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.
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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