REDISCOVER REAL ESTATE

Ready for less heady home pricing?

Home price appreciation will slow in the Toronto market this year as a looming supply of new homes is completed, giving consumers more choice and helping to mitigate future gains, a bank study said. "The stock of new construction is rising and that will have the effect of slowing any price increases," National Bank of Canada senior economist Marc Pinsonneault said Tuesday.

Toronto prices were up 4 per cent at the end of 2009, with sales rising 17 per cent year over year, as homes sold in an average of 23 days, the shortest interval in recent history.

However, a record number of completions this year will help bring more listings to the market. Move-up buyers, meanwhile, are expected to put more homes up for sale, alleviating the supply crunch.

Given those factors, the bank echoes other analysts who say price appreciation likely will be much slower, or flat line this year. [read more ->]

Tony Wong - Business Reporter

 

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b r i a n m a y e r real estate sales representative

Royal LePage Your Community Realty Brokerage

independently owned and operated

187 King St. East Toronto, ON. M5A 1J5

(416)-637-8000

Helping You is What We Do.

A referral remains the highest compliment I can receive.

www.brianmayer.ca

Warming trend continues

It may take most of us a while to get re-energized after the holidays, but there was one group of people who didn't let a little excess celebration get in the way of moving on in the new year. Greater Toronto-area house hunters were out buying up real estate, to the tune of 1,749 sales of existing homes in the first two weeks of this year, the Toronto Real Estate Board says. This was almost double the 888 sales recorded for the same period last year (granted that was when the market was suffering the agonies of the recession).

"It is important to consider that base-year effect. We're comparing a market well into recovery versus a market that was going through a recession," says Jason Mercer, TREB's senior manager of market analysis. "The second half of 2009 definitely saw a very strong rebound right through December and ... that has continued in the first couple of weeks of January."

Taking a broader perspective, this January's half-month numbers are almost back to the 1,776 sales recorded in the first 15 days of 2008 – which followed the record year of 2007.

"This says that the vigour of the market we have seen over the last several months continues in early 2010. The market does not appear to have let up entering the new year," says Robert Hogue, senior economist at RBC Economics.

The average price for homes sold in the GTA in the first two weeks of January was $395,307. This was up on the average of $332,495 for the same period in 2009. In the first two weeks of 2008, the average value of the sales was $367,574. [ Read more->]

Helen Morris, National Post 

How may I help you today?

_____________________________________________

b r i a n m a y e r real estate sales representative

Royal LePage Your Community Realty Brokerage

independently owned and operated

187 King St. East Toronto, ON. M5A 1J5

(416)-637-8000

Helping You is What We Do.

A referral remains the highest compliment I can receive.

www.brianmayer.ca

Helen Morris, National Post 

Last-minute projects for the home renovation tax credit.

It's time to stop procrastinating and get to the hardware store before the HRTC ends on Feb. 1. We've compiled a list of projects that can help you maximize your credit — and improve your home.

The Canadian government, to be sure, loves its red tape. Witness any DMV line-up or municipal zoning bylaw as proof. But for all the hassle they put us through, the feds can sometimes deliver on a great program. Consider the Home Renovation Tax Credit (HRTC), which provides Canadians with a non-refundable tax credit on certain home improvement expenses (up to $10,000). This program will end, however, on Feb. 1, so you need to act fast. We've come up with eight projects that you could still fit in to earn your credit. [ Read more->]

By Jason Buckland, January 16, 2010

* For the Canada Revenue Agency's HRTC information page, click here.

How may I help you today?

_____________________________________________

b r i a n m a y e r real estate sales representative

Royal LePage Your Community Realty Brokerage

independently owned and operated

187 King St. East Toronto, ON. M5A 1J5

(416)-637-8000

Helping You is What We Do.

A referral remains the highest compliment I can receive.

www.brianmayer.ca

Home buyer prep for 2010!

As this year's real estate season gets set to take off, we talk to the experts to see how house hunters should prepare.Many people who were prescient enough to buy a house in Toronto at this time last year are likely spending the opening days of 2010 exulting and revelling in cheap money.

 

Meanwhile, if you spent last year scratching up a down payment with the hope of buying a house or condo in the coming year, here are a few key things you need to know:

1. Brace for higher interest rates...prospective home buyers will rush to beat the possible tightening of interest rates that may begin in July.

2. Anticipate an HST flurry...buyers will hustle to complete a deal before the tax is implemented. 

3. Choose whether to sell first or buy...buy first if you will be selling the kind of property that moves quickly – such as a house in a coveted location or a family-friendly home that “shows” well. 

4. Look for a robust crop of new listings in the spring...a stronger-than-usual spring rebound in the number of houses and condos listed for sale is most likely. 

5. Use timing to your advantage...The real-estate market in 2010 will likely be a tale of two halves; the first half will vibrate with activity while the latter half will settle down. 

6. Focus your search...select a target Toronto neighbourhood before they set out for the first showing.

7. Learn the term “Debt-to-Income Ratio” ...The debt-to-income ratio is defined as the percentage of a consumer's monthly gross income that goes toward repaying debt. This is one of the tools that lenders use to determine your ability to repay a mortgage.

[ Read more->]

From Friday's Globe and Mail Last updated on Saturday, Jan. 16, 2010 3:49AM EST

SELLING A HOME - The right agent can make all the difference.

Selling a home or condominium is complicated. There is a lot of money involved and potential liability if you are not honest with possible buyers about the condition of your home. That's why it's important that sellers receive the highest quality of representation, to make sure that they obtain top dollar for their property and also avoid the risk of being involved in any kind of legal proceedings.

Here are some steps to make sure that you are hiring the right agent to represent you. Remember, price should not be the most important factor. No matter what you buy, whatever the product or service, you always get what you pay for. When you hire an agent because he or she claims to be the cheapest, you will usually be disappointed in the results.

The first thing to do is ask your friends, relatives and work colleagues for names of agents with whom they have recently worked. There is nothing more powerful than word-of mouth referrals.

Research the websites of all agents that you are interested in interviewing. What kind of information is on their websites? The more information on the site that assists you in the home-buying or selling process, the more informed that agent is. Examples for a seller could be information on how to stage or prepare your home for sale, including suggested improvements to both the exterior landscaping as well as the inside of your home.

When you interview agents in person, ask them for testimonials from previous clients. Look for the following words and phrases: "they were careful," "they explained all the documents completely," "they were very responsive and followed up on all my requests." Then ask permission and follow up with these people yourself.

Check out examples of the agent's marketing material, whether they are flyers, cards and newspaper advertisements. The more professional the material, the more it is a reflection of the agent's overall professionalism.

To make sure you find the right agent to sell your home, remember to do the following:

Ask your friends, relatives and colleagues for references.

Check out the information on the agent's website.

Review examples of the agent's marketing materials.

Read the testimonials of the agent and, if possible, call the people quoted yourself.

By making sure you do your homework in advance in finding the right agent to sell your home, the greater your chances of being satisfied with your overall results.

How may I help you today?

_____________________________________________

b r i a n m a y e r real estate sales representative

Royal LePage Your Community Realty Brokerage

independently owned and operated

187 King St. East Toronto, ON. M5A 1J5

(416)-637-8000

Helping You is What We Do.

A referral remains the highest compliment I can receive.

www.brianmayer.ca

Global Real Estate Recovery Continues, According to Scotia Economics

TORONTO, Jan. 11 /CNW/ - The global housing recovery continues to gather momentum, according to the Global Real Estate Trends report released today by Scotia Economics.

Nourished by exceptionally low borrowing costs, direct government purchase incentives and improving confidence in the fledging economic recovery, residential real estate in many major developed nations firmed up further in the third quarter of 2009.

"Canada still leads the pack among the markets we track," said Adrienne Warren, Senior Economist, Scotia Economics. "Inflation-adjusted average home prices in the July to September period were up 11 per cent from the same quarter a year ago, a dramatic turnaround from the 10 per cent yearly decline recorded in the opening months of 2009. According to the report, available monthly data point to a further strengthening in the final quarter of the year." [Read more →]

GTA housing market quickly shook off the recession

When you look at GTA housing prices and sales statistics, it's almost like there had never been a recession. As 2009 wound down, homebuyers were partying like it was late 2007, which illustrates the V-shaped path the market followed when the recession started to bite in the fall of 2008.

The recession is generally considered to have started in October 2008. For that month, the Toronto Real Estate Board (TREB) reported that GTA sales were down 35 per cent over the same period in 2007.

Toronto average home prices were down 13 per cent over the same period in October 2007, while 905 homes prices declined about eight per cent.

But if you look at the median house price for a detached GTA home, it only really collapsed in December 2008 (the median is the price point at which 50 per cent of homes either sold for above or below that figure. It's less prone to distortion than the average price):

• October 2008 - $377,000
• November 2008 - $379,000
• December 2008 - $300,200
• January 2009 - $365,000
• February 2009 - $370,000

The median price continued to rise throughout the year, ending at $445,000 in November, 2009 (the December figure will be available in early January). Bill Doskoch, ctvtoronto.ca  [Read more →]

How may I help you today?

_____________________________________________

b r i a n m a y e r real estate sales representative

Royal LePage Your Community Realty Brokerage

independently owned and operated

187 King St. East Toronto, ON. M5A 1J5

(416)-637-8000

Helping You is What We Do.

A referral remains the highest compliment I can receive.

www.brianmayer.ca