Homebuyers e-Valuate Mortgage Options

The 2010 Mortgage Consumer Survey, released recently by Canada Mortgage and Housing Corporation (CMHC), shows that the Internet has become an important resource for first-time homebuyers with 89 per cent indicating that they looked online for mortgage-related information, while 84 per cent researched mortgage terms and conditions before deciding on a mortgage option.

Additionally, more than two-thirds (69 per cent) of first-time homebuyers used an online calculator to compare different options when shopping for a home. As a result, 85 per cent of first-time homebuyers noted they had a good understanding of the size of mortgage they could afford before buying a home, with the average Canadian homebuyer taking 12 months to plan their purchase.

“Canadians confirmed that they take the time to do research prior to buying a home,” said Pierre Serré, CMHC Vice-President, Insurance Product and Business Development. “Informed homebuyers contribute to the continued strength of Canada’s housing system.”

The survey noted that 81 per cent of recent homebuyers indicate that they are comfortable with the level of their current mortgage debt. 

More than two-thirds (68 per cent) of recent homebuyers feel there is a strong chance they will pay off their mortgage sooner than required and more than a quarter (27 per cent) have already taken steps to pay down their mortgage through lump-sum payments or through increased regular payments.

The on-line survey, which polled more than 2,500 active mortgage users, asked participants a series of questions designed to gauge the attitudes and sentiments of recent mortgage consumers in Canada. The survey has been conducted since 1999.

As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of high quality, environmentally sustainable, and affordable homes — homes that will continue to create vibrant and healthy communities and cities across the country.

For complete details of CMHC’s 2010 Mortgage Consumer Survey please visit: http://www.cmhc.ca/en/hoficlincl/moloin/cosu/index.cfm

Information on this release:

Charles Sauriol
CMHC Media Relations

Thinkg of Buying or Selling your home or investing in real estate in Mississauga, Brampton and region of peel, please visit www.AceTeamRealty.com or call us at 416-618-9753.

Government of Canada Takes Action to Strengthen Housing Financing

On February 16th, The Honourable Jim Flaherty, Minister of Finance, announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

• Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
• Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
• Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.

Greater Toronto Area Resale Real Estate Market Resilient in 2009

January 6, 2010 -- Greater Toronto REALTORS® reported 87,308 MLS® transactions in 2009 – a 17 per cent increase over 2008. This result included 5,541 sales in December. The 2009 result was in line with the healthy levels of sales experienced between 2004 and 2006, but lower than the record of 93,193 set in 2007.

“After a slow start to the year, existing home sales rebounded during the second half of 2009,” said TREB President Tom Lebour. “As consumer confidence improved, many households moved to take advantage of affordable home ownership opportunities in the GTA. The strong residential real estate sector was a key contributor to overall economic recovery in Canada.”

The average home price in 2009 climbed four per cent to $395,460. The average price for December transactions was $411,931.

“Market conditions became very tight in the latter half of 2009. Sales climbed strongly relative to the number of homes listed for sale, resulting in robust price growth that more than offset average price declines in the winter,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater supply of listings in 2010 will see home prices grow at a sustainable pace.”

Median Price
In December, the median price was $349,000, from the $305,000 recorded during December of 2008.

Click here for the complete current issue of Market Watch in pdf file format.

In the first two weeks of October, Greater Toronto REALTORS® reported 3,631 sales – up 34 per cent compared to the first two weeks of October 2008. The average price for these transactions was up 17 per cent year-over year to $414,479. 

In September 2009, Greater Toronto REALTORS® reported 8,196 sales, up 28 per cent from September 2008. The average price for September transactions was $406,877 – up by 10 per cent compared to the same month last year.

"We have experienced an increasing rate of existing home price growth in the GTA as sales have continued to outpace 2008 results," said TREB President Tom Lebour. "Consumers have remained confident in ownership housing as a long-term investment."

Year-to-date sales, at 66,437 were up 4.5 per cent compared to the first nine months of 2008. Average price, at $388,417 was up by almost 1.5 per cent. "Existing home sales will finish strong this year, pushing through the 80,000 mark and moving in line with some of the best years on record under the current TREB market area," according to Jason Mercer, TREB's Senior Manager of Market Analysis.

Read the Complete Market Watch Report

Strong Real Estate Sales Increases Continue in August in Mississauga, Brampton and Greater Toronto Area

In August 2009, Greater Toronto REALTORS® reported 8,035 sales, up 27% per cent from August 2008. The average price for August transactions was $387,921 – up by six per cent compared to the same month last year.

"The increase in demand for existing homes has been widespread across different housing types and price ranges," said TREB President Tom Lebour. "This suggests many categories of home buyers have chosen to make a long-term investment in housing, from first-time buyers to move-up buyers or buyers who are seeking a lifestyle change."

Year-to-date sales, at 58,421 were up two per cent compared to the first eight months of 2008. Average price, at $385,978 was up by less than one-half of one per cent. "We have heard more positive economic news lately. The improved housing market has played a key role,” explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Home sales have helped other sectors of the economy through home buyers’ spending on things like financial and legal services, moving, renovations and home furnishings."

Read the complete Market Watch Report

It was last Friday I listed this beautiful Condo town house  located at 10 Cherrytree Drive in Brampton, we got 2 offers registered on Sunday and by Monday we had this property Sold Conditional. My compliments to the owners who had kept this property very clean. A combination of further de-cluttering, staging of the house and right pricing got this house sold in 3 days.

If you are thinking of selling your property quickly and take advantage of my great marketing plan, call me now for FREE HOME EVALUATION or visit www.MyGTAHomeValue.com for online Evaluation.

yes....13 offers were registered till yesterday on a power of sale property in Mississauga which has been on the market for 3 days. Is it the price of the house or the Power of Sale attraction or what?

Real Estate market specially in Mississauga has been very active in the last little while. The properties which were not selling a few months ago, are going within 7-10 days with multiple offers. If you have been thinking of selling your home, now is the time to get in and take advantage of this renewed buyer's frenzy. If you want to know the market value of your Mississauga Home, please visit at MyGTAHomeValue.com for a complimentary Market Analysis of your property value. If you are a buyer and still sitting on the fence, now is the time to get into the action, there are still some great real estate deals out there in Mississauga. Moreover the Interest Rates are still very low, so take advantage of these great times. You can also take advantage of our FREE MLS Home Search service at FindMyGTAHome.com.

If you have any questions about any Mississauga, Brampton property you are interested in, please feel free to give me a call or email me now.

...... says Mark Carney, Governor of the Bank of Canada. Mr. Carney addressed a press conference following the release of the Monetary Policy Report this morning. As per Governor:

Read the complete Report at Bank of Canada Website at:

http://www.bank-banque-canada.ca/en/speeches/2009/state09-6.html