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 October, 2008
Resale Housing Market Still Healthy, Experts Say at Toronto Real Estate Board Meeting
October 29th, 2008 Categories: Ajax, Pickering, Pickering Village, Real Estate News
TORONTO, October 28, 2008 — More than 1,100 Greater Toronto REALTORS® gathered to hear Canada’s top experts talk about the future of the housing market at the Toronto Real Estate Board’s 88th Annual General Meeting October 27th.
The following panelists covered a range of topics on the future of real estate:
Don Lawby, President and Chief Operating Officer
Century 21 Canada Limited Partnership
Gary Hockey, President
Coldwell Banker Canada
Kimberly Fleming, Regional Director, Canada
Prudential Real Estate Affiliates
Howard Drukarsh, Vice-President
Right at Home Realty Inc.
Phil Soper, President and Chief Executive Officer
Royal LePage Real Estate Services Ltd.
Stephen Wong, Chairman
Living Realty Inc.
Michael Polzler, Regional Director and Executive Vice President
RE/MAX Ontario-Atlantic Canada
Andrew Cimerman, Chief Executive Officer and Founder
HomeLife Realty Services
Much of their discussion was focused on current market conditions, with panelists attributing a recent dip in the GTA resale housing market to waning consumer confidence.
“People are mislead by the media,” said Living Realty’s Stephen Wong. “We don’t have a problem; it’s being self-inflicted.”
Panelists also agreed that while a return to robust conditions may not be seen until 2010, the market continues to be balanced and supported by the economic fundamentals of strong employment and immigration, and historically low interest rates.
In addition, Royal LePage’s Phil Soper noted that unlike other major cities, the GTA has not experienced artificially inflated house prices.
“We’re going through a time of general economic malaise but it is not going to be prolonged and in the housing market we’re not going to see a reset because it wasn’t off in the first place,” he said.
TREB President Maureen O’Neill’s speech focused on raising the bar with respect to professionalism, an idea that was echoed by Michael Polzler of RE/MAX Ontario-Atlantic.
“This is a time for professional REALTORS® who know the business and all aspects of it, to lead people through complicated transactions,” he said.
Panelists concluded their discussion by pledging to support organized real estate’s lobbying efforts against unrealistic regulatory expectations and unfair taxes, like the Toronto Land Transfer Tax.
“This event’s incredible turnout demonstrates REALTORS’® genuine desire to continuously improve in order to provide the highest level of service to their clients,” said Ms. O’Neill. “We’re also delighted to have received the full support of Canada’s largest real estate companies as we continue our efforts to advocate on behalf of GTA property owners.”
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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Housing Market Conditions From Re/Max Ontario Atlantic
October 27th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Selling real estate
Theres been a lot of talk about real estate in the news in recent months. Weve heard about declining housing starts, falling existing home sales, double-digit price depreciation, subprime fallout and foreclosures in the United States. Fortunately, we live in Canada. And Canadian real estate markets are far-better positioned than their American counterparts for a good number of reasons.
- Subprime mortgages represent less than five per cent of our market nationally.
- Foreclosures occur in about one quarter of one per cent of mortgage transactions in this country.
- Canadians have more equity in their homes.
- We have less debt than our neighbours south of the border.
- Speculation has played little or no role in existing home sales in Ontario.
- The fundamentals of our economy are relatively solid. Of the G8 countries, only Canada is expected to show growth in 2008 and 2009.
- The Canadian banking system is one of the best in the world, relying more on old-fashioned lending than innovative financial products geared toward profit.
- The Canadian job market is stronger than the US, adding more than 200,000 jobs so far this year.
- Interest rates remain favourable.
- Housing values in Ontario major centres did not experience serious, double-digit price appreciation year-after-year for an extended period. Our markets were characterized by stable, healthy growth.
- Immigration continues to play a key role in housing markets. Between 2001 and 2006, more than 1.1 million immigrants came to this country, with about half settling in the province of Ontario. Immigrants tend to purchase a home within the first five years of living in Canada.
Real estate is cyclical. There will be peaks and valleys. The more restrained the peak, the more modest the valley.
There is no question that market conditions have moderated from 2007s record pace. More listings, softer housing values, longer days on market but most centres are relatively solid. While some buyers and sellers will adopt a wait-and-see attitude, there are those that will continue to venture forward.
Theyll need the services of a knowledgeable, experienced real estate professional to navigate the storm. They will look to you for information in todays complex real estate environment. Understanding market conditions will be of paramount importance to todays buyers and sellers, especially as conditions change in markets across the country.
That said, sellers will need to be realistic in setting a selling price. Listing a property at fair-market value will ensure that it will sell in a reasonable amount of time. This is not the time to test the market. Those that are truly interested in selling their properties know that over-priced homes risk stagnation. Buyers in todays market will need to be careful not to overextend themselves. They should know exactly what they can afford. Pre-approval for a mortgage loan is ideal because it lets buyers know exactly how much they can spend on their new home.
Once educated, your clients will come to rely on your expertise. Make sure your follow-up skills are honed and your customer service is par excellence.
Looking forward, we anticipate a continuation of stable market activity, minus the urgency present in past. Gone are the multiple offers that left both buyers and sellers dissatisfied. The increase in the number of homes listed for sale are a definite advantage for purchasers who now have the luxury of time in making one of the most important decisions of a lifetime. For sellers, the time to trade-up has never been better.
Canadians are great believers in homeownership a fact underscored by the close to 70 per cent who own homes in this country. History has proven time and time again that real estate is a solid, long-term investment that appreciates at a rate of about five per cent annually. You cant live in your mutual fund, and after the last month in the financial markets, quite frankly, were not sure youd want to.
Sincerely,
Michael Polzler
Executive Vice President and Regional Director
RE/MAX Ontario-Atlantic Canada Inc.
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Money Is No Object: Show Me The Best Home Money Can Buy
October 26th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village
Looking up the least expensive homes in the area isn’t as much fun as looking up the most expensive homes in the area.
There is one home in Pickering/Ajax that hits above the million mark, if I exclude development land and commercial interests.
Curious?
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Bargain Shoppers Are Out In Full Force: Where Are the Real Estate Bargains?
October 26th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village
I was shopping at Price Chopper this morning, with, I think, half of Pickering. They had a $1 sale on. I checked through the list and could have bought some bargains that I didn’t need. Are they bargains then?
I have had several real estate buyers ask me about house bargains. If the market is going down, there should be some sellers ready to make deals.
The home sellers I have are not looking to sell at any price, and I think that is true of most of the sellers out there. You can find some great houses out there for great prices.
Out of curiosity, I went looking for the lowest priced houses. I found 2 homes Pickering and Ajax that are below $200,000–-a bargain in this market.
Are you ready to strike a deal? Have we got a house for you!
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Canada’s Housing Market “On Very Different Path” Than US
October 23rd, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Selling real estate
You read a headline like that after you read the post below and I am sure you are thinking, “what planet are they on?” It seems that all the press are trying to pacify Canadian buyers and sellers.
The reality is that there are a lot of factors at play in the housing market numbers. And that means that you need to know your facts. You need information to make good buying and selling decisions.
Here are some facts for you:
Look at this chart below. The average house price in Pickering and Ajax has been on an upward trend since before 2000. It is still on an upward trend—it’s has just seemed to have crested.
Although house prices are looking okay. It is important to know that not as many homes are selling. If you are looking to sell in the next 6 months, now might be a better option than later. Get the facts.
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Changing GTA Resale Housing Market Reflects Economic Times
October 18th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate News, Selling real estate
TORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market moderated considerably during the first half of October with 2,700 homes changing hands, Toronto Real Estate Board President Maureen O’Neill announced today.
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007, when 3,297 transactions were recorded and are down 10 per cent compared to the same period in 2006 when 3,007 sales took place.
In the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21 per cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per cent decrease from the 1,312 transactions recorded in the first half of October 2006.
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent decrease from the 1,851 transactions that took place during the same timeframe in 2007 and down eight per cent from the 1,695 homes sold during the first half of October 2006.
House prices declined throughout the GTA during the first half of the month. The average price of a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable period in 2007.
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the $441,878 average recorded at mid-October 2007.
In the 905 Region the average price of a home is currently $337,671. This represents an eight per cent decline from the $365,527 average recorded during the first half of October 2007.
With 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent more available stock from which to choose as compared to a year ago when 21,182 homes were listed.
“More choice can mean slightly longer wait times for sellers whose homes are now on average, selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The list to sales ratio is 97 per cent of the list price.”
Increased sales activity was noted in specific pockets located throughout the GTA.
Sales in Oshawa (E16) increased 15 per cent compared to the first half of October 2007, based mainly on solid sales of detached homes.
In Brampton West (W24) sales in the first half of October increased 21 per cent compared to the same period a year ago mainly due to strong attached row house sales.
Downtown East (C08) experienced a 16 per cent overall increase in activity compared to mid-October 2007 primarily as a result of condominium apartment sales.
Newmarket saw a 17 per cent increase in sales compared to the first half of October 2007 as a result of strong condominium apartment and semi-detached home sales.
Previous news releases have incorporated 2006 comparisons. This was necessary in order to place the market statistics in a broader context. We will be referencing 2006 in its entirety at the end of the month when it will be more relevant.
“While we continue to watch the economic picture globally, it is the local real estate climate that will determine our market place,” said Ms. O’Neill. “After the 2007 record highs, 2008 is an encouraging market for buyers.”
Greater Toronto REALTORS® are passionate about their work. They adhere to a strictCode 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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The Survey Says: Real Estate Agents Help Transactions End Happily
October 11th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate, Real Estate News, Selling real estate
J.D. Power, an independent surveyor of customer satisfaction, found that even though real estate buyers and sellers used the Internet for some things, their agent factored prominently in their overall satisfaction of the process.
“Although the Internet provides home buyers and sellers with the ability to perform some essential tasks—such as listing a home for sale or researching a neighbourhood in which to purchase a home—it still does not replace the importance of a good real estate agent,” says Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “Particularly in an uncertain real estate market, professional advice from agents can be especially valuable to buyers and sellers. The knowledge and expertise provided by experienced agents is an important benefit of using a full-service real estate company.”
Overall satisfaction was determined by examining three factors for the home buying experience: agent (65%); office (21%); and services (13%). Four factors were examined for the home selling experience: agent (43%); marketing (38%); office (12%); and services (7%).
“A real estate company that provides agents who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients’ homes remain on the market—which can not only save the seller money, but can also diminish inconvenience and anxiety,” advises Howland.
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GTA Resale Housing Market Measured in September
October 4th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate News, Selling real estate
October 3, 2008 — The Greater Toronto Area resale housing market continued at a measured pace through September, Toronto Real Estate Board President Maureen O’Neill announced today.
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
In the City of Toronto sales were less robust. The 2,546 transactions recorded last month declined 11 per cent from the 2,854 sales in September 2007 and declined five per cent from the 2,680 sales recorded in September 2006. Sales increased six per cent between September 2006 and September 2007.
“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.
In the 905 Region, the 3,878 sales recorded last month were within three per cent of September 2007’s 4,012 transactions, and within two per cent of September 2006’s 3,942 sales. Sales in this region increased two per cent between September 2006 and September 2007.
From a year-to-date perspective, the GTA resale housing market has declined 14 per cent from the 73,827 transactions recorded a year ago. To date, there have been 63,595 sales through the TorontoMLS system this year. In the City of Toronto year-to-date sales have declined 16 per cent from last year’s figure of 30,059 to 25,257 transactions this year. In the 905 Region year-todate sales have declined 12 per cent. So far this year there have been 38,338 sales in the 905
Region compared to 43,768 last year. Prices throughout the GTA however, have remained fairly stable. At $368,549, the average price of a GTA home in September has declined three per cent from $380,132 recorded a year ago.
In the City of Toronto, the current average price of $393,647 declined six per cent from the September 2007 average of $420,182. Compared to the September 2006 average of $371,682 though, prices in Toronto for September 2008 have increased six per cent.
In the 905 Region, the average price of $352,071, increased marginally from the $351,641 recorded in September 2007, and was up five per cent from 2006 September average of $333,818.
“Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97 per cent of their asking price.
With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.
“Even with respect to sales activity, each month we continue to see a handful of neighbourhoods reporting increases compared to a year ago.”
In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.
Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.
In Newmarket (N07) transactions increased 11 per cent compared to a year ago, driven mainly by strong condominium townhouse sales.
“Given that these are trying times for the world economy, in context, the Greater Toronto Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”
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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Re/Max Rouge River adds Ajax Office
October 1st, 2008 Categories: Ajax, Area interest, Pickering Village
Re/Max Rouge River Realty is opening a sixth office in north Ajax, across 
from the Durham Centre.
“This is a great central Ajax location in a busy plaza. We have approximately 4,200 square feet of totally renovated main floor space, says Paul Etherington, broker/manager. “The office will be home to about 50 full time salespeople and opened September 2.””
Re/Max Rouge River Realty just celebrated its 21st anniversary and has almost 200 salespeople (including me) at its other locations in Whitby, Markham and three Scarborough offices. Dave Pearce is the broker of record.
Each office is situated to serve each community’s real estate needs. As an agent in one of these offices, I have the golden opportunity to have access to all of their facilities.
I can help you.
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Home Sellers Get Their Price
October 1st, 2008 Categories: Ajax, Pickering, Pickering Village, Selling real estate
With all the doom and gloom press, I was curious if everything is going into the toilet or if the real estate market has any bright spots. So I searched.
In the month of September, there were 6 homes, of over 60, in Pickering that sold for at or above their asking price. One home in north Pickering sold for $16,000 more than it’s asking price.
In Ajax, there were 13 of more than 120 homes that sold for at or more than their asking price.
Multiple offers on homes are less common across the GTA. With the number of sales down, it doesn’t seem so back that almost 10% of them sold for their price.
How did they do it? The strategy is the same for any market—buyers’ market or sellers. Be the best home for the best price in an area that people want to be in. Pricing your home to the market with still ensure a sale and a knowledgeable realtor can tell you what that price would be.
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