March GTA Real Estate news is positive -market is good

This is the full report from TREB


April Report on March News
March Resale Housing Results Bring Positive News

TORONTO, April 6, 2009 - In March 2009, Greater Toronto REALTORS® reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.

“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.

“In fact, over the past two months, the situation in the housing market has improved.” The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1

“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”

1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

See the numbers here:
http://www.mississauga4sale.com/TREBprice.htm

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

GTA Real Estate market is improving

The average price was up marginally in March of 2009 compared to February 2009 which indicates that our market is holding it's own for the past month. See the report below by TREB

March Resale Housing Results Bring Positive News

TORONTO - April 6, 2009 -- In March 2009, Greater Toronto

REALTORS® reported 6,171 sales – down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.


“The Greater Toronto housing market has stood up very well given the challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.

“In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1


“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater number of households have taken advantage of increased affordability in the housing marketplace.”

1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year.

For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

Median Price

The median price in March was $317,500 from the $326,000 recorded in March of 2008.



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

Confusion at Kingsbridge Gardens Circle Condos Mississauga

If you've ever driven on Kingsbridge Garden Circle and looked for one of the condos, you know the numbering is very confusing.

This post will tell you exactly where the condos are.

When you are located at the corner of Highway 10 (Hurontario) and Kingsbridge Garden you head west from that point and the very first set of traffic lights west of Hurontario and Kingsbridge Garden Circle has a street running to the north and the south. On the south side are the green buildings, called the Emerald Centre, there is a Rabba in that building.

Now to confuse things, the condo located at 50 Kingsbridge Garden Circle is on the south side of the street on the west side after your turn left at the lights. The street name to the left (south) is named Tucana Court, but 50 Kingsbridge Garden Circle condo is on that street, very confusing!

On the north side of this intersection, where the HSBC and newer strip plaza at the corner of Highway 10 and Kingsbridge are located is where there are 4 condos.

As you head north on this large dead end street, there are two condos on the left and two on the right.

The first building on the left is 55 Kingsbridge Garden Circle, which is also called the Mansion

The second building on the left is 45 Kingsbridge Garden Circle and it's called the Park Mansion.

The two buildings on the right side are the newest buildings in the area and they are called Skymark West, and the first building on the right is 25 Kingsbridge Garden Circle and the second building is 35 Kingsbridge Garden Circle

See the actual locations at this link:

http://www.mississauga4sale.com/listings-google-maps-condos-10-Eglinton.htm

These links below will take you to information about each building in the area.

Read more about the buildings located at Kingsbridge Garden Circle

25 Kingsbridge Garden Circle

35 Kingsbridge Garden Circle

45 Kingsbridge Garden Circle

55 Kingsbridge Garden Circle

50 Kingsbridge Garden Circle

None of these buildings are less than 6 years old. The Mansion and Park Mansion are about 18 years old.

I hope this helps you navigate this trick area!

All the best,

Mark

Mortgage interest rate decrease

Hello and welcome to Spring 2009!

Mortgage rates are very low, and you can secure a 120 day rate hold by going through the preapproval process.

Not only do you benefit from a rate hold & preapproval amount but it's a great opportunity to learn more about their options and the mortgage process.

It's definitely to your advantage to have time to consider/evaluate the different financing options before signing an Offer to Purchase.

Current mortgage interest rates are below


Best rates as of March 2 3rd, 2009*

Prime................2.50%
Variable........... Prime plus .80%
1 yr closed........3.25%
2 yr closed........3.80%
3 yr closed........3.84%
4 yr closed........4.10%
5 yr closed....... 3.99%
7 yr closed........5.15%
10 yr closed......5.25%

*Rates subject to change without notice

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 : mark@mississauga4sale.com
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?

Mortgage interest rate update

See how the rates have changed!

It’s a great time to lock in their rates for 120 days. (till July) or tell your family and friends!

If you have a closing within 30 days can take advantage of a low rate of 3.99%.(o.a.c). on a 5 year closed term.

5 YEAR TERMS

5 YEAR closed 4.05% (120 DAYS)

CLOSED VRM prime plus 0.80% (3.30%)

OPEN VRM prime plus 1.00% (3.50%)

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?

Anyone can sell a Corvette at half price!

I received the email below and thought I would share it with you along with my answer.

Enjoy,

Mark

---

From: [mailto:]
Sent: Tuesday, March 10, 2009 3:07 PM
To: mark@mississauga4sale.com
Subject: Information Request

Hi Mark

I am impressed!

Just found your site when asking the question: What percentage of listing agents are selling agents?

As I wanted to see the stats on agents listing, do they sell your house, or do agents from other companies actually sell your house?

Even though we wont be using your services as we are in BC and you are in Ontario, I do wish to compliment you on your web site, and professional approach to your clients...

I like your web site, the questions and answers....especially what you promise to deliver

We are listed for sale here in Victoria, and I am very very discouraged and now that I have read about you approach to listing and selling a home for your client.....I am thinking things over more....The feedback from a viewing is very helpful to a client....getting no reply back is very disheartening, and we have had aproximately 6 or 7 viewings in the past few months, and I have never heard back from my agent.

We thought we chose the best agent in Victoria, and I have just reread the 5 Truths... http://www.mississauga4sale.com/5truths.htm it enlightens me more Especially Truth #1... I know it is a tough market..but homes are still selling....Our property is rare for our area, its waterfront on a lake in an up and coming area., with revenue potential in several ways, and has several options for the future...

..I know the purchaser decides on the price, and I am astounded our agent wants to lower it yet again..and seldom do we hear from him unless it is to lower the price
.
ANYONE CAN SELL A CORVETTE AT HALF PRICE....however, a clever salesman gets the highest dollar he can to get the highest commission, which is his final goal...

Anyway I have taken up too much of your valuable time....thank you for this valuable information on your web site;....

Good luck to you I am sure your clients have had good results.

G

my response back to this person was:

Hi G,

Wow, such a thoughtful email, so nice of you to write such positive comments.

I am glad you like sections of my site, especially the http://www.mississauga4sale.com/5truths.htm I really try to help people and explain things.

I love your "ANYONE CAN SELL A CORVETTE AT HALF PRICE" I will have to remember that one! Unfortunately, we are in a tough market and it's taking longer to sell, but as you say, with expert marketing the price can still be maximized!

I wish you luck with your sale and most importantly, I wish you and your family all the best in life!

Thank you,

Mark

Pre-Foreclosures in GTA - do they exist?

I get asked about pre-foreclosure properties quite often, so I thought I would post a question and my answer below.

Hi Mark,

Do you have any thing on pre-foreclosures?

Do you have properties where there can be discounts of 30 to 50%?

Of course there has to be room for profit;foreclosure don't work so well that way or do they?

Are you able to provide the deep discount properties?

Thanks Mark,

GG

Hello GG,

Our system in Ontario is not set up for pre-foreclosures. Pre-foreclosure is a US term or out of province term, does not happen in Ontario very often.

I've not seen any properties at 30 to 50% off market value, not in the GTA. Sometimes 10% and rarely more, but it does happen.

Again, seldom are there foreclosures in Ontario, it's almost always POS.

Thank you,

Mark

Pre Power of Sale Properties question and answer

Hi Mark,

I understand what you have said about new and changed Power of Sale Properties in the GTA.

But Mark don't you have people calling you occasionally who are in fear of going into power of sale and ask you to sell there home for them before the bank takes over?

Thank you,

VE

Hello VE,

Yes, occasionally I get people who are in trouble and have been served POS proceedings, but often by that time they are so far behind that it will sell for less when it eventually goes POS.

I have one person right now, but they are 5 months behind, the bank just wrote them for the final time and their mortgage, arrears interest and bank legal fees are about 25k more than what the property is worth.

In this case the people will just wait it out, let the bank sell the property and then leave.

I will keep you signed up to the list, their are some very good deals that come out of that list, just have to keep watching.

Thank you,

Mark

Interest rates, what's best Fixed vs. variable... a different story

Hello

Historically speaking, variable rate mortgages have always been better choices then fixed rates as far as interest savings. see the graph here: http://www.mississauga4sale.com/rates_1year_5year.jpg

However, that was then, this is now. With the discounted variable rates being a thing of the past (it may be something that we will not see for many years to come) and variable rate mortgages now being offered at a premium, the gap between variable and fixed rates is now much smaller.

So am I saying that you should go fixed? Not necessarily. You will experience an immediate savings with the variable rate, as always in the past, and most variable rate products allow you to switch to a fixed at anytime without penalty. Going the variable rate route at this day and age, is much more risky than it has been in the past. A

nyone going with a variable rate must be prepared to switch at some point within the next year to two years when rates start going back up again in order to benefit from any savings. For this reason, I suggest this product only for the more financial savvy mortgage seekers. For homeowners who would rather get into a mortgage and not have to worry about it for the next 5 years, the fixed rate will be the better, safer option.

We anticipate one more rate drop of 25 basis points (1/4%) during the next interest rate announcement from the Bank of Canada on April 21rd which will most likely be the last prime rate drop we see. Can it really go much lower? Bank of Canada Prime rate is currently sitting at .5%


Fixed rates are continuing to drop with a 5 year fixed now as low as 4.07%! WOW!


Today's lowest rates are as follows:


1 year fixed 3.25%
2 year fixed 3.89%
3 year fixed 3.99
4 year fixed 4.15%
5 year fixed 4.15%
5 year fixed 4.07% (30 day quick close)
5 year variable 3.30% (prime + 0.8%)

Thanks
Mark

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 : mark@mississauga4sale.com
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?

Mortgage Interest Rate update

The table below will show you the current posted and rates that are available from some lenders.

I hope this finds you happy and healthy!
Mark

TERM	POSTED	Achievable RATES*
6 Month	5.20%	5.00%
1 Year	4.50%	3.25%
2 Year	5.00%	3.79%
3 Year	5.20%	3.74%
4 Year	5.44%	3.94%
5 Year	5.55%	3.82%
7 Year	6.80%	4.95%
10 Year	5.80%	5.25%
Variable Rate		3.25%
Prime Rate		2.50%

* Rates may vary and are subject to change without notice.
Rates Last Updated: Friday, March 20, 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