Here’s some fresh data from CMHC’s newly-released Renovation and Home Purchase Report:
6% of Canadian households bought a home in 2009
43% were first-time buyers (up from 36% in 2008)
35% of buyers were age 18-34
66% bought a home that was more expensive than their previous residence; 22% bought a less expensive home
59% bought a larger home; 24% downsized
74% bought an existing home; 22% bought new construction
55% purchased a single-detached home; 18% bought an apartment condo
5% of households intend to buy in 2010; 53% of those are renters
42% of those intending to purchase, plan to make a down payment of 20% or more.
The report surveyed 5-10 metropolitan areas across the country.
Friday, June 25, 2010
Friday, June 11, 2010
Support the Flemingdon Park Food Bank
Hundreds of people will join hands for the Friends of Flemingdon Food Bank Charity Walk to raise money to assist the Flemingdon Community Food Bank.
On Sunday, June 13th 2010, a coalition of community organisations, agencies, faith communities, local businesses, politicians and concerned residents will be coming together with a shared goal: to assist the Food Bank in becoming sustainable once again so that no individual, child or family is deprived of their basic right to food.
The food bank is one of the largest in the city- serving 200 families a week. The Food Bank was initially run by the Red Cross. When they left the community, the Anglican Ministry ran the Food Bank from the Don Mills Plaza. It recently moved to 10 Gateway Boulevard, located at the corner of Don Mills Road and Gateway Boulevard. A coalition of Muslim organizations and Christian churches have since formed the new corporation known as the Flemingdon Community Food Bank.
Date: Sunday, June 13, 2010
Time: 12:00 p.m. registration, 1:00 p.m. opening kickoff followed by a 2.5 kilometer walk through the Flemingdon Park Neighborhood.
Rain or Shine
Location: Flemingdon Park (western field’s hydro land)
747 Don Mills Road
On Sunday, June 13th 2010, a coalition of community organisations, agencies, faith communities, local businesses, politicians and concerned residents will be coming together with a shared goal: to assist the Food Bank in becoming sustainable once again so that no individual, child or family is deprived of their basic right to food.
The food bank is one of the largest in the city- serving 200 families a week. The Food Bank was initially run by the Red Cross. When they left the community, the Anglican Ministry ran the Food Bank from the Don Mills Plaza. It recently moved to 10 Gateway Boulevard, located at the corner of Don Mills Road and Gateway Boulevard. A coalition of Muslim organizations and Christian churches have since formed the new corporation known as the Flemingdon Community Food Bank.
Date: Sunday, June 13, 2010
Time: 12:00 p.m. registration, 1:00 p.m. opening kickoff followed by a 2.5 kilometer walk through the Flemingdon Park Neighborhood.
Rain or Shine
Location: Flemingdon Park (western field’s hydro land)
747 Don Mills Road
Wednesday, May 12, 2010
Garage Sale for Shelter at Royal LePage, 1391 Bayview Sat. May 15, 8-2
Our National Garage Sale for the Shelter Foundation is happening this Saturday May 15th, 2010 (8am – 2pm). It takes place once again in our parking lot next to the office (1391 Bayview Ave.) and we have lots of treasures and bargains for sale!! (over 2 PODS full). Come out for coffee, baked goods, face painting, hot dogs, pop, great raffle prizes and MUCH MUCH MORE!!
Proceeds from the event will be donated to our local women’s shelter and to provincial grassroots violence prevention programs for youth and children. The recipient of our efforts is Interval House in Toronto.
The National Garage Sale for Shelter is a fun community charity event that promises something for everyone!
Royal LePage strongly believes in the importance of giving back to our communities! We are proud of the fact that Royal LePage is the ONLY Canadian real estate company to have our own charitable Foundation. All of the administrative costs of the Foundation are generously underwritten by Royal LePage so that 100% of every dollar donated goes directly to helping the local women’s shelter.
Last year 88 offices across Canada raised over $120,000 from 200 sales. With your help we can shatter that record in 2010 !
Thank you for helping us restore hope to women and children in need in our community. Together we can make a difference.
See you Saturday. Fingers crossed for SUN!!!
Proceeds from the event will be donated to our local women’s shelter and to provincial grassroots violence prevention programs for youth and children. The recipient of our efforts is Interval House in Toronto.
The National Garage Sale for Shelter is a fun community charity event that promises something for everyone!
Royal LePage strongly believes in the importance of giving back to our communities! We are proud of the fact that Royal LePage is the ONLY Canadian real estate company to have our own charitable Foundation. All of the administrative costs of the Foundation are generously underwritten by Royal LePage so that 100% of every dollar donated goes directly to helping the local women’s shelter.
Last year 88 offices across Canada raised over $120,000 from 200 sales. With your help we can shatter that record in 2010 !
Thank you for helping us restore hope to women and children in need in our community. Together we can make a difference.
See you Saturday. Fingers crossed for SUN!!!
Tuesday, April 6, 2010
Important Information regarding Energy Retrofit Program
Effective March 31, 2010, the Government of Canada ecoENERGY Retrofit – Homes program is no longer accepting bookings for pre-retrofit evaluations. The program will continue to be administered until March 31, 2011. If you have already booked an appointment for a pre-retrofit evaluation, have completed an evaluation or applied for re-entry to the program, you remain eligible to apply for a grant.
Homeowners in Ontario may still qualify for grants of up to $5,000 for energy retrofits through the provincial program.
Homeowners in Ontario may still qualify for grants of up to $5,000 for energy retrofits through the provincial program.
Friday, March 12, 2010
Progress on the Eglinton Crosstown LRT
The TTC and the City of Toronto have completed the Environmental Project Report (EPR) for the Eglinton Crosstown LRT. The thirty-three kilometre LRT line will provide modern, accessible, and comfortable transit service along Eglinton Avenue from the Kennedy Subway Station in the east to Pearson International Airport in the west.
The Environmental Project Report for the Eglinton Crosstown LRT will be available on the project website http://www.toronto.ca/involved/projects/eglinton_crosstown_lrt/index.htm for a 30-day review period beginning March 12, 2010. Interested persons are encouraged to review the project documents and provide comments by April 11, 2010.
Eglinton Crosstown LRT, Transit City Department-TTC, (416) 392-6900, Eglintontransit@ttc.ca
The Environmental Project Report for the Eglinton Crosstown LRT will be available on the project website http://www.toronto.ca/involved/projects/eglinton_crosstown_lrt/index.htm for a 30-day review period beginning March 12, 2010. Interested persons are encouraged to review the project documents and provide comments by April 11, 2010.
Eglinton Crosstown LRT, Transit City Department-TTC, (416) 392-6900, Eglintontransit@ttc.ca
Tuesday, February 16, 2010
New Tighter Rules on Mortgage Qualification
February 16, 2010
The Canadian Press
OTTAWA—Finance Minister Jim Flaherty is tightening mortgage rules to crack down on speculators and discourage homeowners from taking on too much debt. He is responding to growing concerns that Canada’s housing market is overheating, although he stresses that there is no bubble in Canada’s real-estate market — yet.
“There’s no compelling evidence of a housing bubble, but we’re taking proactive, prudent, measured and cautious steps today to help prevent a housing bubble,” Flaherty said Tuesday. The finance minister says all borrowers will need to meet stiffer criteria to take out mortgages. In order to qualify for an insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage — up from the current standard of three years.
He’s also raising the down payment that borrowers must pay for speculative investments. If prospective home buyers want to purchase a property where they will not be living, they will have to come up with a 20 per cent down payment, Flaherty said. “We’re not aiming here at investment properties” such as rental units, he said. “What we’re getting at is the speculation in multiple-condo markets, in particular.”
And he’s imposing tighter restrictions on how much money people can borrow against their houses. Instead of being able to borrow 95 per cent of the value of their property, the limit will now be 90 per cent. “This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up,” Flaherty said. “We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than a vehicle for quick cash.”
The new rules are expected to come into force on April 19. Economists have advised the minister to be stricter on who can get new mortgages, but they’ve also warned the government not to put on the brakes too strongly, in order to preserve the fragile economic recovery. “These measures may have some stabilizing effect on the housing market,” Flaherty said. “Stability is a good thing for a consistent economic recovery.”
The Bank of Canada has been warning for months that homeowners should ensure they can absorb an increase in their floating-rate mortgages once rates start rising, likely as early as this summer.
The Canadian Press
OTTAWA—Finance Minister Jim Flaherty is tightening mortgage rules to crack down on speculators and discourage homeowners from taking on too much debt. He is responding to growing concerns that Canada’s housing market is overheating, although he stresses that there is no bubble in Canada’s real-estate market — yet.
“There’s no compelling evidence of a housing bubble, but we’re taking proactive, prudent, measured and cautious steps today to help prevent a housing bubble,” Flaherty said Tuesday. The finance minister says all borrowers will need to meet stiffer criteria to take out mortgages. In order to qualify for an insured mortgage, borrowers will have to meet the standards for a five-year fixed-rate mortgage — up from the current standard of three years.
He’s also raising the down payment that borrowers must pay for speculative investments. If prospective home buyers want to purchase a property where they will not be living, they will have to come up with a 20 per cent down payment, Flaherty said. “We’re not aiming here at investment properties” such as rental units, he said. “What we’re getting at is the speculation in multiple-condo markets, in particular.”
And he’s imposing tighter restrictions on how much money people can borrow against their houses. Instead of being able to borrow 95 per cent of the value of their property, the limit will now be 90 per cent. “This will discourage the kind of mortgage refinancing that can create unsustainable debt levels as interest rates go up,” Flaherty said. “We are encouraging people to build equity over time, using home ownership as an effective way to save, rather than a vehicle for quick cash.”
The new rules are expected to come into force on April 19. Economists have advised the minister to be stricter on who can get new mortgages, but they’ve also warned the government not to put on the brakes too strongly, in order to preserve the fragile economic recovery. “These measures may have some stabilizing effect on the housing market,” Flaherty said. “Stability is a good thing for a consistent economic recovery.”
The Bank of Canada has been warning for months that homeowners should ensure they can absorb an increase in their floating-rate mortgages once rates start rising, likely as early as this summer.
CREA Housing Market Forecast to 2011
Below is the CREA housing market forecast into 2011, released on Feb. 8. It will be interesting to see if it is revised as a result of the new mortgage qualification rules introduced today.
OTTAWA – February 8, 2010 – The Canadian Real Estate Association has revised its forecast for home sales via the MLS® Systems of Canadian real estate boards in 2010, and extended the forecast to 2011.
With Canadian economic growth rebounding from the recession, the unusually severe decline in sales activity in early 2009 is not expected to recur in 2010. Annual activity in 2010 is forecast to be well above the previous year’s level as a result.
CREA forecasts national activity will reach 527,300 units in 2010, up 13.3 per cent from 2009. This would represent a new annual record, standing 1.2 per cent above the previous peak in 2007. Low interest rates are expected to boost housing demand in the first half of the year, resulting in strong annual sales growth in nearly all provinces in 2010, led by British Columbia and Ontario.
National home sales activity is expected to remain strong in the first half of 2010, fuelled by low interest rates and homebuyers motivated to avoid the HST before it comes into effect in Ontario and British Columbia. Over the second half of the year, national activity is expected to trend downward as the last of pent-up demand is exhausted, interest rates begin rising, and the HST comes into effect in Ontario and British Columbia.
Interest rate increases will contribute to weaker national sales activity in 2011. National home sales activity is forecast to decline 7.1 per cent to 490,100 units in 2011, putting it on par with annual levels reported in 2005 and 2006.
“Although interest rates are expected to rise, they will still be low enough to keep affordability within reach for many homebuyers requiring mortgage financing, and support overall housing demand,” said CREA President Dale Ripplinger.
The national average home price is forecast to climb 5.4 per cent in 2010, reaching a record $337,500, with average price gains forecast in all provinces. The national average price increase will continue to reflect upward skewing from the rebound in activity among Canada’s priciest markets, particularly in British Columbia and Ontario.
The national average price is forecast to ease by 1.5 per cent in 2011. Modest average price gains are forecast for all provinces except British Columbia and Ontario, whose share of national activity is expected to ease. The shift in the contribution made by provinces toward national activity will continue skewing the annual comparison in the national average price in 2011.
The price trend is similar but less dramatic for the weighted national average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national average price is forecast to climb 4.8 per cent in 2010, and remain stable in 2011.
“Improved financial market stability and recovering global economic growth mean that home sales activity in 2010 is unlikely to repeat the dive it experienced in late 2008 and early 2009,” said Chief Economist Gregory Klump.
“Fiscal restraint, a strong Canadian dollar and a subdued inflation outlook point to marginal interest rate increases over the next couple of years, especially if the U.S. economic recovery proves to be weak and protracted,” said Klump.
“The Bank of Canada will need time to gauge the effect of interest rate increases on Canadian economic growth,” Klump said. “It recognizes that consumer debt burdens are running high, so it will want to gauge the impact of interest rate hikes on domestic demand and overall economic growth. Changes in interest rates impact the economy with a lag, so the timing and magnitude of interest rate hikes will be tricky, given that the Bank expects the private sector to lead economic growth once temporary government stimulus spending expires,” he added.
“The decline and subsequent rebound in sales activity for homes in the upper price spectrum in some of Canada’s priciest markets skewed average prices upward in the second half of 2009 and into 2010. This segment of housing activity in Ontario and British Columbia is expected to ease beginning in the second half of 2010, causing average prices to moderate in those provinces,” said Klump.
“A downward trend in national sales activity combined with an increase in listings will result in a more balanced market. Although builders are understandably more upbeat than they were during the depth of the recession, speculative building will likely continue to be held in check. As a result, while the real estate market will become more balanced, Canada will continue to avoid the massive realignment in housing supply and demand experienced in the U.S.”
OTTAWA – February 8, 2010 – The Canadian Real Estate Association has revised its forecast for home sales via the MLS® Systems of Canadian real estate boards in 2010, and extended the forecast to 2011.
With Canadian economic growth rebounding from the recession, the unusually severe decline in sales activity in early 2009 is not expected to recur in 2010. Annual activity in 2010 is forecast to be well above the previous year’s level as a result.
CREA forecasts national activity will reach 527,300 units in 2010, up 13.3 per cent from 2009. This would represent a new annual record, standing 1.2 per cent above the previous peak in 2007. Low interest rates are expected to boost housing demand in the first half of the year, resulting in strong annual sales growth in nearly all provinces in 2010, led by British Columbia and Ontario.
National home sales activity is expected to remain strong in the first half of 2010, fuelled by low interest rates and homebuyers motivated to avoid the HST before it comes into effect in Ontario and British Columbia. Over the second half of the year, national activity is expected to trend downward as the last of pent-up demand is exhausted, interest rates begin rising, and the HST comes into effect in Ontario and British Columbia.
Interest rate increases will contribute to weaker national sales activity in 2011. National home sales activity is forecast to decline 7.1 per cent to 490,100 units in 2011, putting it on par with annual levels reported in 2005 and 2006.
“Although interest rates are expected to rise, they will still be low enough to keep affordability within reach for many homebuyers requiring mortgage financing, and support overall housing demand,” said CREA President Dale Ripplinger.
The national average home price is forecast to climb 5.4 per cent in 2010, reaching a record $337,500, with average price gains forecast in all provinces. The national average price increase will continue to reflect upward skewing from the rebound in activity among Canada’s priciest markets, particularly in British Columbia and Ontario.
The national average price is forecast to ease by 1.5 per cent in 2011. Modest average price gains are forecast for all provinces except British Columbia and Ontario, whose share of national activity is expected to ease. The shift in the contribution made by provinces toward national activity will continue skewing the annual comparison in the national average price in 2011.
The price trend is similar but less dramatic for the weighted national average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national average price is forecast to climb 4.8 per cent in 2010, and remain stable in 2011.
“Improved financial market stability and recovering global economic growth mean that home sales activity in 2010 is unlikely to repeat the dive it experienced in late 2008 and early 2009,” said Chief Economist Gregory Klump.
“Fiscal restraint, a strong Canadian dollar and a subdued inflation outlook point to marginal interest rate increases over the next couple of years, especially if the U.S. economic recovery proves to be weak and protracted,” said Klump.
“The Bank of Canada will need time to gauge the effect of interest rate increases on Canadian economic growth,” Klump said. “It recognizes that consumer debt burdens are running high, so it will want to gauge the impact of interest rate hikes on domestic demand and overall economic growth. Changes in interest rates impact the economy with a lag, so the timing and magnitude of interest rate hikes will be tricky, given that the Bank expects the private sector to lead economic growth once temporary government stimulus spending expires,” he added.
“The decline and subsequent rebound in sales activity for homes in the upper price spectrum in some of Canada’s priciest markets skewed average prices upward in the second half of 2009 and into 2010. This segment of housing activity in Ontario and British Columbia is expected to ease beginning in the second half of 2010, causing average prices to moderate in those provinces,” said Klump.
“A downward trend in national sales activity combined with an increase in listings will result in a more balanced market. Although builders are understandably more upbeat than they were during the depth of the recession, speculative building will likely continue to be held in check. As a result, while the real estate market will become more balanced, Canada will continue to avoid the massive realignment in housing supply and demand experienced in the U.S.”
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