Friday, May 16, 2014

1.99 but with strings attached

Interesting video on the new 1.99% investors group mortgage - please click here for more details

Wednesday, May 7, 2014

The April resale market slow to bloom

Members of the Ottawa Real Estate Board sold 1,420 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,569 in April 2013, a decrease of 9.5 per cent.

"There has been a decrease in units sold on a year-to-date comparison of 3.9 per cent, but the Ottawa market continues to remain relatively stable," says Randy Oickle, President of the Ottawa Real Estate Board. "With typical 'spring' weather beginning a lot later this year, it is not unexpected to see the market have a later upswing than normal. That being said, properties sold in April were on the market an average of 45 days, a few days less than what was indicated in March."

April's sales included 257 in the condominium property class, and 1,163 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"Sales have continued at a steady pace upwards since the beginning of the year, with 233 more properties switching hands in April over March. That's a 19.6 per cent increase since last month," explains Oickle. "Average sale prices are on par with prices from a year ago, even year-to-date price comparisons remain steady."

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $374,015, an increase of 0.8 per cent over April 2013. The average sale price for a condominium-class property was $258,500, a decrease of three per cent over April 2013. The average sale price of a residential-class property was $399,541, an increase of 0.9 per cent over April 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"The spring is a great time to buy or sell real estate, especially with interest rates continuing to remain low," says Oickle. "Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home, and you will have an ally from start to finish, and everything in between."

The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

Toronto single family average price $965,670 ...

It’s a record likely to be shattered by summer: The average sale price of a detached home in the City of Toronto hit $965,670 in April.
That number is expected to exceed $1 million over the coming weeks as the GTA continues to feel the effects of a shortage of new listings that helped drive up the average price of detached homes in the 416 region by 13.2 per cent from April of 2013.

The average sale price of home in the GTA — taking into account everything from detached homes to semis, townhouses and condos — hit $577,898 last month, according to figures released Tuesday by the Toronto Real Estate Board.

Sales were up just 1.8 per cent, year over year.

Leading the real estate pack in terms of price growth were semi-detached houses. The average sale price across the GTA was up 11.6 per cent over April 2013. The 18 per cent jump in prices just in the City of Toronto sent the average sale price of a semi to $702,332, according to the TREB figures.
Next in line were detached homes, where prices were up 11.3 per cent across the GTA — 9.6 per cent in the 905, where the average sale price was $645,179 in April.

Active listings, however, even for the first month of peak spring market, were down 8.4 per cent, a persistent problem that has been driving intense competition and significant price growth, largely in 416 neighbourhoods close to the core and transit lines.

TREB president Dianne Usher blamed Toronto’s double land transfer tax for the fact that more folks are choosing to stay put and renovate rather than sell.

As well, “above-trend home sales in the years leading up to the recession have meant that many households who purchased during this period simply aren’t ready to move again.”

But also skewing the numbers is the desperation of buyers, frantic to get into the Toronto market before prices shoot further out of sight.

One house, in North Toronto, reached a ludicrous new level in late April when 72 people — double the previous record for a bidding war for a house in the 416 region — registered offers on a Glencairn Ave. fixer-upper.

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