REDISCOVER REAL ESTATE

Toronto Real Estate Sales Down 5% mid March

Greater Toronto REALTORS® reported 4,138 sales during the first two weeks of March 2011 – a five per cent decrease compared to the first two weeks of March 2010. The number of new listings also dipped – down by 15per cent compared to the same period last year.

"A positive economic outlook for the Greater Toronto Area, including steadygrowth in jobs and incomes, has kept households confident in their ability to purchase and pay for a home over the long term," said Toronto Real Estate Board(TREB) President Bill Johnston.

The average price for transactions during the first 14 days of March was $460,196,representing a 4.6 per cent increase compared to the first two weeks of March2010."

Market conditions are tighter compared to this time last year, resulting in morecompetition between buyers and sustained upward pressure on the averageselling price. The annual rate of price growth is expected to range between threeand five per cent in 2011," said Jason Mercer, TREB's Senior Manager of MarketAnalysis.

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Housing sector gains in February: CMHC

Canada saw the number of new homes under construction rise by almost seven per cent in February, Canada Mortgage and Housing Corp. said Tuesday.

Builders put the shovel in the ground on almost 182,000 new homes in the second month of 2011, once seasonal variations were taken into account, CMHC said in a press release.

That compares favourably to January when Canadian home builders started work on 170,600 new rural and urban units, the national housing agency said. "Housing starts moved higher in February because of increases in Ontario and
the Prairies,” said Bob Dugan, CMHC's chief economist. The agency said the construction of new multi-family dwellings in both regions was a major factor underscoring February's gains nationally.

Regional gains:

In addition, Ontario experienced a jump of nearly 30 per cent in the number of urban housing starts in February. Canada's most populous province saw 62,600 new housing starts in cities and rural areas in the month on an annualized and
seasonally adjusted basis.The latest figures represented a nice gain versus housing starts of 48,400 one month earlier.

One factor in Ontario's strong showing was the mild increase in house prices. In Toronto, new home prices rose 2.3 per cent in December 2010 versus the same month one year earlier. The gain in prices was slightly better than the
Canadian average of 2.1 per cent comparing the two Decembers. Still, Ontario's housing market has been subject to wide swings in past months. For example, the province experienced a gain of more than 80 per cent in November 2010 compared to the showing one month earlier.

Canada's prairie provinces also saw housing starts up, reaching 30,000 new units in February compared to 23,800 in January. Quebec also experienced an up market in February while British Columbia's new housing sector slid by five per cent in the month.

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Getting ready for the spring market!

As the spring starts to peak its head around the calendar corner, many people start to think about selling their homes and buying a new one. Sometimes it feels like the music starts and everyone walks around until the music stops and the panic sets in.

According to RealNet Canada the average new lowrise house price is $513,000, so considerably more than a suit, although we often spend more time buying a suit than we do a house. So if you’re selling, a great first impression is very important.

If you are selling your house, it is wise to budget about 1 per cent of the asking price to get it ready for the market. While you live in your home, you are welcome to do whatever you like in terms of how you live, but once the house goes on the market then you are simply a squatter living in “the product.” People become very attached to their own taste and they believe that everyone should “look past,” “understand,” or “know it’s a little fix” when they come to look at the house. Sadly, all of those ideas just mean that the buyer is going to offer less or not make an offer at all. Think of it like a blind date with the realtor as a matchmaker; they get to either say “he/she is a nice person with a great personality and a good cook” or they get to say “he/she is absolutely stunningly beautiful, has a great personality and is a trained chef.” Seriously, which person interests you as a perspective blind date? Read full article >> here

by Glen Peloso Your Home.ca

Read full article >> here

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Good news for borrowers: key interest rate unchanged at 1%

The Bank of Canada delivered some good news Tuesday for anyone diving into the real estate market and hoping to borrow money.

The central bank announced that it’s leaving its key policy interest rate unchanged at one per cent, meaning the cost of borrowing in Canada should remain at historically low levels until at least April, when the bank is expected to re-evaluate rates.

"The recovery in Canada is proceeding slightly faster than expected and there is more evidence of the anticipated rebalancing of demand," the bank said. "While consumption growth remains strong, there are signs that household spending is moving more in line with the growth in household incomes."

Meanwhile, the loonie retreated from its previous three-year high. It closed at nearly US$1.03 Monday and moved down slightly Tuesday. While the above-parity rate may be a boon to cross-border shoppers, the central bank described the high Canuck dollar as an anchor weighing down expectations for stronger growth.

Click HERE for TD's The Bottom LIne and this week's highlights!

How may I help you today?  Direct line:  416-219-6662

 

Terms	Posted Rates	Our Rates
6 MONTHS	4.45%	3.95%
1 YEAR	3.35	2.54%
2 YEARS	3.60%	3.20%
3 YEARS	4.41%	3.59%
4 YEARS	4.94%	3.79%
5 YEARS	5.19%	3.99%
7 YEARS	6.09%	4.75%
10 YEARS	6.40%	5.15%
Rates are subject to change without notice. *OAC E&OE

 

Prime Rate is 3.00%.* 
*Currently, Prime rate may vary according to lender. Check with your  mortgage professional for full variable-rate mortgage pricing details. Rate discounts of up to 1.40%. rates are subject to change without notice.  O.A.C., E. & O.E.