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Archive for September, 2012

Why CASH rests in your HOME

September 27th, 2012 Categories: Real Estate News

It’s become the new retirement savings plan — owning a home.

What else is one to make of a country where about half of Canadians said they didn’t make a contribution to a registered retirement savings plan this year but close to 70% of households now own their home.
Your money grows tax free . . . Even in your RRSP, there are forced withdrawals and it’s fully taxable [when taken out].
“Your money grows tax free,” says Jason Heath, a fee-based certified financial planner with Objective Financial Partners Inc. “Even in your RRSP, there are forced withdrawals and it’s fully taxable [when taken out].”
The main advantage of home ownership is the forced savings it generates. The real estate industry has its tired lines like “you can’t live in your investment” or “you have to live somewhere” but it’s the discipline of payments a mortgage forces that makes it a decent investment for most Canadians

Posted by Steinhausen | Currently Comments Off on Why CASH rests in your HOME

Mid September Sales

September 25th, 2012 Categories: Real Estate News

Greater Toronto Area (GTA) REALTORS® reported 2,544 transactions through the TorontoMLS system in the first 14 days of September. This result was down by 15 per cent compared to the 2,995 sales reported during the same period in 2011.
“The combination of stricter lending guidelines, rising home prices and the added upfront cost associated with the land transfer tax in the City of Toronto resulted in a slower pace of sales during the summer of 2012 compared to a year ago,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price for sales during the first two weeks of September was $496,786 – representing an annual rate of increase of more the 9.5 per cent. Average selling prices were up for both low-rise and high-rise home types, including condominium apartments sold in the ‘416’ area code.
“Price growth continued to be strongest for low-rise home types during the first two weeks of September. This segment of the market has been very tight, with months of inventory remaining low from a historic perspective,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Posted by Steinhausen | Currently Comments Off on Mid September Sales

Low-Rise Home Sales Drive August Price Growth

September 8th, 2012 Categories: Real Estate News

September 6, 2012 — Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the TorontoMLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

“Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City’s Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA,” said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for August 2012 transactions was $479,095 – up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

“While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low-rise market segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward.”

Posted by Steinhausen | Currently Comments Off on Low-Rise Home Sales Drive August Price Growth