TREB Market Watch - Second Best March On Record

TORONTO, April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

With supply remaining tight and demand increasing due to buyers wanting to make the leap before interest rates rise, the average price continued to climb.  Although sales were down 11%, new listings were down 19%.  Active listings were down 11% from last year.  If you are a seller wanting to go on the market later this spring/summer, now is the perfect time to hit the market. 

 

Attached are the year-to-date results from all four Districts.  The average price in the East Districts sits at $346,382, with days on market sitting at 27 days, and homes selling for 99% of list price.  In the West Districts, average price is sitting at $414,808, days on market is at 27 as well, and homes are selling for 98% of list price.  Central Districts, powered by C9 and C12, show an average price of $572,026, with days on market at 26 and homes selling for 99% of list.  North Districts have the lowest days on market at 23, and showed an average selling price of $506,929.  The North is also fetching 99% of list. 

 

For a detailed look at your neighbourhood, drop me an email or give me a call and I will provide you with specific numbers for your property. 

 

 

 

Asif Khan, Sales Representative

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

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TREB Market Watch - Commercial Real Estate Outlook Remains Strong

TORONTO, April 5, 2011 — TREB Commercial Members reported 568,163 square feet of leased space in March 2011, down 34 per cent from the 860,895 leased square feet reported in March 2010.

“The outlook for the commercial real estate market in the GTA remains strong. The most recent report on GDP noted a strong increase in manufacturing activity as well as output from related sectors like transportation and wholesale. These sectors, which are expected to improve further this year, are especially important to the industrial real estate sector in southern Ontario,” noted Toronto Real Estate Board Commercial Division Chair Larry Purchase.

 

By category, TREB Commercial Members leased 451,821 square feet of industrial space, down 37 per cent from 721,858 square feet recorded in March 2010. In addition, 55,775 square feet of commercial space was leased during the month, a 28 per cent decline from the 77,272 square feet leased in March 2010. Finally, 60,567 square feet of office space was leased, down two per cent from the 61,765 square feet leased in March 2010.

 

Industrial space in all size categories leased for an average of $4.87 per square foot net (sfn), a one per cent decline from the average of 4.91/sfn recorded in March 2010. Commercial space leased for an average of $16.99/sfn, down nine per cent from the average of $18.59/sfn reported in March 2010. Office space leased for an average of $10.69/sfn, down 14 per cent from the average of $12.47/sfn in March 2010.

 

Sales Market Highlights

TREB Members recorded 50 sales of IC&I properties last month, including 25 industrial buildings of all size categories which sold for an average price of $114.80 per square foot, a 63 per cent increase over the average of $70.27 per square foot recorded in March 2010. The average sale price for Industrial properties from non-MLS sources was $100.74 per square foot. In addition, 25 Commercial/Retail properties sold for an average of $264.27 per square foot, a 93 per cent increase over the average of $136.66 recorded in March 2010.


 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

First-time buyers in major Canadian markets move to get in ahead of higher interest rates, says RE/MAX

Mississauga, ON (April 5, 2011) - Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX.

The RE/MAX First-Time Buyers Report , highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price. Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15 per cent), Greater Vancouver (up close to 12 per cent), and Winnipeg (up just over 11 per cent). With an average price hike of close to 20 per cent year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (eight per cent), Quebec City (seven per cent), Winnipeg (close to seven per cent), Greater Toronto (five per cent), and Greater Montreal (five per cent).


Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Shania's Sunflower of Hope

As many of you know, I spend most weekend mornings coaching girls' hockey in the Markham-Stouffville Girls Hockey Association. It is great fun and seeing the little girls develop their hockey skills and develop into little stars over the course of a season is an unbelievable feeling.

I was reminded yesterday about the harsh reality of life. Not all children have the luxury of participating in these types of activities and as parents we often take our children's abilities for granted. One of the girls, that may arguably be our most improved player this season, has been through a horrific tragedy. She lost her older sister a few years ago to a fairly unknown type of cancer.

In June 2006, at the age of 7, her older sister Shania was diagnosed with stage 4 neuroblastoma. Neuroblastoma is a malignant tumour which mainly occurs in young children.

During her courageous battle, Shania had a dream. She would start a family fun fair and help the Hospital For Sick Children raise money for research and a cure for this disease. She was determined to get better and conquer the cancer that was invading her body. At the same time, Shania decided to give back to the community, by helping other children affected by neuroblastoma.

This courageous little girl, who loved sunflowers, had a vibrant personality and lively spirit, decided to organize a Spring Fun Fair. With the help of her family, friends and school, they created Shania’s Sunflower of Hope Fun Fair at the Markham Fairgrounds. The Fun Fair is an opportunity for a fun-filled, family-friendly day that will raise money for neuroblastoma research without taking a heavy toll on families’ wallets. At the fun fair you can experience a wide assortment of games, sports challenges, bounce on a wide variety of inflatables, facepainting, crazy balloon hats, great food and wide variety of local entertainment. Shortly after her first Fun Fair, Shania passed away from the terrible disease.

To date, Shania’s fundraising activities have generated $240,000.00. All the net proceeds that are generated are donated to neuroblastoma research at Sick Kids, through Shania’s Sunflower of Hope Fund.

This year, Shania's Sunflower Of Hope will take place on April 30, 2011 at the Markham Fair Grounds. I have committed to supporting this event this year, and in the future, and am asking for your support in making Shania's dream come true. Please let me know how you would like to help Shania's Sunflower of Hope accomplish its purpose and find a cure for neuroblastoma.

I expect to see each and every one of you at the Fair on April 30th, and am counting on you to help Shania's family realize her goal.


Asif

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Additional Costs When Buying a Home

TREB - The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider:

Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.

Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

Deposit: A deposit normally goes with the formal offer to purchase, and forms an integral part of the contract.

Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.

Title insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.

Mortgage broker's fee: If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.

Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

Legal fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

Land Transfer Tax: Use the land transfer tax calculator accessible from the home page of this website to calculate both your Ontario and City of Toronto (if applicable) land transfer taxes. First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

Goods and Services Tax: The purchase price of resale homes is exempt from the HST. The purchase price of newly constructed homes is subject to HST. New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST. New home buyers can apply for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.

Other costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs.


Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

Alternative Cleaning Products

GO GREEN - CONSIDER ALTERNATIVE CLEANING PRODUCTS - via HouseMaster
 
According to the National Environmental Service Center (NESC) it is estimated that the average homeowner may have up to 100 pounds of various types of hazardous household waste products at any time in their home. This includes products that are flammable, combustible, toxic, explosive or corrosive. You are probably well aware of the hazards associated with the improper storage and use of certain products such as gasoline, anti-freeze, pesticides, and varnishes. But other common products such as nail polish remover, charcoal lighter fluid, and fluorescent light bulbs can be hazardous to humans, pets and the environment when used or disposed of improperly.

One way to reduce the need to have these hazardous products around is to use alternate cleaning solutions for everyday home maintenance needs. By reducing your reliance on the potentially hazardous products, you not only reduce the risk of injury to yourself or other family members, but also help the environment.

Two long-used and widely available products, baking soda and vinegar, are good alternatives for many household cleaning products. Baking soda, mixed with water or other products, depending on the particular need, can be used to remove perspiration stains, as a scoring powder to clean plumbing fixtures, and as a general household cleaner. Vinegar can serve as a water softener, pet odor remover, paintbrush softener, and window cleaner. Even baby oil can substitute for harsh chemicals to remove grease and tree sap. Club soda helps remove stains from carpets. Use baking soda with the right mix of vinegar and you have a drain cleaner or tile scum remover.

The National Environmental Service Center  has a technical assistance hotline (800-624-8301) available to answer questions. Environment Canada  also provides information and offers solutions for the disposal of household hazardous waste.

Even alternative products must be used and handled with care. Check with product manufacturers and green product websites for specific recommendations and mixtures. And of course, don’t take any chances; store all cleaning products in a safe and appropriate location.


Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

SPRING ROOF MAINTENANCE

SPRING ROOF MAINTENANCE -via HouseMaster
 
The cold weather and storms of the winter season can wreak havoc on the exterior of a home and the surrounding property. Sometimes it isn’t that there is significant damage, but simply the fact that it may have been several months since you last paid attention to or attempted any outdoor maintenance.

Now is the time to do a winter-end check to make sure everything is in order and your home is ready to withstand those spring-time showers and the pending heat of summer.

While all exterior areas should be checked periodically, one area that typically requires special attention at the end of the winter season is the roof. To identify possible roofing concerns, look for:

Ceiling stains – A possible warning sign that your roof system needs repair or replacement. If localized, it may be an isolated point of roof damage or a flashing leak. Ceiling stains can also be associated with excessive attic moisture and/or ice dam conditions, which may require additional attic ventilation and/or insulation to prevent a recurrence. If there are stains on lower level ceilings, a plumbing leak could also be the cause.

Loose or missing shingles – Any loose or missing shingles should be repaired or replaced immediately to avoid additional leakage and damage to the roof deck or interior of your home.

Loose, lifted or cracked flashing – This is the sheet metal or other type membrane found at the base of chimneys and roof penetrations. Damaged flashing should be repaired or replaced to prevent leakage. Any open gaps should be sealed with roof cement.

Lifted or curled shingles – This may be an indication the roof is worn and at or near the end of its service life, or, at the very least, makes it conducive to wind damage. If found just in an isolated area, spot replacement may be possible, but if widespread, get a professional opinion on the roof’s condition.

Heavy granule buildup in gutters or at base of downspouts – The granules on roof shingles gradually wear away to the point where the underlying material is exposed over large areas. Once this happens the rate of shingle deterioration accelerates. If granule loss is excessive, it may indicate aging shingles that need replacement.
Any roof maintenance check should also include gutter cleaning. This is an area often not paid attention to until an overflow creates problems. Gutters need to be checked year-round to help avoid expensive water damage to the siding or house structure. Extensions or splash blocks at downspouts help divert water away from the house, avoiding soil erosion and infiltration through basement or crawlspace walls.

If you have questions on your roof system, consider utilizing the services of a professional home inspector or qualified roofing contractor to determine conditions. If you need to contact a home inspector or contractor, check out our business directory at www.asifkhan.ca.


Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

2011 Budget News - Markham

Markham has just become the only Ontario municipality to deliver a zero tax rate increase for three consecutive years (2009, 2010, 2011)! Not only is the zero tax rate increase impressive, it ALSO includes expanded community facilities and services. These unprecedented budget achievements continue to keep Markham as one of Canada's top towns to live in. For information on Markham properties, please email us at info@asifkhan.ca or call me at 416-985-5426. Asif


Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

NEWS RELEASE - Toronto Mid Month Market Report - March 2011

NEWS RELEASE

GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, March 16, 2011 -- Greater Toronto REALTORS® reported 4,138 sales during
the first two weeks of March 2011 – a five per cent decrease compared to the first
two weeks of March 2010. The number of new listings also dipped – down by 15
per cent compared to the same period last year.
"A positive economic outlook for the Greater Toronto Area, including steady
growth in jobs and incomes, has kept households confident in their ability to
purchase and pay for a home over the long term," said Toronto Real Estate Board
(TREB) President Bill Johnston.

The average price for transactions during the first 14 days of March was $460,196,
representing a 4.6 per cent increase compared to the first two weeks of March
2010.
"Market conditions are tighter compared to this time last year, resulting in more
competition between buyers and sustained upward pressure on the average
selling price. The annual rate of price growth is expected to range between three
and five per cent in 2011," said Jason Mercer, TREB's Senior Manager of Market
Analysis.

With inventory down 15% over last year, multiple offers were on an increase, thereby increasing purchase prices. If you're a buyer looking to purchase this spring/summer, you need to act fast as the "good" inventory is being scooped up fast, and in most cases receiving full to over list price. Sellers: it is no secret that if you want to get full value for your home, you need to get on the market now! Give us a call and we can discuss your plans to buy and/or sell this spring.
Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

NEWS RELEASE - Toronto Mid Month Market Report - March 2011

NEWS RELEASE

GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, March 16, 2011 -- Greater Toronto REALTORS® reported 4,138 sales during
the first two weeks of March 2011 – a five per cent decrease compared to the first
two weeks of March 2010. The number of new listings also dipped – down by 15
per cent compared to the same period last year.
"A positive economic outlook for the Greater Toronto Area, including steady
growth in jobs and incomes, has kept households confident in their ability to
purchase and pay for a home over the long term," said Toronto Real Estate Board
(TREB) President Bill Johnston.

The average price for transactions during the first 14 days of March was $460,196,
representing a 4.6 per cent increase compared to the first two weeks of March
2010.
"Market conditions are tighter compared to this time last year, resulting in more
competition between buyers and sustained upward pressure on the average
selling price. The annual rate of price growth is expected to range between three
and five per cent in 2011," said Jason Mercer, TREB's Senior Manager of Market
Analysis.

With inventory down 15% over last year, multiple offers were on an increase, thereby increasing purchase prices. If you're a buyer looking to purchase this spring/summer, you need to act fast as the "good" inventory is being scooped up fast, and in most cases receiving full to over list price. Sellers: it is no secret that if you want to get full value for your home, you need to get on the market now! Give us a call and we can discuss your plans to buy and/or sell this spring.
Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award