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' Category
10 Steps to Prepare for Homeownership
October 16th, 2009 Categories: Buying real estate, Real Estate
Looking to take advantage of great home affordability? Here are
some steps that will help you make your move:
some steps that will help you make your move:1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your down payment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
7. Organize all the documentation a lender will need to pre-approve you for a loan.
8. Do research to determine if you qualify for any special mortgage or down payment-assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Call me.
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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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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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Get Your Share of the Government Pie
June 16th, 2009 Categories: Ajax, Area interest, Green Building, Pickering, Pickering Village, Real Estate
I recently had a home energy audit to see what grant money I had 
available from the incentive programs that the government has available. Actually, over 21,000 Canadians have taken advantage of this program.
I can get $2,645 from the government if I complete all the suggested improvements.
Now, some of the suggestions, like $760 grant to replace $11,000 worth of windows, doesn’t seem worth the effort. But $50 on silicone sealant and some electrical socket insulation covers can get me $190, if I improve the air tightness of my home by 10%.
I replaced my old 50 gallon hot water tank with a tank-less one and I am getting $315 back from the government. I’m not sure I will realize any savings in my bills because the kids take longer showers—they don’t run out of hot water.
These incentives and more are available to you. Natural Resources Canada ecoEnergy Retrofit—Homes grant can help you make often necessary home improvements.
The government also has tax credits available for other home renovations. It is worth checking out national, provincial, regional and municipal programs that can take some of the sting out of home repairs.
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6 Creative Ways to Afford a Home
June 9th, 2009 Categories: Buying real estate, Mortgage, Real Estate, Real estate investment
If your income and savings are making homebuying a challenge, consider 
these options.
1. Investigate downpayment options. Your mortgage lender has several choices that can reduce your downpayment.
2. Get the seller to provide financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you do a mortgage.
3. Consider a shared-appreciation, or shared equity, arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and thus share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and all maintenance costs, but all investors’ names are usually on the mortgage. There are companies that can help you find such an investor if your family can’t participate.
4. Get help from your family. Perhaps a family member will loan you money for the downpayment and/or act as a cosigner for the mortgage. Lenders often like to have a cosigner if you have little credit history
5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your downpayment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
6. See if you can qualify for a short-term second mortgage to give you the money to make a higher downpayment. This may be possible if you have a good income and little other debt.
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What Is Your Home Affordability Range?
June 4th, 2009 Categories: Buying real estate, Mortgage, Pickering Village, Real Estate
When a client comes into the office looking to buy a new home, we send them off to the mortgage broker to see how much home they can afford. The broker will crunch some numbers and help them to define an “affordable house payment.”
But what is an affordable house payment?
According to CMHC (Canada Mortgage and Housing Corporation), your monthly housing costs should not exceed 32% of your gross monthly income. Your housing costs include monthly mortgage payments, taxes and heating expenses (and half of the condo fee, if necessary). Along with that , your entire monthly debt load should not be more than 40% of your gross monthly income. This includes all your housing costs, and other debts like car payments, personal loans, and credit card payments.
The trouble with these guidelines is that they fail to take into consideration other factors. For example, a couple with 4 children is probably going to be able to afford less house than a young couple with no children.
Let’s look at a specific example.
Suppose a family of four is pulling in about $6,000 per month. That’s 
$72,000 annually. We will assume that they are otherwise debt-free, just to make things easier. According to the DTI (debt-to-income) ratio of 32%, the couple should be able to afford a monthly house payment of $1920. That leaves $4080 per month to cover everything else.
Before I encourage them to purchase a $250,000 plus house, let’s take a look at their current monthly budget. Here is where the rest of the money might go:
Income taxes (30% very conservatively) $1800
Kid’s activities (hockey, soccer, dance) $400
Groceries $700
Car insurance $180
Gas (for the cars) $200
Car maintenance and repairs $200
Movies, TV, internet $120
Cell phone, telephones $200
Clothing, shoes $50
Dining out $150
Gifts $100
Personal care (hair cuts, sundries) $70
Pet care $50
Total $4220.00
Now, you wouldn’t exactly say that this family was living high on the hog, yet if the house payment was $1920 per month, they would be seriously struggling every month to make ends meet.
What can you learn from this?
That guidelines are just that. You need to talk to a professional about how much house you can afford based on your budget and projections and develop a realistic affordable payment plan. Every situation is unique.
I can tailor your house payment to fit your budget, not the other way around.
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The Survey Says: Real Estate Agents Help Transactions End Happily
October 11th, 2008 Categories: Ajax, Buying real estate, Pickering, Pickering Village, Real Estate, Real Estate News, Selling real estate
J.D. Power, an independent surveyor of customer satisfaction, found that even though real estate buyers and sellers used the Internet for some things, their agent factored prominently in their overall satisfaction of the process.
“Although the Internet provides home buyers and sellers with the ability to perform some essential tasks—such as listing a home for sale or researching a neighbourhood in which to purchase a home—it still does not replace the importance of a good real estate agent,” says Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “Particularly in an uncertain real estate market, professional advice from agents can be especially valuable to buyers and sellers. The knowledge and expertise provided by experienced agents is an important benefit of using a full-service real estate company.”
Overall satisfaction was determined by examining three factors for the home buying experience: agent (65%); office (21%); and services (13%). Four factors were examined for the home selling experience: agent (43%); marketing (38%); office (12%); and services (7%).
“A real estate company that provides agents who are skilled at determining the appropriate market value and listing price for homes, and who can effectively market properties, can help minimize the time that clients’ homes remain on the market—which can not only save the seller money, but can also diminish inconvenience and anxiety,” advises Howland.
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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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Don’t Want to Pay Development Charges? Buy a Resale Home
May 23rd, 2008 Categories: Buying real estate, Durham Region, Real Estate
Recently there was an article in the News Advertiser that suggested that Durham Region was impacting house affordability because it charges a substantial amount to new home builders to cover the costs of putting in the services to the new homes being built. The development charges and taxes have now risen to about 20% of the new home price.
The developers are complaining. I would be complaining if the region had to put the cost of the new roads and sewers and sidewalks on to my tax bill instead of the developers. Someone has to pay.
Fast forward two to ten years, the development charges and taxes were paid by the new home buyer. They probably put up a fence; added some decorating details; maybe finished the basement. And now you get to buy it.
You don’t have to pay for any of that. They put $50,000 into their basement and you pay about 75% of that value. And they will probably throw in the appliances because they want to buy new ones for their new home.
Real estate agents have been shouting from the rooftops that buying a resale home has benefits, in spades, over buying new. For example:
- New home fix-ups that are often needed after the home settles, like nail-pops or cabinets shifting, has been completed.
- Fences are put up.
- Basements are finished.
- Appliances are often included.
- Light fixtures are often upgraded.
- Blinds and drapes are often included.
- Decorating details have been added to personalize the home.
- Landscaping has been done.
- Driveway paved.
- The development is winding down so the dust has settled.
Convinced. With new home starts down, and resale listings on the rise. Now might be the time to move up.
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New Homes: Top 10 Energy-Efficient Remodeling Projects for 2008
April 30th, 2008 Categories: Area interest, Green Building, Real Estate
by Dena Kouremetis
PATH (The Partnership for Advancing Technology in Housing) recently released its annual recommendations on the top remodeling technologies to make existing homes more durable, stronger and more resource efficient.
The top 10 technologies include:
1. Air Sealing: which include non-fiberglass batts, sprayed foam insulation, and sprayed fiber insulation are recommended because they improve the thermal resistance of exterior walls.
2. Smartvent Ventilation: This new mechanical ventilator system measures the moisture content of outdoor and crawlspace air and only provides ventilation when the outdoor air is drier than crawlspace air.
3. HVAC Sizing (Heating, Ventilation and Air Conditioning): estimating heating and air conditioning loads more accurately so properly sized HVAC systems are installed to ensure energy efficiency.
4. High Efficiency Toilets: Designed for water conservation, high efficiency toilets have been defined by the plumbing industry and the EPA as those that use an average of 20% less water per flush than the industry standard of 1.6 gallons. A high efficiency unit toilet can save up to 8,760 gallons of water each year for a family of four.
5. Compact Fluorescent Lighting: Compact fluorescent lamps (CFL), are simply miniature versions of full-size fluorescent lights, but four times more efficient and last up to 10 times longer than incandescent bulbs.
6. High Performance Windows: Window technology has evolved over the years to the point where windows can be selected not only for their aesthetic qualities, but also for their performance abilities.
7. Wireless Lighting and Thermostats: These controls can be set on timers or using a variety of sensors with wireless systems to increase home efficiency without sacrificing home owner comfort.
8. Solar Hot Water: Solar water heaters come in a variety of configurations but each differs in design, cost, performance and level of complexity. Most systems have back-up water heating such as electricity or gas.
9. Recycled/Renewable Flooring: The two types of environmentally-conscious flooring that lead the market are recycled flooring from old structures and renewable flooring from fast-growing trees, such as bamboo.
10. Tubular Skylights: Tubular skylights use the sun for lighting interiors without the drawbacks associated with conventional skylights. They are generally easier to install than typical skylights and, from the home’s interior, resemble conventional lighting fixtures.
For more information, visit the PATH website at pathnet.org.
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