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 September, 2009
6 Tips for Shopping for a Mortgage
September 29th, 2009 Categories: Buying real estate
Financing the purchase of your dream home is one of the most complex and, possibly, most frustrating, financial process you will ever have to endure.
You will need all the help you can get.
Here are some basics that can help you get started:
- Don’t bite off more than you can chew. Look at your budget—your whole budget. You need to estimate how much your whole life costs you and don’t look only at the financial measurements that the bank uses.
You also need to have some savings for emergencies. Plan ahead. You will be having to pay your mortgage payments for the next several years. Plan for the worst and hope for the best.
- Check your credit score. Knowing your credit score and fixing it can help you obtain the best possible mortgage terms and interest rates.
- Shop around. Look online and off. Look at mortgage brokers, bankers, credit unions, and government financing. Shopping around can save you thousands over the life of your mortgage.
- Understand the costs. Shopping around means looking closely at the loan costs and fees, not just the interest rates. There could be additional processing charges, repayment fees, discharge penalties, etc. Know them all.
- Learn the risks and benefits of your loan options. Mortgages have many features—fixed interest rates, variable rates, prepayment penalties, payment schedules, and more.
- Get advice from those you trust. Ask those you trust for referrals. Talk to me, a financial advisor or a lawyer about the mortgage you are thinking about getting yourself set up with.
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Canadian housing markets buck recession and trend upwards, says RE/MAX
September 24th, 2009 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
Mississauga, Ontario (September 24, 2009) - With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.
The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.
“Markets are heating up across the country,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.”
For complete press release, chick here.
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9 Ways to Lower Your Homeowners Insurance Costs
September 22nd, 2009 Categories: Area interest, Real Estate, Real estate investment
pennies. Some of our necessary expenses can be adjusted with a little know-how. Here are some points to consider about your home insurance policy:
1. Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower.
2. Buy your homeowners and auto policies from the same company. You’ll usually qualify for a discount. But make sure that the savings really yields the lowest price.
3. Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect against natural disasters common to your area.
4. Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount.
5. Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.
6. Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount on theft insurance.
7. Stay with the same insurer. Especially in today’s tight insurance market, your current vendor is more likely to give you a good price.
8. See if you belong to any groups—associations, alumni groups—that offer lower insurance rates.
9. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.
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GTA REALTORS® Report Sales and Price Growth in Septemb
September 18th, 2009 Categories: Ajax, Pickering, Pickering Village, Real Estate News
TORONTO, September 16, 2009 - In the first two weeks of September, Greater Toronto REALTORS® reported 3,361 sales – up 23 per cent compared to the first two weeks of September 2008. The average price for these transactions was up eight per cent year-over-year to $393,818.
“An increasing number of positive reports pointing to economic recovery coupled with low interest rates have kept households confident in purchasing a home,” said TREB President Tom Lebour.
Year-to-date sales, at 61,676 are up three per cent compared to 59,971 in 2008. Average price, at $386,302, is up by one per cent from $383,776.
“Tighter market conditions since May, as evidenced by rising sales relative to listings and declining average days on the market, have resulted in stronger average price growth,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis.
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MLS® Home Sales Forecast Revised
September 15th, 2009 Categories: Real Estate, Real Estate News
The Canadian Real Estate Association released this update for the national 
market:
OTTAWA – August 27, 2009 – MLS® home sales were much stronger than expected in the second quarter of 2009, with activity having climbed throughout the quarter and into July. The remarkable recovery of resale housing has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association for 2009 and 2010.
The speed and magnitude of the rebound in sales activity to date has lifted CREA’s national forecast for the number of transactions to 432,600 units. This represents an annual decline in activity of 0.4 per cent compared to levels set in 2008, and is a significant upward revision from the previously forecast decline of 14.7 per cent in CREA’s forecast issued last May.
“Sales activity started off the third quarter on a strong footing,” said CREA President Dale Ripplinger. “The difference in the resale housing market now, compared to the beginning of the year, is night and day, and nowhere is this more evident than in the West.”
British Columbia and Ontario are now forecast to post annual increases in activity this year, reflecting weak demand last year and a subsequent rebound. Forecast declines in annual activity were trimmed significantly in Alberta, Saskatchewan, and Quebec, and were also shaved for New Brunswick and Nova Scotia.
National MLS® home sales activity is forecast to rise 5.3 per cent to 455,400 units in 2010. This is a smaller rise in activity than previously forecast. “Low interest rates are boosting sales by returning homebuyers to the market who moved to the sidelines late last year, and shifting ” said Chief Economist Gregory Klump. “Buyers are also shifting purchase decisions forward as they take advantage of attractive interest rates now before financing costs increase.”
New listings have been edging down from record levels, with many sellers taking their home off the market pending an improvement in housing market conditions. Average price increases in the second half of 2009 are likely result in a mild rebound in listings in 2010.
The national MLS® average home price is forecast to edge up 1.5 per cent in 2009, as the strong rebound in sales activity, not price, in some of Canada’s most expensive markets continues to skew the national, and some provincial, average prices upward. Alberta is the only province with a forecast decline in average price in 2009 (-4.4 per cent). Average prices are forecast to rise in all other provinces except British Columbia, where average price in 2009 is forecast to remain stable. CREA’s previous forecast predicted a decline in the national average price of 5.2 per cent in 2009.
Average prices are forecast to stabilize over the rest of 2009 and into 2010, but weak results in the first quarter of 2009 will result in a lower annual average price this year compared to 2010. The national average price is forecast to be up 2.1 per cent on a year-over-year basis in 2010.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price is forecast to climb 1.4 per cent in 2009, with a further 1.7 per cent rise in 2010. CREA previously forecast that the weighted national average price for MLS® homes sales would hold steady from 2009 to 2010.
“The speed with which the Canadian resale housing market has rebounded is unprecedented,” said Klump. “The economic recovery is expected to be slow and protracted, so the dramatic swings in activity seen in late 2008 and this year are unlikely to be repeated in 2010.”
For the full news release, please click here: http://www.crea.ca/public/news_stats/pdfs/aug09rpt.pdf
For further information, please contact:
Alyson Fair, Publicist
The Canadian Real Estate Association
200 rue Catherine Street, Ottawa, ON
K2P 2K9
Tel: (613) 237-7111 X 2284 Cell: (613)884-1460
afair@crea.ca
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Housing Activity to Rebound in Second Half of 2009 and in 2010
September 7th, 2009 Categories: Real Estate News
CMHC (Canada Mortgage and Housing Corporation) released their thoughts on the real estate market over the coming months:
OTTAWA, September 3, 2009 — Housing starts are expected to rebound in the second half of 2009 and will reach 141,900 for the year. Starts will increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition* report. The overall forecast totals for housing starts remain unchanged from the second quarter release.
“Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year”, said Bob Dugan, Chief Economist for CMHC. “In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen.”
Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction.
Existing home sales, as measured by the Multiple Listing Service (MLS®)1, have rebounded strongly since January and will reach 420,700 units in 2009 and remain close to that level at 419,400 units in 2010. The average MLS® price is expected to moderate to $301,400 in 2009 and to increase to $306,300 in 2010.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
* The forecasts included in the Housing Market Outlook are based on information available as of July 23, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.
1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.
Information on this release:
Charles Sauriol
CMHC Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca
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GTA REALTORS® Report August Resale Market Figures
September 4th, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
TORONTO, September 2, 2009 - In August 2009, Greater Toronto REALTORS® reported 8,035 sales, up 27% per cent from August 2008. The average price for August transactions was $387,921 – up by six per cent compared to the same month last year.
“The increase in demand for existing homes has been widespread across different housing types and price ranges,” said TREB President Tom Lebour. “This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change.”
Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008. Average price, at $385,978 was up by less than one-half of one per cent.
“We have heard more positive economic news lately. The improved housing market has played a key role,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have helped other sectors of the economy through home buyers’ spending on things like financial and legal services, moving, renovations and home furnishings.”
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