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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