market Outlook for 2008

Demand for rental housing in 2008 will remain on par with what was experienced in 2007.

The overall apartment vacancy rate will be 3.5 per cent.

The average two-bedroom rent will increase by 1.5 per cent.

The movement to home ownership will continue to be a drag on the rental market, but in a different fashion.

While both existing and new home sales are forecast to edge slightly lower next year, first-time buyers will continue to vacate rental accommodation in favour of home ownership. This movement, however, will be based on a strong increase in condominium apartment completions in 2008. More than double the number of condominium apartment completions experienced in 2007 will occur next year.

In addition, investor-held condominium apartments in the secondary rental market will attract some renter households out of the primary rental market, due to a higher level of finishings and amenities.

Factors that will continue to influence the demand for rental include the following:
Growth in youth employment will continue due to tight labour market conditions;

Immigration will continue to trend upward; and

Rental affordability will continue to improve as household earnings outstrip growth in average
rents.

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?

On-Line Real Estate Newsletter sign up

See seasonal housing patterns

Wednesday, December 12, 2007

RE/MAX Commercial - Roll the Dice or Go with RE/MAX - Anything Less is Second Best!

This is a video of a 30 second RE/MAX Commercial showing that you require a RE/MAX Agent to sell your home.

As the commercial states, 'do you think it's easy to sell your home?'

Choose RE/MAX becuase we sell more, we know more, we advertise more.

In reality real estate is no game, you can roll the dice or go with RE/MAX - Anything Less is Second Best!

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

Current Mortgage Interest Rates for Canada

Current Mortgage Interest Rates for Canada

Below are spot rates from First Line Mortgages

***Prime rate is currently 6.00%

***First Line Mortgages is offering a rate of 5.90% for a fixed term with a special renewal date of Nov.2012 in order to coincide the American Presidential election.

Historically, Canada's fixed rates drop around the election time and this affords clients the possibility of renewing at a time when rates will be low.

5 Year Variable	5. 40 % (. 60 % below prime for the entire term)
5 Year Fully Open Variable	. 75 % below prime
3 Year Closed	5. 70%
5 year Closed	5. 83 %
7 Year Closed	5. 88 %
10 Year Closed	5. 95 %

Example purchase at $450,000

Purchase price	$450000	$450000	$450000	$450000
Down payment	$22500	$45000	$67500	$112500
Payments per week	$465.27	$440.78	$416.29	$367.32
Household income required	$83400	$79500	$75500	$67500

See current Mortgage Interest nterest Rates,

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?

On-Line Real Estate Newsletter sign up

See seasonal housing patterns

Alberta Prices are changing - Canadian Housing Market Commentary

Housing Market Commentary

CANADIAN HOME PRICES NO LONGER AN ALBERTA STORY

According to the latest MLS / CREA existing home market data for October, year-to-date national resale home prices are up 10.5%. They will average close to $305,000 in 2007 compared to around $275,000 last year. This will mark the third consecutive year of 10% appreciation or more in the average Canadian existing home, a remarkable performance. But much of the price gains in recent years have been driven by markets west of Ontario, most notably in Alberta — where gains were outsized. National housing market statistics had lost much significance over the last three years due a marked divergence in performance between "the West and the rest". In particular, along with 30%+ sustained price gains over the last two years and because of their significant and growing market size, Calgary and Edmonton were skewing the national figures.

Yet as we crunch the numbers and look forward to 2008-09, we can state with some assurance that this particular chapter in Canadian housing market history is soon coming to an end, if not already behind us. Alberta's home price growth is cooling rapidly. The pickup in national average prices since January is mostly an Eastern markets story. After bottoming out in terms of home appreciation during the tail-end of 2006, Quebec and Ontario (and the Atlantic region to a lesser extent) continue to pick up enough steam to push up the national trend despite a massive cool down out West. This is particularly notable in Ontario where an uptrend since April has contributed heavily to a bounce-back in overall Canadian prices. We expect Alberta's home prices to grow close to par with the national average in 2008 and to underperform in 2009. And while Saskatchewan is currently on fire, it will likely follow a similar path in about 12 months time. Furthermore, Saskatchewan would not on its own skew the national numbers given its smaller market size.

With much less regional dispersion around the Canadian mean, national numbers start to have meaning again. This is reflective of underlying market (demand/supply) conditions: Calgary and Edmonton have become much more balanced with more listings coming on tap and sales slowing, whereas most large urban markets in Ontario and Quebec have seen the reverse, with their markets tightening.

Under a reasonable scenario of a continued cool down in Alberta (and in British Columbia to a lesser extent) and that Ontario and Quebec hold in around 7-9% or higher for a few months, then resale price growth performances should converge sometime in the second quarter of 2008.

Read more about Price Trends

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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

Tuesday, December 11, 2007

Canadian Housing Starts still high -- November 2007

Canadian Housing Starts Steady

New housing construction showed no signs of letting up in November. Housing starts, at an annualized rate of 227,900, were virtually unchanged from October and roughly in line with both market expectations and the pace in the last 12 months. Activity on the single-detached side bounced to its strongest level since March 2006, more than retracing some softness in October. The multi-units side continued to digest a 29-year-high spike in September and fell for the second straight month.

On a provincial basis, activity cooled in six provinces in November with the biggest declines in Quebec, Nova Scotia and Manitoba. Hefty gains in Ontario and B.C., however, heated things just enough to keep the overall temperature steady. In recent months, momentum has shifted from Alberta to B.C. as Western Canada's housing construction hotspot. In Central Canada, Ontario has regained leadership (notwithstanding a multi-unit surge in September), while Newfoundland & Labrador is the key engine in Atlantic Canada.

The Bottom Line: Despite earlier concerns about the potential impact of the financial market storm on Canadian housing demand, home building remains a pillar of strength in the Canadian economy. With strong job creation and favourable interest rates still providing support, residential construction is carrying good momentum into 2008.

Monday, December 10, 2007

Power of sale listings and prices that they sell for compared to average listing to sale price percentages in Mississauga

The table below shows the average, mean, mode, low and high figures for power of sale properties in Mississauga only over the past 90 days. This will give you a general idea of what power of sale properties sell for. Typcially, for comparison, regular non power of sale properties sell for about 98% of asking. Thus POS properties sell for about 1% less than the average.

The table and info below is for Mississauga over the past 90 days, and you can see in the table below one can see that pos properties sell, on average for 96.99% of asking price, would this information be helpful?

Statistics

Field	#	Mean (Average)	Median	Low	High
List Price	92	$276,555	$258,700	$105,000	$849,900
Original Price	88	$280,806	$267,250	$119,000	$849,900
Sold Price	84	$259,345	$247,400	$102,000	$608,000
% List	80	96.99	97	88	110
Taxes	53	$2,527	$2,406	$1,293.25	$4,772
Bedrooms	92	3	3	1	5
Washrooms	92	2.4	2	1	5
Days On Market	87	35	29	2	112

Counts

Field	Value	Count
Area	West TREB Districts	92
District	W12	9
	W13	2
	W14	7
	W15	19
	W16	10
	W18	13
	W19	14
	W20	18
Municipality	Mississauga	92
Last Status	Exp	2
	Sld	84
	Sus	1
	Ter	5
Type	Att/Row/Twnhouse	4
	Condo Apt	27
	Condo Townhouse	13
	Detached	21
	Semi-Detached	27
Style	2-Storey	36
	3-Storey	3
	Apartment	25
	Backsplit 3	2
	Backsplit 4	7
	Backsplit 5	2
	Bungalow	7
	Bungalow-Raised	5
	Loft	2
	Other	1
	Stacked Townhse	2

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

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

RBC report that Canadian Economy continues on a solid growth path

RBC Report that our Canadian Economy stays on a solid growth path

Canada's economy grew at a 0.2% pace in August and has expanded at a 2% annualized pace in the July-August period compared to the 3.4% average of the second quarter, setting up for a more moderate third-quarter following six months of very robust expansion. However, the downside risks to the growth outlook have been mounting as the U.S. housing market correction continues in full swing and the Canadian dollar treks to higher levels.

Canadian payrolls rose 63,000 in October. The unemployment rate ticked down to 5.8%. Average hourly earnings for permanent workers accelerated to 4.2% yearover- year from 4.1% in September, marking the fastest pace since May 2001.

After two back-to-back declines, retail sales picked up pace in August, rising by 0.7%. Retail sales slowed in the first two months of the third quarter but remained in positive territory in real terms, supported by the strong labour market and a pickup in wage growth.

Housing starts slipped back in October to a 219,500 annualized pace from the exceptionally high 281,300 pace in September, the highest level since 1978. Our forecast assumes that starts will generally trend lower, eventually averaging a little above 200,000 in 2008.

The merchandise trade surplus narrowed to $2.65 billion in September, the smallest surplus since December 1998. Exports fell by 2.3%, while imports rebounded by 2.2%. The strong rally in the Canadian dollar into November and robust domestic demand set up for import growth to remain firm, while the slowing in U.S. demand is likely to keep export growth limited, meaning that the trade sector will restrain the pace of GDP growth in the months ahead.

The 12.7% surge in gasoline prices and the huge 17.5% drop in gasoline prices last September pushed the year-over-year all-items inflation rate to 2.5%, the highest level since May 2006 and solidly above the Bank of Canada's 2% inflation target. Courtesy of RBC Economics

read more about Current Mortgage Interest Rates,

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?

On-Line Real Estate Newsletter sign up

See seasonal housing patterns

Sunday, December 09, 2007

FURNACE EFFICIENCY, SAFETY & MAINTENANCE

FURNACE EFFICIENCY, SAFETY & MAINTENANCE

Furnaces in homes throughout North America are cranking up for a long winter season. It is especially important to have furnaces inspected and maintained to ensure that they run efficiently and safely as we head into the colder months.

SIMPLE WAYS TO IMPROVE EFFICIENCY

By some accounts, home heating, especially gas furnaces, can represent half of a typical home's winter utilities bill. Efficient operation can mean lower energy bills and a more comfortable home. For example, programmable thermostats can be used to automatically turn heat up or down at specified times, so that the temperature is lowered overnight or while no one is at home. Thermostats should be calibrated occasionally to avoid "off cycle" heat loss; a properly calibrated thermostat will result in more even heating between the on/off cycles, which is both more efficient and comfortable.

SAFETY AND MAINTENANCE

Safety is also an important factor in furnace operation. Gas furnaces can be a source of carbon monoxide if there are leaks or cracks that go unnoticed or unrepaired. The furnace flame should be steady and burn blue; if not, this should be addressed immediately. A qualified contractor or inspector can detect these types of problems and recommend needed action.

Simple furnace maintenance includes checking and replacing disposable air filters and cleaning permanent-type filters, as well as keeping dust, hair, and lint away from the burner compartment and air intake. No matter what type it is, a well-maintained furnace will not only last longer, but can save energy, money, and help a home's overall air quality and comfort.

CONSIDERING A NEW FURNACE?

If a new furnace is necessary, it is a good opportunity to evaluate the various types of furnaces now available and how well they might meet a home's specific situation. Furnaces are defined as conventional efficiency, mid efficiency, and high efficiency. There are advantages and drawbacks to each type, some are better suited to older homes, for example, and cost may be a factor in considering various types of systems. However, the ability of some new furnaces to reduce off cycle heat loss, eliminate the need for an always-on pilot light, etc. make replacing a furnace worth considering if a current system is in bad repair or functioning poorly. Your local Pillar To Post office can provide you with additional information on various types of furnaces.
Courtesy of Glenn Blight, Pillar to Post inspections

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
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mark@mississauga4sale.com8 Website : Mississauga4Sale.com

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

Mississauga Real Estate, Homes, TREB & MLS Blog by Mark Argentino

Monday, December 17, 2007

Today's Current Posted and Discounted Mortgage Interest Rates in Ontario

Friday, December 14, 2007

This weeks U.S. interest rate cut causes a stock sell-off

Thursday, December 13, 2007

Rental Market Outlook for 2008 - CHMC Rental Housing Market Report Highlights

Wednesday, December 12, 2007

RE/MAX Commercial - Roll the Dice or Go with RE/MAX - Anything Less is Second Best!

Current Mortgage Interest Rates for Canada

Alberta Prices are changing - Canadian Housing Market Commentary

Tuesday, December 11, 2007

Canadian Housing Starts still high -- November 2007

Monday, December 10, 2007

Power of sale listings and prices that they sell for compared to average listing to sale price percentages in Mississauga

The table and info below is for Mississauga over the past 90 days, and you can see in the table below one can see that pos properties sell, on average for 96.99% of asking price, would this information be helpful?

Statistics

Counts

RBC report that Canadian Economy continues on a solid growth path

Sunday, December 09, 2007

FURNACE EFFICIENCY, SAFETY & MAINTENANCE

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