Canada Mortgage and Housing Corporation (CMHC)published an excellent review of the rental market in the Greater Toronto area.
They report an overall shortage of rental units in Toronto. The portion of interest to me is that the rental suites provided by individual investors through offering their condo suites for rent, is a key component of the supply. In Toronto core the rental occupancy as fallen to about 1.0% having been as high as 5% a few years ago.
Fewer purpose-built rental buildings are being built in Toronto.
Read the whole report here.
I can help people to rent out their Toronto condo suites and I help tenants find excellent condo suites to live in.
Friday, December 12, 2008
Friday, December 05, 2008
Toronto Real Estate Prices for November 2008
Don't believe everything in the media. Don't get the wrong news about real estate home prices in Toronto as of November 2008! It's time to check the real numbers.
For November 2008, the Toronto Real Estate Board monthly statistics report stated that there were 3,640 sales in November 2008 and that the average monthly sales price across the GTA was $368,582.
(Click on chart to see it in a larger size)
So what does this mean? Sales are down by 50% from the level of activity at this time last year. Prices are down 6.4% from a year ago, but wait, prices are actually up 4.4% from the $352,974 average of the month prior! Wow! Who is reporting on the rising home prices in the GTA?
Now is a great time to be a home buyer in Toronto. Given the reduced number of sales right now, there are some great opportunities for buyers. It is not a good time to be a seller hoping to maximize the value of their home. Sellers are not seeing a lot of showings happening on their homes and they are not seeing many offers or multiple offers. The only people selling their homes right now are pretty motivated home sellers. They wouldn't be selling if they didn't need to be. Thus, sellers are happy to see any offer that comes their way and are going to find a way to make an offer successful.
Now is the time for action if you have the ability to buy, without selling first. perhaps you are renting and wondering when to buy into real estate. Perhaps you are an investor that owns and rents out properties. Now is the time to be taking advantage of the market opportunity. Not six months to a year from now, right now!
Let me know how I can assist you. I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
For November 2008, the Toronto Real Estate Board monthly statistics report stated that there were 3,640 sales in November 2008 and that the average monthly sales price across the GTA was $368,582.
(Click on chart to see it in a larger size)So what does this mean? Sales are down by 50% from the level of activity at this time last year. Prices are down 6.4% from a year ago, but wait, prices are actually up 4.4% from the $352,974 average of the month prior! Wow! Who is reporting on the rising home prices in the GTA?
Now is a great time to be a home buyer in Toronto. Given the reduced number of sales right now, there are some great opportunities for buyers. It is not a good time to be a seller hoping to maximize the value of their home. Sellers are not seeing a lot of showings happening on their homes and they are not seeing many offers or multiple offers. The only people selling their homes right now are pretty motivated home sellers. They wouldn't be selling if they didn't need to be. Thus, sellers are happy to see any offer that comes their way and are going to find a way to make an offer successful.
Now is the time for action if you have the ability to buy, without selling first. perhaps you are renting and wondering when to buy into real estate. Perhaps you are an investor that owns and rents out properties. Now is the time to be taking advantage of the market opportunity. Not six months to a year from now, right now!
Let me know how I can assist you. I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
RE/MAX 2009 Market Outlook
This week RE/MAX published its annual market outlook for the coming year. If you are interested, I'll let you download the whole report and read it for yourself.
Focusing on RE/MAX's outlook for Toronto Real Estate in 2009, the forcast is for a modest decline in home values by 2% to an average selling price of $376,000, along with a decline in the number of homes being sold coming down by 5% to about 75,000 homes next year.
If you want to have this report explained to you in more detail, please let me know, I'm here to help!
Focusing on RE/MAX's outlook for Toronto Real Estate in 2009, the forcast is for a modest decline in home values by 2% to an average selling price of $376,000, along with a decline in the number of homes being sold coming down by 5% to about 75,000 homes next year.
If you want to have this report explained to you in more detail, please let me know, I'm here to help!
Wednesday, November 19, 2008
Toronto First Time Buyer Course from RE/MAX
Buying your first home can be a difficult and confusing process. There is a huge amount of knowledge you need to know or be aware of, in order to make a successful home purchase.
I enjoy having the opportunity to explain the process to first time home buyers, to take away the mystery and show them that it really can be easy and fun to find that first perfect home.
If you are looking for the information to make your first purchase of a condominium or house a success? Get the assistance of the Toronto RE/MAX Real Estate Help Desk. Ralph Evans
is a modern, professional RE/MAX agent comfortable explaining the process to others.
Meet with Ralph Evans at your home, office or at his office for a persnalized first time buyer course, just for you!
This free presentation will provide you with the knowledge you need to successfully purchase your first home. You will learn about the various choices of home styles you can choose from. The differences between condominiums and freehold homes. The characteristics of townhouses, semi-detached, and detached homes.
You will learn about the financial aspects of home ownership. You will see how mortgages work and how to calculate what you can afford. You will find out about the special programs available to you to help make home ownership as affordable as possible. You will see what other costs you'll need to consider. You will find out where to go to get the best possible mortgage rates and how to lock in those rates, while you look for a home.
You will find out about the many advisors you will need to complete the purchase of your home. You will understand the role of the real estate agent along with the home inspector, the lawyer, the mortgage broker and the insurance agent.
Get all your questions and concerns answered.
If you do want Ralph's help to look for the perfect home with you, that would be great too! I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
I enjoy having the opportunity to explain the process to first time home buyers, to take away the mystery and show them that it really can be easy and fun to find that first perfect home.
If you are looking for the information to make your first purchase of a condominium or house a success? Get the assistance of the Toronto RE/MAX Real Estate Help Desk. Ralph Evans
is a modern, professional RE/MAX agent comfortable explaining the process to others.
Meet with Ralph Evans at your home, office or at his office for a persnalized first time buyer course, just for you!
This free presentation will provide you with the knowledge you need to successfully purchase your first home. You will learn about the various choices of home styles you can choose from. The differences between condominiums and freehold homes. The characteristics of townhouses, semi-detached, and detached homes.
You will learn about the financial aspects of home ownership. You will see how mortgages work and how to calculate what you can afford. You will find out about the special programs available to you to help make home ownership as affordable as possible. You will see what other costs you'll need to consider. You will find out where to go to get the best possible mortgage rates and how to lock in those rates, while you look for a home.
You will find out about the many advisors you will need to complete the purchase of your home. You will understand the role of the real estate agent along with the home inspector, the lawyer, the mortgage broker and the insurance agent.
Get all your questions and concerns answered.
If you do want Ralph's help to look for the perfect home with you, that would be great too! I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
Tuesday, November 18, 2008
Market Commentary from Michael Polzler - RE/MAX Ontario-Atlantic
Michael Polzler, who is the Executive Vice President and Regional Director for
RE/MAX Ontario-Atlantic Canada Inc., published the following commentary on the real estate market...
Toronto Real Estate Board stats for October created some heated dialogue in the industry in recent weeks. While many believe that the dismal statistics reflect the recent volatility in financial markets, some are now asking if they also identify an emerging trend in the Greater Toronto Area.
The simple answer is no. Although there are some serious negative factors influencing the marketplace, one month does not make a market. We need several consecutive months of momentum – one way or another – before we can really determine the direction of the market.
Make no mistake. 2008 has presented our industry with challenges across the board. Unit sales are down 16 per cent from one year ago, hovering at approximately 70,000, while average price at $380,654 is up marginally over year–to–date figures for the same period in 2007. And the prognosis will get worse before it gets better, considering the new land transfer tax rate implemented in January, 2008 artificially inflated housing values during the fourth quarter of 2007. Average price hovered close to $400,000 in October, November, and December of last year – which will be the measuring stick in the months ahead.
Clearly, market conditions have shifted in favour of the buyer. There are more homes listed for sale than one year ago and houses are taking longer to sell. Our forecast for 2008 – released in October of 2007 – said as much.
Sellers are adjusting to new market realities – albeit reluctantly – while buyers are taking it all in. Some are sitting on the fence, waiting for housing values to fall further or interest rates to decline a percentage point or two more. The courageous are jumping into the market, taking advantage of lower prices, greater selection, and less competition.
For those that are trading in the same market, it’s all relative. Sellers may get less than they thought for their homes, but they’ll also pay less on the other side of the transaction. With market conditions stabilizing, first–time buyers now have the luxury of time in making their housing decisions. They also have greater purchasing power than they had one year ago – and their dollar will go much farther.
Unlike other investment vehicles, residential real estate serves two purposes. It’s still considered an investment, but it is also a roof over your head. We know from past experience that housing appreciates at a rate of five per cent annually. It’s cyclical, so it may rise and fall, but the risk involved will never be as steep or as serious as in the stock market, where the value of your portfolio can drop 30 per cent overnight and some of your stocks can fall to 0. You also can’t live in your mutual fund.
Real estate in the Greater Toronto Area has faced many challenges over the years but continued to experience steady growth. In 2009, there are some announcements that are expected to have a positive impact on the housing market and they are as follows:
1. The Bank of Canada has indicted that lending rates may fall further in 2009.
2. Federal government intervention in the form of a $75 billion mortgage purchase from the CMHC will free up additional credit.
3. Measures will be introduced by both the Federal and Provincial government to bolster the economy. In Ontario, that could mean a bailout package for the ailing manufacturing sector.
4. A lower Canadian dollar – hovering at 85 cents American – may provide a much–needed boost to manufacturing.
5. Job employment rates continue to hold steady in the GTA, despite upward momentum at the provincial level. The unemployment rate was 6.8 per cent in October, down from 6.9 per cent in September.
6. Population in the GTA continues to grow through migration, with 60,000 plus households expected to form in 2009.
Last, but not least, we must remember that the Greater Toronto Area generates about 10 per cent of the country’s total wealth – that’s comparable to what New York, Chicago, Boston, and San Francisco make to the US economy. There’s no question that we are a world–class city – in a have–not province. We may be in for some challenges over the next six to nine month period, but we should see clear signs of recovery by late 2009. The good news is that lifecycle events will continue to occur, whether real estate is experiencing a bull or bear market.
Sincerely,
Michael Polzler
Executive Vice President and Regional Director
RE/MAX Ontario-Atlantic Canada Inc.
Do you want some personal guidance on what opportunities exist for you in today's market? Please contact me by email or through my website.
RE/MAX Ontario-Atlantic Canada Inc., published the following commentary on the real estate market...
Toronto Real Estate Board stats for October created some heated dialogue in the industry in recent weeks. While many believe that the dismal statistics reflect the recent volatility in financial markets, some are now asking if they also identify an emerging trend in the Greater Toronto Area.
The simple answer is no. Although there are some serious negative factors influencing the marketplace, one month does not make a market. We need several consecutive months of momentum – one way or another – before we can really determine the direction of the market.
Make no mistake. 2008 has presented our industry with challenges across the board. Unit sales are down 16 per cent from one year ago, hovering at approximately 70,000, while average price at $380,654 is up marginally over year–to–date figures for the same period in 2007. And the prognosis will get worse before it gets better, considering the new land transfer tax rate implemented in January, 2008 artificially inflated housing values during the fourth quarter of 2007. Average price hovered close to $400,000 in October, November, and December of last year – which will be the measuring stick in the months ahead.
Clearly, market conditions have shifted in favour of the buyer. There are more homes listed for sale than one year ago and houses are taking longer to sell. Our forecast for 2008 – released in October of 2007 – said as much.
Sellers are adjusting to new market realities – albeit reluctantly – while buyers are taking it all in. Some are sitting on the fence, waiting for housing values to fall further or interest rates to decline a percentage point or two more. The courageous are jumping into the market, taking advantage of lower prices, greater selection, and less competition.
For those that are trading in the same market, it’s all relative. Sellers may get less than they thought for their homes, but they’ll also pay less on the other side of the transaction. With market conditions stabilizing, first–time buyers now have the luxury of time in making their housing decisions. They also have greater purchasing power than they had one year ago – and their dollar will go much farther.
Unlike other investment vehicles, residential real estate serves two purposes. It’s still considered an investment, but it is also a roof over your head. We know from past experience that housing appreciates at a rate of five per cent annually. It’s cyclical, so it may rise and fall, but the risk involved will never be as steep or as serious as in the stock market, where the value of your portfolio can drop 30 per cent overnight and some of your stocks can fall to 0. You also can’t live in your mutual fund.
Real estate in the Greater Toronto Area has faced many challenges over the years but continued to experience steady growth. In 2009, there are some announcements that are expected to have a positive impact on the housing market and they are as follows:
1. The Bank of Canada has indicted that lending rates may fall further in 2009.
2. Federal government intervention in the form of a $75 billion mortgage purchase from the CMHC will free up additional credit.
3. Measures will be introduced by both the Federal and Provincial government to bolster the economy. In Ontario, that could mean a bailout package for the ailing manufacturing sector.
4. A lower Canadian dollar – hovering at 85 cents American – may provide a much–needed boost to manufacturing.
5. Job employment rates continue to hold steady in the GTA, despite upward momentum at the provincial level. The unemployment rate was 6.8 per cent in October, down from 6.9 per cent in September.
6. Population in the GTA continues to grow through migration, with 60,000 plus households expected to form in 2009.
Last, but not least, we must remember that the Greater Toronto Area generates about 10 per cent of the country’s total wealth – that’s comparable to what New York, Chicago, Boston, and San Francisco make to the US economy. There’s no question that we are a world–class city – in a have–not province. We may be in for some challenges over the next six to nine month period, but we should see clear signs of recovery by late 2009. The good news is that lifecycle events will continue to occur, whether real estate is experiencing a bull or bear market.
Sincerely,
Michael Polzler
Executive Vice President and Regional Director
RE/MAX Ontario-Atlantic Canada Inc.
Do you want some personal guidance on what opportunities exist for you in today's market? Please contact me by email or through my website.
Thursday, November 13, 2008
Toronto Power of Sale Properties
With the recent events in the financial world, we are likely to see an increase in the number of homes that will be sold through the process called "Power of Sale". These home can be an excellent buying opportunity in a difficult real estate market.
What exactly is that and how is it different from the "Foreclosures" in the States?
Normally, it is the homeowner that sells their home to the buyer. In Power of Sale, the bank as lender sells the home without ever taking ownership directly.
If a Canadian homeowner falls behind in making their mortgage payments, the bank has a process to terminate the mortgage and get their money out. Firstly, the mortgage will be a few months behind in payments, then the bank will issue notices to the homeowner advising them of the need to pay-up the outstanding amounts of the loan.
After sufficient notice period, the bank will begin the power of sale. They have the property listed for sale with a Real Estate Agent, and they can seek a buyer for the home. However, they do need to ensure they sell it for fair market value, otherwise the owner can sue the bank for the difference. The bank wants to recover the amount of the loan and cover their legal costs. Any money in addition to that left over from the sale is returned to the homeowner. But, if there is still a shortfall after the bank sells the home, the bank can still sue the homeowner for the remainder of the loan.
So, here is a big difference to the US market. In the States, the bank usually takes over ownership of the home first and then sells the home on the open market. They can sell the home for whatever they can get for it, and then if there is a shortfall they have no further recourse to sue the original homeowner. This is Foreclosure. If the homeowner makes an arrangement with the bank to sell the home, below the value of the mortgage-balance with the proceeds going to the bank, then its called "Short-Sale".
Here in Canada, the bank does not take ownership of the home, they must sell for fair market value and they can still go after the homeowner for more money.
As a buyer of a power of sale home, you need to be aware that the original homeowner could step in at any time and pay-off the mortgage. This would cancel the power of sale! That can occur right up until closing. Further there are no guarantees from the seller about the condition of the property, what is included or what is in working condition.
I am a modern professional RE/MAX agent. I focus on real estate on the west-side of Toronto, including the downtown condos, High Park, Bloor West Village, Swansea, Kingsway, Sunnylea, Etobicoke and into Mississauga.
Now that you know a little bit more about how Power of Sale works, if you are looking at finding the values on the this market, Ralph Evans and the Real Estate Help Desk is here to help! Access my list of power of sale properties in the area you are interested in. let me keep you informed about new power of sale properties as they get listed.
Let me know how I can help you!
What exactly is that and how is it different from the "Foreclosures" in the States?
Normally, it is the homeowner that sells their home to the buyer. In Power of Sale, the bank as lender sells the home without ever taking ownership directly.
If a Canadian homeowner falls behind in making their mortgage payments, the bank has a process to terminate the mortgage and get their money out. Firstly, the mortgage will be a few months behind in payments, then the bank will issue notices to the homeowner advising them of the need to pay-up the outstanding amounts of the loan.
After sufficient notice period, the bank will begin the power of sale. They have the property listed for sale with a Real Estate Agent, and they can seek a buyer for the home. However, they do need to ensure they sell it for fair market value, otherwise the owner can sue the bank for the difference. The bank wants to recover the amount of the loan and cover their legal costs. Any money in addition to that left over from the sale is returned to the homeowner. But, if there is still a shortfall after the bank sells the home, the bank can still sue the homeowner for the remainder of the loan.
So, here is a big difference to the US market. In the States, the bank usually takes over ownership of the home first and then sells the home on the open market. They can sell the home for whatever they can get for it, and then if there is a shortfall they have no further recourse to sue the original homeowner. This is Foreclosure. If the homeowner makes an arrangement with the bank to sell the home, below the value of the mortgage-balance with the proceeds going to the bank, then its called "Short-Sale".
Here in Canada, the bank does not take ownership of the home, they must sell for fair market value and they can still go after the homeowner for more money.
As a buyer of a power of sale home, you need to be aware that the original homeowner could step in at any time and pay-off the mortgage. This would cancel the power of sale! That can occur right up until closing. Further there are no guarantees from the seller about the condition of the property, what is included or what is in working condition.
I am a modern professional RE/MAX agent. I focus on real estate on the west-side of Toronto, including the downtown condos, High Park, Bloor West Village, Swansea, Kingsway, Sunnylea, Etobicoke and into Mississauga.
Now that you know a little bit more about how Power of Sale works, if you are looking at finding the values on the this market, Ralph Evans and the Real Estate Help Desk is here to help! Access my list of power of sale properties in the area you are interested in. let me keep you informed about new power of sale properties as they get listed.
Let me know how I can help you!
Thursday, November 06, 2008
DNA Condo Toronto
Billed as Downtown's Next Address, the DNA condo is an ultra-modern and cool place to live. It has a strong sense of design that is very different from many of the new condo's that have been built recently in Toronto.
I always like to come here and show buyers through the building. They can see the difference right away.
There are great design elements one finds in many suites, the bathroom and kitchen fixtures, the shower stall design, portable kitchen islands on wheels, great high-end washer dryers.
Located right in the middle of the King West Village area, it has its own Starbucks outlet on the corner of the building at Shaw and King St. What could be more convenient than that!
I am a modern professional RE/MAX agent - be sure to check out my website. If you are looking to buy a suite here, sell, lease a unit or you'd like to rent someone else's place, let me know. I'm Ralph Evans and I'm here to help!
Wednesday, November 05, 2008
Toronto MLS Housing Statistics for October 2008
Today the Toronto Real Estate Board published the numbers for the Toronto home sales for the month of October 2008. The average selling price across the GTA was $352,974. This is down 4.2% from the monthly average the month before and down 11.3% at the peak of May 2008.
It is not surprising that there has been a pull back in the real estate market in Toronto, but certainly nothing like the decline the stock market has seen! Homes remain a very stable long-term investment. The number of sales is well below the volume recorded in past years for the month of October. Mostly, people are being cautious at this time. People who do not need to be selling their homes are not selling. They are happy to stay put and will make a move when market conditions improve. But this then has an effect of skewing the average sales price. Fewer high-end homes are selling. The overall mix of homes may be different and thus the average is impacted.
But then current market conditions provide an excellent opportunity to be a buyer. The supply of homes for sale is up and the number of bidding wars and multiple offers is way off. The buyers have much more control for setting the terms of negotiation.
It is also a good time for move-up buyers in the same market. If you are selling one house and buying another within the Toronto market you are still okay. You may lose some value on the sale of your existing home. But you get a good deal on your purchase and then if you are moving-up to a better home, it should appreciate more rapidly than the home you have moved from.
If you would like to discuss the current market conditions more or understand how this impacts your current situation, please give Ralph a call.
It is not surprising that there has been a pull back in the real estate market in Toronto, but certainly nothing like the decline the stock market has seen! Homes remain a very stable long-term investment. The number of sales is well below the volume recorded in past years for the month of October. Mostly, people are being cautious at this time. People who do not need to be selling their homes are not selling. They are happy to stay put and will make a move when market conditions improve. But this then has an effect of skewing the average sales price. Fewer high-end homes are selling. The overall mix of homes may be different and thus the average is impacted.
But then current market conditions provide an excellent opportunity to be a buyer. The supply of homes for sale is up and the number of bidding wars and multiple offers is way off. The buyers have much more control for setting the terms of negotiation.
It is also a good time for move-up buyers in the same market. If you are selling one house and buying another within the Toronto market you are still okay. You may lose some value on the sale of your existing home. But you get a good deal on your purchase and then if you are moving-up to a better home, it should appreciate more rapidly than the home you have moved from.
If you would like to discuss the current market conditions more or understand how this impacts your current situation, please give Ralph a call.
Thursday, October 30, 2008
Toronto Condo Rentals
Are you looking to rent a condo in Toronto?
The Ralph Evans and the Toronto Real Estate Help Desk from RE/MAX Professionals is fully equipped to help both Landlords and Tenants.
Some Places to consider:
Toronto Downtown Core
Bloor / Bay St / Yorkville
CityPlace / Rogers Centre
King West
Queens Quay
High Park
Yonge / Eglinton
Yonge / Sheppard
Etobicoke Humber Bay Waterfront
Palace Pier / Palace Place
Loggia Condo - 1040 The Queensway
Did you know that RE/MAX helps people find rental suites? We have access to a large number of privately owned condo suites that are available for rent. These generally are a whole lot better than the typical "rental buildings" in Toronto.
If you are a condo owner looking for help finding good tenants or someone looking for help finding a great place to live, let me know.
Contact me through my website at www.RealEstatehelpDesk.ca
The Ralph Evans and the Toronto Real Estate Help Desk from RE/MAX Professionals is fully equipped to help both Landlords and Tenants.
Some Places to consider:
Did you know that RE/MAX helps people find rental suites? We have access to a large number of privately owned condo suites that are available for rent. These generally are a whole lot better than the typical "rental buildings" in Toronto.
If you are a condo owner looking for help finding good tenants or someone looking for help finding a great place to live, let me know.
Contact me through my website at www.RealEstatehelpDesk.ca
Etobicoke Builders
The central part of Etobicoke, on the west side of Toronto is a popular spot for in-fill builders. They look for the right opportunities to locate an older bungalow on a suitable lot. They then demolish the existing home and build a modern home in its place. While this has been most popular on 50-foot lots, I have recently been involved with one property built on a 40-foot x 125-foot lot.
The owner and builder of this home is an architect, and it shows. They have created a new home with style and character. The flow of the home is perfect and no space is wasted.
The quality of the materials and workmanship of this home is better than many other new homes I see in the area, yet this home is actually priced less. Here is your opportunity to own a fabulous new 4-bedroom home in a quiet leafy Etobicoke neighbourhood for under $1-million!
Call me at 416 577-5486 to find out more, or come to my Real Estate Open House - 77 Charleston on Saturday November 1st, 2008 www.RealEstateHelpDesk.ca
The owner and builder of this home is an architect, and it shows. They have created a new home with style and character. The flow of the home is perfect and no space is wasted.
The quality of the materials and workmanship of this home is better than many other new homes I see in the area, yet this home is actually priced less. Here is your opportunity to own a fabulous new 4-bedroom home in a quiet leafy Etobicoke neighbourhood for under $1-million!
Call me at 416 577-5486 to find out more, or come to my Real Estate Open House - 77 Charleston on Saturday November 1st, 2008 www.RealEstateHelpDesk.ca
First Time Buyers Seminar
Are you looking for the information to make your first purchase of a condominium or house a success? Get the assistance of the Toronto RE/MAX Real Estate Help Desk. Ralph Evans is a modern, professional RE/MAX agent comfortable explaining the process to others.
Meet with Ralph Evans at your home, office or at his office.
This free presentation will provide you with the knowledge you need to successfully purchase your first home.
You will learn about the various choices of home styles you can choose from. The differences between condominiums and freehold homes. The characteristics of townhouses, semi-detached, and detached homes.
You will learn about the financial aspects of home ownership. You will see how mortgages work and how to calculate what you can afford. You will find out about the special programs available to you to help make home ownership as affordable as possible. You will see what other costs you'll need to consider. You will find out where to go to get the best possible mortgage rates and how to lock in those rates, while you look for a home.
You will find out about the many advisors you will need to complete the purchase of your home. You will understand the role of the real estate agent along with the home inspector, the lawyer, the mortgage broker and the insurance agent.
Get all your questions and concerns answered.
If you do want Ralph's help to look for the perfect home with you, that would be great too! I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
Meet with Ralph Evans at your home, office or at his office.
This free presentation will provide you with the knowledge you need to successfully purchase your first home.
You will learn about the various choices of home styles you can choose from. The differences between condominiums and freehold homes. The characteristics of townhouses, semi-detached, and detached homes.
You will learn about the financial aspects of home ownership. You will see how mortgages work and how to calculate what you can afford. You will find out about the special programs available to you to help make home ownership as affordable as possible. You will see what other costs you'll need to consider. You will find out where to go to get the best possible mortgage rates and how to lock in those rates, while you look for a home.
You will find out about the many advisors you will need to complete the purchase of your home. You will understand the role of the real estate agent along with the home inspector, the lawyer, the mortgage broker and the insurance agent.
Get all your questions and concerns answered.
If you do want Ralph's help to look for the perfect home with you, that would be great too! I'm here to help. www.RealEstateHelpDesk.ca
Call me at 416 577-5486 or contact me at ralph@RealEstateHelpDesk.ca
Tuesday, October 07, 2008
How different is the Canadian mortgage market compared to USA?
Canadians like to define themselves by pointing out how they are different from Americans. We are seeing an incredible decline in the entire US housing market, with declining home values, negative equity, foreclosures, defaulting mortgages and so on.
Yet, how can Canada be so very different? Please read this report written by Will Dunning, Chief Economist to the Canadian Association of Accredited Mortgage Professionals (CAAMP). It does an excellent job of explaining the many ways the fundamentals here in Canada are supporting our housing market.
You know, we simply don't allow for NINJA mortgages here - No income, no job, no assets!
Please let me know what you think about this report.
Article on the differences in the mortgage market between USA and Canada
Yet, how can Canada be so very different? Please read this report written by Will Dunning, Chief Economist to the Canadian Association of Accredited Mortgage Professionals (CAAMP). It does an excellent job of explaining the many ways the fundamentals here in Canada are supporting our housing market.
You know, we simply don't allow for NINJA mortgages here - No income, no job, no assets!
Please let me know what you think about this report.
Article on the differences in the mortgage market between USA and Canada
Sunday, October 05, 2008
Toronto MLS Housing Statistics for September 2008
September's numbers are in. There were 6,866 homes sold across the GTA in the month and the average price was $368,549. While the financial markets are seeing big changes, the Toronto real estate market remains fairly steady. The volume of homes sold continues to track below last year's record volume. Price wise the September number is up 1.0% from the month before, but still 7.1% below the market peak of last October.
The current market conditions are considered to be "balanced", and present excellent opportunities for both buyers and sellers. There is a good supply of homes for sale for buyers to choose from, and the number of bidding wars is much less frequent. Home sellers need to ensure there homes look great and are priced competitively.
My approach for sellers is to work with them to prepare their homes for sale, completing necessary repairs and staging the home.
Tuesday, September 30, 2008
Toronto Real Estate Market Meltdown?
The Toronto real estate climate has changed significantly in the past couple of weeks, with home buyers holding off making purchases as a result of the uncertainty in the US Financial markets. Canada remains in a far stronger position than the United States. The property foreclosure rate in Canada has remained at the “normal historical levels”. There is no mortgage crisis here, people are still able to afford and are still paying their mortgages normally. We do not have the ARM mortgages that reset to higher rates. It is more difficult to qualify for mortgages and the almost everyone has positive equity in there homes – i.e. their mortgages are for less than the total value of their homes. Canadians are not walking away from their homes at all. Our Financial Institutions are strong and are looking for acquisitions of weak US companies to acquire. However, we all watch the US media and the concern does impact buyer perceptions. So too there are many links in the economics of the two countries.
Thus, we are seeing a slowdown in real estate buying activity, but not a concern of plunging home prices. The housing situation is just following the general economy and is not leading the decline the way it has in the States.
The Toronto market is presenting some terrific buying opportunities.
I do not foresee any meltdown of the Toronto real estate market.
Thus, we are seeing a slowdown in real estate buying activity, but not a concern of plunging home prices. The housing situation is just following the general economy and is not leading the decline the way it has in the States.
The Toronto market is presenting some terrific buying opportunities.
I do not foresee any meltdown of the Toronto real estate market.
August Toronto Real Estate Statistics
He are the results from August 2008 for real estate sales in all the Greater Toronto Area...
Looking back, we can see that the Toronto market reached a peak in October 2007, weakness in the winter followed by a spring rally that brought Toronto prices back to near their historics levels. And most recently 5-months of price declines places the Toronto market about 8% below the October 2007 peak.
Wednesday, August 06, 2008
Toronto MLS Real Estate Prices for July 2008
The key numbers for the month ending July 31st 2008 was 7,806 home sales and an average price for all of the GTA of $371,427.
The Toronto Real Estate Board stated "Prices remained stable throughout the GTA in July. At $371,427 the average price increased slightly more than one per cent from $366,012 recorded in July 2007 and nine per cent from the $342,034 figure of two years ago."
Of course what they are saying is true, but how accurate a picture is this of what is happening to real estate prices in the Toronto area right now? July's numbers are the 4th month of monthly price declines. Toronto home values peaked in April and we are now 6.9% below that point, with most of the decline coming in the past month. In fact, July 2008 saw a decline of 6.2%. That is a pretty significant shift in prices for one month.
Real Estate treated as a long-term investment is always a good-buy at any time. In the long-term, the price appreciation is terrific. Its better to buy real estate and wait than to wait to buy real estate.
Here is my monthly chart...
Sunday, July 06, 2008
Toronto Home Prices - Slight Decline
Here is my review of the Toronto MLS statistics for June 2008.
The official numbers were an average sales price of $395,866 and 8,600 transactions for the month. Okay, so what does that mean? Thus we have had a slight decline in home values for the past two months. A decline of 0.1% in May and 0.6% in June. However on a year over year basis, Toronto home prices remain 3.6% above where we were in June of 2007.
So, the volume of activity is off from the record levels of 2007, but there are still 8,600 homes changing hands. That's pretty active!
Real Estate agents are expecting a modest cooling of the Toronto market, but don't wait for anything really significant. Toronto is not about to have any huge decline like we have seen in the states these past few years. The market is becoming more balanced between buyers and sellers. Keeping in mind that real estate is a long term investment, this market is good for both buyers and sellers.
Here is the chart for the 18 months to the end of June 2008
Whole report is available here
The official numbers were an average sales price of $395,866 and 8,600 transactions for the month. Okay, so what does that mean? Thus we have had a slight decline in home values for the past two months. A decline of 0.1% in May and 0.6% in June. However on a year over year basis, Toronto home prices remain 3.6% above where we were in June of 2007.
So, the volume of activity is off from the record levels of 2007, but there are still 8,600 homes changing hands. That's pretty active!
Real Estate agents are expecting a modest cooling of the Toronto market, but don't wait for anything really significant. Toronto is not about to have any huge decline like we have seen in the states these past few years. The market is becoming more balanced between buyers and sellers. Keeping in mind that real estate is a long term investment, this market is good for both buyers and sellers.
Here is the chart for the 18 months to the end of June 2008
Whole report is available here
Friday, June 13, 2008
Mortgage Rates in Toronto
Interest rates appear to be rising a little bit. In my last post I expected the Bank of Canada's status quo rate announcement to be neutral, it has actually sppoked the bond market a bit. There is no further expectation of lower rates for the forseable future and so slightly higher rates is the current outlook.
Mortgage providers are informing me of their new higher rate schedules. If you are shopping for a home during the next few months, getting pre-approved for financing will help you lock in today's lower rates.
Contact me for a referral to a great mortgage broker.
Mortgage providers are informing me of their new higher rate schedules. If you are shopping for a home during the next few months, getting pre-approved for financing will help you lock in today's lower rates.
Contact me for a referral to a great mortgage broker.
Tuesday, June 10, 2008
Bank of Canada Announcement on Interest Rates
Today was an adjustment point for the Bank of Canada to change Interest rates for Canadians. They announced no change and held the rate steady at 3 1/4%. With a message of concern for lower economic growth along with higher inflation to possibly 3%.
The impact on mortgage rates will be neutral, with rates expected to remain steady.
Next scheduled rate announcement from the Bank of Canada will be July 15, 2008.
The impact on mortgage rates will be neutral, with rates expected to remain steady.
Next scheduled rate announcement from the Bank of Canada will be July 15, 2008.
RE/MAX Recreational Property Report
It's a sure sign of spring and a reminder that cottage season is with us once again! RE/MAX Ontario Atlantic released it's annual report on investing in recreational properties across Canada.
It reviews a number of places in Ontario, including Collingwood, Muskoka, Parry-Sound, Bancroft, Port-Elgin, Temagami and so on.
Buying a summer cottage requires some specialized local knowledge plus knowledge of septic tanks, wells, local water quality and local cottage association rules. Now, I'm a residential real estate agent in Toronto and I would not do a good job for you representing you in one of these areas. But if someone was interested, I can make a referral to a local trustworthy RE/MAX agent in whatever area you were considering.
Read the RE/MAX Report Here
It reviews a number of places in Ontario, including Collingwood, Muskoka, Parry-Sound, Bancroft, Port-Elgin, Temagami and so on.
Buying a summer cottage requires some specialized local knowledge plus knowledge of septic tanks, wells, local water quality and local cottage association rules. Now, I'm a residential real estate agent in Toronto and I would not do a good job for you representing you in one of these areas. But if someone was interested, I can make a referral to a local trustworthy RE/MAX agent in whatever area you were considering.
Read the RE/MAX Report Here
Thursday, June 05, 2008
Toronto Real Estate Values - Hold Steady
The Toronto Real Estate Board (TREB) released the monthly statistics for the Toronto market today. They reported that the average sales price for May was $398,148 across the whole GTA. Volume of sales was 9,411.
Prices held steady with just a 0.1% decline from the month before. The number of sales has risen every month this year and May was no exception, however the monthly number is still below last year's record pace of sales.
Here is the chart I produce each month to assist my clients in better understanding the market forces
The whole report is avaliable here
Prices held steady with just a 0.1% decline from the month before. The number of sales has risen every month this year and May was no exception, however the monthly number is still below last year's record pace of sales.
Here is the chart I produce each month to assist my clients in better understanding the market forces
The whole report is avaliable hereNew public website to replace mls.ca
The world of public access to real estate listings in Canada is about to change.
Starting on June 30, 2008, people looking to search for properties for sale on mls will need to go to a new website. The Canadian Real Estate Association (CREA) is replacing the familiar www.mls.ca with www.realtor.ca .
Its going to feature a whole new look, some new search capabilities and better mapping.
If you go to the old site, it will redirect you to the new one automatically.
Wednesday, May 28, 2008
Toronto Rental Report
I work with investors looking to rent out condo's and tenants looking for great places to live. Popular areas are the Downtown Toronto area, as well as the Etobicoke waterfront and along the subway line on the west-side of the city. The Toronto Real Estate Board has just released their 2008 January-April Rental Report.
In summary it says that in downtown Toronto (C01):
562 1-bedroom condo's rented for an average of $1,557
241 2-bedroom condo's rented for an average of $2,320
241 2-bedroom condo's rented for an average of $2,320
Rental prices in downtown Toronto are up between 5% to 6% from a year ago.
Tuesday, May 27, 2008
Loggia Condo - 1040 The Queensway / 1050 The Queensway
FREE report on Loggia Condo Prices Click on the above link to request a copy of the latest pricing for the Loggia Condo suites.
This condo is conveniently located in central Etobicoke. Located at the intersection of Islington Ave and The Queensway, it is close to everything. Access to the QEW is just a minute away, which makes getting downtown easy, as well as to the Airport, Sherway Mall, or off towards Mississauga and Hamilton. The Islington Subway Station is a short bus ride up Islington.
If you like movies, the Queensway Cineplex-Odeon theatre is located right across the street. The whole neighbourhood is evolving with more condo buildings being planned and more upscale businesses locating here.
The Loggia condo has a very modern contemporary style, not common to the area. This is definitely not you parents' house.
I have represented owners here, looking to sell their suites.
This unit features a sunny open spaces to define this striking premium suite. It is a south-west facing corner suite with floor-to-ceiling wraparound windows. It has a huge 245 sq foot outdoor terrace plus two additional south balconies. Walk-outs from every room. Vistas to the lake and downtown. The kitchen has a granite breakfast bar and stainless steel appliances. Wood floors throughout. Master bedroom with walk-in closet and 4-piece ensuite.
It includes Roller-blinds on all windows, two side-by-side parking spaces, Stainless Steel fridge, self cleaning stove, built-in dishwasher, and microwave with vent to outside. Laundry room provides storage space in addition to the locker.
Request this FREE report on Loggia Condo Prices
Request this FREE report on Loggia Condo Prices
Ontario Real Estate Forms - Explained
Writing proper legal contracts in real estate is critical to a successful outcome. In Ontario we use standardized forms to be used by all real estate agents. These forms include clauses to protect the interests of the buyer, the seller, and the real estate companies involved.
These forms can be a bit overwhelming to the public, because of all the fine print.
So, here is an opportunity to review the forms before you are in the middle of an offer negotiation. These forms include explanations, written in English, so that you can understand exactly what each paragraph means.
These forms can be a bit overwhelming to the public, because of all the fine print.
So, here is an opportunity to review the forms before you are in the middle of an offer negotiation. These forms include explanations, written in English, so that you can understand exactly what each paragraph means.
Sunday, May 18, 2008
CMHC Spring 2008 Report
Canada Mortgage and Housing this week released their Spring 2008 report on housing in the GTA. While I encourage you to read the whole thing, here are a few key messages.
Home prices remain strong for Toronto, with the expectation that the average home price will cross the $400,000 level. They are not forcasting any market correction, although there outlook is quite modest at 4.5% price growth for 2008.
Looking at the volume of sales, it is expected to remain at levels above the ten-year average number of sales, but below the peak number of sales experienced in 2007.
Within this, there are always neighbourhoods that are far stronger or weeker than these average numbers.
Statistics Report for April 2008
The Toronto Real Estate Board reported that the number of sales recorded for April 2008 was less than April 2007, but still the number of sales rose from month-to-month, in line with the normal spring market patterns.Prices rose across the GTA on average by 5.2% on a year-over-year basis, and 4.8% from just a month earlier. Better properties come to market this time of year and there is a generally high level of activity.The number of sales is down from the record-breaking volume of a year ago, but still at a very healthy level.
The Toronto Real Estate Board reported that the number of sales recorded for April 2008 was less than April 2007, but still the number of sales rose from month-to-month, in line with the normal spring market patterns.Prices rose across the GTA on average by 5.2% on a year-over-year basis, and 4.8% from just a month earlier. Better properties come to market this time of year and there is a generally high level of activity.The number of sales is down from the record-breaking volume of a year ago, but still at a very healthy level.
Subscribe to:
Posts (Atom)