March 2009

Increase in homes sold

2,565 RESALE HOUSING TRANSACTIONS SHOWS RATE OF DECLINE SHRINKING

TORONTO, March 19, 2009 – Greater Toronto REALTORS® announced 2,565 transactions in
the first half of March compared to 3,183 during the same period last year. The annual rate of
MLS® sales decline was the smallest in five months.
Mid-month March MLS® sales increased compared to the 2,044 sales experienced in the first
half of February.

MLS® sales follow a recurring seasonal trend, with transactions generally increasing between
January and May and then decreasing between June and December.
“As we move into the spring market, it appears that we are seeing stronger demand for
ownership housing in the Greater Toronto Area,” said TREB President Maureen O’Neill. “Buyers
are reacting to the market’s strong foundation of affordability.”

The average price for MLS® sales was $365,499 compared to $385,405 last year.
“Affordability has improved over the past few months due to a combination of lower home prices,
near record lows for mortgage rates and rising earnings,”1 according to Jason Mercer, TREB’s
Senior Manager of Market Analysis.
1Average weekly earnings for the Toronto CMA, as reported by Statistics Canada, have been rising on a year-over-year basis
over the past year. For example, in February 2009, average weekly earnings rose by approximately 2.5 per cent compared to
February 2008.

MARCH MID‐MONTH STATISTICS
YEAR‐OVER‐YEAR REGIONAL BREAKDOWN

                                                                                                                              Mid‐March
                                                                                                2009                                                             2008

                                                                              Sales               Average Price                  Sales            Average Price
City of Toronto ("416")                                          987                  $395,428                         1,233               $409,336
Rest of GTA ("905")                                           1,575                  $343,594                         1,950               $370,274
GTA                                                                      2,565                  $365,499                         3,183               $385,405

Source: Toronto Real Estate Board
Mid‐March
2009 2008
 

2155 Burnhamthorpe Road West

Well Managed Condo Building and Excellent Price

Famous Eagle Ridge, Million Recreation Sports Centre, Huge Swimming Pool, Unobstructed View, Pratical Layout, Laminate Floor, Walking Distance To Walmart, Bike& Walking Trial.

Includes: New Stove, Dishwasher, Fridge, Washer, Dryer, All Elfs And Blinds,2 Parkings, One Locker.

 

 

Non Canadian Resident Mortgage

For a Canadian citizen and Canadian residents the requirement for down payment is 20%. If you’re planning to have less of that amount, Canadians and residents will be referred to the CMHC for mortgage insurance, it will allow you to purchase a home with as little as 5% down payment. For non-Canadians on working visa, the requirements are a little different, 

Now, with non-Canadians, non-residents (foreigners not residing in Canada) or Canadian citizens non-residing in Canada (Canadian citizens who live abroad) the down payment requirements changes quite a bit. First off, financial institutions will  ask for a minimum down payment of 35%  to 50%, depending on each case.

Optimism returning to housing market

Optimism returning to housing market, RBC survey finds

Confidence appears to be seeping back into the housing market, with a majority of Canadians saying it’s a good time to buy, according to the Royal Bank of Canada’s annual homeownership survey.

Although this optimism is not reflected in the most recent sales statistics – the volume of sales in the Toronto area, for instance, was down 47 per cent year-over-year in January – the Royal Bank predicts that lower prices will lure a growing percentage of Canadians back into the housing market in the next two years.

A survey of 2,026 Canadian consumers, conducted in the second week of January, found that 65 per cent of respondents believe it is a buyers’ market now and 27 per cent say they intend to buy a home this year or next. "Additionally, almost half indicate it makes sense to buy a home now versus waiting until next year."

Young adults and renters are most likely to spark an upsurge in home sales, the Royal Bank said in releasing its survey results.

"In the under-35 group, 48 per cent said they plan to buy, which is up sharply from 36 per cent last year. Renters also appear to be saying they are tired of paying someone else’s mortgage payment, with 38 per cent planning to become homeowners in the next two years."

Karen Leggett, the Royal Bank’s head of home equity financing, said low mortgage rates "and favourable housing prices are influencing home purchase intentions this year and may be the reason why more Canadians are poised to purchase over the next two years."

Ms. Leggett said the poll, conducted for the Royal Bank by Ipsos Reid, found that the vast majority of Canadians believe that the purchase of a home is a good investment. "The current economic environment does not appear to have dampened Canadians’ overall confidence in the housing market," she said.

Other forecasts are less upbeat.

Canada Mortgage and Housing Corp. projects that, in spite of falling prices, the volume of existing home sales is expected to drop by 14.6 per cent in 2009, and then rise by 9.3 per cent in 2010.

Average home prices are forecast to fall 5.2 per cent to $287,900 in 2009. Next year, prices are expected to remain flat, according to the federal housing agency’s forecast.

© 2009 by Infomart.  CanWest Global Interactive Inc.  RealtorLink.

614 Shoreline Drive

Stacked condo townhouse

Fantastic Well Laid Out 2 Bedroom & Den Condo Townhouse! Very Well Kept & Maintained. Pride Of Ownership, Single Level Unit With 2 Entrance. Full Ensuite Laundry/Storage Room. Prime Location, Close To Qew/403, Schools, Go Train, Shopping.

5 Appliances: Fridge, Stove, Built In Dishwasher, Clothes Washer, Dryer, Elf’s, Broadloom Where Laid, All Window Coverings(Inc. Patio Door, Silhouette Blinds) W/Out To Large Deck With Natural Gas Bbq, Hook Up, Hwt Rental.