Some Interesting Real Estate InfoBits

 

I just finished reading Jack Canfield’s The Success Principles. A Terrific book!.

My July/August Newsletter is hot off of the press!!  Here it is.

Did you know…..

* According to George Carras of Realnet Canada Inc. over the next 20 to 25 years the GTA will need to create between 900,000 and 1m new housing units, 40,000 units per year to keep pace with population growth. Demand will be fulfilled by highrise development as  provincial policy calls for growth to take place though intensification.

* As published by Mercer’s global cost -of-living survey Toronto has pushed Vancouver out of the way to take top spot as Canada’s most expensive City. Toronto is 59th worldwide and Vancouver is 65th. The most expensive city worldwide is Luanda, Angola.

* RealtyTrac, a provider of real estate data , reported that the number of foreclosures (872,000) in the USA owned by banks/lenders is nearly twice the amount as when the financial crisis started a few years ago. That number is expected to surpass 1,000,000 over the next few years. It will take at least 3 years for lenders to sell off properties already in their possession.

* A first time home buyer can use up to $25,000 of their RRSP fund to purchase a home.

* The minimum down payment required to purchase a home that will be used as a principle residence is 5%. If you are purchasing an investment property the minimum down payment is 20%.  

* Using the full amount of financing the bank preapproves you for can be financial suicide. The bank will preapprove you based on gross income. You live day to day based on your net income. A personal budget is a MUST as part of your home buying plan.

* There is no cost for a Buyer under a Buyer Representation Agreement to use a Realtor to represent their best interests to purchase a home. The Seller pays the commission which is typically 5%. Remember, the listing agent is representing the Seller’s best interests not the Buyer’s.

* It is crucial to have a plan in place before you can begin the buying process. Every goal requires a plan. Your Realtor should help you put together a systematic plan which will ultimately save you time , effort and money. Are you ready for your Buyer Planning Session ?

* Our Market Experience Tours of homes and condos  are a terrific way to gain market knowledge. Sellers fear educated Buyers.

 Contact me directly at 416-520-6746 or David@TorontoRealEstate.ca

Sales and Price Increase in May

Check out this video. These kids can really play the guitar!!

Our next Home Buyer Seminar is July 7. Register here.

TREBMarketWatch-May-2011 
Greater Toronto Realtors reported 10,046 sales through the MLS in  May, 2011 . The number of transactions  represented a 6% increase compared to May,2010.  The result was the second best on record for May .

” Positive economic news and low borrowing costs led to strong sales through the first five months of the year,” said Toronto Real Estate Board President Bill Johnston

” At the same time , the market has become much tighter compared to last year, due to a substantial dip in new listings”.

The average home selling price for May transactions was $485,520- up 9.0% compared to the average of $446,593 reported in May, 2010. The average home selling price year-to-date is $465,043-up 7.7% compared to the average reported the same time last year. Year-to-date sales are down 11% compared with the same period last year.

 “We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained Jason Mercer TREB’s Senior Manager of Market Analysis. “

” The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year, continued Mercer.

Condominium apartments accounted for 22.0% of total sales in the the GTA while detached homes accounted for 49.7% of the total sales.

Other notable statistics include the average days on the market for May at 23 days compared to 22 days the same time last year. Active listings were 18,481 in May 2011-down 15% from the May,2010. The sales-to-listings ratio for May was 54.4% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  

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.

                                        Here are the preferred mortgage rates from one of my Mortgage Specialists as of June 17, 2011:

TERM

POSTED

OUR RATES

6 Month

4.45%

4.45%

1 Year

3.70%

2.75%

2 Year

4.05%

3.30%

3 Year

4.55%

3.40%

4 Year

5.19%

3.38%

5 Year

5.69%

3.56%

7 Year

6.49%

4.79%

10 Year

6.85%

4.99%

Variable Rate

2.20%

Prime Rate

3.00%

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

* Join me in a 2- hour tour of homes,  or a 2-hour tour of condos  . Each tour is specifically set up based on your search criteria.

The House or Condo Tour is a great way to figure out which neighbourhoods and home styles are right for you.

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