Some Interesting Real Estate InfoBits

Check out this inspiational short video:

Check out this report by Re/Max , 2011 Housing Market Outlook

Did you know…..

 * The changes to amortization rates and refinancing rules will come into force on March 18,2011. The change on the withdrawal of government insurance backing on home equity lines of credit will take effect on April 18. Your mortgage must be arranged and signed by March 17 to use a 35 year amortization even if you already have a mortgage preapproval in place. Are you ready to speak with one of our Mortgage Specialists?

* A high-tech fireplace insert can reduce your home heating bill by as much as 40%.

 * 5 reasons why a home is a good investment in the GTA:

 1. Stable jobless rate at 8% and not forecast to go much higher.

2. Fewer mortgage defaults; less than 1% of all Canadian homes face mortgage default while this number is more than 20% in the USA.

 3. Less land for development driving up the price for a new home.

 4. Record immigration will continue to fuel the demand for homes.

 5. Interest rates at historic lows at least to mid 2011 and possibly to the end of the year.

 * Check out this chart showing the average % change in sales prices in the GTA since 1996 TREB-Average-Sale-Prices-Since-1996 
Note from 1996-2001 posted interest rtates averaged 7.6%. From 2002 to 2008 the average posted rate was 6.6%.

* 2010 condos sales represent a 20% gain over 2009.

* There are 286 active condo projects in the GTA.

 * Average new condo pricing in 2010: GTA=$530, Toronto=$643, Downtown=$723

* Average resale condo pricing in 2010: GTA=$374, Toronto=$487, Downtown=$518

* Our Market Experience Tours of homes and condos are a terrific way to gain market knowledge. Sellers fear educated Buyers. Have you seen the interiors of the houses or condos in your preferred purchase area? It is important that you do .

 * You can now learn about the home buying process from the comfort of your own home? Check out our new home buyer workshop video series.

 * Understanding each step of the mortgage process is key to ensuring the biggest investment of your life is the right one for you. Be prepared and get the facts . Know your credit score, learn key mortgage terminology, save for your down payment, know your personal budget and talk to a mortgage professional.

Are you ready for your Buyer Planning Session ?

Please contact me direct at 416-520-6746 or David@TorontoRealEstate.ca

Third Best Year for Existing Home Sales

Do you want to see something truly incredible?

 Our next Home Buyer Seminar is February 8. Register here

 December-2010-TREB-MarketWatch

Greater Toronto Realtors reported 4,395 sales through MLS in December,2010. This represented a 21% decrease compared to the 5,541sales recorded in November 2010.  Sales for the year amounted to 86,170- down 1% compared to  2009, the third best year for existing home sales behind 2007 and 2009.

 

” Market conditions were anything but uniform in 2010. We went from supercharged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said Toronto Real Estate Board President Bill Johnston.

 ” New Federal Government -mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying int he summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnson.

 The average home selling price for December transactions was $433,946- up 5% compared to the average of $411,931 reported in December 2009. The average selling price for 2010 was $431,463 compared to $395,460 in 2009-up 9%.

 ” At the outset of 2010 , we were experiencing annual rates of price growth at or near 20%. this was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession in the beginning of 2009,” said Jason Mercer TREB’s Senior Manager of Market Analysis.

 ” Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation,” continued Mercer. ” Expect the average selling price to grow at or below 5% in 2011. With this type of growth, mortgage carrying costs for the average priced home int he GTA will remain affordable for a household earning an average income.”

 Condominium apartments accounted for 28.9%% of total sales in the the GTA while detached homes accounted for 44.8% of the total sales.

 Other notable statistics include the average days on the market for December at 37 days compared to 27 days the same time last year. The sales-to-listings ratio for December was 39% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  Active listings were up by 9% from the same time last year.

 Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my clients prior to submitting an offer to determine the property’s market value range.

 Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

Remember the new mortgage qualification rules kick in on March 17. Your dream home may be out of reach once they do.

You have 6 weeks to maximize the purchase price of your dream home.

Lets meet for a NO OBLIGATION Buyer Planning Session.  FREE Knowledge is power in your planning  Click Here

Please contact me at 416-520-6746 or email me, David@TorontoRealEstate.ca