Land Transfer Tax Refund Program Expanded to Include First-time Buyers of Resale Homes

In an effort to help more Ontarians buy their first home, the Ontario government recently announced the expansion of the Land Transfer Tax Refund Program to include purchases of resale homes.

Effective, December 13, 2007, first-time buyers of resales homes, as well as newly constructed homes, would be eligible for a refund from the provincial government of up to $2,000 of the Land Transfer Tax paid.

"Expanding this Land Transfer Tax refund is an important part of our government's commitment to helping Ontarians buying their first home," said Finance Minister Dwight Duncan.

For more information on this program, visit: http://www.fin.gov.on.ca/

BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Toronto Real Estate Board Housing Prices Summary- Newmarket January 2008

The New Year is off to a good start in Toronto’s real estate market. A total of 5,073 sales took place in January 2008, just two per cent less than last year’s record performance.

So how many of those sales took place in the Northern districts? A total of 966 sales were reported in the 23 North districts; and averaged a selling price of $410,289.

Here’s a look at the January 2008 statistics for Newmarket:

Sales: 69

$Volume: $23,030,050

Average Home Price: $333,769

Average Days On Market: 35

Average list%: 98

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

Bradford

Innisfil

East Gwillimbury

Keswick
King
Aurora

If you would like more information please feel free to contact me by visiting my website: www.thedreamhomesystem.com

BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Residential real estate markets across Canada post solid gains over past decade, says RE/MAX

Mississauga, ON (February 21, 2008) - Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada, according to a report released today by RE/MAX.

RE/MAX Decade in Review 1997 - 2007 found that major housing centres across the country experienced strong consecutive growth between 1997 and 2007. Average price spiraled upward while unit sales climbed in tandem as more and more Canadians bought into homeownership. Nationally, average price almost doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in 2007, for a 7.1 per cent annually compounded rate of return. Home sales across the country increased just over 57 per cent from 331,092 units in 1997 to more than half a million sales last year. Edmonton led the country in terms of percentage increase in average price. The city saw a 203 per cent upswing in housing values - or an 11.7 per cent increase annually - with average price rising from $111,587 a decade ago to $338,636 in 2007. Prince Edward Island experienced the highest percentage increase in unit sales, with the number of homes sold up 119 per cent in the 10-year period.

BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Toronto Real Estate Board Housing Prices Summary 2007

2007 was once again a record year in housing sales for the Toronto Real Estate Board.
Against the expectations of some apocalyptic forecasters, housing bubble talks and the sub-prime mortgage disaster in the U.S., 2007 was the best year ever in home sales.
In the GTA and surrounding the market was better than ever as well. Here is a brief summary of the most important figures that compare 2007 to 2006.

2006 // 2007
Sales: 83,004 // 93,193
$Volume: $29,240,683,470// $35,062,515,134
Average Home Price: $351,941 // $376,236
Average Days On Market: 34 // 32
Average List% : 98// 98

Click here to see a brief 2007 summary for
Newmarket
Bradford
Innisfil
All Northern Districts of the Toronto Real Estate Board


BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Northern District Housing Prices Summary 2007

2007 was once again a record year in housing sales for the Toronto Real Estate Board.
Against the expectations of some apocalyptic forecasters, housing bubble talks and the sub-prime mortgage disaster in the U.S., 2007 was the best year ever in home sales.
Here is a brief summary of the most important figures that compare 2007 to 2006 in all Northern Districts of the Toronto Real Estate Board.

2006 // 2007
Sales: 16,630 // 18,756
$Volume: $6,381,104,859 // $7,554,016,574
Average Home Price: $383,710 // $402,752
Average Days On Market: 38 // 36
Average List% : 97// 98

Click here to see a brief 2007 summary for
Newmarket
Bradford
Innisfil
All of the GTA/All Toronto Real Estate Board Districts


BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Innisfil Housing Prices Summary 2007

2007 was once again a record year in housing sales for the Toronto Real Estate Board.
Against the expectations of some apocalyptic forecasters, housing bubble talks and the sub-prime mortgage disaster in the U.S., 2007 was the best year ever in home sales.
In Innisfil the market was better than ever as well. Here is a brief summary of the most important figures that compare 2007 to 2006.

2006 // 2007
Sales: 396 // 471
$Volume: $99,080,711 // $123,682,100
Average Home Price: $250,204 // $262,595
Average Days On Market: 57 // 61
Average List% : 97// 97

Click here to see a brief 2007 summary for
Newmarket
Bradford
All Northern Districts of the Toronto Real Estate Board
All of the GTA/ All Toronto Real Estate Board Districts


BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Bradford Housing Prices 2007 Summary

2007 was once again a record year in housing sales for the Toronto Real Estate Board.
Against the expectations of some apocalyptic forecasters, housing bubble talks and the sub-prime mortgage disaster in the U.S., 2007 was the best year ever in home sales.
In Bradford the market was better than ever as well. Here is a brief summary of the most important figures that compare 2007 to 2006.

2006 // 2007
Sales: 376 // 428
$Volume: $103,926,951 // $128,038,462
Average Home Price: $276,401 // $277,750
Average Days On Market: 44 // 40
Average List% : 97// 98

Click here to see a brief 2007 summary for
Newmarket
Innisfil
All Northern Districts of the Toronto Real Estate Board
All of the GTA / All Toronto Real Estate Board Districts


BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Newmaket Housing Prices 2007 Summary

2007 was once again a record year in housing sales for the Toronto Real Estate Board.
Against the expectations of some apocalyptic forecasters, housing bubble talks and the sub-prime mortgage disaster in the U.S., 2007 was the best year ever in home sales.
In Newmarket the market was better than ever as well. Here is a brief summary of the most important figures that compare 2007 to 2006.

2006 // 2007

Sales: 1291 // 1419
$Volume: $419,538,232 // $482,843,590
Average Home Price : $324,972 // $340,270
Average Days On Market : 32 // 32
Average List% : 98 // 98
Average Increase in home prices : 5%

Click here to see a brief 2007 summary for
Bradford
Innisfil
All Northern Districts of the Toronto Real Estate Board
All of the GTA / All Toronto Real Estate Board Districts


BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

GST cut good news for new homebuyers and homeowners

The tax changes outlined in the federal government's economic statement will once again bring significant savings to new homebuyers but will also benefit existing homeowners.

The average priced single-family home in the Toronto Real Estate Board districts in 2007, costs over $375,000. Buyers save $3,750 on that, not mentioning the 1% cut we save already from last years GST reduction, which would make it $7,500 compared to 2 years ago!!

Existing homeowners
can save on home renovations. The Canadian Home Builders Association offer the following guidelines for home renovations and how the GST is applied.

• Renovations done before or after Jan 1, 08, but invoiced on or after that date will qualify for the 5% GST.
• For renos done and invioced Jan 1, 08, but subject to a down payment before Jan 1, 6% GST will be collected on the down payment and 5% on the rest of the fee.
• For renovations done after Jan 1, 08, but subject to a deposit paid before Jan 1, the 5% rate applies. A deposit is not treated as a payment for a supply of goods or services until the supplier applies it against the consideration payable for the supply.

And ... got it? Well, if that was too much and involved too many times the word supply for you then you can always take a look at: www.cra-arc.gc.ca for further information.


BACK TO ... WWW.THEDREAMHOMESYSTEM.COM

Canada not linked to U.S. real estate market troubles

Ok, I feel it's time for an in depth article that should give an answer to one of the hottest real estate question at the beginning of the new year. Where is our market heading and most of all do we have to be afraid of what happened south of the border to come to the Great White North?

Here is an extract of an article that was just published in the Ontario Real Estate Association's Newsletter (OREA Edge, January2008) :

The melt-down of the U.S. real estate market has left many homebuyers wondering if and how it may affect the housing market in Canada. but market analysts say the problems in the U.S. will have little impact on Canadian real estate.
Much like the Canadian dollar, the Canadian housing market is charting its own course, quite independent from the United States and its currency and housing climate.
The strength of the Canadian dollar, and the fact that the country is adjusting well to its value, will continue to keep interest rates at their existing low-moderate levels, boding well for buyers looking to enter the market. Statistics Canada also reported that "With the combination of the cost of borrowing money remaining relatively low, the availability of longer mortgage amortization periods, and the fact that Canada's population continues to grow, it is no surprise that more and more people are entering the real estate market".

Fundamental Differences between the Canadian and U.S. market:

1. Canada benefits from a simpler economy and a more conservative investment environment that the U.S., avoiding the consequences of lax underwriting and speculative building.
2. In Canada, institution-dominated markets appear to be avoiding "transaction mania", but real estate values have reached record highs and a strong economy has accelerated tenant demand for space.
3. Canadian federal surpluses have given consumers more confidence which has led to increased spending on homes, retail goods and business expansions.
4. Canada is naturally rich in areas such as energy and resources and benefits from huge global demand, which fuels both economy and demand for all forms of real estate.
5. Housing prices continue to skyrocket towards new highs without overdoing mortgage financing.
6. Canadian metropolitan areas boast below 5% vacancies, and rents have room to push higher. Rental apartments are doing well in major cities with high immigration flows.
7. Canada's economy continues to be healthy and the soaring dollar brings benefits to importers and any company looking to make capital purchases, which are almost always prices in U.S. dollars.
8. FINALLY AND MOST IMPORTANT ... NO SUB-PRIME LENDING MARKET Unlike the U.S., the Canadian housing market has not been artificially driven by bad lending practices. In the U.S., lenders with liquid assets or investment money were making loans to almost anyone who asked. When U.S. housing prices started to slide and interest rates began to rise, may borrowers ended up in trouble and default which in turn, initiated the credit crunch. However, by June 2007, only 5% of mortgages in Canada were sub-prime as compared to more than 21% (!!!) of U.S. mortgages. As well, all mortgages in Canada are insured which is not the case in the U.S.

Here a quick summary that should let all of you who are worried sick about this sleep well tonight:

Canada's long-term fundamentals are solid. Canada has a growing population, our energy and commodities are in high demand, and job creation is strong. All of these attributes seem to have created a buffer shielding Canada from some of the problems in the U.S. real estate market.

Good night!



BACK TO ... WWW.THEDREAMHOMESYSTEM.COM