Newmarket Real Estate Weekly

December 2011 Market Stats - Annual Recap

2012-01-11T11:12:00.000-05:00

Night time photos of "Riverwalk Commons"

2011-12-12T21:17:00.007-05:00

Some great night time photos of Newmarket's Riverwalk Commons!

Canadian Home Sales Top Expectations

2011-11-17T16:27:00.004-05:00

OTTAWA— The Canadian Press
Published Tuesday, Nov. 15, 2011 9:56AM ESTLast updated Tuesday, Nov. 15, 2011 10:20AM ESTcomments
The Canadian Real Estate Association says home sales in Ontario were stronger than anticipated during the third quarter — resulting in a slightly brighter outlook for CREA's 2011 and 2012 national forecasts.

The industry association is now projecting sales this year will be up 1.4 per cent from 2010, half a percentage point better than the previous forecast.

CREA expects there will be slightly fewer units sold next year than in 2011, but the 0.5 per cent decline is an upward revision.

October's sales activity through CREA members was the highest since January and the national average price was up 5.5 per cent from October 2010.

Source

Should you Sell Your Home On Your Own?

2011-09-22T13:46:00.000-04:00

Should you Sell Your Home On Your Own?
click on the link above.
for more real estate information, go to www.darcytoombs.com

Carney keeps rate steady at 1% - British Columbia - CBC News

2011-09-07T14:53:00.000-04:00

Carney keeps rate steady at 1% - British Columbia - CBC News

Bank of Canada keeps rates steady at 1%... good for the real estate Market!
____________________________________________________
For more Real estate Information, be sure to visit www.darcytoombs.com

Newmarket's Urban Park is taking Shape

2011-08-02T17:32:00.009-04:00

Here are a few images taken today of the construction progress of the New Urban Park being Built behind main Street, Newmarket. For more information on the project, CLICK HERE

for more real estate information, go to: www.darcytoombs.com

Know When it's Time to Renovate - TREB President's Toronto Sun Column

2011-07-22T09:32:00.006-04:00

Toronto SUN Column (as it appears each Friday in the Toronto Sun)

July 22, 2011 -- Living in Toronto and renovating homes seem to go hand in hand. One of the major ways we build equity in our homes is by adding a new bathroom, kitchen or family room. Families grow, space must be maximized, and keeping parents close to work and children in their favourite schools often means, "Honey, It is time to renovate...again!"

Buying a fixer-upper can be a great way to get into a desirable neighbourhood at an affordable cost. It’s important to recognize though, that all renovations involve some inconvenience and a lot of elbow grease. While you’re rolling up your sleeves, it’s wise to maximize your efforts, go green, and remember that what may no longer suit your lifestyle, might be of use to someone else.

Renovating Benefits Others as Well!

A great way to renovate for you while supporting a charitable cause is to consider your local Habitat for Humanity ReStore. This building supply store accepts and resells quality new and used building materials. Funds support Habitat's building programs while reducing the amount of used materials that are headed for overflowing landfills. Check ReStores out online at http://www.habitat.ca/en/community/restores/location.

Regardless of the upgrades you undertake, keep in mind that you can reduce the amount of waste you generate by donating or recycling construction materials. Certainly don’t dismiss the old for the new, if there are items to be reused, refurbishing them can add greater character to your home.

If you are looking for some great tubs and sinks you may have to go no further than your current bathrooms and kitchens. Techniques for resurfacing and countertops made of more recent materials like Caesar Stone, recycled glass, concrete, steel, stones, and the myriad of tiles will give you lots of options for upgrading the look without replacing the whole bathroom or kitchen.

Paint and paint techniques can change the look of a kitchen in a few afternoons, save you money and improve your investment: The Appraisal Institute of Canada says that upgrading kitchens and bathrooms is a smart choice, potentially offering a 75 to 100 per cent return.

Greening your Renovations!

Energy efficient lighting, appliances, faucets, toilets and showerheads are a few of the options for increasing the green factor in these two essential rooms and you can watch your monthly expenses drop.

When it comes to flooring, cork and bamboo are among the greenest options, as they are derived from renewable resources. While bamboo is also an excellent choice for cabinets, wood that is certified by the Forest Stewardship Council of Canada is another responsible option.

Visit the Appraisal Institute of Canada’s RENOVA, an interactive web-based guide to the value of home improvements. RENOVA is designed to give consumers a better idea of the return on investment they can expect for a variety of home improvements.

Household drafts will increase your heating bills and make those lovely spacious rooms an expensive proposition in our colder months. Window and door replacement may offer a more limited return of 50 to 75 per cent, but if your existing units are broken or have been installed for fashion rather than performance, this upgrade should take priority.

When purchasing windows, look for low-E argon-filled units with the Energy Star symbol to achieve the highest thermal efficiency. Note: if you wonder how old your thermo pane windows are, most are stamped with the year and month they were made on the metal piece between the panes of glass.

Similarly, replacing an aging roof may only offer a small return but it’s an upgrade that should not be deferred due to the potential for water damage. Fortunately, roof shingles made from a variety of recycled materials are widely available and sometimes the life expectancy of your new roof is worth paying the extra costs. Housing is a long term investment.

Heating systems can offer a 50 to 75 per cent return, while central air conditioning can deliver 25 to 75 per cent on your investment, but given the extreme temperatures of our climate, these are also wise investments, particularly when you choose models with the Energy Star symbol. We replaced our workable 60 percent efficiency furnace with a high efficiency furnace that, with our new windows and doors keeps us toasty all winter.

While decorating choices may be subject to taste, you’ll find that when it’s time to move again, energy efficient, money-saving upgrades have universal appeal. Renovating can be helpful to you, others, and reduce your carbon footprint all at the same time. Enjoy!

For Greening, Renovating or finding the right home, talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com for neighbourhood profiles, open house listings, market updates and more.

Richard Silver is President of the Toronto Real Estate Board, a professional association that represents 31,000 REALTORS® in the Greater Toronto Area.

for more eral estate information, go to www.darcytoombs.com

The York Region School Board has put 2 Old School up for sale

2011-07-12T17:41:00.006-04:00

Two weeks ago, the York Region District School Board (YRDSB) put up 2 of it's Schools for sale. The Wells Street School On Wells Street, Aurora and the King George School on Park Ave, Newmarket.

Both Schools are located in the beautiful old historic Neighbourhoods of each town and leave some neighbours anxious to know who will be buying them, as the Real Estate Values in these sections of town are highly in demand.

On the YRDSB website, ther is a news release stating that the Wells Street school that was built in 1892 has been out of service since 2007 for Structural deficiencies. There is no mention why the King George School is being sold or why it has gone out of service.

for more real estate information, go to www.darcytoombs.com

Glenway Information Sessions Planned

2011-06-07T12:50:00.002-04:00

For all those who know Newmarket, you know that the sale of Glenway Golf and Country Club to a developer has been a hot button issue for the past few years. Now with services at the club being scaled back and some even cancelled, it is believed that there will soon be an announcement as to what is happening with the course.

Newmarket's Ward 7 Councillor, Chris Emmanuel, has been taking a very direct approach with the community to keep them up to date with what is going on.

This morning at 9:45am, I, along with the others on his email recipient list, received a bulk email from Chris informing me of the information sessions that the Owners of Glenway will be hosting on Saturday June 18th at Glenway Golf and Country Club.

It is their intent to have this session with residents about the development concept, where they will take residents comments.

Above is a map and indication on the times at which they would like to visit with certain sections of the Glenway community.

I'm not entirely sure if this will be a drop in session for all Newmarket Residents, as this is not a Town of Newmarket event, but rather an event hosted by the New Owners of Glenway.

However, to stay up to date with all that is going on with Glenway, go to http://www.chrisemanuel.com/ to sign up for his email notificatations.

Discover the Associated Costs When Selling Your Home

2011-05-20T07:12:00.000-04:00

Discover the Associated Costs When Selling Your Home

Former astronaut new Southlake CEO

2011-05-18T17:05:00.000-04:00

YorkRegion Article: Former astronaut new Southlake CEO

Know what to Look for in a Condo

2011-04-27T17:07:00.004-04:00

Bill Johnston, TREB President
April 22, 2011 -- Condominium transactions (sales of condo apartments and condo townhouses combined) comprise approximately one in every three resale home transactions in the Greater Toronto Area compared to 25 years ago when condominiums comprised 25 per cent of the market.

There are many advantages to condo living including energy efficiency, proximity to amenities and maintenance free living. There is also a wider selection of condominium housing structures than ever before.

Regardless of the structure all condominium owners hold title to their units and share ownership and responsibility of and for the operating costs of the common elements that comprise the balance of the property.

Maintenance fees, which are paid in addition to your mortgage and property taxes, are directly related to the size of each condominium apartment unit.

While the maintenance fees may include the cost of heat, hydro, building insurance and upkeep of common areas, it is important to understand specifically what is covered in the maintenance fees.

Ask your REALTOR® for help in understanding what your fees will include in the particular condominium you're interested in buying.

Condominium townhouses may also involve maintenance fees. In this case, fees are related to common areas outside of the structure like Snow removal and lawn care.

There are a number of details involved in a condominium purchase that are unique to this housing type. As such, it's wise to work with a REALTOR®, regardless of whether you are buying a new or resale unit.

When buying a new condo unit, buyers should request a disclosure statement. It includes a description of the project's most important features, bylaws that govern the corporation, rules that regulate owners' living environments and the condominium corporation's budget for the first year after registration.

When buying a resale condo, buyers should also request a status certificate, which offers similar information and confirms that the owner is current with common expenses. It's important to speak with your REALTOR® and discuss which conditions are best suited for your offer.

The move-in date for a new condominium is referred to as an occupancy closing, which takes place until the condominium corporation is registered. Again, ask your REALTOR® to help you understand exactly what is and can be expected at closing.

A condominium Board of Directors, consisting of at least three Directors, is responsible for ensuring monies are held in trust, funds are properly invested and records are kept.

Owners meanwhile are responsible for ensuring their units are in good repair and must seek approval for structural changes within them.

To be sure that you are clear as to your responsibilities as a condominium buyer, be sure to talk to a Greater Toronto REALTOR® who can help you find a condominium ideally suited to your lifestyle. For more information visit www.TorontoRealEstateBoard.com

Bill Johnston is President of the Toronto Real Estate Board, a professional association that represents 31,000 REALTORS® in the Greater Toronto Area

Image Source Page: http://urbanrealtytoronto.com/wordpress/2010/08/18/toronto-hotel-boutique-condos-part-2/

TV Show being filmed in Newmarket TODAY!

2011-03-29T09:08:00.008-04:00

Today is the day that the USA network films a few shots of it's Show Covert Affairs.
Scenes will be shot in these three areas:

1. Travelling shots on Eagle street between Main and Yonge Street.

2. Filming at the intersection of Main St and Queen Street. (approx 7-9pm)

3. Filming in the Market Squarre Parking Lot (by the Public Library) (Approx 9-11pm)

For more info on the show, click on the following link: http://www.usanetwork.com/series/covertaffairs/

The 1% solution: 5 tips to help sell your house

2011-03-23T15:13:00.003-04:00

By Jennifer Wilson | Wed Mar 23 2011

Whether you’re moving out of town, moving up or splitting up, everyone has the same goal when they’re selling their home: to make as much as they can.

One way to get the best sale price is to invest a few dollars to spruce up your place for prospective buyers. One rule of thumb is that you should set aside 1 per cent of your asking price, so, if you’re listing for $400,000 a renovation budget of $4,000 isn’t out of line.

Of course, certain projects will get you more, though in most cases you won’t get all your money back. The return can be anywhere from nothing, for skylights and pools, to an average of 75 per cent on high-performing kitchens and bathroom projects.

Here are some tips:

Kitchen

You can expect to recover 75 to 100 per cent of your investment in kitchens and bathrooms.

“The payback is tremendous,” says Frank Turco, Home Depot’s trend and design manager. That’s because buyers don’t want to undertake a cumbersome renovation that restricts access to these key spaces.

A few hundred dollars can give your kitchen a whole new look. Cabinets can be cleaned, lightly sanded and painted to look like new, while hardware can also be updated quickly and inexpensively, with new pulls and handles starting at a few dollars a pop. Outdated track lights can be replaced with more fashionable varieties, focused task lighting and undercabinet lighting. Dingy backsplashes can also be refreshed with a coat of paint or new tiles, which are available in peel-and-stick varieties.

For a bit more of a splurge, try replacing laminate cabinets with wood and laminate countertops for something a higher end, such as Corian or granite. New appliances are also a worthy investment, with stainless steel and once again trendy glossy white appealing to buyers.

Bathrooms

In the bathroom, like the kitchen, painting the vanity, and swapping out light fixtures and pulls can refresh the space inexpensively. Upgrading faucets, taps and shower heads are another simple project in the $50 - $100 range.

Additional storage is also essential in the bathroom, so look into closet and cupboard organizing systems and adding extra shelving.

Or go all out and embrace the trend for more spa-like bathrooms with marble tiling, full glass showers with extra nozzles and high-end showerheads or a steam shower. Double sinks, heated floors and upgraded countertops are also nice perks.

Paint

In all spaces, a fresh coat of paint works wonders – bringing homeowners a return of 50 to 70 cents on the dollar, says says Mariano Gigante, a sales representative with Sutton Group. Others like, Re/Max salesperson Justin Kua estimate a fresh paint job can bring in returns of 300 per cent.

“Even if it is a simple thing to fix, buyers want it done,” says Gigante, noting it also helps sell homes quicker than other upgrades. Wipe away scuffed paint and outdated colours with neutral hues for a fresh, buyer friendly look.

Flooring

Ripping out worn carpets and refinishing, or replacing, battered floors can offer returns of 75 to 100 per cent, says Gigante, noting that laminate and wood offer the highest rate of return.

Turco recommends laminate vinyl options, explaining “vinyl has come a long, long way” and is now available in durable planks, tiles and sheets that can mimic almost any look and texture, with many varieties available in the $60 range for 24 square feet. Plus, as far as projects go, it’s “inexpensive and easy, as long as you have a box cutter and a ruler.”

Other upgrades

Replacing doors and windows can bring in 50 to 75 per cent – and help you save on energy costs to boot.

Landscaping, meanwhile, will put roughly 25 to 50 per cent of what you spend back into your pocket. A well-maintained garden, brick paths and even urns can also do a lot to boost your home’s curb appeal.

A buyer’s first impression is key so for an easy fix up under $100, Turco suggests cleaning up the front yard, repainting pots and planters, laying a new welcome mat and painting the front door.

Read about 10 easy ways to boost your home’s curb appeal here.

What not to do

Finishing a basement will see about a 50 per cent return on your investment, but as a big and costly job, Gigante says it’s only worthwhile if the homeowners intend on using it themselves for a while.

Skip the skylight. While additional natural light can be a boost, this project is expected to bring you absolutely no return, says Gigante.

Also avoid adding a swimming pool or Jacuzzi. It usually doesn’t improve your resale value and can even discourage buyers, such as families with small children.

If you are tackling a larger scale reno or working with a contractor, make sure the project comes in at less than your one per cent resale renovation budget, including a hefty contingency fund. The projects that offer the biggest returns – kitchens and bathrooms – can also bring the biggest surprises, snowballing costs as mechanical problems are uncovered.

Jennifer Wilson is the editor of yourhome.ca

VIVA Davis Drive Road Widening Lane Closures

2011-03-21T17:31:00.003-04:00

Please see below for details regarding temporary lane closures on Davis Drive this week.

1) In front of 54 Davis Drive on the south side (east of Yonge Street), temporary lane closures of the eastbound curb lane.
• Dates: Tuesday, March 22 to Thursday, March 24
• Hours of work will be between 9:30am and 3:30pm

2) In front of 350 Davis Drive on the south side (west of Niagara Street), temporary lane closures of the eastbound curb lane.
• Dates: Tuesday, March 22 to Thursday, March 24
• Hours of work will be between 9:30am and 3:30pm

Appropriate traffic control measures will be in place and every effort will be made to minimize any disruption to the traffic and pedestrians near the work area.

Davis Drive Construction update

2011-03-05T11:09:00.003-05:00

Davis Drive Construction Update

Coming Soon to Downtown Newmarket

2011-02-28T20:28:00.004-05:00

Click on this link for information on the Newmarket Community Urban Space Project (CUSP) which is currently under construction behind main street

Roofing Red Flags - CBC Market Place

2011-02-08T11:05:00.003-05:00

Click on the following link to watch a eye opening video on how some shady roofers pick your pockets:

http://www.cbc.ca/marketplace/2011/hittingtheroof/redflags.html

YorkRegion Article: Most satisfied with Newmarket: report

2011-02-02T18:00:00.002-05:00

YorkRegion Article: Most satisfied with Newmarket: report

New Mortgage Rules from the Department of Finance

2011-01-17T12:33:00.003-05:00

The Harper Government Takes Prudent Action to Support the Long-Term Stability of Canada's Housing Market

The Honourable Jim Flaherty, Minister of Finance, and the Honourable Christian Paradis, Minister of Natural Resources, today announced prudent adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada’s housing market and support hard-working Canadian families saving through home ownership.

“Canada’s well-regulated housing sector has been an important strength that allowed us to avoid the mistakes of other countries and helped protect us from the worst of the recent global recession,” said Minister Flaherty. “The prudent measures announced today build on that advantage by encouraging hard-working Canadian families to save by investing in their homes and future.”

“The economy continues to be our Government’s top priority,” continued Minister Paradis. “Our Government will continue to take the necessary actions to ensure stability and economic certainty in Canada’s housing market.”

The new measures:

1. Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.

2. Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.

3. Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.

Our Government’s ongoing monitoring and sound underlying supervisory regime, along with the traditionally cautious approach taken by Canadian financial institutions to mortgage lending, have allowed Canada to maintain strong and secure housing and mortgage markets.

The adjustments to the mortgage insurance guarantee framework will come into force on March 18, 2011. The withdrawal of government insurance backing on lines of credit secured by homes will come into force on April 18, 2011.

The Full Article can be read at: http://www.fin.gc.ca/n11/11-003-eng.asp

Real estate market heads into 2011 with stronger than expected momentum - Winnipeg Free Press

2011-01-15T13:52:00.001-05:00

Real estate market heads into 2011 with stronger than expected momentum - Winnipeg Free Press

Dec 2010 Toronto Real Estate Board Housing Charts

2011-01-13T11:07:00.003-05:00

TheStar GTA November New Home Sales Up

2010-12-22T13:43:00.002-05:00

Click Here to Read the Storey: TheStar GTA November New Home Sales Up

Canadian homes more affordable in Q3: RBC report

2010-11-29T11:11:00.002-05:00

TORONTO (Reuters) - Housing in Canada became easier to afford in the third quarter, the first drop in costs in more than a year, helped by lower mortgage rates and some softening in home prices, according to a study by Royal Bank of Canada.

After four consecutive quarters of rising home-ownership costs, the report by Canada's biggest bank found that affordability measures eased at the national level by 2.4 percentage points for a detached bungalow and 1.4 percentage points for a standard condominium.

Standard two-storey homes posted the greatest decrease, down 2.5 percentage points, according to the quarterly Housing Trends and Affordability index report released by RBC Economics.

The index measures the proportion of pretax household income needed to service the cost of owning a home. The lower the measure, the less costly it is.

Although home prices declined during the quarter, they were still 5.8 to 6.8 percent higher nationally than in the year-before quarter. Recent data has suggested a soft landing for Canada's once red-hot housing sector and that stable conditions are emerging.

A drop in fixed mortgage rates in the third quarter also helped to lower costs. Five-year posted rates fell more than 0.5 percentage points to an average of 5.52 percent, the report said.

But rates will rise again next year if, as expected, the Bank of Canada resumes raising interest rates. This might pressure affordability levels, although a more robust Canadian job market may soften the impact.

"Higher mortgage rates will be the dominant factor raising homeownership costs beyond the short term, although increasing household income ... will provide some positive offset," said Robert Hogue, a senior economist at Royal Bank.

"We expect housing demand and supply to remain mostly in balance overall, setting the course for very modest home price increases."

All provinces saw improvements in affordability in the third quarter.

(Reporting by Ka Yan Ng; editing by Peter Galloway)

http://ca.reuters.com/article/businessNews/idCATRE6AS39E20101129

CREA revises real estate forecasts for 2010 and 2011

2010-11-25T16:08:00.003-05:00

In a news release issued on November 5, 2010, the Canadian Real Estate Association (CREA) revised its national sales forecast downward for both 2010 and 2011. Sales activity in the beginning of the third quarter was weak, resulting in the total number of transactions forecast for the year being lowered, even though the sales pace did pick up steam towards the end of the quarter. So what does this mean for Canadian homebuyers and sellers?

It’s important for consumers to realize that the decline in sales activity is quite a modest one. And, sales activity is being measured against one of the best years ever for Canadian real estate. It’s also very important that homebuyers and sellers understand that the modest decline in sales activity refers only to the number of transactions, and does not refer to house prices. In fact, the inventory of homes currently up for sale remains tight, due in part to a limited number of new listings coming on the market. This keeps demand strong, so the market should be seen as 'stabilizing' or 'balanced'.

Despite a slowing of the pace of real estate sales, house prices in 2010 have reached record highs in all provinces. Next year, the CREA forecast calls for some provinces to experience further price gains, even above this year's record prices. However, the higher-priced, relatively more populous provinces of BC, Alberta and Ontario are expected to experience modest price adjustments next year, resulting in a national decline – but bear in mind, that modest decline will only represent 1.3% below this year's record high. In general, today’s pricing levels will tend to be sustained through the end of next year, but the days of double-digit appreciation are behind us for the near future.

Of course, this is just the ‘big picture’ of national trends. Real estate sales activity and house prices can vary dramatically between different communities or neighbourhoods, and sometimes even on the same street. For more detailed insights on your local real estate scene, contact your local Coldwell Banker real estate professional.

RRSP (Registered Retirement Savings Plan) Did You Knows?

2010-10-21T09:57:00.000-04:00

Fall housing market to improve after summer slowdown: Re/Max

2010-10-05T09:09:00.001-04:00

Fall housing market to improve after summer slowdown: Re/Max

Home ownership costs soar across Canada

2010-09-27T09:05:00.004-04:00

The Canadian Press

Date: Monday Sep. 27, 2010 8:43 AM ET

TORONTO — The cost of owning a home continues to rise, according to a quarterly report on housing affordability by Canada's largest banking group.

The latest housing report by RBC Economics Research says the costs of owning a home increased the most in Ontario and British Columbia.

The higher monthly costs for owning a home were driven by increased mortgage rates and further appreciation in home prices, the report said.

The report said home ownership costs in B.C. neared the all-time highs reached in 2008.

The RBC report also says it expects a temporary easing in housing affordability because of the recent drop in mortgage rates and signs that home prices are stabilizing in many markets.

Click here to read the Report

GTA REALTORS® Report Mid-Month Resale Housing Figures

2010-09-21T08:16:00.003-04:00

TORONTO, September 16, 2010 ‐ Greater Toronto REALTORS® reported 2,623 sales through the Multiple Listing Service® (MLS®) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009. Year-to-date sales amounted to 65,455, representing a six per cent increase compared to 2009.

“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,” said Toronto Real Estate Board President Bill Johnston.

“It is important to note that year-to-date sales remain above the number reported through the same period last year,” added Johnston. The average price for September mid-month transactions was $412,367 – up five percent compared to the average of $393,818 recorded during the first 14 days of September 2009.

“Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Bank of Canada hikes interest rates to 1%

2010-09-08T13:19:00.000-04:00

Bank of Canada hikes interest rates to 1%

Looking Through the Buyers Eye's

2010-09-06T16:16:00.003-04:00

Below are questions to ask yourself when preparing your home for sale, to ensure it looks the best it possibly can to the buyer's eyes.

Exterior

•Does your yard look well maintained?

•Are the trees and bushes trimmed?

•Is your lawn mowed and edged?

•Is your lawn free of weeds?

•Are the decks and patios clean?

•Does your house need painting?

•Are there any exterior holes or cracks?

•Are your walks and porches clean and in good repair?

•Does your roof leak or sag?

•Are any shingles or tiles missing?

•Is your chimney in good shape?

Carpeting/Walls/Ceilings

•Are your carpets clean and in good condition?

•Do your carpets need stretching?

•Are there any pet or smoking odors?

•Do your walls have any cracks or holes?

•Do your walls need painting?

•What about that wallpaper?

•Do your ceilings have any water stains, cracks or peeling?

•Do your ceilings need painting?

Kitchen

•Are your appliances clean and in good working order?

•Are your cabinets in good condition?

•Are your countertops in good condition?

•Is your tile grout clean?

•Is your sink stained, chipped, or in need or re-calking?

Bathroom

•Do your faucets shut off completely?

•Do your sinks drain freely?

•Are your toilets in good condition?

•Are your shower doors shiny?

•Do your tubs need caulking?

•Is your floor in good condition?

•Are your vanities and mirrors in good condition?

Living Room

•Is your fireplace clean?

•Is the fireplace screen in good shape?

•Are all drapes, shutters and shades clean and working properly?

•Are any window screens bent?

•Do all the windows open and close easily?

•Are the windowsills clean?

•Are your doors in good condition?

•Do any doors sag or stick?

•Do the locks work?

•Is the paint in good condition?

•Do the doors seal tightly?

Basement/Attic

•Is your basement/attic organized?

•Are they well lit?

•Are they clean?

•Are the stairs in good repair?

•Do the doors open and close easily?

•Are there any signs of insects or rodents?

Garage

•Is your garage organized?

•Is it well lit?

•Is the floor swept?

•Are there oil spots or other stains on the concrete?

We have a Wide Variety of Housing Options in the GTA

2010-08-06T14:15:00.002-04:00

July 30, 2010 -- As residents of Canada's largest city we are fortunate to have a wide variety of housing options available to us. Regardless of whether life on a farm or the waterfront appeals to you, the Greater Toronto Area has something to offer for everyone.

As multi-faceted as the region itself, The Toronto Real Estate Board's 30,000 REALTORS® have unique assets ideally suited to helping you find your next home.

You're likely to find for example, condominium apartment or commercial property specialists working in downtown Toronto's C01 district. In this area REALTORS® can advise you on the specific amenities available in downtown condominium communities, what you can expect to pay in maintenance fees and whether parking spaces can be leased.

By contrast, a REALTOR® who practices in the northern most reaches of the GTA, in areas like Cookstown, can advise you on the details of septic systems and well water on rural properties.

The area between Toronto and rural Cookstown is incredibly vast and accordingly, the REALTORS® throughout the north 905 districts can offer advice on everything from buying a condominium apartment in Markham to a horse farm in King. From enclaves located in wooded settings to homes overlooking golf courses, your REALTOR® can guide you through the north 905 districts' many beautiful options.

The GTA is known internationally for its diversity of cultures, employment options and housing types and Mississauga, a city within our city, really epitomizes these features. Here you'll find REALTORS® with experience in everything from 905 condominium living near Square One to executive waterfront properties in Oakville/Burlington to lovely starter homes near the escarpment in Milton.

In the 905 Region's east districts you will also find many beautiful areas like Pickering's Frenchman's Bay, homes in Whitby that are within minutes of ski slopes and a community built around a marina in Newcastle. Many wonderful options are available in the communities and rural properties east of Toronto and you can count on a REALTOR® to advise you on the many specifics, from zoning allowances to school ratings to varying municipal property tax rates.

Your REALTOR® can also advise you on new home construction developments, which are plentiful in all three of the regions that comprise the picturesque 905 districts, where rolling hills are dotted with small lakes.

No matter what type of lifestyle appeals to you, you can count on your Greater Toronto REALTOR® to identify your many options and counsel you on with regard to all of the considerations when helping you find your next perfect home.

For more information on the many available options visit www.TorontoRealEstateBoard.com where you'll find GTA listings, plain language real estate forms, mortgage and land transfer tax calculators and more.

Follow TREB on www.twitter.com/TREB_Official, www.Facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel or visit www.TorontoRealEstateBoard.com

Bill Johnston is President of the Toronto Real Estate Board, a professional association that represents 30,000 REALTORS® in the Greater Toronto Area.

Sorry I Haven't Posted in a while

2010-08-06T14:12:00.002-04:00

In case you have been following my blog.... (Crikets)... I apologize for not having many recent posts. I just bought a house with my lady and It's been a busy 2 months.
I promise to be more on top of this providing valuable info to anyone thinking about Real Estate.
your Truely!
Darcy

The Newmarket Community Centre is coming Down!

2010-06-10T15:59:00.005-04:00

Here are some photos of the demolishion of the Newmarket Community Centre from today.

Dryer Lint Fire!

2010-06-10T15:53:00.002-04:00

This is what can happen in your Laundry Room! Make sure you keep your Dryer Exhaust free from Lint and keep the run to the exterior short.

Stay Safe!

House prices overvalued by 14 per cent in Canada: CIBC - Yourhome.ca

2010-05-26T12:07:00.001-04:00

House prices overvalued by 14 per cent in Canada: CIBC - Yourhome.ca
Click on the link above to read the Article in today's Toronto Star.

April's Transactions nearly met the Record!

2010-05-17T20:26:00.002-04:00

May 14, 2010 -- In April, 10,898 homes changed hands in the Greater Toronto Area, marking two consecutive months in which activity has exceeded 10,000 transactions. While not unprecedented, this pattern has only occurred once before: in May and June of 2007, which finished as the strongest year on record.

Last month’s figure surpassed April 2009’s 8,107 sales, which took place as we were emerging from a short-lived recession. Most significantly, it outpaced April 2008’s 8,762 transactions and even the 9,452 sales that took place in April 2007.

Taking a closer look at last month’s numbers, there were 4,310 sales in the 416 Area and 6,588 transactions in the 905 Region.

The 3,349 condominium purchases that took place comprised nearly 31 per cent of all sales last month. By contrast, at this time a year ago condominiums comprised 28 per cent of transactions. This demonstrates Torontonians’ growing enthusiasm for condominium living.

With respect to prices, the results are also very strong. Currently, the average price of a home in the GTA is $437,600, which represents a nearly 12 per cent increase over the April 2009 average price of $385,641. Growth was nearly equal in both of the regions last month. In the 416 Area, the average price of $479,340 rose nearly 14 per cent from $421,470 a year ago. In the 905 Region, the average price of $410,293 grew more than 13 per cent from April 2009’s average price of $362,009.

Due in part to the extra costs associated with the Harmonized Sales Tax, which takes effect July 1, and anticipated interest rate hikes, activity is brisk. Currently homes are on the market for an average of 21 days before being sold compared to an average of 37 days on market a year ago. As well, there are currently 22,951 homes available for sale throughout the GTA as compared to 23,515 a year ago.

We can expect more properties to become available for sale as we move toward the second half of the year though, as homeowners react favourably to recent months’ activity. This should result in more balanced conditions.

While there’s no question that sales have been robust throughout the past 12 months, the market is functioning as expected. In fact, the flurry of activity during the past two months bodes well for the future of real estate in the GTA, as each new homeowner brings fresh enthusiasm to their new space, undertaking home improvements and thereby contributing to property values in the city as a whole.

Regardless of market conditions, provided you enlist the skills of an astute REALTOR® it can be a favourable time to undertake a transaction at any juncture. To find out more about activity in your specific neighbourhood, talk to a Greater Toronto REALTOR®. They can advise you on recent sales in the area so that you can make informed decisions when planning your next move.

Be sure to visit www.TorontoRealEstateBoard.com as well, where you will find GTA listings, plain language explanations of common real estate forms, information on government programs and more.

Follow TREB on www.Twitter.com/TREB_Official, www.facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel .

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.

The Hidden Costs of Moving

2010-05-12T12:19:00.003-04:00

May 7, 2010 -- In the last five years an average of more than 80,000 homes per year have changed hands in the Greater Toronto Area. While our reasons for changing the scenery are as diverse as the city itself, there’s no doubt that a different space or lifestyle can offer new inspiration and more importantly, an opportunity for a fresh start financially.

The key to ensuring that you begin your next chapter with a solid financial footing is careful budgeting of all costs associated with the transaction.

While many homebuyers plan for the most apparent expenses such as the deposit and down payment, mortgage insurance costs, appraisal and inspection fees, land transfer taxes and legal costs; there are a number of less obvious expenses that should also be taken into account.

Transporting your belongings is one such expense. Professional moving costs can range from hundreds to thousands of dollars so it’s best to be sure you’re comfortable with the company you’ve chosen by seeking referrals from family and friends. Even if you only plan to rent a truck, be sure that you fully understand the agreement and account for extra gas and mileage costs. Include packing supplies like tape and bubble wrap in your budget as well.

When it comes to moving, it’s wise to expect the unexpected. Since delays can happen at either end, budgeting funds for accommodations, storage facilities and additional rental fees is a must. Given that settling in doesn’t happen overnight, you should also expect the additional costs of eating take-out food for a few days. Anticipate a higher than normal grocery bill at the outset as well, as you restock staples that may have been discarded prior to your move and replenish much-needed cleaning supplies.

To make your new house a home you’ll want to set aside some funds for furniture, window treatments, light fixtures and area rugs. Even minor assorted hardware items can add up. Utility, phone, television and Internet service providers typically charge to establish a connection. As well, to provide for better security, plan to have your locks re-keyed or replace the entire lockset yourself.

As a condition of your mortgage you will need to obtain home insurance. Since premiums can vary widely, be sure to get a number of quotes. Remember as well, that if the seller has prepaid utility bills and taxes beyond closing, you will be required to reimburse them. If you’re moving into a larger space, higher ongoing utility costs should also be considered. Account for the fact that property taxes could also increase significantly if you’re a move-up buyer.

While the preparation might seem a little daunting, the benefits of your new investment far outweigh the inconveniences of moving. A home after all, is not only the sole type of investment in which you can live while it appreciates; it’s also a place to build memories that last a lifetime.

To ensure you’re well prepared for your next move talk to a Greater Toronto REALTOR® and visit www.TorontoRealEstateBoard.com where you’ll find available properties, neighbourhood profiles and the latest market statistics. Be sure to follow TREB on www.Twitter.com/TREB_Official, www.facebook.com/TorontoRealEstateBoard and www.youtube.com/TREBChannel .

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.

Toronto Real Estate Board April Stats

2010-05-12T11:37:00.003-04:00

TORONTO, May 5, 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 properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

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.”

Money Sense Magazine Ranks Newmarket as 15th Best place to live in Canada

2010-05-03T11:50:00.002-04:00

Money Sense Magazine ranks Newmarket as the 15th Best Place to live in Canada.

Click here to read to complete article.

Whats Taxable under the HST and What is not

2010-04-29T15:24:00.002-04:00

Curious to know what might be a little more expensive come July 1, 2010???
Look no further. Click Here to view a list of items compiled to help Ontarians get a better handle on our new tax...

End of an Era - Old Community Centre Arena is coming down

2010-04-27T20:02:00.001-04:00

As part of a larger vision to transform downtown Newmarket, the Community Centre (200 Doug Duncan Drive) is scheduled to undergo significant renovations, starting with the dismantling of the arena within the next few weeks. Residents and business owners will now notice perimeter fencing surrounding the arena and south parking lot as the contractors prepare for the demolition.

“The Community Centre arena has stood the test of time and has been a pillar of our recreation community since the 1920s. The dismantling of the arena is bittersweet as it represents the end of an era, but also marks the beginning of an exciting transformation for Newmarket,” say Mayor Tony Van Bynen.

The removal of the arena is an important component of the Town’s Community Urban Space Project (CUSP) that will see the creation of an 8.4 acre urban park in the heart of downtown. Touted as an all season destination, the new park will include an open-air skating facility that converts into a summer water feature, and an outdoor performance area. The park is scheduled to open by March 31, 2011.

“As we say goodbye to the old arena, we are creating a new family space in its place,” says Regional Councillor John Taylor. “We’re excited that the new urban park will further promote downtown as a centre for the community and a key destination for cultural and recreational events,” continues Taylor.

The Community Centre itself will undergo a variety of renovations, and the Town will host a public drop-in session to allow members of the community to view the interior and exterior plans for the centre (date to be determined).

Residents should be advised that traffic flow along Doug Duncan Drive may be affected as the arena is dismantled. In addition, contractors in hazardous materials suits may be observed as asbestos tile is removed from the facility, and heavy machinery will be onsite.

The Town will continue to update the media as new information is available. A photo opportunity will also be scheduled once the demolition date is determined. To learn more about the Town’s downtown initiatives, visit http://www.newmarket.ca/en/discoverdowntown.asp, or, sign up for the Town’s new electronic newsletter – the Downtown Dish – by e-mailing downtowndish@newmarket.ca for the Town’s new electronic newsletter – the Downtown Dish

Mid-April Resale Market Figures

2010-04-19T13:33:00.001-04:00

TORONTO, April 16, 2010 – Greater Toronto REALTORS® reported 4,601 sales throughthe Multiple Listing Service® (MLS®) during the first two weeks of April.

This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.

“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour.

"Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price."

The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.

"The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

"As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”

VIVA/NEXT Rapidways

2010-04-08T19:52:00.004-04:00

For those curius to know what the Viva Rapidway is scheduled to look like, have a look at this video that viva has posted on youtube. The first 40 seconds are basically what Main/Davis is expected to look like, while other Transit oreinted projects follow.

*PLEASE KEEP IN MIND THIS VIDEO IS A DEMONSTRATION OF WHAT THE DEVELOPMENT MIGHT LOOK LIKE. Main/Davis is not likely going to see major development like the one proposed in the video for many many years to come.

The goal is to build transit systems and roadways that will accomodate for vertical development and the concentration of population growth in designated Growth Centres. This is all based on the The Ontario Places to Grow Act which is intended manage growth and development in a way that supports economic prosperity, protects the environment and helps communities achieve a high quality of life across the province.
Newmarket is a targeted area in the Act and has been given a Provincial Growth mandate to acheive a population of 98,000 by 2026, a goal I think will be achieved well before that date.

For More Info on Viva , click Here
For more on The Place to Grow act the the communities affected, click here

2010-04-07T20:20:00.003-04:00

As this graph shows, March was the best month for sales volume in 4 years.

The supply levels are significantly higher now than in the spring, which is causing the market to balance out a bit more than we witnessed in the winter months. If supply outweighs demand, prices drop.

The sales-listings ratio is actually down from february, which isn't that uncommon, but a big contrast to what happened the same time last year.

Becuase of the large unbalance of demand outweighing demand over the winter months, average prices skyrocketed over those of the past 4 years.

YOu can see the large disparity of available homes for sale over the course of 2009 from the above graph which I believe helped fuel the demand as the signs of economic recovery appeared.

Transit Future Woes - Budget Cut backs could put Road Widening on Hold.

2010-03-29T11:24:00.005-04:00

If you were hoping to trade in your car for the region’s new rapid transit service in the next few years, you may want to hold on to your keys.

The budget unveiled by Ontario Finance Minister Dwight Duncan Thursday asks Metrolinx to delay $4 billion in transit spending during the next five years, meaning Viva’s bus lanes, including an extensive project on Newmarket’s Davis Drive, likely won’t open as soon as hoped.

Viva didn’t know about the funding delays until the budget announcement, but will soon meet with the province and Metrolinx, spokesperson Dale Albers said. The province and York Region will work together to deliver programs in a reasonable time frame, he said.

Mr. Albers emphasized the province’s prior commitments to transit and that no projects are cancelled. But with shovels nearly ready to go in the ground in Newmarket, Markham and Richmond Hill, the future is suddenly uncertain.

“It does’t seem sensible to halt the project this far along,” said Newmarket Regional Councillor John Taylor, who began making enquries as soon as he heard about the delay.

Engineering work for Davis Drive’s rapidways is complete and expropriations have proceeded to the point some buildings along the strip are boarded up.

Mr. Taylor said he was very concerned, but spoke with regional chairperson Bill Fisch Friday and is confident Mr. Ficsh and staff, who brought Viva so far already, will ensure things don’t grind to a halt.

“I’m hoping we’ll have a positive outcome. I wouldn’t want to see Davis Drive caught in limbo,” Mr. Taylor said.

The bus line would help free up congestion choking Davis for decades, Newmarket Mayor Tony Van Bynen said, adding Southlake hospital’s new cancer centre will bring even more vehicles to town.

Expropriations are also underway along Hwy. 7 East, so construction can begin this fall. Those lanes were set to open in 2013. Further phases, extending north along Yonge Street to Richmond Hill and through Newmarket and west along Hwy. 7 to Vaughan, were set for 2014 to 2015 openings.

Even further down the road were other Viva segments and plans to extend TTC’s light rail transit on Don Mills road and Jane Street into York Region.

It was almost exactly a year ago Premier Dalton McGuinty came to York celebrating $1.4 billion for Viva, fully funding the construction of the median lanes that allow buses to operate out of mixed traffic.

The premier was following through on the promise of the $11.5 billion Move Ontario 2020 plan unveiled during the 2007 election campaign. He hoped the federal government would step up with money, but that never happened and the original funds for transit projects across the GTA are almost entirely dispersed.

Now, the government is trying to hold off spending the more than one-third of funding already spoken for.

While Viva’s future is up in the air, things are surely more bleak for the unfunded Yonge subway extension, despite strong regional lobbying for the needed $3 billion.
It’s “basically dead”, Thornhill Conservative MPP Peter Shurman said of Move Ontario, but he and other local politicians formed a working group with residents to lobby for the subway and they are kicking around alternate funding ideas.

“Gridlock costs a fortune” in terms of money and quality of life for York residents, Mr. Shurman said.

Vaughan’s Spadina subway is unaffected but Toronto’s plans to construct LRT along Finch Avenue and Eglinton Avenue are also pushed back.

“It makes absolutely no economic sense, it makes no sense from a social policy perspective,” Toronto Mayor David Miller told reporters, describing the decision as “disgraceful” and “thick”.

Both Mr. Miller and the Toronto Board of Trade slammed the move as shortsighted given its job-creation potential.

“This is not a good day for regional transit,” board president and chief executive officer Carol Wilding said.

“Our infrastructure deficit has become the casualty of a fiscal deficit with shorter-term priorities sacrificing the fundamentals of long-term economic growth.”
The transit delays were one of several belt-tightening measures announced by Mr. Duncan, including a freeze on provincial salaries.

“Public servants make a valuable contribution to the health and well-being of this province. They are an important part of our well-educated workforce. That is why we will not propose mandatory days off. That is why we will honour existing collective agreements.”

About 700,000 unionized employees will not see a freeze, at least until their contracts come due. That means it’s business as usual for the unions while other Ontarians are busy making ends meet, Mr. Shurman said.

Mr. Duncan also touted previously announced programs, such as plans to spend $63.5 million on daycare, the introduction of full-day kindergarten in September and the shift to the HST in June.

The harmonized tax is expected bring $1.2 billion to the provincial treasury next year.

Storey from:

http://www.yorkregion.com/news/local/article/657189--transit-future-woes

For more information on the VIVANEXT Project and how it's planned to effect Davis Drive, click here

Hot Topic: Lots of Listings

2010-03-17T16:25:00.001-04:00

President's Message:

March 16, 2010 -- The Toronto Real Estate Board (TREB) reported a strong result for existing home sales and average selling price in February. Last month, 7,291 transactions were reported through the Multiple Listing Service® (MLS®) within the TREB market area, representing a 77 per cent increase over the same month last year. The average price for these transactions was $431,509 – up 19 per cent compared to February 2009. The annual rates of growth reported for sales and average price were due to both increased demand for ownership housing driven by strengthening consumer confidence and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year. While strong growth in existing home sales and average price was forecast to be strong in the first half of 2010, the big story last month was listings. New listings increased by almost 25 per cent compared to February 2009. After adjusting for the season and annualizing this figure, we found that new listings climbed back to levels not seen since the fall of 2008.

“Existing home owners have started to react positively to the strengthening market conditions we have seen since the half-way point of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “An increasing number of home owners have become confident that they will be able to list their home and receive offers in line with their asking price within a reasonable time period.”

In my experience, it has always been important to strike a balance between sales and listings in the market place. When the number of buyers increases rapidly relative to the supply of listings, like we saw in the second half of 2009, it becomes more difficult for would-be home buyers to find a home that meets their needs. These tight market conditions have resulted in strong year-over-year price increases. As the supply of listings increases moving forward, the annual rate of price growth will edge lower.

“It is important that home prices grow at a sustainable pace in the long run. The rate of price growth will often fluctuate quite a bit over a short period of time. The past twelve months has been a good example, with price declines this time last year improving to the current situation of double-digit rates of growth,” explained Mercer. “Over the long term we want to see home prices growing in line with broader economic indicators like GDP and disposable income. With more listings coming on stream this year, we will see sustainable rates of price growth.”

It is clear to me that the housing market in Toronto is performing as it should. Demand for ownership housing improved as interest rates declined and consumer confidence in economic recovery rebounded. Average home price growth picked up as market conditions tightened. In response to increased sales and average price, we are seeing an increasing number of new listings, which will result in more balanced market conditions associated with sustainable long-term price growth. I look forward to discussing GTA housing market trends in further detail with you next month.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.

HST and how is will effect the Real Etstae Market

2010-03-12T15:19:00.004-05:00

HST Transition Rules

The provincial government has provided rules/guidance on how it will transition to the implementation of the proposed Harmonized Sales Tax.

Background

The provincial government has passed legislation to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).

- The HST is NOT YET IN EFFECT. The HST will come into effect beginning on July 1, 2010; however, note transition rules below.
- HST will not apply on the purchase price of re-sale homes.
- HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.
- HST will apply to the purchase price of newly constructed homes. However, the Province is proposing a rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.

Transitional Rules for New Housing

Generally, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010.
The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

Additional Transitional Rules

Where services straddle the HST implementation date of July 1, 2010, the tax charged for the service may have to be split between the pre-July 2010 and post-June 2010 periods. However, the HST will generally not apply to a service if all or substantially all (90% or more) of the service is performed before July 2010.
Four key timelines are important (see below). All are based on the earlier of the time the consideration is either due (In general, an amount is due on the date of the invoice or the day required to be paid pursuant to a written agreement), or is paid without having become due. If consideration is due or paid,
Before October 15, 2009, HST will generally not apply (however, see above transition rules for new housing).
From October 15, 2009 to April 30, 2010, certain business that are not entitled to recover all of their GST/HST paid as input tax credit may be required to self-assess the provincial component of the HST with respect to goods or services supplied after June 30, 2010.
From May 1, 2010 to June 30, 2010, HST will generally apply for services supplied after June 30, 2010.
After June 30, 2010, HST will generally apply. An exception to this rule would be where ownership of the property is transferred before July 2010 or the invoice relates to services provided before July 2010.
With regard to the lease or license of goods, including non-residential real property, HST will generally apply to lease intervals or payment periods on or after July 1, 2010 and the general rules noted above will apply. However, where a lease interval begins before July 2010 and ends before July 31, 2010, it is not subject to HST.
With regard to the sale of non-residential property, HST is due where both possession and ownership of non-residential property occurs on or after July 1, 2010.

More Detail

Additional detail on the transition rules is available at the provincial government web site here or by calling the provincial government enquiry line at 1-800-337-7222.

Careful renos can increase home value

2010-03-11T14:11:00.006-05:00

President's Message:

The Greater Toronto Area’s spring real estate market is just weeks away and many analysts anticipate that it will be a busy one.

It is expected that the number of properties available for sale will increase as homeowners react favourably to recent months’ activity. It’s also likely that the market will have more homebuyers, prompted to make a purchase before the added costs of the Harmonized Sales Tax take effect on July 1st.

If you’re planning on making a foray into the market this year, now could be the time to undertake improvements, which if carefully planned, can increase the value of your home considerably.

Most of us know that kitchens, bathrooms and a fresh coat of paint inside and out, offer the best return on investment. According to the Appraisal Institute of Canada, you can expect to get back 75 to 100 per cent of what you put into kitchens and bathrooms. Painting can return 50 to 100 per cent of your investment.

While these are typically low risk investments, a number of factors can influence the gains you achieve with other types of renovations. Location is one such consideration. The completion of a basement recreation room for example, can generally return 50 to 75 per cent of expenses, depending on the preferences of future buyers in your area. In a predominantly seniors community its value could be considerably limited.

It’s also important to consider your home’s most crucial needs. Window and door replacement may offer a return of 50 to 75 per cent, but if your existing units are broken, this home improvement should take priority on your project list. Where glaring needs are concerned, the value associated with your home’s overall impression outweighs specific project returns.

When deciding whether to proceed with functional renovations though, it’s also important to consider that significant government rebates are available for many energy efficiency improvements.

There are some improvements that we undertake simply for our own enjoyment, like a swimming pool, from which you can get back up to 40 per cent of your investment or landscaping, which is likely to offer a 25 to 50 per cent return. Despite the limited gains they may offer individually, these types of improvements can also make an important contribution to your property’s overall image.

Consider as well that not all of your renovations need to be sizable. Even minor improvements like new light fixtures, cabinet hardware or faucets can give your home a contemporary look.

For more information visit the Toronto Real Estate Board’s consumer website www.TorontoRealEstateBoard.com to find a REALTOR® who can advise you on wise improvements for your home.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

For more information on Estate Home Sales Solutions, Click here

February Market Graphs - GTA

2010-03-05T17:16:00.005-05:00

Simple Steps to Energy Efficiency

2010-02-26T15:46:00.002-05:00

February 26, 2010 -- When it comes to character, you just can’t beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.

From the roof to the foundation, a number of innovative building practices often go into constructing today’s greenest homes.

Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.

Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home’s poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.

If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly.

Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you’re not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.

A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.

Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.

If you’re planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.

In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets.

Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home’s energy efficiency as well.

Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.

Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements. Please visit www.TorontoRealEstateBoard.com to learn more about them.

Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 29,000 REALTORS® in the Greater Toronto Area.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Department of Finance Mortgage Measures

2010-02-16T15:56:00.005-05:00

The Honorable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

QUALIFYING AT A FIVE-YEAR RATE

Current interest rates are at record low levels, which has improved the affordability of housing for Canadians. It is important that Canadians borrow prudently and are able to manage their debt loads when interest rates rise.

Lender and mortgage insurers look at two key ratios when assessing the ability of a borrower to make payments on a mortgage loan:

Gross Debt Service (GDS) ratio—the ratio of the carrying costs of the home, including the mortgage payment, taxes and heating costs, to the borrower's income.
Total Debt Service (TDS) ratio—the ratio of the carrying costs of the home and all other debt payments to the borrower's total income.
Currently, the interest rate used to determine the mortgage payment for these calculations is either the rate fixed for the term of the mortgage or, in the case of a variable-rate mortgage and mortgages with terms of less than three years, the greater of the contract rate and the prevailing three-year fixed rate.

The adjustments to the mortgage framework will require mortgage insurers to ensure that borrowers qualify for their mortgage amount using the greater of the contract rate or the interest rate for a five-year fixed rate mortgage when calculating the GDS and TDS ratios.

This measure is intended to protect Canadians by providing them with additional flexibility to support mortgage payments at higher interest rates in the future.

LIMIT THE MAXIMUM REFINANCING AMOUNT TO 90 PER CENT OF THE LOAN-TO-VALUE RATIO

Borrowers seeking financial flexibility can currently refinance their mortgage and increase the amount they are borrowing on the security of their home up to a limit of 95 per cent of the value of the property. This type of refinancing lowers the borrower's equity in their home. The adjustments today will lower the maximum amount of the mortgage loan in a refinancing of a government-backed high ratio mortgage loan to 90 per cent of the value of the property, consistent with the principle that home ownership is a tool for savings.

DISCOURAGING SPECULATION BY REQUIRING A MINIMUM DOWN PAYMENT OF 20 PER CENT FOR NON-OWNER-OCCUPIED PROPERTIES

This measure will require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation. Currently, borrowers may purchase a residential property with a 5 per cent down payment. Today's change will require a 20 per cent down payment for small (i.e., 1- to 4-unit) non-owner-occupied residential rental properties. Borrowers purchasing owner-occupied residential properties which also include some rental units (e.g., borrowers purchasing a duplex to live in one unit and rent out the other) will still be able to access government-backed mortgage insurance with a 5 per cent down payment.

Moving to the new framework:

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010. Exceptions would be allowed after April 19 where they are needed to satisfy a binding purchase and sale, financing, or refinancing agreement entered into before April 19, 2010.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families." The Honorable Jim Flaherty, Minister of Finance

My Take:

Qualifying at a Five Year rate: this is good for the stability of our Real Estate Market, but will discourage rapid growth in prices as those looking to enter into the market will find it a little more difficult to qualify. Those who can afford to buy will be the ones buying.

Refinancing Limit of 90% Loan-to-Value(LTV): I also see this as positive. In the past few years I have seen a number of people refinance to the point that they then owed more than their home is worth. Thus, in most cases, leading to forclosure by the lender. It is important for people to have equity in their home and by lowering the refinancing limit from 95% LTV to 90% LTV it will protect a lot of people from being forclosed on and maintaining equity on thier home.

20% minimum down payment for non-owner occuppied: I'm a little torn with this one as I have a goal of owning many rental investment properties, so this make it a little harder to grow a large portfolio since I will be required to have more money into the property. I see this really as a way for the government to protect their insurance premiums they recieve from CMHC. With more money down by speculators, and investors, it lessens the probabblility of the lenders who are financing these types of deals from having to make insurance claims when there is a deficit from what is owed and what a property is worth... I can see this part changing down the road to say 15% down required.

Daniel Craig comes to Newmarket

2010-02-12T14:06:00.003-05:00

On Monday Feb 15 and Tuesday Feb 16, Daniel Craig is coming to town to film a few scenes from his upcoming film.

Dream House, also featuring Naomi Watts, is a thriller that follows a man, portrayed by Mr. Craig, who moves his family to a small town only to discover the house he purchased is haunted by the former owners, who were murdered there.
He will be in town to shoot a scene with Newmarket's own Real Estate Agent, Rav Toor (Homelife Main Street). A scene that will be shot on Feb. 16 will use the local real estate Brokerage office as back drop when Mr. Craig's character accuses the real estate agents of selling the house with the knowledge it being haunted...

Rumour has it that Niaomi Watts will not be in town for the shoot... too bad, but understandably, Main Street is in a BUZZ over the coming Movie Star.

Expect strong start to 2010 to continue

2010-02-12T13:59:00.002-05:00

February 12, 2010 -- More than 4,986 homes changed hands throughout the Greater Toronto Area in January, far exceeding last January’s recessionary low of 2,670transactions. Most significantly, last month’s figure is comparable to sales in January 2008 and 2007, the latter of which finished as the strongest year on record. As we approach the traditionally busy spring season, we can anticipate an increase in activity. There are a number of reasons why spring usually shapes up to be an active period of the year for the resale housing market. Families often coordinate their moves with the school calendar, purchasing in spring to provide for a late summer closing. Others are simply motivated by every spring’s promise of a fresh start. Many buyers are also prompted to begin their search when the snow has melted, making streets and properties more accessible. Sellers meanwhile, choose this time of year as it affords the opportunity to extend household fix-ups to the outdoors, contributing to improved curb appeal and salability.

There are currently 12,052 properties available in the GTA through the Multiple Listing Service and this figure is expected to climb in the coming months as homeowners react to the recent months’ market strength. More competition means that house prices will likely stabilize however; increased activity will also necessitate quick decision-making.

By contrast, typically the summer months afford many of the same benefits as the spring market, without the fast pace. Last summer’s activity though, was markedly stronger than previous years, reflecting both pent up demand from the recessionary months prior and an emerging all-season attitude toward real estate in our city.

During the fall months another spike in activity is usually seen. Typically, the fall market reaches a crescendo in October, when between 6,000 and 8,000 homes change hands, in comparison to more than 9,000 transactions that often take place at the height of the spring season in May.

Throughout the winter months, we generally see more moderate activity. This can benefit buyers, who have the opportunity to achieve an attractive purchase price from motivated sellers. There are however, also advantages for sellers. Buyers who are searching for a home at this time of the year tend to be serious about making a purchase and as such, ineffectual showings are not the norm. Houses often look their holiday best throughout the winter months as well, which can yield favourable turns.

Often changes in our personal lives dictate the time of year when we enter the real estate market and when this is the case, you can count on a Greater Toronto REALTOR® to counsel you on achieving the most favourable outcome in your transaction.

For more information on working with a REALTOR® please visit www.TorontoRealEstateBoard.com
For more information the Government of Canada’s pledge to match donations to relief efforts until February 12th please visit www.acdi-cida.gc.ca

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Houseing Market Charts - January 2010

2010-02-09T11:56:00.004-05:00

Going Green in Real Estate

2010-02-02T15:39:00.003-05:00

January 29, 2010 -- When it comes to character, you just can’t beat the charm of an older home. Newly constructed homes however, come with their own unique assets, one of the most noteworthy of which is energy efficiency.

From the roof to the foundation, a number of innovative building practices often go into constructing today’s greenest homes.

Roof shingles for example, are now available in recycled materials. Environmentally friendly spray foam insulation, which can help prevent dampness, keep out pollutants and contribute to structural strength, is even partially made with recycled materials.

Roofs, walls and floors can be insulated as well with special structural panels that consist of two layers of board with insulating foam in between them. The forms that are used to mould a home’s poured concrete foundation can now also be found with insulating ability, and barriers that prevent dampness from rising into the foundation can be used at this stage of construction as well. Even exterior cladding is now insulated to offer greater energy efficiency.

If you prefer an older home though, there are many simple ways to make it more energy efficient and environmentally friendly.

Start with an Energy Star programmable thermostat that will save on heating and cooling costs when you’re not home. You can take this approach a step further by investing in a new high efficiency furnace or air conditioner. Adding insulation to the attic of your home will offer reduced energy costs for years to come as well.

A tank-less water heater will also save on energy costs by providing only the amount of heated water that you need rather than maintaining it in a cylinder.

Even making minor changes can have an impact, like choosing energy efficient light bulbs - Compact Fluorescent Lamps (CFLs) are good and Light Emitting Diodes (LEDs) are even better.

If you’re planning to make cosmetic changes to your home you can do your part for the environment by choosing wood flooring, and even carpet, made with recycled content. Look for low VOC paints and stains as well, which reduce the number of unstable, carbon-containing compounds that enter the air and react with other elements.

In the bathroom, you can keep more money in your pocket by installing low-flow faucets, showerheads and toilets.

Replacing old windows with low-E argon-filled units that have the Energy Star symbol can make a dramatic difference to your home’s energy efficiency as well.

Changing your old appliances with new Energy Star machines is also a great way to reduce energy consumption while enhancing the overall appeal of your home.

Beyond enjoying the aesthetics, cost savings and fulfillment associated with helping the environment, you can also consider getting an energy audit to take full advantage of a number of government rebates for energy-saving home improvements. Please visit www.TorontoRealEstateBoard.com to learn more about them.

Regardless of the approach you choose, remember that nothing can substitute for good-old fashioned conservation. Remember that the energy you save today may well be the energy that is needed tomorrow.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Furnace Insurance

2010-01-22T11:21:00.002-05:00

Hey all,
just want to send a quick note to all you home owners out there. This time of year, your furnace is working overtime due to the cold weather and have just been a victim of a furnace breakdown, I'd like to pass along an idea I'd recomend you consider.

Look into getting a Heating Protection Plan. For $12-$18/month you can place an insurance plan on your furnace that will cover any parts and labour required to repair your furnace. Depending on the plan you pick, you can also include an annual service inspection, which can help to determine how healthy your heating system is.

This past wednesday, a part on my furnace went, and we had no heat... little scary when it happens to you in the middle of winter. We called our local 24 hour service, Canco, and a technitian wasthere within 2 hours. Turns out it was a pressure sensor that had some build up on it, but the guy recommended replacing it to ensure this would not happen again, as it likely would given that my furnace is 14 years old. He did a temporary fix, but olds are this will happen again.

This service call was a well deserved $140 to have the guy come and diagnose the problem, but what stings is that to replace the part would be another $120-$130, totalling $270. Now, if we had a plan that cost $15/month to ensure that any parts and labour are taken care of, then it would cost me $180/year.... Kind of a no brainer in my mond.

The crazy thing here is, the very next day after our heat was turned back on, I recieved in the mail a promotional offer from Direct Energy for $10.99/month for the protection plan =$5/month for the annual service... Can you believe that would come in the mail the next day??? Needless to say I signed up.

Long and the short of it... if you own a home and want to protect your investment, make sure you do schedule annual service on your furnace and consider getting a Heat Protection Plan.

Darcy

GTA REALTORS® REPORTING JANUARY MID-MONTH HOUSING STATISTICS

2010-01-20T15:49:00.004-05:00

TORONTO, January 18, 2010 - Greater Toronto REALTORS® reported 1,749 existing home sales on the Multiple Listing Service (MLS®) during the first two weeks of January. This resultwas almost double the 888 sales reported for the same period in 2009,when sales had dipped to a recessionary low.

“We have had a strong start to 2010,” said Toronto Real Estate Board President Tom Lebour. “Widespread sales growth in terms of geography and housing type indicates that many households remain confident in their ability to purchase and pay for a home over the long-term.”

The average price for transactions in the first two weeks of January was $395,307, compared to an average of $332,495 for the same period in 2009.

“Double-digit average annual price growth will continue through the first quarter of 2010 as sales remain high relative to listings and we continue to make comparisons to last year’s winter downturn,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Signs of Recovery for 2010: More Listings

2010-01-11T13:11:00.001-05:00

January 9, 2010 -- I would like to take this opportunity to wish you all a Happy New Year. We have just crossed the threshold into 2010 and I think it is important to look back on the events that impacted the GTA housing market in 2009 and also consider what the future holds.

Last Thursday, the Toronto Real Estate Board (TREB) released MLS® figures for December resale home transactions in the GTA. There were 5,541 total transactions, with an average price of $411,931. The December results capped off what turned out to be a very impressive year. Sales increased 17 per cent annually to 87,308 – the second highest level of sales under the current TREB boundaries (the record of 93,193 was reached in 2007). Average price for the year climbed to $395,460 – a four per cent increase over 2008. However, simply looking at these numbers on their own masks the interesting ride we took over the last year.

In the first quarter of 2009, Canada was in a recession and existing home sales and prices suffered. In fact, sales had been dropping throughout 2008. According to Jason Mercer, TREB’s Senior Manager of Market Analysis, the balance of the housing downturn in the GTA actually took place in 2008:
“The housing market was and is a leading indicator of changing economic conditions. As we moved through 2008, Canadian consumers were hearing more and more bad news regarding the deteriorating state of the US economy and the problems this would pose for Canada. Households, unsure of what the future would hold in terms of employment and income, put their home purchasing plans on hold well in advance of reported GDP and employment declines. Essentially, downward trending home sales reflected eroding consumer confidence,” said Mercer.

With this back-drop, many people were surprised to see a strong rebound in resale housing demand commence in the late spring of 2009 when unemployment was still rising. Mercer further suggests that the quick recovery made a lot of sense and, in fact, was a key driver to broader economic recovery:
“The Bank of Canada reduced interest rates to record lows in response to the economic downturn. This monetary stimulus had the desired effect. Households that were confident in their employment situation moved quickly to take advantage of the affordable housing market in the GTA. The spin-off consumer spending on housing-related items like furniture, home improvement products and renovation services certainly helped economic recovery,” continued Mercer.

With broader economic recovery seemingly in place, what will the future hold for residential real estate in 2010? I asked Jason Mercer to comment both on the short-term and the long-term prospects in the Toronto area. Here is what he had to say: “The big story in 2010 will be listings. Homes available for sale were in short supply during much of 2009. As home owners react to strong sales and price increases seen in 2009, listings will increase over the next year. With more choice in the market, annual average price growth should moderate into the single digits,” said Mercer.

“Long-term prospects remain positive. Sustained demand for ownership housing is based on population growth, which in Canada comes from immigration. The GTA remains Canada’s single greatest beneficiary of immigration. With Toronto’s ethnic, cultural and labour market diversity, this should continue. Many newcomers will eventually find their way into the home ownership market, helping sustain long-term growth in sales and prices,” continued Mercer.

I know we will all be watching the economic situation closely in the coming year, including changes in the housing market. I look forward to discussing housing market trends with you throughout 2010.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

December Housing Market Charts

2010-01-06T18:49:00.014-05:00

GTA REALTORS® Report December Mid-Month Resale Housing Market Figures

2009-12-20T11:06:00.004-05:00

TORONTO, December 17, 2009 - Greater Toronto REALTORS reported 3,079 existing home transactions in the first two weeks of December compared to 1,487 in 2008. The strong growth represents both increased home ownership demand and the fact that we are comparing the recovery phase of the sales cycle this December with the contraction phase experienced last winter.

Year-to-date sales, at 84,888, were up 16 per cent compared to the same period last year and have moved in line with the healthy levels experienced in the 2004 through 2006 period.

"We experienced a very strong and broad based recovery in the second half of 2009," said Toronto Real Estate Board President Tom Lebour. "The rebound in the housing sector speaks to the confidence that households have in overall economic recovery.”

The average resale home price during the first two weeks of December rose 17 percent to $423,103. The year-to-date average was $395,411, up four per cent compared to the same period in 2008.

“The double-digit price growth we have experienced since September will continue through the first quarter of 2010. Average price growth will move to a sustainable pace in the spring as listings increase," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

Making the jump to home ownership

2009-12-14T12:14:00.002-05:00

If one of your long-term aspirations is to become a homeowner you’ll be happy to know that your dream may well be within reach.

To begin planning for your transition from renter to homeowner, it’s essential to have a clear idea of what you can afford by getting pre-approved for a mortgage.

To do so, you need to provide pertinent details like proof of income, to a mortgage broker or financial institution. They will perform a credit check and thereafter, advise you of the maximum mortgage amount for which you qualify. Be sure to obtain a number of quotes to get the most competitive rate.

While as a general rule your monthly housing costs shouldn't exceed 32 per cent of your gross monthly income, there are a number of different mortgage payment options that can make carrying costs more manageable.

Conventional mortgages require a down payment equivalent to 20 per cent of the purchase price however; you can take advantage of a program that offers homebuyers who have a down payment of at least five per cent, access to mortgage insurance, the cost of which can be added to your mortgage.

One option to come up with your down payment is to utilize the Homebuyers’ Plan, which allows homebuyers to make a tax-free withdrawal of up to $25,000 from RRSPs that have been owned for at least 90 days, provided the funds are repaid into an RRSP within 15 years.

If you’re a first time homebuyer, a number of other incentives are available as well. The First Time Home Buyers’ Credit provides a 15 per cent credit on up to $5,000 of closing costs, translating to maximum tax relief of $750.

You are also eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.

Additional benefits are available to all homebuyers. All resale homes for example, are exempt from the GST and all primary residences are exempt from the capital gains tax, which relieves you of paying tax on profit achieved from the sale your home.

Be sure to consult a REALTOR® who can fully explain the provisions of government programs and help you identify homes suited to your budget.

One interesting opportunity for example, is currently being offered through the non-profit organization Options for Homes, which sells condominiums at cost before construction. Units can be reserved for $100 and a loan of up to 15 per cent of the suite’s price can be provided. It’s essentially a second mortgage that, along with a pro-rated share of any price appreciation, only has to be repaid when you sell or lease the unit.

Given that there are so many options to help you go from renting to buying, you can make this year the year you become a homeowner. For more information talk to a REALTOR® and visit www.TorontoRealEstateBoard.com

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

GTA REALTORS® Report November Resale Housing Market Figures

2009-12-03T11:01:00.002-05:00

TORONTO, December 3, 2009 - Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.
“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”

Sales still hot despite cooler weather

2009-11-24T15:25:00.004-05:00

November 20, 2009 -- Winter may be fast approaching but there is certainly no cooling trend when it comes to the Greater Toronto Area resale housing market.

In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales, an 84 per cent increase compared to the same period a year ago. The average price of GTA homes sold during this timeframe also grew, by 10 per cent, to $415,066. Condominium activity throughout the GTA was even more extraordinary. Sales of this housing type increased 90 per cent to 959 transactions, with an average price of $296,664, up 15 per cent year over year.

The City of Toronto experienced the highest increase in sales volumes while average price appreciation was consistent throughout both areas.

The number of sales in the City of Toronto increased by 88 per cent compared to the same period a year ago, reaching a total of 1,560 transactions. The average price meanwhile, climbed to $441,893, a 10 per cent increase from mid-November last year. Condominium sales in Toronto almost doubled to 674 transactions, an increase of 97 per cent from a year ago. They sold at an average price of $317,939, up 13 per cent year-over-year.

In the 905 Region sales activity was up 81 per cent over the first half of November 2008, totaling 2,106 transactions. The average price of a 905 Region home was $395,195, also up 10 per cent from a year ago. Condominium transactions in the 905 Region increased 75 per cent from mid-November last year, to 285 sales. They fetched an average price of $246,351, up 20 per cent year-over-year.

Year-to-date sales throughout the GTA have increased 11 per cent over last year, to a total of 78,233 transactions, putting 2009 on track to finish with some of the best years on record. The average GTA house price has also increased three per cent year-to-date, to $393,180.

While it’s reasonable for sales in the first half this month to be strong as compared to the same period a year ago, when the market experienced a marked decline, such strong price recovery is particularly significant.

I discussed this characteristic of the market with the Toronto Real Estate Board’s Senior Manager of Market Analysis Jason Mercer, who pointed to affordability as an important factor.

“Average home prices recovered quickly in the GTA compared to other centres in countries like the United States because the average priced home remained affordable relative to average household incomes. As consumer confidence in economic recovery improved in the spring, home ownership demand and home prices recovered quickly.”

According to Mercer, the outlook for next year’s spring housing market is also favourable.

“Expect home ownership demand to remain strong in 2010. Market conditions will balance out next year as more homeowners react to the strong sales and price growth reported in the second half of 2009 and list their home. The average resale home price will grow at a sustainable rate next year.

”

The Toronto Real Estate Board President's Commentary on the Market

2009-11-13T12:15:00.002-05:00

November 13, 2009 -- Despite the fact that the holiday season is fast approaching, the Greater Toronto Area resale housing market continues to thrive. After a brief but marked decline, activity has been very strong since May. Given the profound impact that real estate has on the greater economy, we have experienced an incredibly fortuitous turn of events. With each passing month, this remarkably speedy recovery has taken hold and I’m happy to report that the outlook for the GTA resale housing market is very promising.

I recently attended a Canada Mortgage and Housing Corporation conference aptly titled Road to Recovery, which offered countless reasons as to why the market outlook is bright.

Special guest speaker Joe Berridge, a founding partner in the planning and urban design firm Urban Strategies, made one of the most noteworthy points, indicating that Toronto is now considered a global city, ranking amongst the top 15 Alpha cities in the world. He pointed to several of our city’s most positive characteristics including Toronto’s cultural diversity, acclaimed universities and international airport.

Given that property in the GTA is much more affordable than in the western world’s other high ranking Alpha cities like New York, London and Paris, the opportunity to invest in luxury homes and condominiums here is very appealing to off-shore buyers.

Of course, local buyers also recognize our city’s excellent investment opportunities and in recent years, many have bought condominiums at the pre-construction stage. As these units begin to reach completion within the next year, some investors may choose to list them for sale immediately, which will help to balance the market.

This effect should not be any reason for concern though, given that GTA demographics support a strong outlook for the condominium market. Between the 2001 and 2006 Censuses, the largest population growth was seen for couples without children and one-person households – groups that generally support an increase in condominium construction.

In light of these statistics, high-density land purchases have been on the rise throughout the GTA, particularly in York Region. Between 2006 and 2008, 40 per cent of the GTA’s high-density land purchases were made in the City of Toronto, with York Region following closely behind at 32 per cent, while 13 per cent were made in Peel Region.

Low-rise housing has also recovered from the very bleak period in the last quarter of 2008 and the early part of this year, and immigration has continued to play an important role. Drawn by our city’s cultural mix, diverse employment opportunities and range of housing stock, nearly 100,000 immigrants move to the GTA each year. Given that the majority of these newcomers buy a home within 10 years, the demand for low-rise housing will most certainly continue as well.

Sales of newly constructed low-rise housing have also increased in recent months, which will result in greater housing starts next year. In the long term though, land supply and infrastructure constraints will limit the potential for low-rise development in many areas like York Region.

In its presentation, CMHC also identified several Toronto neighbourhoods that are ripe for gentrification like W06 on the lakeshore, as well as E06 and E04 in the East and North-East Danforth area. These areas contain single detached homes selling for at least 10 per cent less than the GTA average, and are adjacent to districts with above-average selling prices. There’s no doubt that regardless of whether your clients opt for a low-rise or high-density dwelling, a successful purchase always comes down to that old adage: location, location, location.

Given this year’s strong resurgence, we can expect homeowners who have taken note of this activity to boost listings in 2010. As I mentioned at the outset of this message, all of this activity is good news for the broader economy because increased sales translate to increased spending on renovations and professional services, both prior to, and subsequent to each transaction.

If you have questions about market activity or any of TREB’s range of services, please feel free to write to me anytime at trebpres@trebnet.com

Tom Lebour
President

Housing Activity to Strengthen in 2010

2009-11-05T09:25:00.003-05:00

OTTAWA, November 2, 2009 — Housing starts have started to recover and are expected to continue to improve in the second half of 2009. Starts are expected to reach 141,900 for the year and will increase to 164,900 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition* report.

“We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve”, said Bob Dugan, Chief Economist for CMHC.

“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.

The strong pace of MLS® 1 sales seen in the second and third quarters of this year reflects, in part, activity that was delayed in the previous two quarters and is not likely to be sustained. The level of sales is expected to move back closer in line with anticipated economic conditions. As a result, existing home sales, as measured by the Multiple Listing Service (MLS®), will reach 441,300 units in 2009 and increase to 445,150 units in 2010. The average MLS® price is expected to be $312,950 in 2009 and $324,500 in 2010.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

* The forecasts included in the Housing Market Outlook are based on information available as of October 1, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.

1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.

Information on this release:

Charles Sauriol
CMHC
Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca

GTA REALTORS® REPORTING OCTOBER MID-MONTH HOUSING STATISTICS

2009-10-23T12:08:00.002-04:00

TORONTO, October 19, 2009 - In the first two weeks of October, Greater Toronto
REALTORS® reported 3,631 sales – up 34 per cent compared to the first two weeks of
October 2008. The average price for these transactions was up 17 per cent year-overyear to $414,479.

"While demand for existing homes has remained strong, it is important to recognize the context of current statistics. We are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price," said TREB President TomLebour.

Year-to-date sales, at 69,964 are up six per cent compared to 2008. Average price, at
$389,687, is up by two per cent.

"Tight market conditions throughout the GTA will continue to exert upward pressure on
home prices in the fourth quarter," explained Jason Mercer, TREB's Senior Manager of
Market Analysis. “Expect more listings in 2010 as home owners react to the price gains experienced in the second half of 2009.”

Market Data Graphs

2009-10-06T15:20:00.003-04:00

No Sense of Harmony.... HST to hit Ontarians Hard

2009-09-28T12:07:00.003-04:00

September 25, 2009 -- Starting July 1, 2010 Ontarians can expect to pay a harmonized sales tax (HST) rate of 13% on a long list goods and services that were previously exempt from the 8% Provincial Sales Tax (PST). While the impact of the tax will be felt by all Ontarians, the province’s 3 million homeowners and the thousands who buy and sell a home every year will be hit particularly hard by this latest tax grab.

As real estate professionals, REALTORS® know how important the dream of homeownership is to Ontario families. Unfortunately, thanks to the forthcoming HST, that dream is going to become much more expensive. After July 1, 2010, every residential real estate transaction in Ontario will face a significant tax increase. Specifically, home buyers and sellers can expect to pay 8% more on legal fees, appraisals, real estate commissions, home inspection fees, moving costs and the provincial government’s forthcoming system of mandatory home energy audits. According to the Ontario Real Estate Association (OREA) Ontarians will pay, on average, an additional $1,449 in new taxes on their next residential real estate transaction.

If it’s not bad enough that the new tax will increase the cost of buying a home, then consider the impact on the costs of owning and living in that home after it’s been purchased. Specifically, a HST will add hundreds, potentially thousands of dollars in additional tax on utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal. Moreover, a HST will increase the cost of living with 8% more tax on gasoline, personal and professional services, meals under $4, dry cleaning, cab fares, magazine subscriptions, plane tickets, vitamins and cell phone charges.

When added together, the impact of a HST on Ontario family’s disposable income will be considerable. In short, a HST will reduce the people of Ontario’s quality of life by taking more of their hard earned money.

While the Government of Ontario plans to compensate homeowners by offering sales tax transition cheques and modest income tax reductions, these measures will in no way offset this new tax. A onetime payment of $1000 (for a family of four) and a modest $368 reduction in income taxes will do very little to offset the burden of an 8% tax increase on a litany of items in perpetuity.

Certain basic needs, like groceries, prescription drugs, and children’s clothing, would be exempt from the new tax. Unfortunately, the provincial government is not proposing to provide a similar exemption for home purchasing costs. Having a roof over one’s head is about as basic as needs get, and the government should recognize this by ensuring that the costs associated with purchasing a home are exempt from the new tax.

Help oppose this latest tax grab. Visit www.TorontoRealEstateBoard.com where you will be able to access a link that will make it easy for you to write to your MPP and tell them that Ontarians do not need higher taxes on homeownership.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Vertical City – The GTA is growing up and going green

2009-09-24T16:12:00.002-04:00

September 18, 2009 -- In a recent column I talked about how the Greater Toronto Area is becoming a vertical city, with almost one in every three homes that changes hands being a condominium.

There’s no doubt that homebuyers are drawn to the luxury and in many cases, affordability, that condominiums offer. As a result, the GTA’s population is booming; it currently ranks as the fifth largest city region in North America behind Mexico City, New York City, Los Angeles and Chicago. And it’s interesting to note that as the GTA grows up, it’s also going green.

From schools to office buildings, municipal facilities to retail outlets, buildings throughout the GTA are working to earn Leadership in Energy and Environmental Design (LEED) certification.

It is a rating system in which points are awarded for environmentally friendly building characteristics in five key areas: sustainable site development, water efficiency, energy efficiency, materials selection, and indoor environmental quality.

An internationally accepted third-party certification program, it provides building operators with tools to have an immediate and measurable impact on their buildings’ performance.

According to recent reports, the Canadian Green Building Council (CaGBC), the non-profit organization that implements LEED, has more than one thousand projects registered, with approximately one-third of all projects located in Ontario.

In Canada for only five years, the LEED program has been widely embraced and certainly by no one more than condominium developers.

To qualify for this coveted status today’s condominiums are built with energy efficient heating and cooling systems, low VOC paints and finishes, and low-E argon-filled windows.

You’ll also find innovative energy-saving ideas like rainwater collection facilities, motion sensor lighting in stairwells, and two-chute disposal systems for convenient recycling on every floor.

LEED condos feature individual suite controls that allow you to monitor and limit energy usage, all off switches, programmable thermostats and energy-efficient appliances.

Building amenities include lush rooftop gardens, individual storage units, covered parking for bicycles, close proximity to transit lines and direct access to car sharing company services.

If you’re drawn to the idea of owning a green home you’re not alone. In a Nielson Canada-wide survey of attitudes towards green homes 85 per cent of respondents claimed that certification of the home would play an important role in their buying decision and 82 per cent said they would be willing to invest more money in a home purchase if it was certified.

Beyond helping the environment, there are a number of other benefits to buying a LEED certified condominium. You’ll enjoy better indoor air quality, lower costs for water and electricity usage and likely, a more active lifestyle. You might even enjoy a lower home insurance premium and achieve higher resale value.

If you’re interested in finding out about the many benefits of LEED-certified condos, talk to a Greater Toronto REALTOR®.

Toronto Real Estate Board Members not only have access to up-to-the-minute data on resale housing, they also have special access to a database that contains detailed information on 95 per cent of all new construction developments in the GTA that are greater than 15 units in size.

Some REALTORS® have even pursued special training offered by the National Association of Green Agents and Brokers. Look for the ACCREDITED GREENAGENT™ and ACCREDITED GREENBROKER™ designations.

For more information on the home buying and selling process, neighbourhood profiles and the latest market statistics visit www.TorontoRealEstateBoard.com
Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Today's Seniors are Rocking Traditions, not chairs

2009-09-08T12:54:00.002-04:00

September 04, 2009 -- More than most other descriptors, associations with the word ‘grey’ continue to evolve.

In recent years for example, rather than being considered drab, grey has emerged as a chic new colour in interior design.

Back in 1981 when 9.6 per cent of Canada’s population was age 65 years and older, ‘grey’ had connotations of a more sedate lifestyle.

By the time of the last Census though, in 2006, the senior share of the population rose to 13.1 per cent and associations with the word ‘grey’ began to change. Today, 60 is regarded as the new 50.

Toronto seniors incidentally, were tallied in the 2006 census to an even greater number, comprising 14 per cent on the population. Nearly 95 per cent of this group lives in private residences, with a diminishing number living in senior living centres.

Given that seniors are more likely than other age groups to own their homes, it’s easy to see that they represent a key component of the Greater Toronto Area real estate market.

As a result of low fertility rates, longer life expectancies and our aging baby boomer population, in a little more than 25 years from now, seniors will comprise almost 25 per cent of the national population.

In recent years a special designation became available to Canadian REALTORS® to help them prepare for the emergence of our city’s senior population.

Recognized throughout North America, Seniors Real Estate Specialists® have acquired unique expertise to counsel clients age 50-plus through major lifestyle transitions such as selling the family home, relocating and refinancing. They can also offer insight into trends in senior real estate transactions, and provide referrals to other professional who specialize senior clientele.

Compared to generations before them, today’s seniors are a well-heeled group. Many are seasoned homeowners who prefer to spend their time free on routine property maintenance. Rather than choosing to live with their children or move into a retirement home, our aging population now has more options.

Given that in most cases it makes more economic sense to make a purchase rather than rent, many seniors are now choosing condo living with design features and amenities that are catered to their needs.

Suites include extra lighting, countertops with rounded edges and wide doorways to name just a few design specifics. Seniors’ condo communities now feature access to on-site healthcare professionals including physicians, nurses, nutritionists and massage therapists, allowing owners to remain at home and live life to its fullest.

Resort-style luxury is the focus with spas, theatres, cafés and gourmet restaurants included in the amenities. Cooking instructors, personal trainers and dog walkers are often also on hand. Condominium developments for seniors don’t just include standard fitness facilities anymore either; you’ll also find reading rooms, greenhouses and salons on the premises as well.

With these attractive features it’s no wonder that condominium sales in the GTA have grown to constitute nearly one third of all transactions. As development in the GTA intensifies, our city’s seniors can look forward to even more condominium communities that cater to their interests. In most every way, grey now suggests a chic lifestyle in which quality is never compromised.

For information on properties available for sale in the Greater Toronto Area, both new and resale, talk to a REALTOR® and to get the latest market updates visit www.TorontoRealEstateBoard.com
Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Gateway to the World: Diversity of housing reflects diversity of Toronto’s population

2009-08-31T15:02:00.003-04:00

It’s easy to see why the Greater Toronto Area resale housing market has returned to its robust state so quickly by taking a look at Canada’s 2006 Census; a detailed statistical report issued every five years.

Certainly low mortgage rates have helped carrying costs remain manageable, but affordability is irrelevant without demand. That’s where the census information comes in. Canada’s immigration statistics are staggering and of course, newcomers to our country need a place to live.

As the report explains, nearly one in five people in Canada are now foreign-born. Canada ranks second only to Australia, where 22 per cent of the population is foreign-born.

Canada’s proportion of foreign-born citizens has been growing since 1951 and according to the most recent census it has reached its highest level in 75 years.

The GTA statistics are even more compelling. In Toronto, nearly 46 per cent of the population is foreign-born. That’s the highest percentage in North America and even higher than any of Australia’s major cities.

Toronto draws immigrants from all parts of the world but the majority of newcomers currently hail from India, China, Pakistan, the Philippines and Sri Lanka.

Our city serves as Canada’s gateway to the world. Newcomers are attracted to Toronto because it caters to so many different walks of life. The diversity of housing we have in the GTA works well with diversity of people we see from different countries.

Statistics Canada’s Longitudinal Survey of Immigrants to Canada notes a third reason newcomers are drawn to our country: they come to join family and friends. With a strong support system in place, many immigrants are buying homes more quickly than before.

The 2006 census indicates that 72 per cent of immigrants live in dwellings owned by household members, up from 68 per cent in 2001, with the biggest increase being among those living in Canada for less than 10 years.

That’s good news not only for Toronto homeowners, but those in outlying areas too. Although the City of Toronto still attracts the majority of newcomers at nearly 60 per cent, the number of immigrants in the 905 Region is on the rise. In Markham nearly 57 per cent of the population is foreign-born, in Mississauga nearly 52 per cent of residents were born outside of Canada and in Brampton that figure is 48 per cent. In Vaughan the number of foreign-born residents is comparable, at nearly 45 per cent, with Ajax and Aurora not far behind at 30 and 22 per cent respectively.

This means that if you’re a homeowner virtually anywhere in the GTA, you can thank immigration for bringing thousands of new potential buyers to you each year. Though the figure has fluctuated between 70,000 and 100,000 throughout the past decade, in 2007, the year for which most recent data is available, we welcomed 93,000 newcomers to our city.

A recent Scotiabank report notes that due to Canada's aging population and low fertility rates, a decade from now, 75 per cent of the country's population growth could come from immigration as compared to the current rate of approximately 60 per cent.

This equates to a steady demand for housing in our city as newcomers are drawn to Toronto’s exceptional mix of cultural, employment and housing diversity.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Men vs. Women - The Home Buying Process

2009-08-26T11:45:00.006-04:00

BURLINGTON, ON (August 17, 2009) – It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.

The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the inner-psyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.

“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”

Below are some key highlights from the Coldwell Banker study:

Women may be inclined to make up their mind more quickly than men …
· When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).

Women would rather live closer to their extended family than to their job …
· 55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …
· 64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).

Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …
· When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
· However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).

Men and women agree on how they would use a spare room, for the most part …
When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:
· Bedroom: 25 percent
· Office/Study: 15 percent
· Family Room / Den: 11 percent

However, men really do want a “Man Cave”…
· Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment centre, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.

In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighbourhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”

Methodology: Coldwell Banker Real Estate engaged ICR to conduct an omnibus survey via telephone in May 2009, among more than 1,000 U.S. respondents. Canadians were invited to participate through a Zoomerang online survey

About Coldwell Banker Real Estate LLC
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

a "New" way to search for homes

2009-08-20T14:04:00.000-04:00

August 14, 2009 -- Torontonians’ passion for property has been re-ignited.

Nearly 10,000 Greater Toronto Area homeowners made the decision to move to their next residence in July, which represents a record for that month. Specifically, 9,967 homes changed hands, an increase of 28 per cent from July 2008.

After making a decision to move, many of these buyers likely began a preliminary search for their next home by using the Canadian Real Estate Association’s public website REALTOR.ca.

Unlike the Multiple Listing Service®, which is a sophisticated computer database of sold, expired and active listings accessed only by REALTORS®, CREA’s REALTOR.ca website advertises general information about resale homes available on the market.

With respect to newly built homes, an equivalent marketing vehicle doesn’t exist, prompting some buyers to approach their search of this segment of the market by compiling newspaper clippings, website addresses and trade magazine advertisements.

Searching for a new home using this strategy though means that many options are left unidentified.

Fortunately, there is a simple and comprehensive alternative to searching for newly constructed homes. Greater Toronto REALTORS® have access to a database of new home listings through RealNet Canada Inc. Founded in 1995, RealNet provides coverage in both the commercial real estate investment and residential development markets.

In the Greater Toronto Area, RealNet reports on 99 per cent of all developments greater than 15 units in size. Its database includes more than 35,000 current records, which are updated on a monthly basis.

This means that regardless of whether you’re looking for a detached home in the suburbs, a high rise condo unit in the city, or anything in between, your REALTOR® can provide you with complete details on all of your new home construction options.

Like a typical MLS® inquiry, a search of the RealNet database can be conducted by housing type, location and price range. Once you have refined your criteria, even more information can be found like builder names, number of bedrooms, lot sizes and quantity of available units. You’ll be able to learn about condo fees, occupancy dates, and the availability of parking and storage lockers as well.

Even if you already have a specific development in mind, your REALTOR’s® access to RealNet information can help you measure your preferred builder’s value proposition by offering a broader perspective of all available options. It will also help you to carefully weigh your decision with respect to choosing new versus resale housing.

As well, REALTORS® can obtain detailed statistical reports on the new home market through RealNet. Key information is highlighted including the number of product offerings, the previous month's sales, remaining inventory, average size, average price and average 12-month absorption by housing type.

Regardless of whether you’re searching for a home with the latest design features or old-world charm, be sure to identify all of your options by talking to a REALTOR®. They can advise you on government programs for homebuyers, provide information on local amenities and negotiate a solid agreement on your behalf.

For more information about buying or selling a home, updates on the market and neighbourhood profiles visit www.TorontoRealEstateBoard.com.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Home away from Home - President's Message

2009-08-13T11:56:00.000-04:00

August 7, 2009 -- Statistics show that Greater Toronto Area residents are excited about real estate again. July’s 9,967 sales set a best monthly record, up 28 per cent year over year. The previous month also set a record for June, up 27 per cent from the year prior.

We’re even seeing signs of life in the United States resale housing market. In July, the National Association of REALTORS® reported that pending home sales rose for the fourth consecutive month. Existing home sales also increased, for the third consecutive month, with available inventory easing and prices remaining low.

This means that if you’re comfortable with your residence here at home, now is an opportune time to invest in a vacation property south of the border.

Florida alone welcomes hundreds of thousands of Canadians each year, with many snowbirds taking advantage of United States government provisions that allow us to spend up to six months a year there without having to fulfill visa requirements. That’s plenty of time to enjoy homeownership in a warmer climate.

While current market conditions are favourable to making a foreign investment, a number of other factors should also be taken into consideration.

The exchange rate is another important detail. The value of the Canadian dollar against other currencies changes daily. Whether you’re planning to buy in the United States or further abroad, look for places where the currency is weak or on par with our dollar to achieve optimal purchasing power.

Healthcare is also a consideration. If you stay away longer than six months you could lose access to medical coverage here at home. As well, our healthcare system will only cover part of out-of-country expenses for accidents and illness. Short-term travel insurance is inexpensive but long-term coverage can be costly.

Depending on the structure of your home, property insurance could also be less accessible, which is a significant issue given that some locales routinely experience severe weather.

In certain places abroad, property can come with inherited debt, so it’s important to ensure that you clearly understand all agreements, particularly if they are in a foreign language. Be aware as well, that depending on where you choose to buy, you may pay higher property taxes than local residents. These are just two examples of why it’s important to research the regulatory aspects of the region in which you choose to buy.

It’s important to build a team of professionals to guide you through the process, beginning with a REALTOR®. A Greater Toronto REALTOR® can help you begin the process by providing a referral to a local expert. It’s also important to enlist the services of a lawyer and a surveyor, to be clear on your property rights, and a tax expert, to take full advantage of government programs for homebuyers.

Establishing these important contacts will also help you to gauge other key characteristics like the cost of living, attitude toward foreigners and the crime rate.

Once your transaction is complete, be sure to set up automatic withdrawal processes in your foreign bank account so that oversights don’t jeopardize your home ownership.

Despite the financial planning and awareness of regulatory issues required, buying a vacation property abroad has its share of rewards.

Even taking into account the capital gains tax that is payable when you sell your home away from home, buying a foreign property can bring a healthy return on investment and years of enjoyment to your life. To find out more, talk to a REALTOR® and visit http://www.torontorealestateboard.com/.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

“Weathering the Storm”: GTA market is holding it’s own in tough times

2009-07-22T09:53:00.000-04:00

The Toronto Real Estate Board's President's weekly Messege:

In last week’s article I explained that the Toronto Real Estate Board (TREB) recorded a record 10,955 sales in June. We also experienced the first annual average price increase since August 2008, with the average price rising two per cent to almost $404,000. This week, I want to talk about why the Greater Toronto Area housing market has remained resilient over the past year and also why we should continue to see steady growth in the housing market over the longer term.

So, how is it possible that during a recession we saw record existing home sales last month? TREB’s Senior Manager of Market Analysis, Jason Mercer, points to affordability: “With prices leveling off, mortgage rates at or near historic lows and earnings continuing to grow, the average home became more affordable for the average household this Spring.” Mercer also suggested that “many households were in a holding pattern during the winter months, waiting to see how they would be positioned during these slower economic times. Moving into the spring, households confident in their employment situation moved quickly to take advantage of heightened affordability.” Last week a report released by RBC confirmed that affordability improved over the last quarter in the GTA.

Low mortgage rates have clearly been a factor in keeping the housing market buoyant. This is in stark contrast to the recessions we experienced in the early 1980s and early 1990s, when home buyers were faced with double-digit mortgage rates. According to Mercer, “the Bank of Canada kept inflation in check over the past decade, so they had room to aggressively drop interest rates to help stimulate economic recovery. This wasn’t an option in previous recessions.”

Home ownership will continue to be a wise long-term investment in the GTA because of our steady population growth. This region is the single greatest beneficiary of immigration into Canada. According to Statistics Canada, the GTA has the highest percentage of foreign-born population compared to all other major metropolitan areas around the world. Newcomers have been attracted by the diversity the GTA offers: certainly ethnic and cultural diversity, but also diversity in terms of jobs. Over the long term, people have been able to find employment in almost every sector of the economy. This means that this region is attractive to people from many different walks of life with many different skill sets. At the end of the day, all of these people require a place to live. Some of these newcomers will purchase a home right away; others may rent or live with family or friends before purchasing a home at some point in the future.

When we think about the health of the GTA housing market, we have to take a short and long-term view. We may not experience record sales or price growth this year. But, when we look back on 2009, we will definitely be able to say that the region’s housing market fared very well in the midst of a global economic slow-down. The housing market follows cycles over the short-term, but if we look forward not one or two years, but instead a decade or more, the future looks very bright indeed. Steady population growth will prompt sustainable long-term growth in sales and home values.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Mid Year Report

2009-07-14T10:26:00.000-04:00

Press Release from the Toronto Real Estate Board President, Tom Lebour:

July 10, 2009 -- Throughout the next year, I will be bringing you news on the Greater Toronto Area resale housing market and there couldn’t be a more exciting time to be taking the reins as President of the Toronto Real Estate Board.

Greater Toronto REALTORS® reported 10,955 sales last month, making it the best June on record. Compared to June 2008 when 8,600 homes changed hands, last month’s sales increased an incredible 27 per cent.

The news with respect to house prices is also favourable. The average price of a home in the GTA was $403,972 last month, up two per cent from a year ago when the average price was $395,866.

In the City of Toronto there were 4,362 sales compared to 3,481 transactions a year ago. The average price meanwhile, was $441,703 compared to $433,082 last June.

In the 905 Region there were 6,593 transactions in contrast to 5,119 sales a year ago, while the average price was $379,008, up from $370,559 a year ago.

With 18,704 properties available for sale, June’s active listings were down 30 per cent from a year ago when 26,697 properties were on the market.Limited availability can have a positive effect on the market but it is only one factor in the equation. Most significantly, low borrowing rates continue to make home ownership more affordable. Currently the five-year fixed rate remains at about five per cent.

As we move into the autumn months, we may see some seasonal moderation however; June’s numbers demonstrate the GTA resale housing market has weathered the global economic climate with remarkable resiliency.

From a broader perspective the news is also encouraging. In Ottawa the province’s second biggest city, housing sales increased 12.5 per cent in June and the average price grew three per cent compared to a year ago.

On the national front, the Canadian Real Estate Association reported 49,521 sales in May, within one per cent of last May’s total. The average house price in Canada meanwhile, peaked to a monthly record of $319,757 in May. The Organization for Economic Co-operation and Development, a British based think tank, also expressed cautious optimism with respect to the world economy recently. Its latest report, which covers more than 80 per cent of the world economy, is the first in two years to see previous projections for economic growth revised upwards rather than downwards. After the deepest decline since WWII, global economic activity is showing signs of stabilization and in fact, Gross Domestic Product is expected to increase moderately in all of the G7 nations in 2010.

One key concern at home and abroad is employment. Canada’s unemployment rate in May was 8.4 per cent - the highest rate in 11 years, and some forecasts project it to rise to 9.3 per cent by the end of the year. This is favourable though, compared to estimates of a 10 per cent global unemployment rate at the year’s close. Given that we’re all inextricably linked, the most significant factor from a global perspective will be the timing that world leaders choose to scale back economy fuelling measures; doing so too soon could cut off growth while leaving it too late could cause government deficits to skyrocket.

From nearly every perspective, the road ahead won’t be completely free of bumps but it can be stated with relative certainty that we can look forward to a much brighter picture in real estate and the economy in general in the months ahead.

Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Strong June Sales!

2009-07-07T18:16:00.000-04:00

TORONTO, June 17, 2009 - Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year. "Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O’Neill. "Affordability, due in part to very low borrowing costs, has played a key role."

The average price for MLS® sales was $407,716, up by two per cent compared to last year. "Heightened interest in ownership housing this spring has solidified resale home prices," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last
year's level.”

For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com

Amazing May Sales

2009-06-15T13:38:00.000-04:00

May was a great month for sales of resale homes in Newmarket.

159 sales this May, compared to 140 from the same month last year. Thats 3 months in a row with a greater number of sales than last year.

Largely due to low interest rates and increased consumer confidence, the local market appears to be gaining strength after the poor winter months Between December - February which collectively only had 139 Sales.

An interesting news story in the Globe and Mail (June 13, 2009) showed how the end end market is still booming. May 2009 in the GTA had the highest number of $1Million+ homes sell in History with 273, beating our May 2007's figure of 266. Many factors could play a role in this, but as the article explains, the timing of low interest rates seems to have a lot to do with it as buyers are coming off the fence and jumping in the market again. (similar artilce can be read at http://toronto.ctv.ca/servlet/an/local/CTVNews/20090612/toronto_home_sales_090612/20090612/?site_codename=Toronto)

All is all, the market is strong and if you are thinking of jumping in the market, there has never been a better time.

If you already own your home and are concerned about selling for less today than possibly next year or the year after, keep in mind that what you plan on buying will also be more expensive. Most people forget that the market is all relative. If prices go up 5% in a year, thats $20,000 on a $400K house and $15,000 on a $300K house. The longer you wait, it may actaully cost you.

If you are thinking of buying or selling, whether it be today, next month, within the year or even next year, please don't hesitate to contact me to put a plan in place. Buying a home should not be a snap decision if you don't know what your doing and making sure you are prepared and have a plan in place will make your home purchase all that much more successful.

President's Message - More Co-Op on Grow Ops

2009-06-12T11:58:00.000-04:00

June 12, 2009 -- In recent years, the Greater Toronto Area has seen the rise of indoor marijuana grow operations: illegal activity that uses innocent-looking properties to grow millions of dollars worth of marijuana. Often, these are sophisticated operations, run by organized crime, right in the middle of average middle and upper middle class neighbourhoods. According to the Ontario Association of Chiefs of Police (OACP), indoor marijuana grow operations can, and have been, set up in a wide variety of buildings including detached homes, apartments, and industrial warehouses.

While the vast majority of homes are never used as marijuana grow operations, it is important for homebuyers to be aware of this potential because the effects of these operations can have serious health and safety impacts that persist even after the illegal activity has ended. For example, the humid environment associated with the growing can create toxic levels of mould. Also, stresses and alterations to the electrical system could increase future risk of fire.

REALTORS® have worked hard to help address this issue. Efforts by the Toronto Real Estate Board (TREB) have included:

• creating standard clauses that can be inserted into agreements of purchase and sale to help provide legal assurance for both homebuyers and sellers;

• educating REALTORS® and their clients about these properties;

• organizing forums to bring together government and law enforcement to find solutions;

• participating in a provincial government task force on this issue through our provincial association, the Ontario Real Estate Association; and,

• lobbying governments at all levels for action.

Fortunately, some government action has been taken. Most notably, the provincial government enacted a law that requires municipalities to inspect these properties, once they have been dismantled by police, and ensure that they meet building code requirements. This was a good step, but more is needed.

REALTORS® have called on the provincial government to implement a province-wide registry of former grow operations, which would help prevent unsuspecting homebuyers from being victimized. REALTORS® are not the only ones calling for this. Toronto City Council has also asked the Province to implement a grow house registry.

Grow house information is already being provided in some municipalities. For example, Ottawa Police recently announced that they will make this information available to the public. The London, Ontario Police also provides this information to the public. While this shows that this action can be taken, a province-wide rather than a patch-work approach , would better protect consumers.

When shopping for a home, it is not fair to expect homebuyers to guess about something as serious as potential criminal activity. The Toronto Real Estate Board and REALTORS® will continue to press the provincial government to provide homebuyers with the information they deserve.

Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

President's Message - Investing in Real Estate

2009-06-10T14:21:00.000-04:00

June 5, 2009 -- As our market has demonstrated, there is no better long-term investment than real estate. While many people choose to invest in additional property for personal use, it can pay to take the road less travelled.

Commercial real estate is a complex business that can be intimidating to first time investors but with the help of a commercial REALTOR®, the pay-off can be substantial. The benefits of owning commercial real estate are unique.

For example, commercial property is valued differently than residential real estate. Rather than being determined by market comparables, commercial values are based on the income that a property produces. This means that you have more control over the property’s value by increasing its income or adjusting operating costs.

As well, unlike many residential properties, commercial real estate can sometimes be divided into multiple units, allowing you to collect several rental incomes. This mitigates risk because rental income is spread over several tenants rather than just one.

Like other types of investment though, it’s important to be clear on the costs you will face before realizing a return.

Appraisals, engineering, improvements, environmental reports, etc., can add thousands of dollars to the cost of even a small commercial property.

As well, securing a mortgage may not be as simple as the process you experienced when buying a home, as lending practices are much more stringent when it comes to commercial property.

Lenders will not only want to ensure that you are purchasing a quality property, they will want to substantiate that there is sufficient cash flow after operating expenses to cover the mortgage, property taxes, maintenance, utilities and vacancies.

You will also find that commercial mortgages are generally priced considerably higher than residential mortgages.

Once you have overcome these challenges though, you will find that purchasing Commercial real estate can be an excellent long-term investment.

To get started, visit the Toronto Real Estate Board’s commercial property website, TREBCommercial.com

On this site you can access the latest news on the market, search for properties and find a REALTOR® who specializes in Commercial real estate.

The Members of TREB’s Commercial Division must meet a strict set of admission criteria and only those who have reached the standards established by their peers are eligible to become Members. Commercial REALTORS® know the intricacies of buying and/or selling property, from space planning, zoning information, dealing with municipal government, environmental issues, architecture, offer preparation, tax assessments, appraisals, financing and market values, to detailed paperwork and closing procedures.

Be sure to have one on your side before you begin to build your real estate portfolio.
Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Canadian Real Estate Prices

2009-06-04T16:47:00.000-04:00

All this talk of recession has a lot of people thinking about what their property may be worth in today's economy. To shed some light on things, I present you with the Canadian Real Estate Accosication's (CREA) National statistics on the housing market, presented by way of average prices from across the country. It might surprise you that some provinces have seen average price increases from a year ago.

The National Average price in April 2009 was $306,366, while in 2008 it was $316,438. Although this doesn't look overly great to start with, the national average price drop is largely due to the falling prices in cities that were considered overinflated, such as Calgary, Vancouver and Victoria.

Other notables that saw a decline in the average price were Edmonton, down nearly $29,000; and Toronto, down over $13,000. Surprisingly though, Hamilton, Ontario (Steel Town), which is located 30 minutes West of Toronto witnessed an average increase of nearly $3,000. It's hard to read into the macroeconomics of it, but that increase in price could likely be due to a few factors, such as the revitalization of the city as well as the New GoTrain line that now services Toronto Commuters.

But it's not bad news for the rest of the country. Provinces such as, Saskatchewan, Manitoba, Quebec, Nova Scotia, New Brunswick, PEI, and Newfoundland have all seen increases in the average sale prices. (See http://www.crea.ca/public/news_stats/statistics.htm for more details on each).

Overall, the Canadian Real Estate Market appears to be healthy, although making some adjustments in some markets, which we largely feel is due to the strong financial condition of our Big Five Banks. Please visit http://en.wikipedia.org/wiki/Big_Five_(banks) for more details on the Big Five.

2009-06-01T13:19:00.000-04:00

May 29, 2009 -- In Canada, there’s no doubt that real estate is one of the major engines driving our economy, generating more than $47,000 in spin-off spending per transaction.

Given that real estate is very much a local business, many Greater Toronto Area homeowners have been keeping a close eye on resale housing statistics for indications as to our city’s economic outlook.

As we are now at the height of the spring market, which is traditionally a very robust period, it is an opportune time to take a look at how resale housing in the Greater Toronto Area is faring.

I’m happy to report that the news is good.

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May. The average price of homes in the GTA is also within one per cent of the May 2008 average of $398,148.

Markets around the world may be struggling but in the Greater Toronto Area, resale housing is holding firm.

While these figures are encouraging, if you’re planning your next move it is important to set realistic expectations based on market averages. Currently for example, the average number of days that a property remains on the market is 35 compared to last May’s 31 days. As well, sellers are getting 97 per cent of the asking price compared to 98 per cent a year ago.

Good news for sellers is that the number of homes available for sale has tightened compared to a year ago. Nearly 23,000 properties are listed for sale on the TorontoMLS system, compared to more 27,000 properties that were available in May 2008.

Historically low interest rates also continue to benefit the market with respect to affordability.

From a broader perspective, the news is also encouraging. For example, in its most recently released March Interim report, the Organization for Economic Co-operation and Development restated the projection it asserted in November 2008, that Canada will lead the G7 nations in economic recovery in 2010.

While our nation’s unemployment levels are a concern, they are at least holding steady. According to Statistics Canada, the unemployment rate remained unchanged in March and April at eight per cent.

I have full confidence that in time, the world will return to its former economic strength. In the meantime, Greater Toronto Area residents can rest assured that our resale housing market continues to operate on an even keel.

For more detailed information on the Greater Toronto Area resale housing market I encourage you to talk to a REALTOR® and visit www.TorontoRealEstateBoard.com.
Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Greater Toronto Resale Housing Sales Up in First Half of May

2009-05-27T11:52:00.000-04:00

TORONTO, May 19, 2009 - Greater Toronto REALTORS® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.

“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability.”

The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.

“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”

Is your Home Being Properly Presented???

2009-05-20T12:14:00.000-04:00

In today's fast paced, Internet driven world, information is handled far quicker than it ever was just a few short years ago.

When it comes to selling your home, you want to make sure that information is not only correct, but also prsented properly, because most buyers today want good information fast!

In Real Estate, the old saying of "A picture says a thousand words" definately applies as a statistic from 2006, stated that over 77% of home buyers began their search online*.

Here is a excerpt from a February 11, 2007 New York Times Article: "Making every pixel Count"

In real estate, a picture can be worth more than a thousand words. Much, much more. When selling properties online, agents and Web designers say that the pictures buyers see of houses and apartments for sale are often the first — and sometimes the only — chance for a seller to make a good impression. Less-than-flattering pictures can turn buyers off and lead to lonely open houses.
“Good photos will grab people’s attention and help you sell a home,” said Jacky Teplitzky, an executive vice president of Prudential Douglas Elliman Real Estate in New York. “Bad pictures will absolutely give you trouble, because you won’t have any calls on it, and nobody will come to see it.”
Eighty percent of people across the country who bought a new home last year used the Internet while house hunting, and they rated photographs as the most useful tool in their search, according to a survey of buyers and sellers by the National Association of Realtors. The survey also found that 24 percent of home buyers got their first glimpses of their new homes on the Web, up from a mere 2 percent in 1997.

http://www.residential-photography.net/professional-images.html

When Selling your home, you want to make sure your Realtor is delivering what the buyers want to see... more pictures!

To see a list of Virtual Tours of Properties I currently have for sale, or have recently sold, please click on
*http://www.realtor.org/press_room/news_releases/2006/01/hmbuyersellersurvey06

Real Estate Market is Still Hot

2009-05-11T13:42:00.000-04:00

If you are thinking of waiting to put an offer in on that cute house you like, but want to wait becuase you think that the prices are going to come down, it's time to get off your butt and make a move.

Homes are selling really well right now, especially the ones that are priced right and show well. This may be a recession, but there are still a lot of people working and with interest rates at hostoric lows, entry level homes are selling like hot cakes.

The sales-listing ratio is climbing again into a balanced market scenario, thus creating urgency for buyers as the inventory of available homes start selling faster.

Prices have declined slightly again, with an April average sale price in Newmarket $327,783, down over 6% from April of 2007 (the Year of the highest average price).

Sales volume is down just slightly from the record setting year for April, with only 8 fewer sales for the month than 2007.

As a general comment on the marketplace, the first time buyer is reaping the rewards of the current economic climate. Delining prices, low interest rates and lots of product to look at. However, those looking to upgrade or downsize are not in a bad position. You may not get exactly what your house was worth this time last year, but the value of the home you are looking at buying isn't likely what it was last year either, in most cases. Overall, if you lose on one end, you'll likely make it up on the other. If your lifestyle requires a change in living arrangements, then don't wait for the market to get hot again to buy or seell, because what you want may not be available, but if it is, I'll bet you it's going to be a lot more expensive.

Newmarket Real Estate Facts:

Lowest Sale for April 2009 Freehold - 3 Bedroom Semi-Detached Bungalow on Longford Dr sold for $162,500.

Highest Sale for April 2009 Freehold - 5 Bedroom Stonehaven home on Lockwood Circle Sold for $737,500.

Personal Note: I was salesperson of the month for Coldwell Banker Southlake Realty for the month of April 2009. Thanks to all my clients that help make that happen!

Open House Saturday May 2, 2009 ++ 2pm-4pm.

2009-04-30T16:35:00.000-04:00

85 Franklin St, Newmarket

Click h ere for a Map of this location

Asking $284,900

Cute as a button 3+2 bedroom bungalow in downtown Newmarket, just steps to transit, GoTrain Station, and the shops of Main Street. Situated on a large fenced lot, this reno’d home features a Brand New: Kitchen, SS Appliances, Washer/Dryer; New Roof (Winter 08), Refinished Hardwood Floors & large finished walkout basement.

Extras:
New Roof (08), SS fridge/stove/dishwasher, Refinished Hardwood floors, New Carpet throughout basement, New Pot lighting, heated Dining Room Floor, Both Bathrooms completely redone.

See Virtual Tour for more photos

More sales in March 09 than March 08!!!!

2009-04-20T17:05:00.001-04:00

Homes are selling!

No doubt about it, the market has been busy with activity and rightfully so when you consider that this is likely the best buying environment we have likely ever seen.

March 2009 saw 128 sales in Newmarket, which was up 10 from the month of March in 2008. Now, weather may have played a slight role in that as I seem to remember March 2008 did not have the same weather that March 09 had. Compared to February 09's sales of 72 for the month, it seems apparent that the spring market is flourishing.

However, although the volume of sales has increased significantly, so has the volume of active listings. With 379 active listing in Newmarket at the end of March, the sales-Listing ratio is still quite low @ 33.77% which still should be classified as a buyers market (under 40%).

Still being considered a buyers market, prices are down from a year ago. The average price for Newmarket in March 2009 was $335,243 down from $357,226 in 2008 and the median price for March 09 was $315,000 down from $340,000. The lower prices, in my opinion, reflect the larger number of first time buyers entering the market into townhouses, semi's and smaller detached homes. However, homes from $350,000+ range have definitely seen a drop in demand compared to years past.

March 2009 Real Estate Facts:

- In March 2009, there where 13 sales in Newmarket's more prestigious neighbourhoods of Glenway, Stonehaven, and Wyndam Village.

- The highest sale price was for a Yonge street 3 bedroom bungalow on 7.37 acres, which fetched $2,650,000.

- The lowest sale price was $95,000 for a vacant 40ft x 134ft Lot in the older part of town.

Is it Time to "MOVE UP"???

2009-04-02T16:50:00.000-04:00

Chances are when you bought your first home you were thinking of it as a "starter home" and dreamed of owning a larger and better home one day.

With today's mortgage rates in the lowest range they've been for almost 30 years, you might be pleasantly surprised that you can afford that "move up" house now. Using the equity you've built up in your current home, your carrying charges may not be much larger than what you've been used to paying. If you're curious to find out, ask a REALTOR® to help you calculate carrying costs on a "move up" home.

There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.

It's also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.
When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR®. Your options can be confusing at times, but a REALTOR® can help you make the right choices.

He or she will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You'll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR® is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.

Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you'll ever make so why not take advantage of current market conditions and enhance your investment today.

Buyers Market Means more SPP's

2009-03-27T16:37:00.000-04:00

A warm March has seem to have brought out the buyers. Sales volume is way up over last month and the month isn't even over yet!

With only 72 sales in Newmarket (N07) in February 09, things were looking down, but as of the time of writing this, the Toronto Real Estate Board was reporting 112 Properties sold in March thus far, with another 20 properties marked as conditionally sold on various conditions, with 6 of those being SPP's.

SPP's are those offers which are conditional on the "Sale of Purchasers Property", which is where a buyer makes an offer to buy a home that is conditional on them selling their own home.

As we come into more of a buyers market, we see more an more SPP's, because the buyer is in a position to negotiate it. However, this does not mean that the seller will come a prisoner to the buyer selling their home, as most SPP's are always come with an "escape clause".

An escape clause is the Sellers out. Meaning, that because most SPP's are conditional for 4-6 weeks, an escape clause allows the sellers to still offer the property for sale to other buyers and accept other offers (Higher or Lower). If they decide to accept an offer from another Buyer (Buyer 2), because it is more favourable to them, the seller must then inform the First Buyer (Buyer 1) that another offer has been accepted and this is their notice period. All escape clauses have a notice period, which typically is between 24-48 hours, which is the length of time that Buyer 1 has to decide if they are able to remove their SPP condition, or walk away from the deal and retrieve their deposit.

If Buyer 1 decides to Firm up, then Buyer 2 retrieves their deposit and Buyer 1 Buys the House. If Buyer 1 decides to walk away, then Buyer 2 becomes the Buyer of the home.

It is important to note, that during the process, all facts of the offers remain confidential between Buyers and Seller to ensure that there is no disadvantage to any party.

So, this being said, in a Buyers market, don't be afraid to make your offer conditional on selling your home. With the level of inventory available, most sellers would be thrilled just to have some sort of offer on the table.

Preparing Your Home to Sell!

2009-03-25T12:33:00.000-04:00

Getting your home ready for sale is not something that should be rushed but is VITAL and will play a big role in not only how fast your home Sells, as well as for How Much.

Perception matters... BIG TIME!!! Within the first 15 seconds of a Buyer seeing your home, they have probably established some thoughts as to what they expect to see inside. It is crucial to have your home in Tip Top shape before starting showings to get the Best action out of Buyers from Day 1.

Follow these Key Steps to maximize your Bottom Line!

Detach Yourself From Your Home.
- Say to yourself, "This is not my home; it is a house -- a product to be sold much like a bag of potato Chips from your Local Grocers shelves.”
- "Let Go” of your emotions and focus on the fact that soon this house will no longer be yours.
- Picture yourself handing over the to the new owners!
- Don't look backwards -- look toward the future.
- You must put your self in the Buyers Shoes and be as critical as you would be about someone else's home.
- Hire a third party who can give you honest opinions and sound advice.

De-Personalize
Pack up those personal photographs and family heirlooms. Buyers can't see past personal artifacts, and you don't want them to be distracted. You want buyers to imagine their own photos on the walls, and they can't do that if yours are there! You don't want to make any buyer ask, "I wonder what kind of people live in this home?" You want buyers to say, "I can see myself living here."

The Clutter has to GO!!!
People collect an amazing quantity of junk. Consider this: if you haven't touched it in over a year, you probably don't need it.
- If you don't need it, get rid of it by either donating it or throwing it away?
- Remove all books from bookcases to give a consistent feel to the bookcase.
- Pack up those knickknacks that take up space.
- Clean off everything on kitchen and bathroom counter tops.
- Put essential items used daily in a small box that can be stored in a closet or cabinet when not in use.
- This is a head start on the packing you will eventually need to do anyway.

Rearrange Bedroom Closets and Kitchen Cabinets

Buyers love to snoop and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if she sees everything organized. It says you probably take good care of the rest of the house as well. This means:
- Organize spice jars and canned goods.
- Neatly stack dishes.
- Turn all coffee cup handles facing the same way.
- Hang shirts together, buttoned and facing the same direction.
- Line up shoes.

Rent a Storage Unit

Almost every home shows better with less furniture. Remove pieces of furniture that block or hamper paths and walkways and put them in storage. Since you emptied your bookcases, store them to make more space. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room's purpose and plenty of room to move around. You don't want buyers scratching their heads and saying, "What can I do with this room?"

Remove/Replace Favourite Items

If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, they won't want it, period! The last thing you want is a personal item to blow your sale because the buyers really want it! Pack those items and replace them, if necessary.

Make All The Minor Repairs
- Replace cracked floor or counter tiles.
- Repair any wobbly interlocking pathways or patio stones.
- Patch holes in walls.
- Fix leaky faucets.
- Fix doors that don't close properly and kitchen drawers that jam.
- Consider painting your walls neutral colours, especially if you have grown accustomed to purple or pink walls. (Don't give buyers any reason to remember your home as "the house with the Electric Orange bathroom.")
- Replace burned-out light bulbs.
- If you've considered replacing a worn bedspread, do so now! (You get to take it with you!)

Make the House Sparkle!
- Wash all windows inside and out.
- Rent a pressure washer and spray down sidewalks and exterior.
- Clean out cobwebs.
- Re-caulk tubs, showers and sinks.
- Polish chrome faucets and mirrors.
- Clean out the refrigerator.
- Vacuum daily.
- Wax floors.
- Dust furniture, ceiling fan blades and light fixtures.
- Bleach dingy grout.
- Replace worn rugs and carpets.
- Hang up fresh towels that suit the bathrooms colour (make the investment in new towels if you must).
- Clean and air out any musty smelling areas. Odours are a BIG no-no. Especially Smoke and Pet Urine smalls

Scrutinize
- Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you?
- Linger in the doorway of every single room and imagine how your house will look to a buyer.
- Examine carefully how furniture is arranged and move pieces around until it makes sense.
- Make sure window coverings hang level.
- Tune in to the room's tone and function. Does it have impact and pizzazz?
- Does it look like a model home? You're almost finished.
- Check Curb Appeal.If buyers won't get out of her agent's car because they doesn't like the exterior of your home, you'll never get them inside.
- Keep the sidewalks cleared.
- Mow the lawn.
- Paint faded window trim.
- Plant yellow flowers or group flowerpots together. Yellow evokes a buying emotion. (Marigolds are inexpensive).
- Trim your bushes and trees.
- Edge your flowerbeds perimeter for a clean defined look.
- Make sure visitors can clearly read your house number.
- Re-Seal your driveway if there is obvious Colour obscurities.
- In Winter, Make sure your driveway and front pathway is shovelled all the way down to the concrete.

Find out More... Click here to view a Video on Preparing Your Home for an Open House.

If you would like a Copy of The Coldwell Banker Home Enhancement Guide email: Darcy Toombs with your name and address.

Rate the Resale Value of your Reno

2009-03-16T10:29:00.000-04:00

While some renovations may pay for themselves by increasing the value of your home, others could hinder a resale. Here’s what you need to know before you book that contractor.

There are lots of reasons for making home improvements, whether to customize a home to your needs, do repairs and maintenance or make a home more appealing for resale. But all not renos are equal when it comes to how they influence the value of your home. Here are some factors to consider.

If you plan to stay

If you plan to stay in your home for a while, and personal enjoyment or maintenance is your main priority, make your reno choices based on your needs and your budget. If you’re not expecting to move anytime soon, it’s best not to assume you’ll necessarily get your reno investment back, further down the road. After all, home improvements have a shelf life, and any renovation can become dated over time.

If you plan to sell

If you’re planning to sell in the next little while, and see your renovations as a way to add value to your home, you may want to take a different approach to your decisions. According to the Appraisal Institute of Canada’s 2004 Home Renovation Survey, the renovations that provide the highest payback potential are bathrooms and kitchens, with a potential investment return of 75% to 100%, and interior and exterior painting, with a potential return of 50% to 100%.

An eye for the buyer

Once you start renovating and decorating for the critical eye of buyers, you will have to consider their tastes as well as your own:

• Choose tasteful, neutral colours and materials that will appeal to the widest possible audience.

• Avoid cutting corners. The quality of workmanship and materials is also a factor in the return on investment.

• Ensure that the home feels consistent throughout. A luxurious new kitchen will look out of place if the rest of the home looks shabby.

• Try to imagine the type of buyer your home and neighbourhood will attract. A starter home for young couples, for example, might not benefit from a lavish bathroom, whereas an executive home might recoup the costs more easily.

Above all, remember that you may not get all your money back. Ask yourself if you’re willing to put up with the inconvenience and stress of a significant renovation like a kitchen or bathroom remodel.You might consider other, smaller improvements that can help your home show better. Replacing flooring, installing a new furnace or replacing windows and doors can also bring good payback potential.

Renos that could cost you

Adding value to a home isn’t simply a matter of adding on the cost of your renovations. The market you’re in, your neighbourhood and local demand will all influence how much the home is worth. Be cautious of over-renovating beyond the price range of these built-in limitations. Adding other features may end up costing you more when it comes to resale. Swimming pools and hot tubs, for example, offer poor returns in colder climates because buyers see in them additional work and cost. Other renos that may fetch lower returns include landscaping, interlocking and asphalt paving, fences and skylights.

- Article comes Courtesy of TD Canada Trust

Why Canadian Banks Work

2009-03-10T09:21:00.000-04:00

TARA PERKINS AND BOYD ERMAN

March 7, 2009

Canada's banks are finally getting some respect.
Derided for years as meek and mild while banks around the world expanded wildly, suddenly the reputation of Canada's big lenders as prudent and sometimes downright boring has become an asset instead of a liability.
U.S. President Barack Obama has heaped praise on the management of this country's financial system. Ireland is considering overhauling its system to look more like Canada's. Financial papers around the world are running headlines such as "Canada banks prove envy of the world."
Whether measured by market value, balance sheet strength or profitability, Canada's banks are rising to the top. Since the credit crunch began in the summer of 2007, the Big Five banks have booked a total of $18.9-billion in profits.
In roughly the same period, the five biggest U.S. banks have lost more than $37-billion (U.S.). One, Wachovia Corp., was forced to sell out to avoid failing. Another, Citigroup Inc., long the world's largest bank, may have to be nationalized and this week became a penny stock. The picture is similar in Britain.
The U.S. has spent most of the $700-billion the government earmarked for bank bailouts, and there are estimates that the final tally could be more in the trillions of dollars. The head of the Bank of England said last month that it's "impossible" to know how much money it will take to fix his country's banks.
Canada, by contrast, has not had to inject capital directly into banks, other than starting a program to buy from banks $125-billion (Canadian) of insured mortgages - any losses from which the government was already on the hook for anyway.
The reason comes down to a fundamental conservatism. From lending practices to bets on trading to financial reserves and takeovers, the Big Five banks have long tended to be more careful than their global peers. And when they did want to get aggressive, government and regulators held them in check.
"The Canadian banks were under a significant amount of pressure from both the analysts and the marketplace in general to be more aggressive in expanding into international markets, particularly the United States, and I think to some degree resisted partially because of a more conservative approach," says RBC chief executive officer Gordon Nixon.
Still, the industry has had stumbles, most notably Canadian Imperial Bank of Commerce's misadventure in derivatives, which led to a $2.1-billion loss for 2008.
And holders in Canadian banks have been battered. As a group, the banks' shares are down almost 50 per cent since Aug. 1, 2007, with most of the decline in the past six months as the economy worsened.
The concern weighing on these bank shares, for starters, is that profit growth in general is a thing of the past until the economy picks up. Most analysts say the banks' profits will shrink in coming quarters as more loans go sour and margins on lending tighten up. There's also nagging doubts that dividend payments are unsustainable and that something bad is still lurking on balance sheets.
More writedowns are likely in store for banks such as Toronto-Dominion Bank and Royal Bank of Canada, both of which made big acquisitions in recent years that now look overpriced.
Still, bank bosses such as Rick Waugh, CEO of Bank of Nova Scotia, say the banks are insulated from lingering problems because they have profits rolling in from many sources.
"We have made mistakes," he says, "but we made sure that we were well diversified."
That's a result of a conservatism not just among executives. That same approach extends to consumers, helping the banks sail along on the strength of their domestic lending businesses.
"You've got a more balanced cultural approach towards consumption and savings than we do in this country," says Charles Dallara, head of the Washington-based Institute of International Finance, and a former managing director at JPMorgan Chase & Co.
Much of that stems from the pain of the last recession. While the downturn of the early 1990s was short and sharp in the U.S., it was drawn out in Canada, leading to more of a social evolution, says CIBC chief executive officer Gerry McCaughey.
Former central bank governor David Dodge agrees. Canadian bank executives keenly remember that period, "and there was therefore perhaps a degree of prudence, a lack of aggressiveness, in comparison with major banks around the world," he said.
And he gives top marks to the Office of the Superintendent of Financial Institutions, Canada's banking regulator, for being more conservative than those in the U.S. or Britain. "I think that, from a regulatory point of view, you can say that the Canadian banks were more appropriately regulated."
The final key is the structure of the mortgage market.
While U.S. banks sold a large proportion of their mortgages, Canadian banks held the bulk of theirs on their balance sheets, giving them an incentive to make sure they were good loans. Riskier ones are backed by government insurance. And the law here makes it tough for consumers to walk away from a mortgage because banks can go after other assets.
Still, the banks are wary of getting cocky when a careful approach has worked well.
"It's a good thing for us to recognize the things we do very well, but maybe do it in what is appropriately a Canadian way - with modesty," said Bank of Montreal CEO Bill Downe.
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Royal Bank
of Canada
First quarter profit: $1.05-billion, down from $1.25-billion.
What's working: The bank's securities arm makes big bucks, and its huge retail bank in Canada generates steady earnings. RBC benefits from strong loan growth and expense control, notes UBS analyst Peter Rozenberg.
What's worrying: A foray into the U.S. leaves it exposed to the sagging American economy. Investors never like to see too much of a bank's earnings come from capital markets, because it's a volatile business. And while the securities division is doing well, it's also booking big writedowns. "RBC's Achilles heel, in Moody's view, is its U.S. operation," the rating agency says.
What the CEO says: "As a Canadian bank with global operations, RBC does have a competitive advantage relative to many of our global peers. The fundamentals of our domestic economy, while stressed, appear stronger than in Europe and the United States, having benefited from a public policy agenda that for many years valued prudent fiscal management."
Total assets: $713-billion
Tier 1 capital ratio (Jan. 31): 10.6 per cent
Provision for credit losses: $747-million, up from $293-million
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Toronto-Dominion Bank
First-quarter profit: $712-million, down from $970-million.
What's working: Retail arm TD Canada Trust is a dominant force across the country. "The bank's sizable capital cushion, combined with the recurring earnings from its Canadian franchise, leave it well positioned to manage through a period of economic headwinds," says Moody's Investors Service.
What's worrying: TD expanded in the U.S. just as things were getting really bad. Now, the bank has the biggest U.S. retail banking presence of any Canadian bank - half of all the bank's branches are in the U.S. Plus, TD owns a big U.S. wealth management operation that may suffer as markets plunge. The consensus among analysts is that the bank's securities and trading side isn't big enough to make up for declining performance in other areas of the bank.
What the CEO says: "We are living in unprecedented times. So what we consider solid performance in the current environment is certainly not what we would be happy with in the long term. ... We are going to take some bruises if the situation gets worse, but we're still going to be able to deliver solid earnings."
Total assets: $585-billion
Tier 1 capital ratio (Jan. 31): 10.1 per cent
Provision for credit losses: $537-million, up from $255-million
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Bank of Nova Scotia
First-quarter profit: $842-million, up from $835-million.
What's working: The bank's international business - the largest of the Canadian banks - posted a record quarter, and Scotiabank's reputation for risk management remains intact. The bank's securities and trading arm, Scotia Capital, had a near-record quarter.
What's worrying: Investors are leery of exposure to car loans and the auto industry. They are also keeping an eye on the bank's corporate loan book, the biggest of any Canadian bank.
The bank's large international division, with a big presence in Latin America, was much more profitable than anticipated in the latest quarter, but the macro environment in Latin America has deteriorated in recent months, notes RBC Dominion Securities analyst André-Philippe Hardy.
What the CEO says: "The banking sector in Canada is still in good shape. Some say the best in the world. As a group, we are all very well capitalized by global standards. And Scotiabank clearly demonstrated this by the fact that we were able to raise more capital this quarter, all of it from the market, from private sources."
Total assets: $510-billion
Tier 1 capital ratio (Jan. 31): 9.5 per cent
Provision for credit losses: $281-million, up from $111-million
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Canadian Imperial Bank of Commerce
First-quarter profit: $147-million, up from a loss of $1.46-billion.
What's working: Most of the big problems relating to exposure to subprime-linked investments are behind the bank, and its balance sheet is rock solid after raising another $1.6-billion of capital this week. Analysts and investors like the fact that its Canadian-focused business means bad U.S. loans aren't a big issue.
What's worrying: The bank is getting out of or cutting back in so many business lines to avoid problems that it's unclear where growth will come from. Investors worry that the bank is becoming so risk-averse that it won't be able to compete. Its core consumer lending segment saw earnings decline 14 per cent in the latest quarter, notes Blackmont Capital analyst Brad Smith.
What the CEO says: "Market conditions worldwide for banks remain difficult. Yet arguably one of the better places to be right now is in Canada. At CIBC, the majority of our revenue is derived from retail markets, where we enjoy strong market positions in a broad range of products and services."
Total assets: $354-billion
Tier 1 capital ratio (Jan. 31): 9.8 per cent (it's now a whopping 11.5 per cent)
Provision for credit losses: $284-million, up from $172-million
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Bank of Montreal
First-quarter profit: $225-million, down from $255-million.
What's working: The bank's trading operations are buoying profit, and its retail operations are rebounding after lagging for years. A switch toward more profitable products, such as lines of credit, is helping the core operations churn out strong earnings.
What's worrying: Investors are concerned that trading profits can disappear fast, and the bank has a U.S. loan portfolio by virtue of its presence in the U.S. Midwest. There's also a nagging worry that the bank will cut its dividend that won't go away no matter how many times CEO Bill Downe says the payout is safe. Credit Suisse analyst James Bantis is watching for rising credit losses in the $42-billion (U.S.) U.S. loan portfolio.
What the CEO says: "Financial institutions everywhere continue to face headwinds in credit markets and the capital markets environment. BMO is well positioned to meet these challenges, having accessed markets to bolster our capital position and having further strengthened our strong liquidity in the period, albeit at a higher cost."
Tier 1 capital ratio (Jan. 31): 10.21 per cent
Total assets: $443-billion
Provisions for credit losses: $428-million, up from $230-million

Boyd Erman, Tara Perkins