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 the 'Real Estate News' Category
GTA Resale Housing Remains Stable in August
August 21st, 2008 Categories: Buying real estate, Real Estate News, Selling real estate
August 19, 2008 — The Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month, Toronto Real Estate Board President (TREB) Maureen O’Neill announced today.
“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall market.”
With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.
In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.
“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.
In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.
Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.
In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.
In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.
There are currently 26,128 active listings, up 28 per cent from the 20,365 properties available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.
Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.
In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.
Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.
Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.
In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.
“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.
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GTA Resale Housing Stable in July
August 7th, 2008 Categories: Ajax, Buying real estate, Durham Region, Pickering, Pickering Village, Real Estate News, Selling real estate
TORONTO, August 6, 2008 — With 7,806 transactions recorded last month, the Greater Toronto Area (GTA) resale housing market continued at a moderate pace in July, Toronto Real Estate Board (TREB) President Maureen O’Neill announced today.
Prices remained stable throughout the GTA in July. At $371,427 the average price increased slightly more than one per cent from $366,012 recorded in July 2007 and nine per cent from the $342,034 figure of two years ago.
In the City of Toronto the average price of $395,342 increased less than one per cent from the July 2007 price of $395,044 and 10 per cent from the July 2006 figure of $360,409.
In the 905 Region the average price increased three per cent to $355,401 compared to the July 2007 figure of $345,967. This also represents an eight per cent increase from the July 2006 average of $329,644.
“Sales declined 12 per cent last month from the best-ever July 2007 record of 8,912 but increased 10 per cent from the 7,082 sales transacted in July 2006,” said Ms. O’Neill. “Comparing July 2007 with July 2006, sales increased by 26 per cent.”
In the City of Toronto 3,132 sales were recorded, down 14 per cent from July 2007’s 3,640 transactions but up 10 per cent from the 2,852 sales recorded two years ago in 2006. Comparing July 2007 with July 2006, a period before the Land Transfer tax went into effect in Toronto, sales increased 28 per cent.
In the 905 Region there were 4,674 transactions, down 11 per cent from July 2007’s 5,272 sales but up 10 per cent from the 4,230 sales recorded in July 2006. Comparing July 2007 with July 2006, sales increased 25 per cent.
From a year-to-date perspective, the GTA’s 51,249 sales in 2008 have declined 14 per cent from the 59,339 reached at this time a year ago.
Certain neighbourhoods throughout the GTA experienced increased sales activity in July.
In Whitby (E15) sales increased 22 per cent from July 2007, based on strong sales in most housing types.
Brampton East (W24) saw a 12 per cent increase, based primarily on semi-detached home sales.
Strong detached home sales drove Uxbridge (N16) to a 23 per cent increase compared to a year ago.
The Annex (C02) experienced a 29 per cent sales increase due to strong detached home and condominium apartment sales.
In addition to stable prices, the list to sale price ratio, at 98 per cent, remains unchanged from a year ago.
“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale; the average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. O’Neill. “This may be due to that fact that there is now more choice available to homebuyers; there are currently 26,543 active listings, a 28 per cent increase from a year ago.”
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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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CMHC Is Helping Seniors Stay In Their Homes Longer
June 24th, 2008 Categories: Real Estate News
CMHC has a financial assistance program that can help seniors stay in their homes longer. The government agency will cover the cost of home adaptability renovations, like handrails and tub rails to help low-income seniors keep their home.
Home owners and landlords, if they meet the criteria for application, can receive up to $3500 in a forgivable loan to adapt the living environment for a senior living there. You don’t have to re-pay the loan, as long as you meet the conditions of the loan. The senior must be a permanent resident there for at least six months.
Interested in finding out more information, check it out at the CMHC web site.
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GTA Resale Housing Continues Steady Pace
June 20th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate News, Selling real estate
TORONTO, June 18, 2008 — The Greater Toronto Area (GTA) resale housing market continued at a moderate but healthy pace throughout the first half of June, Toronto Real Estate Board President Maureen O’Neill announced today.
Prices continued their upward trend in the first half of this month. The GTA average price is currently $398,542, up four per cent over the $384,576 average from the same timeframe a year ago and up 11 per cent from the $358,648 recorded at mid-June 2006.
In the City of Toronto the current average price is $439,469, up three per cent over the $424,888 average a year ago and up 14 per cent over the $386,960 average in the first half of June 2006.
In the 905 Region the average price is $371,686 up four per cent from the $357,359 average a year ago and up 10 per cent from the $338,578 recorded at mid-June 2006.
“With 4,374 transactions in the first two weeks of this month, sales in the GTA declined 14 per cent compared to the same timeframe a year ago, which was particularly a strong year, when 5,074 properties were sold,” said Ms. O’Neill. “However, compared to the first half of June 2006 when 4,074 properties changed hands, this month’s activity is up seven per cent.
In the City of Toronto 1,733 sales took place to mid-June 2008. This represents a 15 per cent decrease compared to the 2,045 properties sold a year ago but a two per cent increase over the 1,690 transactions in the first half of June 2006. A different story emerges when you compare the first half of June 2007 before the Toronto Land Transfer Tax went into effect to the same period in June 2006, a period showing a 21 per cent increase in sales.
In the 905 Region, the scenario was similar. In the first two weeks of June, 2,641 properties were sold. This represents a 13 per cent decline compared to the 3,029 homes sold in the first half of June 2007 but an 11 percent increase over the 2,384 properties sold at mid-June 2006. When you compare the first half of June 2007 to the same period in June 2006, sales increased by 27 per cent.
Certain communities including Riverdale, West Agincourt, Caledon and Richmond Hill South experienced strong activity in the first half of this month.
In Riverdale (E01) transactions increased 28 per cent compared to the first half of June 2007 driven by strong condominium apartment sales.
Condominium apartment transactions also drove West Agincourt (E05) to a 24 per cent increase in sales compared to the same timeframe a year ago.
In Caledon (W28) detached home transactions led to a nine per cent increase in sales over the same period a year ago.
Richmond Hill South (N03) also experienced strong detached home sales, which resulted in a five per cent increase from mid-June 2007.
“With employment and interest rates holding steady and a 17 per cent increase in available listings compared to a year ago, it is an ideal time to take advantage of all that the market has to offer,” said Ms. O’Neill.
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Get Government Assistant for Home Renovations that Include a Rental Unit
June 18th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate News
The Canadian Mortgage and Housing Corporation (CMHC) wants to help you put a legal, rent-able suite in your home.
Looking at the possibility of home affordability being out 
of reach for some people. CMHC has initiated a Residential Rehabilitation Assistance Program (RRAP) which will pay for or help pay for renovations.
RRAP is available to home owners, private entrepreneurs or First Nations people who, adhering to local building and zoning bylaws, want to put a secondary or garden suite into their home or on their property.
The idea is to assist “ïn the creation of affordable housing for low-income seniors and adults with a disability by providing financial assistance to convert or redevelop existing residential properties.”
Before you start your renovations, check with CMHC to see if you are eligible. If you meet the conditions of the program, you can receive a fully-forgivable loan—that’s right, fully-forgivable—which may be used to cover the costs. You can receive up to $24,000 per unit.
Call me for more details or go to the CMHC web site for information about the program.
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Real Estate Implications with GM Plant Closing
June 4th, 2008 Categories: Durham Region, Real Estate News, Selling real estate
No one likes to hear about job loses, especially close to home. As a resident of Durham Region, hearing about the Oshawa truck plant closure makes me wonder how the region is going to attract and keep jobs. As I showed in my post, Too Much Information: Municipal Tax Calculator for Your Durham Home, Durham Region already has a shaky industrial tax base causing property taxes to be higher than most regions in the Greater Toronto Area.
I am wondering if the region is going to jump on the airport band wagon again. Having an airport might attract some business out this way. I am afraid that the regional councillors will be short-sighted in settling on the airport answer instead of looking for solutions that can answer the concerns over the long term. Like checking out the opportunities of increasing the creative class that Richard Florida refers to in his book, Who’s Your City?; or investigating how other international cities have moved from an industrial/manufacturing base to a thriving community in another arena.
Thriving communities are what keep real estate values going up. Prices will stabilize if the demand slows. With this happening, Durham Region is still the best priced homes close to the GTA. In no other area can you buy a detached home for under $300,000 and still be able to walk to Lake Ontario or be in downtown Toronto in 20 minutes.
I hope that the regional and city councillors take some time to think about what is best for our community over the long term. And I hope that the auto workers don’t strike because that might just be what GM wants—to close the plant sooner rather than later.
Check out the article, Truck plant closing means Durham can’t depend on GM
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Another Large Subdivision for Ajax
June 3rd, 2008 Categories: Ajax, Buying real estate, Pickering Village, Real Estate News, Real estate investment
As you drive down Brock Road in Pickering, you crest a hill and get a 
glimpse of the Ajax-Pickering landscape. It is roof tops as far as the eye can see. And the Town of Ajax has recently approved plans for 1400 more rooftops to be built.
A massive housing development has been approved for northeast Ajax.
Council’s community affairs and planning committee on Monday approved a 1,420-home subdivision proposal from Sundial Homes. The project, at the southwest corner of Rossland and Audley roads, would be built in phases and, depending on the market, take about five years to complete.
Construction would begin along Rossland and move southerly, towards the existing Lexington County subdivision, said Chris Matson, the development manager for the project.
“It’s driven by marketing. We need to generate sales and activity,” Mr. Matson said.
The project includes conventional single-detached homes, detached homes, semi-s and townhouses with rear lanes, and back-to-back townhouses.
The variety of housing types and sizes makes the project “diverse,” Mr. Matson said.
Services will start going in this year and construction of the houses is to begin in the winter or spring of next year, he said.
“There’s a good blend of housing types and sizes,” said Mayor Steve Parish. “I like the treatment along Rossland and Audley. It lends itself to transit usage. I think it does what we want it to do.”
Sundial is the builder of the houses at Bayly Street and Monarch Avenue.
Want to know how new building affects the value of your home? I can tell you.
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Canadians Don’t Have An Umbrella: Rainy Day Funds Fall Short For Most Home Owners
May 28th, 2008 Categories: Area interest, Pickering Village, Real Estate News
The National Post reported recently that Canadians are not very well prepared for rainy days, like an economic slowdown. Despite a lot of press being given to the economy inching towards the “”R-word,” most Canadians only have about one month of expenses covered. I heard it suggested that we are in a virtual recession, which is like being virtually pregnant, I’ll bet.
According the an RBC report, Canadians should be paying themselves first:
“The message we’d like to really emphasize is that it’s important to put
away money first because you never know when an economy turns and we would hope we’ve got some emergency funds put away to get us through those times,” says Mr. Ratanshi. “The reasons why people are saving less vary from person to person, but there are a lot of individuals who may have the income but don’t have good savings habits.”
A key finding was that most Canadians do not believe they are good savers, RBC said, noting that 83% worry they don’t have enough money saved, and 86% that they can’t save as much as they would like.
“Many Canadians are also not prepared to cope with an unexpected long-term emergency or sudden life-changing event,” it said.
Only 49% have a rainy-day account set up, and of those that do, 55% have only enough saved to cover one month’s worth of expenses, while just 24% have three months’ worth of expenses covered.
“Surprisingly” two-thirds consider their line of credit and credit cards to be their backup in case of an emergency, it said. Meanwhile, 60% of the more than one million Canadians who keep $1,000 or more in their bank account each month, consider that money to be their safety net.
While the survey found that being financially prepared for an emergency is a priority for many Canadians, it is one of many priorities and a lower priority than saving for retirement, paying down debt, paying down one’s mortgage faster and saving for children’s education.
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Is A Long Term Mortgage the Best Option for First Time Home Buyers?
May 18th, 2008 Categories: Buying real estate, Durham Region, Mortgage, Real Estate News
It is nice to get confirmation of your opinion from the press. The National Post published an article on long-term mortgages that echoes the post where I urged first time buyers to be cautious.
The article referenced a report from Re/Max Ontario-Atlantic, stating:
“Innovative financing” is now the key to home ownership in today’s environment, the report said, with longer amortization periods being used by 62% of first-time buyers. Low or no down payments were popular with 38% of surveyed buyers, it added.
While that may conjure comparisons with loose lending standards in the American subprime-ravaged housing market, Michael Polzler, Re/ Max’s Ontario-Atlantic regional director, said mortgage qualifications remain tougher in Canada.
“If the client is perceived of being a risk in Canada, it’s much harder to get this type of financing,” he said. “A 40-year mortgage allows them to jump into the game and capitalize on home-price gains.”
Adrian Mastracci, a Vancouver-based portfolio manager with KCM Wealth Management, referred to such mortgages as the “Freedom 95″ plan, in reference to the Freedom 55 retirement plan once popularized by London Life.
“The banks will love you because you’re going to be paying for life,” Mr. Mastracci says. If people don’t speed up repayments on such debt, they will find themselves paying it off well into their senior years, he adds.
“With a 40-year mortgage, you’re not buying, you’re just leasing long-term,” and will spend the first 30 years making mostly interest payments.
Caution is a word that Canadians take to heart. Real estate is still a great investment opportunity. Get all the facts you need to make a good decision.
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