How Realtors can help you

Maybe you're buying a home for the first time. Or maybe you're selling your old home to move up to something new. Whatever the reason, the buying and selling of a home is a big event. It's an intricate process involving many specialists. One of these specialists is a REALTOR®, whose job it is to make the transfer of property as easy as possible.

But not all licensed or registered Brokers or salespeople are REALTORS®. The term REALTOR® is a trademark identifying real estate licensees in Canada who are members of The Canadian Real Estate Association (CREA). REALTORS® adhere to a strict Code of Ethics and Standards of Business Practice. The code of ethics is a firm set of rules, describing what kind of performance you have a right to expect from a REALTOR®. It's your guarantee of professional conduct and the best in service.

If you want to find out how a REALTOR® can help you go to this very informative and interactive web page created by The Canadian Real Estate Association.

www.howrealtorshelp.ca

That's why many buyers and sellers turn to a REALTOR®. As a member of their local real estate Board, REALTORS® have their finger on the pulse of the housing market and are in daily contact with buyers potentially interested in your home.

You can trust a REALTOR® to protect your interests and to look after details. And all the while, you're an active partner in the process, working with a REALTOR® every step of the way. So the more you know about buying and selling homes, the better your working relationship with a REALTOR®.

A REALTOR®’s commitment to high standards of professional conduct works to the advantage of buyers and sellers alike.

A REALTOR® is knowledgeable about developments and trends in real estate. A REALTOR® will get you the facts: comparable prices, neighborhood trends, housing market conditions and more.

A REALTOR® is committed to ongoing education to increase competence and effectiveness in real estate trading.

Every REALTOR® has been trained and tested. And REALTORS® are bound by a strict Code of Ethics and Standards of Business Practice that ensure fairness to all parties in a transaction.

A REALTOR®'s pledge is to be honest in disclosing property information and forthright in providing the facts needed to help you make one of the most important decisions of your life.

And remember, only a REALTOR®, a member of The Canadian Real Estate Association, has access to the Multiple Listing Service®, Canada's most powerful real estate marketing system.

Reality kicks in!

I just thought with all the economic crisis talk that's going on I'll give you all a market update out of my perspective. I think it is very important that my clients, friends, family are aware of what is going in the real estate world.

The market is very quite right now.

One reason of course is the seasonal slow down that occurs every year around this time, sometimes it's a week or two earlier, sometimes later. It also depends on when the first real snow hits and that has been quite early this year.

The second reason that puts the market on an even slower pace is the world financial/economical situation.

Some interesting facts from our area (Northern GTA, Newmarket, etc.)

• only 18% of homes listed were sold in October
• sales are down by 38%
• in the big T.O. even down up to 0ver 40%
• house prices have declined by average 5%
• houses are taking up much longer to sell, average was around 30 days now we are approaching the 50 days mark
• check out more detailed market facts about the GTA
  

Hey, this may not encourage you if you are an active seller in the housing market but at least it tells you that you are not alone!

Here a bit about the typical seller and buyer in nowadays market:
A lot of sellers are in the same situation. They are a bit in shock that the market turned on them. Many do not understand why suddenly homes do not sell in 30 days for top Dollar anymore. Most of them, understandable, are not willing to reduce their prices to the point it would become interesting for buyers. Sellers think that their home is worth more. Well, that is only true if somebody is willing to pay that money. A home is worth as much as an informed buyer is willing to pay under current market conditions. Unfortunately right now buyers are not willing to pay top Dollar. The opposite is the case. A lot of buyer who would like to purchase a home are sitting on the fence. It's also understandable why. They are thinking home prices are declining further and I might get a better deal down the road. They also have the choice of a lot more homes out there. Inventory levels are high and buyers are not in the same situation like a year ago where they had to take action and make an offer on a home before it was sold to somebody. Also multiple offer situations have become very rare. Buyer can take their time now and do not need to compete. Buyers now try to lowball offers because they have nothing to loose. They think that they might get a better deal anyways in a couple of months .... and who knows, perhaps they are right? Sellers right now are fighting to accept the fact that the market is not necessarily acting in their favour anymore like the last 7 years. I totally understand that as nobody wants to loose money out of their pockets but the market can’t go in one direction forever. It’s a natural cycle. We can still be happy that we are in such a strong market here in CANADA. You all have probably heard enough about the horror in the US. In the US it has hit a lot of sellers/homeownwers very hard. Homes lost from 10% to 50% of their value, depending on location of course (not everywhere in the states). Banks are foreclosing on properties like crazy and Realtors are dropping out of business like dead flies. I assume that the slow market continues right into the second quarter of 09 and prices will keep declining slightly until the third/fourth quarter of 2009. I honestly do not expect an upwards trend until the end of next year. All market indicators are pointing that way. Also economists and analysts are predicting somewhat the same ... but who are they, right?

If somebody could really forecast the market that would be magic!

So thinking about the challenges that the US housing industry is facing we don’t have it as bad ... but reality kicks in these days just looking at the market figures. We have to accept that we are not invulnerable and that the ripple effects of the US credit crunch and the US housing market collapse has finally reached even "The True North Strong And Free!"

So let's deal with it, have a positive attitude and do the best we can do individually to get into more positive economic terrain again in the future.

TD scales back house-price decline

Canadian housing prices have not fallen nearly as steeply as conventional measures indicate, Toronto-Dominion Bank said Thursday.

According to a new TD Home Price Index, which the bank unveiled Thursday, average major market home prices in October were down just 4.6 per cent from a year earlier, rather than the 10.9 per cent cited in a news release Nov. 14 by the Canadian Real Estate Association (CREA). The difference stems from the fact that while CREA has traditionally weighted its average price figure based on relative sales volumes, TD is weighting it based on the outstanding stock of homes in a given region. The bank acknowledged, however, that CREA recently began using a "more accurate stock-weighted method."

In fact, in its Nov. 14 news release, the association also said that using a stock-based calculation, the weighted national average price "eased by 5 per cent" in October, year-over-year. However, this number appears to have received little media attention.

Bob Linney, a spokesman for the Ottawa-based association, said CREA chief economist Gregory Klump developed the methodology and has been using it for two months.

The difficulty with the more traditional sales-weighted approach is that it measures the average price for existing-house transactions in a given month and market, regardless of unit type, quality or size, TD said in a report to clients Thursday.

"In normal times, these regional sales-weighted price measures are reliable," TD economists Pascal Gauthier and Grant Bishop said in the report. "However, the same cannot be said when markets are at a turning point and sales fluctuate significantly. Such is the case in Canada at the moment."

The economists cited the British Columbia market, where sales were down by 40 per cent as at Oct. 8. "Since average prices in [B.C.] are the highest in the nation, the drop in sales tends to overstate the extent of price declines when applied to a simple national average," they said.

Indexes that are weighted on the basis of the stock of housing in a given region, such as the S&P/Case-Shiller Housing Price Index in the United States offer a "better apples-to-apples comparison over time" because they focus on houses that have sold more than once," the TD economists said.

CREA's Mr. Linney agreed. "It's like seasonally adjusting, it eliminates the highs and the lows," he said in a telephone interview. "We had one month where the average price [in Halifax] almost doubled, but it was because they sold three $1-million houses, which doesn't normally happen."

TD released its report the same day as Bank of Nova Scotia joined a growing crowd of observers in declaring that Canada's longest housing boom since the end of the Second World War has ended.

However, there is little or no danger that Canada will experience the sort of market collapse and tidal wave of foreclosures occurring south of the border, Scotiabank senior economist and real estate specialist Adrienne Warren said in a report.

"This is not a U.S.-style bust caused by overbuilding, speculative buying and imprudent lending, but rather a cyclical slowdown accompanied by a valuation adjustment in several large centres where booming demand conditions and temporary supply constraints led to an overshooting in prices," she said.

The reversal of fortune has been most pronounced in what have been Canada's hottest markets of late, it added - the Western provinces and, in particular, Calgary, Edmonton and Vancouver.

The flip side, however, is that in virtually all regions of the country, "conditions ... are tilting back in favour of buyers for the first time in years," the bank said.

The Scotiabank report comes a week after CREA disclosed that, in October, the national average price of a resale home fell by 10 per cent from a year earlier to $281,133, the fifth consecutive monthly decline and the largest in percentage terms since August, 1982. As well, unit sales were down a full 27 per cent from a year earlier.

Earlier this week, meanwhile, a survey by the Canadian Association of Accredited Mortgage Professionals found that 35 per cent of Canadians now expect housing prices to continue falling, up from 15 per cent last spring.

Scotiabank is, in fact, a little late to the party. Economists at Bank of Montreal, for example, declared as early as last March that Canada's housing boom was dead.

As of August, U.S. housing prices were down 20 per cent from their peak in July 2006, Ms. Warren said in a telephone interview, and given there is so much unsold inventory, "we see further declines of maybe 25 per cent plus."

By contrast, she figures that the correction in national average housing prices in Canada will probably be in the range of 10 per cent to 15 per cent, "well below the ongoing U.S. retrenchment."

As evidence of why the Canadian housing market is not at risk of the same sort of bust occurring in the United States, Ms. Warren cited the fact that Canada's inventory of unsold new and resale homes is still "well contained compared with prior cycles," even though it is moving up.

For another, there is a low risk of widespread foreclosures and, combined with the fact that builders are generally starting to slow the pace of new construction, this means Canada does not have to cope with the "massive inventory glut underlying record-setting U.S. price declines."

Canada's situation compares favourably with that of several other nations, according to the Scotiabank report.

Measured by a valuation model developed by the International Monetary Fund, Canada's housing market is "least overvalued," while Ireland's and Britain's are the most overvalued, the report said, followed by Australia, France and Spain.

"U.S. house prices are estimated to be only moderately overvalued following the recent price declines," it said.

CMHC releases new report on housing in Canada

The 2008 Canadian Housing Observer provides an in-depth picture of housing trends and developments in Canada.

The 2008 Observer, CMHC's flagship publication, reveals 84.6 per cent of urban Canadians were able to access housing that was in good condition, suitable and affordable between 2002 and 2004.

For the majority of the 15.4 per cent of urban Canadians who lived in core housing need, it was temporary. Only 4.6 per cent of urban Canadians lived persistently (all three years) in core housing need.

The Observer also provides analysis of how Canada's housing market developed through 2007, showing it experienced high housing starts, strong sales, double digit price increases and record-level renovation spending.

For more information and facts and figures from the 2008 Observer please visit CMHC's website.



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Government buys an additional $50 billion in insured mortgages

Today, at a news conference in Toronto, Finance Minister Jim Flaherty said the government will buy up to an additional $50 billion in insured mortgages by the end of the fiscal year. That now makes the total amount of money available under the program to $75 billion.

The goal of the program is to encourage lending by taking mortgages off banks' books in exchange for cash.

"At a time of considerable uncertainty in global financial markets, this action will provide Canada's financial institutions with significant and stable access to longer-term funding," Flaherty said. He added that the program "will make consumer and mortgage loans more affordable and more available," and help companies invest in new technologies.

Flaherty stressed that the program involves the purchase of "high-quality assets already guaranteed by the Government of Canada," and said the initiative "will earn a modest rate of return for the government, with no additional risk to the taxpayer.

"It is an efficient, cost-effective and safe way to support lending in Canada at a time of extraordinary strain in global credit markets," he said.

Click here to read more of this article originally printed in The Toronto Star.

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Changes to Canadian Mortgages

In an effort to protect and strengthen the Canadian housing market the Department of Finance has made adjustments to the rules pertaining to guaranteed mortgages.

As a result, the Canadian Mortgage and Housing Corporation (CMHC) will no longer be accepting mortgage insurance applications for 40-year amortizations or 100 per cent loan-to-value mortgages on or after October 15, 2008. Those mortgages with a 40-year amortization and the 100 per cent loan-to-value mortgages already insured by CMHC are not affected. CMHC mortgage insurance coverage on these mortgages is good for the entire life of the mortgage.

However, CMHC will continue to offer mortgage loan insurance for amortizations of up to 35 years and up to 95 per cent of the value of the property, and will continue to offer a wide range of innovative products that meet the needs of borrowers.

CMHC will also continue to offer CMHC Flex Down, which offers homebuyers the flexibility of purchasing a home using a wider range of sources for their down payment — including borrowed funds and lender cash-back incentives.

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10 reasons why you shouldn't worry about the Canadian real estate market

There's been a lot of talk about real estate in the news in recent months. We've heard about falling existing home sales, price depreciation and of course subprime fallout and foreclosures in the United States. Luckily, we live in Canada! Canadian real estate markets are far better positioned than our American counterparts for several reasons.

1. Subprime mortgages represent less than five per cent of our market nationally.
2. Foreclosures occur in about one quarter of one per cent of mortgage transactions in this country.
   
3. Canadians have more equity in their homes.
   
4. We have less debt than our neighbours south of the border.
   
5. Speculation has played little or no role in existing home sales in Ontario.
   
6. The fundamentals of our economy are relatively solid. Of the G8 countries, only Canada is expected to show growth in 2008 and 2009.
   
7. The Canadian banking system is one of the best in the world, relying more on old-fashioned lending than innovative financial products geared toward profit.
8. The Canadian job market is stronger than the U.S., adding more than 200,000 jobs so far this year.
   
9. Interest rates remain favourable.
   
10. Housing values in Ontario major centres didn't experience serious, double-digit price appreciation year-after-year for an extended period. Our markets were characterized by stable, healthy growth.
    

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Energy efficient renovations produce some the best ROI

As a Realtor, I'm often asked to suggest improvements that will make my clients' homes more attractive and that will provide the biggest return on investment. While kitchen and bathroom upgrades still offer some of the best ROI, energy efficiency upgrades are now high on the list of top paybacks, according to the 2008 Appraisal Institute of Canada (AIC) RENOVA survey.

High efficiency windows were cited most frequently as having an average recovery rate of 61 per cent. High efficiency windows received the highest level of agreement amond respondents as the energy-saving home improvement that would have a significant impact on the appraised value of a home. The type of heating system, heating system efficiency and insulation were also considered to make a significant difference.

A calculator offered on the AIC's website helps home renovators get a better idea of the ROI they can expect for a variety of home improvement projects.



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Toronto Real Estate Board Housing Prices Summary- Newmarket September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for Newmarket:

Sales: 103
$Volume: $34,884,700
Average Home Price: $338,686
Average Days on Market: 45
Average List %: 98

Click the links below to see a brief September 2008 summary for:

Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Aurora


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Toronto Real Estate Board Housing Prices Summary- King September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for King:

Sales:15
$Volume: $10,596,000
Average Home Price: $706,400
Average Days on Market: 60
Average List %: 96

Click the links below to see a brief September 2008 for:

Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
Aurora
Newmarket

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Toronto Real Estate Board Housing Prices Summary- Keswick/Georgina September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for Keswick/Georgina:

Sales: 73
$Volume: $20,070,800
Average Home Price: $274,942
Average Days on Market: 49
Average List %: 96

Click the links below to see a brief September 2008 summary for:

Bradford
Innisfil
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- Innisfil September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for Innisfil:

Sales: 22
$Volume: $5,661,000
Average Home Price: $257,318
Average Days on Market: 59
Average List %: 96

Click the links below to see a brief September 2008 summary for:

Bradford
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- East Gwillimbury September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for East Gwillimbury:

Sales: 20
$Volume: $7,220,800
Average Home Price: $361,040
Average Days on Market: 59
Average List %: 96

Click the links below to see a brief September 2008 summary for:

Bradford
Innisfil
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- Bradford September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for Bradford:

Sales: 32
$Volume: $9,725,805
Average Home Price: $303,931
Average Days on Market: 49
Average List %: 97

Click the links below to see a brief September 2008 for:
Innisfil
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- Aurora September 2008

The September market shows signs of a more balanced market. A total of 6,424 sales took place in September 2008.

Sales of single family dwellings in September, were down about six per cent from the 6,866 sales recorded during September of last year, said Toronto Real Estate Board President Maureen O'Neill. However, the 6,424 sales reported for September 2008 is down just three per cent from the 6,622 figure recorded in September 2006. To keep in perspective, September 2007's 6,866 sales was the second best figure ever recorded for that month.

So how many of those sales took place in the Northern districts? A total of 1,220 sales were reported in 23 Northern districts; and averaged a selling price of $407,424.

Here's a look at the September 2008 statistics for Aurora:

Sales: 57
$Volume: $23,618,900
Average Home Price: $414,367
Average Days on Market: 42
Average List %: 97

Click the links below to see a brief September 2008 summary for:
Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Newmarket

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New Listing: Great, Detached Family Home in Newmarket

Great Opportunity to own a detached, 4 bedroom, 3 bathroom home centrally located in Newmarket, ON.


Main Floor features:

• Updated windows, furnace, roof and driveway.
  
• Eat-in-Kitchen with walkout to large deck overlooking yard and greenbelt. No neighbours are in the back which provides a tremendous view and relaxing environment.
• Laminate flooring in Living, Dining and Family Rooms.
  
• Fireplace in Family Room.
  
• Laundry and powder room located on main floor.
  
• New berber carpet on stairs and throughout entire upper level of the home.
  
• Master bedroom with Walk-in Closet and 3 piece Ensuite.
  
• Linen Closet and bathroom on upper level.
  
• Spacious basement with above ground windows.
  
• Fenced backyard.
  
• Double Door Garage.

For more details call FREE recorded message: 1-877-960-6026, ext 250 or click here.



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Luxury home sales remain steady across the country

Luxury home sales have outperformed virtually all other residential price points this year, but activity in the top-end is expected to taper in most major Canadian centres in coming months, according to a recent report released by RE/MAX.

The RE/MAX Upper-End Report, which highlights trends and developments in 15 housing markets across the country for the first seven months of 2008 found Vancouver, Victoria, Regina, Saskatoon, Winnipeg, London, Kitchener-Waterloo, Ottawa, Halifax-Dartmouth, and St.John's all experienced an upswing in sales activity, while declines were noted in Kelowna, Calgary, Edmonton, Hamilton-Burlington and Toronto. Also significant is in all but two markets, percentage increases in sales were greatest in the upper-end when compared to the overall residential marketplace in 2008.

"Given the transition occuring in most residential real estate markets, upper-end sales remain exceptionally strong," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation, and job transfers all factors contributing to stability in this segment. Click here to read the full report.



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New survey finds that investing in home renovations is key to competitive market

A new survey by RE/MAX Ontario-Atlantic Canada found that a significant number of Ontario homeowners are investing in renovations before listing their homes for sale.

The RE/MAX Survey of Home Buying and Selling Trends in Ontario found that 79 per cent of sellers said they made improvements to their homes two years prior to listing. The survey found that home sellers are spending on average, $21,000 in renovations; the most popular of which are updated kitchen cabinetry,

• hardwood flooring,
• new windows,
• an open concept; and
• a finished basement.

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Balanced market conditions in the GTA

House sales in the Greater Toronto Area decreased during the first half of September, according to the Toronto Real Estate Board. They're down 16 per cent compared to the same period in 2007. While in the 905 region, sales are down 11 per cent.

However, there's no need for anyone to panic about the market. With all of the media reports about the housing crises in the U.S. many Canadians are worried about the real estate market here at home. The reality is that homes are simply taking a little bit longer to sell, but they're still selling! While, it may not be a buyer's market just yet, it's fair to say that the field has leveled.

Home buyers have more options available to them when searching for a home, whereas a year or two ago most home buyers had to buy a house that came on the market immediately because of bidding wars and the potential to lose their dream home.

Real estate definitely has cycles, and a balanced market isn't one to be concerned about. If you're considering putting your home on the market I'd be more than happy to sit down with you and discuss your options in today's market.

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The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for Newmarket:

Sales: 660
$Volume: $231,648,883
Average Home Price: $350,983
Average Days on Market: 30
Average List %: 98

Click the links below to see a brief June 2008 summary for:

Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Aurora


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Toronto Real Estate Board Housing Prices Summary- King June 2008

The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for King:

Sales:93
$Volume: $67,190,700
Average Home Price: $722,481
Average Days on Market: 54
Average List %: 96

Click the links below to see a brief June 2008 for:

Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
Aurora
Newmarket

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Toronto Real Estate Board Housing Prices Summary- Keswick/Georgina June 2008

The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for Keswick/Georgina:

Sales: 399
$Volume: $105,910,507
Average Home Price: $265,440
Average Days on Market: 42
Average List %: 97

Click the links below to see a brief June 2008 summary for:

Bradford
Innisfil
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- Innisfil June 2008

The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for Innisfil:

Sales: 192
$Volume: $50,815,538
Average Home Price: $264,664
Average Days on Market: 50
Average List %: 97

Click the links below to see a brief June 2008 summary for:

Bradford
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- East Gwillimbury June 2008

The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for East Gwillimbury:

Sales: 114
$Volume: $48,355,244
Average Home Price: $424,169
Average Days on Market: 39
Average List %: 97

Click the links below to see a brief June 2008 summary for:

Bradford
Innisfil
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- Bradford June 2008

The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for Bradford:

Sales: 207
$Volume: $64,927,290
Average Home Price: $313,658
Average Days on Market: 40
Average List %: 98

Click the links below to see a brief June 2008 for:
Innisfil
East Gwillimbury
Aurora
Newmarket
King

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Toronto Real Estate Board Housing Prices Summary- Aurora June 2008

The June market shows signs of a more balanced market. A total of 8,600 sales took place in June 2008.

“Sales were down 18 per cent from the 2007 total of 10,451, which was the best performance ever for that month,”noted TREB President Maureen O'Neill. “Nevertheless, the 8,600 figure is the fifth best June on record, and indicative of an active, healthy market.”

So how many of those sales took place in the Northern districts? A total of 1,697 sales were reported in 23 Northern districts; and averaged a selling price of $430,498.

Here's a look at the June 2008 statistics for Aurora:

Sales: 422
$Volume: $186,017,132
Average Home Price: $440,799
Average Days on Market: 30
Average List %: 98

Click the links below to see a brief June 2008 summary for:
Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Newmarket

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Tarion to create new ombudsman position to handle customer complaints

Tarion, the province's new home warranty program, is creating a new post to deal with customer complaints: Home Buyer Ombuds- person.

"We certainly came to the conclusion that Tarion has to be more open to consumers and has to have someone for them to reach out to," said Tarion's president and CEO Howard Bogach.

Tarion is an independent corporation that administers Ontario's New Home Warranty Plan, which offers protection to new homebuyers who pay a fee.

Bogach, who was appointed by the Tarion board earlier this year, has made it clear he was hired to make the program more open and accountable to warranty holders.

In an interview with the Toronto Star just after his appointment, Bogach said he was considering bringing in an ombudsperson to broker homeowner complaints.

"It is an opportunity for consumers to have a second avenue of assistance," Bogach said in an interview this week.

The ombudsperson will not only mediate homeowner's complaints, but will be asked to suggest any changes in policy or practice that may be needed, Bogach said.

News of the job posting comes just weeks after a stinging 16-page report from provincial Ombudsperson André Marin.

In an interview with The Canadian Press, Marin said the public sees Tarion as a "puppet" of the home building industry and that it is a "chronic underperformer.

...When Marin issued his report last month, the Ministry of Government and Consumer Services and Minister Ted McMeekin were responsible for Tarion. Oversight for Tarion has now been shifted to the Ministry of Consumer and Business Services under Minister Jim Watson.

In his report, Marin said consumers are confused about just how Tarion and the province interact and called on the ministry to "clarify" its role in Tarion's affairs.

"I have concluded that the ministry's failure to clearly set out the nature of its role with respect to new home ownership needs to be remedied immediately," Marin said in his report.

There were 52,332 new homes enrolled in the warranty program in 2007, with some $9 million paid out under the plan. As of last year, a total of 465,116 homes were under warranty.

With files from The Canadian Press

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PMI Canada calls for review of CMHC

PMI Mortgage Insurance Company Canada (PMI Canada) says it would like to see the government examine how competition could be increased in the Canadian mortgage insurance market and consider how Canada Mortgage and Housing Corp.’s mortgage insurance business could be restructured “to best ensure an active and competitive mortgage insurance market”.

The company says it commends the Competition Policy Panel for its recent recommendations for instituting regulatory reforms, increased transparency, and reduction of overlap and duplication in the regulatory arena.

“PMI Canada has advocated for a consistent and transparent system of regulatory review,” says Janet Martin, CEO, PMI Canada, in a news release. “We are encouraged by the panel’s recommendations that a more broad system of regulatory reform be undertaken with the goal of maintaining and increasing competition within the marketplace.”

In January, PMI Canada submitted its recommendations to the panel that called for separating CMHC’s various businesses, including mortgage insurance, into separate entities, privatizing CMHC’s mortgage insurance business, and recommending a public mandate review of CMHC.

“Implementation of the proposed recommendations would help to increase long overdue mortgage insurance competition, resulting in more choice for Canadians looking to achieve the dream of home ownership,” says Martin.

"Establishing a level playing field in Canada will benefit not only potential home buyers but lenders as well, the company says. “Fostering increased mortgage insurance competition will allow PMI Canada to bring innovative risk solutions to lenders that will assist them with their business strategies, particularly when it comes to market expansion and risk mitigation,” says the company. “Most financial Crown corporations are required to have public mandate reviews every 10 years; however, no independent mandate review of CMHC has been conducted for more than 20 years.”

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New PERKS- Client Appreciation Program

Here we grow again! I'm happy to announce my new PERKS- Client Appreciation Program, a complimentary service that I'll be providing to my valued clients.

This program features a whole range of informational booklets and brochures, a referral business directory of professional trades and services, an annual home evaluation, and a whole host of other helpful information sent out on a monthly basis.

Here at the Dream Home System, we're constantly looking for ways to improve our services. I invite you to visit my website to learn more about the PERKS- Client Appreciation Program.

Also, check out our online referral business directory. My clients, friends, family members or I have used many of these businesses personally, and believe that they can provide you with the quality services that you deserve.


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Ontario, Ottawa to spend billions on infrastructure

KAREN HOWLETT

Globe and Mail

The federal government announced Thursday that it has inked a deal with Ontario to spend $9.3-billion over seven years in the province on public transit, roads and bridges as part of its plan to maintain and expand the country's infrastructure systems.

The Ontario government has signed on to Ottawa's infrastructure plan, called Building Canada, which will see the Harper government spend $33-billion over seven years on projects across the country.

“That is a historic commitment,” Lawrence Cannon, Federal Minister of Transport, Infrastructure and Communities, said at a news conference in London, Ont. “Substantial infrastructure funding was long overdue in this country.”

Mr. Cannon said Ontario will receive $6.2-billion from the federal government, including $3.1-billion from the Building Canada fund itself, to help the province repair its aging roads, bridges and other infrastructure. The Ontario government will match the Building Canada funding, raising the total investment to about $9.3-billion.

Ontario's share of the overall federal infrastructure pie will total $7.8-billion, including $4.4-billion from the gas tax. The funding arrangement will run until 2014.

Initial priorities include improvements to the Trans-Canada Highway in northwestern Ontario, rural broadband coverage in southern and eastern Ontario and rapid transit in the Kitchener-Waterloo Region.

Ontario is the latest province to reach a so-called framework agreement with Ottawa, which will set out how it will use its share of the funding.

British Columbia was the first province to reach an accord last November. Only three provinces – Alberta, Manitoba and Quebec – have yet to sign deals.

“This deal has been a long time coming, and it further represents a product of long and detailed discussions with our federal counterparts,” said George Smitherman, Ontario Minister of Public Infrastructure Renewal and Energy. “Today, we are celebrating the coming together of two levels of government to produce results for the people of Ontario.”

Mr. Smitherman was also on hand at the news conference, along with Federal Finance Minister Jim Flaherty and his provincial counterpart, Finance Minister Dwight Duncan.

It was the first time Mr. Flaherty has shared the stage with Mr. Duncan since the federal minister began waging a highly public fight with the McGuinty government earlier this year over its management of the Ontario economy.

Mr. Smitherman announced that the province will use $50-million of the federal funding to build a new reservoir and pumping station in London that will provide surrounding communities with a stable supply of clean drinking water. The province is kicking in $50-million for the project.

However, Mr. Smitherman said it will take a little while longer for the province to sign a framework agreement with the federal government for the multimillion-dollar plan to extend the Spadina subway line into the Toronto area's rapidly growing York Region. Ottawa's $697-million contribution to the long-awaited subway extension will come from the Building Canada fund.

Progressive Conservative Leader John Tory applauded his federal cousins today for helping Ontario improve its infrastructure. But he criticized Liberal Premier Dalton McGuinty for taking so long, compared with many other provinces, to reach a deal with the federal government that will allow the province to get access to the funding and get the projects under way.

“I would rather see Mr. McGuinty spending his time and his energy getting an agreement like that as opposed to launching broadsides at the federal government,” he said. “So far, he seems more interested in the broadsides.”

With a file by The Canadian Press

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New real estate software helps buyers track trends before buying

Have you ever wished you could track real estate trends for a specific neighbourhood? If so, identical twin brothers Sam and Andy Prochazka may have just granted your wish come true with the launch of their new Internet-based real estate trends program, RealPageMaker3.

"We thought what the public needed was trending tools," said Sam, CEO of RealPageMaker, an Edmonton-based real estate software company. "They need to get an intuitive feel of what's happening in the market."

RealPageMaker3 gives prospective buyers a bird's-eye view of listings plotted on a Google map of a city block or neighbourhood.

While the program is currently available in Calgary and Vancouver, its unknown if it will be available in Ontario anytime soon.

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Sales rep wins $27 million

An Ontario real estate agent recently won $27 million in the Lotto Super 7 Jackpot. In an interview with CTV News he said that he will continue to sell real estate.

“I love real estate, especially Muskoka real estate, lakefront properties, getting out in the boat in the sunshine, it’s pretty good you know,” he told CTV.

He and his wife, purchased a Quick Pick ticket at Dixon Milk, a variety store in Etobicoke, Ont. where they live. They also have a cottage in Muskoka. Media reports say they have purchased a new car and plan a family vacation, but other than that have no immediate plans for the money.

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Summertime fun!

With summer weather finally here, it's a great time to go outside and enjoy your front lawn while sipping some homemade lemonade. If you have kids, nieces, nephews ,or if you're just a kid at heart, why not build a lemonade stand and mix and mingle with your neighbours?

Having a nice home is more than just a great kitchen countertop and hardwood floors. It's about creating lasting memories with your friends and family that will bring a smile to your face in the years to come.

For a video on how to build a lemonade stand click here.

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Real estate heavyweight leaves $8 billion to dogs

By The Associated Press

Animal welfare groups must be panting.

Leona Helmsley reportedly directed that her fortune - up to $8 billion - be used for the care and welfare of dogs.

The New York Times reported Wednesday that the bequest was included in a so-called mission statement for the estate of the real estate magnate, who died last August.

It's not certain that all the money will go to the dogs, however. The mission statement wasn't formally incorporated into Helmsley's will or trust documents.

Two people who saw the statement told the Times the document also says the estate trustees may use their discretion in distributing the money.

They could, for instance, decide to spend the money for animal rescue groups, veterinary schools or research on canine diseases.

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FINTRAC's new consumer publication- What you need to know

Changes to Canada's anti-money laundering legislation, will come into effect on June 23, 2008.

These changes include new requirements for real estate brokers and salespersons, one of which is to obtain identification from clients during financial transactions.

FINTRAC has published a consumer publication- What you need to know- to help consumers understand why you are now required to show identification.

The publication answers the following questions:

• Why do I have to show ID when I've been a customer here all my life?
• What type of ID do I have to provide?
• What other information may I be asked to provide?
• Where can I get more information?

If you'd like to get printed copies of this publication you can send a request to publications@fintrac.gc.ca


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Forest Hill mansion sells for $2 million over asking price!

By Jenny Wagler, National Post

A Forest Hill mansion has been sold for more than $2-million over the asking price, even as the city’s real estate market otherwise continues to lose a little of its heat.

Melinda Rogers, Rogers Communications’ senior vice-president of strategy and development, paid $11.126-million to buy 8 Old Forest Hill Rd.

The home, which had a $9-million asking price, is down the road from family patriarch Ted Rogers.

The property behind the “sold” sign stretches 159 by 360 feet, and the stately stone house has 15 rooms, including six bedrooms and six bathrooms. It comes with a pool, a circular driveway, coach house and famous neighbours.

Grammy Award-winner Nelly Furtado lives down the block. So does gold baron and philanthropist Peter Munk, founder of Barrick Gold Corporation.

The home belonged to philanthropist Helen Phelan. Ms. Sversky calls it a “landmark estate,” adding “these houses do not come up.”

This, she said, made the property difficult to appraise, a possible factor in the final selling price.
Maureen O’Neill, president of the Toronto Real Estate Board, said the Forest Hill sale is ‘‘right up there’’ among the highest ever above-asking home sales.“It was a beautiful house ... renovated to the hilt,” she said. ‘‘It’s just one great big estate, a generous lot in the heart of Old Forest Hill.’’

Ms. O’Neill said fewer houses are going over asking than during last year’s record-setting spree.
The Old Forest Hill Road house — and a Riverdale home that sold last month for $929,000, $150,000 over asking — are anomalies, she said. In the current real estate climate, bidding wars remain the exception and not the rule.

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20 Things You Didn't Know About Victoria's Day

1. Victoria Day is a Canadian Tradition and doesn't actually exist in most of England. But it's celebrated in parts of Scotland, especially Edinburgh, where it remains an official holiday.
2. While the holiday moves around a lot (falling this year on May 19th), the original rules stated it be annually celebrated on May 24th, regardless of what day that was, unless it was a Sunday- and then the observance would be moved to the 25th.
3. Victoria Day is a legal Canadian stat, which means it's also observed in Quebec...Up until three years ago, it was called Fête de Dollard after Adam Dollard des Ormeaux a French hero who helped lead a force in what is now Montreal against the Iroquois in 1660.
   In 2003, it was renamed National Patriots Day in Quebec, ignoring the Queen reference altogether.
4. When Victoria was just a little girl, she was known by her nickname, Drina.
5. Despite being born in England, Victoria only spoke German up until the age of three.

Click here to read the rest of the City News list!

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Toronto Real Estate Board Housing Prices Summary- Newmarket April 2008

April sales were moderate, however prices continue to appreciate. With 8,762 transactions recorded during April, the overall Greater Toronto Area was down 7 per cent from the 9,452 sales last April.

"The market continues to experience a supply and demand situation and to-date it remains a sellers market," said TREB President Maureen O'Neill.

So, how many of those sales took place in the Northern districts? A total of 1,768 sales were reported in 23 Northern districts; and averaged a selling price of $429,262.

Here's a look at the April 2008 statistics for Newmarket:

Sales: 124
$Volume: $42,162,300
Average Home Price: $340,019
Average Days on Market: 29
Average List %: 98

Click the links below to see a brief April 2008 summary for:

Bradford
Innisfil
East Gwillimbury
Keswick/Georgina
King
Aurora


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