In October 2009, Greater Toronto REALTORS(R) reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 - up by 20 per cent compared to the same month last year.

"Strong sales growth has occurred across many property classes - from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars," said TREB President Tom Lebour. "The highest rate of sales growth in October was experienced for properties selling for over $750,000. In contrast, luxury home sales declined at an above-average rate last year."

Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.

"After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year."

To learn more about Toronto real estate market go here - http://www.torontogreathomes.com

The Bank of Canada kept its overnight rate target at 0.25% and repeated its conditional commitment to keep it there until the end of the second quarter of 2010.

"Global economic and financial developments have been somewhat more favourable than expected at the time of the July Monetary Policy Report (MPR), although significant fragilities remain," the BOC said.

The Canadian dollar fell against its U.S. counterpart after the announcement. One U.S. dollar fetched CAD$1.0368, up 0.8%.

The bank also said growth is expected to be slightly higher in the second half of this year than previously projected, but to average slightly lower over the balance of its projection period. The Canadian economy is expected to grow by 3% in 2010 and 3.3% in 2011, after contracting by 2.4 per cent this year.

The bank said closing Canada's output gap, and reaching its inflation target of 2%, won't happen until the third quarter of 2011, one quarter later than it projected in July.

Interest rates will likely stay at their current historic lows through June 2010 in an effort to meet the Bank of Canada's inflation target of two per cent, says governor Mark Carney.

Speaking to CTV's Question Period Sunday, Carney confirmed speculation that interest rates would remain at 0.25 per cent, the lowest rate Canada has ever seen, well into next year.

When asked if Canadians should lock in to five-year mortgage terms on the news, Carney demurred.

"It's not my job to give investment advice to Canadians," Carney said. "But on the general point anybody, anytime they borrow for a longer period of time, wants to think about, 'Can I sustain that borrowing over the course of that time? What happens when interest rates ultimately normalize?'"

Carney reiterated earlier Bank predictions that the Canadian economy will continue to grow, by three per cent next year and by 3.3 per cent in 2011.

"That's more modest than usual recovery, so it's not going to feel like a gangbusters recovery," Carney said. "But it is a recovery and that's important."

According to Carney, government stimulus will continue to foster growth in the short-term. But investments from the business community will kick in by 2011 and beyond, when public money dries up.

"True growth comes from the private sector," he said. "And the private sector is starting, even after what has been a very difficult recession -- a short, but very deep recession -- is starting from a position of strength. Corporate balance sheets are in outstanding shape, the best they've been in 25 years in this country." ctv.ca

Buying or selling real estate can be a tricky process. There are hundreds of commonly used terms that could make up a language of their own. Here are some home buying terms that you will most likely encounter when you purchase your home.

Amenities
Features that enhance and add to the value or desirability of real estate. Common amenities include swimming pools, professional landscaping, gourmet kitchen and so on.

Amortization
This is a schedule that outlines your loan payments for the duration of the home buying loan. It details how much of each monthly payment goes toward the principal and how much goes toward the loan interest. Initially, the bulk of your payments will be applied toward the interest.

Appraisal
An estimate of the value of property, made by a qualified professional called an "appraiser".

Bungalow
A one-story house, cottage, or cabin.

Breach
Violation of an obligation in a contract.

Broker
A real estate professional who has acquired a higher level of training and experience than a sales agent. A minimum number of classes must be taken along with passing a state  exam to acquire a broker's license. Generally they are a legal representative or a proprietor of the office. Brokers usually charge a fee or receive a commission for their services.

Building Code
A set of stringent laws that control the construction of buildings, design, materials and other similar factors.

      Is now a good time to buy? On the one hand you have very low mortgage rates as the Bank of Canada (Canada Realty News reports) had cut the interest rate several times in the last few months to try and get the banks lending again. Property prices have dropped in the last year and there are many good deals to be made.

      On the other hand, there is still the question whether housing market prices will hold or drop further. Potential buyers are wary about taking on such a huge borrowing to find that the dream house they have just bought may be worth appreciatively less in six months' time.

       A low market is always a good time to buy even though it may be several years before the market rebounds. The property market will rebound.

     If you are in a position to buy a house and can afford the repayments, buy now. Waiting to buy could result in paying much higher prices in a rising market.

      It is also important to consider how long you will be in the home that you are about to purchase. Once you buy the home, it may be very difficult to resell right now.

      Of course, if you have a long-term plan to be in the home, the fluctuations and potential decrease in value in the near term doesn't need to get you down, as the only price that matters is the price you are able to sell for when you need or want to move.

       Another thing that you need to think about is if you can afford the home that you are considering buying. While prices have dropped recently, you want to make sure that you find a home that is going to fit your budget.  As a precautionary measure you should also budget for the fact that the cost of living might rise even further, and that being able to afford these increases will be important.

       If you have the funds available for a down payment and you are eligible for a mortgage, and feel comfortable about your job security, and currently meeting the rising costs of living fairly easily; then the time is probably right for purchasing property.

        It is still a buyer's market, so find your dream home, negotiate your best deal and jump in. Buying property now is one of the best times in the last hundred years to get a bargain.

     Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html

Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/

In the summer months, municipal water use doubles. This is the season when Canadians are outdoors watering lawns and gardens, filling swimming pools and washing cars. Summer peak demand places stress on municipal water systems and increases costs for tax payers and water users. As water supplies diminish during periods of low rainfall, some municipalities must declare restrictions on lawn and garden watering. By applying some handy tips, your lawn and garden can cope with drought conditions and you can minimize water wastage.

Much of the summer peak demand is attributed to lawn and garden watering. Often water is applied inefficiently, resulting in significant wastage due to over watering, evaporation or run-off. Here are some general watering tips to help avoid wastage:

Before watering, always take into account the amount of water Mother Nature has supplied to your lawn or garden in the preceding week. Leave a measuring container in the yard to help you monitor the amount of rainfall (empty it once per week) and follow the tips below to help determine how much water to add. Also bear in mind any watering restrictions that may apply in your municipality.

Water in the early morning, before 9 a.m., to reduce evaporation and scorching of leaves from the sun. Water on calm days to prevent wind drift and evaporation.

Set up your sprinkler or hose to avoid watering hard surfaces such as driveways and patios. If you're not careful, it's water and money down the drain.

Water slowly to avoid run-off and to ensure the soil absorbs the water.

Regularly check your hose or irrigation equipment for leaks or blockages.

Collect rainwater from your roof in a rain barrel or other large container and keep it covered with an insect screen. Direct the down spout of your eavestroughs into the rain barrel.

Choose an efficient irrigation system. A soaker hose placed at the base of plants on the ground applies water to the soil where it is needed - rather than to the leaves - and reduces evaporation. Drip or trickle irrigation systems are highly efficient because they deliver water slowly and directly to the roots under the soil surface. This promotes deeper roots, which improve a plant's drought resiliency. If you use a sprinkler, choose one with a timer and that sprays close to the ground.

For more tips and info go here - http://www.torontogreathomes.com

A new report on the Toronto real estate market suggests it is once again moving at full steam, with high-end homes selling at record rates.

May was the strongest month ever for sales of luxury homes in the Greater Toronto Area, according to RE/MAX Ontario-Atlantic Canada.

In that month, 273 homes were sold for more than $1 million each, compared to 258 sold in the same month one year earlier -- a difference of 6 per cent.

"What we are seeing is confidence is returning to the marketplace, and there are some market dynamics that are in place with consumers returning to this level of the marketplace," said Christine Martysiewicz, of RE/MAX Ontario-Atlantic.

"There is a shortage of inventory and there is pent-up demand, so that is all a sign of the current market conditions out there."

The previous record for luxury home sales in the GTA was set in May 2007, when 266 homes were sold for over $1 million.

The new record marks the highest number of luxury home sales in the history of the Toronto Real Estate Board.

One of the homes sold last month was located on the city's prestigious Bridle Path and was priced at over $13 million. It was the first sale of a home for over $10 million in more than a year, in the GTA.

Martysiewicz said the sales record is just one indicator that the housing market is bouncing back and consumer confidence is returning at all price points.

Contributing factors, she said, are recent gains in the stock market, the rising Canadian dollar, the rising price of crude oil and an overall increase in economic stability.

"And it's spring and we're in a very good spring market. People are buying and selling homes. April, May and June have been phenomenal and sales are up across the board," Martysiewicz said.

The RE/MAX report said the demand for homes priced at more tham $1 million has been on the rise since January -- a trend that is indicative of what's happening in the broader housing market.

In total in the GTA roughly 700 homes have been sold so far this year, compared to 944 in the same period in 2008.

However, with sales now increasing, Martysiewicz said the agency predicts total sales in 2009 will meet or exceed those of 2008.

Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html

Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/

According to FICO, 60% of all people have a credit score less than 750. This means there is plenty of room for improvement for many people. Here are some tips you can use for keeping your credit report tuned up and your credit score in good shape:

Pay your bills on time.

Maintain consistency in identifying yourself on credit applications. Use your full legal name to avoid being confused with relatives whose credit records could inadvertently be mixed with yours.

Don't bounce checks.

Avoid opening new accounts if you've applied for a mortgage. Scoring is heavily weighted to recent behavior. All accounts less than 12 months old drive scores down, especially such deals as "no payments for a year."

Contact your creditors directly with any disputes. They are responsible for reporting accurately. Some creditors will re-age, or modify, your past-due account to current status only if you personally negotiate-not a third party.

Apply for a secured credit card.

Pay down revolving balances to 50% of your credit limit. Paying them off does not help. Keeping them at half their limit improves your credit score. Buy nothing on credit until your loan closes.

Work to decrease your debt.

Remember that Authorized User Accounts are always treated as joint accounts by the scoring system even if they technically are not.

It's a good idea to order your personal credit report at least once a year to keep the record current and uncover any incorrect information. If you or anyone you know would like additional information on credit
reports, or would like to know how to repair your credit report, call or email me.

Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html

Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/

35%            Your Payment History
                                    Pay your bills on time.  Automating payments on-line can help

30%            How Much You Owe

                                                Keep credit card and line of credit balances below 50% of the credit limit

15%            Length of Your Credit History

Minimum 2 years credit history.  Rather than let old credit cards go dormant, charge a little each month and paid it off.

10%            Your New Credit

Don't open unnecessary new accounts.  And if you are rate shopping for a mortgage or loan, do it within a 2-week period. 

Multiple enquires could lower your score.

10%            Your Mix of Loans

You can't do much to change this except obtain 2 credit cards is you don't have a card, preferably with a credit limit of $1,500 or more.

Here you can read more about Toronto real estate market and great Toronto mortgages - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html

Alexandre Malkhassiants, Sales Representative and Mortgage Specialist,
Right at Home Realty, Centum Mortgage Decision
Office: (416) 391-3232
Cell: (416) 723-9383
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/

Toronto city committee wants to make green roofs mandatory on most new buildings.

Roofs on new buildings with an area of 5,000 square metres or greater to be 30% to 60% covered by vegetation. The bigger the building, the more planted space it would have to have - otherwise fines of up to $100,000 could be levied.

As drafted, the bylaw would cover mid- to high-rise condos, retail space and office towers, but exempt low-rise, large-scale industrial, non-profit housing and public buildings like schools.

Deputy Mayor Joe Pantalone, who helped bring the city's first power-generating wind mill to the Exhibition grounds, said he was "disappointed" the first draft of the bylaw was so "tepid."

Mr. Pantalone asked city staff to come back in a month with a proposal that would include schools, low-rise buildings on "Main Street" and even private residences.

"Either we are the leading city in the world or we're the ones who looked in the mirror and got scared," he said.

Stephen Upton, vice-president development planning at building giant Tridel, pointed out that once installed, the rooftop shrubbery has to be left untouched for two years to allow it to take root.

More information is also required about how long the longevity of green roofs and how much should be budgeted in a condo corporation's building fund for future replacement.

"I think there's still quite a bit left to be understood, digested and refined," Mr. Upton said. "Toronto green standards, those are things that shouldn't be mandated but should be encouraged, like LEED is in the industry."

But while the developers were balking at the bylaw, environmental groups were urging Toronto to move further and faster. The issue will return to the planning and growth committee for further debate in May.
network.nationalpost.com

If you want to know more about green Toronto, go here - http://www.torontogreathomes.com

Alexandre Malkhassiants, Sales Representative & Mortgage Specialist,
Right At Home Realty Inc.,  Real Estate Brokerage
Office: 416) 391-3232        
Cell: (416) 723-9383        
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/