Monday, December 20, 2010
Sunday, December 19, 2010
Canada ranks 3rd in the world in educational well being, 4th in math and science literacy. The USA 19th, 13th and 24th. http://ping.fm/lHZkC
Saturday, December 18, 2010
E-books. Borrowing without visitng. One of the best things about my Sony Reader is downloading books from the library http://ping.fm/YbYCB
Monday, November 22, 2010
What will Toronto look like in 2034? A whimsical look at the future by Christopher Hume, Toronto Star http://ping.fm/FBSJI
New home sales up in GTA - Condos account for 70% of new home sales http://www.moneyville.ca/article/894950--new-home-sales-up-in-gta?bn=1
Friday, November 19, 2010
November market commentary
We are presently going through a correction phase in our Toronto and Canadian real estate markets that is spawning all types pf press and forecasts of a more moderate market ahead, and even more about doom and gloom. Even when there is a nugget of bright news, it often gets buried or written in such an obscure way that most people just miss it altogether.
In my opinion, there are a number of important items to be aware of today and for the coming markets.
*First, the current 'weakness' is comparing against a very strong post recession recovery last year. Total sales for this year will be the third highest level of sales ever recorded for the Toronto GTA market.
*September and October both followed the seasonal pattern of increasing from the previous month. Remember the hype about June and July sales decreasing? They have both decreased vs the previous month in 8 of the last 10 years. Doom and gloom, or a normal seasonal market? You decide.
*Average sales prices continue to grow at +5 to +6% above last year. Many neighborhoods (se below) are seeing wild swings in prices as the mix of homes shifts from month to month.
*Good quality, well prepared, properly priced and well marketed homes are selling quickly. As an example, I recently sold a home in one week for 17% more than my clients bought it for a year ago (they didn't do any major renovations). One of my colleagues sold her home and had 11 offers on it.
*The condo market is generally very strong. There are some exceptions where the market is mature and heavily built. Sales along the newer sections of the Sheppard subway are booming, as are most developments in the midtown core.
*We are starting to see more positive signs in the higher priced market, but that could be affected by any delay in the proposed repealing of the Toronto Land Transfer Tax.
*The affordability index is still very positive, showing that most people can afford to be in the market.
*Interest rates are continuing to drop, now as low as 3.39% for 5 year fixed, with some people predicting that they will go as low as 2.99% (don't hold your breath on that one).
Those are some of my thoughts on the current market and where things are headed. If you agree, or not, I'd like to hear you views. Email me at armand@armandgilks.com
In this issue of my newsletter we have a number of interesting articles in addition to the market stats.
To have a look at my current newsletter including detailed market stats click here.
In my opinion, there are a number of important items to be aware of today and for the coming markets.
*First, the current 'weakness' is comparing against a very strong post recession recovery last year. Total sales for this year will be the third highest level of sales ever recorded for the Toronto GTA market.
*September and October both followed the seasonal pattern of increasing from the previous month. Remember the hype about June and July sales decreasing? They have both decreased vs the previous month in 8 of the last 10 years. Doom and gloom, or a normal seasonal market? You decide.
*Average sales prices continue to grow at +5 to +6% above last year. Many neighborhoods (se below) are seeing wild swings in prices as the mix of homes shifts from month to month.
*Good quality, well prepared, properly priced and well marketed homes are selling quickly. As an example, I recently sold a home in one week for 17% more than my clients bought it for a year ago (they didn't do any major renovations). One of my colleagues sold her home and had 11 offers on it.
*The condo market is generally very strong. There are some exceptions where the market is mature and heavily built. Sales along the newer sections of the Sheppard subway are booming, as are most developments in the midtown core.
*We are starting to see more positive signs in the higher priced market, but that could be affected by any delay in the proposed repealing of the Toronto Land Transfer Tax.
*The affordability index is still very positive, showing that most people can afford to be in the market.
*Interest rates are continuing to drop, now as low as 3.39% for 5 year fixed, with some people predicting that they will go as low as 2.99% (don't hold your breath on that one).
Those are some of my thoughts on the current market and where things are headed. If you agree, or not, I'd like to hear you views. Email me at armand@armandgilks.com
In this issue of my newsletter we have a number of interesting articles in addition to the market stats.
To have a look at my current newsletter including detailed market stats click here.
This is a must watch video from the Australian drinking and driving campaign. Please watch and pass it on. http://ping.fm/VPpyB
Tuesday, November 9, 2010
Monday, November 8, 2010
Tuesday, November 2, 2010
Tuesday, October 26, 2010
Sunday, October 24, 2010
Food for thought. Economists are warning of 'Japanification" the deflationary trap that spirals down. NY Times. http://ping.fm/xy1SG
Saturday, October 23, 2010
Condos in 416 will be in highest demand says industry leaders poll - Stephen Dupuis, Toronto Star. http://ping.fm/JvUJO
Thursday, October 21, 2010
"Toronto Area new condominium market not top heavy with inventory...it could potentially be undersupplied." says Realnet. http://ping.fm/16Mlr
Saturday, October 16, 2010
Thursday, October 14, 2010
Just listed 195 Church St Old Weston Village. OH S/S 2-4. 3BR 1 1/2 stry Renoed. Pr drv. http://ping.fm/iquLU
Wednesday, October 13, 2010
TD & BMO cut mortgage rates amid falling bond yields. Discounted 3.49% could go lower. http://www.moneyville.ca/article/874064--bmo-td-cut-mortgage-rates-amid-falling-bond-yields
Saturday, September 18, 2010
Monday, September 13, 2010
September 2010 Market Update
Selling prices were seasonally lower from July to August, but generally continued to trend well above the average from August 2009. Sales volumes, however, continued to trend well below last year’s levels.
This was a reflection of a number of factors – comparing against a strong recovery period last year, many buyers moving their purchase earlier in the year and a very limited choice due to low inventory levels.
The outlook for this fall looks quite promising with a lot more buyers seeming to be active and a lot of new listings already hitting the market in anticipation of a good fall market. We are also seeing some positive news reports on the state of the economy and the real estate market which is helping to boost buyers confidence levels.
You can check out some of these articles on my blog at www.torontocentralhomes.blogspot.com
Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded duringthe same period in 2009. New listings decreased by one per cent year-over-year to10,488.
“The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months.
With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009,” said Toronto Real Estate Board President Bill Johnston.
The average price for August transactions was $411,012 – up six per cent compared tothe average of $387,921 reported in August 2009.
“Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place,” said Jason Mercer, TREB’s Senior Manager of Market Analysis..
How to Plan a Successful Open House
Having an open house is a lot of work so if you decide to do it, you’ll want to ensure it's a success. Here are some tips that'll have your home looking its best on the big day:
De-Clutter - Clearing out clutter makes your home appear much larger so remove personal items like photos and souvenirs. Also, put away small appliances to increase your counter space.
Deep Clean - Thoroughly clean your home from top to bottom. Serious buyers will look everywhere including under the kitchen sink so make sure everything's neat and tidy.
Lighten Up - Wash your windows and open up the drapes and blinds to let in as much natural light as possible. Turn on all the lights and put out some fresh flowers to brighten things up.
Blooming Beautiful - Buyers are looking for a tranquil outdoor setting to relax in so cut the grass and pick up the kid's toys. While you're at it, pull out some weeds and plant a few flowers.
The Nose Knows - Baking just before an open house will leave a pleasant aroma that'll remind people they’re in a home rather than a house. You can even leave some out for your visitors!
Seasonal Pics - If your open house occurs during the winter, showcase your garden by displaying some photos of what your yard looks like during the summer when it’s at its best.
Don't Delay - There’s always a buzz when a new property hits the market so the sooner you schedule your open house, the more traffic you'll generate.
The day of your open house should find your home sparkling! Potential buyers need to envision themselves living in your home so in order to make them feel more comfortable, you and your pets should leave ahead of time so your real estate agent can focus on selling your home.
Do You Know How Your Credit Score Works?
By Ellen Roseman - Toronto Star
Your credit score is a three-digit number that can determine whether or not you get a loan and at what rate.
Many insurance companies also use credit scores to decide what you pay to protect your home and belongings from damage.
So, what does your credit score say about you? How can you get it? And how can you improve it?
Credit scoring was developed by Fair Isaac & Co. in the United States to help credit bureaus assess the risk to lenders.
Equifax, one of Canada’s two major credit bureaus, is licensed to use the FICO score, known as the Beacon score here. Its rival, TransUnion, uses a slightly different score (called Empirica).
Your credit score is not the same as your credit report, which shows your payment history. The credit report is free for you to check, but you can’t get your credit score without paying $15 to $25 or so to check it online.
Ignore any offers of free credit scores. They’re only teasers to sell you something else, such as a monthly credit monitoring service.
Eric Putnam spent 26 years in consumer lending before starting a company, Debt Coach Canada. He charges a monthly fee to people who want help organizing their finances and improving their credit scores.
I asked him what goes into a credit score – a secret guarded carefully by the credit bureaus.
The biggest part of the score (35 per cent) is your payment history, he says. This shows if you pay bills on time, have any unpaid debts or have been through bankruptcies, consumer proposals or debt management plans.
Another big part (30 per cent) is based on how much you owe.
If you carry an $8,000 balance on a credit card with a $10,000 limit – even if you pay the minimum on time each month – your credit score will drop. So, it pays to keep your balances down and not get close to your credit limits.
Another 15 per cent of your credit score is based on how long your accounts have been open and used. You may be a newcomer to Canada with no record of loans or someone whose spouse takes care of all credit transactions.
To be seen as a good credit risk, it’s not enough to be approved for credit. You have to use the credit you’re given.
Another 10 per cent of your credit score depends on the balance between revolving credit (such as credit cards) and instalment loans (such as mortgages or car loans).
Lenders like to see both types of credit. Revolving credit can be maxed out since the rates are high enough to absorb losses, while instalment loans with fixed payments must be approved and supervised closely.
The remaining 10 per cent of your score is based on how much new credit you’ve obtained or applied for. This shouldn’t be too high a percentage of all the credit shown on your file.
If you’re shopping for credit, do it within a 15-day period, Putnam says, since that will show as one credit inquiry.
Otherwise, do your shopping with a copy of your credit score, which you can show to lenders to find out what they will offer you.
Banks may give the three-digit number if you ask, but they’re not supposed to give the context that goes with it.
For information, go to www.equifax.ca and www.transunion.ca. You can also read the Financial Consumer Agency of Canada’s publication, Understanding your Credit Report and Credit Score, at www.fcac.gc.ca.
Ellen Roseman writes about personal finance and consumer issues. You can reach her at eroseman@thestar.ca, 416-945-8687 or ellenroseman.com
Don’t Cry Over Split Blood
Have you ever had to throw away a piece of clothing because of a small blood stain? If you don't have immediate access to a washing machine before the stain sets, there's another option to consider.
A simple and effective way to remove blood from fabric is to immediately dab some of your own saliva directly onto the stain. Saliva contains certain digestive enzymes that help break down the proteins in blood. This method isn't practical for large stains but if it's just a few drops, it should do the trick.
This was a reflection of a number of factors – comparing against a strong recovery period last year, many buyers moving their purchase earlier in the year and a very limited choice due to low inventory levels.
The outlook for this fall looks quite promising with a lot more buyers seeming to be active and a lot of new listings already hitting the market in anticipation of a good fall market. We are also seeing some positive news reports on the state of the economy and the real estate market which is helping to boost buyers confidence levels.
You can check out some of these articles on my blog at www.torontocentralhomes.blogspot.com
Greater Toronto REALTORS® reported 6,232 sales through the Multiple Listing Service® (MLS®) in August 2010. This represented a 22 per cent decrease compared to the 8,035 sales recorded duringthe same period in 2009. New listings decreased by one per cent year-over-year to10,488.
“The prospect of interest rate hikes and new mortgage lending rules prompted some households to purchase a home sooner than they otherwise would have this year. The result has been a larger than normal dip in sales over the summer months.
With this said, it is important to recognize that sales on the year were eight per cent higher than in 2009,” said Toronto Real Estate Board President Bill Johnston.
The average price for August transactions was $411,012 – up six per cent compared tothe average of $387,921 reported in August 2009.
“Market conditions have remained tight enough to support higher home prices in comparison to last year. Under current mortgage lending standards, a household earning the average income in the GTA can comfortably afford the mortgage payments on an average priced home. Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place,” said Jason Mercer, TREB’s Senior Manager of Market Analysis..
How to Plan a Successful Open House
Having an open house is a lot of work so if you decide to do it, you’ll want to ensure it's a success. Here are some tips that'll have your home looking its best on the big day:
De-Clutter - Clearing out clutter makes your home appear much larger so remove personal items like photos and souvenirs. Also, put away small appliances to increase your counter space.
Deep Clean - Thoroughly clean your home from top to bottom. Serious buyers will look everywhere including under the kitchen sink so make sure everything's neat and tidy.
Lighten Up - Wash your windows and open up the drapes and blinds to let in as much natural light as possible. Turn on all the lights and put out some fresh flowers to brighten things up.
Blooming Beautiful - Buyers are looking for a tranquil outdoor setting to relax in so cut the grass and pick up the kid's toys. While you're at it, pull out some weeds and plant a few flowers.
The Nose Knows - Baking just before an open house will leave a pleasant aroma that'll remind people they’re in a home rather than a house. You can even leave some out for your visitors!
Seasonal Pics - If your open house occurs during the winter, showcase your garden by displaying some photos of what your yard looks like during the summer when it’s at its best.
Don't Delay - There’s always a buzz when a new property hits the market so the sooner you schedule your open house, the more traffic you'll generate.
The day of your open house should find your home sparkling! Potential buyers need to envision themselves living in your home so in order to make them feel more comfortable, you and your pets should leave ahead of time so your real estate agent can focus on selling your home.
Do You Know How Your Credit Score Works?
By Ellen Roseman - Toronto Star
Your credit score is a three-digit number that can determine whether or not you get a loan and at what rate.
Many insurance companies also use credit scores to decide what you pay to protect your home and belongings from damage.
So, what does your credit score say about you? How can you get it? And how can you improve it?
Credit scoring was developed by Fair Isaac & Co. in the United States to help credit bureaus assess the risk to lenders.
Equifax, one of Canada’s two major credit bureaus, is licensed to use the FICO score, known as the Beacon score here. Its rival, TransUnion, uses a slightly different score (called Empirica).
Your credit score is not the same as your credit report, which shows your payment history. The credit report is free for you to check, but you can’t get your credit score without paying $15 to $25 or so to check it online.
Ignore any offers of free credit scores. They’re only teasers to sell you something else, such as a monthly credit monitoring service.
Eric Putnam spent 26 years in consumer lending before starting a company, Debt Coach Canada. He charges a monthly fee to people who want help organizing their finances and improving their credit scores.
I asked him what goes into a credit score – a secret guarded carefully by the credit bureaus.
The biggest part of the score (35 per cent) is your payment history, he says. This shows if you pay bills on time, have any unpaid debts or have been through bankruptcies, consumer proposals or debt management plans.
Another big part (30 per cent) is based on how much you owe.
If you carry an $8,000 balance on a credit card with a $10,000 limit – even if you pay the minimum on time each month – your credit score will drop. So, it pays to keep your balances down and not get close to your credit limits.
Another 15 per cent of your credit score is based on how long your accounts have been open and used. You may be a newcomer to Canada with no record of loans or someone whose spouse takes care of all credit transactions.
To be seen as a good credit risk, it’s not enough to be approved for credit. You have to use the credit you’re given.
Another 10 per cent of your credit score depends on the balance between revolving credit (such as credit cards) and instalment loans (such as mortgages or car loans).
Lenders like to see both types of credit. Revolving credit can be maxed out since the rates are high enough to absorb losses, while instalment loans with fixed payments must be approved and supervised closely.
The remaining 10 per cent of your score is based on how much new credit you’ve obtained or applied for. This shouldn’t be too high a percentage of all the credit shown on your file.
If you’re shopping for credit, do it within a 15-day period, Putnam says, since that will show as one credit inquiry.
Otherwise, do your shopping with a copy of your credit score, which you can show to lenders to find out what they will offer you.
Banks may give the three-digit number if you ask, but they’re not supposed to give the context that goes with it.
For information, go to www.equifax.ca and www.transunion.ca. You can also read the Financial Consumer Agency of Canada’s publication, Understanding your Credit Report and Credit Score, at www.fcac.gc.ca.
Ellen Roseman writes about personal finance and consumer issues. You can reach her at eroseman@thestar.ca, 416-945-8687 or ellenroseman.com
Don’t Cry Over Split Blood
Have you ever had to throw away a piece of clothing because of a small blood stain? If you don't have immediate access to a washing machine before the stain sets, there's another option to consider.
A simple and effective way to remove blood from fabric is to immediately dab some of your own saliva directly onto the stain. Saliva contains certain digestive enzymes that help break down the proteins in blood. This method isn't practical for large stains but if it's just a few drops, it should do the trick.
Sunday, September 12, 2010
"Waiting game rarely pays off for Buyers... You can't go wrong if you are buying for the right reasons-shelter, security and long term growth." Stephen Dupuis, President BildGTA. http://ping.fm/UoMFH
Business as usual. Developers and brokers are feeling bullish and pressing on with plans for fall launches. But some industry observers have raised the spectre that Toronto’s condo-building frenzy could lead to an oversupply.
George Carras, president of RealNet Canada, maintains that such fears simply aren’t borne out by the numbers.“The market is fine in terms of both demand and supply,†he says. In fact, with the curbing of lowrise home construction around the GTA as a result of provincial policy — which has mandated intensification of existing residential areas — Carras thinks Toronto could be faced with the opposite predicament.
“Instead of oversupply, I think we may not be able to actually deliver enough highrise units,†Carras notes that approximately 80,000 newcomers move to Toronto each year, about 40,000 new units annually are required to have a “perfectly housed market.†http://ping.fm/15vlG
George Carras, president of RealNet Canada, maintains that such fears simply aren’t borne out by the numbers.“The market is fine in terms of both demand and supply,†he says. In fact, with the curbing of lowrise home construction around the GTA as a result of provincial policy — which has mandated intensification of existing residential areas — Carras thinks Toronto could be faced with the opposite predicament.
“Instead of oversupply, I think we may not be able to actually deliver enough highrise units,†Carras notes that approximately 80,000 newcomers move to Toronto each year, about 40,000 new units annually are required to have a “perfectly housed market.†http://ping.fm/15vlG
Thursday, September 9, 2010
Monday, September 6, 2010
Do you understand how your credit score works? Have a look at this by Ellen Roseman: Here’s the scoop on your credit score. http://ping.fm/j5jVb
Wednesday, September 1, 2010
Good counsel from the Sage. John Heinzl talks about his favourite piece of investing advice. http://ping.fm/dYTQG
The power of words. Consultant Patrick O’Neill says seven words can transform your relationships. http://ping.fm/O5BgL
No housing bust here: CD Howe. Different Canadian regulations mean there will be no ‘massive wave of defaults,’ think tank says. http://ping.fm/E8WBf
Sunday, August 29, 2010
Greetings!
We are continuing to see much slower sales than last year at this time and average prices, while still running above last year are showing much more moderate growth (+6% average increase). This varies widely by neighborhood.
In most neighborhoods, prices are lower than last month which is a normal occurrence for this time of year. Inventory levels are significantly reduced, giving buyers a poorer selection from which to choose.
The general expectation is that we will see a seasonal increase in market activity this fall, but that the general trend that we have been watching for the past few months will continue. There is no real consensus among the ‘experts’ who normally try to predict market trends as this is a very confusing time, not only in Toronto, but globally.
My personal observation is that there are still a lot of buyers out there, but they are as confused as anyone and are waiting to find the perfect house.
This actually a very good time to be buying if you do find a home that suits you, as there usually is not much competition and you may be able to negotiate a bit on price. Interest rates are up slightly but still very affordable. There should be no reason not to buy.
The details by type of home and area are shown below.
Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.“The level of July sales remained below the expected long-term trend.
The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston. Total sales through the first seven months of 2010 were up by 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighborhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009.Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
See Summary Of July Sales And Average Price Below:
Housing Market Price Trends by Type of Dwelling and Area – Total GTA
Detached Feb‘10 Mar’10 Apr’10 May’10 June’10 July’10
Average Price $453,000 $541,535 $542,348 $550,739 $543,884 $518,453
% chge vs Yr Ago +22% +24% +14% +13% +10% +6%
Semi-detached Feb‘10 Mar’10 Apr’10 May’10 June’10 July’10
Average Price $367,000 $396,825 $412,602 $411,002 $404,500 $389,296
% chge vs Yr Ago +22% +14 +19% +12% +9% +9%
Condos Feb‘10 Mar’10 Apr’10 May’10 June’10 July’10
Average Price $285,000 $304,930 $307,770 $315,775 $308.034 $308,562
% chge vs Yr Ago +12% +17% +13% +18 +8% +9%
In This Issue...
Neighborhood Trends
Give Yourself Some Credit
First Aid Kit Checklist
Grilled Portobello & Goat’s Cheese
Neighborhood Trends
District
Area Avge Selling Price June 2010 %chge June’10 vs June’09 Avge
Selling
Price
July 2010 %chge
July’10 vs July’09
Total GTA $435,034 +8% $420,482 +6%
C01 Downtown $412,104 +14% $403,022 +13%
C02 Annex/Bloor W, etc $735,240 -9% $791.388 +28%
C03 Midtown $945,079 +8% $645,686 -6%
C04 North Toronto $831,390 +9% $727,287 -7%
C06 Dublin Heights/Willowdale $586,538 +20% $538,595 +22%
C08 Cabbagetown/Downtown $395,070 +4% $383,533 +7%
C09 Rosedale $1,160,217 +39% $813,555 -17%
C10 Davisville/ L. Park $678,281 -1% $708,351 -5%
C11 Leaside/Old East York $499,350 -10% $715,228 +46%
C12 Bayview/York Mills $1,345,786 +12% $1,335,170 -6%
E01 Riverdale/Leslieville $476,635 -1% $442,875 -4%
E02 The Beach/Leslieville $584,738 +9% $651,635 +26%
E03 Danforth/East York $400,888 -3% $380,257 +/-0%
Condo Sales
C01 Downtown Core $378,489 +11% $381,045 +14%
C08 St Lawrence/Downtown $365,609 +6% $351,968 +6%
C07-14 Yonge Sheppard $342,506 +13% $334,916 +8%
C15 Bayview Sheppard $343,703 +8% $284,711 -3%
Source: Toronto MLS
Give Yourself Some Credit
The home of your dreams has finally hit the market! You figure it’ll be easy to get a mortgage but if your credit's not in great shape, your dream home may just remain a dream.
It's important to check your credit score in advance. A solid credit rating makes you more attractive to financial institutions which means you'll enjoy better rates and terms that over time can save you thousands. Here are a few things to consider:
Clean It Up - If there's a blemish or two on your report, try to sort it out before it's too late.
Consistency - Lenders look for a long track record of consistent payments. Time is the only thing that'll help you here so get started today!
Payment History - It may not be a big deal if you’ve missed the odd bill but if you’re consistently late with your payments, it’ll raise a red flag.
How Much You Owe - Lenders don’t want to give money to someone with a whack of financial obligations so the less you owe the better. Try to pay off your smaller debts.
Credit Balance - It’s important to show you’re responsible. If you carry a balance, it's best to not exceed half your limit. Don't continuously max out your cards.
Number of Applications - The number of times you’ve applied for credit can affect your rating. Don't apply for credit unless you plan on using it.
Knowledge is power so find out where you stand ahead of time, even if you think your score's perfect. If you know your credit's in need of repair, start fixing it right away. A good credit rating will entitle you to preferred rates which can amount to thousands in interest savings. For more advice on perfecting your credit, please don't hesitate to get in touch -- I'm here to help.
First Aid Kit Checklist
Having a well stocked first aid kit in your home and car could mean the difference between life and death. Keep it in a safe location that’s known to family members and babysitters but away from young children and replace missing items right away. Your first aid kit should include:
a first aid manual
an assortment of bandages
sterile roller bandages
sterile gauze pads
cleansing agent/soap
moistened towelettes
latex gloves
sunscreen
safety pins
an epipen
scissors
tweezers
needles
antiseptic
thermometer
aspirin, antacid, antihistamine, etc.
Make sure to review the first aid manual so you’ll know how to use the contents of your kit should the time come. It's also a great idea to take a first aid course so you’re prepared for emergencies. It's a good feeling to know you have the skills to help others in distress.
We are continuing to see much slower sales than last year at this time and average prices, while still running above last year are showing much more moderate growth (+6% average increase). This varies widely by neighborhood.
In most neighborhoods, prices are lower than last month which is a normal occurrence for this time of year. Inventory levels are significantly reduced, giving buyers a poorer selection from which to choose.
The general expectation is that we will see a seasonal increase in market activity this fall, but that the general trend that we have been watching for the past few months will continue. There is no real consensus among the ‘experts’ who normally try to predict market trends as this is a very confusing time, not only in Toronto, but globally.
My personal observation is that there are still a lot of buyers out there, but they are as confused as anyone and are waiting to find the perfect house.
This actually a very good time to be buying if you do find a home that suits you, as there usually is not much competition and you may be able to negotiate a bit on price. Interest rates are up slightly but still very affordable. There should be no reason not to buy.
The details by type of home and area are shown below.
Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.“The level of July sales remained below the expected long-term trend.
The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston. Total sales through the first seven months of 2010 were up by 12 per cent compared to the same period in 2009.
Notwithstanding the fact that price trends vary at the neighborhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009.Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
See Summary Of July Sales And Average Price Below:
Housing Market Price Trends by Type of Dwelling and Area – Total GTA
Detached Feb‘10 Mar’10 Apr’10 May’10 June’10 July’10
Average Price $453,000 $541,535 $542,348 $550,739 $543,884 $518,453
% chge vs Yr Ago +22% +24% +14% +13% +10% +6%
Semi-detached Feb‘10 Mar’10 Apr’10 May’10 June’10 July’10
Average Price $367,000 $396,825 $412,602 $411,002 $404,500 $389,296
% chge vs Yr Ago +22% +14 +19% +12% +9% +9%
Condos Feb‘10 Mar’10 Apr’10 May’10 June’10 July’10
Average Price $285,000 $304,930 $307,770 $315,775 $308.034 $308,562
% chge vs Yr Ago +12% +17% +13% +18 +8% +9%
In This Issue...
Neighborhood Trends
Give Yourself Some Credit
First Aid Kit Checklist
Grilled Portobello & Goat’s Cheese
Neighborhood Trends
District
Area Avge Selling Price June 2010 %chge June’10 vs June’09 Avge
Selling
Price
July 2010 %chge
July’10 vs July’09
Total GTA $435,034 +8% $420,482 +6%
C01 Downtown $412,104 +14% $403,022 +13%
C02 Annex/Bloor W, etc $735,240 -9% $791.388 +28%
C03 Midtown $945,079 +8% $645,686 -6%
C04 North Toronto $831,390 +9% $727,287 -7%
C06 Dublin Heights/Willowdale $586,538 +20% $538,595 +22%
C08 Cabbagetown/Downtown $395,070 +4% $383,533 +7%
C09 Rosedale $1,160,217 +39% $813,555 -17%
C10 Davisville/ L. Park $678,281 -1% $708,351 -5%
C11 Leaside/Old East York $499,350 -10% $715,228 +46%
C12 Bayview/York Mills $1,345,786 +12% $1,335,170 -6%
E01 Riverdale/Leslieville $476,635 -1% $442,875 -4%
E02 The Beach/Leslieville $584,738 +9% $651,635 +26%
E03 Danforth/East York $400,888 -3% $380,257 +/-0%
Condo Sales
C01 Downtown Core $378,489 +11% $381,045 +14%
C08 St Lawrence/Downtown $365,609 +6% $351,968 +6%
C07-14 Yonge Sheppard $342,506 +13% $334,916 +8%
C15 Bayview Sheppard $343,703 +8% $284,711 -3%
Source: Toronto MLS
Give Yourself Some Credit
The home of your dreams has finally hit the market! You figure it’ll be easy to get a mortgage but if your credit's not in great shape, your dream home may just remain a dream.
It's important to check your credit score in advance. A solid credit rating makes you more attractive to financial institutions which means you'll enjoy better rates and terms that over time can save you thousands. Here are a few things to consider:
Clean It Up - If there's a blemish or two on your report, try to sort it out before it's too late.
Consistency - Lenders look for a long track record of consistent payments. Time is the only thing that'll help you here so get started today!
Payment History - It may not be a big deal if you’ve missed the odd bill but if you’re consistently late with your payments, it’ll raise a red flag.
How Much You Owe - Lenders don’t want to give money to someone with a whack of financial obligations so the less you owe the better. Try to pay off your smaller debts.
Credit Balance - It’s important to show you’re responsible. If you carry a balance, it's best to not exceed half your limit. Don't continuously max out your cards.
Number of Applications - The number of times you’ve applied for credit can affect your rating. Don't apply for credit unless you plan on using it.
Knowledge is power so find out where you stand ahead of time, even if you think your score's perfect. If you know your credit's in need of repair, start fixing it right away. A good credit rating will entitle you to preferred rates which can amount to thousands in interest savings. For more advice on perfecting your credit, please don't hesitate to get in touch -- I'm here to help.
First Aid Kit Checklist
Having a well stocked first aid kit in your home and car could mean the difference between life and death. Keep it in a safe location that’s known to family members and babysitters but away from young children and replace missing items right away. Your first aid kit should include:
a first aid manual
an assortment of bandages
sterile roller bandages
sterile gauze pads
cleansing agent/soap
moistened towelettes
latex gloves
sunscreen
safety pins
an epipen
scissors
tweezers
needles
antiseptic
thermometer
aspirin, antacid, antihistamine, etc.
Make sure to review the first aid manual so you’ll know how to use the contents of your kit should the time come. It's also a great idea to take a first aid course so you’re prepared for emergencies. It's a good feeling to know you have the skills to help others in distress.
Saturday, August 28, 2010
Toronto’s crown jewel needs polishingThe Beaches are a gem, but the infrastructure around them is falling apart. http://ping.fm/bdBHe
He may show up looking official, but it’s best to inspect your home inspector. http://ping.fm/zaEiK
Saturday, August 21, 2010
We've certainly lost the art of creative cursing/insulting. Check this out for a creative chuckle http://ping.fm/H2chP
Aspen Ridge's Studio on Richmond will include OCAD gallery and market for test 'family units'. http://ping.fm/Nv7mp
An update on the status of new construction condos in the Central Toronto market. http://ping.fm/a7HTM
Monday, August 16, 2010
Buyers quick to adjust to down market,sellers very slow. Sellers stubbornly hold onto perception of what home is worth,buyers turn on a dime http://ping.fm/rQaIY
Wednesday, August 4, 2010
The heated Toronto condo market seems to be gearing down as sales start to slow. Despite the dip sales in the 2nd quarter were still the 7th best on record. http://ping.fm/gSEBQ
Tuesday, July 27, 2010
Want to buy locally and organically? Here's a list of Toronto Farmers' Markets that you can visit: http://ping.fm/2XOqt
Sunday, July 25, 2010
Saturday, July 24, 2010
Safety recall due to an electrical fire hazard for Maytag Jenn-air Amana Admiral Magic Chef Performa & Crosley dishwashers. http://ping.fm/4NYl7
Tuesday, July 20, 2010
Greater Toronto REALTORS® reported 2,790 sales throughthe Multiple Listing Service® (MLS®) during the first two weeks of July 2010.
http://ping.fm/n9Cpt
http://ping.fm/n9Cpt
Saturday, July 10, 2010
Canadian Real Estate market gets very high marks for transparency. National Post Homes: http://ping.fm/IJw7Y
Streetcar Developments is making a big impact in the downtown east side. Tracy Hanes, Toronto Star http://ping.fm/rMeK4
RECO setting new standards about disclosing legal status of basement aprtments: Bob Aaron The Star http://ping.fm/MvtzT
Thursday, July 8, 2010
Earlier this year we saw some very strong growth in real estate sales. We suggested at the time that some of this was partly due to many buyers bringing their purchases forward in anticipation of rising interest rates and the effect of the new provincial HST tax.
We are now seeing that this was actually the case and this has contributed somewhat to much softer numbers being reported for sales in the June period.
At the same time, the average selling price has continued to show fairly strong growth vs a year ago, but not to the degree that we saw earlier this year (see details below). It is expected that we will see prices moderate further, reflecting the high number of listings available and the normal summer slowdown that occurs every year at this time.
Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009.
Sales for the second quarter of 2010 amounted to 28,810 – up one percent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,†said newly elected Toronto Real Estate Board President Bill Johnston.
“The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.†The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,†said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The annual rate of average price growth in the second half of 2010 will be in the single digits.â€
See Summary Of June Sales And Average Price Below.
Please contact me at armand@armandgilks.com if you would like an update on your own local neighborhood, or on the current value of your home.
Housing Market Price Trends by Type of Dwelling and Area – Total GTA
Detached
Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $445,000 $453,000 $541,535 $542,348 $550,739 $543,884
% chge vs Yr Ago +22% +22% +24% +14% +13% +10%
Semi-detached
Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $345,500 $367,000 $396,825 $412,602 $411,002 $404,500
% chge vs Yr Ago +22% +22% +14 +19% +12% +9%
Condos
Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $270,000 $285,000 $304,930 $307,770 $315,775 $308.034
% chge vs Yr Ago +19% +12% +17% +13% +18 +8%
District
Area Avge Selling Price June 2010 %chge June’10 vs June’09
Total GTA $435,034 +8%
C01
Downtown $412,104 +14%
C02 Annex/Bloor W, etc $735,240 -9%
C03 Midtown $945,079 +8%
C04 North Toronto $831,390 +9%
C06 Dublin Heights/Willowdale $586,538 +20%
C08 Cabbagetown/Downtown $395,070 +4%
C09 Rosedale $1,160,217 +39%
C10 Davisville/ L. Park $678,281 -1%
C11 Leaside/Old East York $499,350 -10%
C12 Bayview/York Mills $1,345,786 +12%
E01 Riverdale/Leslieville $476,635 -1%
E02 The Beach/Leslieville $584,738 +9%
E03 Danforth/East York $400,888 -3%
Condo Sales
C01 Downtown Core $378,489 +11%
C08 St Lawrence/Downtown $365,609 +6%
C07-14 Yonge Sheppard $342,506 +13%
C15 Bayview Sheppard $343,703 +8%
Source: Toronto MLS
We are now seeing that this was actually the case and this has contributed somewhat to much softer numbers being reported for sales in the June period.
At the same time, the average selling price has continued to show fairly strong growth vs a year ago, but not to the degree that we saw earlier this year (see details below). It is expected that we will see prices moderate further, reflecting the high number of listings available and the normal summer slowdown that occurs every year at this time.
Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009.
Sales for the second quarter of 2010 amounted to 28,810 – up one percent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,†said newly elected Toronto Real Estate Board President Bill Johnston.
“The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.†The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,†said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The annual rate of average price growth in the second half of 2010 will be in the single digits.â€
See Summary Of June Sales And Average Price Below.
Please contact me at armand@armandgilks.com if you would like an update on your own local neighborhood, or on the current value of your home.
Housing Market Price Trends by Type of Dwelling and Area – Total GTA
Detached
Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $445,000 $453,000 $541,535 $542,348 $550,739 $543,884
% chge vs Yr Ago +22% +22% +24% +14% +13% +10%
Semi-detached
Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $345,500 $367,000 $396,825 $412,602 $411,002 $404,500
% chge vs Yr Ago +22% +22% +14 +19% +12% +9%
Condos
Jan‘10 Feb‘10 Mar’10 Apr’10 May’10 June’10
Average Price $270,000 $285,000 $304,930 $307,770 $315,775 $308.034
% chge vs Yr Ago +19% +12% +17% +13% +18 +8%
District
Area Avge Selling Price June 2010 %chge June’10 vs June’09
Total GTA $435,034 +8%
C01
Downtown $412,104 +14%
C02 Annex/Bloor W, etc $735,240 -9%
C03 Midtown $945,079 +8%
C04 North Toronto $831,390 +9%
C06 Dublin Heights/Willowdale $586,538 +20%
C08 Cabbagetown/Downtown $395,070 +4%
C09 Rosedale $1,160,217 +39%
C10 Davisville/ L. Park $678,281 -1%
C11 Leaside/Old East York $499,350 -10%
C12 Bayview/York Mills $1,345,786 +12%
E01 Riverdale/Leslieville $476,635 -1%
E02 The Beach/Leslieville $584,738 +9%
E03 Danforth/East York $400,888 -3%
Condo Sales
C01 Downtown Core $378,489 +11%
C08 St Lawrence/Downtown $365,609 +6%
C07-14 Yonge Sheppard $342,506 +13%
C15 Bayview Sheppard $343,703 +8%
Source: Toronto MLS
Wednesday, June 30, 2010
The G20 fall out
I'm reluctant to even talk about this as I'm sure you are as fed up with the whole thing as I am. But, I think it is important to speak up for our police and the way they handled a very difficult task.
It is amazing to me how ignorant and disrespectful some people are towards anything that does not fit into their very narrow and unrealistic view of the life and the world. The pictures that I saw of people scraming at police, throwing things at them and causing all kinds of damage to other peoples property was incredible.
How were these people raised? If I was one of their parents I would be so disappointed. But then, maybe that's what the parents were like.
This goes way beyond the G20 though. The general diregard and direspect for others is way to high in todays society. Road rage, lack of courtesy, bad cel phone manners - need I go on? Is there a solution or are we stuck with an age of disrespect? I sure hope not.
Anyway, the police have my support and respect in this situation. They may not have been perfect, but I don't think I would have had the patience that they showed.
Enough of my rant for today. Enjoy life and good luck out there.
It is amazing to me how ignorant and disrespectful some people are towards anything that does not fit into their very narrow and unrealistic view of the life and the world. The pictures that I saw of people scraming at police, throwing things at them and causing all kinds of damage to other peoples property was incredible.
How were these people raised? If I was one of their parents I would be so disappointed. But then, maybe that's what the parents were like.
This goes way beyond the G20 though. The general diregard and direspect for others is way to high in todays society. Road rage, lack of courtesy, bad cel phone manners - need I go on? Is there a solution or are we stuck with an age of disrespect? I sure hope not.
Anyway, the police have my support and respect in this situation. They may not have been perfect, but I don't think I would have had the patience that they showed.
Enough of my rant for today. Enjoy life and good luck out there.
Saturday, June 26, 2010
Then there are fabulous warrantees: Steve Maxwell write about Craftsman tools from Sears. http://ping.fm/C0gxH
Another warning about the perils of extended waranties. Ellen Roseman: Some extended warranties promise more than they deliver http://ping.fm/dowXT
Wednesday, June 9, 2010
Sunday, May 30, 2010
Strong Spring Results Continue - May 2010
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May. This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to
10,059.
“The average household looking to purchase a home continued to benefit from
affordable opportunities in the first half of May,†said Toronto Real Estate Board
President Tom Lebour. "The number of done deals will remain high for the remainder of 2010, but will dip from record levels.â€
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009. "The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.
May 2010 Average Price % Change vs 2009
City of Toronto (416) $500,375 +14%
Detached $686,147 +8%
Semi-Detached $503,160 +14%
Townhouses $405,549 +22%
Condo Apartments $352,294 +25%
North York Sales and Prices by Neighbourhood
Neighbourhood Average Price % Price change vs ‘09
Willowdale/Newtonbrook C14
$511,999
+10%
Willowdale/Lansing C07 $448,910 +21%
Dublin Heights/Bathurst C06 $499,441 -3%
Bayview Village C15 $466,054 +27%
York Mills C12 $1,505,767 +17%
Don Mills C13 $442,412 +18%
Downsview W05 $332,128 +18%
Source: Toronto MLS
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May. This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to
10,059.
“The average household looking to purchase a home continued to benefit from
affordable opportunities in the first half of May,†said Toronto Real Estate Board
President Tom Lebour. "The number of done deals will remain high for the remainder of 2010, but will dip from record levels.â€
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009. "The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.
May 2010 Average Price % Change vs 2009
City of Toronto (416) $500,375 +14%
Detached $686,147 +8%
Semi-Detached $503,160 +14%
Townhouses $405,549 +22%
Condo Apartments $352,294 +25%
North York Sales and Prices by Neighbourhood
Neighbourhood Average Price % Price change vs ‘09
Willowdale/Newtonbrook C14
$511,999
+10%
Willowdale/Lansing C07 $448,910 +21%
Dublin Heights/Bathurst C06 $499,441 -3%
Bayview Village C15 $466,054 +27%
York Mills C12 $1,505,767 +17%
Don Mills C13 $442,412 +18%
Downsview W05 $332,128 +18%
Source: Toronto MLS
Wednesday, May 19, 2010
Tornto market mid May 2010 sales results
TORONTO, May 19, 2010
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May.
This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.
“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour. “The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.
“The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
TORONTO, May 19, 2010
Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May.
This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.
“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour. “The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.
“The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Tuesday, May 11, 2010
Back to Banks cut some mortgage rates
Banks cut some mortgage rates
Toronto Star May 10, 2010
Madhavi Acharya-Tom Yew
The massive European bailout that sent stock markets soaring Monday also gave Canadian homeowners a reason to smile.
Several big banks cut residential mortgage rates, taking some of the sting out of a recent round of rate hikes.
RBC decreased its rates by 10 and 15 basis points, or 0.1 to 0.15 of a percentage point, on mortgages ranging from six months to 10 years.
National Bank and Scotiabank also dropped the posted rate on their five-year fixed rate mortgage by 0.15 percentage points, to 6.1 per cent.
That follows similar moves on Friday by the Bank of Montreal and Toronto Dominion Bank.
The decreases apply to fixed-rate mortgages, which are set at the discretion of the banks and do not affect variable-rate mortgages, which are tied instead to a bank’s prime rate.
The prime rate is set in relation to the key overnight rate set by the Bank of Canada and currently stands at an all-time low of 0.25 per cent.
The mortgage changes reflect easing in the bond market in the wake of the $1-trillion European bailout package, hammered out over the weekend.
The rescue deal is meant to ease the Greek debt crisis and keep it from spreading to other countries, threatening to derail the global recovery and pull apart the euro currency.
“It’s made the world feel a little more comfortable,” BMO Capital Markets economist Sal Guatieri said.
Canadian banks began increasing mortgage rates at the end of April to reflect their higher borrowing costs in the bond market. Stern warnings from the Bank of Canada about coming interest rate increases put pressure on the market.
More recently, investors clamoured out of European and corporate bond markets in search of a safe haven. That pushed up prices in North American bond markets.
As the bailout looked to smooth over concerns about the Greek debt crisis, investors regained their appetite for risk, and went streaming back into equities, currencies, and European bond markets Monday.
Market watchers still expect the Bank of Canada to increase the overnight rate starting June 1 to combat inflation as the Canadian economy gathers steam. The central bank has noted that the recovery has been stronger than anticipated, particularly in consumer spending, housing markets, and the labour market.
That’s likely to send borrowing costs higher through the rest of this year.
Banks cut some mortgage rates
Toronto Star May 10, 2010
Madhavi Acharya-Tom Yew
The massive European bailout that sent stock markets soaring Monday also gave Canadian homeowners a reason to smile.
Several big banks cut residential mortgage rates, taking some of the sting out of a recent round of rate hikes.
RBC decreased its rates by 10 and 15 basis points, or 0.1 to 0.15 of a percentage point, on mortgages ranging from six months to 10 years.
National Bank and Scotiabank also dropped the posted rate on their five-year fixed rate mortgage by 0.15 percentage points, to 6.1 per cent.
That follows similar moves on Friday by the Bank of Montreal and Toronto Dominion Bank.
The decreases apply to fixed-rate mortgages, which are set at the discretion of the banks and do not affect variable-rate mortgages, which are tied instead to a bank’s prime rate.
The prime rate is set in relation to the key overnight rate set by the Bank of Canada and currently stands at an all-time low of 0.25 per cent.
The mortgage changes reflect easing in the bond market in the wake of the $1-trillion European bailout package, hammered out over the weekend.
The rescue deal is meant to ease the Greek debt crisis and keep it from spreading to other countries, threatening to derail the global recovery and pull apart the euro currency.
“It’s made the world feel a little more comfortable,” BMO Capital Markets economist Sal Guatieri said.
Canadian banks began increasing mortgage rates at the end of April to reflect their higher borrowing costs in the bond market. Stern warnings from the Bank of Canada about coming interest rate increases put pressure on the market.
More recently, investors clamoured out of European and corporate bond markets in search of a safe haven. That pushed up prices in North American bond markets.
As the bailout looked to smooth over concerns about the Greek debt crisis, investors regained their appetite for risk, and went streaming back into equities, currencies, and European bond markets Monday.
Market watchers still expect the Bank of Canada to increase the overnight rate starting June 1 to combat inflation as the Canadian economy gathers steam. The central bank has noted that the recovery has been stronger than anticipated, particularly in consumer spending, housing markets, and the labour market.
That’s likely to send borrowing costs higher through the rest of this year.
Sunday, May 9, 2010
Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase.
Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
The GTA resale market is functioning very well in current market conditions. Sales were high as buyers continued to take advantage of affordable home ownership opportunities and listings grew as home owners reacted to strong sales and price growth. Average days on market was 21 this year vs 37 for April 2009.
The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009. "Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
See below for sales by type of dwelling and by area..
Housing Market Trends by Type of Dwelling– Total GTA
Detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $445,000 $453,000 $541,535 $542,348
% chge vs Yr Ago +22% +22% +24% +14%
Semi-detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $345,500 $367,000 $396,825 $412,602
% chge vs Yr Ago +22% +22% +14 +19%
Condos Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $270,000 $285,000 $304,930 $307,770
% chge vs Yr Ago +19% +12% +17% +13%
District
Area Avge Selling Price April 2010 %chge Apr’10 vs
Apr’09
Total GTA $437,600 +13%
C01 Downtown $404,911 +17%
C02 Annex/Bloor W, etc $742,781 +16%
C03 Midtown $958,262 +27%
C04 North Toronto $846,157 +14%
C06 Dublin Heights/Willowdale $504,663 +6%
C08 Cabbagetown/Downtown $393,901 +16%
C09 Rosedale $1,340,350 +29%
C10 Davisville/ L. Park $804,975 +34%
C11 Leaside/Old East York $530,512 -5%
C12 Bayview/York Mills $1,518,902 +28%
E01 Riverdale/Leslieville $509,260 +21%
E02 The Beach/Leslieville $624,798 -3%
E03 Danforth/East York $434,605 +23%
Condo Sales
C01 Downtown Core $380,936 +16%
C08 St Lawrence/Downtown $361,975 +13%
C07-14 Yonge Sheppard $351,588 +17%
C15 Bayview Sheppard $309,526 +16%
Source: Toronto MLS
Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
The GTA resale market is functioning very well in current market conditions. Sales were high as buyers continued to take advantage of affordable home ownership opportunities and listings grew as home owners reacted to strong sales and price growth. Average days on market was 21 this year vs 37 for April 2009.
The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009. "Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions," said Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
See below for sales by type of dwelling and by area..
Housing Market Trends by Type of Dwelling– Total GTA
Detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $445,000 $453,000 $541,535 $542,348
% chge vs Yr Ago +22% +22% +24% +14%
Semi-detached Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $345,500 $367,000 $396,825 $412,602
% chge vs Yr Ago +22% +22% +14 +19%
Condos Jan‘10 Feb‘10 Mar’10 Apr’10
Average Price $270,000 $285,000 $304,930 $307,770
% chge vs Yr Ago +19% +12% +17% +13%
District
Area Avge Selling Price April 2010 %chge Apr’10 vs
Apr’09
Total GTA $437,600 +13%
C01 Downtown $404,911 +17%
C02 Annex/Bloor W, etc $742,781 +16%
C03 Midtown $958,262 +27%
C04 North Toronto $846,157 +14%
C06 Dublin Heights/Willowdale $504,663 +6%
C08 Cabbagetown/Downtown $393,901 +16%
C09 Rosedale $1,340,350 +29%
C10 Davisville/ L. Park $804,975 +34%
C11 Leaside/Old East York $530,512 -5%
C12 Bayview/York Mills $1,518,902 +28%
E01 Riverdale/Leslieville $509,260 +21%
E02 The Beach/Leslieville $624,798 -3%
E03 Danforth/East York $434,605 +23%
Condo Sales
C01 Downtown Core $380,936 +16%
C08 St Lawrence/Downtown $361,975 +13%
C07-14 Yonge Sheppard $351,588 +17%
C15 Bayview Sheppard $309,526 +16%
Source: Toronto MLS
Saturday, May 8, 2010
Thursday, March 11, 2010
The recovery continues –
Toronto real estate sales and prices are continuing strong recovery from the recessionary lows experienced last year. There a lot of active buyers, but still a shortage of new listings and this is resulting in many properties selling within days, often with more than one offer. A very frustrating situation for buyers.
If history repeats itself, we will be seeing lot of new listings coming to market after the school spring breaks are finished. So, keep your fingers crossed for a much more balanced market in April, May and June.
Greater Toronto real estate sales were 7,291 in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509.
The increases were spread across the GTA marketplace and represented strong activity from all market segments, including first time buyers, those trading up from condos to houses and also those consumers who were downsizing.
Details by type of home and by area are available on my website www.torontocentralhomes.ca
Contact me if you would like more specific information for your neighborhood.
Toronto real estate sales and prices are continuing strong recovery from the recessionary lows experienced last year. There a lot of active buyers, but still a shortage of new listings and this is resulting in many properties selling within days, often with more than one offer. A very frustrating situation for buyers.
If history repeats itself, we will be seeing lot of new listings coming to market after the school spring breaks are finished. So, keep your fingers crossed for a much more balanced market in April, May and June.
Greater Toronto real estate sales were 7,291 in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509.
The increases were spread across the GTA marketplace and represented strong activity from all market segments, including first time buyers, those trading up from condos to houses and also those consumers who were downsizing.
Details by type of home and by area are available on my website www.torontocentralhomes.ca
Contact me if you would like more specific information for your neighborhood.
Tuesday, February 23, 2010
Buyer Confidence Boosts GTA Home Sales!
Mid Feb 2010
"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that owning a home will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The Greater Toronto Area MLS™ sales were 3,555 during the first two weeks of February 2010. This represented a 74 per cent increase compared to the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent, helping to satisfy some of the buyer demand.
"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."
In North York, total housing resales in January increased by +166% vs the same period last year. The average price was $492,251, which was +21% above last year.
As shown in the chart below, these increases were spread across most of the North York region. Much of this was led by very strong condo sales along the Sheppard Subway line corridor.
North York Sales and Prices by Neighbourhood
Neighbourhood January Average Price % Price change vs ‘09
Willowdale/Newtonbrook C14
$457,923
+38%
Willowdale/Lansing C07 $416,147 +7%
Dublin Heights/Bathurst C06 $518,172 +5%
Bayview Village C15 $439,856 +15%
York Mills C12 $1,427,850 +61%
Don Mills C13 $385,482 +8%
Downsview W05 $292,887 +5%
Condo Sales
Yonge Sheppard C07 – C14 $340,538 +23%
Bayview Sheppard C15 $335,964 +13%
Source: Toronto MLS
Mid Feb 2010
"Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that owning a home will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The Greater Toronto Area MLS™ sales were 3,555 during the first two weeks of February 2010. This represented a 74 per cent increase compared to the same period in 2009 when resale transactions had dipped due to the recession. The February mid-month sales total was also 7.7 per cent above the previous high set in 2006.
The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent, helping to satisfy some of the buyer demand.
"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."
In North York, total housing resales in January increased by +166% vs the same period last year. The average price was $492,251, which was +21% above last year.
As shown in the chart below, these increases were spread across most of the North York region. Much of this was led by very strong condo sales along the Sheppard Subway line corridor.
North York Sales and Prices by Neighbourhood
Neighbourhood January Average Price % Price change vs ‘09
Willowdale/Newtonbrook C14
$457,923
+38%
Willowdale/Lansing C07 $416,147 +7%
Dublin Heights/Bathurst C06 $518,172 +5%
Bayview Village C15 $439,856 +15%
York Mills C12 $1,427,850 +61%
Don Mills C13 $385,482 +8%
Downsview W05 $292,887 +5%
Condo Sales
Yonge Sheppard C07 – C14 $340,538 +23%
Bayview Sheppard C15 $335,964 +13%
Source: Toronto MLS
Thursday, February 18, 2010
GTA REALTORS® REPORT MID-FEBRUARY RESALE HOUSING MARKET FIGURES
TORONTO, February 18, 2010 --
Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession.
The February mid-month sales total was also 7.7 per cent above the previous high set in 2006. "Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212.
"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."
Source: Toronto Real Estate Board
TORONTO, February 18, 2010 --
Greater Toronto REALTORS reported 3,555 sales through the Multiple Listing Service during the first two weeks of February.
This represented a 74 per cent increase compared to the 2,044 sales recorded during the same period in 2009 when resale transactions had dipped due to the recession.
The February mid-month sales total was also 7.7 per cent above the previous high set in 2006. "Home ownership demand remains strong in the GTA, as households remain confident that economic recovery is at hand and that ownership housing will continue to be a quality long-term investment," said Toronto Real Estate Board President Tom Lebour.
The average price for February mid-month transactions was $429,997 - an 18 per cent increase over 2009. New Listings within the Toronto Real Estate Board boundaries were up 15 per cent to 6,212.
"Double-digit price increases will persist through the first quarter of the year," said Jason Mercer, TREB's Senior Manager of Market Analysis. "However, as new listings continue to increase creating a better supplied market, we will see the annual rate of price growth moderate into the single digits."
Source: Toronto Real Estate Board
Thursday, January 7, 2010
January 2010 Toronto Market Update
Real Estate Continues to be a Great Investment!
Sales and prices for real estate in the Greater Toronto Area continued to show strong recovery in December. Sales for 2009 were 87,308 which was 17% above last year and the second highest level ever achieved in Toronto.
The average selling price in December was $411,931 which represented a 14% increase over the previous December. Listings are still in short supply and if we see a good supply of listings in 2010 we should continue to see strong market growth throughout the year.
As the economy recovers from the global meltdown of last year the strong housing market continues to outpace the gains we see in the TSX stock market.
In the past four years since January 2006, stock prices on the Toronto TSX index have increased 4.2% while the median house price has increased a phenomenal 22.8%.
Much of this increase has come from more moderate priced homes and from condos as sales in more expensive neighbourhoods, while showing good recovery, continue to lag the market.
Changes by neighbourhood are shown in the tables below.
Summary of December Sales and Average Prices by Area
December 2009 vs 2008 Sales %chge Average Price % chge
City of Toronto ("416") 2,403 +117% $441,607 +14%
Rest of GTA ("905") 3,138 +116% $389,205 +14%
Source: Toronto Real Estate Board
District
Area Dec ’09 vs Dec ‘08
Avge Selling Price Dec 2009 Price
%chge Nov’09 vs Nov ‘08
Sales Price & chge
Total GTA +114% $411,931 +14% Days on Market
C01 Downtown +159% $415,916 +17% 24
C02 Annex/Bloor W, etc +92% $845,180 +14% 29
C03 Midtown +95% $802,051 +52% 23
C04 North Toronto +66% $846,204 +3% 23
C06 Dublin Heights/Willowdale +270% $502,312 +39% 23
C08 Cabbagetown/Downtown +78% $387,183 +22% 24
C09 Rosedale +188% $1,467,913 +3% 27
C10 Davisville/ L. Park +113% $681,761 +44% 18
C11 Leaside/Old East York +92% $420,984 +3% 24
C12 Bayview/York Mills +150% $1,768,428 -14% 27
E01 Riverdale/Leslieville +53% $459,128 +5% 17
E02 The Beach/Leslieville -4% $485,884 -4% 14
E03 Danforth/East York +6% $338,148 +6% 22
Condo Sales
C01 Downtown Core +153% $392,168 +18% 24
C08 St Lawrence/Downtown +78% $381,238 +32% 24
C07-14 Yonge Sheppard +136% $346,402 +25% 21
C15 Bayview Sheppard +258% $342,188 +19% 30
Source: Toronto MLS
Sales and prices for real estate in the Greater Toronto Area continued to show strong recovery in December. Sales for 2009 were 87,308 which was 17% above last year and the second highest level ever achieved in Toronto.
The average selling price in December was $411,931 which represented a 14% increase over the previous December. Listings are still in short supply and if we see a good supply of listings in 2010 we should continue to see strong market growth throughout the year.
As the economy recovers from the global meltdown of last year the strong housing market continues to outpace the gains we see in the TSX stock market.
In the past four years since January 2006, stock prices on the Toronto TSX index have increased 4.2% while the median house price has increased a phenomenal 22.8%.
Much of this increase has come from more moderate priced homes and from condos as sales in more expensive neighbourhoods, while showing good recovery, continue to lag the market.
Changes by neighbourhood are shown in the tables below.
Summary of December Sales and Average Prices by Area
December 2009 vs 2008 Sales %chge Average Price % chge
City of Toronto ("416") 2,403 +117% $441,607 +14%
Rest of GTA ("905") 3,138 +116% $389,205 +14%
Source: Toronto Real Estate Board
District
Area Dec ’09 vs Dec ‘08
Avge Selling Price Dec 2009 Price
%chge Nov’09 vs Nov ‘08
Sales Price & chge
Total GTA +114% $411,931 +14% Days on Market
C01 Downtown +159% $415,916 +17% 24
C02 Annex/Bloor W, etc +92% $845,180 +14% 29
C03 Midtown +95% $802,051 +52% 23
C04 North Toronto +66% $846,204 +3% 23
C06 Dublin Heights/Willowdale +270% $502,312 +39% 23
C08 Cabbagetown/Downtown +78% $387,183 +22% 24
C09 Rosedale +188% $1,467,913 +3% 27
C10 Davisville/ L. Park +113% $681,761 +44% 18
C11 Leaside/Old East York +92% $420,984 +3% 24
C12 Bayview/York Mills +150% $1,768,428 -14% 27
E01 Riverdale/Leslieville +53% $459,128 +5% 17
E02 The Beach/Leslieville -4% $485,884 -4% 14
E03 Danforth/East York +6% $338,148 +6% 22
Condo Sales
C01 Downtown Core +153% $392,168 +18% 24
C08 St Lawrence/Downtown +78% $381,238 +32% 24
C07-14 Yonge Sheppard +136% $346,402 +25% 21
C15 Bayview Sheppard +258% $342,188 +19% 30
Source: Toronto MLS
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