Market Watch – August 2010
Summer Cool Down Continues
The Canadian resale housing market continues to ease up. July sales dropped drastically when compared with the same month last year. This slow-down is not surprising in the face of tighter mortgage regulations and rising interest rates.
HST? - How It Affects 12 Matters In Ontario
Real Estate
Beginning July 1, 2010, there will be sales tax in Ontario
of 5% + 8% = 13% (12% in British Columbia) replacing
the former 5% GST (Goods and Services Tax) and the
former 8% PST (Provincial Sales Tax).
Renting vs. Buying, Which Option is Better for You?
Buying a house can be the most rewarding purchase you ever make. However depending on your current circumstance this may not be your best option. To help make an educated decision, try to answer the following questions first:
Three Deadly Mistakes Every Home Buyer Should Avoid
Deadly Mistake #1: Thinking you can't afford it.
Today, buying the home of your dreams is easier than ever before. Many people who thought that buying the home they wanted was simply out of their reach are now enjoying a new lifestyle in their very own new homes.
Ottawa’s new rules, which kick in Monday, have sparked a rush by home buyers but will not have a major dampening effect on future sales
Ottawa’s tougher mortgage rules have sparked a rush by home buyers to get in before the new regulations take effect Monday, but may not dampen the real estate market to the extent observers believed.
Buyers overpay builder for estimated taxes
Condo Buying Tips
In 2005, Stuart signed an agreement to purchase a condominium unit for $326,900 in an upscale 20-storey project not far from the Annex area.
He was able to take possession of his unit early in 2008
Economic Importance of MLS® Home Sales
Independent research has confirmed that real estate continues to be a driver of Ontario’s economy, creating jobs and generating thousands of dollars in ancillary benefits for our provincial economy.
Resale housing boosts consumer spending
The Benefits of Building GreenAs consumers continue to learn more and more about green building, architects, designers and builders are starting to incorporate more green features into their new homes. As technology and products continue to emerge, consumers can build their dream home without sacrificing aesthetics.
Even though everyone in the home building industry is buzzing
New CMHC Rules for Self-Employed Borrowers in effect TODAY
New rules for self-employed borrowers are effective today Friday, April 9th, 2010 for all mortgages insured by by Canada Mortgage and Housing Corporation (CMHC) and pose new challenges for this category of clients.
Canadians feel a home is key to retirement: poll
Home buying momentum in Canada continues to gain steam. Ten per cent of Canadians are very likely to purchase a home in the next two years, up from seven per cent two years ago, according to
Tips for Toronto home buyers
New Mortgage Rules: The Good, The Bad, The Ugly
On April 19 our government will lay down three major rule changes to “prevent” a housing-price bubble and keep homeowners from getting “overextended.”
Here is the official announcement from today: Finance Department release
These new rules apply to government-backed
Harmonized Sales Tax for Ontario –
Questions and Answers on Housing Rebates and Transitional Rules for
Housing and Other Real Property Situated in Ontario
NOTE: This notice replaces the earlier version dated October 2009. It has been revised to add and update the questions and answers
following a recent information notice released by the Government of Ontario.
Jim Flaherty tightened mortgage rules this week and, in doing so, may have taken some steam out of a housing market that has seen prices and sales activity rise rapidly
Insist on fireplace inspection when purchasing home
Bob Aaron in Legal
I was reviewing an offer to purchase a Toronto house last week and was surprised to see a condition that I had never seen before in an offer on a city home.
The clause made the agreement conditional on the buyer obtaining a satisfactory Wood Energy Technology Transfer (WETT) inspection
Rules on terminating a deal all over the map
Bob Aaron in Legal
Can a buyer refuse to close the purchase of a new home if there are deficiencies in construction, forgotten or incomplete items, or unauthorized changes to the design, layout or materials?
Buying real estate is about more than just finding a place to call home. Investing in real estate has become increasingly popular over the last fifty years and has become a common investment vehicle. Although the real estate market has plenty of opportunities for making big gains, buying and owning real estate is a lot more complicated than investing in stocks and bonds
Honesty won't resolve disclosure form issues
Bob Aaron in Legal, Home Selling Tips
The Great SPIS Myth
It's time to reveal The Great SPIS Myth – the prevailing fiction about the Seller Property Information Statement (SPIS), a disclosure form published by the Ontario Real Estate Association (OREA).
Although its use is endorsed and encouraged by many OREA member boards, real estate agents remain sharply divided on whether the form is too dangerous to use, and whether it protects the public or the
Andrew Beattie
Investopedia.com
Published on Wednesday, Oct. 28, 2009 10:23AM EDT
Last updated on Wednesday, Oct. 28, 2009 10:49AM EDT
Buying real estate is about more than just finding a place to call home. Investing in real estate
Scarborough top spot for investors?It's true, the oft-disparaged area is best place in the GTA to invest in real estate,
Don't be surprised ...Thinking of selling your home? -- well there's always next year.
But wait .. next year may be too late. The new 13% harmonized sales tax comes into effect in Ontario on July 1, 2010, and it will likely hit the whole housing market hard. If you haven't sold by July 1, you may well be out of luck. And if you haven't bought by then, well, maybe you'll want to change your mind. And the funny thing is, hardly anyone seems to realize it.
Buying a Pre-Constarction- Devil is in the details!!
Terry is a 23-year-old public servant, having recently graduated with a bachelor of commerce degree
He is ready to buy his first home, and came to my office last month to review a 33-page offer prepared by the builder of the condominium tower where he wanted to live.
My function was to highlight the legal red flags in the agreement, and not to attempt to encourage or discourage him from buying the condominium....
Housing affordability improves, RBC says
Low mortgage rates spurring sales
Last Updated: Wednesday, September 9, 2009 | 9:24 AM ET Comments184Recommend67CBC News
It's becoming easier to carry the costs of home ownership
Bohemian Kensington Market is one of the neighbourhoods that make the downtown core the most vibrant area of the city.
Toronto's real estate market is back in a big way, fuelled largely by first-time buyers. Low mortgage rates and a generally secure employment situation in the GTA are
Next year at this time, the Ontario government – the same government that still maintains rent controls – will raise monthly maintenance fees for all condominium owners by between 5 per cent and 8 per cent.
Renters will face rent hikes based on operating costs
It looks like a miraculous resurrection.
In the midst of recession, the average national price of Canadian resale homes hit a record level in May, and sales activity increased for the fourth consecutive month. While U.S. residential real estate prices have been falling for almost three years, Canada seems to have stumbled and picked itself up again i
Bidding wars make a comeback?As housing sales return to positive territory, parts of the Toronto market go from 'famine to frenzy'.
Annoyingly for buyers, rejoicingly for sellers, bidding wars for Toronto real estate have surged back from extinction. House sales for the first two weeks in May were in positive territory – 3% above the same period in 2008 – for the first time since the market's tailspin last fall.
"Buyers have returned to the market with the realization
Using a simple average to measure the change in real estate values can present a number of problems. I have covered these issues in several recent blog posts. The National Bank of Canada along with Teranet recently developed a House Price Index which aims to give us a more accurate look at how prices
Bidding Wars for Toronto Real Estate
John Pasalis in Toronto Real Estate News
The Toronto Real Estate Board reported 8,107 sales in April 2009, down 7% from the same month in the previous year. The average price for a home in April dropped to $385,641, down by just 3% from last year.
But the real story with Toronto’s real estate market right now has to do with the shortage of homes available for sale. There are not enough
He developed a reputation as Toronto's top legal wizard for helping clients gain rezoning and development approvals.
And now Stephen Diamond is putting that track record to use in a new venture: an innovative real estate investment fund that instantly drew the backing of some of the biggest players in Toronto's real estate sector.
Even in the midst of the economic meltdown
HST will box home buyers, builders into bizarre deals
Bob Aaron in Legal
I learned of a new term in the housing industry last week. "White box" refers to a newly constructed house or condominium unit that is built to the minimum
Realtors win concession on green debateOntario eases home energy audit requirement
Ontario Energy Minister George Smitherman has backed down from a plan to require energy audits each time a house is sold. A new amendment to
We're warmed by the SUNThe blogosphere is full of real estate wisdom -- by LISA BRANDT in today's SUN MEDIA
If we're going to take any lesson from the housing collapse in the U. S., it's got to be
Real estate realities: To buy or not to buy ...
If Shakespeare's Hamlet were a 20-something living in Toronto today, chances are he'd be working on his first career. He'd have some inheritance in the bank, he might even..
