Home Transactins Take A Dip

December Twenty-one, 2012 -- A respectable number of resale home transactions happened across the Bigger Toronto Area in Nov, with 5,793 houses changing hands. This represented a Sixteen % decline from 6,908 sales in Nov 2011. Meanwhile 3,485 houses modified hands in the 905 Regions, a decrease of more than Thirteen percent from 3,956 sales in November 2011. 

A significant factor that has influenced the dip in sales experienced recently relates to the changes in mortgage lending guidelines that came into effect in July. The changes reduced the maximum amortizing duration from Thirty years to 25 years and set a purchase price ceiling for administration backed insured mortgages at 1,000,000 dollars. These laws have resulted in some households putting their call to get on hold while they save up additional cash for a down payment and / or experience a rise in their revenue. 

While sales decreased year-over-year in Nov, a modest overall price increase was reported, with the median price of a GTA home reaching $485,328. Adding to this situation in the City of Toronto is the extra up front Land Transfer Tax, which takes money from home buyers that might otherwise be used to counterbalance the extreme costs of home ownership. This represented an increase of 1.6 % compared against a year ago. 

The 905 Region, with an average cost of $463,779, showed a price increase of 4 per cent compared with a half-percent decrease in the City of Toronto average home price, which was $517,866. 

The pace of typical price growth in Nov was slower than what was experienced for a lot of 2012, particularly in the low-rise segment of the market. This was largely down to the fact the mix of single detached houses sold in the City of Toronto this past November modified relative to last year. Specifically, the amount of homes that sold for over one million dollars was down considerably. 

While the mix of home types sold may have changed, market conditions remained tight for low-rise home types. This is obvious when we consider the MLS Home Price Index ( HPI ) for the GTA. When we have a look at price through this lens, we find that the baseline price for major home types was up by 4.6 per cent in the GTA in total and 3.9 per cent for the City of Toronto. Interest rates remain mostly unchanged, with a five year fixed mortgage rate of a little over 3 per cent continuing to be available. 

Stories on the employment front was positive in Nov, as the Toronto seasonally changed jobless rate decreased to 8.2 per cent, from 8.6 percent the month before. 

At this time of year I'm frequently asked whether it is cautious to list one's home for sale over the holidays, and there are in reality numerous benefits to doing that. Too, houses frequently look their absolute best when they're decorated for the holidays, and an expedient emotional reaction to a property often prompts an offer. 

Call me to talk about the many other factors you need to consider before choosing to make your next move.

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TORONTO, December 18 2012 Larger Toronto Area REALTORS reported 2,169

Transactions through the TorontoMLS system in the first 14 days of December 2012. "Stricter mortgage lending laws, including a reduced maximum amortization duration 

And a 1,000,000 dollar purchase price ceiling for government-backed insured Mortgages, seem to have had the effect desired by Finance Minister Jim Flaherty. This number of sales was down by Sixteen per cent compared to the same period In December 2011. Some house purchasers have put their home purchase decision on hold," said Toronto Real Estate Board ( TREB ) President Ann Hannah. "In the Town of Toronto, sales declines have been more pronounced as the results of Stricter mortgage lending laws has been made worse by the City's further upfront Land Transfer Tax," added Hannah. The average selling price in the first fourteen days of December was $471,862, Representing a three percent annual rate of price growth. "Even with the dip in sales since the spring, tight market conditions in the low-rise segment of the market have driven year-over-year average price growth," said Jason 

Mercer, TREB's Senior Manager of Market Analysis. "While the median price for detached houses in the Town of Toronto was down for the First fourteen days of December matched against last year, this dip was due to a different mixture of homes sold this year compared with last. There were less top of the range detached houses Sold compared against last year," continued Mercer.

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New mortgage rules have affected home sales

December 14, 2012 -- A fair number of resale home transactions took place across the Greater Toronto Area in November, with 5,793 houses changing hands. This represented a Sixteen % decline from 6,908 sales in Nov 2011. 

In Toronto 2,308 transactions took place last month compared to 2,952 sales a year ago - a decrease of nearly Twenty-eight %. Meanwhile 3,485 houses changed hands in the 905 Regions, a lessening of more than 13 % from 3,956 sales in November 2011. 

A key factor which has influenced the dip in sales experienced recently is related to the changes in mortgage lending rules that came into effect in July. The changes reduced the maximum amortization period from Thirty years to 25 years and set a purchase price ceiling for government backed insured mortgages at 1,000,000 greenbacks. These regulations have led to some households putting their decision to buy on hold while they save up extra cash for a down-payment and / or experience an increase in their income. Adding to this situation in the City of Toronto is the extra up-front Land Transfer Tax, which takes money from house purchasers that would otherwise be used to negate the extreme costs of home possession. This represented an increase of 1.6 per cent compared against a year gone. 

While sales decreased year-over-year in November, a modest overall price increase was reported, with the median price of a GTA home reaching $485,328. 

The 905 Region, with an average cost of $463,779, showed a price increase of 4 per cent compared to a half-percent dip in the City of Toronto average home price, which was $517,866. 

The speed of typical price expansion in November was slower than what was experienced for much of 2012, especially in the low-rise segment of the market. This was largely thanks to the fact that the mixture of single detached homes sold in the City of Toronto this past Nov modified relative to last year. Specifically, the amount of houses that sold for over 1,000,000 greenbacks was down considerably. 

While the mixture of home types sold could have changed, market conditions remained tight for low-rise home types. The MLS HPI tracks the price change for benchmark homes to explain : a home with the same features over a period. This is evident when we consider the MLS Home Price Index ( HPI ) for the GTA. When we have a look at price through this lens, we find that the benchmark price for major home types was up by 4.6 percent in the GTA in total and 3.9 percent for the Town of Toronto. 

Reports on the work front was positive in Nov, as the Toronto seasonally adjusted unemployment rate reduced to 8.2 percent, from 8.6 % the month before. Rates remain largely unvaried, with a five year fixed mortgage rate of just over 3 % continuing to be available. 

At this time of the year I'm regularly asked if it is cautious to list one's home for sale over the vacations, and there are actually multiple benefits to doing that. Consider that those viewing houses at this time of year are more likely to be heavy buyers. As well, homes frequently look their absolute finest when they are decorated for the vacations, and a good emotional reaction to a property often prompts an offer. 

I encourage you to chat to a Larger Toronto REALTOR about the many other considerations you must consider before choosing to make your next move and meanwhile, be certain to go to visit www.TorontoRealEstateBoard.com for all of the latest updates on the market.

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HOUSING STARTS IN TORONTO NOVEMBER 2012

Toronto, December 10, 2012 - Housing starts in Toronto Census Metropolitan Area were trending at 46,700 units in November, according to Canada Mortgage and Housing Corporation. The trend is a six month moving average of the monthly seasonally adjusted annual rates ( SAAR ) of housing starts. 

"New home construction has moderated during the last few months replying to slower demand and the number of apartments already under assembly. 

CMHC uses the trend measure as a complement to the monthly SAAR of housing begins to account for substantial swings in monthly guesses and obtain a more complete picture of the state of the 

home market. Housing starts in Toronto are expected to continue trending lower through the initial half of next year," claimed Shaun Hildebrand, CMHC's Senior Market Analyst for Toronto. The multiples segment includes flats, rows and semi-detached homes. Sometimes, analysing only SAAR data can be deceiving in some markets, as they're largely driven by the multiples wedge of the markets which can sometimes be quite variable from one 

Month to the next. Singles were lower than in November of last year while multiples were higher. Year to-date total starts have reached 43,838 precise units, which is ahead of the pace set last year due to Stronger multiple starts. 

As Canada's nationwide housing agency, CMHC draws on more than 65 years of expertise to help 

Canadians access a selection of quality, environmentally supportable and reasonable housing solutions. 

CMHC also provides reliable, impartial and recent housing market reports, research and 

information to support and help consumers and the housing industry in making enlightened choices.

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REALTORS are calling on the City of Mississauga to postpone its current consideration of a municipal land transfer tax

TORONTO, December 4, 2012 Given new polling results that show powerful opposition, especially among Mississauga and other "905" area residents, to city land transfer taxes, REALTORS are calling on the City of Mississauga to postpone its current consideration of a municipal land transfer tax. This type of tax creates more problems than it clears up." declared Ann Hannah, President of the Toronto Real Estate Board, which represents 35,000 REALTORS across the Greater Toronto Area, including more than 5,000 in Mississauga.

"This poll shows the public understands that land transfer taxes are the wrong way for municipalities to clear up their money challenges. 

The poll was conducted by Ipsos Reid in Nov 2012 and found : 

77 percent of Mississauga residents, and 83 percent of all 905 residents mixed, are against the imposition of a civic land transfer, in their municipality, to offset city deficits or to put towards increased spending on structure and other city programs ; 

89 % of all 905 region residents planning to purchase a home in the next 2 years are more likely to get outside Toronto in particular to get around paying the Toronto Land Transfer Tax. 

Seventy percent of Toronto residents planning to purchase a home in the following two years are much more likely to purchase outside Toronto particularly to not pay the Toronto Land Transfer Tax. 

If levied at the same rate as the Province and the Town of Toronto, a Mississauga Land Transfer Tax would cost the purchaser of a mean Mississauga detached home about $10,000, due up-front. It is very unfair to expect folk like down-sizing seniors, or young growing families who want more space, to pay so much more than their fair share.

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Mississauga's Lisgar Neighbourhood

 Located in the northwestern part of Mississauga, Lisgar borders the Halton Region. 

Once a blooming forerunner hamlet, Lisgar is now a Mississauga locale full of suburban development. If you are looking for a demographically mixed and prominently located neighbourhood to call "home", we inspire you to think about all that Lisgar has to offer. 

Historical Lisgar 

In 1819 families settled along the Meadowvale Sideroad, which is now marked by the Derry Road and Winston Churchill Boulevard intersection. Lisgar began to develop into a community with the inception of a small log schoolhouse in 1823 which also served as the city meeting place and church. As the community continued to grow, a bigger church was established on a portion of John Switzer's land. The community also included an inn found on the southeast side of Derry Road and Winston Churchill Boulevard, named "The Black Horse Tavern". The significant charm that dots the latter-day Lisgar locale is confined to two historic graveyards the Switzer's ( Eden ) Cemetery and the KIndree Family Cemetery and the newer built church. 

Lisgar Today 

The Lisgar locale is bordered by Highway 401 in the north, Tenth line in the east, Britannia Road in the south and Highway 407 in the west. A suburban family locale, Lisgar provides quick access to faculties, shopping, and nature. Trelawny Public School, Lisgar Middle Public School, Meadowvale Secondary College, and Our Lady of Mt. Carmel Secondary School are expediently found inside walking distance. The Lisgar GO Station and Mississauga Transit provide superb access to public transport, while the spitting distance to the 401 and 407 are good for commuters. As a really family-oriented area, there's a sufficiency of green space like the Lisgar Meadow Brook Trail and the Tobias Mason Park. 

Living in Lisgar 

There are a range of types homes for sale in Mississauga. Lisgar is categorized as a basically middle to upper class community consisting of house owners with a tiny percent of renters. Homes in Mississauga, specifically in Lisgar, were built between 1985 and 2k and range all the way from $300,000 to $700,000. 

Currently, numerous detached and semi-detached houses are for sale in this Mississauga area. Take a drive down Lisgar Drive, Yarrow Avenue, Osprey Boulevard, Forest Bluff Crescent, Gracefield Drive, Mockingbird Lane, Snow Goose Lane, and Trelawny Circle for a glance at the detached home offerings. Bansbridge Crescent has semi-detached homes on offer, which are ideal for smaller families while Dillingwood Drive has a mixture of both detached and semi-detached properties. 

To get more info on available listings in Lisgar or other Mississauga neighbourhoods, contact Tom now. 416-992-5010.

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Greater Toronto Area REALTORS Monthly Resale Housing Figures

TORONTO, December 5, 2012 -- Greater Toronto Area REALTORS reported 5,793 sales in Nov 2012 down by 16 percent compared to Nov 2011. 

"Transactions have been down on a year-over-year basis since June, after being up substantially in the last half 2011 and the initial half of 2012. Some consumers pulled forward their choice to purchase that has impacted sales levels in the second 1/2 2012," announced Toronto Real-estate Board ( TREB ) President Ann Hannah. 

"Stricter mortgage lending suggestions, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have inspired some customers to head to the sidelines. This situation has been increased in the Town of Toronto as the extra up-front Land Transfer Tax takes money away from buyers that otherwise might be used for a bigger down payment," continued Ms. Hannah. 

The average selling price was up by 1.6 % annually to $485,328. The MLS Home Price Index ( MLS HPI ) Composite Benchmark was up by 4.6 per cent matched against last year. 

"The moderate yearly rate of price growth compared to previous months was principally because of a different mix in detached home sales this year matched against last, especially in the City of Toronto. The share of detached homes that sold for over one-million dollars was down significantly, which influenced the final average price," enunciated Jason Mercer, TREB's Senior Manager of Market Analysis. 

"The MLS HPI detached benchmark price, which tracks the price for a home with the same features over time, was up by about 6 % in Toronto, suggesting that market conditions for low-rise homes remain quite tight in spite of a changing mix of sales," added Mercer.

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The Bank of Canada kept its key policy rate at One per cent

The Bank of Canada kept its key policy rate at One per cent on December 4th 2012. It has been unchanged at this level for over two years, marking the longest period way back to the early 1950s that rates have been left untouched. This includes the bottom line that the Bank would still like its next move to be a rate hike, saying some modest withdrawal of current impulse will "likely" be required "over time", but that the "timing and degree of any such withdrawal will be weighed carefully against global and domestic developments, including the evolution of disparities in the household sector." . And while Europe remains in recession, Chinese growth appears to be stabilizing, lessening fears of a hard landing. 

The Bank declared that while the business growth in the united states was still progressing at a steady pace, it was being held back by uncertainty related to the result of fiscal cliff negotiations. Having said that, the world economy remains vulnerable to a major shock from the U.S. Or Europe. 

Third quarter industrial expansion in Canada was weak, though the Bank attributed this to "transitory interruptions in the energy sector," announcing it still expects expansion to pick up going forward. 

Spurred on by the continuance of near-record low interest rates, consumption and business investment still are anticipated to be the number one drivers of commercial growth in Canada next year. The Bank noted that housing activity has declined and that growth in household credit has slowed, but cautioned it was too early to determine if this trend would be sustained. 

Regarding customer price inflation, the Bank stated that it has evolved broadly in accordance with their outlook, with both total and core inflation anticipated to rise and return to the Two per cent target in the subsequent year. 

The final analysis is that commercial expansion is anticipated to stay modest but positive, consistent with low inflation and low interest rates. The Bank of Canada has regularly said it would like to raise rates, although the existing economic outlook advises such an action won't be warranted till late next year at the earliest, and that outlook could be revised by the time the Bank makes it next statement on Jan 23rd, 2013, by which time the result of the U.S. Financial cliff will be known. 

As of December 4th, 2012 the advertised five-year lending rate stood at 5.24 percent. It has been unvaried at this level since the beginning of June.

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The Bank of Canada

The Bank of Canada is once more keeping its key policy rate unvaried, though continuing to signal that rates will move higher at some point. The Bank's statement noted that in Canada "although underlying momentum appears slightly softer than previously expected, the pace of economic expansion is expected to pick up in 2013," and that "it is too early to ascertain whether the moderation in housing activity and credit growth will be sustained." . 

The prime rate for most lenders should stay at Three percent, exactly where it's been for more than 2 years. 

The Bank's next rate call is scheduled for Jan Twenty-three. 

As for fixed rates, we carry on enjoying traditionally low rates for those wishing to purchase or refinance.

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