Home ownership costs soar across Canada

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

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%

Bank of Canada hikes interest rates to 1%

Looking Through the Buyers Eye's

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?