Etobicoke Real Estate Blog by Kathy Gordon

This blog has moved

noreply@blogger.com (Kathy Gordon) — Fri, 12 Mar 2010 02:36:00 +0000

This blog is now located at http://blog.etobicokehomes4sale.com/.
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Did you know?

noreply@blogger.com (Kathy Gordon) — Wed, 09 Dec 2009 20:48:00 +0000

Your home reno dollars for the tax credit is a better investment than the RRSP return. For your retirement savings to get a marginal tax rate of 30% you would need an investment of $4500.00 to achieve the return you will get from your $1-10,000 renovation and your home won't look as pretty.

You will have to be completed by January 31 2010 and have made eligible home improvements.

Renovating a Kitchen bathroom or basement.

Windows Doors new Carpet or hardwood floors

Central Air Conditioning

Electric wiring, Solar Panels,

New furnace , Wood stove

Painting Interior or Exterior of house

And Associated costs for Installation and services thereof.

So lets get cracking. The Interest rates are great, the HST is not in effect as of yet and the governments giving you a subsidy.

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Etobicoke Condo Townhouse vs.Freehold Townhome

noreply@blogger.com (Kathy Gordon) — Thu, 16 Apr 2009 15:22:00 +0000

Here is the information you need to get an idea of what is happening in Condos and Townhomes in Etobicoke.

Etobicoke is divided into 5 districts starting at Lake Ontario all the way up to Steeles Avenue. They number as W6,7,8,9 and 10. I have maps on my newsletter at the home site to show you the borders of each district.

W6 stats from the Lake and goes north to the QEW.
The market is divided into three categories that are the types of Condos. Agents list them as Condo apartments, Condo Townhomes and Freeholds (not a Condo) but similar in concept. The difference between these Condos and freeholds lies in the Maintenance fees and the Insurance premiums primarily.

I have found is that maintenance fees must be voted on by the board of directors and then the owners must ratify any increase. Normally, maintenance fees would only go up by 1 to 5% at about the most.
With the newer complexes they are fixed for the first 3 years and then escalate very slowly. The status certificate is a document that shows current and future budgets and will indicate any potential increase in maintenance fees over the next year and sometimes longer. Just depends on the range of the future budget.
Low maintenance fees would be in the range of about $90 to $175. I would think that higher maintenance fees are in the range of $250 and up. There are many complexes in Etobicoke and surrounding areas that have low maintenance fees.
Also, the maintenance fee covers grass cutting, snow shoveling, garbage removal, common area lighting etc. Most important it covers your building insurance. Thus, you require less property insurance as you only need to insure your contents. I would say that you would save about $200 from your insurance premium in a condo townhouse versus a freehold townhouse, maybe more.

Now in W6 27 Condo Apartment sold , 18 1bed, 8 2bed and 1 3bed for an average sold price of $297,041. On average it took 50 days to sell them.
5 Condo Townhouses Sold 2 2 bed, 3 3bed for an average of $383,800 taking 44 DOM(days on market).
5 freeholds sold 1 2bed, 3 3bed and 1 4bed average $375,600 DOM 25.
It takes almost half the time to sell a Freehold than a townhome or apartment largely due to the number of units available.

Call me to find out the stats in your District. I will be happy to forward them to you.
For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

March Homeservicing

noreply@blogger.com (Kathy Gordon) — Sat, 21 Mar 2009 15:54:00 +0000

Hello from Fabulous Etobicoke,

Recently I joined an excellent Association I would like to share with you. Not only were they able to help me with my appliances better than their manufactures they send out a very imformative newsletter with all sorts of tips and features to help you maintain your home . There are lots of discounts on all sorts of home services. Best of all is the association and its membership who have searched out and supply you with reputable repair and service companies that are so hard to find. Trying to pick out a company from the Yellow pages or Google is very difficult when your basing it upon the size of their ad which does not necessarily equate with the quality of their work. Just tell them you know Kathy and join our association.

They have been around for a long time and as you read about them you will see they have a large network of service providers ready to help. I was most impressed when the manufacturers of my appliances were not able to provide a service window for my needs. in some cases they were not able to show up to just diagnose the problem fro three weeks. Homeservice Club suppliers were there to diagnose and order the part and repair the unit all within a week. If you have had this problem before you know how frustrating this process can be. Another feature is setting up a warranty on all your appliances and this saves a lot of time with regards to warranties and serial numbers etc. that the manufactures will require after you wait for a response from them whether online or by phone. The Call Centres are somewhere usually in the States. Many of their suppliers are service dealers for these appliances so if the warranties are valid they can do the work for you. This saves all kinds of time but you must get the serviceman to speak with the manufacture to get this kind of authorization. All this needs to be done prior to an occurrence otherwise you will inevitably get caught up in a very time consuming process. This can drive you crazy. With Homeservice you can set this up with them at your leisure and when and if anything happens(usually at Easter or Christmas when the gathering is festive)and all it takes is a call.

Check out the monthly checklist. Its benefits those wonderful To Do lists we love to give our significant others.

Etobicoke February 2009 Market Stats by Map W08

noreply@blogger.com (Kathy Gordon) — Mon, 16 Mar 2009 18:46:00 +0000

Heres a quick look at what happened last month in the area on the map known as W08 District in Etobicoke.

W08 Solds Bedrooms Average Price DOM

2-3storey 13 8-4bed 826,077 62
4-3bed
1-6bed
1 1/2 storey 2 1-4bed 422,500 33
1-3bed

Bungalows 15 11-3bed 725,600 40
3-4bed
1-2bed
Semi-detached 1 1-4bed 375,000 22

Total 31

For the complete report including market indicators, charts, price range graphs, and a breakdown of all Etobicoke districts go to:

http://www.etobicokehomes4sale.com/newsletter/Etobicoke-Real-Estate-Newsletter-March-2009.htm

YouTube - Etobicokehomes4sale.com Presents

noreply@blogger.com (Kathy Gordon) — Sat, 28 Feb 2009 20:32:00 +0000

YouTube - Etobicokehomes4sale.com Presents

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

January 2009 Hot Properties in Etobicoke

noreply@blogger.com (Kathy Gordon) — Sun, 22 Feb 2009 19:04:00 +0000

Where are the hot properties in this crazed market?

Well if you decifer the December statistics and are looking for detached homes north of Eglinton to the 401, 11 of 37 sold with an average price of $434,000. That is the W09 district.

If looking to buy or sell a Condo Apartment in Etobicoke 15 sales out of 51 listings sold in the same area but this average price is in the $125,000 range.

For Condo Townhouses the hottest market was south of Eglinton to Burnhamthorpe(W08) where 4 out of 10 listings sold in the lower price ranges of $250-260,000.

The average length of time for a sale is in the 34 days on market range. In W07 QEW north to Bloor area it was the lowest at 27 days average.

Power of Sales listings have surged with all the Banks tightening their belts apparently. Last year at this time a random search of Bank sales would offer up 5-10 listings . Now that has jumped to four to five times that number currently. This includes condos, commercial and detached homes.

With the interest rates at all time lows this is the opportunity you've been waiting for. You can buy properties for 10 to 20% less than a year ago. If you intend to fix and flip quickly to keep carrying costs at a minimum and get on the Spring market any one of the above markets are showing good activity. In some cases due to the weather and this slower current market there is still a substantial yet smaller profit available.

This months websites to check out the best way to organize your emails, videos,social networking with your desktop, laptop, mobile device would be dimdim.com and zenbe.com. Google them if the link is not working.

Happy Hunting!

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Etobicokes November Real Estate Market

noreply@blogger.com (Kathy Gordon) — Thu, 04 Dec 2008 21:42:00 +0000

November Sales Stats What you need to know to make the right decision for you!
Home Sales are Down 50%
In the 416 area, 1,523 transactions took place last month, from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, from 36,804 transactions a year ago.

Home prices are down 10%

In the 416 area, last month’s average price was $390,225, from $433,859 noted in November 2007.

Its Taking Longer to sell and theres Lots to buy from!
The average number of days a home currently remains on the market in the GTA is 41, from an average of 32 days last November. There are currently 27,037 homes listed on the Toronto MLS system compared to 18,309 available properties in November 2007.

Whether you have to sell or are trading up or down or buying for the first time these facts will help you make an informed decision. You are unique however and if you would like a more personal analysis of your situation let me help you.

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

YouTube - Remembrance Day

noreply@blogger.com (Kathy Gordon) — Wed, 12 Nov 2008 14:21:00 +0000

What do you think Top Realtors are saying?

noreply@blogger.com (Kathy Gordon) — Sat, 08 Nov 2008 17:13:00 +0000

Well when you read an article about what the top Realtors in Canada think about what is going on you know they will put a positive spin on our situation . But this time they made some valid points that I think you would be interested in.

Indeed, we have seen much more challenging times than
these. Many of today’s homeowners can recall the days of
the early ‘80s when interest rates peaked at more than 20
per cent and infl ation jumped to nearly 13 per cent, and the
early ‘90s when massive lay-offs made the news headlines
on a daily basis. In contrast, today’s interest and mortgage
rates remain at historically low levels, infl ation sits at 3.5 per
cent and more than nine out 10 Canadians are working.
Comparing Canadian homeowners to those in the United
States also illustrates our healthy situation. According to Canada
Mortgage and Housing Corporation, only 0.27 per cent
of Ontario mortgages are more than 90 days in arrears, this
compares to 6 per cent during the recession of 1992. In the
United States meanwhile, four per cent of prime mortgages
and 18 per cent of sub-prime mortgages are in default.
There is also much for Canadian homeowners to look forward
to with respect to real estate values in the next decade
as the children of our country’s 11 million baby boomers
begin house hunting. According to one recent study, the
number young adults currently living with parents in the
GTA is 10 per cent higher than the national average. This
group’s future demand for housing is coupled with the fact
that Canada is ranked number one in terms of population
growth amongst the G7 nations, with more than quarter of a
million new immigrants each year.A recent study by the International Monetary Fund substantiates
what Canada’s top real estate experts already know. It
studied housing markets in 17 countries and found that Canada
was one of only two nations in which house prices are
supported by the economy. According to CMHC, from 1999
to 2004 Canadian residential real estate offered an average
annual growth of 6.8 per cent compared to only 5.8 per cent
for equities and 5.3 per cent for bonds. All of these positive
statistics point to a fairly quick return to good market conditions
As anyone who has bought a home knows there is no
better long term investment.

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Toronto, Canada's Safest City

noreply@blogger.com (Kathy Gordon) — Fri, 18 Jul 2008 13:51:00 +0000

Greater Toronto is the safest large metropolitan area in the country, according to a report released yesterday by Statistics Canada.

Among urban areas with a population of 500,000 or more, Toronto residents reported fewer crimes per capita than residents of Montreal, Vancouver and Ottawa. Winnipeg had the highest crime rate, followed by Edmonton.

It is the first time that Toronto has scored last place when it comes to crime in the country's biggest cities. That spot is usually reserved for Quebec City, which reported the lowest crime rate of any large metropolitan area every year from 1991 to 2006. In 2007, however, Quebec City reported 4,524 crimes per 100,000 people, compared to Toronto's figure of 4,461.

The annual national crime report is compiled by the Canadian Centre for Justice Statistics, based on police-reported crime statistics.

It contradicts what seems to be a growing public perception that Toronto is rife with random violence – like the death of John O'Keefe, killed by a stray bullet on Yonge St. in January; or Hou Chang Mao, killed in gunfight crossfire a few days later in East Chinatown; or Dylan Ellis and Oliver Martin, shot dead in their SUV in front of Trinity Bellwoods Park in June.

"Unfortunately, people's perceptions are often created around a single incident or a series of incidents over a short period of time," Police Chief Bill Blair said yesterday. "That can create an impression that this is not a safe city."

He credits more and better policing for the decrease – 450 uniformed police officers have been added to the streets in the past three years – but that's not the whole story. He points to the work of community groups.

It contradicts what seems to be a growing public perception that Toronto is rife with random violence – like the death of John O'Keefe, killed by a stray bullet on Yonge St. in January; or Hou Chang Mao, killed in gunfight crossfire a few days later in East Chinatown; or Dylan Ellis and Oliver Martin, shot dead in their SUV in front of Trinity Bellwoods Park in June.

"Unfortunately, people's perceptions are often created around a single incident or a series of incidents over a short period of time," Police Chief Bill Blair said yesterday. "That can create an impression that this is not a safe city."

He credits more and better policing for the decrease – 450 uniformed police officers have been added to the streets in the past three years – but that's not the whole story. He points to the work of community groups.

She cited a recent meeting for residents of the Tobermory-Yellowstone neighbourhood that drew 100 people to talk about their vision for the community. "I think it's a sign of real commitment ... People want to be part of making Jane and Finch a great place to live."

The Statistics Canada figures show all Criminal Code offences in Toronto Census Metropolitan Area (CMA) were down 11 per cent in 2007.

Blair said sophisticated anti-theft devices for cars that prevent engines from being started without the proper key have helped reduce vehicle theft, which kills 40 people in Canada each year, according to the Insurance Bureau of Canada.

The StatsCan report said property crimes may be down because rising insurance premiums are discouraging people from reporting them.

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Real Estate Blog - If you love Golf and your Family!!!

noreply@blogger.com (Kathy Gordon) — Wed, 18 Jun 2008 19:50:00 +0000

Real Estate Blog - If you love Golf and your Family!!!

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Ten Things you should know about before moving to Toronto.

noreply@blogger.com (Kathy Gordon) — Thu, 01 May 2008 16:26:00 +0000

Ten Things you should know about before moving to Toronto.

1) Toronto has 4 seasons . We range from 0 degrees Celsius 32 degrees fahrenheit in the winter 4 months December to March. In the Summer mid-June to August we average 14-16C, 60-70 degrees, in Fall September to November our Fall leaves turn all sorts of beautiful colours at 10-14C, 50-60F and in the Spring from April to mid-June we rejuvenate and fluctuate at 5-15C, 45-75F. Variety is the spice of life and right here we have it all. Multi-cultures and Seasons alike.
Toronto Weather and Climate Chart - Toronto, Ontario (ON), Canada
Maximum Minimum
Toronto weather in January 1°C / 34°F -6°C / 21°F
Toronto weather in February 0°C / 32°F -7°C / 19°F
Toronto weather in March 6°C / 43°F -2°C / 28°F
Toronto weather in April 6°C / 43°F -1°C / 30°F
Toronto weather in May 12°C / 54°F 5°C / 41°F
Toronto weather in June 21°C / 70°F 13°C / 55°F
Toronto weather in July 22°C / 72°F 14°C / 57°F
Toronto weather in August 22°C / 72°F 15°C / 59°F
Toronto weather in September 18°C / 64°F 11°C / 52°F
Toronto weather in October 13°C / 55°F 6°C / 43°F
Toronto weather in November 5°C / 41°F 0°C / 32°F
Toronto weather in December 3°C / 37°F -1°C / 30°F

2) Sometimes it snows but for the most part being north of Lake Ontario we have a pretty mild winter, unless of course you were here this year of 2008 and experienced the most snow we have had over 100 years. No Global warming here! Poor Buffalo seems to get a "wek" of it though.

3) Toronto has a lot more than a Film Festival, or a Hockey Team. We are home to the Mirvishes where some of the best theatre in North America can be enjoyed. We have all the Sports teams or lack thereof and we love them too much, so much so they compete with the best but never seem to be able to be passionate enough , fans and players to care about winning. Our Blue Jays did win the World Series two years running back in 92-93 but since the strike we have never been the same. We need your enthusiasm.

4) Excuse me, we are a polite people, sorry! On a boat we like to wave, on a street we like people to have the right of way and on the highway we generally keep our frustrations window down, finger up.

5) Traffic Rules in Toronto. Since one of our Conservative governments allowed a foreign company to rule a Highway, 407 to be precise we now get tolled monthly and they take pictures of our plates. But it is a beatifully fast highway that is supposed to take the big bad trucks away. I think gas prices will do that just fine. We are presently at $1.20 a litre for gas and unfortunately that equates to about $4.45 a US gallon quite a bit higher than our American counterparts average.

6) Toronto is a great melting pot of about 2.5 million people and our GTA brings us up to 5 million people. Recently we became a Megacity when our five boroughs joined together in holy or pot-holey matrimony and still Etobicoke is the place to live. 10 minutes from the airport 15 minutes from Downtown and super-highways ready to take you anywhere fast. Hwy 401, 427,QEW, 407 all run through Etobicoke. Sorry thats just where I live.

7) Toronto is closer to the great USA than anyone else but we have the tastes of all worlds at our door. Pierre Elliott Trudeaus vision of multiculturism has created the most diverse cuisines available anywhere in the world. Although we don't seem to do Mexican that well we more than make up for it with our French bilingualism, our Italian and growing Asian populations and many European influences. The restaurants are plentiful , clean , all non-smoking and DineSafe so we can all enjoy the fabulous varieties.

8) Yonge Street( or Highway Eleven as its known out of town) is the longest street in the world. That stands at least until Guinness book of Records replaces it and it divides our great city and the GTA right down the middle. It starts at Lake Ontario one of the Great Lakes and takes us through the Downtown north to Cottage Country and keeps on going for over 1800 kilometers.

9) We love to laugh at ourselves mostly. These fellows represent our sense of humour. Mike Meyers, Howie Mandel, John Candy, Dan Akroyd and Jim Carrey are all Canadian comedians that were either born, or lived and love Toronto.

10) Last of course is Etobicoke. In the west end of Toronto, closest old borough to the world (Lester B. Pearson Airport)and minutes away from the action.

B4 Moving Day

noreply@blogger.com (Kathy Gordon) — Thu, 07 Feb 2008 02:35:00 +0000

Wednesday, February 6, 2008

Great way to get rid of OLD STUFF!

For Etobicoke where I live we found this great little site for items that you can"t get rid of on Craigslist or Kijiji but people actually will come and pick it up if its free. Recyclers they like to be called. When your moving you will undoubtably come across dead or barely living stuff. You know like what do you do with all the boxes after they are emptied or bed frames, bookshelves, work benches, garden tools stuff that is mostly unwanted. Old computers, old sports equipment, old books all sorts of old stuff. You have to register and the emails will start coming. You just post your stuff and they will come rain or shine. And they show up. The site is at http://www.groups.yahoo.com/ and in find a yahoo group enter in the search button "Freetobicoke"Try it. It really helps you get rid of stuff without paying to have it removed.

Condo Lifestyle makes good cents.

noreply@blogger.com (Kathy Gordon) — Fri, 21 Dec 2007 01:20:00 +0000

In the following report you will see that Condos are no longer a market waiting to happen. They are here now and a force to be reckoned with. As reported earlier in the year Condo sales are in double digits and appealing not only to the first time buyer but the baby boomers are looking for larger units to replace their homes. 2008 will see a continuing pace for all of these reasons.

ReMax Condominium Report 2007
Greater Toronto Area

Unprecedented demand for condominium apartments and town homes buoyed solid year-over-year appreciation in both sales and price in the Greater Toronto Area (GTA) in 2007. Condominium sales have climbed 14 per cent to 25,072 units, up from 21,950
one year ago—and now represent approximately one in every three homes sold (30.5 per cent) in the GTA. The upward trend has been particularly evident in the downtown core, where double-digit increases in condominium values occurred for the first time in
the last decade. 2007 also marked the first year that resale condominium apartments and town homes in the downtown core experienced bidding wars, especially on product priced between $300,000 to$400,000. Low inventory levels have been in large part responsible for the upswing, with well-priced listings generating multiple offers. Demand has outpaced supply of condominium apartments and town homes
in many core neighbourhoods throughout the year. In Cabbagetown, for example, the sales-to-listings ratio for town homes has been well over 100 per cent.
The upper-end of the market has been particularly vibrant, with 126 sales reported over the $1 million mark so far this year, up close to 97 per cent from 64 sales one year earlier. New condominium product has been extremely well-received, with line-ups at sales centres the norm for most of 2007. The most successful launches—1 Bloor, Festival Tower, L Tower and Pier 27—were also the priciest at price per square foot from $600—$1,000. Most new projects are in the $450 dollar per square foot range. Across the GTA,
condominium units priced between $200,000 and $300,000 were most popular, with 43 per cent of apartment sales and 48 per cent of town home sales occurring in this price range. Affordability continued to draw first-time buyers to condominium ownership this year. Close to 32 per cent of apartment and 28 per cent of town home sales occurred under the $200,000
price point. Entry-level purchasers lead the charge for condominium product in 2007, stimulating sales of apartments and town homes from Scarborough to Mississauga. Demand for town homes continued to escalate, especially in areas such as Liberty Village, where more and more young families have discovered the advantages of downtown living. Developers
have also responded to growing demand from aging baby boomers for larger units situated in bluechip neighbourhoods. The impact is best illustrated in the Yorkville area where units in several condominium buildings under construction now start at a cool $1 million. Investors have also jumped into the fray, now representing a sizable segment of the downtown market. In fact, an estimated 60 to 85 per cent of sales in new condominium developments involved investors this year, up from 30 to 50 per cent in 2006. The condominium lifestyle has gained
considerable momentum in recent years and the market still has room to grow. Further price
appreciation is anticipated in the year ahead, with the most substantial increases forecast for the downtown core. Given a continuation of current economic fundamentals, sales of both apartment and town house units are also expected to climb, rising by three
to five per cent by year-end 2008.

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Islington Heights In case you missed the article

noreply@blogger.com (Kathy Gordon) — Fri, 14 Dec 2007 17:08:00 +0000

Huge lots, sweeping trees and a golf course
Islington Heights
Suzanne Wintrob, National Post Published: Saturday, December 08, 2007
Story Tools

The two Islingtons sit on either side of the aptly named Islington Golf Club. Due south there's the Village of Islington, with historical murals, sweeping trees and new condos and rentals lining the main retail drag. Head north and it's a sleepy little suburbia dubbed Islington Heights, where grown-up kids return with families of their own and monster homes are de rigueur.
Average house price Huge lots -- up to 90 feet wide near the golf course -- command big prices. Get an original wartime boxy bungalow on a 50x125-ft. lot close to Kipling Avenue for $600,000 or a 1960s ranch bungalow with gigantic basement on a 65-ft. lot closer to Islington Avenue for $800,000. Then knock it down and put up a 4,000-sq.-ft. four-bedroom knockout with outdoor pool -- price tag: $1.5-million. On sale now: a $2-million four-bedroom new build on a 70x131-ft. Bywood Drive lot backing on to the golf course, with $11,000 in taxes. Empty nesters head to Barclay Terrace, where 1,450-sq.-ft. three-bedroom condos sell for $500,000.
Demographics Professional couples in their 40s and 50s who grew up in Etobicoke and are returning with school-aged kids in tow. They work downtown and spend summers at the cottage, but when they're home they stick to their big house and sprawling property. Not many street parties here.
Local schools Rosethorn Jr. closed in the early 1980s because there weren't enough kids to deck the halls, but today it's a coveted school thanks to French immersion. From there, it's on to Humber Valley Village Middle and Etobicoke Collegiate; nearby is private Kingsway College.
Local parks There's a little parkette tucked away at the end of Greak Oak Drive, but the action is at Rosethorn Park, where kids play baseball and soccer, and adults try love on the tennis court.
Transit There are buses to Islington and Kipling subway stations and an Anglesey bus along Rathburn. But most jump in their comfy cars and take the nearby Queen Elizabeth Way to the Gardiner Expressway and head downtown, a 30-minute drive in rush-hour traffic.
Retail No stores here, so they walk to little Thorncrest Plaza for IGA groceries, Rizo giftware, Candy Hut and other necessities. It's a car ride to Loblaws and Bruno's Fine Foods at local plazas, the shops of the Kingsway and Bloor West Village, or Sherway Gardens.
Dining No restos here, so they head to Java Joe's at Thorncrest Plaza, Oregano Grill on Dundas or the eateries of the Kingsway.
Local trivia Many belong to the Islington Golf Club, where tongues still wag about the guy who built a house at the edge of the fairway and then took the club to court when balls started flying into his backyard. He won, forcing the club to rearrange the holes, cut down century-old trees and put up a net.
For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Getting ready to sell and move to a Condo.

noreply@blogger.com (Kathy Gordon) — Tue, 23 Oct 2007 20:16:00 +0000

Getting the home ready for selling is at best a long term project that should start when you move in.
Well if not then , thaen definitely shortly thereafter. It sure would save a lot of time. First you make a list of what has to go and whether you wish to face up to it or not DECLUTTER is the best. It is not the 60"s when your parents stretched the dollar so far to make room for more kids. Excess makes a mess. And this is not the time to do all the fun stuff like picking a realtor, pricing your home and cleaning up. http://www.etobicokehomes4sale.com/selling-process.htm It has to be ongoing, non-stop cause when your getting ready to downsize all that big stuff that used to fill your house has to go. Condos, if they have one main room or townhomes being 14 feet wide are not going to handle any of your stuff. The time is now . If you want a quick way to find a condo try out this new MLS tool that helps you break it down real fast. Good Luck
http://www.etobicokehomes4sale.com/mls-ca-real-estate-etobicoke.htm

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Condos Sales are Soaring in Etobicoke

noreply@blogger.com (Kathy Gordon) — Tue, 23 Oct 2007 20:05:00 +0000

Condos whether they be high rise or boutique or townhome they are making a lot more sense now than ten years ago. Definitely they are easier to maintain, more secure and now increasing in value due to the latest trends. Boomers kids are out of school and the home is looking big and lonely. The pool attention is now all upkeep with the gang all gone. Its time to travel and what makes more sense than condo living.
Toronto condo sales spiked in September, report says
If you want to own a home in Toronto, you better be prepared to live in a condominium.
RealNet Canada says six out of every 10 new homes sold in the city are now high-rise condominium units. Condo sales in September were up 66% from a year ago.
Last month was extraordinary but for the first nine months of the year condominium sales were up 31% from a year ago.
“It’s getting to sound like a bit of a broken record but the condo market is the market story of 2007,” says Bob Finnigan, president of the Building Industry and Land Development Association in Toronto.
It is not hard to surmise why condo sales are going through the roof — they represent a cheap alternative to single family detached homes in Toronto’s strong real estate market.
Garry Marr

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Best June Ever!

noreply@blogger.com (Kathy Gordon) — Mon, 09 Jul 2007 19:35:00 +0000

Best June Ever!

July 6, 2007 -- Last month the Toronto Real Estate Market recorded 10,451 sales for the best June performance ever, Toronto Real Estate Board President Donald Bentley announced today. "June's figure was up almost 20 per cent over the 8,730 sales recorded during the same month in 2006, and down only slightly (six per cent) from May's best-ever figure of 11,146 sales. To get some idea of the current strength of the market: there have been more sales in the last two months (21,597) than occurred in all of 1977 (20,512), thirty years ago this year."
While the sales pace remained brisk, average prices declined marginally (less than one per cent) from May to $381,963. The year-to-date average was $373,719, up five per cent over the first six months of 2006 ($356,977).
"Price increases remain only modest," noted the President. "Inventory, at 21,789, is robust enough to keep a lid on upward inflation. The current market is still accessible to first-time buyers, and should continue in this mode for the foreseeable future."
Breaking down the total, 3,936 sales were reported in TREB’s 28 West districts and averaged $356,513; 1,819 sales were reported in the 14 Central districts and averaged $513,491; 2,248 sales were reported in the 23 North districts and averaged $406,565; and 2,448 sales were reported in TREB’s 21 East districts and averaged $302,558.
NEIGHBOURHOOD CORNER
Etobicoke
In Etobicoke (W-6 to W-10) there have been 2,734 sales to date, up 13 per cent over the January to June period of 2006. The average price was $399,525, up four per cent over the $383,220 recorded during that earlier time frame.

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

February Cold, Real Estate Hot, Condos Hotter

noreply@blogger.com (Kathy Gordon) — Tue, 06 Mar 2007 15:15:00 +0000

Get your home ready , check out http://www.etobicokehomes4sale.com/selling-process.htm

Condos are hot in Mimico .Strong condominium apartment sales in Mimico / New Toronto "W06" contributed to a 29 per cent increase in overall transactions compared to a year ago.

In the Islington / Kingsway area of Etobicoke, a jump in condominium transactions helped to push overall sales 42 per cent higher than January 2006.

February stays right on track

March 6, 2007 -- Resale housing activity in the month of February was slightly higher than a year ago, Toronto Real Estate Board President Dorothy Mason announced today. A total of 6,772 transactions took place in the month, as compared to 6,756 in February 2006.
"Sales activity has been strong to begin the year," Mrs. Mason said. "Results from the first two months show that so far 2007 is five per cent ahead of last year’s pace."
"The important thing is that we are seeing strong results on a consistent basis, which speaks volumes about the stability of the market,” Mrs. Mason added. “As we head into the most active part of the year, it's an excellent time to get into the market for the first time or make a switch to a different home."

Best January Ever

noreply@blogger.com (Kathy Gordon) — Thu, 08 Feb 2007 21:56:00 +0000

Best January Ever!

February 6, 2007 -- The new year got off to a fast start, with 5,173 sales of existing homes in January, TREB President Dorothy Mason announced today. "This figure is up 13 per cent over last January, and up six per cent over the 4,869 sales recorded in January of 2002, which was the previous record for the month."
Meanwhile, average prices climbed in January to $353,724, up five per cent over December and up six per cent over the $332,687 recorded in January 2006. "While one shouldn't read too much into a single month's result," the President said. "January's record breaking performance is an encouraging sign for the year ahead."
Breaking down the total, 1,975 sales were reported in TREB’s 28 West districts and averaged $335,116; 878 sales were reported in the 14 Central districts and averaged $462,211; 1,082 sales were reported in the 23 North districts and averaged $383,806; and 1,238 sales were reported in TREB’s 21 East districts and averaged $280,178.

For Etobicoke encompassing W6-W10 Districts recorded 269 sales a 9 % increase over 2006 for the same month. The average price was $353,404.00 down 1% over$357,017.00 recorded during January of 2006. In addition there were 123 sales of detached homes in Etobicoke which averaged $471,965.00 a 8.0 % increase over the same time period last year. ($434,471.00)

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Effects of US housing market slide as seen by TD - Canada Trust

noreply@blogger.com (Kathy Gordon) — Sun, 15 Oct 2006 15:49:00 +0000

THE DECLINE AND FALL OF THE U.S. HOUSING MARKET: WILL THE BROADER ECONOMY FOLLOW?

October 2, 2006

The U.S. housing sector directly contributed more than $2 trillion to the national economy in 2005 and accounted for one-quarter of real GDP growth. Don’t expect a repeat performance any time soon. Data over the past five months show that the housing market is in the midst of a correction. The supply of detached resale homes has hit a 13-year high, affordability has eroded to late-1980s levels, and all three major housing markets – new, existing and construction – have absorbed double-digit declines in activity relative to last year.

The question is not whether the housing market correction will dampen U.S. economic growth over the next year. It will. The cliffhanger is whether it can single-handedly tip the economy into a recession. Indeed, the current housing cycle is already mirroring trends leading into past recession cycles. So why would it be different this time?

To evaluate the risk of an economy-wide recession, we cannot look at the housing sector in isolation. Other factors also enter into the equation, such as interest rates, inflation, labour market conditions, inventory overhang and the overall health of Corporate America. These influences bear little resemblance to patterns seen in prior pre-recession cycles, and we believe this tips the scale in favour of an economic slowdown rather than a recession.

The importance of housing in the American economy

The real estate sector has been punching above its weight in the American economy since the housing boom gained traction in 2002. More and more jobs, incomes and consumption have become leveraged to the performance of the housing market over the past four years – leaving little doubt that a housing correction will have knock-on effects to the broader economy. In fact, housing-related indicators alone leave the impression that a recession is just around the corner.
There are three main ways in which the housing boom has weaved its way through the economy. There is the direct link of residential investment, which accounts for 5.5% of real economic activity, a share that has risen a full percentage point in just four years. This sector has consistently contributed about half a percentage point to real GDP growth since 2002, twice its historical norm. Over the next year, however, the opposite is expected to be true, with residential investment shaving half a percentage point from annual economic growth. On its own, this would be a barely audible hiccup in the economic expansion, but residential investment has been a heavyweight in influencing recent labour market conditions.

Construction and real estate jobs are to credit for one-fifth of all American job growth in the past four years. This is remarkably disproportionate to its size in the labour market. For instance, the construction industry accounts for less than 5 per cent of all jobs. Not surprising, regions that had the greatest gains in home prices during the boom also experienced the most robust demand for construction workers. New England can thank the construction sector for more than one-third of all job growth over the past four years (August 2002-August 2006). The respective shares in California and Nevada are similarly high at 28 and 24 per cent. A pull back in housing, therefore, presents a clear and present danger to employment, and hence incomes and consumption across America.

And the impact from housing doesn’t end there. The third and biggest influence has come through two arteries of consumption: direct housing-related purchases and the wealth effect. The former includes the likes of furniture, appliances and other expenditures related to household services and operations. These purchases accounted for just over 18 per cent of the real economy in 2005. Meanwhile, housing wealth effects have been fueled by the rapid appreciation in home prices coupled with record levels of refinancing and home equity withdrawals. Unfortunately, the peak in refinancing has already long passed and if current declining trends continue through this year, refinancing activity will have slumped over 60% from 2003. Meanwhile, cashed-out home equity is projected to fall by 40% in 2007 alone!

The significance of this should not be overlooked. In the past three years, we estimated that housing wealth effects accounted for, on average, 2 percentage points of the annual growth in real consumer spending each year. The U.S. is now facing a situation where the unwinding of housing wealth effects will drag consumption growth. The second quarter of 2006 presents some preliminary evidence that this process is already underway. According to our proxies for capital gains and cashed-out equity, quarterly declines in both marginally detracted from real consumption growth. Even so, the overall wealth effect continues to support spending growth because the biggest driver is real estate assets valued at nearly $17 trillion in inflation adjusted terms. But even here cracks are forming. This measure expanded by just half a per cent in the second quarter, marking the slowest pace since 1997. As overall wealth effects continue to reverse course, we estimate that it could shave at least a full percentage point from real GDP growth over the next 12 months.

How close is the U.S. to a recession?

With all these dire predictions, would there be an outright contraction in U.S. economic activity? There is significant risk of a recession in 2007 or early 2008. However, the most likely outcome remains a mid-cycle slowdown. Although a number of housing indicators are mirroring the path of past recession cycles, the data provide an incomplete picture and can often send false signals. Interest rates, inflation and employment are also material in shaping the economic landscape.

Starting with the housing market backdrop, the news is somewhat glum. There is a strong link between real estate assets and recessions. The annual growth rate in inflation adjusted real estate has contracted in three of the past four recessions. On average, asset growth hits a trough of -3% following several quarterly declines that either preceded or coincided with the start of the recession. Currently, this seems a long way off since real estate assets were still expanding by a healthy 7% annual clip in the second quarter. However, the slowdown in the quarterly growth rate is a red flag. In addition, the annual pace of growth for detached real home prices moved deep into negative territory (-5.3%) in August, which does not bode well for the wealth measure in the third quarter. But, readers should bear in mind that there are also instances when price growth dramatically slows or turns negative that does not coincide with recessions. The mid-1990s offers a perfect example of repeated false signals, though a mid-cycle slowdown did ensue.

Sharp double-digit declines in the annual growth of housing starts in August also put this indicator in bad company for either a recession or cyclical slowdown. But, the data is inconclusive on which one it would be because single-family housing starts contract steeply in both cases. The only distinguishing feature is that activity during a recession cycle remains in the red for a longer period of time. For this outcome, we’ll have to wait and see, but what we do know is that construction activity in the most recent quarter has already contracted to a greater extent than the initial backslide leading into an average recession cycle.

Another possible signpost that the U.S. is on the cusp of a recession is if purchases of big-ticket housing items begin to contract on a quarterly basis. Falling expenditures on items like furniture and household equipment tend to precede a recession by 1-to-3 quarters. This has yet to occur in the present economic cycle, but we would not be surprised if it did. However, the bigger economic determinant is if a contraction in spending for non-housing items follows in toe. When this occurs, a critical threshold of consumer confidence has been breached.

Consumers hold the key to economic expansion…

In past recession cycles, consumer spending was undermined by three critical variables: inflation, interest rates and unemployment. There is good news on all three fronts in the current economic cycle. The graph below shows that present inflation behaviour is more akin to periods of mid-cycle slowdowns than recessions. U.S. core inflation typically accelerated ahead of recessions and was at least double current levels. Because movements in inflation and interest rates are highly intertwined, acceleration in the former usually prompted the central bank to respond with higher interest rates – often causing monetary policy to overshoot to the point of choking off domestic demand. This is evident in the graph on the following page, where the real fed funds rate climbs, on average, about 2 percentage points over the course of four quarters preceding a recession. The current cycle has produced an equivalent amount of tightening, but it has been gradual by comparison, occurring over eight quarters. Equally important, the level of real interest rates remains a full 2 percentage points below peak pre-recession periods. So in both cases, interest rates appear to be only tapping on the brakes, rather than driving the economy to a full stop.

This may account for why household credit is still showing little sign of stress, even at this late stage in the monetary tightening cycle. There has been much made of recent up-ticks in foreclosures and delinquencies, especially in states that have a notorious reputation for the use of riskier debt products, such as California and Nevada. Yet, the national level of delinquency rates remains low. And, in the subprime market, California and Arizona still ranked as the lowest delinquency states in the U.S. even though both have a disproportionate amount of non-conventional mortgages. In the first quarter of 2006, negative amortization loans represented 9 per cent of new mortgages in the U.S. In Nevada and California, those respective shares were 22.5 per cent and 21 per cent.

With this in mind, we fully recognize that the high use of ‘exotic’ mortgages does present a near-term risk to the economic expansion. In 2005, nearly 40% of new mortgages were either negative amortization or interest-only products. What’s more, it is estimated that $1 trillion of adjustable rate mortgages will adjust in 2007, or about 8% of outstanding mortgage loans. However, once again we take comfort in the inflation-interest rate link. Without the shackles of high inflation in the current cycle, we believe the Fed will react quickly to an economic slowdown and will cut interest rates by 100 basis points in the first half of 2007. This should help alleviate the interest rate strain on some of the more vulnerable credit holders.

The labour market backdrop is the third factor supporting the outcome of a mid-cycle slowdown. The final scenario graph below has two useful insights. First, the current labour market looks to be paralleling the path of a cyclical slowdown, referring to the fact that there has not been a material deceleration in job growth that typically precedes a recession. Meanwhile, growth in real wages per employee has recently accelerated, which is opposite to pre-recession behaviour. Second, the amount of new jobs relative to total employment is much lower in the current cycle than either of the scenarios of a recession or mid-cycle slowdown. This is good news because less job buildup going into a slowdown provides some insulation against the risk of mass job layoffs.

This possibility is further enhanced when we consider that the job boom that typically takes place in post-recession periods did not occur after the 2001 recession. Rather, corporate restructuring scratched nearly 3 million jobs from payrolls between 2001 and 2003. And, in some sectors, employment restructuring has yet to cease. For instance, the manufacturing sector continues to shed jobs five years after the official end of the recession.

Current lean employment structures provide some reassurance that aggressive job cuts are not waiting in the wings. This is a vital component to any economic cycle, because mass layoffs cause a sudden interruption in household income that is highly destabilizing to an expansion. Total wages in the economy amount to over $4 trillion, which is more than five times the amount of mortgage equity withdrawal.

…but Corporate America is in driver’s seat

But, the security of job growth ultimately hinges on the response by Corporate America to an economic slowdown. Even here we find a number of key positive features in the present cycle. For one, the ratio of prices to unit labour costs is typically falling heading into a recession period. This is definitely not the case in the current cycle, plus the ratio is at a historical high reflecting the fact that businesses have successfully constrained unit labour costs to lift profits. Second, corporate liquidity and savings have never been better. If the U.S. economy was nearing a recession, growth in retained earnings would normally be slowing, but the opposite has occurred. Given that retained earnings are at a record level, firms should not find themselves in dire straights as demand growth tapers off, especially if the slowdown extends a short period of one year, as we predict. And, as we already mentioned, job restructuring occurred only three years ago, so there’s not much fat to cut off these bones.

The final corporate variable that provides comfort is the historically low inventory-to-sales (I/S) ratio. Inventory swings have proven to be highly disruptive during an economic downturn and can often hasten job layoffs. When consumer demand growth trails off, I/S ratios tend to rise, causing firms to aggressively liquidate on-hand stock. The Fed estimated that this inventory adjustment process accounted for, on average, one-quarter of the overall slowdown in real GDP growth during postwar recessions. This is quite a powerful influence from a sector that represents a mere 0.5 per cent of GDP.

In the current economic cycle, I/S ratios across all sectors – retail, wholesale and manufacturing – are already flirting with record lows. In fact, these ratios have been extremely lean since 2004, the start of the Fed tightening cycle. So, it’s quite possible that firms have long been bracing for an economic slowdown. Low I/S ratios relative to past norms should limit the severity of an economic downturn, while also mitigating some of the negative risks that naturally flow to the job market.

Conclusion

We are not blind to the obstacles faced by the U.S. economy, such as a negative savings rate and high debt service costs. If the consumer back finally breaks, look for preliminary signals to emerge in the form of steep contractions in housing-related expenditures and escalating debt defaults. But, we remind readers that there is no single variable that can push America into a recession. The health of the economy is dependent on a confluence of many factors. Although recent trends in the housing sector are closely paralleling events leading into past recessions, deteriorating wealth effects and falling home prices alone do not portend a recession. The environment for interest rates, inflation and corporate balance sheets bears no resemblance to past recessions. We believe these factors will dominate, preventing the mass job losses that would compromise income growth and the ability for households to meet debt obligations and future expenditures. So, to return to the question we posed in the introduction as to whether the housing correction will lead to an outright recession, the likely answer is “no”. The economic indicators are precisely in line with previous mid-cycle slowdowns, such that the U.S. economy is more likely to bump along the 2 per cent mark for a one-year period, than contract outright.

Article courtesy of TD Canada Trust, Paul Chadwick

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

RBC Royal Bank "Leading indicator points to positive, but slower, growth ahead" September 2006

noreply@blogger.com (Kathy Gordon) — Thu, 21 Sep 2006 14:19:00 +0000

RBC Royal Bank "Leading indicator points to positive, but slower, growth ahead"
Latest month available: August 2006

Release date: September 20, 2006

Fixed income and currency market reaction
The leading economic indicator rose by 0.2% in August. July's increase was revised up to show a 0.3% increase, (previously reported as 0.2%).

Implications
The rise in the leading indicator confirms that economy continued to exhibit decent momentum in the third quarter with seven of the 10 components recording increases in August.

The biggest decline occurred in the housing index, which fell 2.5% as a result of a decline in housing starts and a levelling off of house sales. The slowing in housing market activity restrained growth in furniture and appliance sales to 0.5%, their slowest increase this year.

Manufacturing new orders rose 0.1%, while the ratio of shipments-to-inventories remained relatively flat. Money supply growth increased while the U.S. Conference Board leading indicator fell 0.1%.

Today's release points to positive, but modestly slower, growth ahead in line with our forecast that real GDP growth will moderate in the second half of the year after increasing at a 2.8% average pace in the first half.

Real GDP... Second-quarter real GDP surprises on downside
Release date: August 31, 2006

Fixed income and currency market reaction
Canadian second-quarter real GDP surprised on the downside, rising at a 2% annualized pace, below market expectations of a 2.3% annualized increase and well below the forecast put forward by the Bank of Canada in their latest Monetary Policy Report Update. First-quarter GDP growth was revised down to a 3.6% annualized pace from 3.8%. On a monthly basis, the Canadian economy remained stable in June. The lower-than-expected second-quarter read will prove negative for the Canadian dollar and positive for bonds.

Implications
While consumer spending slowed slightly in the quarter to 4.2% from the first quarter's 5.1% pace, it continued to support the economy. Expenditures on durable goods decelerated sharply.

Residential investment declined 5.2% after growing at a solid 12.7% in the first quarter due to mild winter weather. Businesses continued to invest in plant and equipment, although the pace of the investment was slower than that registered in the first. A large business inventory investment was also evident in the second quarter.

Exports fell 1.2%, continuing the decline seen in the first quarter as manufacturing output weakened further. Auto exports fell for a second consecutive quarter. Imports rebounded from a weak first quarter as the Canadian dollar appreciated. The strength of business investment accounted for much of the increase as imports of machinery and equipment grew.

Wages and salaries grew by 1.3% in the second quarter, while nominal profits edged ahead 0.4%.

The details of the report are not all bad news as most of the components contributed to growth in the quarter.

The major drag was net trade. However, most of the drag in net trade came from imports, which were largely supported by strong business investment. Hence, the overall picture is not completely one of doom-and-gloom.

The report is consistent with no change in interest rates at next week's Bank of Canada meeting and tilts the risk towards no more hikes for the remainder of the year.

Source: "Financial Markets Monthly", Economics Departnment, RBC Financial Group.
Read this report and more from the Royal Bank of Canada at this link: http://www.rbccm.com/0,,cid-10676_,00.html

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Toronto condo market the most active in North America

noreply@blogger.com (Kathy Gordon) — Tue, 19 Sep 2006 14:42:00 +0000

Toronto most active condo market in North America

Toronto was the most active, and probably the largest condominium market in North America in the second quarter of 2006, according to a report published by Urbanation, an independent analysis company that has been doing in-depth studies of the Toronto condo market since 1981. The Urbanation report says the new condominium market now represents 39 per cent of total new home sales in the Toronto CMA.

The Urbanation report says there were 255 new condominium projects representing more than 53,000 units in the Toronto CMA in the second quarter of this year. However more than 77 per cent of the units were already sold and more than 28,000 were under construction in the quarter.

In the first six months of 2006, more than 8,300 buyers visited sales centres throughout the city and found what they were looking for -- the right product, for the right price, in the right location. This is similar to the sales performance in the first half of 2005, which ended up being a record year for new condominium apartment sales with more than 16,000 sold across the Toronto CMA.

Urbanation says developers must pre-sell 65 – 70 per cent of the units from floor plans before a project can proceed. The company’s report indicates that in the second quarter of this year, unsold units represented 23 per cent of total new condominium units on the market. In contrast, when the condominium market crashed in the late 1980s, unsold units represented nearly 50 per cent of the total inventory in active projects.

Urbanation also says today's condominium buyers are savvy, well-educated consumers who are taking the time to shop around and compare projects to find the best value for their money. This means that prices have remained both competitive and affordable as the condominium market is largely driven by "real" buyers looking for real homes to move into. By contrast, in the 1980s the demand for new condominiums was driven largely by speculators and investors. This resulted in a sharp increase in both sales activity and prices over a very short period of time and created an unsustainable market bubble.

There are investors buying new condominiums in 2006, Urbanation says, but they represent less than one-quarter of total new condominium buyers in the Toronto CMA. “Due to increasing construction costs, we have seen higher prices for new condominium projects over the past six to nine months, and increasing mortgage rates, so statistically speaking, the number of people who can afford to purchase a new home has decreased. The good news so far is that our data does not show any early warning signs of a significant market downturn as sales have remained strong, suggesting that overall affordability remains high and consumers are still finding excellent value for their money.”

However, Urbanation says continued rising construction costs and mortgage rates over the long term may increase the chances of a "soft landing" for the condominium market in future, but not a crash similar to what occurred in the 1980s.
Created: 09/17/2006

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com

Housing Starts were strong in July in the Toronto housing market

noreply@blogger.com (Kathy Gordon) — Fri, 01 Sep 2006 14:08:00 +0000

The Toronto housing market experienced strong housing starts in July 2006

July home construction in the Toronto Census Metropolitan Area (CMA) remained strong, but continued on a downward trend. The seasonally-adjusted annual rate of starts was 41,600 - down slightly from 43,800 in June. For the first seven months of 2006, on an unadjusted basis, new home starts declined by over 13 per cent compared to the same period last year.

Over the past two years, the resale home market has become more balanced, meaning home buyers have benefited from more choice. Increased resale home listings coupled with high home prices have resulted in fewer pre-construction

HOUSING STARTS STRONG IN JULY

Sales of low-rise homes and lower housing starts. Condominium apartment starts, at 1,261 in July, remained strong, though not as exceptional as in July of last year when condominium apartment starts spiked to 3,387. Despite the decline, year-to-date building activity points to a second consecutive year of record condominium apartment construction. Condominium apartments are becoming an increasingly popular home ownership option for many households. The average prices and mortgage payments associated with ground-oriented homes, including single-detached houses, are too high for many buyers, especially those purchasing their first home. The average price for a completed and absorbed single-detached house through July was almost $460,000, with a monthly principal and interest payment of approximately $2,400 (calculated using a 25 per cent down payment and a five-year fixed rate mortgage amortized over 25 years). The minimum annual income required to carry this mortgage is slightly more than $90,000 (assumes a gross debt-to-service ratio of 32 per cent), which is above the average household income in the Toronto area. This article is courtesy of CMHC

For more information please contact:

Kathy Gordon
Sales Representative
RE/MAX Professionals Inc., Brokerage
270 The Kingsway Suite 200, Toronto, Ontario M9A 3T7

BUS (416) 236-1241
FAX (416) 231-0563
E-MAIL kathy@etobicokehomes4sale.com
Website: etobicokehomes4sale.com