TREB President's message - New mortgage rules have affected home sales

December 14, 2012
A moderate number of resale home transactions took place throughout the Greater Toronto Area (GTA) in November, with 5,793 homes changing hands. This represented a 16 per cent decrease from 6,908 sales in November 2011.
In Toronto 2,308 transactions took place last month compared to 2,952 sales a year ago - a decline of nearly 28 per cent. Meanwhile 3,485 homes changed hands in the 905 Regions, a decrease of more than 13 per cent from 3,956 sales in November 2011.
A key factor that has influenced the dip in sales experienced in recent months relates to the changes in mortgage lending guidelines that came into effect in July. The changes reduced the maximum amortization period from 30 years to 25 years and set a purchase price ceiling for government backed insured mortgages at one million dollars. These regulations have resulted in some households putting their decision to purchase on hold while they save up more money for a down payment and/or experience an increase in their income. Adding to this situation in the City of Toronto is the additional upfront Land Transfer Tax, which takes money from home buyers that could otherwise be used to offset the high costs of home ownership.
While sales decreased year-over-year in November, a modest overall price increase was reported, with the average price of a GTA home reaching $485,328. This represented an increase of 1.6 per cent compared to a year ago.
The 905 Region, with an average price of $463,779, showed a price increase of four per cent compared to a half-percent decrease in the City of Toronto average home price, which was $517,866.
The pace of average price growth in November was slower than what was experienced for much of 2012, especially in the low-rise segment of the market. This was largely due to the fact that the mix of single detached homes sold in the City of Toronto this past November changed relative to last year. Specifically, the share of homes that sold for over one million dollars was down considerably.
While the mix of home types sold may have changed, market conditions remained tight for low-rise home types. This is evident when we consider the MLS® Home Price Index (HPI) for the GTA. The MLS® HPI tracks the price change for benchmark homes – in other words: a home with the same attributes over time. When we look at price through this lens, we find that the benchmark price for major home types was up by 4.6 per cent in the GTA as a whole and 3.9 per cent for the City of Toronto.
News on the employment front was positive in November, as the Toronto seasonally adjusted unemployment rate decreased to 8.2 per cent, from 8.6 per cent the previous month. Interest rates remain largely unchanged, with a five year fixed mortgage rate of just over three per cent continuing to be available.
At this time of year I am often asked whether it is prudent to list one’s home for sale over the holidays, and there are in fact, many benefits to doing so. Consider that those viewing homes at this time of year are more likely to be serious buyers. As well, homes often look their best when they are decorated for the holidays, and a favourable emotional response to a property often prompts an offer.
I encourage you to talk to a Greater Toronto REALTOR® about the many other factors you should consider before choosing to make your next move and in the meantime, be sure to visit www.TorontoRealEstateBoard.com for all of the latest updates on the market.
Ann Hannah is President of the Toronto Real Estate Board, a professional association that represents 35,000 REALTORS® in the Greater Toronto Area.

Article can be read here: http://communications3.torontomls.net/media_centre/star_column/index.htm

Should I sell my home During the Holidays?

Here is a great article for those thinking about putting their property on the market during the holiday season!
Enjoy!

http://online.wsj.com/article/SB10001424127887324640104578165580618753110.html

November 2012 Real Estate Market update

Newmarket Real Estate Data

Average Price
November 2012
Average Price: $439,470
Active Listing: 182
Sales/Month: 100
Sales/Active Listings: 54.95%
Sales/Year (to-date): 1,425





Volume of Sales

November 2011
Average Price: $427,706
Active Listings: 109

Sales/Month: 106
Sales/Active Listings: 97.24%
Sales/Year (to-date): 1,336






Prices are still historically high, but the concern is going to be whether the market will bear the high prices with stricter lending policies put in place by the federal government.

If there are more Buyers than Sellers, the market is good for Sellers and prices increase. But if Buyers are having a tougher time qualifying for financing, the Buyer pool becomes smaller than the Seller pool and simple economic, supply and demand law, will dictate that prices should decrease.

So, long and the short of it is this: The government is trying to curb consumer debt by making lending policies stricter, which should also put the brakes on housing prices continue to soar. I'm not saying the market is going to crash, especially since we are located in a great geographical location and have amazing services at our finger tips (thus creating an outside demand for our area), but Sellers need to understand that they might not sell their home for more than their neighbour did this year... the market is changing!

Let me know your thoughts!
Darcy Toombs

YorkRegion Article: Newmarket courthouse expansion overdue: AG

Years of scheduling pressures at the Newmarket courthouse has finally resulted in Ontario’s attorney general applying for an expansion of the 165,000-square-foot facility.
The move comes after the ministry was criticized for refusing to add more courtrooms and associated staff, despite court times steadily increasing at the facility that serves all of York Region.

For full article, click here:
YorkRegion Article: Newmarket courthouse expansion overdue: AG

10 Tips for Halloween Safety! - From The Fire Guy

Courtesy Canadian Red Cross                            The day that paranormal creatures invade city streets is near.
As your little ones prepare their costumes to trick or treat their way through the night, the Canadian Red Cross has prepared a quick list of 10 tips to make sure everyone gets home safely. You may not need to fear vampires and ghosts knocking on your door, but fire hazards, scrapes and getting lost are potential concerns.

1.     Give your kids a map of their trick or treat route so they can find their way home. Mark the homes of nearby friends and relatives in case they need assistance on their journey. Younger children should be chaperoned by an adult.

2.     Instruct children to walk on the sidewalk not the street - even princesses and fairies have to watch out for motorists!

3.     Prepare for the dark with lighter coloured clothing and reflective surfaces. What better way to decorate a sword or a cape than with magical glowing tape?

4.     Avoid any type of flame by substituting candles with glow sticks. Wigs and costumes are highly flammable and glow sticks are perfect for illuminating Jack-o-lanterns.

5.     Remind your kids to stick with groups of at least four or five - after all, even legendary heroes are stronger as a team (like the Avengers and X-Men!)

6.     Tell them to only visit residences with a porch light on and not to enter a stranger’s home - politely accept candy and promptly leave.

7.     Costumes are meant to embellish - not to hide. Keep hems short to avoid tripping and don’t let masks block the eyes.

8.     Whether you have one eye, two eyes, three eyes or four, always look both ways before crossing the street.

9.     Both mystical creatures and children need to let parents check their candy before eating to remove any potential hazards.

10.   A flashlight is akin to a protective light saber of sorts and makes night-time travelling safer (it also helps you spot a ghost or goblin trying to plan a surprise attack!)

Following these tips on October 31 will help ensure your family has a fun and safe night of trick or treating!

For all your Retrofit needs remember The Fire Guy
 "Who is here protecting you from Fire and Fire Departments"

Demand for Luxury homes on the rise across Canada

Sales of luxury homes have started out at a record-setting pace for 2012, up almost 50 per cent over the first quarter of last year, according to a new ReMax report.
While the luxury market only accounts for about 2 per cent of the total GTA housing market, the unexpectedly strong demand, coupled with a
“severe shortage” of prime properties in higher-end neighbourhoods, is only further fuelling bidding wars and price escalations, it says.
That, in turn, is driving more properties into the “luxury” price range. Even suburban communities such as Vaughan, Markham and Richmond Hill have seen a 54 per cent jump in demand for $1.5 million-plus homes in the first quarter of 2012 over 2011.
But that translates into just 54 luxury homes changing hands in those communities, it’s important to note, up from 35 sales in the first quarter of last year.
The annual report, Upper-End Market Trends 2012, examines prices and trends across Canada, prime neighbourhood by prime neighbourhood.
Luxury sales records were set in 10 of the 16 urban markets the report tracks, although the definition of luxury can vary from $500,000 (in mid-sized markets such as Regina and Halifax) up to $2 million (Greater Vancouver.)
Some 412 homes sold for over $1.5 million from January to the end of March across the GTA, up from 277 during the same time last year, the report says.
While high-end demand in Toronto was hot — especially in neighbourhoods within walking distance of transit — things have cooled in Vancouver where last year a frenzy of foreign buyers not only drove up sales numbers, but skewed average house prices upward right across the country before the buying frenzy eased later in 2011.
Low interest rates, improving consumer confidence and “tremendous confidence in the city’s residential housing market” in the face of stock market and global economic turmoil, are all being cited as factors. But, even then, the sales figures came as a surprise, says Michael Polzler, executive vice president for ReMax Ontario-Atlantic Canada.
“We didn’t expect (luxury sales) to be up nearly this much. This is significant.
“I think there is a lot of momentum out there in the market and people want to buy. If anything, in many cases, there is a shortage of product.”
That shortage is being felt even in the condo sector, Polzler said.
Seven per cent of luxury sales were condos in Toronto’s pricey core, the report notes, most of them in Yorkville.
The highest-priced condo sold in Toronto so far this year went for $5.3 million — a far cry from the record $28 million spent by an international buyer last year for a penthouse, due to be completed this summer, in the new Four Seasons Private Residences and hotel towers.
Regina, where luxury comes in at $500,000 or more, saw the biggest increase in luxury sales this year, up 56 per cent over the first quarter of 2011.
More: New home prices continue to rise
More: Things to watch for when flipping a condo
]]> http://www.moneyville.ca/article/1179107--demand-for-high-priced-homes-up-across-canada http://www.moneyville.ca/article/1179107 Thu, 17 May 2012 11:38:00 -0400

Aurora/Richmond Hill Stats (3/31/2012 - 4/06/2012)

To show why Newmarket's market seems to be so hot, we need to look to the south to see whats been going on there.

Aurora:

Average Sale Price: $530,483
Avg. % of List: 102.11%
# of sales: 18
Avg. Day's on Market (DOM): 18

Richmond Hill:

Average Sale Price: $724,484

Avg. % of List: 101.96%
# of sales: 68
Avg. Day's on Market (DOM): 11

As you can see, the markets to the South make Newmarket look affordable for most, which is why we are seeing many of the buyers coming from the south and driving up the prices.
I have said it before, and Ill say it again, I do not forsee a dramatic crash in the market, simply due to the population growth and the demand for housing. Restrictions, such as Oak Ridges Moraine and the Ontario Greenbelt has meant that Urban Sprawl is coming to an end and intensification and infill development is the next move.

* All data from the Toronto Real estate Board

The past week in Newmarket Real Estate (March 22, 2012 - March 29, 2012)

It's amazing what is happening here and hard to keep up with it.
In the past 7 days*, there have been 32 reported sales in Newmarket, ranging from $296,000 to $872,000, with an average of $504,522.

What I consider to be the most amazing sales figure is the percentage of list price. The average of the 32 homes sold in the past 7 days was 101.47% of asking! In one case, a property in the Leslie Valley/Huron heights area sold for 116% of asking @ $497,000, which was $68k over asking.

With the rapid sales, and what some are considering outrageous prices for homes in areas that do not normally achieve such premiums, I am a little concerned about buyers purchasing homes that have less than 25% down, because a more thorough appraisal might have to be done and if the banks loan-value ratios don't match what the buyer offered to pay, then, the buyers will be required to come up with more money to close the deal... As a Realtor working for sellers, I will be ensuring I get a hefty deposit so that the buyers have no option to not close.

I want to close though with this. Newmarket/Aurora is a fantastic place to live and the buyers seem to be coming from the south, likely due to the prices being cheaper than Toronto/Richmond Hill/Vaughan, and as long as the immigration and population figures continue to grow, I'm not sure we will see a drastic drop in the prices... The demand seems to be there, and the option of renting just doesn't seem to be a better choice right now.

*as reported at 12:05pm March 29, 2012

December 2011 Market Stats - Annual Recap

Glenway Information Sessions Planned

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.

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

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

Coming Soon to Downtown Newmarket

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

YorkRegion Article: Most satisfied with Newmarket: report

YorkRegion Article: Most satisfied with Newmarket: report

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

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

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

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?

We have a Wide Variety of Housing Options in the GTA

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.

Toronto Real Estate Board April Stats

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

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

Click here to read to complete article.

Mid-April Resale Market Figures

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.”