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

Tuesday, February 05, 2008

RE/MAX Real Estate Agents Children's Miracle Network raise over $4 million

This is a press release from REMAX Ontario Atlantic

RE/MAX Realtors raise over $4 million for Children's miracle Network

Mississauga, ON (February 5, 2008) -Housing sales and average price weren't the only records being shattered across Canada in 2007. RE/MAX realtors also set a new benchmark in charitable giving, raising over $4 million for Children's Miracle Network.

The donation surpasses the realtors' 2006 contribution by more than 14 per cent. Since 1992, RE/MAX sales associates nationwide have contributed close to $30 million to the cause.

"It's amazing what can be accomplished when people work toward a meaningful cause," says Christine Martysiewicz, Director of Internal and Public Relations, RE/MAX Ontario-Atlantic Canada. "The synergy, commitment and enthusiasm of the RE/MAX network are truly phenomenal. However, what's more amazing is that the charitable efforts undertaken by our realtors are 100 per cent voluntary. Supporting Children's Miracle Network is a chance to make a real difference in the lives of local children and families in their own communities. That type of involvement is something that's been woven into the fabric of the RE/MAX organization since its inception. The way we see it, we don't just serve and work in these communities, we truly are a part of them, and we care-it's that simple."

RE/MAX realtors generate donations through the RE/MAX Miracle Home Program®, whereby a portion of their commission earned on the purchase or sale of each home is given to Children's Miracle Network affiliated hospitals. Children's Miracle Network supports 14 children's hospitals and foundations across Canada. Donations are often maximized through additional fundraising events including golf tournaments, gala evenings with silent auctions, casual Fridays and much more. Funds raised in each community stay in that community to be invested in the local Children's Miracle Network hospital.

'What many don't realize is that the corporate and private sectors play a vital role in making miracles possible," says Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada. "With public coffers stretched to the limit, it's a fact that organizations like RE/MAX fund a significant portion of the required cost to treat sick and injured children in pediatric facilities across Canada. We work so hard because we know our donations mean more than dollars and cents-it's an opportunity for healthy, happy childhoods and hope for promising futures. There really is nothing more rewarding than watching kids just be kids."

In Canada, the funds raised on behalf of Children's Miracle Network help support outreach programs and fund advancements in critical research, as well as upgrades to medical facilities and equipment.

"The outstanding generosity of RE/MAX Associates has helped more than 2.5 million Canadian children in 2007 alone - that's 1 in 4 kids nationally," says John Hartman, Chief Operating Officer - Canada, Children's Miracle Network. "RE/MAX has made Children's Miracle Network hospitals a vital part of what they do and continue to put giving back at the top of their agenda. Since 1992, RE/MAX has been a strong supporter of Children's Miracle Network. Their dedication, passion and enthusiasm for the kids and families in their communities across Canada is outstanding. They continue to give and give more. We are very proud to be affiliated with RE/MAX. The progress being made thanks to contributions like RE/MAX's has been nothing short of astonishing. While care and outcomes have improved significantly, it also remains a reality that the need has never been greater."

In Canada, the children's hospitals/foundations receiving funding from Children's Miracle Network are: BC Children's Hospital Foundation in Vancouver, Alberta Children's Hospital Foundation in Calgary, Stollery Children's Hospital Foundation in Edmonton, Children's Health and Hospital Foundation of Saskatchewan in Saskatoon, The Children's Hospital Foundation of Manitoba in Winnipeg, SickKids Foundation in Toronto, Children's Health Foundation in London, McMaster Children's Hospital in Hamilton, Children's Hospital of Eastern Ontario Foundation in Ottawa, Operation Enfant Soleil (St. Justine's Children's Hospital, Montreal Children's Hospital, Centre hospitalier universitaire de Québec (CHUQ) , IWK Health Centre in Halifax, and Janeway Children's Hospital Foundation in St. John's. For more information, visit: www.childrensmiraclenetwork.ca.

RE/MAX is Canada's leading real estate organization with over 17,600 sales associates in more than 650 independently-owned and operated offices. The RE/MAX franchise network is a global real estate system
operating in over 65 countries. More than 7,000 independently-owned offices engage nearly 115,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral and asset management. For more information, visit: www.remax.ca.

Read more about RE/MAX at my site

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Mark

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

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Monday, February 04, 2008

Condo prices on the rise in Toronto and GTA

Condo Prices outpace Detached homes in parts of the GTA in 2007

For the first time, the average price of a condominium in some GTA districts last year rose at a higher rate than single-detached houses.

In the GTA's central core district, the average condo price in 2007 jumped by 12.2 per cent (to $327,559 from $292,064), according to Re/Max Ontario-Atlantic Canada. In the same year, the average price for single-detached homes in the same district went up by 11.5 per cent (to $910, 906 from $816,938).

In the west end, condo prices increased by 7.3 per cent, single-detached prices by 6.6 per cent.

"Condominiums are clearly a viable – and now financially feasible – alternative to single-detached housing," says Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada.

Condo prices rose by double-digit amounts in 12 of 63 Toronto Real Estate Board districts in the GTA last year, Re/Max said in a statement. The best-performing district was Bayview Village, where average condo prices jumped by 40.8 per cent (to $340,113 from $241,611).

As for single-detached homes, their average prices increased by double-digit amounts in 13 of those 63 TREB districts, led by Forest Hill, where the average price climbed by 21.1 per cent (to $1,028,960 from $849,697).

Friday, February 01, 2008

Pricing your home to sell and the "High Price Tactic"

Pricing your home to sell can be tricky business, lookout for the "high price tactic" from some agents.

Listing a home at too high a price is the biggest mistake home sellers make. A high price will discourage buyers from even looking at a home they might otherwise be able to afford. In addition, realistically priced homes in the same neighbourhood will look better by comparison.

Of course, you don't want to set your sales price too low, either. The idea is to net the most money possible from the home sale. The price you set should reflect what other comparable homes in the area have recently sold for. It should leave some space for making concessions in order to close the deal. And it should take into consideration current trends--whether it's a buyer's or seller's market.

Read about the "High Price Tactic"

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Mark

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Thursday, January 31, 2008

Ice Dams cause damage and methods to prevent ice dams in the winter

Ice Dams on your roof will create Ice Damage

An ice dam is a ridge of ice that builds up along the edge of a roof. The ice creates a dam that backs water up and under the roof shingles. Once the water is deep enough, it penetrates the roofing system and creates water damage inside the home.

Beneath the ice dam, undetectable damage is occurring in the attic and wall cavities. The wood framing is wet and may be rotting , insulation is soaked – which makes it inefficient and mildew and mould can grow in hidden spots causing odours and other problem inside the home.
Soaked framing and insulation will take a long time to dry out and will continue to contribute to wall damage and interior moisture problems. Uncorrected, the water can cause serious structural damage.

Once the ice dam is high enough to overcome the pitch of the roof, water seeps under asphalt shingles. The alternate freezing and thawing that occurs under these conditions can increase the magnitude of roof leaks. Once the water has penetrated the singles, it flows under the siding and eaves and leaks through the framing into your home.

To prevent ice dams, eliminate heat build-up in the attic space below the roof deck by:

• Improving insulation - Add insulation to improve the thermal envelope and slow heat transfer to the attic. Surfaces between the attic and the heated living space should be insulated to R-38 or more. As a homebuyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages and trying to get the best deals. Do not stop now. Do not let your real estate agent, a patty-cake inspector or anyone else talk you into skimping here.

• Stopping air "bypass" - Seal any opening that allows heated air to "bypass" the insulation and rise into the attic. The warm air in your home will always try to rise and will push through any small opening. The attic door should be weather-stripped even better than an exterior door. Exhaust fans should not empty into the attic and the area between the frame of the fan and the ceiling should be tightly sealed.

• Increasing attic ventilation will cool the space and remove unwanted moisture. The temperature in the attic space should be nearly the same as the outside temperature. When fixing attic insulation, avoid blocking any vents with insulation. The best ventilation system is balanced between low in-take from the overhangs and high-exhaust vents on the attic roof.

Read home maintenance tips

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Mark

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Wednesday, January 30, 2008

Mortgage Rates and Factors to calculate payments

The table below shows current rates and their factors.

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Mark

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Monday, January 28, 2008

Outlook for Housing Starts Continues to Look good!

The outlook for the housing market continues to be very upbeat for the near term.

Housing Starts:
2007: 227,500
2008: 214,300
Resales:
2007: 521,100
2008: 500,800

Housing starts will remain above the 200,000 unit threshold for a seventh consecutive year in 2008, a feat last accomplished in the 1971-1978 period.

Over the long term it is expected that residential construction will gradually decline as factors that drive housing become less stimulative reaching approximately 198,425 units by 2011. Despite this downward movement, the level of activity will remain well above the average annual level of about 150,000 housing starts observed during the 1990s.

The outlook for Canadian GDP growth remains positive over the medium term. The economy will continue to operate close to its capacity and expand at about 3 per cent from 2008 to 2011.

Employment growth is expected to be constrained over this time frame since a record number of Canadians are presently employed. Employment growth will average 1.3 per cent annually over the 2008 to 2011 period. At this pace, the unemployment rate is expected to creep up toward 6.5 per cent range by 2011.

Inflation will remain modest at about 2 per cent per year over the medium term. As a result, both short and long term interest rates will be fairly stable going forward. Longer term mortgage rates, such as the 5 year fixed rate, will stay low and should increase by 50 to 75 basis points between 2008 and 2011.

Population growth is a key driver of housing demand over the longer term and a major contributor to population growth is immigration. More than 216,000 immigrants arrived in Canada in 2006. Looking ahead, continuing tight labour market conditions will provide an attractive environment that will continue to draw large numbers of immigrants to Canada. As a result, net migration is forecast to rise steadily through 2011.

This rise will boost population growth and household formation, which in turn will support strong levels of housing starts through 2011.

Ontario, Quebec and British Columbia will continue to attract most of the new immigrants settling in Canada.
Source: CMHC Housing Market Outlook Canada Edition 4Q2007

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Mark

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Friday, January 25, 2008

USA Real Estate Round Up for 2007 from NAR

This is what NAR just reported: 2007 Existing-home Sales Fifth Highest

Existing-home sales declined in December following several months of stable activity, with total sales in 2007 still at the fifth highest on record, according to the NATIONAL ASSOCIATION OF REALTORS®.

Existing-home sales including single-family, townhomes, condominiums and co-ops – slipped 2.2 percent to a seasonally adjusted annual rate of 4.89 million units in December from a pace of 5 million in November, and are 22 percent below the 6.27 million-unit level in December 2006.

For all of 2007 there were 5,652,000 existing-home sales, the fifth highest year on record. However, the total was 12.8 percent below the 6,478,000 transactions recorded in 2006.

Lawrence Yun, NAR chief economist, says the market is experiencing uncharacteristic weakness.

"Home sales remain weak despite improved affordability conditions in many parts of the country, but we could get a quick boost to the market if loan limits are raised in combination with the bold cut in the Fed funds rate," he says. "Home prices are lower, mortgage interest rates continue to decline and incomes are higher, but many potential buyers are delaying a purchase."

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 6.10 percent in December from 6.21 percent in November; the rate was 6.14 percent in December 2006. Last week, Freddie Mac reported the 30-year fixed rate dropped to 5.69 percent.

"Although interest rates on jumbo loans have fallen somewhat, they remain well above conventional mortgage rates," Yun says. "It isn't surprising that the share of single-family homes selling for more than $500,000 fell to 12.4 percent of transactions in December from 14.2 percent a year ago."

Read about our marketplace: Price Trends

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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

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Mortgage Interest Rate Update after Bank of Canada Prime Rate Drop of .25%

Mortgage Interest Rate Update after Bank of Canada Prime Rate Drop of .25%

Financial markets and interest rates dominated the news yesterday - as you are aware, the Bank of Canada lowered their lending rates by .25% and most banks have lowered the Prime lending rate to 5.75% (from 6%).

Following yesterday's announcement, fixed rate mortgages remain unchanged. Today's best pricing on a variable rate mortgage is 5.15% (Prime less .60%).

The next Bank of Canada rate announcement is scheduled for March 4th and there were strong suggestions yesterday that addiitional rate decreases are likely.

Mortgage Interest Rate Update
January 25th, 2008

Prime Rate .5.75%
Variable Rate Prime less .60%
1 year closed .5.65%
3 year closed .6.00%
5 year closed .5.99%
7 year closed .6.03%*
10 year closed ...6.10%*
25 year closed ...7.10%

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

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Thursday, January 24, 2008

Comments on Canada's Economy from RBC

The Canadian economy still robust

Canada's economy grew at a 2.9% annual rate in the third quarter, only moderately slower than the 3.8% second-quarter pace and first-quarter 3.5% increase. The strength in the third quarter came from the domestic economy, which has been the mainstay of Canada's economic growth during the past several years.

Job growth beat expectations once again in November, with 42,600 jobs created, trouncing forecasts for an 8,000 job gain. The job market has generated 388,200 new jobs so far this year and the pace of wage gains has accelerated strongly from the tepid 2.3% average increase in the first quarter to the 4.2% average pace in October-November.

Retail sales fell 0.2% in September for the third time in the past four months,largely driven by a 1.3% drop in sales by new car dealers. The decline in real retailsales and the only modest increase in manufacturing shipments in September pointto moderating GDP growth in the month.

Housing starts were essentially unchanged in November, coming in at a 227,900 annualized pace compared to 227,600 in October. The average level of housing starts activity year-to-date has been the highest since 2004. Our forecast assumes that starts will trend lower, eventually averaging a little above 200,000 in 2008.

The merchandise trade surplus widened to $3.3 billion in October as exports inched lower by 0.5% and imports dropped 2%. After shaving 4.8 percentage points from third-quarter economic growth, drag from the trade sector and slower domestic demand will slow GDP growth again in the fourth quarter.

Canada's core inflation rate moved to its lowest level since April 2006 in November, and held below the 2% target for the second month running. The all-items inflation rate will likely remain above the Bank of Canada's 2% target in the near-term, but continued discounting by Canadian retailers will keep the core rate below the 2% target.

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

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Wednesday, January 23, 2008

RE/MAX Reports Condominium appreciation outpaced single-detached housing

New Report from RE/MAX Condominium appreciation outpaces single-detached housing
values in key GTA districts in 2007, says RE/MAX

Mississauga, Ontario (January 23, 2008) Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end.

According to RE/MAX Ontario-Atlantic Canada, the average price of a condominium rose 12.2 per cent in the central core in 2007 ($327,559 vs. $292,064) while values in the west end jumped 7.3 per cent from $215,036 to $230,749. Statistics for single-detached homes reveal an 11.5 per cent increase in average price in the central core ($910,906 vs. $816,938) and a 6.6 per cent increase in the west ($417,407 vs. $444,945) during the same period.

"Condominiums are clearly a viable—and now financially feasible—alternative to single-detached housing," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.

"With so many purchasers forced to compromise on their choice of housing, the ever-growing return on investment in the condominium market is proving to be quite the consolation prize."

Despite higher prices across the board—approximately 20 per cent, or 12 of 63 Toronto Real Estate Board Districts, experienced a double-digit increase in average price in 2007—the condominium lifestyle allows purchasers to live in the GTA's most coveted communities at a fraction of the price of a single-detached home.

The best performing markets in 2007 include top-ranking Bayview Village (C15), leading with a 28.9 per cent increase in average price year-over-year ($241,611 vs. $340,113); Yorkville, Annex (C02) in second place with a 23.9 per cent increase ($494,861 vs. $650,379); and Rosedale, Summerhill (C09) in third place, with values 17.2 per cent ahead of 2006 figures ($462,067 vs. $558,435).

Forest Hill, Deer Park (C03) and Swansea, Roncesvalles, South Parkdale (W01) both tied at 14.8 per cent—$514,823 vs. $604,924 and $246,900 vs. $289,872 respectively claiming fourth place, while SE Mississauga, Applewood, Rathwood (W14) rounded out the top five at 14.6 per cent ($180,279 vs. $211,185).

"Condominiums now outsell single-detached homes two to one in the central core," explains Polzler.

"Condo sales have accounted for an increasing percentage of the marketplace in the central, west, and northern districts since 2005. The trend is expected to continue as affordability levels diminish, particularly in the central core. It's also important to recognize that the vast majority of these purchasers are end-users and speculation is a rare occurrence in the resale condominium market."

Although they carry some pretty hefty price tags, single-detached homes continued to post solid gains as well, with approximately 21 per cent or 13 of 63 Toronto Real Estate Board districts, reporting increases over 10 per cent in 2007. The best return on investment occurred yet again in proven blue chip neighbourhoods. Forest Hill (C03) led the way with a 17.4 per cent increase in average price in 2007, rising from $849,697 in 2006 to $1,028,960. Leaside (C11), Lansing, Willowdale (C07), and Bathurst Manor, Armour Heights (C06) placed second, third and fourth, with prices rising 14.2 ($791,083 to $922,607), 13.4 ($537,891 to $621,185), and 12.2 per cent ($523,736 to $596,551) respectively year-over-year. Thriving Port Credit (W12) placed a strong fifth with a percentage increase of 11.7 per cent in average price, bringing single-detached housing values in the area to $577,461 from $509,380 in 2006.

"When it comes to bricks and mortar, homeownership can be cost-prohibitive," says Polzler. "The surge in condominium sales and prices is a glimpse at the future. Not only is the condo lifestyle more widely accepted, it is also highly coveted by many. Location, price, amenities, views, low-maintenance living—it's the ideal package for a growing number of purchasers. As such, price growth and demand are expected to continue strong into 2008. "

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: http://www.remax.ca/.

read more about Price Trends at my site

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