Real Estate Information

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

Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010

OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

The global economy has suffered an intense, synchronous recession and considerable excess supply has opened up. There are now increasing signs that economic activity has begun to expand in many countries in response to monetary and fiscal policy stimulus and measures to stabilize the global financial system. However, the recovery is nascent. Effective and resolute policy implementation remains critical to sustained global growth.

Real Full report at bank of Canada Website at:

http://www.bank-banque-canada.ca/en/fixed-dates/2009/rate_210709.html

TORONTO, July 20, 2009 - In the first two weeks of July, Greater Toronto REALTORS® reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.

"The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July," said TREB President Tom Lebour. "If the mid-month results carry forward, we may see the best July on record."

Year-to-date sales, at 45,213 are down four per cent compared to 2008. Average price, at $384,645 is down one per cent. "The GTA housing market has held up very well this year given the current economic climate, especially relative to past economic slow-downs," explained Jason Mercer, TREB's Senior Manager of Market Analysis.

"The cost of borrowing has been key. With inflation in check, the Bank of Canada has been able to aggressively lower interest rates – an option that wasn’t available in the early 1990s or early 1980s."

TORONTO, July 6, 2009 - - In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.(1)

"The record result in June is testament to the fundamentally sound housing market in the GTA," said the Toronto Real Estate Board’s newly appointed President Tom Lebour. "An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market."

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year. "The re-emergence of seller’s market conditions has exerted upward pressure on home prices," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."

(1)Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current month relates to historical annual figures.

For a complete copy of the Market Watch Report Click Here

June 19, 2009 -- The provincial government has announced some proposed changes to the way it would apply the proposed Harmonized Sales Tax (HST) to the purchase price of newly constructed housing. The provincial government has also announced proposed transitional details for newly constructed properties.

Background
The provincial government has announced that it intends to combine the eight percent Provincial Sales Tax with the five percent federal Goods and Services Tax, creating a 13 percent Harmonized Sales Tax (HST).
• The HST is NOT YET IN EFFECT. The provincial government has indicated that it intends to bring the HST into effect beginning on July 1, 2010.
• HST will not apply on the purchase price of re-sale homes.
• HST would apply to services such as moving cost, legal fees, home inspection fees, and REALTOR® commissions.

Proposed Changes for New Housing Rebate
HST will apply to the purchase price of newly constructed homes. Originally, the provincial government indicated that it would provide a rebate to ensure that, on average, new homes under $400,000 would not be subject to an additional tax burden. Homes priced between $400,000 and $500,000 would be eligible for a portion of the rebate, and homes priced above $500,000 would be subject to the full HST. However, the provincial government is proposing some significant enhancements to these rebates, as follows:
• Enhanced new housing rebate - The province is proposing to enhance the new housing rebate so that new homes across all price ranges would receive a 75 per cent rebate of the provincial portion of the single sales tax on the first $400,000. For new homes under $400,000, this would mean, on average, no additional tax amount compared to the current system.
• New rental housing rebate - Similar to the enhanced new housing rebate, the province is proposing a rebate for new residential rental properties. This proposed rebate would support affordable rental housing across Ontario.

Proposed Transitional Rules for New Housing
The province is also proposing transitional rules for new housing. Generally, as part of the transitional rules, sales of new homes under written agreements of purchase and sale entered into on or before June 18, 2009 would not be subject to the provincial portion of the single sales tax, even if both ownership and possession are transferred on or after July 1, 2010. The tax would also not apply to sales of new homes under written agreements of purchase and sale entered into after June 18, 2009 where ownership or possession is transferred before July 1, 2010.

More Detail
Additional detail on the proposed enhancements to the new housing rebate, rental housing rebate, and new housing transition rules is available from the Provincial Government here.

In the first four months of 2009, TREB members reported 3,945 leased condominium apartments, representing a 38% increase over the 2,854 units leased during the same period in 2008. Almost 93 per cent of all residential rental transactions on the MLS® involved condominium apartments.

Read the Complete MLS Rental Market Report

Greater Toronto REALTORS® reported 5,185 transactions in the first half of June – an increase of 19 per cent compared to the same period last year. "Households in the GTA have become more confident in purchasing a home over the past three months," said TREB President Maureen O’Neill. "Affordability, due in part to very low borrowing costs, has played a key role."

The average price for MLS® sales was $407,716, up by two per cent compared to last year. "Heightened interest in ownership housing this spring has solidified resale home prices," according to Jason Mercer, TREB's Senior Manager of Market Analysis. “The number of home buyers has been high relative to the number of listings, pushing the average price above last year's level.”

In May 2009, Greater Toronto REALTORS ® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,300 (1).

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates. ”The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”