My husband, baby girl, pooch and I have just moved into our dream house and its all thanks to George Zanette. When we found out we were expecting our first child, nesting instinct kicked in, and we realized that we had to ditch the downtown rental and find a home for our baby to grow up in. As first time home buyers, George educated us about the market and helped us figure out what we could afford. We toyed with suburb vs metro areas and George patiently took us to viewings from one side of the city to another. He helped us determine what our dream house and dream location was and we were able to eventually focus on a specific area in our search. Throughout our search, George was so attentive to us and scheduled appointments immediately; we felt as though we were his only clients, which was actually far from true. Our phone calls, emails, or text messages were responded to, if not immediately, in less than an hour. His construction background was so useful because he could tell us what kind of cost to anticipate if a repair or renovation was required for a listing. When it came time to make an offer, George was so supportive and looked out for our best interest the entire time. He assisted us in our bidding and ensured we got the house for a great price. After we closed, the homeowner of the home we purchased confided to us that she wished she had our agent instead of her own! Upon request, George provided us with referrals to a great lawyer, home inspector, mortgage broker, electrician, etc., George would always know the name of a reliable resource. My family and I feel truly blessed to have had George as our agent. We are thankful for the relationship we have developed with him and his family and we consider them close friends. The take home message is: If you're planning to buy or sell a home, make sure George Zanette is on your side. You won't regret it!
Thanks again George! We LOVE our house!
Dr. & Mrs. Paul and Crystal Kraft
Posted by: Team@housepower.ca on : 2011-12-12 06:07:59
November 3, 2011 -- Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
"The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011," said Toronto Real Estate Board President Richard Silver. "Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall."
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.
"Sellers' market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.
"Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions."
Posted by: Team@housepower.ca on : 2011-11-04 14:35:10
October 5, 2011 -- Greater Toronto REALTORS® reported 7,658 transactions through the TorontoMLS® system in September – a 25 per cent increase over September 2010. Sales during the first three quarters of 2011 amounted to 70,588, representing a 2.6 per cent increase compared to the first nine months of 2010.
"We have experienced strong growth in sales so far this year, with a much more active summer compared to 2010. However, while sales have been strong, we have continued to experience a shortage of listings, resulting in more competition between home buyers," said Toronto Real Estate Board President Richard Silver.
"Over the past few months, the listing situation has started to improve, so we expect home buyers will have more homes to choose from in the months ahead." With annual growth in sales (+25 per cent) outstripping annual growth in new listings (+15 per cent) in September, market conditions became tighter and the average selling price continued to grow by close to 10 per cent on a year-over-year basis.
"Strong price growth through the first nine months of the year was mitigated to a great degree by low interest rates and rising incomes," said the Toronto Real Estate Board's Senior Manager of Market Analysis Jason Mercer. "As buyers continue to take advantage of the affordable home ownership options in the GTA, we remain on pace for the second best year for sales under the current TREB market area."
The Vaughan Housing Market Stats for the Month of September
Sales Dollar Volume Average Price Median Price
265 $147,455,861 $556,437 $518,000
New Listings Active Listings Avg. SP/LP Avg. DOM
527 669 98% 27
The King Housing Market Stat's for September
Sales1 Dollar Volume1 Average Price1 Median Price1
30 $25,949,400 $864,980 $610,000
New Listings Active Listings Avg. SP/LP Avg. DOM
65 175 94% 49
Posted by: Team@housepower.ca on : 2011-10-14 09:10:59
April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.
"The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide," said Toronto Real Estate Board (TREB) President Bill Johnston.
The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.
"Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Median Price
In March, the median price was $385,000, from the $370,000 recorded during March of 2010.
Posted by: Team@housepower.ca on : 2011-04-11 07:55:54
January 6, 2011 -- Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.
"Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term," said TREB President Bill Johnston.
"New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved," continued Johnston.
The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.
"At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation," continued Mercer. "Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income."
In Vaughan N08 there were a total of 2379 sales for the year, with 4380 properties listed. This means approximately 54% of properties on the market ended up being sold, which is very healthy market indeed. The average price was $ 518,352, and the average time on the market 25 days. The average percentage of sale to list price was 98%, and there is currently a shortage of listings.
Please view the Re/Max Fit To Sell Video link below if you are thinking of selling and contact us.
October Price Growth Reflects Healthy Housing Market Conditions
November 3, 2010 -- Greater Toronto REALTORS® reported 6,681 sales through the Multiple Listing Service® (MLS®) in October 2010. This represented a 21 per cent decrease compared to the 8,476 sales recorded in October 2009. Through the first ten months of the year, sales amounted to 75,582 – up one per cent compared to the January through October period in 2009.
"The annual change in sales and average selling prices has been quite uniform across the GTA and by property type as the market has balanced out from record levels of sales in the second half of 2009 and first few months of 2010," said Toronto Real Estate Board (TREB) President Bill Johnston.
"The composition of GTA home sales does differ depending on location. Condominium apartments accounted for 42 per cent of total sales in the City of Toronto and almost 60 per cent of sales in TREB's central districts," Johnston continued. "In regions surrounding the City of Toronto, in contrast, low rise home types accounted for almost 90 per cent of transactions."
The average price for October transactions was $443,729 – up five per cent compared to the average of $423,559 reported in October 2009. The average selling price through the first nine months of the year was $430,802.
"The average selling price in the GTA has continued to grow relative to 2009 because home ownership has remained affordable," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home."
"The outlook for mortgage rates and income growth over the next year is favorable. The average home selling price could increase moderately next year and remain affordable for the average GTA household," continued Mercer.
Median Price
In October, the median price was $366,000, from the $357,000 recorded during October of 2009.
What They Sold For October 2010
In Vaughan – Market area N08
496 properties were listed with 268 being new listings, 186 properties sold or 37.5% of active listings. The average price was 532,508, median price 489,000, and average time to sell was26 days on the market, achieving 97% of asking price.
Posted by: Team@housepower.ca on : 2010-11-19 03:14:04
I’ve just sold a Resale - condo-townhouse property at 11 Ross Linton Dr in Aurora. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.
Posted by: Team@housepower.ca on : 2010-11-03 11:38:53
On October 24, 2010 at 14:00 PM, you are invited to an Open House at 98 Gladstone Ave in Vaughan. If you are looking for a Resale - single family property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Resale - single family property, check out my site at www.housepower.ca. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Posted by: Team@housepower.ca on : 2010-11-03 11:38:26
On October 17, 2010 at 14:00 PM, you are invited to an Open House at 116 Fox Hound Cres in Vaughan. If you are looking for a Resale - single family property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Resale - single family property, check out my site at www.housepower.ca. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Posted by: Team@housepower.ca on : 2010-11-03 11:37:50
On October 17, 2010 at 14:00 PM, you are invited to an Open House at 98 Gladstone Ave in Vaughan. If you are looking for a Resale - single family property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Resale - single family property, check out my site at www.housepower.ca. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Posted by: Team@housepower.ca on : 2010-11-03 11:37:24
On October 17, 2010 at 14:00 PM, you are invited to an Open House at 11 Ross Linton Dr in Aurora. If you are looking for a Resale - condo-townhouse property in this area, don’t miss this rare opportunity to visit this magnificent property. For a preview of this Resale - condo-townhouse property, check out my site at www.housepower.ca. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.
Posted by: Team@housepower.ca on : 2010-11-03 11:36:04
Mississauga, ON (December 3, 2009) - In the midst of one of the most tumultuous economic periods in recent history, residential real estate has proven to be a safe harbour, with sales and average price expected to post gains in most major Canadian cities in 2009, according to a report released today by RE/MAX.
The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009, led by an anticipated 45 per cent increase in Greater Vancouver. Two markets -- Ottawa and Quebec City -- are expected to hit historic highs in the number of homes sold. Average price should post new records in 65 per cent of markets surveyed this year. As economic performance ramps up across the country, so too will residential real estate. Eighty-three per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010. The remaining markets will match 2009 levels.
Approximately 465,000 homes are expected to change hands nationally in 2009, a seven per cent increase over one year ago. Canadian housing values are forecast to close the year at $318,000, up five per cent from $303,594 in 2008. By year-end 2010, the number of homes sold is predicted to climb another two per cent to 475,000 units. The average price of a home is also expected to experience an uptick, rising two per cent to $325,000 - the highest level in Canadian history.
"2009 was without question the year of the house," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Real estate not only defied industry and analysts' predictions in 2009 -- it's performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine. While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home."
Posted by: Team@housepower.ca on : 2010-10-20 04:55:30
OTTAWA – November 16, 2009 – Monthly MLS® home sales activity continues to run strong, with new monthly records set in July, September, and October. This has prompted The Canadian Real Estate Association to revise its MLS® home sales forecast for 2009 and 2010.
CREA now forecasts national activity will reach 460,200 units in 2009, up 6.6 per cent from last year. CREA’s previous forecast issued in August had annual sales this year about even with 2008 levels. The new sales forecast for 2009 puts activity about on par with annual activity in 2004, but below levels reported for the years 2005 through 2007.
British Columbia and Ontario are still forecast to post annual increases in activity this year, but the forecast has been lifted as a result of recent record level activity in both provinces. In addition, Alberta, Saskatchewan, Quebec, and Prince Edward Island are also now forecast to post an annual increase in activity in 2009. Forecast declines in annual activity have been trimmed for Manitoba and Nova Scotia, and are little changed for New Brunswick and Newfoundland and Labrador.
National MLS® home sales activity is forecast to rise seven per cent to 492,300 units in 2010. This is a slightly larger rise in activity than previously forecast. This would make 2010 the second highest year on record for sales, putting activity below the peak reached in 2007, and slightly above the 2005 and 2006 figures. New annual records are forecast for Manitoba and Quebec in 2010.
The forecast increase in activity for 2010 reflects significant weakness in activity recorded in the first quarter of 2009. Monthly activity in 2010 is expected to trend downward from recent heights, but the sharp drop inactivity recorded in the in the first quarter of 2009 is not expected to repeat in 2010.
New listings began declining in the third quarter of 2008, as many sellers took their home off the market pending an improvement in housing market conditions. CREA’s previous forecast suggested that average price increases in the second half of 2009 would likely result in mild a rebound in listings. In the third quarter of 2009, the number of new listings did post the first quarterly increase in more than a year, which coincided with the return of strong average price increases. New residential listings are expected to continue trending upward.
The national MLS® average home price is forecast to climb 4.2 per cent in 2009, reaching a record $317,900. This is an upward revision from the 1.5 per cent gain in CREA’s previous forecast, and reflects the high degree to which the national average price was skewed downward last year by a significant decline in activity in Canada’s priciest markets, and then upward by the rebound in activity.
Alberta remains the only province with a forecast decline in average price in 2009 (-3.0 per cent). Average prices are forecast to rise in all other provinces, with gains ranging from a low of 1.5 per cent in British Columbia to 13.1 per cent in Newfoundland and Labrador.
Average prices are forecast to climb a further 4.7 per cent in 2010. Much of the annual increase reflects weakness in the average price in first quarter of 2009, which is not expected to repeat in 2010. Average sale prices are forecast to rise in every province in 2010.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price is forecast to climb 2.9 per cent in 2009, with a further 4.0 per cent rise in 2010. CREA previously forecast that the weighted national average price for MLS® homes sales would hold steady from 2009 to 2010.
"Pent-up demand built in late 2008 and early 2009, as many buyers moved to the sidelines pending an improved economic outlook," said CREA President Dale Ripplinger. "With the economic outlook having improved since then, the release of that pent-up demand will boost activity over the rest of the year and in 2010."
"Significant weakness in activity and average prices seen in late 2008 and earlier this year is not expected to repeat in 2010, so 2010 will look a lot better by comparison," said CREA Chief Economist Gregory Klump. "The raised outlook for MLS® sales activity in 2010 still puts annual activity below the pre-recession peak recorded for 2007."
Posted by: Team@housepower.ca on : 2010-10-20 04:54:28
The Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on October 20th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent.
The Bank acknowledged that recent indicators point to the start of a global recovery, and that economic and financial developments have turned more favorable than it had previously expected. While recognizing that the Canadian economy is rebounding, it expects the recovery to be weak by historical standards.
The Bank downgraded its forecast for Canadian economic growth this year, while keeping its forecast unchanged for 2010. It also lowered its forecast for economic growth in 2011.
In its September announcement to hold interest rates steady, the Bank forecast that inflation would return to its two per cent target in the second quarter of 2011. The Bank has now moved that date out to the third quarter of 2011.
The Bank’s commitment to keep interest rates on hold until the second half of next year is conditional on the outlook for inflation. Since inflation is not expected to pick up sooner than it previously expected, the Bank repeated its commitment to keep interest rates on hold. "Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target."
The Bank pointed to the rapid rise in the Canadian dollar in recent weeks as a risk to the Canadian economic recovery, saying "Heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation pressures." The Bank now expects that the domestic economy will be a greater source for economic growth, at the expense of weaker net exports.
The Bank expects the output gap to close in the third quarter of 2011, one quarter later than it had projected in July when it said production would reach capacity in mid-2011.
"The Bank threw cold water on recent speculation that it may raise interest sooner rather than later," said CREA Chief Economist Gregory Klump. "By highlighting the recent rapid rise in the Canadian dollar while intentionally failing to mention the rebound in the Canadian housing market as sources for concern, the Bank aimed to end recent speculation that it will hike rates before its repeated pledge of not doing so until at least July 2010."
As of October 20th, the advertised five-year conventional mortgage rate stood at 5.84 per cent. This is down 1.36 per cent from one year earlier, but stands 0.35 per cent above where it stood when the Bank made its previous interest rate announcement on September 10th.
Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of up to a percentage point can be negotiated, depending on lender-client relationship.
Posted by: Team@housepower.ca on : 2010-10-20 04:53:12
OTTAWA – Tax policy discourages the sale of income property and impedes a chain reaction of economic stimulus and job creation – elements that could greatly contribute to a commercial real estate market recovery and community redevelopment. A new Altus Group economic study prepared for The Canadian Real Estate Association (CREA) found that income property sales generate sizeable economic activity in a number of industries, and support job creation.
The study estimates, between 2006 and 2008, the typical multi-unit residential income property transaction in the Greater Toronto Area, Greater Calgary Area and Greater Vancouver Area generated a total of $287,850 in ancillary spending. It also found that 53 jobs were created for every 100 transactions.
"Income property sales generate a substantial amount of spin-off spending," says Peter Norman, Senior Director, Altus Group. "They create opportunities for trades people in renovations and repairs; fees for professionals; income for industries that produce construction materials; and tax revenue for all levels of government."
Unfortunately, many income property owners are reluctant to sell and reinvest because of the capital gains tax and recaptured capital cost allowance.
"The tax system provides a powerful incentive to retain income properties with large accumulated gains at the expense of more productive opportunities," explains James McKellar of York University’s Schulich School of Business. "The consequences are underutilized, energy-inefficient and boarded up buildings across the country. It restricts work opportunities in redevelopment and impedes creation of additional rental housing in built-up areas."
"The tax system encourages us to hold onto our property," according to George Kirkland Jr., an owner of a multi-unit residential property in St. John’s Newfoundland. "After paying the tax, we would not have enough money left to purchase a similarly valued property and realize the same level of income."
The commercial real estate market deteriorated significantly in 2008, as a result of the global recession, and has yet to show signs of recovery. A recent report by CB Richard Ellis Limited illustrates commercial real estate market transaction volumes declined by 51 percent, year-over-year, from $10 billion midway through 2008 to $4.9 billion midway through 2009. In the first half of 2009, the number of commercial real estate transactions also decreased sharply year-over-year, dropping 38 per cent to 1,569 at mid-year 2009 from 2,542 transactions at mid-year 2008.
"Allowing tax deferral on income property reinvestment would provide a needed kick-start for the ailing commercial real estate market," says CREA President Dale Ripplinger. "The spin-off activity from income property sales would help strengthen other sectors hard-hit by the economic downturn, and the resulting renovations and redevelopment would help revitalize communities across the country."
There is widespread support for allowing tax deferral on income property reinvestment, including the National Trade Contractors Coalition of Canada, the Canadian Construction Association, the Canadian Federation of Apartment Associations and REALpac – the Real Property Association of Canada.
The complete study from Altus Group Economic Consulting is available in PDF format at www.crea.ca or by sending an email to info@crea.ca.
About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 96,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.
Registrants in any province who become members of organized real estate have an obligation to act in accordance with the REALTOR® Code. This Code outlines the accepted standard of conduct for all real estate practitioners who are members of a real estate Board or a Provincial Association.
Posted by: Team@housepower.ca on : 2010-10-20 04:51:59
National resale housing market sales activity remained up from year-ago levels in August 2009 for the third consecutive month, posting the largest year-over-year gain in more than two years.
According to statistics released by The Canadian Real Estate Association (CREA), a total of 42,483 homes traded hands via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards in August 2009. This represents an increase of 18.5 per cent from the same month last year, and the third consecutive year-over-year gain of more than 15 per cent. Sales were 6.6 per cent below the record for the month of August set in 2007.
On a seasonally adjusted basis, national MLS® home sales held steady. At 42,426 units, seasonally adjusted activity came to within six-tenths of one per cent of levels in the previous month. Seasonally adjusted activity in Alberta and Quebec declined, offsetting activity gains in British Columbia. Seasonally adjusted activity still remains 60.8 per cent above the decade-low in January.
"National sales activity in the third quarter is on track for a significant increase compared to the second quarter," said CREA President Dale Ripplinger. "Low interest rates and affordability continue to attract homebuyers to the housing market. Consumer confidence continues to rise, which bodes well for activity in the coming months."
Resale activity in August 2009 was up from year-ago levels in about approximately three-quarters of all local markets. Year-over-year gains in Vancouver (117 per cent), Toronto (27 per cent), Calgary (17 per cent) and Montreal (nine per cent) contributed most to the national increase in activity. Aggregate MLS® home sales activity for 25 major markets posted the third consecutive increase from year-ago levels of more than 20 per cent in August.
Demand continues to improve in Canadas more expensive housing markets, drawing the national average price upward. The national MLS® residential average price rose 11.3 per cent from year-ago levels to $324,779. This is the highest national average price for the month of August.
The MLS® residential average price for the month of August set records in every province except Alberta. A sustained increase in sales activity, including a rebound in activity at the higher end of the price spectrum in some of Canadas priciest markets, is skewing the national average price upward.
This price trend is similar but more muted for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average sale price in August 2009 was up 7.1 per cent year-over-year, but down eight-tenths of a per cent from the previous month.
The weighted average price increase for an aggregate of 25 major markets reveals a similarly muted trend compared to its unweighted counterpart. The major market weighted average price rose 5.3 per cent year-over-year in August 2009, compared to an increase of 11.8 per cent for the unweighted major market average price. The major market weighted average price compensates for changes in sales activity in major markets by taking into account the proportion of privately owned housing stock in each market in relation to the major market aggregate.
The number of new listings coming onto the MLS® market posted the eighth consecutive decline from year-ago levels. New residential listings were down 8.9 per cent year-over-year to 64,167 units, the lowest level for the month of August in five years.
Improved demand is combining with fewer new listings to draw down inventories on the housing market. There were 212,227 homes listed for sale on the MLS® Systems of real estate Boards in Canada at the end of August 2009, down 13.3 per cent from a year earlier. This is the fourth consecutive year-over-year decline in active listings, and the largest decline in more than six years.
Nationally, the number of months of inventory was up slightly to five months in August from 4.4 months in July, but still well below the recessionary peak of 12.8 months in January 2009. The number of months of inventory edged up in most major markets in August. The number of months of inventory is equal to the supply of active listings at the end of the month divided by the number of sales that month. It represents the number of months it would take to sell current inventories at the current rate of sales activity.
The seasonally adjusted dollar volume of all residential MLS® sales set a new record in August 2009, rising 1.5 per cent from the previous month to $14 billion. British Columbia contributed most to the increase, having posted the highest seasonally adjusted dollar volume on record for the province.
"The balance of sentiment making big-ticket purchases pushed into positive territory in August for the first time since early last year," said Chief Economist Gregory Klump. "Recent cuts to mortgage interest rates will no doubt provide further support for this indicator, which is an important factor underlying the housing market."
"Activity may be leveling out as we indicated in last months revised resale housing market forecast. Average prices dropped sharply over the second half of 2008 and have rebounded since then, so comparisons against year-ago levels are likely to show continued improvement over the rest of 2009."
Posted by: Team@housepower.ca on : 2010-10-20 04:50:48
The Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on September 10th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent.
The Bank said that, in line with its expectations, aggressive policy stimulus and the stabilization of global financial markets are supporting the beginnings of a recovery in Canada and elsewhere.
"The bottom line for interest rates is that they are as low as they can go, so the Bank can’t drive them down any further in an attempt to boost economic growth and take the shine of the dollar," said CREA Chief Economist Gregory Klump. "That said, the Bank can take extraordinary measures to prevent a rapid or speculative run-up in Canadian dollar, and financial markets have judged the Bank’s threats to do so as credible. The Bank’s September announcement further anchors its commitment to ensure the Canadian economic recovery is not derailed by a rapidly rise in the Canadian dollar."
On September 10th, the advertised five-year conventional mortgage rate stood at 5.85 per cent. This is down one per cent from one year earlier, and unchanged from where it stood when the Bank made its previous interest rate announcement on July 21st.
Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of up to a percentage point can be negotiated, depending on lender-client relationship.
Posted by: Team@housepower.ca on : 2010-10-20 04:49:28
I would like to take this opportunity to thank all of my past clients for allowing me to help them with their Real Estate purchases and sales. I take great pride in making sure I go above and beyond the level of service my clients expect or have had in the past . I primarily work by referral, so I make sure I do such a great job that my clients feel confident in referring me to their family, friends, co-workers and neighbours. Although the market is starting to pick up again.......
" I'm NEVER too busy for your referrals!!" I'll be sure to take good care of them.
Posted by: Team@housepower.ca on : 2010-10-20 04:48:29
