Beware of Oil Tanks in a Residential Home Sale

I just took a real estate course and we were talking about the hazards and
pitfalls to try and avoid when selling a property with an oil tank.

One of the things that the instructor said to give some perspective on how
little of an oil leak or oil spill is necessary to contaminate ground water
drinking levels was:

1 cup of oil from an oil tank will contaminate water the size of an olympic
size swimming pool, which is threshold of 20mg of hydrocarbon per litre, or
20ppm

The point is that does not take too much of an oil spill or leak to ruin
well drinking water! Beware and make sure you do your testing before you
buy a home with well water, especially if there is an oil tank on the
property.

All the best!
Mark

TREB reports sales down about 50% and prices down about 7% year over year in Toronto

TREB reported the November sales figures and it was as expected. The sales volumes are down about 50% and the sale prices are down about 7% compared to last year

Please let me know if you have any questions.

Thank you,
Mark



Over 3,600 Sales In November

December 4, 2008 -- TREB Members recorded 3,640 sales in November 2008 from the 7,313 sales recorded during the same period last year in the GTA, TREB President Maureen O’Neill announced today.

The average GTA price in November 2008 was $368,582. During the same period last year, the TorontoMLS system recorded an average of $393,747, and in November of 2006 overall GTA prices averaged $355,727.

The 2008 year-to-date sales for the GTA was recorded at 72,086 from last year’s 88,695. The year-to-date GTA average price was $379,489 from last year’s $375,445

Within the 416 area (City of Toronto) there were 1,523 sales during November 2008. During the same month last year, 3,426 sales were recorded. The average price in the 416 area was $390,225 compared to $433,859 in November 2007 and $381,188 in 2006.

In the City of Toronto, 28,806 sales have been recorded year-to-date for 2008 from last year’s 36,804 during the same time period. The year-to-date 2008 average price in the 416 area is $411,155 from last year’s $411,640.

The 905 Region recorded 2,117 sales last month, compared to the 3,887 sales transacted during November of 2007. The average price in the 905 Region was $353,012 last month from $358,391 in November of 2007 and $335,522 in November 2006.

Year-to-date sales in the 905 Region for 2008 were 43,280 from the 51,891 recorded during the same period in 2007. The year-to-date average price in the 905 Region for 2008 was $359,245 from $349,774 in 2007.

Breaking down the total, 1,453 sales were reported in TREB’s 28 West districts and averaged $350,199; 629 sales were reported in the 14 Central districts and averaged $473,346; 651 sales were reported in the 23 North districts and averaged $410,253; and 907 sales were reported in TREB’s 21 East districts and averaged $295,470.

Median Price

The Median Price for November 2008 was $312,250, compared to $325,000 in November of 2007 and $298,000 in 2006. The YTD Median for the first 11 months of 2008 was $325,000, compared to $318,000 during the same time-frame in 2007, and $300,000 in 2006.

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS 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
›mark@mississauga4sale.com
8 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

Residential Tenancies Act (RTA) in Ontario Summary and Explanation

I posted this page on my website last week, but thought it would be a good idea to blog about it.

This is an important issue when it comes to lanlord and tenant issues and The Residential Tenancies Act is now the law in Ontario.

Statutory law for residential tenancies in Ontario now comes under The Residential Tenancies Act (2006), replacing the Tenant Protection Act.

This new statute became effective on January 21, 2007

The major changes under the residential tenancies act (2006) effective January 31, 2007 are

• The Landlord and Tenant Board is responsible for all matters regulated under the residential tenancies act, there is a local office here in Mississauga and Toronto
• The landlord must give new tenants a pamphlet with information on the responsibilities of landlords and tenants, the role of the Landlord and the Tenant Board and contact details for the board. The pamphlet is available through the Landlord and Tenant Board or at this link: http://www.ltb.gov.on.ca/graphics/249749.pdf
• The landlord can apply to the Landlord and Tenant Board for any justifiable increase in rent by more than the rent control guideline, if taxes, charges, or utilities have increased. If utility costs or taxes go down, the rent must also go down.
• IF the rent increase application is for capital expenditures or security services, there is a limit or three percent above the guideline for a maximum of three years. Once the capital expenditure is fully paid for, the rent must go down for any tenants who were living there at the time of the increase.
• At a hearing for a rental increase above the guideline, the board can decide to deny or delay the rent increase if there are serious outstanding maintenance issues for work orders on the property
• The annual rent increase guideline is based on the Ontario Consumer Price Index (CPI), which is the rate of inflations.
• The rate of interest that a landlord must pay to a tenant on a last month's rent deposit every year is the same as the annual rent increase guideline and landlords can use the interest to top up the last month's rent to keep it current.
• There is a shorter eviction process for tenants who cause wilful or excessive damage to a rental unit or building. This shorter process also applies to tenants who cause a disturbance in a small rental building where the landlord also resides. The notice period to the tenant is shortened to 10 days from the previous 20 days. Landlords can apply to the board for an eviction notice immediately after serving the notice.
• Except for a notice for non-payment of rent, when a notice of termination has been served on the tenant, the landlord must apply to the board for an order terminating the tenancy not later than 30 days after the date specified in the notice of termination.

Even thought het Residential Tenancies Act has replaced the Tenant Protection Act, the bulk of the legislation regarding notice periods for termination remains unchanged.

You may find additional information regarding the Landlord and Tenant Board, all of their forms and information is available online at:

http://www.ltb.gov.on.ca/en/index.html

You can read more about this at my website too:
http://www.mississauga4sale.com/Landlord-Tenant-Board-FAQ-2007.htm

This article above is shown at this page of my site:
http://www.mississauga4sale.com/Landlord-Tenant-Residental-Tenancy-Act.htm

Please email me if you have any further questions or require information.

Thank you,
Mark

REMAX reports that threat of world wide recession will put downward pressure on Canadian home sales

This is a report just issued by REMAX Ontario Atlantic regarding our marketplace and the future of real estate in the year 2009.

They feel the the economic environment for 2009 will be challenging for sellers. We are already seeing this in the Mississauga and GTA

All the best!
Mark


Threat of global recession to hinder home sales in major Canadian housing markets in 2008 and 2009, says RE/MAX
Recovery linked to economic stability next year

Mississauga, ON (December 3, 2008) Global economic uncertainty weighed heavily on residential real estate activity in most major Canadian centres during the latter half of 2008.
Although the forecast for 2009 promises more of the same, most markets are expected to weather the storm, says RE/MAX.

The RE/MAX Housing Market Outlook for 2009 examined residential real estate trends in 22 markets across the country and found that average price held up remarkably well in 2008, despite 13 centres reporting double digit declines in home sales. Solid gains earlier in the year likely served to prop up housing values at year end. The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given continued volatility in financial markets and the threat of recession, but as stability returns to the financial sector, housing markets are expected to recover.

Nationally, 440,000 homes are expected to change hands in 2008, down 15 per cent from record 2007 levels. Canadian housing values are expected to hover at $300,000, a nominal three per cent decline from last year’s historic peak. By year end 2009, unit sales should match 2008 levels, while average price is forecast to fall another two per cent to $293,000.
“Housing market performance will clearly be contingent on economic performance at a local, provincial, and national level in 2009,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario Atlantic Canada. “Issues affecting the overall economy are impacting housing markets across the country and the situation is not expected to be remedied until consumer confidence is restored. That said, we could see a bounce back as early as spring

– if inventory levels remain stable, pent up demand kicks into gear, and lower interest rates stimulate home buying activity.”


Major markets are evenly split in terms of housing performance in 2009, with 11 centres forecast to match or exceed 2008 home sales and 11 expected to slide from 2008 levels. The highest percentage increase in unit sales is anticipated in Saskatoon, where the number of homes sold is forecast to climb three per cent in 2009. Housing values are expected to hold the line in 2009, with St. John’s, Montreal, Kingston, London, Winnipeg, Saskatoon, and Regina posting modest gains in average price in 2009.

“Canada’s real estate environment is considerably more complex than it has been in recent years,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “The landscape is definitely changing with most markets shifting into either balanced or buyer’s territory. The shut out is over. Sellers no longer rule the roost. Opportunities exist for purchasers like never before, including lower interest rates, greater inventory levels, the luxury of time to make decisions, and the upper hand at the negotiating table. Motivated vendors will need to take note of the new mindset and set their prices accordingly.”

Canadian sellers are slowly adjusting to new realities. For most markets, 2008 started in balanced territory and moved into buyer’s market conditions during the latter half of 2008. The year ahead will prove challenging, especially for vendors.

“While the economy will dictate real estate performance next year, it’s important to remember that demand still exists in the marketplace,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec. “In the midst of stock market turmoil, sold signs continue to appear on lawns across the country. With affordable lending rates and increased selection, first time and move up buyers with good credit may choose to play their investment strategy safe and purchase a home.

The comfort of a tangible investment like real estate goes a long way in tough times.” RE/MAX is Canada's leading real estate organization with over 18,000 sales associates situated throughout its more than 670 independently owned and operated offices across the country.

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS 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
›mark@mississauga4sale.com
8 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

Home Staging and open house Checklist items just before

Last Minute Home Staging Checklist for an Open House

1. Clean up your house! – make sure everything is clean and tidy, including windows and mirrors.
2. Wipe down all yoru main sinks and bathtubs. When they are dry, they will look cleaner. No dirty dishes in the sink.
3. Declutter – remove everything from counters, tables, floors, etc. except the items you are using to accessorize.
4. Put away any your valuables; money, jewelry, credit cards, personal information, medications.
5. Depersonalize the house as much as possible – remove all toiletries, grooming products, photographs, diplomas, awards, trophies, collections.
6. I don't necessarily agree with this one
   Also remove anything of a religious, ethnical or political nature.
7. Open all blinds and window coverings; you want the house to light and bright.
8. Turn on all the lights in the house, including lamps.
9. Check all beds are made and tidy up the bedrooms.
10. Open the windows and air out the house. Empty all garbage containers, diaper pails etc.
    You don’t want any offensive odors in the house.
11. Take pets with you and remove all signs of pet paraphernalia. (fish are the exception)
12. Make sure all toilets are flushed and toilet seats down and that they are clean!
13. Optional – easy listening music in the background.
14. Curb Appeal - check the yard; remove newspapers, garbage, toys or clutter.
    
    

    Read more about:

    • Interest Rates
    • Power of Sale Properties
    • Price Trends
    • or Search the MLS 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
    ›mark@mississauga4sale.com
    8 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
    

Ready to buy a Mississauga Home?

Are you planning To Buy real estate before the winter?

Start your real estate education now by receiving all the newest Mississauga and Toronto house or condo MLS listings automatically for your favourite neighbourhoods!

Use this link to sign up to my neighbourhood watch program:

http://www.mississauga4sale.com/Neighbourhood-Watch.htm

After you provide us with some of your general home buying requirements, weekly or biweekly you will receive copies of those MLS listings that fit your criteria. It's that easy!

You'll discover what homes are selling for in the Mississauga neighbourhoods that you're interested in and you'll be able to more accurately plan for what size of down payment you'll need and what your monthly payments will be.

Just one more value added benefit to working with Mark Argentino of RE/MAX in Mississauga Ontario.

All the best!

Mark

What A Staging Consultant will do for your house

This page will give you ideas and tips when it comes to selling your home and staging it, this is one in a series of articles on staging your house

You will benefit by using the information contained within these articles.

Enjoy!
Mark

What A Staging Consultant will do for your house:

Ñ Look at your house through those highly critical eyes of the buyer

Ñ Highlighting selling features

Ñ Enhancing functionality and visual flow

Ñ Make your house appear bigger, brighter

Ñ Enhance the positive features and minimize the negative

Ñ Furniture layout, lighting, traffic flow, repairs, focal point

Ñ Appeal to more mainstream taste

Ñ Respect your individual situation, timeframe and budget

Ñ Make that all important first impression memorable

Ñ Critique and recommendations – a room by room, step by step, prioritized assessment of what needs to be done to get your house ready for sale

Ñ Maximize your return on investment, and protect your equity with an honest, unbiased and professional opinion.

In the end, it is you that will decide what recommendations you will implement.

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS 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
›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

Home staging tips for your front entrance front entrance home tips when you are selling

This page will give you ideas and tips when it comes to selling your home and staging it, this is one in a series of articles on staging your house

You will benefit by using the information contained within these articles.

Enjoy!

Mark

The Entrance – Welcome!

Here are some tips for your front entrance to welcome the prospective buyers.

• install a new front door glass insert to let the light pour in
• clean up your interlocking bricks
• you could place an item that is in season on the font door
• make sure your front door looks good
• make sure front door hardware is in good condition
• plant some nice flowers out front
• clean your lights
• get a new mailbox
• get new house numbers so the agents can find your home
• use a quality door bell that works
• get a new front door mat
• make sure front entrance is clean

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS 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
›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

Should House Staging includes Repairs of your house

This page will give you ideas and tips when it comes to selling your home and staging it, this is one in a series of articles on staging your house

You will benefit by using the information contained within these articles.

Enjoy!
Mark

Home Staging includes Repairs

10 Fast and Easy Repairs – Show Pride of Ownership

1. Wall cracks, holes or dents – fill and touch up, repair torn or loose wall paper
2. Window trim and baseboards – either touch up or replace if cracked, scratched or faded
3. Windows and window panes – replace cracked windows, make sure windows are operate properly
4. Switch plates and electrical sockets – if cracked, outdated or not working, replace them
5. Faucets and toilets – repair if leaking or dripping
6. Toilet seats – replace if cracked, broken or hinges not working
7. Flooring – repair or replace flooring that is chipped, scratched, loose, broken or missing
8. Carpets – professionally clean all carpets so they look their best
9. Cupboard doors – repair any doors that do not swing smoothly
10. Replace light fixtures that do not work properly, or are outdated, replace burnt out light bulbs

Read more about:

• Interest Rates
• Power of Sale Properties
• Price Trends
• or Search the MLS 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
›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

Mortgage interest rate update

Good Afternoon everyone,

At long last, mortgage interest rate decreases are being announced! It would be nice if I can be reporting on further decreases in the near future, but the announcements today are a good start to rates coming down now and in the future.

In summary:

• Variable rates: Prime less .60% (down from Prime less 1%);
• For clients who want a really competitive rate .... consider the 4 yr fixed @ 4.89%;
• Currently some of the best 5 yr fixed are priced at 5.10% (mortgage amount over $500K or 5.30% for lower amounts).

If you have any questions about financing options? Please contact me via email.

You may be aware or heard that that the licensing requirements for mortgage brokers changed on July 1st, 2008. As of January 2009, my new title is 'Mortgage Agent' and all mortgage agents are required to show their license number on business cards etc. The mortgage documentation that Mortgage agents present to clients will also be changing. Hopefully FSCO's new licensing requirements will help insure mortgage clients receive the information & guidance they require to make mortgage decisions.

Many of your know I am a real estate Broker. I am contemplating becoming a Mortgage Broker too, why not add another service to my current level of service. Do you have any thoughts on me becoming a mortgage broker? Postive or negative or neutral?

Hope your weekend is great! :-))
Mark