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, 2009
GTA Real Estate Proves Resilient During First Six Months of 2009, Says RE/MAX
July 28th, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
One in five neightbourhoods have surpassed pre-recession average price levels.
Mississauga, Ontario (July 28, 2009) - In the midst of the recession, approximately twenty per cent of single-detached homes and condominiums in Greater Toronto Area neighbourhoods managed to post an increase in average price, according to RE/MAX.
The RE/MAX Return on Investment Report found that 11 (17 per cent) of the 65 Toronto Real Estate Board (TREB) districts reported an upswing in the value of a single-detached home in the first six months of 2009, despite one of the worst first quarters on record. The Beach (E02) saw the greatest percentage increase year-over-year at 3.79 per cent, with average price rising to $715,422, up from $689,278 in June, 2008. Pickering (E13) placed second, with the average price of a single-detached home climbing 3.72 per cent to $389,536, up from $375,577 from one year earlier. Willowdale, Newtonbrook (C14) ranked third, with a single-detached home rising in value from $754,470 to $779,537 — a 3.32 per cent increase. Rounding out the top five neighbourhoods are newcomers Downsview, Weston (W04) - where prices have climbed 2.25 per cent to $384,485 from $376,007, and Rouge, Malvern (E11) where a 1.99 per cent uptick has brought year-to-date housing values to $345,468 (from $338,738).
“Purchasers clearly moved to take advantage of greater affordability in the marketplace in the first half of the year,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Prices were down in virtually every neighbourhood surveyed; supply of homes listed for sale was at an all-time high; and interest rates were at historic levels. If you’re a buyer, it doesn’t get much better than that.”
For the full press release, click here.
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Canadian Home Buyers Savvy and Optimistic
July 21st, 2009 Categories: Buying real estate, Mortgage, Real Estate News
Canada Mortgage and Housing Corporation (CMHC) released the results of a survey that they conducted on consumer mortgages. They indicate that 90 percent of the people who bought homes recently believe that home ownership is a good long-term investment and that almost 70 percent of them think that now is a good time to buy.
CMHC says:
Given the current economy, this study indicates that Canadians continue to be optimistic about home ownership and are astute mortgage consumers,” said Francois Blouin, Director, Insurance Products and Strategic Direction, CMHC. “Our results reaffirm what we have seen in previous surveys—when it comes to their mortgages, Canadians are informed and manage their debt prudently.”
For the complete press release, check this out.
The area home buyers seem to agree. With sales continuing briskly in July, the housing market continues to defy the economic odds.
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GTA REALTORS® Report Sales Up First Two Weeks of July
July 20th, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
TORONTO, July 20, 2009 - In the first two weeks of July, Greater Toronto REALTORS® reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.
“The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July,” said TREB President Tom Lebour. “If the mid-month results carry forward, we may see the best July on record.”
Year-to-date sales, at 45,213 are down four per cent compared to 2008. Average price, at $384,645 is down one per cent.
“The GTA housing market has held up very well this year given the current economic climate, especially relative to past economic slow-downs,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The cost of borrowing has been key. With inflation in check, the Bank of Canada has been able to aggressively lower interest rates – an option that wasn’t available in the early 1990s or early 1980s.”
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10 Tips for Holding a Yard Sale
July 17th, 2009 Categories: Area interest, Neighbourhood fun
Yard sales used to be in the spring when I let go of the winter clutter that 
seems to bog down my home. Now clutter seems to be rampant and we see them somewhere almost every weekend throughout the summer.
Hold a yard sale to reduce the clutter in your home and get rid of items you don’t want to move.
1. Check with your municipal government to see if you need a permit or license.
2. See if neighbors want to participate and have a “block” sale to attract more visitors.
3. Advertise. Put an ad in free classified papers, and put up signs and balloons at major intersections and in stores near your home.
4. Price items ahead and attach prices with removable stickers. Remember, yard sales are supposed to be bargains, so don’t try to sell anything of significant value this way.
5. Check items before the sale to be sure you haven’t including something you want by mistake.
6. Keep pets away from the sale.
7. Display everything neatly and individually so customers don’t have to dig through boxes.
8. Have an electrical outlet so buyers can test appliances.
9. Have plenty of bags and newspaper for wrapping fragile items.
10. Get enough change, and keep a close eye on your cash.
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Recovery Underway in Key Canadian Markets Ends Buyer Dominance in Resale Housing, Says RE/MAX
July 14th, 2009 Categories: Ajax, Pickering, Pickering Village, Real Estate News
Mississauga, ON. (July 13, 2009) – Pent-up demand for residential housing has bolstered sales in Canada’s major markets—a clear signal that the housing sector has shifted into recovery mode, says RE/MAX.
More balanced market conditions have emerged, effectively ending the stronghold that buyers had on the market over the past six to eight months. Canada’s largest markets, Toronto and Vancouver, led the charge—with June sales among the highest in history for both local real estate boards. Close to 11,000 properties changed hands in Toronto, up 27 per cent over one year ago, setting a new record for sales in the month of June. The figure was just slightly off the all-time peak of 11,146 units. Residential sales in Greater Vancouver increased 75.6 per cent over one year ago, to 4,259 units, just short of the record breaking 4,333 sales, which occurred in June 2005. Overall, major markets began to recover in March, posting escalating sales in April, May and June. The impetus is expected to continue throughout the remainder of 2009, with most centres now forecasting year-end sales on par or ahead of 2008 levels.
“The strength of the market, amid the most significant global recession in recent history once again underscores its relevance to the nation’s economic engine,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Canadians believe in homeownership –a fact best illustrated by the purchasers who ventured forward in recent months and snapped up some of the best real estate deals this market has seen in years. Those who chose to sit it out on the sidelines are now facing a market in transition, characterized by the threat of rising interest rates, low inventory levels, and upward pressure on housing values.”
The recent surge in resale activity can be attributed to three key factors—pent-up demand, low interest rates, and greater affordability. The combination—in conjunction with declining inventory levels—has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June. Average prices are holding steady or climbing, days on market are down, and inventory levels continue to tighten, especially at entry-level price points.
“While sales are the leading indicator, there are other clear signals that recovery is indeed underway,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Renewed consumer confidence, albeit cautious, has been key, supported by improved economic news. In addition, we’ve seen sale price-to-list price ratios climb across the country, rising as high as 105 per cent in some communities. Vendor incentives have also come off the table, both for resale and new housing stock.”
Although the current pace may be unsustainable, all markers point to greater stability in the market, leading to healthier activity in the long run, with inventory levels a key variable influencing pent-up demand.
To find a breakdown of the major real estate markets in Canada, read the full report here.
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GTA Resale Housing Market Posts Best June on Record
July 7th, 2009 Categories: Ajax, Pickering, Pickering Village, Real Estate News
TORONTO, July 6, 2009 - In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.1
“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”
The average price for June transactions was $403,972 – up by two per cent compared to the same month last year.
“The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”
| Summary Of June Sales And Average Price | ||||
| June | 2009 | 2008 | ||
| Sales | Average Price | Sales | Average Price | |
| City of Toronto (416) | 4,362 | $441,703 | 3,481 | $433,082 |
| Rest of GTA (905) | 6,593 | $379,008 | 5,119 | $370,559 |
| GTA | 10,955 | $403,972 | 8,600 | $395,866 |
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.
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