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 June, 2008
CMHC Is Helping Seniors Stay In Their Homes Longer
June 24th, 2008 Categories: Real Estate News
CMHC has a financial assistance program that can help seniors stay in their homes longer. The government agency will cover the cost of home adaptability renovations, like handrails and tub rails to help low-income seniors keep their home.
Home owners and landlords, if they meet the criteria for application, can receive up to $3500 in a forgivable loan to adapt the living environment for a senior living there. You don’t have to re-pay the loan, as long as you meet the conditions of the loan. The senior must be a permanent resident there for at least six months.
Interested in finding out more information, check it out at the CMHC web site.
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GTA Resale Housing Continues Steady Pace
June 20th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate News, Selling real estate
TORONTO, June 18, 2008 — The Greater Toronto Area (GTA) resale housing market continued at a moderate but healthy pace throughout the first half of June, Toronto Real Estate Board President Maureen O’Neill announced today.
Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
“With 4,374 transactions in the first two weeks of this month, sales in the GTA declined 14 per cent compared to the same timeframe a year ago, which was particularly a strong year, when 5,074 properties were sold,” said Ms. O’Neill. “However, compared to the first half of June 2006 when 4,074 properties changed hands, this month’s activity is up seven per cent.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.
In the 905 Region, the scenario was similar. In the first two weeks of June, 2,641 properties were sold. This represents a 13 per cent decline compared to the 3,029 homes sold in the first half of June 2007 but an 11 percent increase over the 2,384 properties sold at mid-June 2006. When you compare the first half of June 2007 to the same period in June 2006, sales increased by 27 per cent.
Certain communities including Riverdale, West Agincourt, Caledon and Richmond Hill South experienced strong activity in the first half of this month.
In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.
Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
In Caledon (W28) detached home transactions led to a nine per cent increase in sales over the same period a year ago.
Richmond Hill South (N03) also experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
“With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer,” said Ms. O’Neill.
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Get Government Assistant for Home Renovations that Include a Rental Unit
June 18th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate News
The Canadian Mortgage and Housing Corporation (CMHC) wants to help you put a legal, rent-able suite in your home.
Looking at the possibility of home affordability being out 
of reach for some people. CMHC has initiated a Residential Rehabilitation Assistance Program (RRAP) which will pay for or help pay for renovations.
RRAP is available to home owners, private entrepreneurs or First Nations people who, adhering to local building and zoning bylaws, want to put a secondary or garden suite into their home or on their property.
The idea is to assist “ïn the creation of affordable housing for low-income seniors and adults with a disability by providing financial assistance to convert or redevelop existing residential properties.”
Before you start your renovations, check with CMHC to see if you are eligible. If you meet the conditions of the program, you can receive a fully-forgivable loan—that’s right, fully-forgivable—which may be used to cover the costs. You can receive up to $24,000 per unit.
Call me for more details or go to the CMHC web site for information about the program.
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Get The Facts: The Local Real Estate Market Update for Pickering and Ajax
June 12th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Selling real estate
I was reading how the real estate market in Toronto is down from last year. The first caveat I would like to impress upon you is that last year was the best year on record. It might be an unfair comparison. We can’t always have the best year.
So is this year working for the real estate market? I went to work to see what was happening with the listings and the sales. This is what I found:
In South Pickering:
There were 19 sales below $300,000 in May. Of those sales, 2 of them sold for more than their list price. On average, they sold for 98% of their list price. The average list price was $270,904 and the average sale price was $267,842.
There were 14 sales above $300,000 in May. Of those sales, 2 of them sold for more than their list price. The highest sale was for $541,000. The number of days that it took for the sales to happen was 16 days.
In North Pickering:
There were 28 sales below $300,000 in May. 15 listings were put on the market and 5 of them changed their price. As with South Pickering, on average the homes sold for 98% of their list price.
There were 63 sales over $300,000. The highest sale was for $1,000,000. Seven of the sales were sold for over the list price. On average, they sold for 98% of their list price which was $418,447.
In Ajax:
Ajax was a busier market. There were 89 sales in May below $300,000 and 89 sales above $300,000. Of the 178 sales, 17 of them were over their list price with the most being 105% of the list price. The lowest sale was $155,000 and the highest sale was $548,000.
This is a lot of information. Is the real estate market working? Yes, if you list your home based on the market price and sometimes have a little patience. The market will work for you.
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Steady GTA Resale Housing Market in May
June 4th, 2008 Categories: Ajax, Buying real estate, Durham Region, Pickering, Pickering Village, Selling real estate
TORONTO, June 4, 2008 — The Greater Toronto Area resale housing market recorded 9,411 transactions in May, Toronto Real Estate Board President Maureen O’Neill announced today.
On a year-over-year basis the GTA average price increased four per cent to $398,148 in May from the May 2007 average of $382,787. Prices increased three per cent in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a five per cent increase to $374,629 from $355,341 last May.
“Price gains show that real estate continues to be a solid investment for the consumer,” said Ms. O’Neill. “We are confident about the market because employment in the GTA continues to be strong and interest rates remain low. As long as consumers have the financial resources to buy homes and a variety of choices to manage carrying costs, the market should remain stable.”
“May’s sales figures represent a 16 per cent decline in the GTA from the record month a year ago when 11,146 sales were recorded,” said Ms. O’Neill. “More than 9,000 properties changing hands still represents considerable market activity.”
In the City of Toronto, there were 3,711 sales, down 19 per cent from last May’s 4,578 sales and down 6 per cent from May 2006. In the 905 Region, 5,700 transactions were recorded, which represents a 13 per cent decline from the 6,568 sales during the same period a year ago but up 4 per cent from May 2006.
“The Toronto Land Transfer Tax has been in effect for four months and the decline in sales has been running for the same time period,” said Ms. O’Neill. “We’re keeping a close watch on the effect of this new tax.”
Two specific areas North of Toronto experienced increased sales activity in May. In Uxbridge (N16) sales were up 10 per cent, while Stouffville (N12) saw a 12 per cent increase in sales, driven mainly by detached home transactions.
Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-ofthe-art Multiple Listing Service. Serving over 27,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
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Real Estate Implications with GM Plant Closing
June 4th, 2008 Categories: Durham Region, Real Estate News, Selling real estate
No one likes to hear about job loses, especially close to home. As a resident of Durham Region, hearing about the Oshawa truck plant closure makes me wonder how the region is going to attract and keep jobs. As I showed in my post, Too Much Information: Municipal Tax Calculator for Your Durham Home, Durham Region already has a shaky industrial tax base causing property taxes to be higher than most regions in the Greater Toronto Area.
I am wondering if the region is going to jump on the airport band wagon again. Having an airport might attract some business out this way. I am afraid that the regional councillors will be short-sighted in settling on the airport answer instead of looking for solutions that can answer the concerns over the long term. Like checking out the opportunities of increasing the creative class that Richard Florida refers to in his book, Who’s Your City?; or investigating how other international cities have moved from an industrial/manufacturing base to a thriving community in another arena.
Thriving communities are what keep real estate values going up. Prices will stabilize if the demand slows. With this happening, Durham Region is still the best priced homes close to the GTA. In no other area can you buy a detached home for under $300,000 and still be able to walk to Lake Ontario or be in downtown Toronto in 20 minutes.
I hope that the regional and city councillors take some time to think about what is best for our community over the long term. And I hope that the auto workers don’t strike because that might just be what GM wants—to close the plant sooner rather than later.
Check out the article, Truck plant closing means Durham can’t depend on GM
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Another Large Subdivision for Ajax
June 3rd, 2008 Categories: Ajax, Buying real estate, Pickering Village, Real Estate News, Real estate investment
As you drive down Brock Road in Pickering, you crest a hill and get a 
glimpse of the Ajax-Pickering landscape. It is roof tops as far as the eye can see. And the Town of Ajax has recently approved plans for 1400 more rooftops to be built.
A massive housing development has been approved for northeast Ajax.
Council’s community affairs and planning committee on Monday approved a 1,420-home subdivision proposal from Sundial Homes. The project, at the southwest corner of Rossland and Audley roads, would be built in phases and, depending on the market, take about five years to complete.
Construction would begin along Rossland and move southerly, towards the existing Lexington County subdivision, said Chris Matson, the development manager for the project.
“It’s driven by marketing. We need to generate sales and activity,” Mr. Matson said.
The project includes conventional single-detached homes, detached homes, semi-s and townhouses with rear lanes, and back-to-back townhouses.
The variety of housing types and sizes makes the project “diverse,” Mr. Matson said.
Services will start going in this year and construction of the houses is to begin in the winter or spring of next year, he said.
“There’s a good blend of housing types and sizes,” said Mayor Steve Parish. “I like the treatment along Rossland and Audley. It lends itself to transit usage. I think it does what we want it to do.”
Sundial is the builder of the houses at Bayly Street and Monarch Avenue.
Want to know how new building affects the value of your home? I can tell you.
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