Author Archives: Real Estate Guide

Pets and Condominiums – Why Can't I Keep Fluffy?

Posted on April 13, 2012 | Leave a comment

Reblogged from Muddy York: Toronto Real Estate Blog:

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By: Martin K. I. Rumack, Barrister and Solicitor

Living in a condominium can be the best of both worlds: a condo owner has outright title to his or her own unit, but at the same time can enjoy the benefits of shared responsibility for the common elements and enjoy the “instant community” that a condo living can provide.

For pet lovers, however, the condominium lifestyle can have its drawbacks.

Read more… 592 more words

MuddyYork Recap: Pets and Condominiums - Why Can't I Keep Fluffy? Check out one of our most popular blog posts here!

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Canadian Housing Starts Increase: CMHC

Posted on April 13, 2012 | Leave a comment

According to the Canada Mortgage and Housing Corporation’s latest market figures, the seasonally adjusted annual rate of housing starts increased to 215,600 units in March, up from 205,300 in February.

The seasonally adjusted annual rate of urban starts also increased by over four per cent in March to 192,100 units, while rural starts hit about 23,500 units.

CMHC Housing Starts

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“The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies,” said Mathieu Laberge, the deputy chief economist that Canada Mortgage and Housing Corporation’s market analysis centre. “This was partly offset by a decrease in multiple starts in British Columbia and Quebec, while single-detached starts decreased marginally country-wide.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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New RBC Poll: Canadians Say It Makes Sense To Buy A House Now

Posted on April 11, 2012 | Leave a comment

According to the 19th Annual RBC Homeownership Poll, 59 per cent of Canadians think that buying a home now makes the most sense as opposed to 41 per cent who want to wait until next year.

Most Canadians, or 88 per cent, feel that a home is a good investment while 68 per cent feel that their home has gained value over the last 24 months.

“There’s a mix of opinions on the housing market, as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said the head of home equity financing for RBC, Marcia Moffat. “Considerations such as affordability and available housing choices may be the difference between intent and reality when purchasing a home,” she said.

Almost 75 per cent of Canadians feel that they’d be find if home prices were to take a downturn.

“Steady as she goes seems to be the order of the day here, as more Canadians see stable home prices and mortgage rates over the next year,” Moffat added. “There’s a lot of information out there. Getting advice from a mortgage specialist on financing options and the all-in costs of home ownership can help you make an informed decision.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Canadian Real Estate Association Updates Quarterly Forecast

Posted on April 5, 2012 | Leave a comment

The Canadian Real Estate Association (CREA) has updated their quarterly forecast for Canadian MLS sales.

Sales are expected to increase across Canada by 0.3 per cent, or to 458,800 homes this year.

“The continuation of low interest rates is good news for housing and for the economy,” said Canadian Real Estate Association president Gary Morse. “Local housing market outlooks differ according to their respective economic prospects, so buyers and sellers should talk to their local realtor to better understand housing market prospects in their area.”

In 2013, sales are expected to drop again to 457,200 units, or by 0.3 per cent. This is still only about 100 units less than the sales seen in 2011 across the country.

“CREA’s updated housing forecast reflects recent and prospective trends for provincial home sales activity coupled with prevailing provincial economic outlooks,” said the Canadian Real Estate Association’s chief economist, Gregory Klump. “Risks to the Canadian economic outlook remain elevated owning to the European sovereign debt quagmire, but the continuation of low interest rates is the silver lining,” he said.

Klump added, “So long as the European debt crisis is contained and a global economic recession avoided, low interest rates will support Canadian home sales and prices. Recent trends are reassuring, but interest rates remaining low for longer will doubtless keep the Canadian housing market under scrutiny for signs of overheating.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Shortage Of Listings Has Toronto Home Buyers On The Lookout For Signs Of A Move

Posted on April 5, 2012 | Leave a comment

According to this article in the Globe and Mail, Toronto home buyers who seem to be growing tired of their search for the perfect home during a time when Toronto real estate listings are in short supply are on the lookout for pods – moveable storage containers – in local driveways.

These storage containers are almost always a sign that homeowners might be moving and give the prospective buyers a heads-up when it comes to finding a new home. Many home sellers know the first step to staring your home and getting it ready for sale is to declutter and remove any extra furniture, which is where the storage pods come in. Garage sales are also another sign the homeowners might be making a significant change in the coming months.

As Toronto Real Estate Board numbers come in for March, listings continue to drop – two per cent during the first half of March compared to March 2011. Homes are also spending less time on the market: 24 days as opposed to 27 in 2011.

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Toronto Real Estate Sales Up Eight Per Cent

Posted on April 4, 2012 | Leave a comment

According to the Toronto Real Estate Board, home sales in Toronto increased by about eight per cent in March 2011 compared to March 2011 with a total of 9,690 sales.

“The GTA resale market has not suffered from a lack of willing buyers this year,” said Toronto Real Estate Board (TREB) president Richard Silver. “Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates. The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price for homes in the Greater Toronto Area increased by 10.5 per cent in March to $504,117.

The senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, had this to say:

“The number of listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Canadian Home Prices Increase In February, But Slower Than Recent Months

Posted on March 30, 2012 | Leave a comment

According to the most recent statistics from the Canadian Real Estate Association, home prices increased by 5.1 per cent  in February, but the gap between year-over-year comparisons in national home prices is getting smaller.

“MLS HPI trends for February show that home price growth is generally slowing,” said the president of the Canadian Real Estate Association, Gary Morse, in a press release. “At the same time, price gains and trends differ among housing markets tracked by the index. Since all real estate is local, buyers and sellers should talk to their local realtor to best understand how home price trends are shaping up where they live.”

Toronto had the most increase in home prices with 7.3 per cent, but the prices in Toronto are no longer gaining momentum.

“The index typically rises in February from the previous month as demand ramps up leading into the spring housing market,” said the chief economist for the Canadian Real Estate Association, Gregory Klump, in the same press release. “The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing.

Single family homes saw the largest month-over-month price increases, especially in Toronto.

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Canadian Real Estate Report Expects Busy Spring Market

Posted on March 22, 2012 | Leave a comment

It might feel like the middle of summer already, but Canada’s real estate market is still poised to have a busy spring market.

According to a report by a major Canadian real estate organization, the majority of Canada’s 15 major urban centres have reported activity at the beginning of the year that was higher than the same time last year.

About 80 per cent of these markets saw increased activity, including the Toronto Real Estate Market, the sales volume of which was up 12 per cent.

Low inventory (listings on the market) in Toronto have created more heated bidding wars and driven home prices up. As more homes become available, the situation should become far less tense.

For more information on the report, visit the original CBC article here.

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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Home Sales Up, Listings Down: TREB

Posted on March 19, 2012 | Leave a comment

The Toronto Real Estate Board’s latest home sales statistics show that home sales have increased by seven per cent in the first 14 days of March compared to the same time in 2011.

Listings over the same time period decreased by two per cent.

“Home buyers continue to benefit from the affordable housing situation in the GTA,” said the president of the Toronto Real Estate Board, Richard Silver. “Immigration to Toronto and surrounding areas adds to the pool of home buyers every year. The economic and ethnic diversity found in the GTA consistently attracts newcomers and foreign investment.”

The average selling price for the first two weeks of March increased by nine per cent, and home sellers are receiving at least 100 per cent of their asking price.

According to the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer, “Strong competition between home users in many parts of the GTA has resulted in sellers realizing their asking price in a short period of time. The fact that homes are selling for 100 per cent of the asking price, on average, suggests that sellers are very much in tune with the current market situation and know the fair market value of their home,” he said.

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.

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