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 July, 2008
GTA Resale Housing Prices Up, Sales Down
July 19th, 2008 Categories: Area interest, Buying real estate, Selling real estate
TORONTO, July 17, 2008 — Moderate activity and strong prices continued to characterize the Greater Toronto Area (GTA) resale housing market during the first half of July, Toronto Real Estate Board President Maureen O’Neill announced today.
“The average price in the GTA during the first half of July was $379,072, which is a one per cent increase from the $374,254 recorded in the first two weeks of July 2007 and a nine per cent increase from $346,267 recorded during the same period in July 2006,” said Ms. O’Neill.
In the 416 area, the average price was $419,199, up one per cent from the $414,321 recorded during first half of July 2007 and up 14 per cent from the $367,541 recorded during the same period two years ago.
At $353,257 the 905 region’s average price was up two per cent from $345,741 recorded in the first half of July 2007 and up six per cent from $332,733 recorded during the same period in July 2006.
“Continued strength in house prices throughout the GTA indicates that consumers continue to recognize the value of real estate as a long-term investment,” said Ms. O’Neill.
Sales activity remained moderate in the first half of July, with 3,497 homes changing hands in the GTA. This is a decrease of 11 per cent from the 3,947 properties sold in the same period in 2007 but an eight per cent increase from the 3,251 transactions recorded in the first two weeks of July 2006. Sales in the first two weeks of July 2007 saw a 21 per cent increase from mid-July 2006.
In the 416 area there were 1,369 sales, down 17 per cent from the 1,641 recorded during the first two weeks of July 2007 but up eight per cent from the 1,264 sales recorded in the same period in July 2006. Before the Land Transfer Tax went into effect, sales increased 30 per cent in the first half of July 2007 compared to the same period in July 2006.
Sales in the 905 region came in at 2,128 in the first half of the month, down eight per cent from the 2,306 recorded during the same period last year but up seven per cent from the 1,987 sales recorded during the first half of July 2006. Sales in the first two weeks of July 2007 saw a 16 per cent increase over mid-July 2006.
Activity in certain areas increased in the first half of this month.
Bowmanville (E17) saw a 12 per cent overall increase in sales due to an increase in detached home transactions.
Brampton (W24) sales increased 18 per cent, driven primarily by a significant increase in semi-detached home transactions.
The Annex (C02) experienced a 70 per cent increase in sales largely due to an increase in detached home transactions.
“Although the number of available properties has increased 25 per cent compared to a year ago, from 21,777 to 27,317 listings, the number of days on market remains the same at 32, which is a positive sign,” said Ms. O’Neill.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 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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Can Ajax Spearhead the Greening of the GTA?
July 15th, 2008 Categories: Ajax, Area interest
The municipality of Ajax has already taken initiatives to keep Durham Region and the Greater Toronto Area green. They have expanded water pollution control along Duffins Creek Marsh. They are working on waste water management and water conservation.
These are all great initiatives.
When I reviewed the Greening Greater Toronto report, I noticed one aspect of the greening that seems to go against some of the decisions that the Ajax council has made recently, like approving another 1500 homes for north Ajax.
The Greening Report looks at “sustainable land use and expanded green space.” This group is hoping to reduce the dependence on personal vehicles and keep the trees.
I am curious to see how the new home developments that are sprouting up all over the Durham Region are going to keep Durham green.
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11 Questions to Ask When Choosing a Real Estate Agent
July 14th, 2008 Categories: Buying real estate, Selling real estate
- How long have you been in residential real estate sales? Is it your full-time job? (While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.)
- How many homes did you and your company sell last year?
- How many days did it take you to sell the average home? How did that compare to the overall market?
- How close to the initial asking prices of the homes you sold were the final sale prices?
- What types of specific marketing systems and approaches will you use to sell my home? (Look for someone who has aggressive, innovative approaches, not just someone who’s going to put a sign in the yard and hope for the best.)
- Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? (While it’s usually legal to represent both parties in a transaction, it’s important to understand where the practitioner’s obligations lie. A good practitioner will explain the agency relationship to you and describe the rights of each party. It’s also possible to insist that the practitioner represent you exclusively.)
- Can you recommend service providers who can assist me in obtaining a mortgage, making repairs on my home, and other things I need done? (Keep in mind here that real estate professionals should generally recommend more than one provider and should tell you if they receive any compensation from any provider.)
- What type of support and supervision does your brokerage office provide to you? (Having resources, such as in-house support staff, access to a real estate attorney, or assistance with technology, can help a real estate professional sell your home.)
- What’s your business philosophy? (While there’s no right answer to this question, the response will help you assess what’s important to the real estate practitioner—fast sales, service, etc.—and determine how closely the practitioner’s goals and business emphasis mesh with your own.)
- How will you keep me informed about the progress of my transaction? How frequently? Using what media? (Again, this is not a question with a correct answer, but that one reflects your desires. Do you want updates twice a week or don’t want to be bothered unless there’s a hot prospect? Do you prefer phone, e-mail, or a personal visit?)
- Could you please give me the names and phone numbers of your three most recent clients
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No Fire Sales in the Recreational Property Market
July 14th, 2008 Categories: Area interest, Buying real estate
“The Canadian recreational property market has been notoriously short of supply for several years,” says Phil Soper, president and CEO of Royal LePage Real Estate Services.
The trend that we are seeing in the principal residence housing market is
reflected in the recreational property market. That means that prices are stable and sales are starting to slow down.
“But don’t expect to see bargain basement prices or fire sales,” says Michael Polzler, executive vice-president and regional director of Re/Max Ontario-Atlantic Canada. “The recreational market continues to experience solid demand—a trend that is expected to continue throughout 2008. The influx of new listings has yet to translate into downward pressure on recreational property prices. Prime waterfront properties, while more plentiful than in years past, will still command top dollar.”
Is it time for you to pick a property so you can enjoy some recreational fun?
Some areas of Ontario have recreational properties listed for less than $200,000, including Parry Sound, the East Kawarthas and Kingston. You might even be able to find some “hidden gems” for less than $100,000 in Kingston or the Haliburton Highlands.
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Lack of Planning, Doesn’t Constitute a New Home Development Emergency
July 13th, 2008 Categories: Area interest, Buying real estate
Lack of planning on Mattamy’s part, doesn’t constitute an emergency on 
the city council’s part.
At a recent city council meeting, Mattamy Homes tried to speed up the approval process by asking Pickering city councillors to allow them to start grading for their new home subdivision in Seaton.
Denied.
It seems that Mattamy Homes asked to jump over a couple of planning by-laws in order to get a jump on building. City council actually said “no” to a big developer.
It is not that the development is not going to happen. It will. It looks like the council is trying to avoid any chaining of protesters to trees or bulldozers by making sure that all the papers are filed in the right order.
It looks good on you, council.
We will keep you posted.
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Gas Prices Fuel Urban Desire
July 10th, 2008 Categories: Area interest
It seems that a 30% increase in the price of gas may be causing people to think very seriously about commute times and gas consumption when buying a home—especially when we hear, again, about the 401 being closed.
A recent Coldwell Banker Associates Report, “Interest in Urban Homeownership Fueled by Higher Gas Prices,” (they actually studied it?), found that 78 percent of respondents said that the rising cost of gas was fueling their desire to live in the city instead of the suburbs. More than 80% of them said that the commute was just killing their household budget.
Good news for and GO Transit. Hop on the green train and you can get where you want to go with traffic headaches.
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What’s Happening In Your Neck Of The Woods? Local Real Estate Updates
July 6th, 2008 Categories: Ajax, Buying real estate, Oshawa, Pickering, Selling real estate
As I was reviewing the June statistics, I looked over the detail that is always presented and is usually glanced at.
Here is what I found:
- In South Pickering:
– 4 condo apartments were for sale and none sold.
– 10 condo townhouses were actively for sale and 4 sold with the average sale price of $231,700.
– 2 linked homes (attached by the garage) were for sale and none sold.
– 5 freehold townhomes were listed for sale and 1 sold.
– 6 semi-detached were for sale and 6 of them sold with an average price of $232,000. That’s a rare site to see everything sold.
– 48 detached homes were for sale and 27 of them sold. That’s a solid 56% sell through rate. We only worry if it stays below 40% for a number of months. - In North Pickering:
– 15 condo apartments were listed for sale and 14 sold. Pretty good odds.
– 49 condo townhouses were for sale and 16 sold for an average sale price of $208,000.
– 6 linked homes were for sale and 2 sold. Not a popular option in Pickering this month.
– 32 freehold townhomes were listed and 15 of them sold for an average of $253,000.
– 18 semi-detached were actively listed and 3 sold.
– 199 detached homes were listed for sale and 60 of them sold for a sell through rate of 30% and an average price of $339,390. - In Ajax: (let’s start at the top)
– 344 detached homes were listed and 124 sold for an average price of $318,750.
– 29 semi-detached were for sale and 9 of them sold for an average of $255,500.
– 53 freehold townhomes were actively listed and 22 of them sold.
– 8 linked homes were for sale and 3 sold.
– 31 condo townhomes were listed and 7 sold.
– 3 detached condo were listed in south Ajax and one sold.
– 17 condo apartments were for sale and 6 sold.
The days on market is holding steady at about 30 days giving buyers the chance to be sure of their decisions.
Want the magnifying glass to deeper and find out about your neighbourhood, I can give you what you need.
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GTA Resale Housing More Balanced in June
July 6th, 2008 Categories: Buying real estate, Real Estate, Real Estate News, Selling real estate, Whitby
July 4, 2008 — The trend toward more balanced market conditions continued in June with 8,600 properties changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.
It is important to note that in this release you will also find market numbers specific to the resale housing activity in 2006 and 2007. This comparison is provided to help present a more accurate perspective of the resale housing market of 2008.
At $395,866, the Greater Toronto Area average price for last month increased by four per cent compared to June 2007 when it was $381,963. The City of Toronto’s average price of $433,082 last month increased three per cent from $421,139 in June 2007. In the 905 Region, last month’s average was $370,559, an increase of four per cent, from $355,240 in June 2007.
In the first two quarters of 2008, the average GTA price increased four per cent to $390,054 from $373,719 during the same time period in 2007, and up 9 per cent from the $356,977 recorded in the same period in 2006.
In the City of Toronto, the average price in 2008 increased four per cent to $427,198 from $411,530 in 2007, and up 10 per cent from $389,313 during the same period in 2006. In the 905 Region the increase was five per cent to $365,536 from $347,852 a year ago, up 9 per cent from
$334,220 in 2006.
“Although June 2008 sales in the Greater Toronto Area (GTA) have declined 18 per cent to 8,600 from the June 2007 total of 10,451, June 2007 was the best performance ever for that month,” said Ms. O’Neill.
“This year we’re seeing a return to calmer conditions but the market remains healthy. When compared to the 8,730 transactions in June 2006, GTA sales activity in June 2008 decreased by only one per cent.” Record month June 2007 saw a 20 per cent increase over June 2006.
In the City of Toronto there were 3,481 transactions last month, a decline of 18 per cent from June 2007 with 4,238 sales but down 4 per cent over the 3,641 transactions in June 2006. When you compare record month June 2007 with June 2006, a period before the Toronto Land Transfer Tax went into effect, sales increased 16 per cent.
The 905 Region experienced an equivalent decline of 18 per cent, with 5,119 sales last month compared to 6,213 transactions in June 2007 but a one per cent increase over the 5089 properties sold in June 2006. When you compare record month June 2007 with June 2006, sales in the 905 Region increased by 22 per cent.
In the first two quarters of 2008, GTA sales declined 14 per cent to 43,685 transactions from 50,648 during the same time a year ago and down five per cent from the 45,797 recorded in the same period in 2006. When you compare the first two quarters of 2007 with the same period in 2006, GTA sales increased by 11 per cent.
In the City of Toronto, sales for the first two quarters declined 15 per cent to 17,370 from 20,574 in 2007 and down 8 per cent from 18,917 in 2006. In the 905 Region sales declined 12 per cent to 26,315 from 30,074 in 2007 and down 2 per cent from 26,880 in 2006. However, when you compare the first two quarters of 2007 with the same period in 2006, sales increased by 9 per cent in the City of Toronto and by 12 per cent in the 905 Region.
“The increase in listings we have seen in recent months has resulted in a slightly longer period during which homes are on the market, from 29 days a year ago to 34 days currently,” said Ms. O’Neill. “This has given buyers and sellers a little more time to make well-considered decisions.”
In certain pockets however, the pace of sales remained brisk this June. Brooklin (E19) experienced a 35 per cent increase in overall sales based on strong detached home transactions.
Burlington (W25) saw a 65 per cent increase in activity, driven by detached home transactions and even more robust attached/row house sales.
In Downtown East (C08), activity was up four per cent due to attached/row house and condominium apartment sales.
“We expect to see balanced market conditions continue in the coming months,” said Ms. O’Neill. “When you look at it from a long-term perspective real estate invariably provides stable returns.”
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