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Hidden costs of ownership

Trulia.com has posted a great article outlining some of the 'hidden' or oft-forgotten costs associated with new home ownership.  This is a great reminder for first-time purchasers to thoroughly research and understand expected expenses, and prepare for the unexpected!

Don’t let the potential for unexpected costs of home ownership turn you off. Do let it underscore the brilliance of adding in a line item for cushion and buying slightly below what you can afford. 

- Tara-Nicholle Nelson, via Trulia.com 

You can read the full article here:  http://www.trulia.com/blog/taranelson/2013/07/7_more_hidden_costs_of_ownership

 

 

We're Social!

We have begun posting great YouTube videos of our new listings, to give you even more options to enjoy your home shopping experience.

Check us out on YouTube:  https://www.youtube.com/homesresource

And of couse, follow us on Twitter: 

Housing prices in GTA expected to rise

With low interest rates, and a somewhat limited inventory of resale homes, the Toronto and GTA area resale home prices are expected to continue to rise approximately 2.5% year-over-year.  While this is slighly below last years 3.65% baseline increase, we still see this as a strong indicator of strength of the local housing market.

In our core Unionville/Markham/Stoufville areas, we have begun to see an uptick in available inventory (resale homes available on the market), with reasonable price stability.   Looking at the last month in this particular area, we see approximatley 268 closed sales, with an average sale price of 99% of list (minimum 92%, maximum 117%).  The greatest volume area was Cornell with 35 sales.  

With the active market, and top-dollar prices, we are expecting to see volume significantly rise during the balance of July heading into August.

 

Pickering Airport Lands

With the recent announcement by Jim Flaherty, Minister of Finance and Minister responsible for the Greater Toronto Area (GTA) and Peter Kent, Minister of Environment and Minister responsible for Parks Canada, regarding the future of the Pickering Airport lands, there have been many questions raised to the details of these new revised plans, and how it may affect the housing market in the nearby areas.  While there is not a clear, definitive plan as of yet, we have put together some information from Transport Canada that can help clarify the direction of these recent announcements. 

 

For residents of Durham Region and the GTA, the Harper government is ending decades of uncertainty about the future of the Pickering Lands.  There will be land for an airport, there will be urban and industrial development and there will be considerable green space on these lands. We are striking a responsible balance that will allow us to preserve our quality of life, while creating jobs and long-term prosperity in Durham Region and the GTA. With the Buttonville Airport closing, with Highway 407 being extended eastward, and now clarity around the Pickering Lands, Durham Region is well positioned to be a hub for transportation, business development and job creation. - Jim Flaherty

 

As part of these plans Transport Canada plans to transfer nearly 5,000 acres from these lands to Parks Canada towards the creation of Rouge National Urban Park. From the updated published draft reference maps provided, the space for the new Pickering Airport is substantially smaller than the original plan from the early 80's - with the balance of space (nearest to Cornell) being turned into addtional Rouge Parkland for the public to enjoy.

We see this as very positive news, as the flight paths do not appear to impact the East side of Markham, which was an initial concern for many residents. 

 

Newly Identified Airport Lands (PDF)

More information from Transport Canada

Pickering Airport Lands Background Information

Main Street Unionville Charette and Master Plan

Did you know? The Team of Torti Gallas and Partners Inc., working with the Unionville BIA and an alliance of independent experts, has been engaged by the City of Markham to develop a strategic vision for Main Street Unionville?

You can participate in the upcoming public sessions as outlined in the charette plan.  Many more details can be found on the documentation provided by the City of Markham.  Public sessions begin June 5th, 2013 at Crosby Memorial Arena, on Main Street Unionville.

Key dates and times to remember:

  • June 5th: Opening Night Town Hall Presentation - Formal Public Input Session 1: 7-9 PM
  • June 6th: Retail Market Analysis of Main Street (Bob Gibbs) Public Input Session 2: 7-9PM
  • June 6th-9th: Charrette Team Work Sessions and Stakeholder Meetings
  • June 7th: Mid-Point Presentation and Break-out Sessions - Formal Public Input Session 3: 7-9PM
  • June 9th: Closing Presentation, Draft Vision - Formal Public Input Session 4: 3-5PM

 

 

Average Condo rent in Toronto reaches $1,856/month

 Average rent for condominiums in the Toronto area were pushed to a record $1,856 per month, says a new report by condo research firm Urbanation.  

For the first time in a long time, we’re seeing rent levels grow stronger than resale and new condo prices - Shaun Hildebrand, senior vice president of Urbanation

With monthly rent approaching the $2000 mark, it is making more and more sense for many first-time buyers to consider locations further out from the city core - a boon to the York Region housing market.  We continue to see strong sales in Markham - especially in the 'Cornell' area.

More from the Toronto Star

New and active listings volume up in April

 Even with a slighly lower sales volume (~2%) compared to 2012, April has shown to be strong for new and active listings on the Toronto MLS system this year.  The Toronto Real Estate Board recently released its monthly Market Watch report for April.

The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9%.
“Despite the headwinds we have experienced in the housing market this year, April 
sales came in quite strong in comparison to last year. As we move through the spring 
and into the second half of 2013, the demand for home ownership should continue to 
firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah

 

 Toronto MLS Market Watch for April 2013 (PDF)

Building energy-wise homes using ICF

With all the interest in both building eco-friendly homes, we are seeing more and more new technologies being adopted into new and existing homes.

Improving your homes insulation has always been a top priority in saving energy costs – but did you know that there are now better ways to fully insulate a new foundation?  Insulated Concrete Forms, commonly known as ICF’s are stay-in-place concrete forms made of expanded polystyrene (EPS) that are built in the shape of the exterior walls of a building. Reinforcing steel is than added and the gap between the two layers of foam is filled with concrete, which cures and hardens into a solid, monolithic core.

ICF construction results in exterior walls that have continuous insulation - two layers of EPS Foam wrapped around a concrete core. The result is much less air infiltration and fewer drafts than a conventional frame house. The solid concrete core of an ICF wall also stabilizes the temperature in your home because of its thermal mass, so you enjoy more constant temperatures, throughout the day. With its high R-values, low air infiltration, and high thermal mass, you can save up to 50% of energy costs compared to conventional construction.

A study commissioned by the Portland Cement Association concluded that homes built with ICF exterior walls offer up to a 32-71 percent savings for heating and cooling costs over comparable wood-frame houses. This means that a typical 2,450-square-foot home in Ontario can save approximately $2000 in heating and air conditioning costs each year. The larger the house the larger the potential savings.

We are now seeing this modern technology creep into the Heritage Home market.  By upgrading the foundation of an Heritage-era building, you gain many benefits beyond simple enhanced structural integrity.  The added insulation and resistance to drafts and moisture resistance allows you to enjoy modern comforts and energy efficiency, while maintaining the beauty of a Heritage home.

 

 

After a slow start, demand for luxury homes is regaining momentum in most major centres

Six Canadian markets set records for upper-end sales in the first quarter

Spring is in the air and nowhere is that more evident than in the country’s luxury housing market.

After a subdued start in the first quarter, the RE/MAX Upper End Report found that demand for upscale properties is once again on the rise.   

Eight out of the 16 major residential housing markets examined posted sales on par or ahead of last year’s levels in the first three months of the year.  Percentage increases were led by Calgary (50 per cent), Edmonton (41 per cent), Regina (10 per cent), Saskatoon (6 per cent), Winnipeg and London-St. Thomas (five per cent), followed by Quebec City at three per cent.  Six markets posted new records for first quarter sales, including London-St. Thomas, Hamilton-Burlington (which matched the record 2012 pace), Quebec City, Regina, Saskatoon, Edmonton and Calgary.  For the second consecutive year, Greater Toronto secured the top spot for the greatest number of upper-end sales in the first quarter.

Luxury sales in Ontario-Atlantic Canada were hampered by a variety of factors out of the gate in 2013.  Inclement weather had a significant impact on most major markets, while supply was reportedly tighter in Greater Toronto’s core neighbourhoods, pockets of Ottawa and Kitchener-Waterloo, as well as the $800,000-$900,000 price point in Hamilton-Burlington. 

With improved momentum now emerging, at least 12 markets expect sales to match or exceed 2012 levels by year end 2013—including six out of seven Ontario-Atlantic markets: St. John’s, Halifax-Dartmouth, Ottawa, Greater Toronto, Hamilton-Burlington and London-St. Thomas. 

Homebuying activity in the top end is forecast to return to more normal levels in the days and months ahead.  Low interest rates, softer housing values in some centres, and robust equity gains over the past decade should continue to bolster the market.  Pent-up demand should also play a role in Ontario, Atlantic Canada and the Western Provinces.

Local buyers will be the predominant force at the upper end, but foreign investors—while fewer in number—will also have an impact on the market moving forward.  Over the long term, luxury sales will be propped up by accumulating wealth in Canada, as those dollars inevitably filter into the housing market.

Overall, the outlook is positive for Canada’s upper-end market.  A good selection of inventory is available in most major centres.   Prices have largely stabilized or posted modest increases.  Historically low interest rates and strong equity gains will continue to prompt buyers to make their moves.  With favourable conditions in place, the healthy appetite that exists for luxury product across the country is unlikely to subside any time soon.

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CREA Updates Real Estate Housing Forecast

The Canadian Real Estate market is showing signs of slowing down - the number of homes sold in Canada in February plummeted 15.8 per cent from the same period last year, the Canadian Real Estate Association published on today's report.  On a monthly basis, national existing home sales fell by 2.1 per cent in February, following a modest increase in January.

Canadian Real Estate Association Monthly Market Report

The MLS Home Price Index however, has indicated a 2.7 per cent increase on a year-over-year basis in February - the smallest monthly increase since March 2011.

 


Monthly Market Report: GTA Prices up 2%, while volume down 15%

The Toronto MLS released their monthly market report today, suggesting that we will continue to experience some volatility in price growth for some market segments in 2013.

From the Toronto MLS report:

Greater Toronto Area (GTA) REALTORS® reported 5,759 sales through the TorontoMLS system in February 2013 – a decline of 15 per cent in comparison to February 2012.  It should be noted that 2012 was a leap year with one extra day in February.  A 28 day year-over-year sales comparison resulted in a lesser decline of 10.5 per cent.

The average selling price for February 2013 was $510,580 – up two per cent in comparison to February 2012.

One of the largest impacts was seen in the sales of homes over $2 million which decreased by 32.5 per cent compared with February 2012.

You can view the full TREB release here

Move-up purchasers set to increase their stake in homeownership in 2013, says RE/MAX report

RE/MAX Move-Up Buyers Report recently released indicates some interesting market trends:

The RE/MAX Move-Up Buyers Report found that activity in traditional move-up price ranges have climbed year-over-year (2012 vs. 2011) in 87 per cent (14) of the 16 markets examined—a trend expected to continue throughout 2013.  The only exceptions were Victoria and Vancouver, where softer sales activity was reported. Driving the upward movement has been substantial price appreciation in most major centres.  The average Canadian home has escalated 93 per cent over the past decade; individual markets experienced increases ranging from 62 per cent in Saint John (4.96 per cent compounded annually) to 199 per cent in Regina (11.57 per cent compounded annually).

 

Move-up houses in the $500,000 to $700,000 range accounted for about 20 per cent of sales across the GTA last year, up 8 per cent from the previous year.  The report also found that first-time buyers now in the market are moving up faster than in the past, with an average four to seven years from their initial purchase.

5-Year Growth Trend - Residential Average Price 2007-2012 (Compound Annual Growth Rate)

Courtesy RE/MAX Canada

Read more at Remax.ca 


Toronto Real Estate Board releases July 2012 home price index

The Toronto Real Estate Board has released their monthly update to the home price index for the GTA.  TREB reports 7,570 sales in July 2012, showing a small a decline of 1.5 per cent compared to 7,683 sales for the same period 2011.  The decline was most pronounced in the condominium apartment segment in Toronto.  Total sales in the rest of the Greater Toronto Area (GTA) were up compared to the same period last year.


 MLS Home Price Index for July 2012