Ask The Agent – Realty Market Status

In this low rate atmosphere the time is right to buy and sell Call: Rob today 416-997-7268 Email: Robert-Paterson@ColdwellBanker.Ca

   The Stat’s are in….

The resale housing sales this May are higher than this time last year. In May 2009 Greater Toronto Realtor’s reported 9,589 sales, up almost two percent from May 2008 – this is the first annual increase since December 2007.

“The resale housing market in the GTA has remained reslient in the face of challenging times globally” according to TREB President Maureen O’neill. ” Many home buyers  have been taking 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 lighter market conditions expericenced this Spring.

“Home sales have increased strongly relative to new listings, bolstering home prices,” stated Jasen Mercer TREB’s Senior Manager of Market Analysis.

Source…. Market Watch (TREB)

 

First Time Home Buyers Tax Credit 2009 Budget

Are you a first time buyer and are planning to purchase a home this year. The Federal Goverment has just made this a little more affordable with up to a $750.00 tax credit in the 2009 Budget  towards closing costs of a home purchased after january 27, 2009 i.e.  (Closing Date). Contact me with any real estate concerns you may have. 

Robert-Paterson@ColdwellBanker.Ca 416-997-7268

Source Rob Paterson

 

 

Answers About Toronto Real Estate

No Time Let Me Do The Work For You

 

Its now apparent we all are strapped for time and get things done on the fly or when we can. I have decided to make it easier for you and join FaceBook.

When you need a question answered post it to my Wall or by direct Message

Logon to your FaceBook and Search Robert A Paterson

I can also be reached by Email Robert-Paterson@ColdwellBanker.Ca and by Phone

416-997-7268 cell 416-250-9000 Office

 

 

Ask the Agent – Past Comforts

The Christmas holiday season is here as stores fill up with crowds and families re-visit loved ones not seen in awhile. During this time a warm feeling a sort of comfort surrounds us.

Memories of Times Past From my Family to Yours May Your Christmas and Holidays be Merry and Prosperous

This comfort is the same feeling as arriving home after a long vacation. If you are planning a New year move ensure there are similar comforts in the home you choose this way the traditions of yester year will carry forward.

Merry Christmas and Happy Holidays from your Realtor

Robert-Paterson@ColdwellBanker.Ca

Renovating Where do i get the Best Return

How do i get the best return on my investment where should i start

Here is a chart showing you what homeowners can expect to get back at resale for common home improvements, according to AIC:

• Kitchen upgrade   return on equity (ROI) 75-100 %
• Bathroom upgrade   (ROI) 75-100 %
• Interior painting  (ROI) 50-100 %
• Roof Replacement  (ROI) 50-80 %
• Replacement of furnace or heating systems (ROI) 50-80 %
• Expansion (addition) to the Family room (ROI) 50-75 %
• Doors & Windows  (ROI) 50-75 %
• Adding a deck (ROI) 50-75 %
• Install Hardwood Floor (ROI) 50-75 %
• Adding a garage (ROI) 50-75 %

The Appraisal Institute of Canada has designed some interesting interactive software that will assist you in figuring the (ROI) for the 20 most popular renovating projects. Have a project click the link

Source “Rob Paterson”, AIC, Orea

Looking for power of sale / Bank owned / Fixer Upper properties for free listings email

Robert-Paterson@ColdwellBanker.ca  today….

Ask The Agent – Should i Buy Now

I am looking to buy an exclusive home costing 2 or more Million

The market for Multi Million dollar exclusive homes started slowing down some 2yrs ago in certain areas. Yes these houses are still selling although i have seen many homes listed multiple times and by several brokers.

My thoughts : Currently there are plenty of these multi million dollar homes sitting on the market. Many of these homes have been listed multiple times and by different agents. Having said that if you were considering now is really the time to buy one of these Grand Homes with less buyers out there there is no better time.

There are definately deals to be had in this current market. If you are secure with your finances waiting for the market to improve is actually the worst time for you to do. The price of homes has come down in all regions and will continue this trend for some time to come.

Whether you buy a Million dollar home or a Bungalow on a Cul De Sac now is the time to buy!

Got a Question you need answered please contact me Robert-Paterson@ColdwellBanker.ca

Source… “Rob Paterson”

Real Estate – There a New Season

Wow with fall fast becoming winter climate change is bringing us a new season. I am talking about the realty climate now and the new season is “Reduced / New Price” the orange and black affixed notice on for sale signs are all over the neighborhood.

With record prices being sought for homes now and the level of affordability at the lowest in years houses are sitting on the market for longer periods and receiving fewer and lower offers if any at all. The economy is now a headline story  with layoffs and bankruptcies happening all around.

 If you have a secure income believe it or not now is your opportunity to enter and invest in this declining market if you wait for the market to rebound you will miss the opportunity presented by this correction. With Investment property and Multi Million dollars homes now reduced and residential properties starting to decline there are deals to be had that were not there even 6mos ago….

If you are interested in recieving Reduced / New Price listings contact me today:

Robert-Paterson@ColdwellBanker.ca

Source…. Rob Paterson            

Ask The Agent – Real Estate Markets

The more things change the more they remain the same

Every market has a cycle there is the up and the down. Our recent market lasted an unprecedented 15yrs all up no down. Now that the correction has began depending on your local market conditions we can expect to see price declines of considerable amount in some cases compared to the market highs. Will we see a crash i do not think so but a correction is needed and now is the time.

Over the next few years there will be more people losing there homes than before there will also be a similar amount of people who have been waiting years to leave the rental market entering into this new housing market.

Remember a correction in housing prices is a cyclical occurrence this has happened in the past an no doubt will happen again in the future. The long term outlook for real estate will be up if demand remains strong and supply tightens. Alot of the cheap available land for development is gone and whats left is coming under more government regulation this should bode well for future rise in prices or a more stable market.

If you are selling your home in this market (buyers) do not be offended if your home sits on the market for a longer duration than expected. You may also receive offers that are lower than you expect remember in a buyers market where listings outnumber buyers and there is more competition for your home you will encounter these issues. If you really need to sell your home put it on the market over the winter months when there is less competition and these issues may be avoided….

Source…. Rob Paterson   

 

 

Ask The Agent – Open Houses Should I ?

Exposure is the best way to have your property noticed when selling. There are different types of exposure Open Houses are one. 

An Open House can work but it will rarely attract the buyer(s) who would actually be able to afford your home. People frequent Open Houses to see the inside of the home quite often to view the decor to get ideas on how to decorate there own home. Neighbours will check out the open house to see if it is really worth the listed amount in comparison to there home.

Open Houses do have a function though in a Sellers Market you can strategically use this method to obtain multiple offers on your home. It’s as simple as having your property listed  on a Monday slightly below market value and holding the Open House on the Saturday and entertain the Hopefully multiple offers on the following Monday. This can possibly bid up the price of the home when played properly.

Source….. Rob Paterson

Affordability How Much is Too Much

 

In Canada with various programs such as Zero and Five percent down mortgages along with historically low interest rates housing was made more affordable across the country during the roaring nineties and early part of the Millennium than anytime since the early 1960’s.

The economy as a whole benefited with full employment in the construction industry, Low interest rates Mortgage business was booming and home-owner’s flush with cash from equity loans were spending. Our economy was truly riding on the real estate market with house price increases depending on where you resided 8-15% year over year the only downside was the loss of farmland or was it.

So great was this boom ordinary people made substantial income by buying and selling there home. These homeowners sort of speak the better term Investors would simply move in leave there possessions packed in boxes in the garage and sell after 1yr by this time the home had appreciated and of course it did, great wasnt it. This process would be repeated time and time again for hundreds possibly thousands of people across the country.

Wow what a story and like all good stories they come to an end. Some think this is the end of the Boom well they are wrong the end began some two years ago and this is really the beginning of a correction where prices will become more affordable to what the average person can handle.

There is one part of the story no-one mentions and that is during all the run-up in prices while everyone was enjoying the increase in there real estate holdings the average wage did not keep pace with the wild increase in real estate values. The end result is average home prices are now way out of wack compared to what people can afford instead of the 30% you may have paid for your housing costs at the start of the boom that percentage is now more like 70% .  

With affordability now at its lowest levels in a decade there was bound to be a correction. In Canada like all western countries we have enjoyed this boom with multiple credit cards, equity loans, leased vehicles 2nd mortgages the party has been great hasnt it. 

Now its time to pay up, throw some water on your face. Our problems will not be subprime unlike the United States our financial sector Bank’s and Insurance companies alike are sound due to Government regulation. There is one looming problem though and its interest rates if interest rates go up and your mortgage comes due this could be your subprime as you may be put in the awkward position of default.

My advice to you If your mortgage is coming due get in a couple of years get rid of the credit cards downsize to one lease and pay down that bad consumer debt. This could mean the difference between keeping your house and default.

Affordability how much is to much……

Source… Rob Paterson