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"

December 2011 Market Stats - Annual Recap

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

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.”

HST and how is will effect the Real Etstae Market

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.

February Market Graphs - GTA

Signs of Recovery for 2010: More Listings

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

Making the jump to home ownership

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.

Housing Activity to Strengthen in 2010

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

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

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.

Today's Seniors are Rocking Traditions, not chairs

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.

Men vs. Women - The Home Buying Process

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

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

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

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

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.

Canadian Real Estate Prices

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.

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

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.”