Wednesday, January 16, 2008

Funny REMAX Commercial, Traffic Commute Move Closer to Reduce Time on Road, REMAX video commercial

Another RE/MAX Video showing you may wish to move so you can have a shorter commute time!



Toronto Real Estate Board (TREB) Average Prices and Graph

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, January 15, 2008

100% Financing now available on Rental Properties

Homes for Sale


100% Financing now available on Rental Properties
With the recent changes to CMHC rules, mortgage companies can start the new year offering financing of up to 100% on rental properties with 1-2 units, as it is now available!
This is great news for both real estate agents and investors alike! On rental properties with 3-4 units, 95% financing can be offered to qualified individuals.

Let me know if you have any questions, or if you have any questions about financing investment properties.
Let's have a great 2008!

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

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

Monday, January 14, 2008

Condo sales bring 2007 to a strong finish!

Condo sales bring 2007 to a strong finish!


January 7, 2008 -- Brisk condo sales in December brought the 2007 Greater Toronto Area resale housing market to a strong finish, Toronto Real Estate Board President Maureen O'Neill announced today.


"Typically condominium apartment transactions comprise just over 20 per cent of total sales but in December they accounted for more than a quarter of resale activity," said Ms. O'Neill. "Condos are often more affordable than other housing options and they show particularly well in winter."


Increasing by 12 per cent over the previous year to a total of 93,193 sales, 2007 was the best year ever for GTA resale housing activity and December's 4,646 sales came within two per cent of the best performance for the month, set in 2001.


The average price in December was $394,931, which resulted in an annual increase of seven per cent from the previous year.


The most active areas in December were in the City of Toronto.


Riverdale (E01) saw a 75 per cent increase in transactions compared to December 2006, primarily based on semi-detached home sales.


In the Mimico area of Etobicoke (W06) transactions were up 57 per cent, driven by a significant increase in the sale of condo apartments.


In North York, (C14) sales increased by 44 per cent compared to last December, as a result of strong detached home transactions.


Toronto's Downtown East (C08) experienced a 59 per cent increase compared to the same timeframe a year ago due to strong condominium and semi-detached home sales.


"We saw strong, stable monthly performances throughout 2007, which illustrates that consumers now recognize it's always a great time to buy or sell their next home," said Ms. O'Neill.


See more about condominiums in Mississauga


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


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



Saturday, January 12, 2008

Real Estate Market Update from New Home Building Permit Perspective

Building Permits: From Boom to Gloom?

We don't normally write about a drop in Canadian building permits, even one like the 9.9% setback in November. However, given the suddenly heightened sensitivity over every twitch in the economy, today's decline is worth looking at, especially given the fact that it follows hard on the heels of a 19.6% drop in December housing starts and last week's 12.8 point plunge in the Ivey PMI for the same month. Is this trio of steep sags in admittedly third-tier economic indicators an ominous warning for the Canadian economy? In two words…probably not. While there is plenty to be concerned about on the outlook primarily the softening U.S. economy this sudden run of weak data in very volatile series is likely noise.

Putting it in perspective, building permits in the first 11 months of 2007 were up a hefty 12.4% from year-ago levels even with the November decline. And, keep in mind that the drop in November followed a 7.3% pop in the prior month. The latest setback was concentrated in the non-residential sector, which had been particularly frothy earlier last year (up 15.5% so far in 2007). Residential permits were also off 5% m/m, but were up by a surprisingly sprightly 10.5% year-to-date. (Contrast that with the 25% y/y plunge in U.S. building permits in the same period.)

Most provinces saw declines in November, led by Alberta (-13.8%) and B.C. (-20.0%). However, the top of last year's leaderboard was still crowded with western provinces. Permits in Saskatchewan were up 33.9% last year, with Alberta (15.2%) next in line. Notably, Ontario was in third spot, thanks to a strong 26% rise in non-residential activity.

In a separate release, new home prices were a touch firmer than expected in November, rising 0.5% m/m. This held the annual trend steady at 6.1%. In a sign of just how far-flung home price pressures are in Canada, the two biggest monthly increases were posted in Halifax and Quebec City. In contrast, new prices dipped again in Calgary, where annual price increases of 5% are now below the national average.


The Bottom Line: The Canadian building industry appears to be in the first stages of losing some momentum after a blow-out year in 2007. That's still a far cry from the deepening housing descent in clear view south of the border. In fact, given widespread talk of labour shortages in the Canadian industry, some cooling in the sector in 2008 may not be such a bad thing.

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

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

Friday, January 11, 2008

Healthy December 2007 Sales equals Best Year Ever

Healthy December Sales = Best Year EverHomes for Sale

January 7, 2008 -- A healthy 4,646 sales in December propelled 2007 sales to a record setting 93,193 sales, TREB President Maureen O'Neill announced today. "Year-end sales are up 12 per cent over last year and up 11 per cent over the 84,145 recorded during 2005, the Toronto market's previous best-ever annual performance."

On a year-over-year basis, prices rose seven per cent to $376,236 from last year's $351,941. The annual time-on-market figure stood at 32 days versus 2006's figure of 34 days, meaning that over the course of the past two years it has taken homes within the GTA barely a month to sell on average.

Breaking down the total, 1,756 sales were reported in TREB's 28 West districts and averaged $357,711; 1,057 sales were reported in the 14 Central districts and averaged $531,366; 771 sales were reported in the 23 North districts and averaged $420,508; and 1,062 sales were reported in TREB's 21 East districts and averaged $302,113.

See all the latest details of Prices in the GTA

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

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

Thursday, January 10, 2008

New Information Regarding the Toronto Land Transfer Tax Rebates Provided By City of Toronto

New Information Regarding the Toronto Land Transfer Tax Rebates Provided By City of Toronto

The City of Toronto has indicated that it has been able to make arrangements that will allow purchasers who are eligible for a FULL rebate of the Toronto Land Transfer Tax (TLTT) to close their transactions without paying the TLTT upfront (and then receiving a rebate at a later date). The City previously indicated that these arrangements would not be made until the "spring of 2008", but has now indicated that changes will be made by February 1, 2008, when the Toronto land transfer tax takes effect.

Toronto land transfer tax is not payable on transactions closing before the tax takes effect on February 1, 2008. For transactions closing after the Toronto land transfer tax takes effect on February 1, 2008, the City of Toronto allows for certain rebates, as described below.

Details

According to the City, purchasers who are eligible for a FULL rebate of the Toronto land transfer tax will not have to pay the tax (meaning that they do not have to pay the tax upfront and be rebated later). This includes the following:

  • Purchasers who have entered into an Agreement of Purchase and Sale for a property on or before December 31, 2007; and
  • First-time home buyers where the total Toronto land transfer tax is $3,725 or less ($3,725 is the amount of TLTT payable on a home purchased for $400,000). First-time home buyers with Toronto land transfer tax payable above the maximum rebate amount of $3,725 (those purchasing homes above $400,000) will be required to pay the total Toronto land transfer tax, and then receive the maximum rebate of $3,725 at a later date from the City. Once all changes have been made to Teranet's collection system, in the spring of 2008, these buyers will only have to pay the balance of the Toronto land transfer tax above $3,725.

More Information

Complete details of the Toronto land transfer tax are available here or by calling the City of Toronto at 416-338-0338.

Read More recent and past articles about Toronto Land Transfer Tax or at my site

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

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

Wednesday, January 09, 2008

RE/MAX video showing How much is enough? What's a good deal?

RE/MAX video showing questions you would have as a buyer or seller and which real estate company you shold choose. Questions such as: How much is enough? What's a good deal?
Another classic video showing why RE/MAX is the company to use when you sell or buy your next home!





This is another TV commercial from RE/MAX and asks many questions that buyers and sellers have on their mind, such as:



  • How much is enough?

  • What a good deal?

  • Do you push or paus?

  • How do I get what I want?

  • What's our place worth?

  • How high should we go?

  • Are all agents the same?

  • Where should I look?

  • Which agent is right for me?

  • Should we make an offer?

  • Can I get that?

  • Who is the Best?

  • What's in a Sign?

  • Sold RE/MAX remax.ca

The answers to these and other questions can be found at my website here

Read more about RE/MAX and how REMAX can help you



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




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







US Sub-Prime Meltdown what's it all about?


Is it possible that the meltdown occurring in the US lending market/real estate market could spill over into Canada?


Many Canadians are confused about what is happening in the US and if this sub-prime meltdown could happen in Canada. In order to explain what is happening in the US, CREA (The Canadian Real Estate Association) has prepared a nice brochure called "Credit Primer" and it answers some frequently asked questions.


What is a sub-prime mortgage?
It's a mortgage given to a home buyer with less than perfect credit, or a home buyer who lacks the paperwork to prove an income that can support the mortgage payments. While these mortgages may not seem like a good idea to begin with, lenders in the United States with liquid assets, or investment money were making loans to almost anyone who asked, and charging a little more interest for these "riskier" loans. The assumption was that constantly rising house prices in the U.S. would compensate for any lending mistakes. The companies doing this included specialty finance firms such as American Home Mortgage (which filed for bankruptcy in August 2007) as well as big well-known banks such as HSBC PLC.


How did this U.S. lending crisis start?
When U.S. housing prices started to slide and U.S. interest rates began to rise, many mortgage borrowers ended up in trouble and defaulted. Mortgage lenders, in turn, started to run into troubled waters as far as their profit statements were concerned, and a number have gone bankrupt or closed. Many of the companies making the sub-prime loans were also not holding onto the loans, but instead, sold them to other companies such as hedge funds and pension funds who in turn were looking for higher profits. Often, the loans were packaged together (think of a mutual fund holding thousands of individual loans) and sold to investors.


What is the commercial lending paper referred to by the media as part of the crisis?
Commercial paper is short-term debt issued by companies, usually coming due in under a year and often in as little as a month. The buyers of these "papers" tend to be institutional investors, including moneymarket mutual funds, or low-returning funds where investors invest in the belief that the money is safe. As a result, only highly rated companies with strong balance sheets can generally issue commercial paper, limiting the size of the market. But because of the demand of the growing fund industry for more commercial paper, financial companies such as American Home Mortgage and National Bank of Canada set up trusts that issue commercial paper backed by assets such as car loans, mortgages and credit-card receivables. This asset-backed commercial paper alone is estimated to be worth $120 billion. About two-thirds of that paper is sold by trusts run by banks, and that segment of the market is holding up. About another third, or $40-billion, is issued by trusts created by non-bank financial companies such as American Home Mortgage, which no one will now buy. Suddenly money-market mutual funds are questioning investing in commercial paper that is backed by assets such as mortgages when the housing market is slowing, and prices dropping. As a result, the trusts can't find buyers for their paper, leaving them short of cash. They are turning to banks that had agreed to provide loans in a situation where the market flounders, but some of the banks are now balking. So far it's only a segment of the market that's in trouble, and not every money market fund holds paper issued by the troubled trusts.


How is all this affecting the U.S. housing market now?
Consumers in the United States are finding mortgages have become more expensive and tougher to get, and that has had an impact on housing sales. The number of sub-prime mortgage lending has all but disappeared, so that has eliminated a level or layer of consumer who was previously active in the real estate market. In essence, tougher credit terms are slowing purchases and that's slowing the economy and hurting the stocks of companies involved in lending, or in housing. That includes home renovation, builders, and furniture retailers – the impact reaches into various aspects of the economy.


The bottom line:
Unlike the U.S., the Canadian housing market has not been artificially driven by bad lending practices. Our long-term fundamentals are solid. Canada has a growing population. Our energy and commodities are in high demand, and job creation is strong. Consumer confidence remains high. However, there may be an impact on the overall Canadian economy, which may affect the Canadian housing market. For example, the drop in housing starts in the U.S. will mean lower demand for Canadian softwood lumber products.

This article is from CREA. The MLS® sales forecast published quarterly by The Canadian Real Estate Association says that with these economic factors taken into consideration, 2007 will represent a record or near-record year for the sale of re-sale housing in Canada, but the pace of sales will slow in 2008. The detailed MLS® forecast is available on the http://www.crea.ca/ web site.

Read more about the US Sub-Prime Meltdown Crisis

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


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


Tuesday, January 08, 2008

Rental Market Report Greater Toronto Area from CMHC

Rental Market Report Greater Toronto Area

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. Rental Market Report - Greater Toronto Area - Date Released: 2007
  • Canada Mortgage and Housing Corporation 2 ment 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 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 apart-
  • 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

  • Rental Market Report - Greater Toronto Area - Date Released: 2007 Canada Mortgage and Housing Corporation 3 to the CMHC Renovation and Home Purchase Survey undertaken in the first half of 2007, 60 per cent of households who had already purchased a home or were planning to do so this year were buying for the first time. On net, the pool of first- time buyers has grown in comparison to 2006.

    Positive local labour market conditions in the GTA, including steady growth in jobs and earnings, coupled with low borrowing costs and a greater diversity of borrowing products contributed to the increase in first-time buyer activity. In addition, a greater supply of affordable housing types both low-rise and high-rise has provided more options for first time home buyers. Overall, housing remained affordable for many home buyers, including those making the move from rental to home ownership. On average, the required income to carry a mortgage remained below the average 2007 household income in the GTA. to move into a home of their own. Growing youth employment and sustained immigration into the GTA continued to attract individuals and families to the rental market, serving to moderate the impact of the increased movement to home ownership. In addition, fewer condominium apartment completions kept some first time buyers in their rental units for longer than expected.

    Factors both diminishing and contributing to rental demand are discussed below. Strong Ownership Demand

    Strong sales of existing homes and new homes in the GTA in 2007 were a drag on rental demand over the past year. Existing home sales will reach a record of 95,000 in 2007 and new home sales will remain strong at over 40,000. First-time buyers were the key factor underlying the strength in the home ownership market. According Condo Completions Cooled in 2007

    While the increase in demand for ownership housing was the key factor keeping vacancy rates in the GTA elevated this year, a dip in condominium apartment completions did temper the movement of first-time buyers into home ownership.

    In addition, fewer investor-held condominium apartments than expected came on line to compete with purpose-built rental apartments for tenants.

    While strong condominium apartment starts in 2005 and 2006 resulted in a record level of units under construction, very few apartments reached the completion stage this year. Through September, condominium apartment completions reached only half the level achieved through the first three quarters of 2006.

    Youth Employment Increased

    An important factor tempering the impact of home ownership on rental demand in 2007 was an increase in youth employment (individuals aged 15 – 24). This demographic tends to rent initially upon gaining employment and leaving their parental home.

    Overall GTA labour market conditions remained tight in 2007, with the unemployment rate remaining between 6.5 and 7.0 per cent. Young people continued to benefit from tight labour market conditions, especially through the creation of full-time jobs. Full-time jobs for More Renter Households Moving to Ownership in 2007

    Read more about residential tenancies in Ontario


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

    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

    Predictions For 2008 Interest Rates in Canada and US


    Here are some predictions on Mortgage Interest Rates for 2008 from RBC


    More rate cuts coming from the Fed and Bank of Canada


    The ongoing turbulence in financial markets is affecting the outlook for U.S. and Canadian economic growth. U.S. real GDP growth is expected to slow to a pace of 1% to 1.5% over the next three quarters, while Canada's economy gears down to grow at less than a 2% pace, much slower than the 3.4% average rate in the first three quarters of the year.


    This has led us to revise our interest rate forecasts downward. We now expect the U.S. Federal Reserve to lower the Fed funds rate by a further 75 basis points to 3.75% over the next three meetings. This is a change from the 25 basis points of easing in our previous forecast.


    The combination of slower U.S. growth, volatility in global financial markets and moderating inflation rates saw the Bank cut the overnight rate by 25 basis points in December, and we expect another 25 basis-point rate cut in January. A month ago, we expected the Bank to cut the overnight rate by only 25 basis points.


    Our expectation that the trade drag will continue to be substantial in coming quarters and that domestic demand will slow as the tightening in credit conditions takes a bite out of household and business spending means that the Bank will edge the policy rate lower in early 2008 as the economy shifts into a lower gear.


    U.S. third-quarter GDP growth was revised up to a 4.9% annual rate from an already-robust 3.9%, implying that the economy had solid momentum as the tightening in credit conditions hit.


    The deepening in credit market tightening and persistent financial market volatility mean that households and businesses are likely to remain nervous and risk-averse heading into 2008. We expect that the U.S. economy will eke out a growth rate of 1.5% in the first half of next year.


    In this environment, the Fed will likely put inflation concerns on the back burner and focus on mitigating the downside risks to the economy. The Fed will likely lower the funds rate by a further 75 basis points; this, combined with a government-led program to limit future mortgage defaults should be enough to stave off a recession and support stronger growth in the second half of 2008.




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


    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