Real Estate Information

CMHC Financial assistance takes the form of loans, forgivable loans or non-repayable contributions, and can be used to fund repairs, renovations, accessibility modifications, the creation of low-income rental units, and home adaptations. Programs are available for low-income households, seniors, and persons with disabilities.

For more details, check CMHC website at

http://www.cmhc-schl.gc.ca/en/co/prfinas/index.cfm

September 17, 2008 -- The Greater Toronto Area’s autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O’Neill announced today.

With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.

In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.

In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.

“Although housing activity in the GTA remains moderate, we’re continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities,” said Ms. O’Neill.

At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.

In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.

In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.

“The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment,” said Ms. O’Neill.

The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.

The 26,299 listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.

In a few areas though, activity heated up during the first two weeks of the month.

Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.

In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.

Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.

September 4, 2008 -- The Greater Toronto resale housing market closed out the last full month of summer at a steady pace, Toronto Real Estate Board President Maureen O’Neill reported today.

The Greater Toronto Area (GTA) average price increased one per cent, to $364,886 when compared to last August’s figure of $361,890. Compared to the $338,192 figure recorded two years ago though, the average GTA has increased eight per cent.

In the City of Toronto the average price declined one per cent to $377,990 from last August’s $381,681. Compared to the August 2006 figure of $344,419 however, the average price in the City of Toronto has increased 10 per cent.

In the 905 Region the average price increased two per cent to $356,657 from last August’s $348,563. Compared to the August 2006 figure of $334,245 the average price in the 905 Region has increased seven per cent.

“These healthy figures substantiate that when undertaken as a long term investment, buying a home is one of the smartest financial moves you can make,” said Ms. O’Neill.

With 6,318 transactions recorded last month, sales in the GTA declined 22 per cent compared to the record August 2007 figure of 8,059. Volumes were off just nine per cent however, from the 6,976 sales recorded in August 2006.

In the City of Toronto, there were 2,437 sales in August, a 25 per cent decline from the 3,243 transactions recorded a year ago.

Compared to the 2,706 sales recorded in August 2006 though, this represents a 10 per cent decline. Sales increased 20 per cent between August 2006 and August 2007.

The 905 Region’s 3,881 sales last month were 19 per cent off the August 2007 figure of 4,816 but declined nine per cent from two years ago, when 4,270 sales were recorded.

“Despite August’s moderate sales, the 57,364 transactions that have occurred this year are within 14 per cent of the 67,146 figure recorded a year ago,” said Ms. O’Neill. “In light of the fact that 2007 was a record year, our current market can certainly be characterized as stable.”

There are currently 25,076, available for sale in the GTA, which represents a 31 per cent increase from the 19,145 active listings a year ago. Increased choice has resulted in remaining on the market for an average of 36 days compared to 33 days a year ago.

Several neighbourhoods throughout the GTA experienced increased sales activity last month compared to August 2007.

In Pickering (E13) transactions rose six per cent based primarily on strong semi-detached home sales.

In Halton Hills (W27) strong attached/row house sales activity lead to a three per cent increase in transactions overall.

Condominium apartment and detached home transactions drove Rosedale (C09) to an 81 per cent increase in overall sales.

Detached home transactions also contributed to an 11 per cent overall increase in sales in Aurora (N06).

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OTTAWA — The Bank of Canada is keeping its key interest rate on hold, even though inflationary pressure has abated in Canada, and growth has slowed to a stop.
The central bank announced Wednesday that the overnight rate will remain at three per cent, and gave few hints about which direction its next move might be.
“The bank judges that the current level of the target for the overnight rate remains appropriately accommodative,” the bank said.
Economists had widely expected the bank to keep rates unchanged, although some had also expected the bank to suggest that its next move would be a rate cut in order to stimulate Canada's flagging economy.
The bank omitted its traditional assessment of the risks facing the bank's forecast – an assessment that is usually closely watched to determine whether the bank is leaning in the direction of future rate cuts or hikes.
Instead, the bank's one-page statement focused on the reversal in commodity prices since the beginning of July. Then, oil was trading above $140 (U.S.) a barrel, and has since declined steeply to close on Tuesday at $109.71 – driven lower by sagging global demand, the bank said.
The slide has meant that the central bank's earlier expectations that the inflation rate would soar to above four per cent by the end of this year will not pan out, the statement said, although the bank said it expects commodity prices to remain volatile because of tight inventories.
At the same time, lower oil prices have also meant that the Canadian dollar is much weaker than a couple of months ago. Normally, a weaker Canadian dollar would boost Canadian exports, but this time, it comes just as the world economy is losing steam, the bank noted.
“The weaker global growth and the decline of the Canadian dollar will have opposing effects on the demand for Canadian goods and services,” the bank stated.
The Canadian dollar closed at 93.58 cents (U.S.) on Tuesday, after trading just below parity for months.
The bank did not express any concern for Canada's stagnant economy, which contracted in the first quarter and barely expanded in the second quarter. Domestic demand has softened, but remains fairly strong, the bank said.
“Overall, the level of economic activity is slightly lower than expected in July but still close to the economy's production capacity.”
Total inflation, which has surged above three per cent recently, has been affected by temporary factors and should move back to the bank's two per cent target by this time next year, the bank said.
Still, the bank warned that the heightened inflation risk that gripped central bankers a couple of months ago and prompted the Bank of Canada to suddenly stop its aggressive rate cuts this summer still exists.
“Global inflationary pressures remain elevated, with potential implications for import prices and the dynamics of inflation in Canada,” the bank said.
Around the world, rising food and commodity prices have driven up inflation over the past few months, especially in emerging markets, but also in developed economies, albeit to a lesser extent.
In the United States, economic growth and the turbulence in global financial markets are unfolding as the bank expected, the statement said. The bank has projected 1.6 per cent growth in the United States this year, despite continuing turmoil in the financial sector and a collapse of the housing market.
Still, there's a risk that the negative feedback loop between the U.S. economy and tighter credit conditions will worsen, and hamper the expected revival of the U.S. economy in 2009, the bank suggested.
The Bank of Canada's next rate announcement is on Oct. 21 – a week after the widely-anticipated date of the federal election. With interest rates on hold, and the bank giving no obvious indication about its next move, Governor Mark Carney has likely removed himself as a factor in an election campaign that will no doubt be dominated by debate on how to manage the flagging economy.

August 19, 2008 -- The Greater Toronto Area (GTA) resale housing market remained stable throughout the first half of this month, Toronto Real Estate Board President (TREB) Maureen O’Neill announced today.

“We’re continuing to see consistent levels with respect to sales volumes and prices,” said Ms. O’Neill. “While the numbers are more conservative than those in recent years, the stability we’re experiencing should help sustain consumer confidence as we move into the fall market.”

With 3,019 transactions in the GTA during the first half of the month, sales were down 13 per cent compared to the 3,480 sales recorded at mid-August last year, and off eight per cent compared to the 3,290 sales recorded during the same period in 2006.

In the City of Toronto, 1,192 transactions were recorded, down 15 per cent from the 1,411 sales that took place in the first half of August 2007, and off six per cent compared to the 1,269 sales that occurred in the same timeframe two years ago.

“While 2007 was a record year, it is still worthwhile to note that sales in the City of Toronto increased 11 per cent between mid-August 2006 and mid-August 2007, before the Toronto Land Transfer Tax went into effect,” said Ms. O’Neill.

In the 905 Region there were 1,827 sales to mid-month, down 12 per cent from the 2,069 transactions that took place in the same period a year ago, and off 10 per cent from the 2,021 sales recorded in the first two weeks of August 2006.

Prices meanwhile, increased compared to the same timeframe last year. The current average price in the GTA is $373,844, up five per cent from the mid-August 2007 figure of $354,088.

In the City of Toronto the average price is currently $394,563, up seven per cent from the $370,037 figure recorded a year ago.

In the 905 Region the average price is $360,325, up five per cent from the $343,210 recorded at mid-August 2007.

There are currently 26,128 active listings, up 28 per cent from the 20,365 available for sale a year ago. This has resulted in homes remaining on the market for a slightly longer period of 35 days compared to 32 days last August.

Several GTA neighbourhoods however, experienced brisk sales throughout the first half of this month.

In Whitby (E15) transactions increased 12 per cent compared to the same period a year ago as a result of strong detached home sales.

Detached home sales also led Aurora (N06) to a 21 per cent increase in transactions.

Streetsville (W19) saw eight per cent more transactions driven by a significant increase in the sale of attached row houses.

In Downtown Toronto (C01) transactions increased six per cent compared to mid-August 2007 as a result of strong sales in all housing types.

“It’s encouraging to see strong activity levels in pockets throughout all four corners of the GTA.” Said Ms. O’Neill.

A Must See Video!!

Research and tests show that as tires age, they begin to dry out and become potentially dangerous, leading to calls for a six-year age limit for tires from Ford Motor Co. and other car companies.

"20/20" teamed up with ABC News affiliates to see if tires older than six years were being sold as "new" by major tire retailers. Unlike most consumers, investigating team knew how to read the industry's convoluted date code, which reveals the week and year when a tire was made.

In San Francisco, Calif., reporters from KGO-TV found a tire made in 1999 and two from 2002 being sold as new by Goodyear, the seventh largest tire retailer in the U.S.

In Indianapolis, Ind., affiliate WRTV-TV went tire shopping at Wal-Mart, the country's third largest tire seller, and found a tire made in 2001 and one from 1999. In Orlando, Fla., affiliate WFTV-TV also found two aged tires dating back to 1999 and 2000 for sale at a Wal-Mart store.

At Sears, the fifth largest tire retailer in the U.S., the undercover "20/20" shoppers found nearly a dozen aged tires being sold as new as part of a special "manager's clearance sale." At three different stores in New Jersey, we found tires ranging from seven years old to one that was manufactured 12 years ago in 1996.

See the ABC video by clicking on the Link below

http://abcnews.go.com/Video/playerIndex?id=4826897

August 6, 2008 -- With 7,806 transactions recorded last month, the Greater Toronto Area (GTA) resale housing market continued at a moderate pace in July, Toronto Real Estate Board (TREB) President Maureen O’Neill announced today.

Prices remained stable throughout the GTA in July. At $371,427 the average price increased slightly more than one per cent from $366,012 recorded in July 2007 and nine per cent from the $342,034 figure of two years ago.

In the City of Toronto the average price of $395,342 increased less than one per cent from the July 2007 price of $395,044 and 10 per cent from the July 2006 figure of $360,409.

In the 905 Region the average price increased three per cent to $355,401 compared to the July 2007 figure of $345,967. This also represents an eight per cent increase from the July 2006 average of $329,644.

“Sales declined 12 per cent last month from the best-ever July 2007 record of 8,912 but increased 10 per cent from the 7,082 sales transacted in July 2006,” said Ms. O’Neill. “Comparing July 2007 with July 2006, sales increased by 26 per cent.”

In the City of Toronto 3,132 sales were recorded, down 14 per cent from July 2007’s 3,640 transactions but up 10 per cent from the 2,852 sales recorded two years ago in 2006. Comparing July 2007 with July 2006, a period before the Land Transfer tax went into effect in Toronto, sales increased 28 per cent.

In the 905 Region there were 4,674 transactions, down 11 per cent from July 2007’s 5,272 sales but up 10 per cent from the 4,230 sales recorded in July 2006. Comparing July 2007 with July 2006, sales increased 25 per cent.

From a year-to-date perspective, the GTA’s 51,249 sales in 2008 have declined 14 per cent from the 59,339 reached at this time a year ago.

Certain neighbourhoods throughout the GTA experienced increased sales activity in July.

In Whitby (E15) sales increased 22 per cent from July 2007, based on strong sales in most housing types.

Brampton East (W24) saw a 12 per cent increase, based primarily on semi-detached home sales.

Strong detached home sales drove Uxbridge (N16) to a 23 per cent increase compared to a year ago.

The Annex (C02) experienced a 29 per cent sales increase due to strong detached home and condominium apartment sales.

In addition to stable prices, the list to sale price ratio, at 98 per cent, remains unchanged from a year ago.

“While homeowners continue to see healthy returns, it is taking slightly longer to achieve a sale; the average time on market has increased to 33 days compared to 31 days a year ago,” said Ms. O’Neill. “This may be due to that fact that there is now more choice available to homebuyers; there are currently 26,543 active listings, a 28 per cent increase from a year ago.”

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The Region of Peel’s Home in Peel Affordable Ownership Program is designed to provide low-to-moderate income residents who are currently renting a unit with the opportunity to qualify for down payment loan assistance.

The Region of Peel has received $2.85 million under the Canada-Ontario Affordable Home Ownership Program to be used towards down payment loans. This means qualified applicants will receive down payment loans to purchase a resale home in the Region of Peel.

This program will assist eligible applicants who have a total annual income of $75,800 or less to purchase a home in the Region of Peel (Brampton, Caledon or Mississauga) that does not exceed a purchase price of $247,000.

To get more information, visit Home In Peel Website

July 22, 2008 -- The Ministry of Municipal Affairs and Housing has released a Request for Proposals (RFP) to deliver the Homeownership Component of the Canada-Ontario Affordable Housing Program (AHP) in the following areas: the Region of Halton, the Region of York, and the Region of Durham.

Background

The Homeownership Component of the AHP assists low to moderate income rental households to purchase affordable homes.  The program provides down payment assistance in the form of an interest-free, forgivable, second mortgage registered on title for a period of 20 years.  Under this RFP, the amount of down payment assistance available has been set at a fixed amount of $10,000 for each of 104 eligible purchasers in Halton, 216 purchasers in York, and 140 purchasers in Durham.

The Ministry is seeking partners at the local level to perform various delivery functions including:

• advertising availability of the program;
• finding eligible purchasers and homes;
• educating purchasers on the home buying experience and the up-front and ongoing costs of home ownership;
• facilitating the signing of AHP loan agreements; and
• receiving funds to and flowing funds from a segregated trust account to eligible purchasers.

This program has proven to be very successful in other municipalities when delivered in partnership with local Brokers of Record.

More Information

The RFP is available through MERX, the electronic tendering system used by the Province of Ontario, at www.merx.com under the category “Financial and Related Services”.  The closing date of the RFP is August 11, 2008.