cottages: Subprime bailout means the stupid won't have to pay
- 09/07/07 12:33 AM
This was a recent headline in a prominent newspaper referring to the current credit crisis in the American Sub prime Market. "Subprime bailout means the stupid won't have to pay" As a Canadian Mortgage Broker I have been very interested in reading comments from the "so-called" experts, the reasons why the U.S. mortgage / real estate market is in the current state that it is. Reasons have included everything from lost leader type mortgage promotions, called "scams" by some, the impact of rising rates on the infamous ARM mortgage market, to Realtors in certain markets using over aggressive subprime mortgages to sell property to those that may not … (8 comments)
cottages: Latest Stats Can. Report on New Homes Starts
- 09/06/07 06:52 AM
Construction intentions cooled down in July as the value of building permits declined, halting two months of record-setting performances. Municipalities issued building permits worth $6.2 billion, down 11.3% from $6.9 billion in June. Still, July was one of only a handful of months in which permits exceeded the $6-billion mark. At $6.9 billion in both May and June, the total value of permits was at its highest level on record. Losses occurred in both the residential and non-residential sectors. The value of residential permits fell 6.3% to $3.8 billion, with declines in both the single-family and multiple-family components. Contractors took out $2.3 billion in permits … (0 comments)
cottages: August Prepares to Roar into Fall Market
- 08/20/07 08:26 AM
TORONTO, Aug. 17 /CNW/ - Resale home transactions reached unprecedented heights in the first half of August,up 17 per cent from the same period in 2006, Toronto Real Estate Board President Donald Bentley announcedtoday. So far this month 3,838 properties have sold with an average price of $355,829."The market has shown tremendous strength in recent months," said Mr. Bentley. "Given that August sales have been brisk thus far and that the past four consecutive months have all set records, we are looking forward to arobust fall market." The rate at which transactions are occurring has increased over 2006 as well. … (0 comments)
cottages: Expect higher prices, interest rates and taxes to cool the housing market in 2008
- 07/25/07 12:15 AM
Expect higher prices, interest rates and taxes to cool the housing ... <- read moreRecord year-to-date sales of existing homes in June, along with double-digit increases in house prices, reflect a still-very-hot Canadian housing market as we reach the midway point in 2007. According to the Canadian Real Estate Association (CREA), 31,000 homes were purchased in June through the MLS system in major markets in Canada. In fact, June marked the third consecutive month that seasonally adjusted sales have reached a record high. In the month, the total dollar volume of home sales, the number of new listings and the average … (0 comments)
cottages: Ontario market continues to be "One Hot Summer"
- 07/18/07 04:58 AM
TORONTO, July 18 /CNW/ - July has started swiftly, with 3,947 sales to date, TREB President Donald Bentley announced today. This mid-month total is up 21 per cent over last July's 3,251 sales. "While it is too early to speak of a July record (currently the record is 8,084 sales recorded in 2003), this month should certainly end as one of our best summer performances," said Mr. Bentley. "And in terms of year-to-dateactivity (54,457 sales), 2007 is 11 per cent ahead of 2006 (48,961 sales). It is also up 13 per cent over the 2005 figure (47,956 sales), and when 2005 was … (0 comments)
cottages: TransUnion report, the impact of your credit score on the true cost of your mortgage
- 07/18/07 03:16 AM
Personally I think it is just as much an issue of lack of education on the part of the client's Lender as it is lack of knowledge on the part of the respondents. Regardless the "price matrix" as a result of your Credit Score can cost the YOU thousands of dollars in extra interest charges. Here is the Canada News Wire release:TORONTO, July 18 /CNW/ -- Do Canadians really know how much a mortgage will cost them? With the summer home buying season now in full swing, TransUnion recently commissioned GfK Roper Public Affairs & Media to survey consumer perceptions and attitudes about … (1 comments)
cottages: More on Toronto's tax (NOT) & cottage prices go through the roof
- 07/18/07 01:12 AM
Miller's tax push fails by a single voteGlobe and Mail - CanadaDespite the dire warnings of possible service cuts and tax hikes, Mr. Ashton said last night the deferral was necessary to get the Toronto Real Estate Board ... Cottages prices going through the roofCanoe.ca - CanadaThe average price for a piece of vacation real estate ranges from $86500 in Newfoundland to $225000 in Prince Edward Island, $525000 in Quebec, ... … (1 comments)
cottages: What happened to Toronto's proposed 100% increase the Land Transfer Tax?
- 07/17/07 12:54 AM
Tax attack launched <-click here to read moreToronto Sun - CanadaPalmer noted a small number of people -- those "trying to achieve the Canadian dream" -- will bear the brunt of the "unfair tax." For every real-estate ... Two new taxes vital for Toronto <-click here to read moreToronto Star - Ontario, CanadaCritics warn the land transfer tax, adding up to 2 per cent to the cost of a residential home, would dampen Toronto's white-hot real estate market. ... … (0 comments)
cottages: 3 reports on the health of the Canadian Real Estate Market
- 07/13/07 01:15 AM
Canadian Housing Market Gathers Momentum As US Market SlumpsMoney Morning - USARoyal LePage Real Estate said in its quarterly report that the average Canadian house price is expected to rise by 9.5% to reach $286775 by the end of this ... June a record month for Canadian home buyingToronto Star - Ontario, CanadaThe Canadian Real Estate Association said the average cost of a home was $335180 last month, compared to $303472 in June last year, an increase of 10.4 per ... No slump yet: Average house price hits $335180CBC Toronto - Toronto,Ontario,CanadaThat figure was up 10.4 per cent from June 2006, the Canadian … (1 comments)
cottages: Bank raises rate by 1/4 percentage point to 4 1/2 per cent
- 07/10/07 03:42 AM
Bank of Canada raises overnight rate target by 1/4 percentage point to 4 1/2 per cent resulting in all major chartered Bank raising their Prime Rates to 6.25% OTTAWA - The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 4 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 4 3/4 per cent. Economic growth and inflation in Canada in the first half of this year have been stronger than expected in the April Monetary Policy Report (MPR). Final domestic demand has … (0 comments)
cottages: Happy Canada Day!
- 06/29/07 02:27 AM
The Maple Leaf Forever! It was over 40 years ago, in 1965, that Canada's distinctive maple leaf flag flew for the first time. Then, as now, the flag had its supporters and detractors. But few realized what a powerful and positive symbol our Canadian flag would become. Though we endlessly debate our shortcomings as a country, we still wear Canadian flags on our lapels and our belongings when we travel abroad, because our flag is recognized and respected around the globe. This Canada Day, let's take a moment to see ourselves as others see us: one of the most-admired nations in the world, … (2 comments)
cottages: Toronto REALTORS® Tell City that 100% Land Transfer Tax Increase is Unfair
- 06/27/07 09:49 AM
TORONTO, June 27 /CNW/ - The Toronto Real Estate Board has told the City of Toronto that its proposal to charge a second land transfer tax treats home buyers unfairly. TREB's comments were made in a formal presentation to the City's Executive Committee earlier this week.If the City moves forward with the proposal, the average Toronto home buyer will pay another $4,200 in land transfer tax. That is a 100 per cent increase, and would give Toronto the highest land transfer taxes in Canada and the second highest in North America."A second land transfer tax discriminates against home buyers. The City … (2 comments)
cottages: Ontario housing markets defy industry expectations....push sales and prices to new heights says RE/MAX
- 06/25/07 03:43 AM
Transmitted by CNW Group on : June 21, 2007 06:00 MISSISSAUGA, ON, June 21 /CNW/ - Despite concerns over a higher Canadian dollar and its impact on the province's manufacturing sector, housing markets across Ontario continue to perform above and beyond industry expectations, according to a report released today by RE/MAX Ontario-Atlantic Canada.Stronger than expected consumer confidence levels have fuelled extraordinary demand for properties this year. The REMAX Ontario Market Trends Report, highlighting residential real estate activity in more than 30 major centres, found that sales were climbing in 85 per cent (28 out of 33) of markets surveyed, while all but one market … (0 comments)
cottages: Insist they need a REALTOR® but when it comes to......
- 06/22/07 12:10 AM
I have always operated my business on one simple premise. Give the client as much credible information as possible, so that they can make the best educated decision, at the time in which they have to make it. Regardless of recent minor fluctuations, we are still at historically low mortgage rates even at the current discounted rates of 5.69 to 5.79% for 5 years. This opposed to the current Bank's Posted Rate of 7.44%. Yes there are still clients in Canada that trust their banks enough to accept what ever offer they give them and believe that as their best possible deal. According to CMHC information the average … (3 comments)
cottages: An Outlook for U.S. & Canadian Interest Rates to 2020
- 06/21/07 03:09 AM
TD Bank Financial Group has just released a TD Economics Special ReportTHE SHAPE OF YIELDS TO COME: AN OUTLOOK FOR U.S. AND CANADIAN INTEREST RATES TO 2020Highlights include:Financial markets are currently fixated on the recent rise in bond yields, but U.S. rates have....Looking ahead, interest rates will fluctuate over business cycles and in response to changing.....From 2007 to 2020, the average level of U.S. short-term rates is expected to be....Canada's superior fiscal outlook and the likelihood of weaker global demand for for U.S. dollarsand U.S. Treasuries suggest Canadian fixed income markets will.....U.S. and Canadian yield curves will, on average, be positively sloped … (0 comments)
cottages: On average, households spent more than $11,000 on renovations
- 06/18/07 08:08 AM
OTTAWA, June 14 /CNW Telbec/ - Approximately 1.5 million households in 10 major Canadian centres surveyed(1) indicated they completed renovations last year, costing an average of more than $11,000, according to the new Renovation and Home Purchase Survey(2) released today by Canada Mortgage and Housing Corporation (CMHC). "More than $17.3 billion was spent on renovations last year across the 10 major centres surveyed," said Bob Dugan, Chief Economist at CMHC. "As well, 46 per cent of homeowners in these 10 centres surveyed indicated that they intend to spend $1,000 or more on renovations this year." The new Renovation and Home Purchase Survey is … (1 comments)
cottages: A Gentleman offers you $11,000 for your medium coffee
- 06/11/07 11:21 PM
Just imagine - as you're going through your favourite coffee drive-thru this week - that a well-dressed gentleman stops and offers you $11,000 for your medium double double. Who would hesitate? We'd take the cash. It's not so far-fetched. In fact, if you take that coffee budget and apply it to your monthly mortgage payment - a mere $30 extra per month -you could save yourself about $11,000 over the life of your mortgage.Most of us can accept the idea that we must borrow money to purchase a home. We look for the best mortgage, and then just keep doling out … (3 comments)
cottages: Rental Vacancy Rates are at Historically High Levels
- 06/06/07 03:29 AM
While the trend in rental apartment vacancy rates has plateaued in recent years, vacancy rates are at historically high levels thanks to low monthly ownership carrying costs, high apartment completions and a loss of migrants to urban centers in western Canada according to Ted Tsiakopoulos, CMHC's Ontario Regional Economist. Read the rest of the Canada Mortgage and Housing Report by clicking here. Dave Yeoman, AMPAccredited Mortgage ProfessionalMember, Canadian Institute of Mortgage Brokers and LendersOntario Mortgage TeamMortgage Intelligence Inc.Leading the way to a better mortgagePurchase * Refinance * Renewal * InvestmentFor more information and apply on-line:www.OntarioMortgageTeam.com … (0 comments)
cottages: One in four Canadians aim to buy a recreational property
- 05/16/07 11:32 PM
The un-official start to the cottage season is here, and as Canadians look for ways to make the most of their summer, many are looking to the country's hot recreational property market to maximize their seasonal enjoyment. And, even as prices continue to rise and more people turn to a mortgage provider to realize their vacation property dreams, consumers still want to pay down their mortgage as quickly as possible. According to a recent poll conducted on behalf of Mortgage Intelligence Inc. and GMAC Residential Funding of Canada Limited: One in seven Canadians (14 per cent) currently own a vacation property and one … (3 comments)
This was a recent headline in a prominent newspaper referring to the current credit crisis in the American Sub prime Market. "Subprime bailout means the stupid won't have to pay";)
;)
