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| Zoran & Jana Spanovic
Sales Representatives
Sutton Group- Summit Realty Inc., Brokerage | |
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Blog |
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| Wednesday, 18 August 2010, 12:40:33 AM | Activity continues cooling in July
Residential property sales recorded through the MLS® System of the Mississauga Real Estate Board were down noticeably in July 2010 from record levels for the same month last year. A slowdown of activity in the second half of 2010 has been widely expected as a result of accelerated home purchases earlier this year.
Home sales numbered 864 units in July 2010, down 34 per cent from the highest July on record in 2009. On a year-to-date basis, however, sales activity remains 14 per cent above levels reported over the same period in 2009.
New supply is adjusting to lower demand. New residential listings numbered 1,361 units in July 2010, down eight per cent from the same month last year. On a seasonally adjusted basis, new listings were down for the fourth consecutive month, and this is helping to maintain a healthy balance of supply and demand in the marketplace.
“The introduction of the HST was the last in a string of temporary factors that have resulted in considerable volatility in the market over the past two years, including the pull forward of demand earlier this year which resulted in record-setting activity levels just a few months ago,” said David Cobban, President of the Mississauga Real Estate Board. “With these factors now largely in the rear-view mirror, buyers and sellers can look forward to a more stable market as demand comes back into line with economic fundamentals.”
The average price of homes sold in July was up six per cent from year-ago levels to $393,394.
The total value of all residential sales was $339.9 million in July 2010, a decrease of 30 per cent from year-ago levels.
Active residential listings on the Board’s MLS® System numbered 2,284 units at the end of July 2010, up 21 per cent from last year’s low. There were 2.6 months of inventory at the end of July, up from levels recorded a year earlier (1.5 months). The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
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| Wednesday, 07 July 2010, 03:35:51 PM |
TORONTO, JULY 6, 2010
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TORONTO, JULY 6, 2010
in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per
cent annually. Year-to-date sales through June were up 23 per cent to 50,455
compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010,
but these sales were weighted more towards the beginning of the year,” said newly
elected Toronto Real Estate Board President Bill Johnston. “The pace of home sales
has moderated from record levels over the past two months with the prospect of higher
mortgage rates.”
The average price for June transactions was $435,034 – up eight per cent compared to
the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been
making less-aggressive offers. This has resulted in less upward pressure on the
average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“The annual rate of average price growth in the second half of 2010 will be in the single
digits.”
‐ Greater Toronto REALTORS® reported 8,442 sales through the
Multiple Listing Service® (MLS®) in June.
This represented a 23 per cent decrease compared to the record 10,955 sales reported
GTA REALTORS® Report Monthly Resale Housing Figures | |
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| Posted on Mon, 28 Jun 2010, 11:30:01 AM in Servicing Niagara Region |
As our business grows, number of clients had asked us to expand our services to further than GTA; As a result of your recognition of our hard work and dedication, we are proud to announce that as of July 1st, we are offering full Real Estate service to entire Niagara Region.
If you were happy with service of your Realtor in GTA and would like to receive the same service in search for home or investment in Niagara region, why go through stress of selecting Realtors that you have no record with ?
Whether you are searching for retirement or investment property, job relocation, or simply looking to find your next home, Team Spanovic already has good track record with successful transactions in Niagara on The lake, Niagara Falls and will be happy to offer team effort in servicing your needs with same dedication as we are in GTA.
Zoran & Jana
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| Posted on Fri, 18 Jun 2010, 09:48:52 PM in Home buying tips | Number of clients have asked me about changes that are to happen on July 1st, 2010 and how will they be affected when buying or selling their home; Even the (great)number of Realtors were in the limbo when asked the same question;
Answer was: NOT MUCH, since taxes are included on resale homes. In some ocassions, HST will be applied , and that has been explained in my previous blog. However, something greater has happened back in April, that went ( for 90% of potential buyers ) under the radar. Banks have made the change in the way they will qualify future Buyers and number of deals did not complete just because of it;
If before April 19, you have qualified for purchase of 400,000 home, today, you might qualify for 370,000 , although nothing changed in your income, spending habits, etc..
So, what happened ?
This article might shed some light on important changes that have affected our buying power
Summary of changes:
CHANGE 1: Qualifications
Borrowers must qualify for a five-year fixed-rate mortgage, even if they opt for a lower variable rate. Previously buyers had to qualify for the higher of a three-year fixed rate or a variable-rate mortgage.
A buyer of a $337,000 home will require $9,200 more in annual income to qualify. A buyer of a $200,000 home will need to earn $5,400 more.
CHANGE 2: Refinancing
Lower the maximum amount a homeowner can withdraw when refinancing a mortgage, to 90 per cent from 95 per cent of the value of the property.
The effect? Limited, although it could dampen the purchase of some large consumer goods bought through mortgage refinancing.
CHANGE 3: Speculation
Increase the required down payment to 20 per cent from 5 per cent for insured mortgages obtained for purchasing speculative housing investments not occupied by the owner.
About 5 to 15 per cent of mortgage deals will be affected in a "significant" manner, said Toronto-Dominion Bank, which predicts the rule will "significantly reduce the risk of speculation driving the market forward."
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| Posted on Fri, 18 Jun 2010, 05:52:21 PM in HST impact |
Just as Toronto’s real estate market begins to recover, realtors and home builders are worried Ontario’s new harmonized sales tax
could send sales plummeting again.
The number of home sales in the GTA in the first half of May was up 3% over the same period last year, after a series of year-over-year drops, the Toronto Real Estate Board said today. The average price was $399,811, about the same as last May.
“We’re out of the trenches for sure,” said Jason Mercer, senior manager of market analysis for the board.
But the harmonized sales tax looms on the housing horizon. The tax will come into effect in July, 2010, combing the 5% GST and 8% PST into one 13% tax. The HST will apply to new homes and to all home closing costs, creating thousands of dollars more in taxes.
Currently, new homes are exempt from PST. Under the HST, new homes worth less than $400,000 will qualify for a 6% tax rebate, but new homes worth more than $500,000 will be subject to an additional 8% tax.
This would mean an additional $30,000 on a $500,000 home.
The HST will hit new home buyers in Toronto harder because real estate prices are higher here, Ontario Homebuilders Association president Frank Giannone said during a meeting with the National Post editorial board.
“A $500,000 new home in Toronto doesn’t get you much,” said Mr. Giannone, who is also president of the Fram Building Group.
Mr. Giannone said the HST is a good idea, but current plans mean the entire purchase price is taxed once the $400,000 threshold is reached, and that could discourage middle-income earners from buying a new home.
“If you don’t have your own place yet, or you have your own place and you’re planning on moving up, you’ve hit a wall,” Mr. Giannone said.
Only 7% of home buyers will be affected by the new tax, said Alicia Johnston, spokesperson for the Ontario Ministry of Finance.
The HST may only apply to new homes, but closing costs on all homes will be hit with the 15% tax. This will add approximately $2,000 extra in taxes per sale for costs like home inspectors, lawyers and real estate commissions, said Toronto Real Estate Board chief government and media relations officer Von Palmer.
The additional $2,000 could hinder buyers who already struggle to save enough for a down payment, Mr. Palmer said, adding new taxes are not what the industry needs during a recession.
“There is never a good time for a new tax, but this is bad,” Mr. Palmer said.
He suggested the closing costs be exempt from the HST, but the government isn’t considering that option.
“We can’t exempt everything, otherwise it wouldn’t be a harmonized sales tax,” Ms. Johnston said.
Not everyone in the Ontario housing business thinks the HST means gloom and doom for the housing industry in the GTA.
“The HST is one factor that will impact sales next year, but it is only one of many factors,” said Ted Tsiakopoulos, regional economist for the Canadian Mortgage and Housing Corporation.
The Canadian Mortgage and Housing Corporation predicts sales in Ontario will pick up next year by 4.1% for resale homes and 1.9% for home starts.
Read more: http://network.nationalpost.com/np/blogs/toronto/archive/2009/05/20/toronto-real-estate-market-recovers-but-hst-storm-cloud-looms.aspx#ixzz0pvL89Zj5 | |
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