“TREB’s baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four per cent annual rate of price growth. This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook,” continued Mercer. January 5, 2012 -- Greater Toronto REALTORS® reported 4,718 transactions through the TorontoMLS® system in December 2011. The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries. Total sales for 2011 amounted to 89,347 – up four per cent in comparison to 2010.
“Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with other major housing costs,” said TREB President Richard Silver. “If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area,” added Silver.
The average selling price in December was $451,436 – up four per cent compared to December 2010. For all of 2011, the average selling price was $465,412, an increase of eight per cent in comparison to the average of $431,276 in 2010.
“Months of inventory remained below the pre-recession norm in 2011. Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
It is official, Better Homes and Gardens Real Estate has re-established its brand in Canada. Better Homes and Gardens Real Estate Canada made the announcement in early October. With this announcement came a change in name for two Mississauga Signature Service GMAC Real Estate offices. Both offices will now operate under the Better Homes and Gardens Real Estate Signature Service Banner.
The Better Homes and Gardens Real Estate officially relaunched its brand in 2008 in the United States. Better Homes and Gardens Real Estate brings a fresh outlook to the real estate industry creating what is believed to be a brand for the future.
The environment, President & CEO Sherry Chris and her team have created is one of a consumer-centric. Better Homes and GardensReal Estate has made it, its mission to redefine how a real estate brand does business.
The Brand's core values are defined as: passion, authenticity, innovation,growth and excellence.
Better Homes and Gardens Real Estate is a lifestyle brand. Better Homes and Gardens Real Estate is talking to the consumer directly today's consumer are not only purchasing a property but a community and a lifestyle.
Technology
Better Homes and Gardens Real Estate recognizes that technology is also a key componet of the future of the real estate industy. So technology has been woven into the DNA of the company. Brand recognition of the Better Homes and Gardens name is also key in the rebuilding of the brand.
I am excited for the future that Better Homes and Gardens Real Estate Signature Service brings to my clients and my business.
SOLD by Draga Corona...
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Changes in the Mortgage Rules
How the new mortgage rules affect home buyers
As of March 18th, 2011 anyone purchasing a home to owner occupy with less than 20% down payment can only go up to 30 years amortization. This is reduced from 35 years. Based on a $200,000 mortgage, the mortgage payment difference between 30 and 35 years amortization works out to an estimated $76.00 per month. Which means $988.00 payment difference per year.
The amortization change made along with the higher qualifying rate changes made back in April 2010, reduces the amount of mortgage that individuals can qualify for.
Buyers can still put as low as 5% down on an owner occupied purchase.
How the new mortgage rules affect home owners looking to refinance
New changes to mortgage lending now require current home owners that are looking to borrow against their equity to keep at least 15% of their home's value.
This means that up to 85% of current home value can be financed, reduced from the previous 90%.
New Mortgage rules affect on individuals looking to obtain secured line of credits
Secured line of credits can now only be obtained on a conventional basis. This means that an owner occupied property can be financed up to 80% of its current value to include a secured line of credit.
Home Buying and Selling Tips
BUYING HOME CHECKLIST
SELLING YOUR HOME ON YOUR OWN - OR USING A REAL ESTATE SALESPERSON
STAGING… FOR A FASTER SALE AND HIGHER PRICE
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
If you have decided that now is the time to sell your home, you might be thinking: should I hire a Real Estate Sales Representative or do it alone. Have you ever considered repairing your own car? Anyone can buy the tools and parts. However, most of us just do not have the knowledge, training, experience or the expertise and commitment of time to do the job properly. Besides, there are plenty of experienced professionals to do the work for us.
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.
Better Homes and Gardens Real Estate Signature Service Inc., Brokerage
Independently Owned and Operated
186 Robert Speck Pkwy
Mississauga, Ontario L4Z 1G3
905-896-4622
