Tuesday, December 20, 2011
Tuesday, December 6, 2011
Monday, December 5, 2011
Saturday, September 3, 2011
Canadian Housing Prices Continue to Climb !
Despite some bumps recently in the economy, the housing market seems largely unaffected. According to the latest release of the Teranet-National Bank National Composite House Price Index report, Canadian Home Prices went up by 1.7% in June.
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Read More The index jumped to an all-time high in June, building on gains seen in the previous month- which was the biggest month-to-month gain since August 2009.
From a year ago, the index is up by 4.5%. This latest release marks the third month in a row that the index has risen over 1%, as well as the seventh consecutive rise.
In all six major metropolitan markets surveyed prices were up across the board, led by Toronto with a 2.0% increase. Vancouver and Ottawa registered in at +1.7%, while Calgary posted a 1.6% rise, Montreal +1.1% and Halifax +1.0%
This signals the ninth rise in a row for booming Vancouver.
The report says, “The 12-month gain of the composite index in June was 4.5%, barely more than the 4.4% of April and May. It may seem surprising that 12-month inflation has not been accelerating in step with the recent pace of monthly increases. The reason is that in May and June 2010 the composite index was gaining more than 1% monthly.”
“In June the largest 12-month rise was 7.2% in Vancouver, followed by 5.9% in Montreal, 4.6% in Ottawa, 4.4% in Halifax and 4.2% in Toronto. Vancouver stands out with three consecutive months of accelerating 12-month inflation. Though Montreal’s 12-month inflation was the second highest of the six markets, it decelerated in June for a third straight month. Twelve-month inflation decelerated for a sixth consecutive month in Halifax. Calgary prices were down 2.7% from a year earlier, for a ninth consecutive month of 12-month deflation.”
“In July, according to seasonally adjusted data from the Canadian Real Estate Association, market conditions were balanced in the country as a whole while appearing tight in Toronto.”
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Wednesday, August 31, 2011
Thursday, June 2, 2011
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Thursday, May 19, 2011
Real Estate: GTA REALTORS® Report Mid-Month Resale Housing Mark...
Real Estate: GTA REALTORS® Report Mid-Month Resale Housing Mark...: "GTA REALTORS® Report Mid-Month Resale Housing Market Figures TORONTO, May 18, 2011 -- Greater Toronto REALTORS® reported 4,774 sales thro..."
GTA REALTORS® Report Mid-Month Resale Housing Market Figures
TORONTO, May 18, 2011 -- Greater Toronto REALTORS® reported 4,774 sales through the TorontoMLS® during the first two weeks of May 2011. This result was two per cent lower than the May 2010 figure of 4,887.
“The strong sales reported for the first half of May reflect the positive economic outlook for the GTA. With the number of jobs increasing and earnings growing, it makes sense that households remain confident in their ability to purchase and pay for a home over the long term,” said Toronto Real Estate Board President Bill Johnston.
The average selling price for the first 14 days of May was $486,223 – an increase of more than eight per cent compared to the same period in 2010.
“The average home selling price has been growing at a faster rate over the last two months. This is not surprising given that the number of homes available for sale has been down substantially in comparison to 2010. Increased competition between buyers for available listings has prompted enhanced upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
http://www.ejazwaraich.com/
TORONTO, May 18, 2011 -- Greater Toronto REALTORS® reported 4,774 sales through the TorontoMLS® during the first two weeks of May 2011. This result was two per cent lower than the May 2010 figure of 4,887.
“The strong sales reported for the first half of May reflect the positive economic outlook for the GTA. With the number of jobs increasing and earnings growing, it makes sense that households remain confident in their ability to purchase and pay for a home over the long term,” said Toronto Real Estate Board President Bill Johnston.
The average selling price for the first 14 days of May was $486,223 – an increase of more than eight per cent compared to the same period in 2010.
“The average home selling price has been growing at a faster rate over the last two months. This is not surprising given that the number of homes available for sale has been down substantially in comparison to 2010. Increased competition between buyers for available listings has prompted enhanced upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
http://www.ejazwaraich.com/
Saturday, May 7, 2011
1Br+Den for Lease in Downtown Toronto
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Wednesday, May 4, 2011
GTA REALTORS® REPORT MONTHLY RESALE HOUSING FIGURES
TORONTO, May 4, 2011 -- Greater Toronto REALTORS® reported 9,041 existing home sales through
the TorontoMLS® system in April 2011.
This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898.
While off last year’s record result, April 2011 sales were in line with the average April sales level reported
over the previous five years.
“Existing home sales have been strong from a historic perspective through the first four months of 2011.
Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers
continue to benefit from affordable home ownership opportunities,” said Toronto Real Estate Board
(TREB) President Bill Johnston.
Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of
new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions
resulted in the average April selling price growing by nine per cent annually to $477,407.
“The number of listings has been below expectations so far this year. Increased competition between
home buyers has led to an accelerating annual rate of price growth,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis. “The strong price growth experienced in April should result in more listings
and more balanced market conditions.”
http://www.EjazWaraich.com
TORONTO, May 4, 2011 -- Greater Toronto REALTORS® reported 9,041 existing home sales through
the TorontoMLS® system in April 2011.
This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898.
While off last year’s record result, April 2011 sales were in line with the average April sales level reported
over the previous five years.
“Existing home sales have been strong from a historic perspective through the first four months of 2011.
Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers
continue to benefit from affordable home ownership opportunities,” said Toronto Real Estate Board
(TREB) President Bill Johnston.
Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of
new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions
resulted in the average April selling price growing by nine per cent annually to $477,407.
“The number of listings has been below expectations so far this year. Increased competition between
home buyers has led to an accelerating annual rate of price growth,” said Jason Mercer, TREB’s Senior
Manager of Market Analysis. “The strong price growth experienced in April should result in more listings
and more balanced market conditions.”
http://www.EjazWaraich.com
Saturday, April 23, 2011
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Sunday, March 20, 2011
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Monday, March 7, 2011
Friday, March 4, 2011
Overall House Affordability In Canada Has Improved
According to RBC’s February report, owning a home in Canada became slightly more affordable at the end of 2010. In the fourth quarter, RBC Housing Affordability Measures fell between 0.4 and 0.8 percentage points (depending on the house type) at the national level, and the majority of provinces marked declines in homeownership costs.
As for Toronto, the affordability seems to be “climbing its way back to sustainable levels." The local market bounced back in the second half of 2010, after a steep decline through spring and early summer, from last winter’s unsustainably high levels. This recovery supports RBC’s theory of the advancing activity caused by special factors (as the HST and new mortgage lending rules) being responsible for the earlier weakness, rather than permanent decrease of demand. As the influence of these temporary factors declined greatly by the end of the summer, the Toronto-area market has returned to more maintainable activity levels.
Lower mortgage rates were among the main reasons enabling local homebuyers to enjoy improved affordability for the most housing categories in the fourth quarter. Despite two-story homes’ affordability rising modestly (by 0.3 percentage points), the RBC measures lowered for both condos (by 0.6 percentage points) and detached bungalows (by 0.5 percentage points).
The report also predicts a slow rise in homeownership costs in the next few years, as “…the era of rapid home-price appreciation of the past 10 years has likely run its course (…) and we believe that we have entered a period of very modest increases."
The RBC Measures show the proportion of median pre-tax household income necessary to service the cost of mortgage payments (principal and interest), property taxes and utilities on various types of homes.
Full document is available on RBC website.
Tuesday, February 15, 2011
Why rent when you can own? FREE list of homes available with a free special report. http://www.gtastoprenting.com |
Wednesday, February 9, 2011
3 Bedrooms Semi-Detached Close to Subway
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Wednesday, February 2, 2011
Tuesday, February 1, 2011
Thursday, January 20, 2011
Real Estate Market Watch Summary Videos
Market Watch Summary Videos – AVAILABLE NOW
These videos will be posted, along with the Market Watch Report, on a monthly basis highlighting key resale housing statistics. TREB Members are encouraged to share and/or embed these videos on their websites.
http://www.youtube.com/trebchannel#p/u/7/s2hQRC7xz8g
Ejaz Waraich
Re/max 2000 realty inc., brokerage
off# 416-743-2000
Cell# 416-371-EJAZ(3529)
http://www.homebuyersinfo.ca/
These videos will be posted, along with the Market Watch Report, on a monthly basis highlighting key resale housing statistics. TREB Members are encouraged to share and/or embed these videos on their websites.
http://www.youtube.com/trebchannel#p/u/7/s2hQRC7xz8g
Ejaz Waraich
Re/max 2000 realty inc., brokerage
off# 416-743-2000
Cell# 416-371-EJAZ(3529)
http://www.homebuyersinfo.ca/
Monday, January 17, 2011
"In 2008 and again in 2010, our government acted to protect and strengthen the Canadian housing market," Flaherty told a news conference in Ottawa. "We continue to do so today."
Flaherty unveiled three main changes:
- The maximum amortization period for a government-insured mortgage was lowered from 35 to 30 years.
- The upper limit that Canadians can borrow against their home equity was lowered from 90 per cent to 85 per cent.
- Government insurance backing on home equity lines of credit, or HELOCs, has been removed.
The first change is likely to have the largest impact. Buyers who purchase a home with a down payment less than 20 per cent of the value of the home are required to purchase government-backed mortgage insurance through Canada Mortgage and Housing Corporation.
Under the new rules, mortgages amortized over longer than 30 years will no longer qualify for that insurance, making it effectively impossible to get a highly leveraged mortgage of more than 30 years in Canada.
After companies began insuring mortgages of 40 years or more, Ottawa set the limit at 35 years in 2008 before Monday's move lowered it to 30.
Aims to stem tide on consumer debt
"This measure will significantly reduce the total interest payments for Canadian homeowners," Flaherty said.
He was referring to the fact that anyone taking a longer amortization on a mortgage would pay much more in interest over time.
Flaherty pitched the lowering of the amount that can be borrowed against home equity to 85 per cent as a move to ensure Canadians retain more equity in their homes.
"This will promote saving through home ownership and limit repackaging consumer debt into mortgages," he said.
The final change, to remove government insurance on HELOCs, came as a result of Ottawa's concern that certain financial institutions were allowing homeowners to roll too many consumer purchases into CMHC-insured mortgages.
"I think that's particularly risky because some of those loans are not used to create housing. They're used to buys boats, and cars and big-screen televisions," Flaherty said. "That's not the business that home insurance was designed for."
While Flaherty called the changes "moderate," they did not include an increase to the five per cent minimum down payment Ottawa requires for a home purchase. They also stopped short of a proposal that surfaced last week which would have required 100 per cent of condo fees to be included in the list of expenses that are measured against income when financial firms consider a mortgage candidate. Currently, only 50 per cent must be included.
The changes also come following recent warnings from the Bank of Canada on household debt levels.
In December, bank governor Mark Carney cautioned Canadian households and businesses not to be lulled by current low interest rates, because repercussions from a hike could be swift.
Rates 'will rise'
"While rates are low by historical standards, they eventually will rise," Flaherty said Monday. He dismissed the notion that the announcement was timed to precede the bank's next decision on interest rates, which are set to be revealed Tuesday.
"The particular timing today is not related to the interest rate announcement," Flaherty said. "The governor and I speak regularly, and we discuss these types of issues [and] we make an effort to make sure government policy complements the Bank of Canada's monetary policy."
Last week, Agathe Côté, a deputy governor at the bank, told a Kingston, Ont., audience that a sudden weakening in the Canadian housing sector could affect other areas of the economy given the high debt loads of some households.
If that shock hits, Canadians would be expected to cut back on their spending, she said.
Flaherty's announcement is the second time in three years that the government has clamped down on mortgage rules. In 2008, the government brought in several alterations, including:
- Cutting the maximum amortization period to 35 years from 40.
- Requiring a minimum down payment of five per cent.
- Establishing a requirement for a consistent minimum credit score.
- Introducing new loan-documentation standards.
Ejaz Waraich
Re/max 2000 Realty Inc., Brokerage
Off# 416-743-2000
Dir# 416-371-3529
http://www.gtastoprenting.com/
Sunday, January 9, 2011
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TORONTO, January 6, 2011 – The average price of a home in Canada increased between 3.9 and 4.6 per cent in the fourth quarter of 2010, compared to the previous year, as markets shrugged off a lacklustre third quarter and returned to a post-recession growth profile. Home values are forecast to continue a moderate and steady climb in many of the country’s key housing markets through 2011 with sales activity skewed to the first half of the year, according to the Royal LePage House Price Survey and Market Survey Forecast released today.
The low cost of borrowing stimulated the housing market in 2010, and this trend is predicted to continue in the first half of 2011. The widely held consumer belief that rates will rise in the latter part of 2011 may prompt an increase in buying activity early in the year.
“Trends in the housing market continue to be driven by the lingering after-effects of the recession,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.”
Soper added, “2011 is expected to unfold much like 2010, when close to 60 per cent of sales volume occurred in the first half of the year in anticipation of interest rate increases that never materialized. However, housing market activity in the first half of 2011 will be modestly closer to the norm, as last year’s phenomenon was exacerbated by mid-year tightening of mortgage accessibility and the introduction of HST in Ontario and British Columbia.”
Regionally, the strongest price appreciation of the cities studied is expected in mid-sized urban centers where affordability is better than the national average. For example, in Winnipeg, St. John’s and Fredericton, two-storey homes below $300,000 are still widely available. Demand in these cities is expected to be strong, putting upward pressure on home values.
Cities in Alberta are expected to be among Canada’s strongest performing markets in 2011. Woes in the historically volatile region’s housing market stretch approximately five years, when the Alberta housing market suffered a sharp correction following several years of double-digit price increases. The province’s energy-driven economy staged a comeback in 2010, recovering from the recession-led plunge in oil and gas prices. Major employers are expected to steadily increase hiring in 2011 which should attract new residents to the province and put upward pressure on the limited supply of housing. Royal LePage forecasts the average price of a home in Calgary will increase 5.4 per cent through 2011 while Edmonton home prices will increase 3.3 per cent. Home sale transactions are predicted to rise 6.7 per cent in Calgary and 9.1 per cent in Edmonton over the same period.
Across Canada, the average price of a home is forecast to rise 3 per cent over the coming year to $348,600 while the number of transactions is expected to drop 2 per cent.
During the fourth quarter of 2010, average home prices either increased or stabilized year-over-year, with Winnipeg, Ottawa, Montreal and St. John’s seeing the biggest gains. Nationally, the average price of detached bungalows rose to $324,531 (up 4.6 per cent), the price of standard two-storey homes rose to $360,329 (up 4.4 per cent), and the price of standard condominiums rose to $226,746 (up 3.9 per cent), compared to the fourth quarter of 2009.
Mr. Soper continued, “Like many Canadians, we anticipated an end to the ultra-low interest rate era before year-end 2010. Paradoxically, global economic weakness, particularly in the United States, allowed policy makers and financial institutions to keep borrowing costs low, resulting in a stronger Canadian housing market and a better than forecast fourth quarter.”
Regards,
Ejaz Waraich
http://www.onlycondos.info/
The low cost of borrowing stimulated the housing market in 2010, and this trend is predicted to continue in the first half of 2011. The widely held consumer belief that rates will rise in the latter part of 2011 may prompt an increase in buying activity early in the year.
“Trends in the housing market continue to be driven by the lingering after-effects of the recession,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Canadians realize that interest rates are unsustainably low and that homes will become effectively more expensive when mortgage rates return to normal levels. We will likely see more price appreciation early in 2011 as some buyers complete transactions in advance of anticipated higher borrowing costs.”
Soper added, “2011 is expected to unfold much like 2010, when close to 60 per cent of sales volume occurred in the first half of the year in anticipation of interest rate increases that never materialized. However, housing market activity in the first half of 2011 will be modestly closer to the norm, as last year’s phenomenon was exacerbated by mid-year tightening of mortgage accessibility and the introduction of HST in Ontario and British Columbia.”
Regionally, the strongest price appreciation of the cities studied is expected in mid-sized urban centers where affordability is better than the national average. For example, in Winnipeg, St. John’s and Fredericton, two-storey homes below $300,000 are still widely available. Demand in these cities is expected to be strong, putting upward pressure on home values.
Cities in Alberta are expected to be among Canada’s strongest performing markets in 2011. Woes in the historically volatile region’s housing market stretch approximately five years, when the Alberta housing market suffered a sharp correction following several years of double-digit price increases. The province’s energy-driven economy staged a comeback in 2010, recovering from the recession-led plunge in oil and gas prices. Major employers are expected to steadily increase hiring in 2011 which should attract new residents to the province and put upward pressure on the limited supply of housing. Royal LePage forecasts the average price of a home in Calgary will increase 5.4 per cent through 2011 while Edmonton home prices will increase 3.3 per cent. Home sale transactions are predicted to rise 6.7 per cent in Calgary and 9.1 per cent in Edmonton over the same period.
Across Canada, the average price of a home is forecast to rise 3 per cent over the coming year to $348,600 while the number of transactions is expected to drop 2 per cent.
During the fourth quarter of 2010, average home prices either increased or stabilized year-over-year, with Winnipeg, Ottawa, Montreal and St. John’s seeing the biggest gains. Nationally, the average price of detached bungalows rose to $324,531 (up 4.6 per cent), the price of standard two-storey homes rose to $360,329 (up 4.4 per cent), and the price of standard condominiums rose to $226,746 (up 3.9 per cent), compared to the fourth quarter of 2009.
Mr. Soper continued, “Like many Canadians, we anticipated an end to the ultra-low interest rate era before year-end 2010. Paradoxically, global economic weakness, particularly in the United States, allowed policy makers and financial institutions to keep borrowing costs low, resulting in a stronger Canadian housing market and a better than forecast fourth quarter.”
Regards,
Ejaz Waraich
http://www.onlycondos.info/
Higher Down Payments and/or Shorter Amortization Periods
There is strong speculation that the federal government may further tighten mortgage financing rules; in particular, raise down payment requirements and shorten amortization periods. This would make it more difficult for some Canadian families to realize the dream of homeownership and could have a detrimental impact on existing homeowners and the economy. Finance Minister Jim Flaherty said he is monitoring the situation, and will take action if needed.
In a December letter to the Minister of Finance, CREA’s CEO Pierre Beauchamp raised concerns about additional changes to mortgage financing rules.
How You Can Help
It is important for individual REALTORS® and public to respectfully write their Member of Parliament (MP) and explain the negative impacts additional mortgage financing rule changes would have on homebuyers, homeowners and the economy.
Click here for a draft letter that you can print. You should fill in your MP’s name and personally sign and send the letter. No postage is required if sending to your MP’s Ottawa office.
Contact information for your MP can be found here (enter your postal code and your MPs contact information will be given).
There is strong speculation that the federal government may further tighten mortgage financing rules; in particular, raise down payment requirements and shorten amortization periods. This would make it more difficult for some Canadian families to realize the dream of homeownership and could have a detrimental impact on existing homeowners and the economy. Finance Minister Jim Flaherty said he is monitoring the situation, and will take action if needed.
In a December letter to the Minister of Finance, CREA’s CEO Pierre Beauchamp raised concerns about additional changes to mortgage financing rules.
How You Can Help
It is important for individual REALTORS® and public to respectfully write their Member of Parliament (MP) and explain the negative impacts additional mortgage financing rule changes would have on homebuyers, homeowners and the economy.
Click here for a draft letter that you can print. You should fill in your MP’s name and personally sign and send the letter. No postage is required if sending to your MP’s Ottawa office.
Contact information for your MP can be found here (enter your postal code and your MPs contact information will be given).
Tuesday, January 4, 2011
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