Tim Horton's chances of winning a car!

I just heard on the radio with the Roll up the Rim to WIN with Tim's that they put more winning cups in BC compared to Ontario

The odds of winning a car in BC are about 1 in 5 million and in Ontario the odds are 1 in 10 million which is about the same odds as you becoming a professional athlete or dating a super model, good luck!

Lol

Mark

Current Mortgage Interest Rates in Toronto Area

These are the current mortage interest rates in the GTA

Take advantage of today's historically low interest rates.

There's no better time to consider purchasing your first home, renewing your mortgage, or planning that home renovation you've been thinking of.

TERM	POSTED	BEST RATES*
6 Month	5.20%	5.00%
1 Year	4.50%	3.50%
2 Year	5.00%	3.99%
3 Year	5.20%	4.00%
4 Year	5.44%	4.14%
5 Year	5.79%	4.12%
7 Year	7.00%	6.00%
10 Year	7.35%	6.35%
Variable Rate		3.25%
Prime Rate		2.50%

* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, March 12, 2009

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

TREB reports Number of listings is up, time on market is up and numer of sales down

The chart above shows that our market is still soft compared to his time last year.

The number of listings is up, the number of sales is down and the time on the market is 50% longer compared to the same time last year.

This is my 21st year in real estate and I've seen this type of market before in the early 1990's I don't feel that we will sink nearly as low as prices fell in the early 90's as the economics are quite different now compared to then.

With that said, we are still in for a rocky few quarters before we come out of this financial crisis.

I wish you all the best!

Mark

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

Economy poised for recovery this year

The Bank of Canada announced Another 50 bps trimmed off the policy rate and talk about adding quantitative easing to the mix.

The economy sagged in the fourth quarter and first-quarter reports point to a larger contraction in early 2009.

I tend to agree with the expert financial institutions that current interest rates are low and fiscal stimulus is in the pipeline, setting up for a recovery later this year.

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

POS property purchasing something of lower value?

I had another question about power of sale properties and I thought I would share the question and my answer, Mark

Hi Mark,

I've read through your section on Power of Sale & found it very helpful, but I just don't understand this one point & was hoping you can clarify for me - "One saying about Power of Sale Properties is "you get a lower price but it's a lessor product" " - does this mean I may be purchasing something of lower value?

Thanks in advance,

SL

Hello SL,

Thanks for your comment and question. Yes, generally speaking you are purchasing a lesser product. This means that the property you are purchasing may not have window coverings, appliances etc. included and the property could require some renovations or improvements.

In addition to this you are taking more risk such as the seller redeeming before closing, no warranties on anything, buying as is, where is, etc. so you are effectively purchasing a property with less inclusions and higher risk compared to 'regular' properties for sale in the same area. With this said, this is why you will usually be able to purchase a POS at a lower price.

I hope this helps.

Please let me know if you have other questions.

Mark

Are less people selling or are homes on the market longer, or combination?

another good question that I thought I would share the answer with you

Hi Mark,

I have a question. The 50% drop in sales from last year means;1 ) less people are selling(i.e they are holding on to their homes)
2) homes longer on the market( i.e homes are being listed just as much as last year but there is less interest to buy 3) combination of the two.

Thanks,
S.

Hello S.,

Good questions.

1. There are actually more homes on the market. 50% drop is the actual number of sales year over year.
2. Days on market is longer, meaning it's taking on average, about 2 weeks longer to sell a home. Behind this, what they don't tell you, is that sellers are on the market for 2 to 4 weeks, don't sell, reduce price by 5 to 10% and sell, house takes 5 to 7 weeks to sell rather than 2-3 weeks.
3. The two situations above are an indicator of a slowing/slow marketplace. Not sure which one came first.

There are less people buying, especially first time buyers, so this is the end result of a cautious buyer.

I hope this helps.

Please let me know if you have any other questions or if there is anything else I can help you with.

Thank you,

Mark

Save over $300 per month on a $300k mortgage with Today's mortgage interest rates!

This article talks about the recent lowering of the prime rate and it's effect on interest rates

With the drop of 50 basis points (1/2%)to the prime rate by the Bank of Canada last week, we have seen virtually every lender adapt this change by lowering their prime rates to a new record low of 2.5%. The next BOC rate announcement is set for April 21st, where a cut of another 25 basis points is expected. This will most likely be the final cut, after all, anymore cuts and they would be paying us to take mortgages! Anyone with a 'prime minus' variable rate should have a very large smile on their face :)

As of today, we are starting to see some downward movement on fixed rates. The lowest available 5 year fixed rate now is 4.19% (30 day quick close) and the one year fixed as dropped to 3.25%! Will the fixed rates come down further than this? We will have to wait and see.

The prime rate is then expected to remain relatively stable for the remainder of the year.

With mortgage rates this low, and with the fallen prices of homes, there has never been a better time in history to buy real estate then right now. This is a time that anyone in this business should be excited about. Even if homes were to depreciate another 3% for the year, the amount they end up saving at today's interest rate more than makes up for it!

Last year at this time, the lowest 5 year fixed rate was 5.99%..... a 1.8% difference from the lowest rate today.

Here is an example of how today's interest rates are better: A $300k mortgage at last years rate of 5.99% amortized over 25 years would have a monthly payment of $1,917. The same mortgage at today's rate of 4.19% would have a monthly payment of $1,609..... a difference of $308! Multiply that difference over the 5 year term and you have saved $18,480. That's $18,400 that stays in your pocket as opposed to going into the banks.

Let's look positively upon the financial opportunity in front of us right now. It is there. Let's make it happen!

Today's lowest rates that I can find:

1 year fixed 3.25%

2 year fixed 3.99%

3 year fixed 3.99%

4 year fixed 4.25%

5 year fixed 4.34%

5 year fixed 4.19% (30 day quick close)

I hope this finds you Happy and Healthy!

All the Best!

Mark

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

Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS Newsletter
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
2 FAX 905-828-2829 ÈCELL 416-520-1577
› E-MAIL : mailto:mark@mississauga4sale.com?subject=Mississauga
Website : Mississauga4Sale.com

• Thinking of selling your home in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
• Power of Sales and Foreclosures
• If you have not already signed up to receive my monthly real estate newsletter, you may do so here: On-Line Real Estate Newsletter sign up
• See seasonal housing patterns
• Would you like me to send you a 2009 Calendar?

RE/MAX reports on first time buyers

This is a report issued by REMAX for first time buyers. REMAX feels that first time buyers will be the main force in the residential market this year.
All the best!
Mark


First-time buyers driving force in Canada's residential real estate markets, says RE/MAX

Mississauga, Ontario (March 11, 2009) - A report released today by RE/MAX confirms that entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada.

The 2009 RE/MAX First-Time Buyers Report highlighting first-time buying activity in 32 residential housing markets across Canada found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market.

Increased inventory and longer days on market coupled with the lowest lending rates ever are presenting opportunities that have not been seen in almost a decade.

While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today's buyer-centric real estate climate.

The new reality is that homeownership remains well within reach for most first-time buyers."

"While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices," explains Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "Affordability has greatly improved and buyers are firmly in the drivers' seat in just about every market we surveyed.

Other banks around the world are following the Bank of Canada

this is an interesting report from RBC about the Bank of England reducing their prime rate by .5%
thanks
Mark

Highlights

Canada's economy crumbled in

late 2008, with real GDP contracting

at the fastest pace in 17 years.

The slumping labour market and

housing slowdown point to the

economy continuing to contract in

the first half of 2009.

The Bank cut the policy rate

again in early March and said it is

considering implementing quantitative

or credit easing to ensure

that monetary policy stimulus is

adequate.

The Bank of England (BoE) and

ECB also trimmed their policy rates

and the BoE launched a quantitative

easing program.

BoE cuts rates; announces quantitative easing plan

The BoE cut the policy rate by 50 basis points in early March to 0.5% and announced that it would purchase financial assets financed by the issuance of reserves. The details of the plan showed the BoE intends to buy both corporate debt and government bonds, with the majority of assets purchased being medium and long-term Treasury debt.

Recessionary conditions, globally and in the U.K., were deemed to threaten an undershooting of the 2% medium-term inflation target necessitating the aggressive policy actions.

In the Eurozone, the ECB cut its policy rate by 50 basis points to 1.5%, the lowest in its 10- year history. While there was no overt talk of quantitative easing, ECB President Trichet did not rule out using new "non-standard measures" as forecasts for growth and inflation were cut back.

Real estate prices recovered in February 2009 compared to January 2009

This chart below shows you the average residential price of single family homes for the past 14 moths in the GTA. Note that prices have recovered in February 2009 compared to January 2009

Greater Toronto REALTORS® Reported 4,120 Resale Housing

Transactions in February TORONTO - Thursday, March 5, 2009

Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year.

“A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties,” said Toronto Real Estate Board President Maureen O’Neill.

On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.

“While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain.” Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue.

According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998, and well within the government’s planned range of 240,000 to 265,000 new permanent residents for 2009. The TREB President pointed out that Greater Toronto REALTORS® are an integral part of the real estate transaction process. “TREB Members are uniquely positioned to help home buyers and sellers adapt to changing market conditions,” added Ms. O’Neill. “In addition, TREB continues to advocate public policies that do not threaten affordability but support home ownership in the GTA such as lower taxation and less regulation.”

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