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.
Friday, June 13, 2008
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.
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