Tuesday 4 December 2007

Best Year Ever with Six Weeks To Go!

TORONTO, November 19, 2007 -- With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today. “As I predicted last month, 2007 will indeed be a banner year for home sales in our city,” said Ms. O’Neill. “So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year.” With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year. The current average price is $393,084, a nine per cent increase over the first half of November 2006. The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 111/2 months of 2006. In West Agincourt (E05), transactions were up 39 per cent as compared to the same timeframe a year ago, driven by a significant increase in detached home sales. Newmarket (N07) saw an increase of 50 per cent compared to the midway point of last November, due to a substantial number of detached and semi-detached home sales. Northwest Cooksville (W15) experienced an overall sales increase of 27 per cent compared to mid-November 2006, mainly as a result of condominium townhouse sales. In the downtown core (C01) condominium apartment transactions resulted in a 32 per cent overall increase as compared to the first half of last November. “All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low,” said Ms. O’Neill. “Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable.” Toronto Real Estate Board

Friday 16 November 2007

Real estate continues to climb

Canada's real estate scene is showing no sign of the weakness sweeping through the U.S. market, as sales and prices continue to rise.

Saturday 3 November 2007

CMHC Purchase Plus Improvements

CMHC Purchase Plus Improvements Program Canada Mortgage and Housing Corporation (CMHC) insured mortgage loans are available to cover the purchase price of a home as well as an amount to pay for immediate major renovations or other improvements that the purchaser may wish to make to the property. This option eliminates the need to obtain secondary financing after the purchase to pay for improvements. The homebuyer obtains a single first mortgage, makes a single mortgage payment, and benefits from first mortgage interest rates. Details The insured loan will be based on the lower of: The purchase price plus the actual cost of improvements, or, The “as improved” market value. Prior to approval, CMHC will determine the market value of the property after renovations/ improvements. The lending value will not exceed the market value of the property after renovations/ improvements. Applicants must have the following: A minimum of 5% down payment of total cost (purchase price plus renovations/ improvements). Cost estimates for renovations/improvements. Qualifications to obtain a CMHCinsured loan through an approved lender. For more information call CMHC at (416) 221-2642 or www.cmhc.ca. EXAMPLE: Purchase Price $100,000 Renovations/improvements costs $25,000 Total cost $125,000 Lending Value $125,000 Maximum Mortgage (95%) $118,750 Mimimum 5% down payment $6,250

Saturday 20 October 2007

Market News 10/18

October housing activity confirms consumer confidence in real estate market TORONTO,October 18,2007 -- Resale housing activity substantially outpaced mid-October results from a year ago, Toronto Real Estate Board President Maureen O’Neill announced today. “There were 3,297 sales reported to mid-month, which is a 10 per cent increase over the 3,007 homes sold during the same period last year,” Ms. O’Neill said. “We are on course to rival October’s best result, which was in 2003 with 7,227 sales.” In Riverdale (E01) the number of transactions to mid-month jumped 29 per cent compared to the same timeframe a year ago due to strong sales in all housing types. Streetsville East (W19) saw a significant increase in the sale of semi-detached homes, which helped push overall sales up 48 per cent compared to mid-October 2006. A combination of strong condominium and detached home transactions drove Willowdale’s (C07) mid-month sales to an overall increase of 83 per cent. At the northern edge of TREB’s reporting area, Innisfil (N23) saw sales to mid-month double as compared mid-October 2006, driven mainly by the sale of detached homes. Meanwhile, the average price rose to $399,013, up nine per cent over the $364,364 recorded to the middle of September. This figure is also 13 per cent higher than the first half of October last year when the average price stood at $353,677. “While mid-month figures simply provide a snapshot of current activity, we are encouraged that sales remain robust. The activity we have seen this autumn shows that consumers continue to have a great deal of well-founded confidence in the housing market,” said Ms. O’Neill. “There’s no question that home ownership is the best long-term investment you can make.” However, if the City of Toronto imposes a second land transfer tax, this could have far reaching impacts on the City’s economy. “A doubling of land transfer taxes could impact the market and will reduce the amount of money home buyers spend,” noted Ms. O’Neill.

Thursday 18 October 2007

Five Per Cent Down Payment Program

Five Per Cent Down Payment Program With as little as five per cent down payment, from personal or other sources (see below for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership. Details Mortgage insurance for 95 per cent mortgages is available to both first time and repeat home buyers. Homebuyers have the option of using personal sources, such as savings or gifts, or other sources, such as lender incentives, borrowed funds/credit, or sweat equity (the amount of money spent to help construct the home) for the required five per cent down payment. Buyers using the Program may consume up to 32 per cent of their gross monthly household income for payments on loans for 95 per cent of the lending value of the house where the five percent down payment comes from other sources will be 2.9 per cent of the mortgage loan. This premium can be added to the mortgage. The maximum amortization period is 25 years. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from personal sources will be 2.75 per cent of the mortgage loan. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from other sources will be 2.9 per cent of the mortgage loan. This premium can be added to the mortgage. Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price. Where the minimum equity requirement is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase. Five Per Cent Down Payment Program With as little as five per cent down payment, from personal or other sources (see below for eligible other sources), all home buyers have access to mortgage insurance enabling then to enter the housing market, as long as they can manage the costs of home ownership. Details Mortgage insurance for 95 per cent mortgages is available to both first time and repeat home buyers. Homebuyers have the option of using personal sources, such as savings or gifts, or other sources, such as lender incentives, borrowed funds/credit, or sweat equity (the amount of money spent to help construct the home) for the required five per cent down payment. Buyers using the Program may consume up to 32 per cent of their gross monthly household income for payments on loans for 95 per cent of the lending value of the house where the five percent down payment comes from other sources will be 2.9 per cent of the mortgage loan. This premium can be added to the mortgage. The maximum amortization period is 25 years. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from personal sources will be 2.75 per cent of the mortgage loan. Insurance premiums on loans for 95 per cent of the lending value of the house where the five percent down payment comes from other sources will be 2.9 per cent of the mortgage loan. This premium can be added to the mortgage. Borrowers are required to demonstrate, at the time of application, their ability to cover closing costs equal to at least 1.5% of the purchase price. Where the minimum equity requirement is being met by way of a financial gift, the funds must be in possession of the borrower 15 days before making an offer to purchase. For more information please visit my webside at www.tomsmok.com

Listing MLS Search

CREA News