Frank Steinhausen, Broker
FSteinhausen@REMAX.net
RE/MAX Rouge River Realty Ltd., Brokerage
Phone 905-428-6533
Fax 905-668-1850
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Archive for January, 2008
20 Low-Cost Ways to Spruce Up Your Pickering Village Home
January 28th, 2008 Categories: Buying real estate, Pickering Village, Real Estate, Selling real estate
Make your Pickering Village home more appealing for potential buyers, or for yourself, with these quick and easy tips.
- Trim bushes so they don’t block windows and cut down on light.
- Buy a new doormat.
- Put a pot of bright flowers (or a small evergreen in winter) on your porch.
- Put new doorknobs on your doors.
- Put a fresh coating on your driveway.
- Edge the grass around walks and trees.
- Keep your garden tools out of site.
- Be sure kids put away their toys.
- Buy a new mailbox.
- Upgrade the outside lighting.
- Use warm, incandescent light bulbs for a homey feel.
- Polish or replace your house numbers.
- Clean your gutters.
- Put out potpourri or burn scented candles.
- Buy new pillows for the sofa.
- Buy a flowering plant and put it in a window you pass by frequently.
- Make a centerpiece for your table with fruit or artificial flowers.
- Replace heavy curtains with sheer ones that let in more light.
- Buy new towels.
- Put a seasonal wreath on your door.
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Hot Debate: Burning Durham Region’s Garbage
January 25th, 2008 Categories: Durham Region, Pickering
When I was researching information about the building of an incinerator in Durham Region, I had a difficult time finding anything positive about the project. It seems though that the regional councillors have a different view of it because 19 of 26 of them voted to approve the building site for the “Energy-from-Waste” facility.
Weeding through the information, this is what I found out:
- The proposed site is at Courtice Road and the 401 in Clarington. Pickering residents are relieved that its not in their backyard, again.
- The incinerator will cost about $250,000,000 to build and they usually last about 40 years (that’s some depreciation!). Durham residents will be paying for 88% of that bill.
- If you count 100% of the garbage going in, 30% of that garbage will come back out as ash and needs to be disposed of. Pickering residents are still saying, “not in my backyard, again.”
- York Region was going to pay for 50% of it and they would ship their garbage to us. They have reduced their commitment to 12% of the cost. I am not sure if they are still expecting us to dispose of their garbage (it seems not).
- Recyclable garbage that goes into the incinerator is lost unless the garbage is sorted through first (my son’s next summer job). I heard that they are mining the garbage in the southern US to get the aluminum that everyone hasn’t bothered to recycle.
- There is no definite unbiased resource that tells me that the exhaust/smoke from the incinerator in not toxic. If the plastics releases carcinogens in the microwave, what do they do as ash.
Maybe we could go back to packaging that doesn’t require a saw and brute 
strength to cut through reducing our garbage. Then we won’t need to find creative ways to get rid of it, we just won’t have any.
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2007 Year of the Condominium: Condominium appreciation outpaces single-detached housing
January 25th, 2008 Categories: Buying real estate, Real Estate News, Real estate investment, Selling real estate
Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end.
According to RE/MAX Ontario-Atlantic Canada, the average price of a condominium rose 12.2 per cent in the central core in 2007 ($327,559 vs. $292,064) while values in the west end jumped 7.3 per cent from $215,036 to $230,749. Statistics for single-detached homes reveal an 11.5 per cent increase in average price in the central core ($910,906 vs. $816,938) and a 6.6 per cent increase in the west ($417,407 vs. $444,945) during the same period.
Condominiums are clearly a viable—and now financially feasible—alternative to single-detached housing. With so many purchasers forced to compromise on their choice of housing, the ever-growing return on investment in the condominium market is proving to be quite the consolation prize.
Despite higher prices across the board—approximately 20 per cent, or 12 of 63 Toronto Real Estate Board Districts, experienced a double-digit increase in average price in 2007—the condominium lifestyle allows purchasers to live in the GTA’s most coveted communities at a fraction of the price of a single-detached home. The best performing markets in 2007 include top-ranking Bayview Village (C15), leading with a 40.7 per cent increase in average price year-over-year ($241,611 vs. $340,113); Yorkville,
Condominiums now outsell single-detached homes two to one in the central core. Condo sales have accounted for an increasing percentage of the marketplace in the central, west, and northern districts since 2005. The trend is expected to continue as affordability levels diminish, particularly in the central core. It’s also important to recognize that the vast majority of these purchasers are end-users and speculation is a rare occurrence in the resale condominium market.
Although they carry some pretty hefty price tags, single-detached homes continued to post solid gains as well, with approximately 21 per cent or 13 of 63 Toronto Real Estate Board districts, reporting increases over 10 per cent in 2007. The best return on investment occurred yet again in proven blue chip neighbourhoods. Forest Hill (C03) led the way with a 21.1 per cent increase in average price in 2007, rising from $849,697 in 2006 to $1,028,960. Leaside (C11), Lansing, Willowdale (C07), and Bathurst Manor, Armour Heights (C06) placed second, third and fourth, with prices rising 16.6 ($791,083 to $922,607), 15.4 ($537,891 to $621,185), and 13.9 per cent ($523,736 to $596,551) respectively year-over-year. Thriving Port Credit (W12) placed a strong fifth with a percentage increase of 9.4 per cent in average price, bringing single-detached housing values in the area to $577,461 from $509,380 in 2006. (Based on districts reporting over 100 sales per annum)
When it comes to bricks and mortar, homeownership can be cost-prohibitive. The surge in condominium sales and prices is a glimpse at the future. Not only is the condo lifestyle more widely accepted, it is also highly coveted by many. Location, price, amenities, views, low-maintenance living—it’s the ideal package for a growing number of purchasers. As such, price growth and demand are expected to continue strong into 2008.
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US Slowdown May Boost Canada’s Real Estate Market
January 21st, 2008 Categories: Buying real estate, Real Estate News, Selling real estate
Andy Johnson, CTV.ca News
The prospect of a U.S. recession has some homeowners and prospective buyers nervous about the impact on the real estate market in Canada, but one economist says a slowdown could actually boost activity in Canada’s housing sector.
It’s not surprising that economic uncertainty in the U.S. has been the focus of much discussion and speculation in recent days, since Canada has followed the American lead during four of the last six U.S. recessions.
But Gregory Klump, chief economist for the Canadian Real Estate Association, said it’s still an “open question” whether the U.S. slowdown will turn into a recession — as defined by two consecutive quarters of negative economic growth.
“The chances are about 40 per cent, but the U.S. Federal Reserve is expected to cut interest rates and do so very aggressively to prop up their growth and keep them out of recession,” Klump told CTV.ca.
“So while they’re heading for a soft patch of growth it’s an open question whether they’ll enter a recession. My own thought is no, they won’t.”
There is a direct link between the economies of the two nations, which are each other’s largest trading partner. If the U.S. demand for Canadian exports declines — as the result of the strong loonie or a limping U.S. economy, for example — the Canadian economy usually follows suit.
But even if the U.S. does slip into a recession, there’s no guarantee Canada’s strong real estate market will lose any steam. In fact it might do the opposite, Klump said.
That’s because prospects for softer economic growth — which is “the current sentiment in financial markets and the Bank of Canada” — usually prompt the central bank to lower interest rates, which can make home ownership more affordable and more attractive, Klump said.
“Softer growth means lower interest rates and lower interest rates are positive for the housing market,” he said.
Possibility of interest rate cuts
With that in mind, Klump said he expects the Bank of Canada to cut the interest rate by a quarter-point on Jan. 22, and again when they meet in March, he said.
However, he conceded, with the U.S. slowdown expected to continue to reduce Americans’ demand for Canadian manufactured exports, housing markets in single-industry towns and regions in Canada that rely heavily on trade with the U.S. are likely to feel the pinch.
Cities like Toronto that have a wide diversity of industries, however, are better insulated to weather the storm, he said.
Avery Shenfeld, senior economist and managing director of CIBC World Markets, agrees the negative effects of a U.S. recession would likely be localized.
“Real estate markets in areas of the country that are heavily weighted to manufacturing could see softening up but national house prices may not be affected much,” he told CTV.ca.
He added: “We would see some weakness in house prices, we could see some softening in house prices in areas of the country that are dependent on manufacturing.”
Market in Canada’s largest city
Andrew la Fleur, a Toronto real-estate agent and BlogTO.com’s resident writer on the subject, told CTV.ca he hasn’t seen any impact on the Toronto housing market yet. His clients, he said, aren’t rushing to buy or sell and he hasn’t heard any convincing arguments that a slowdown is likely to hit Canada’s largest city.
That being said, he has noticed an increased level of trepidation among people looking to get into the real estate market for the first time — a sentiment he said is at least partly linked to U.S. economic uncertainty.
“I am seeing the issues in the U.S. creeping into the conversation when it comes to ’should we enter into the market or not’ or ‘what happens if we buy and then the entire market collapses?’” la Fleur said.
“But it’s nothing new. First time buyers always run all the nightmare scenarios through their minds before making a decision to buy. It’s just that right now the hot-button topics seem to be the U.S. economy as well as the usual one heard in Toronto over the past decade — there are too many condos going up therefore the market is about to crash.”
In step with Klump and Shenfeld, la Fleur suggested Toronto and other major cities in Canada are insulated, and the impact of a recession will first be felt in manufacturing and export-based regions.
“Toronto is primarily a finance-based city and our economy is doing very well, and as long as that continues, the real estate market here should continue to be healthy,” he said.
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20080118/recession_housing_080118/20080120/
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All Real Estate Is Local: Pickering Village’s Eagle Ridge Market Update
January 18th, 2008 Categories: Ajax, Pickering Village, Real Estate News, Selling real estate
Looking at the national papers or even some of the more local papers, you might be thinking that the real estate market is a mess. The US housing market is in the tank and the Alberta Market is booming. Wait, the market in the US is not so bad according to the National Association of Realtors; the Alberta market has been skidding to a stall.
You really need to wade through the quagmire to find the answers as to whether now is the time to put your home in Pickering Village on the market and what would that price be.
Here is the low-down about your neighbourhood to help you make good decisions:
For 2007, the average price of detached homes in Eagle Ridge, Pickering Village:
- 3 bedrooms: $378,004
- 4 bedrooms: $414,192
- 5 bedrooms: $608,333
Want to know how your real estate investment has done since you bought your home 4 years ago? Here is the trend for the prices of 3 and 4 bedrooms (there have not been enough 5 bedrooms sales to affect the price):
- 2003 – $360,078
- 2004 – $399,464 – up 9.9%
- 2005 – $382,451 – down 4.3%
- 2006 – $414,911 – up 7.8%
- 2007 – $403,883 – down 2.7%
(Toronto Real Estate Board Statistics)
The art of trend-watching and pricing your home to sell requires knowledge about what is going on all around the real estate industry.
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“Green” Is The New Gold: 4 Ways To Renovate For The Environment
January 14th, 2008 Categories: Buying real estate, Real Estate, Real estate investment, Selling real estate
Canadian home buyers have said that they are willing to pay more for “green” features. New home builders are offering special “green” options in things like the selection of building materials and energy-efficient choices. If you are renovating your home, perhaps to sell, consider some environmentally-friendly alternatives:
- Out with the hardwood, in with the bamboo. Bamboo is considered a “green” choice because of its high yield in farming and quicker re-growth (than hardwood).
- And put the floor in with formaldehyde-free glue.
- Use “Green Seal” paint. Volatile organic compounds (VOCs)—they
just sound wrong to put on your walls—and other additives in conventional paint can have negative consequences on your health and the environment. Look for a green seal when you are re-painting. - Go with the low-flow. Low flow-shower heads and aerators save water without sacrificing water pressure. Low-flow toilets can reduce your water usage by almost half.
Environmentally-friendly features in your home could give you the competitive edge in any real estate market.
For more “green” tips, call me for a free report.
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8 Steps to Getting Your Finances in Order
January 10th, 2008 Categories: Buying real estate, Real Estate, Selling real estate
- Develop a family budget. Instead of budgeting what you’d like to spend, use
receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent. - Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 32 percent of income. Since this figure includes your mortgage, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down.
- Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
- Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
- Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
- Create a house fund. Don’t just plan on saving whatever’s
left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills. - Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
- Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.
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Has Your Home Increased In Value In Ajax: Ajax Market Update
January 7th, 2008 Categories: Ajax, Buying real estate, Durham Region, Selling real estate
Is Ajax a hot real estate market? Ajax homes saw a nice increase in equity.
The average price for homes sold in Ajax was $262,500 in 2006. We saw a 5.1% increase in value. That means that the average price was $289,418 at the end of 2007.
What were the chances that if you put your home on the market in 2007 in Ajax, that it sold? You had a 58% chance. That means that 42% of homes that were put on the market didn’t sell for one reason or another.
Find out about your home. I can give you the details.
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Pickering’s 2007 Real Estate Market Update
January 7th, 2008 Categories: Buying real estate, Durham Region, Pickering, Selling real estate
Are you wondering if 2008 is a good year to capitalize on the real estate market in Pickering? The value of homes in Pickering are determined by the sale price not the list price.
Here is information about what is selling in Pickering:
The average price for homes sold in Pickering was $276,000 in 2006. We saw a 4.9% increase in value. That means that the average price was $309,306 at the end of 2007.
If you were selling your home in 2007, you had a 57% chance of it selling. Of the 1,935 homes that were listed in 2007, 1,117 of them sold.
Curious about how the market affected the value of your home? Find out by calling me. I can give you the current value of your home.
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South Pickering’s Check on the 2007 Real Estate Market
January 7th, 2008 Categories: Buying real estate, Durham Region, Pickering, Selling real estate
Are you sitting in your home off of West Shore in Pickering wonering what happened to the value of your home?
Here is the information that you need:
The average price for homes sold in South Pickering was $256,750 in 2006. We saw a 4.2% increase in value. That means that the average price was $287,998 at the end of 2007.
If you were selling your home in 2007, you had a 63% chance of it selling. Of the 425 homes that were listed in 2007, 269 of them sold.
Is your home above average? Find out by calling me. I can give you the current value of your home.
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