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
Market More Balanced in June
July 7th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
July 6, 2010 — Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”
Median Price
In June, the median price was $367,750, from the $345,000 recorded during June of 2009.
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GTA REALTORS® Report Mid-Month Resale Housing Figures
June 17th, 2010 Categories: Ajax, Pickering, Pickering Village, Real Estate News, Whitby
TORONTO, JUNE 16, 2010 ‐ Greater Toronto REALTORS® reported 4,139 sales through the Multiple Listing Service® (MLS®) during the first two weeks of June 2010. This represented a 20 per cent decrease compared to the 5,185 sales recorded during the same period in 2009. New listings increased by 21 per cent annually to 7,985.
“The pace of existing home sales in the GTA has slowed to more normal levels following a record-setting start to 2010,” said Toronto Real Estate Board President Tom Lebour.
“Due to higher mortgage carrying costs, sales in the second half of 2010 will not be as high as what was experienced during the last six months of 2009.”
The average price for June mid-month transactions was $437,039 – up seven per cent compared to the average of $407,716 recorded during the first 14 days of June 2009.
“The seller’s market conditions experienced during the first few months of the year have given way to more balanced conditions. Home buyers are experiencing more choice,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “With more choice in the market place, price growth is starting to slow.”
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 30,000 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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May Sales Remain High
June 4th, 2010 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News
June 3, 2010 — Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”
New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.
“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”
Median Price
In May, the median price was $376,750, from the $337,000 recorded during May of 2009.
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Canadian Real Estate Association says “Canada’s hot resale housing market starting to cool”
May 28th, 2010 Categories: Buying real estate, Real Estate News, Selling real estate
(OTTAWA – May 17, 2010) Home sales activity in Canada came up short of the record for the month of April and new listings continued to climb, according to statistics released by The Canadian Real Estate Association (CREA).
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
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GTA REALTORS® Report Mid-Month Resale Housing Figures
May 20th, 2010 Categories: Real Estate News
TORONTO, May 19, 2010 - Greater Toronto REALTORS® reported 4,887 sales through the Multiple Listing Service® (MLS®) during the first two weeks of May.
This represented a seven per cent increase compared to the 4,561 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 10,059.
“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour. “The number of done deals will remain high for the remainder of 2010, but will dip from record levels.”
The average price for May mid-month transactions was $448,641 – up 12 per cent compared to the average of $399,811 recorded during the first 14 days of May 2009.
“The total number of homes currently listed in the GTA is now within a more normal range. As buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
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April Experiences Record Number of Buyers and Sellers
May 7th, 2010 Categories: Ajax, Durham Region, Pickering, Pickering Village, Real Estate News
May 5, 2010 — Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”
The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.
“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”
Median Price
In April, the median price was $373,000, from the $330,000 recorded during April of 2009.
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Reader’s Digest names RE/MAX ‘Most Trusted Residential Real Estate Brand in Canada’
May 4th, 2010 Categories: Real Estate News
Mississauga, ON (May 3, 2010) ‐‐ Dedication, skill, and professionalism earned RE/MAX realtors the designation of Most Trusted Residential REALTOR in Canada by Reader’s Digest magazine. Reader’s Digest will unveil its “Most Trusted Brands” list in its May 2010 issue. The magazine commissioned independent third party Harris/Decima to conduct 1,500 online surveys among a random sample of its panel members from October 2 – 15, 2009.
“The results of the survey are proof positive that our sales associates are the best in the business,” says Michael Polzler, Executive Vice President, RE/MAX Ontario‐Atlantic Canada. “We’ve built a solid reputation based on consistent results. RE/MAX associates sell one in every three homes in Canada and carry more professional designations than any other realtor in Canada. We’re specialists in all niches from residential, recreational, and commercial properties to luxury homes. Our focus has always been service excellence, which includes a serious emphasis on professional development and education. The status quo may work for some, but after almost 40 years in the business, we’re not content to rest on our laurels. “Reader’s Digest looked at 28 different product categories
‐‐ ranging from cereal to residential real estate – and allowed consumers to select the brands that they trusted the most. RE/MAX joins leading brands such as RBC Royal Bank, TD Canada Trust, Air Canada, and Blackberry.
“Our commitment to the communities in which we live and work also runs deep,” says Polzler. “I think that’s something that has always set RE/MAX apart. We’ve been involved in charitable giving long before the terms ‘corporate philanthropy’ and ‘cause marketing’ were common. RE/MAX realtors participate in countless vital programs and causes each year that help the most vulnerable members of our society and strengthen the foundation of neigbhourhoods from coast to coast. Their enthusiasm, spirit and dedication to others never fails to inspire.”
Charitable giving is woven into the fabric of the RE/MAX organization. The company and its sales force has demonstrated a strong desire to give back, exceptionally active in both corporate and local charities. Close to $40 million has been raised in support of Children’s Miracle Network since 1992 – which funds research and development, outreach programs and upgrades to equipment and facilities at children’s hospitals and foundations across the country. The Canadian Breast Cancer Foundation is also a cause close to the hearts of RE/MAX associates—one that RE/MAX continues to support through its popular Sold on a Cure Program and the annual Yard Sale for the Cure.
RE/MAX is Canada’s leading real estate organization with over 17,500 sales associates situated throughout its more than 680 independently‐owned and operated offices across the country. The RE/MAX franchise network, now in its 37th year, is a global real estate system operating in 80 countries. Over 6,450 independently‐owned offices engage over 92,000 member sales associates who lead the industry in professional designations, experience, and production, while providing real estate services in residential, commercial, referral, and asset management.
For more information,visit: www.remax.ca.
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New Mortgage Rules Apply Today
April 19th, 2010 Categories: Mortgage, Real Estate News
If you are involved in the real estate market, whether buying or selling, you might be aware that the Canadian government implemented its new qualification rules today for refinancing or buying a home. If you are considering purchasing a home, or refinancing, before the introduction of HST on July 1, you will need to consider the changes that might affect the amount of home that you can buy.
Here are the main changes to the mortgage rules:
- Qualifying
Borrowers must qualify for the five-year fixed term mortgage rate, no matter what product they are purchasing. It was previously based on the three year term. What it means to you is that you will need an extra $9,200 in annual income to qualify for the mortgage on a $337,000 home. - Refinancing
Homeowners can now only withdraw up to ninety percent of their equity. This is up from ninety-five percent. It might mean that some homeowners will have to put off other big purchases. On the plus side, the government is limiting the risk of negative equity homes–a fact of life in a declining value market (see the United States). - Speculation
Investors will be required to put twenty percent down on the purchase of a home that they are not going to live in. The purpose of this change is to reduce the number of speculators in the market.
Call me if you want to know how, or if, the mortgage changes affect you.
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Greater Toronto REALTORS® report Mid-April Resale Market Figures
April 16th, 2010 Categories: Ajax, Oshawa, Pickering, Pickering Village, Real Estate News, Whitby
TORONTO, April 16, 2010 – Greater Toronto REALTORS® reported 4,601 sales through the Multiple Listing Service® (MLS®) during the first two weeks of April.
This represented a 25 per cent increase compared to the 3,681 sales recorded during the same period in 2009. New listings increased by 48 per cent annually to 9,512.
“The fact that annual growth in new listings outstripped growth in sales suggests that the GTA existing home market is becoming better supplied,” said Toronto Real Estate Board President Tom Lebour. “Home owners are reacting to strong sales and price growth by listing their homes in greater numbers. They are confident they will receive offers in line with their asking price.”
The average price for April mid-month transactions was $430,271 – up 12 per cent compared to the average of $383,361 recorded during the first 14 days of April 2009.
“The average annual rate of price increase has declined and we are shortly going to see a return to sustainable single-digit rates of growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As home buyers experience more choice in the marketplace, there will be less upward pressure on the average selling price in the GTA.”
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Record First Quarter Sales
April 7th, 2010 Categories: Ajax, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News
April 6, 2010 — Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”
The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2009.
“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”
Median Price
In March, the median price was $370,000, from the $317,500 recorded during March of 2009.
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