Real Estate Council of Ontario
The following questions and answers are related to the Consent Agreement between the Canadian Real Estate Association (CREA) and the Commissioner of Competition filed with the Competition Tribunal on October 25, 2010 and the Real Estate and Business Brokers Act, 2002(REBBA 2002).
This document will be updated as additional questions may arise in the coming weeks.
The Consent Agreement
Under the Agreement, the CREA must allow “mere posting” of a listing by a broker or salesperson who is a member of CREA who has chosen or agreed not to provide services to a seller other than submitting the listing for posting on the MLS® system.
Application in Ontario
Regardless of the terms of the Consent Agreement, all persons registered to trade in real estate in Ontario must comply with the Real Estate and Business Brokers Act, 2002 and its Regulations including the Code of Ethics (Ontario Regulation 580/05).
Question: As the listing brokerage, if I provide a mere posting service on MLS® and do not provide any other services, am I obligated to verify the accuracy of the information in the listing?
Answer: Yes, the listing brokerage is obligated to verify the accuracy of the information before posting on MLS® and is responsible for its accuracy.
Question: Can I opt out of any of the requirements under REBBA 2002 or the Regulations?
Answer: No, REBBA 2002, including the Regulations, is provincial law and no one can opt out of a provincial statute or regulation.
Questions & answers related to REBBA 2002 and the consent agreement Published by the Real Estate Council of Ontario Real Estate Council of Ontario Tel: 416-207-4800 Toll Free: 1-800-245-6910 www.reco.on.ca asktheregistrar@reco.on.ca
Page 2 of 3 Nov. 9, 2010
Question: As a buyer representative, am I obligated to inform a buyer of properties that meet his/her criteria when the listing brokerage is not offering a commission or the seller is offering a commission lower than I expect?
Answer: Yes. As a registrant you are obligated to inform buyers of properties that meet their criteria regardless of the amount of commission or other remuneration, if any, being offered.
See Section 19 of the Code of Ethics (Ontario Regulation 580/05).
Question: If a seller is not being represented by a brokerage, except for a mere posting on MLS®, and I, as a buyer’s representative, have an offer that I wish to present to the seller, how do I ensure the details of my client’s offer remain confidential in a situation where the seller obtains multiple offers on the property?
Answer: You can attempt to have the seller enter into an agreement regarding the confidentiality of the offer; however, the unrepresented seller is not obligated to agree. Please remember that REBBA 2002 and the Regulations do not govern the conduct or actions of non‐registrants.
Question: If I merely post a property on MLS® and do not provide any further services to the seller, should I complete a Trade Record Sheet?
Answer: Yes. See sections 17 (Ontario Regulation 579/05) and 30 of the Code of Ethics. You should keep a record of the listing agreement, the listing information, receipt of remuneration and any other documents pertinent to the property.
Question: What if I am representing the buyer?
Answer: If you are the buyer’s representative, you are required to make a Trade Record Sheet where your client enters into an agreement of purchase of sale. See Section 17 (Ontario Regulation 579/05).
Real Estate Council of Ontario Tel: 416-207-4800 Toll Free: 1-800-245-6910 www.reco.on.ca asktheregistrar@reco.on.ca
Page 3 of 3 Nov. 9, 2010
Question: As a buyer’s representative how will I know whether I can contact the seller directly?
Answer: Refer to the listing for clear direction and if there is any question, contact the listing brokerage directly and obtain written consent to contact the seller. See Section 7 of the Code of Ethics (Ontario Regulation 580/05).
Question: Where a listing broker merely posts a property for sale and my buyer wants to submit an offer to purchase, who is the deposit payable to?
Answer: It is negotiable between the buyer and seller. You will want to inform the buyer of RECO’s insurance program which provides consumer deposit protection when a registrant holds a deposit.
Question: In a mere posting situation am I required to get the permission of both sellers and buyers of a property before I can advertise the sale?
Answer: Registrants are required to obtain permission of both buyers and sellers before advertising a sale. (Please refer to the Advertising Matters column in the Fall 2010 edition of For the RECOrd for further information.)
Question: If I have an agreement to merely post the property on MLS® that includes a payment to me of a flat fee and the seller at a later time, within the term of the agreement, decides they want me to provide other services on the same property, what remuneration arrangements can be made?
Answer: If a flat fee was charged for a mere posting a registrant could negotiate an amendment to the listing agreement to provide further services for further flat fees, if agreed to by the seller.
Question: What if I have further questions?
Answer: If you have further questions, please contact RECO at theregistrar@reco.on.ca.
Thursday, December 2, 2010
Wednesday, November 24, 2010
Price declines in all six markets in September
Canadian home prices in September were down 1.1% from the previous month, according to the Teranet-National Bank National Composite House Price Index™. The monthly decline ended a string of 16 consecutive increases in the composite index since the last monthly deflation in April 2009. For the first time since February 2009, prices fell in all six of the metropolitan markets surveyed. The declines were 2.4% in Halifax, 2.2% in Calgary, 1.6% in Toronto, 0.5% in Ottawa and 0.3% in Montreal and Vancouver. For Vancouver it was the third consecutive monthly decrease and for Calgary it was the second.
This result was reflected in a further deceleration of the 12-month price increase in September, to 7.9% for the composite index. It was the third consecutive month of deceleration, leaving the 12-month rise the smallest since last January. The 12-month increases range quite widely from market to market: 9.2% in Vancouver and Ottawa, 9.0% in Toronto, 7.6% in Montreal, 3.6% in Halifax and 1.7% in Calgary.
This result was reflected in a further deceleration of the 12-month price increase in September, to 7.9% for the composite index. It was the third consecutive month of deceleration, leaving the 12-month rise the smallest since last January. The 12-month increases range quite widely from market to market: 9.2% in Vancouver and Ottawa, 9.0% in Toronto, 7.6% in Montreal, 3.6% in Halifax and 1.7% in Calgary.
Friday, November 19, 2010
The Full Service, Industry Leading Real Estate Brokerage
RE/MAX Professionals Inc., Brokerage
The Full Service, Industry Leading Real Estate Brokerage
The Competition Bureau’s recent agreement with the Canadian Real Estate Association will soon be in effect. This agreement, ratified by the Canadian Real Estate Association on October 24th will allow varied service models to compete on the Multiple Listing Service (MLS) across Canada. Speculation has been circulating that our industry is, or will be, in peril due to this change. After a thorough review of the change affected by this agreement, it is the opinion of RE/MAX Professionals’ leadership team that our industry will remain strong, unchanged by the subtle change of this agreement.
One clear statement we can make is that RE/MAX Professionals Inc. is, and has always been, an industry leader in the Greater Toronto Area as a full service real estate brokerage. This has not changed with the requirements to allow different business models to be possible in MLS. Our sales representatives will offer full services at fair, negotiable commission rates to the consumer in our marketing area. RE/MAX Professionals Inc. clearly will not offer mere listing services to customers. Our chosen path is to provide buyers and sellers with listing, marketing, advertising, negotiating and buyer service packages. It is our belief that anything less is poor representation of the clients and customers we serve. Other brokers and brokerages may choose to do less. RE/MAX Professionals’ sales force will not … …
So, what do we expect to be the implications of these changes to the MLS services across Canada? Just as in 1973, when RE/MAX changed the face of real estate in Canada and the United States, changes and evolution of our industry will make the industry, ten years from now, different from today. RE/MAX changed the way our industry was organized at that time, putting more emphasis on the agents and their freedom to manage their businesses effectively. The prior employee-based industry became one of independent contractors, negotiable commission rates and high technology. These changes revolutionized an industry, making the agent central to the transaction with the consumer.
So, change is not an unfamiliar characteristic for RE/MAX. We are a vibrant, ever-changing brand, known worldwide as leaders in our industry. Change is welcome at RE/MAX, as we put the efficiency of our sales people first, in order for them to represent our clients better than any other recognized brand.
Just as the RE/MAX business model changed how our industry thrives, other business models will come and go. Some may prosper. Most will fail dismally. One thing is certain in our minds. The RE/MAX model, which emphasizes the highly productive sales person will continue to remain profitable for thriving independent contractors. Our resolve is to change and adapt to these changing times; to compete with these new models in a fair and consumer friendly manner. So they must beware, RE/MAX Professionals, will out-compete them all with pure customer service, the type of full service consumers have grown to expect of the RE/MAX model.
It is our contention that the technology that has transformed the way we do business will continue to change us and how we do business. Who would have thought, years ago, how the FAX machine transformed our industry? The movement of our industry to computer allowed our data to be instantaneous. Internet services in Web 1.0 allowed us to promote ourselves and our listings to the world at the click of a mouse. Web 2.0 has allowed interactivity with the ever more sophisticated consumer. Now more than ever, digital and video technology has transformed us to make Open Houses virtual and consumers even closer. RE/MAX has been at the forefront in all of these technologies and will continue to lead, not follow, as others attempt to copy our leadership.
You work with the leading Brand RE/MAX with over 35% of all home sales in Canada this year. You work within an industry-leading Brokerage, RE/MAX Professionals Inc. We offer full service real estate services in our designated area. We are proud to be Realtors. And we are proud to be RE/MAX.
So, let us go and do what we do very well. Compete fairly with our knowledge, full service and competence.
The Full Service, Industry Leading Real Estate Brokerage
The Competition Bureau’s recent agreement with the Canadian Real Estate Association will soon be in effect. This agreement, ratified by the Canadian Real Estate Association on October 24th will allow varied service models to compete on the Multiple Listing Service (MLS) across Canada. Speculation has been circulating that our industry is, or will be, in peril due to this change. After a thorough review of the change affected by this agreement, it is the opinion of RE/MAX Professionals’ leadership team that our industry will remain strong, unchanged by the subtle change of this agreement.
One clear statement we can make is that RE/MAX Professionals Inc. is, and has always been, an industry leader in the Greater Toronto Area as a full service real estate brokerage. This has not changed with the requirements to allow different business models to be possible in MLS. Our sales representatives will offer full services at fair, negotiable commission rates to the consumer in our marketing area. RE/MAX Professionals Inc. clearly will not offer mere listing services to customers. Our chosen path is to provide buyers and sellers with listing, marketing, advertising, negotiating and buyer service packages. It is our belief that anything less is poor representation of the clients and customers we serve. Other brokers and brokerages may choose to do less. RE/MAX Professionals’ sales force will not … …
So, what do we expect to be the implications of these changes to the MLS services across Canada? Just as in 1973, when RE/MAX changed the face of real estate in Canada and the United States, changes and evolution of our industry will make the industry, ten years from now, different from today. RE/MAX changed the way our industry was organized at that time, putting more emphasis on the agents and their freedom to manage their businesses effectively. The prior employee-based industry became one of independent contractors, negotiable commission rates and high technology. These changes revolutionized an industry, making the agent central to the transaction with the consumer.
So, change is not an unfamiliar characteristic for RE/MAX. We are a vibrant, ever-changing brand, known worldwide as leaders in our industry. Change is welcome at RE/MAX, as we put the efficiency of our sales people first, in order for them to represent our clients better than any other recognized brand.
Just as the RE/MAX business model changed how our industry thrives, other business models will come and go. Some may prosper. Most will fail dismally. One thing is certain in our minds. The RE/MAX model, which emphasizes the highly productive sales person will continue to remain profitable for thriving independent contractors. Our resolve is to change and adapt to these changing times; to compete with these new models in a fair and consumer friendly manner. So they must beware, RE/MAX Professionals, will out-compete them all with pure customer service, the type of full service consumers have grown to expect of the RE/MAX model.
It is our contention that the technology that has transformed the way we do business will continue to change us and how we do business. Who would have thought, years ago, how the FAX machine transformed our industry? The movement of our industry to computer allowed our data to be instantaneous. Internet services in Web 1.0 allowed us to promote ourselves and our listings to the world at the click of a mouse. Web 2.0 has allowed interactivity with the ever more sophisticated consumer. Now more than ever, digital and video technology has transformed us to make Open Houses virtual and consumers even closer. RE/MAX has been at the forefront in all of these technologies and will continue to lead, not follow, as others attempt to copy our leadership.
You work with the leading Brand RE/MAX with over 35% of all home sales in Canada this year. You work within an industry-leading Brokerage, RE/MAX Professionals Inc. We offer full service real estate services in our designated area. We are proud to be Realtors. And we are proud to be RE/MAX.
So, let us go and do what we do very well. Compete fairly with our knowledge, full service and competence.
Tuesday, November 16, 2010
Full service real estate is here to stay. Here’s why!
Blog by Richard Robbins
October 16, 2010
Since the ratification of the agreement between CREA and the Competition Tribunal on October 24, 2010, there has been a tremendous amount of “buzz” from the public, the press and the real estate industry in general, speculating on the impact this agreement will have on organized real estate as we know it. For what they are worth, here are my thoughts.
First, it is interesting to note that what some people perceive as a threat, others perceive as an opportunity. Generally speaking when change occurs (and change will occur), there will be some people who view change as a threat because the status quo is being challenged; while others will view change as an opportunity because the status quo is being challenged. I think it probably goes without saying that I perceive change as a tremendous opportunity
For the entire blog use the link above.
October 16, 2010
Since the ratification of the agreement between CREA and the Competition Tribunal on October 24, 2010, there has been a tremendous amount of “buzz” from the public, the press and the real estate industry in general, speculating on the impact this agreement will have on organized real estate as we know it. For what they are worth, here are my thoughts.
First, it is interesting to note that what some people perceive as a threat, others perceive as an opportunity. Generally speaking when change occurs (and change will occur), there will be some people who view change as a threat because the status quo is being challenged; while others will view change as an opportunity because the status quo is being challenged. I think it probably goes without saying that I perceive change as a tremendous opportunity
For the entire blog use the link above.
Tuesday, November 2, 2010
Condominiums first step to homeownership in most major centres, says RE/MAX
Mississauga, ON (November 1, 2010) - Given serious escalation in detached housing values, condominium apartments and towns have now emerged as the first step to homeownership, says RE/MAX Ontario-Atlantic Canada.
Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood. The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January - September 2010 vs. 2009)-with percentage gains outperforming overall residential sales in most markets examined.
"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment."
Affordability has fuelled buying activity across the board, according to the 2010 RE/MAX Condominium Report, highlighting trends and developments in eight Ontario markets and one in Nova Scotia. Condominiums now represent one in every three homes sold in the Greater Toronto Area; close to one in every four homes sold in Ottawa and Hamilton-Burlington; and almost one in every five homes sold in London, Kitchener-Waterloo, and Collingwood. The trend has translated into a solid upswing in unit sales activity, with 78 per cent of markets posting an increase in year-to-date sales (January - September 2010 vs. 2009)-with percentage gains outperforming overall residential sales in most markets examined.
"As one of few affordable housing options available to first-time buyers, the concept is poised for dramatic growth in years to come," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "The lifestyle has also gained a foothold with younger, hipper audiences, as the definition of homeownership evolves with the changing demographic. Dreams of the small home with a white picket fence are being replaced by the funky loft apartment in close proximity to shops, restaurants, and entertainment."
2010 TORONTO CONDOMINIUM MARKET ON PACE
TORONTO – November 1, 2010…Urbanation, Inc., the leading source of information and analysis for the condominium market in the Toronto CMA (Census Market Area) today released its Q3-2010 market overview.
Q3-2010’s 3,805 new units sold represented a drop of over 1,000 units from the previous quarter’s 4,991 new unit sales and an 18 percent decline from Q3-2009. Despite the third quarter drop, the Toronto CMA condominium apartment market is on pace for the second highest annual sales total on record.
“The third quarter decline may be attributed in some part to those buying units as an investment resisting the continuing rise in the psf (price per square foot) of new units, particularly in downtown locations off the subway line,” said Urbanation Editor and Executive Vice President Ben Myers
The average sold unit in the 275 active projects on the market was $462 psf in Q3-2010, with unsold new units being offered at $520 psf. Similarly, the average psf for resale units sold was $372 psf in the third quarter.
“To some degree, the recent ‘upward price aggressiveness’ of developers at new projects,counting on the apparently robust demand for their products, has now met with reluctance from both investors and end-users”, added Myers.
Even with a summer slowdown in the market, only 19% of the CMA record high 69,892 units (in the 275 active projects) were unsold at the end of Q3-2010 – well below the historic level.
Myers added, “With prices rising and the market expanding, the ability of developers to differentiate their product through design, architecture and advertising will be paramount for their success going forward. Successfully incorporating those project elements by developers and
their consultants, plus strategic pricing, was a significant factor in the condominium market recovery in 2009.
This agility by Toronto developers may have contributed to the very short duration of the recession in the CMA condominium market. Another contributing factor to the success in the new market was the resurgence in the resale market; the market witnessed record high resale activity between Q2-2009 and Q2-2010.
The 3,646 resale condominium transactions in Q3-2010 were down 25 percent year-over-year,and 28 percent from the 5,076 resales in Q2-2010, the highest quarterly total in CMA history.
“2010 remains on pace for the best year ever in terms of condominium resale transactions”, said Myers. He added, “However, the market has finally shown signs of slowing after 15 months of frenzied activity”. The average resale unit sold for $331,000 in Q3-2009, down from the $335,000 recorded in the previous quarter, while listings dropped for the second consecutive quarter to 8,539.
ABOUT URBANATION
Urbanation is Canada's leading condominium market research company. Since 1981, Urbanation has analyzed the Toronto condominium market, publishing the “industry bible” – Urbanation’s Condominium Market Survey. This quarterly Report tracks new, resale and future condominium projects. Urbanation also provides the development community with essential consulting services, which include site and topic specific market studies and surveys.
www.urbanation.ca
www.twitter.com/urbanation
Q3-2010’s 3,805 new units sold represented a drop of over 1,000 units from the previous quarter’s 4,991 new unit sales and an 18 percent decline from Q3-2009. Despite the third quarter drop, the Toronto CMA condominium apartment market is on pace for the second highest annual sales total on record.
“The third quarter decline may be attributed in some part to those buying units as an investment resisting the continuing rise in the psf (price per square foot) of new units, particularly in downtown locations off the subway line,” said Urbanation Editor and Executive Vice President Ben Myers
The average sold unit in the 275 active projects on the market was $462 psf in Q3-2010, with unsold new units being offered at $520 psf. Similarly, the average psf for resale units sold was $372 psf in the third quarter.
“To some degree, the recent ‘upward price aggressiveness’ of developers at new projects,counting on the apparently robust demand for their products, has now met with reluctance from both investors and end-users”, added Myers.
Even with a summer slowdown in the market, only 19% of the CMA record high 69,892 units (in the 275 active projects) were unsold at the end of Q3-2010 – well below the historic level.
Myers added, “With prices rising and the market expanding, the ability of developers to differentiate their product through design, architecture and advertising will be paramount for their success going forward. Successfully incorporating those project elements by developers and
their consultants, plus strategic pricing, was a significant factor in the condominium market recovery in 2009.
This agility by Toronto developers may have contributed to the very short duration of the recession in the CMA condominium market. Another contributing factor to the success in the new market was the resurgence in the resale market; the market witnessed record high resale activity between Q2-2009 and Q2-2010.
The 3,646 resale condominium transactions in Q3-2010 were down 25 percent year-over-year,and 28 percent from the 5,076 resales in Q2-2010, the highest quarterly total in CMA history.
“2010 remains on pace for the best year ever in terms of condominium resale transactions”, said Myers. He added, “However, the market has finally shown signs of slowing after 15 months of frenzied activity”. The average resale unit sold for $331,000 in Q3-2009, down from the $335,000 recorded in the previous quarter, while listings dropped for the second consecutive quarter to 8,539.
ABOUT URBANATION
Urbanation is Canada's leading condominium market research company. Since 1981, Urbanation has analyzed the Toronto condominium market, publishing the “industry bible” – Urbanation’s Condominium Market Survey. This quarterly Report tracks new, resale and future condominium projects. Urbanation also provides the development community with essential consulting services, which include site and topic specific market studies and surveys.
www.urbanation.ca
www.twitter.com/urbanation
Thursday, October 28, 2010
CREA ratification of Competition Consent Agreement - RE/MAX Ontario Atlantic Responce by Micheal Polzler
Despite all the media hoopla associated with Sunday's vote by CREA members to ratify the Competition Consent Agreement, it will be business as usual for real estate professionals across the country.
The public will continue to access listings on the MLS system or Realtor.ca, but any posts to the system remain firmly in the hands of local realtors. Under the terms of the new, 10-year agreement, CREA and the Boards cannot prevent or discriminate against 'mere postings' and members who offer 'mere postings.' CREA does not believe that such rules exist today-but if they do-they must be repealed or Boards will lose their license to operate under the MLS trademark.
So all in all, it's business as usual. Sure, consumers have more choices, but then again, they always have. Discount brokers have been around for years. There is a reason why the MLS system is responsible for 90 per cent of resale housing transactions in the country. Canadians rely on the full-service approach provided by the country's 100,000 real estate professionals. Regardless of alternatives, most people require the services of an experienced agent to sell their home.
All we need to do is look south of the border-where the process is similar-for confirmation of that fact. According to the National Post, "the U.S. Department of Justice negotiated an anti-trust settlement with the National Association of Realtors allowing internet brokers and other agents offering discounted commissions to access the MLS in 2008. Two years later, traditional full-service brokers still control between 70 and 80 per cent of the U.S. housing market, and the average commission has increased to 5.3 per cent of the sale price from five per cent in 2008."
In fact, NAR statistics provided by the National Post show 80 per cent of sellers use a full-service broker, managing most of a transaction from listing to closing. Another nine per cent choose limited services that include discount brokerage and 11 per cent opt for the bare minimum of just listing on MLS.
There's a story to be told here. Consumers place value on the services we provide as realtors and that's not about to change. Why? We have the knowledge and expertise to generate results. Few are willing to take chances with their most valuable asset. As Canada's leading real estate organization, we will continue to do what we do best-assisting buyers and sellers with the biggest financial decision of their lifetime.
Take a moment to look at our new marketing campaign on the critical role of a RE/MAX agent. It is easily found on www.FitToSell.ca. This timely campaign demonstrates the value of using a professional RE/MAX agent. It should help offset some of the negative press, until things settle.
As I said, business as usual.
Sincerely,
Michael Polzler
Executive Vice President, Regional Director
RE/MAX Ontario-Atlantic Canada Inc.
The public will continue to access listings on the MLS system or Realtor.ca, but any posts to the system remain firmly in the hands of local realtors. Under the terms of the new, 10-year agreement, CREA and the Boards cannot prevent or discriminate against 'mere postings' and members who offer 'mere postings.' CREA does not believe that such rules exist today-but if they do-they must be repealed or Boards will lose their license to operate under the MLS trademark.
So all in all, it's business as usual. Sure, consumers have more choices, but then again, they always have. Discount brokers have been around for years. There is a reason why the MLS system is responsible for 90 per cent of resale housing transactions in the country. Canadians rely on the full-service approach provided by the country's 100,000 real estate professionals. Regardless of alternatives, most people require the services of an experienced agent to sell their home.
All we need to do is look south of the border-where the process is similar-for confirmation of that fact. According to the National Post, "the U.S. Department of Justice negotiated an anti-trust settlement with the National Association of Realtors allowing internet brokers and other agents offering discounted commissions to access the MLS in 2008. Two years later, traditional full-service brokers still control between 70 and 80 per cent of the U.S. housing market, and the average commission has increased to 5.3 per cent of the sale price from five per cent in 2008."
In fact, NAR statistics provided by the National Post show 80 per cent of sellers use a full-service broker, managing most of a transaction from listing to closing. Another nine per cent choose limited services that include discount brokerage and 11 per cent opt for the bare minimum of just listing on MLS.
There's a story to be told here. Consumers place value on the services we provide as realtors and that's not about to change. Why? We have the knowledge and expertise to generate results. Few are willing to take chances with their most valuable asset. As Canada's leading real estate organization, we will continue to do what we do best-assisting buyers and sellers with the biggest financial decision of their lifetime.
Take a moment to look at our new marketing campaign on the critical role of a RE/MAX agent. It is easily found on www.FitToSell.ca. This timely campaign demonstrates the value of using a professional RE/MAX agent. It should help offset some of the negative press, until things settle.
As I said, business as usual.
Sincerely,
Michael Polzler
Executive Vice President, Regional Director
RE/MAX Ontario-Atlantic Canada Inc.
Monthly price rise of 0.2% in August -Teranet – National Bank National Composite House Price Index™
Source: Teranet – National Bank National Composite House Price Index™
Canadian home prices in August were up 10.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in six months. The metropolitan markets showing a similar deceleration included Toronto and Vancouver, though their price increases from a year earlier were still in the neighbourhood of 12%. For Ottawa, the market where prices have risen most in the last six months, the 12-month increase was 10.7%. In the other three markets the 12-month gains were more modest: 7.7% in Montreal, 6.8% in Halifax, 5.0% in Calgary.
For the entire article select the link above
Canadian home prices in August were up 10.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in six months. The metropolitan markets showing a similar deceleration included Toronto and Vancouver, though their price increases from a year earlier were still in the neighbourhood of 12%. For Ottawa, the market where prices have risen most in the last six months, the 12-month increase was 10.7%. In the other three markets the 12-month gains were more modest: 7.7% in Montreal, 6.8% in Halifax, 5.0% in Calgary.
For the entire article select the link above
Sunday, October 24, 2010
CREA members approve MLS deal with Competition Bureau
The winds of change were blowing outside a St. John’s hotel Sunday afternoon, as representatives of the country’s 101 real estate boards voted 97 per cent in favour of a deal that some warned could mean the end of the Canadian Real Estate Association.
At the very least, it will change the current face of the Multiple Listing Service (MLS).
The controversy began earlier this year when Competition Bureau Commissioner Melanie Aitkin announced she was investigating complaints of anticompetitive behaviour, including concerns CREA kept its members from offering services that would lower costs for consumers.
To see the entire blog select the link above.
At the very least, it will change the current face of the Multiple Listing Service (MLS).
The controversy began earlier this year when Competition Bureau Commissioner Melanie Aitkin announced she was investigating complaints of anticompetitive behaviour, including concerns CREA kept its members from offering services that would lower costs for consumers.
To see the entire blog select the link above.
Thursday, October 21, 2010
GTA REALTORS® Report Mid-Month Resale Housing Market Figures
TORONTO, October 18, 2010 -- Greater Toronto REALTORS® reported 3,012
sales through the Multiple Listing Service® (MLS®) during the first two
weeks of October 2010.
This represented a 17 per cent decrease compared to the 3,631 sales
recorded during the same period in 2009. Year-to-date sales amounted to
71,988, representing a three per cent increase compared to 2009.
“The GTA resale market is balancing out from the record level of sales
experienced in the second half of 2009 and first few months of 2010. This is
why sales figures have been lower than 2009 levels in recent months. With
this said, it should be noted that the annual rate of decline slowed somewhat
through the first two weeks of October,” said Toronto Real Estate Board
President Bill Johnston.
The average price for October mid-month transactions was $444,644 – up
seven per cent compared to the average of $414,479 recorded during the
first 14 days of October 2009.
“We are seeing enough buyers relative to sellers to promote continued price
growth year-over-year. People are buying because home ownership remains
affordable in the GTA. A household earning the average income can
comfortably afford a mortgage on the average priced resale home,” said
Jason Mercer, TREB’s Senior Manager of Market Analysis.
sales through the Multiple Listing Service® (MLS®) during the first two
weeks of October 2010.
This represented a 17 per cent decrease compared to the 3,631 sales
recorded during the same period in 2009. Year-to-date sales amounted to
71,988, representing a three per cent increase compared to 2009.
“The GTA resale market is balancing out from the record level of sales
experienced in the second half of 2009 and first few months of 2010. This is
why sales figures have been lower than 2009 levels in recent months. With
this said, it should be noted that the annual rate of decline slowed somewhat
through the first two weeks of October,” said Toronto Real Estate Board
President Bill Johnston.
The average price for October mid-month transactions was $444,644 – up
seven per cent compared to the average of $414,479 recorded during the
first 14 days of October 2009.
“We are seeing enough buyers relative to sellers to promote continued price
growth year-over-year. People are buying because home ownership remains
affordable in the GTA. A household earning the average income can
comfortably afford a mortgage on the average priced resale home,” said
Jason Mercer, TREB’s Senior Manager of Market Analysis.
Wednesday, October 13, 2010
Recent RECO Decisions Costly
Not following the rules can be costly to you the agent. Look at teh following recent RECO decisions that cost these agents greatly not only in monetary ways but in reputation.
In a recent decision a Registrant provided the Landlord with an employment letter for a Tenant that he knew was false. He was fined $13,000. Zoran Karanivic
The Listing Agent misrepresented the parking space for a condominium anbd the Selling Agent did not confirm that to her client. he was fined $8,000 and she was fined $4,000. Lorusso and Jiraskova
This Listing Agent misrepresented the square footage in the MLS and refused to cooperate with the Buyer's Agent in resolving the problem. She was fined $9,000. Annemarie Mills
In a recent decision a Registrant provided the Landlord with an employment letter for a Tenant that he knew was false. He was fined $13,000. Zoran Karanivic
The Listing Agent misrepresented the parking space for a condominium anbd the Selling Agent did not confirm that to her client. he was fined $8,000 and she was fined $4,000. Lorusso and Jiraskova
This Listing Agent misrepresented the square footage in the MLS and refused to cooperate with the Buyer's Agent in resolving the problem. She was fined $9,000. Annemarie Mills
Learn how to stay safe on the job
Over the past decade, several REALTORS® have been victims of violence. An Ottawa REALTOR® was attacked during an open house in a trendy west-end suburb. Fortunately her screams frightened the attacker and he fled the scene.
However, two other REALTORS® were not so fortunate. One was a commercial REALTOR® in Toronto who was killed while she worked alone in her office in November 2002. Most recently, a female REALTOR® was murdered while showing an upscale vacant home in Victoria, BC.
These REALTORS® were acting professionally, but their personal safety was at risk. To help you become more aware of the risks and keep you out of harm’s way, safety materials are available on the OREA website under Administrative Information. These materials were developed by the National Association of REALTORS®, CREA and your provincial association. Here are a few tips from the site:
Keep a cell phone at your side: Your cell phone can be your best friend in a bad situation. Program 911 on your speed dial.
Have a distress code: Have a prearranged distress signal. For example, "I'm at the Jones house and I need the red file right away." Share and practice your distress code with your office, colleagues, family and friends. Use it any time you feel uneasy.
Make sure your office knows: Make sure someone knows who you are with, where you are going and when you’ll be back. Make sure someone else knows what your schedule is, and who you're planning to meet.
Don't glamorize promotional material: Avoid glamour shots. Your marketing materials should be polished and professional. Limit the amount of personal information you share. Do not use your home phone number; use a cell phone number instead. Use your office address, rather than your home address.
Know who you are dealing with: When you have new clients, meet them at the office first. Verify their identities. Get their car make and licence number and if you can, photocopy their driver's licence. Complete a client i.d. form. A serious client will not hesitate to share this information.
Take precautions at open houses: Often at an open house, you'll be working alone. You won't know who will show up, so take basic precautions to ensure your personal safety.
Take the time to read over the other safety materials at www.orea.com. Knowing what to do to protect yourself could save your life
However, two other REALTORS® were not so fortunate. One was a commercial REALTOR® in Toronto who was killed while she worked alone in her office in November 2002. Most recently, a female REALTOR® was murdered while showing an upscale vacant home in Victoria, BC.
These REALTORS® were acting professionally, but their personal safety was at risk. To help you become more aware of the risks and keep you out of harm’s way, safety materials are available on the OREA website under Administrative Information. These materials were developed by the National Association of REALTORS®, CREA and your provincial association. Here are a few tips from the site:
Keep a cell phone at your side: Your cell phone can be your best friend in a bad situation. Program 911 on your speed dial.
Have a distress code: Have a prearranged distress signal. For example, "I'm at the Jones house and I need the red file right away." Share and practice your distress code with your office, colleagues, family and friends. Use it any time you feel uneasy.
Make sure your office knows: Make sure someone knows who you are with, where you are going and when you’ll be back. Make sure someone else knows what your schedule is, and who you're planning to meet.
Don't glamorize promotional material: Avoid glamour shots. Your marketing materials should be polished and professional. Limit the amount of personal information you share. Do not use your home phone number; use a cell phone number instead. Use your office address, rather than your home address.
Know who you are dealing with: When you have new clients, meet them at the office first. Verify their identities. Get their car make and licence number and if you can, photocopy their driver's licence. Complete a client i.d. form. A serious client will not hesitate to share this information.
Take precautions at open houses: Often at an open house, you'll be working alone. You won't know who will show up, so take basic precautions to ensure your personal safety.
Take the time to read over the other safety materials at www.orea.com. Knowing what to do to protect yourself could save your life
REALTORS® have a duty to disclose defects
Basement flooding, cracks in the foundation, mould – what do sellers need to disclose and what do REALTORS® need to find out?
Real estate professionals have a duty to discover and disclose facts about a property that is being listed or shown to a buyer that could be relevant to a buyer’s decision to buy. As a REALTOR®, your codes of ethics require you to discover facts pertaining to every property for which you accept an agency. The disclosure issue is covered in Article 4 of the CREA Code and Section 21 of the REBBA Code.
In a new OREA continuing education course called Defects and the Importance of Disclosure, author and course developer Mark Weisleder says all defects should be disclosed in advance. “I believe that REALTORS® should show the SPIS (Seller Property Information Statement) to every potential buyer, especially if they are told in advance that there are defects in the property. If you disclose everything, then it is extremely unlikely that you or your seller will be sued by any buyer. If you do not disclose, there is always the possibility that proceedings will be brought against you as well as your seller client.”
Weisleder also says that if you are not sure whether the information is something you should disclose, simply ask yourself if it’s something you would want to know if you were buying the property yourself. “If the answer is yes, then you know you should be disclosing this information to the buyer.”
As a general rule, sellers of real estate and their listing agents have a duty to disclose any hidden (latent) defects that they are aware of in the property that could affect a reasonable buyer’s use and enjoyment and/or perceived value of the property.
Physical Defects - Patent and Latent Defects
There are two kinds of potential physical defects in a property -- patent defects and latent defects. A patent defect is a defect that is obvious when you walk into the home; for example a broken window. The buyer cannot complain about this defect because they can easily see it when viewing the home. They are thus governed by the legal doctrine of caveat emptor or buyer beware, and have to accept these defects on closing, unless they include a clause in their agreement that the seller will repair the defect.
A latent defect is a hidden defect, which cannot be observed on a normal inspection. The law is that if the seller knows about a latent defect that makes the home either uninhabitable by the buyer; unfit for the buyer’s intended purpose; or dangerous, then the seller must disclose this defect to the buyer. In addition, the seller cannot intentionally conceal what would otherwise be a patent defect. Examples of latent defects that should be disclosed include a problem with the foundation, or a very serious basement or roof water problem that has not been repaired.
“The Ontario Real Estate Association introduced the SPIS as a means for sellers to put buyers on notice of any physical problems with the property, to alert buyers and to provide buyers with the opportunity to make further inquiries when necessary,” says Weisleder. “It states right on the form that the form is not intended to be a warranty and the buyer must conduct their own independent investigation or property inspection.”
When completing the statement, the seller is asked to respond either “yes,” “no,” “unknown” or “not applicable” to questions such as “are you aware of any water problems” or “are you aware of any structural problems.” These statements have been completed by sellers for years in hundreds of thousands of real estate transactions across Canada, without any liability, especially when they completed the statement truthfully and to the best of their knowledge.
Yet there have also been cases where sellers who signed the statement were held liable for the buyer’s damages when problems were discovered after closing. In a review of these decisions, the judge determined on a factual basis that the seller either knew that what they were saying was false or had deliberately concealed a defect which was found out afterwards. “It was not the SPIS form that got the seller in trouble,” says Weisleder. “It was about not telling the truth when completing the form.”
Finally, Weisleder stresses, “Even if you or your seller are not required by law to disclose the information, the bar in terms of the level of professionalism required of REALTORS® continues to move higher. By fulfilling your legal and ethical duties regarding the detection and disclosure of defects, you will insulate yourself and your clients from a lot of unnecessary pain and suffering.”
For more information about OREA’s Defects and the Importance of Disclosure online course visit www.orea.com.
Real estate professionals have a duty to discover and disclose facts about a property that is being listed or shown to a buyer that could be relevant to a buyer’s decision to buy. As a REALTOR®, your codes of ethics require you to discover facts pertaining to every property for which you accept an agency. The disclosure issue is covered in Article 4 of the CREA Code and Section 21 of the REBBA Code.
In a new OREA continuing education course called Defects and the Importance of Disclosure, author and course developer Mark Weisleder says all defects should be disclosed in advance. “I believe that REALTORS® should show the SPIS (Seller Property Information Statement) to every potential buyer, especially if they are told in advance that there are defects in the property. If you disclose everything, then it is extremely unlikely that you or your seller will be sued by any buyer. If you do not disclose, there is always the possibility that proceedings will be brought against you as well as your seller client.”
Weisleder also says that if you are not sure whether the information is something you should disclose, simply ask yourself if it’s something you would want to know if you were buying the property yourself. “If the answer is yes, then you know you should be disclosing this information to the buyer.”
As a general rule, sellers of real estate and their listing agents have a duty to disclose any hidden (latent) defects that they are aware of in the property that could affect a reasonable buyer’s use and enjoyment and/or perceived value of the property.
Physical Defects - Patent and Latent Defects
There are two kinds of potential physical defects in a property -- patent defects and latent defects. A patent defect is a defect that is obvious when you walk into the home; for example a broken window. The buyer cannot complain about this defect because they can easily see it when viewing the home. They are thus governed by the legal doctrine of caveat emptor or buyer beware, and have to accept these defects on closing, unless they include a clause in their agreement that the seller will repair the defect.
A latent defect is a hidden defect, which cannot be observed on a normal inspection. The law is that if the seller knows about a latent defect that makes the home either uninhabitable by the buyer; unfit for the buyer’s intended purpose; or dangerous, then the seller must disclose this defect to the buyer. In addition, the seller cannot intentionally conceal what would otherwise be a patent defect. Examples of latent defects that should be disclosed include a problem with the foundation, or a very serious basement or roof water problem that has not been repaired.
“The Ontario Real Estate Association introduced the SPIS as a means for sellers to put buyers on notice of any physical problems with the property, to alert buyers and to provide buyers with the opportunity to make further inquiries when necessary,” says Weisleder. “It states right on the form that the form is not intended to be a warranty and the buyer must conduct their own independent investigation or property inspection.”
When completing the statement, the seller is asked to respond either “yes,” “no,” “unknown” or “not applicable” to questions such as “are you aware of any water problems” or “are you aware of any structural problems.” These statements have been completed by sellers for years in hundreds of thousands of real estate transactions across Canada, without any liability, especially when they completed the statement truthfully and to the best of their knowledge.
Yet there have also been cases where sellers who signed the statement were held liable for the buyer’s damages when problems were discovered after closing. In a review of these decisions, the judge determined on a factual basis that the seller either knew that what they were saying was false or had deliberately concealed a defect which was found out afterwards. “It was not the SPIS form that got the seller in trouble,” says Weisleder. “It was about not telling the truth when completing the form.”
Finally, Weisleder stresses, “Even if you or your seller are not required by law to disclose the information, the bar in terms of the level of professionalism required of REALTORS® continues to move higher. By fulfilling your legal and ethical duties regarding the detection and disclosure of defects, you will insulate yourself and your clients from a lot of unnecessary pain and suffering.”
For more information about OREA’s Defects and the Importance of Disclosure online course visit www.orea.com.
Mandatory home energy audits stopped
The Ministry of Energy has decided not to proceed with plans to introduce mandatory home energy audits on real estate transactions. OREA lobbied strongly against mandatory home energy audits, telling government that they represented bad public policy and would be unworkable in practice. This decision represents a significant victory for OREA and is due in no small measure to the efforts of the Association's volunteers, Member Board PAC Chairs and the 15,000 Ontario REALTORS® who responded to OREA's Call-for-Action. To learn more about mandatory home energy audits visit www.orea.com and click on OREA Issues Summaries under the Government Relations tab
Wednesday, October 6, 2010
CREA RE: COMPETITION BUREAU UPDATE
Date:October 4, 2010
To:Executive Directors of all
Real Estate Boards and Provincial/Territorial Associations
From:The Canadian Real Estate Association (CREA)
RE:Competition Bureau Update
As promised in CREA’s first dispatch regarding the tentative agreement with the Competition Bureau, we are writing to update you on a number of issues.
CREA and its lawyers have held their first in a series of meetings with the leadership of Boards and Associations. More meetings will take place prior to SGM, including this week and next.
Additionally, while media coverage has generally been balanced, there have been some factual errors in certain stories.
As you know, last Thursday the Board of Directors of CREA approved a settlement with the Competition Bureau, subject to member approval at the Special General Meeting in St. John’s later this month.
Typically when an agreement is reached between two litigants, the deal is complete once it is signed by both parties and filed with the court. In this case the agreement with the Bureau will only be final if members vote in favour at the SGM. Until that time the agreement is in escrow. In the event the agreement is not ratified, the litigation would continue its course, with Tribunal hearings beginning in April.
For these reasons, we cannot publicly disclose the proposed agreement. However, we have started and will continue, where practical in the short time between now and the SGM, with detailed presentations to Boards and Associations regarding all elements of the agreement. In the meantime, it is critically important not to publicly divulge details,
since the agreement is not final and the litigation continues at least until the vote in St. John’s.
While the CREA leadership will only discuss specifics in our individual meetings with Board and Associations, we would like to correct some of the factually inaccurate reporting, which we have done over the weekend and will continue to do.
The agreement does not grant public access to the MLS® System, it remains a member to member service. Moreover, it does not require brokerages to change their business models. The agreement specifies that Boards and Associations cannot prevent or discriminate against mere posting business models. CREA has always maintained its rules do no such thing.
We look forward to working with all of you in preparation for the SGM to ensure we address your questions and any concerns.
Yours truly,
Georges Pahud
To:Executive Directors of all
Real Estate Boards and Provincial/Territorial Associations
From:The Canadian Real Estate Association (CREA)
RE:Competition Bureau Update
As promised in CREA’s first dispatch regarding the tentative agreement with the Competition Bureau, we are writing to update you on a number of issues.
CREA and its lawyers have held their first in a series of meetings with the leadership of Boards and Associations. More meetings will take place prior to SGM, including this week and next.
Additionally, while media coverage has generally been balanced, there have been some factual errors in certain stories.
As you know, last Thursday the Board of Directors of CREA approved a settlement with the Competition Bureau, subject to member approval at the Special General Meeting in St. John’s later this month.
Typically when an agreement is reached between two litigants, the deal is complete once it is signed by both parties and filed with the court. In this case the agreement with the Bureau will only be final if members vote in favour at the SGM. Until that time the agreement is in escrow. In the event the agreement is not ratified, the litigation would continue its course, with Tribunal hearings beginning in April.
For these reasons, we cannot publicly disclose the proposed agreement. However, we have started and will continue, where practical in the short time between now and the SGM, with detailed presentations to Boards and Associations regarding all elements of the agreement. In the meantime, it is critically important not to publicly divulge details,
since the agreement is not final and the litigation continues at least until the vote in St. John’s.
While the CREA leadership will only discuss specifics in our individual meetings with Board and Associations, we would like to correct some of the factually inaccurate reporting, which we have done over the weekend and will continue to do.
The agreement does not grant public access to the MLS® System, it remains a member to member service. Moreover, it does not require brokerages to change their business models. The agreement specifies that Boards and Associations cannot prevent or discriminate against mere posting business models. CREA has always maintained its rules do no such thing.
We look forward to working with all of you in preparation for the SGM to ensure we address your questions and any concerns.
Yours truly,
Georges Pahud
GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, October 5, 2010 -- Greater Toronto REALTORS® reported 6,310 sales
through the Multiple Listing Service® (MLS®) in September 2010.
This represented a 23 per cent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four per cent compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said Toronto Real Estate Board President Bill Johnston.
The average price for September transactions was $427,329– up five per cent
compared to the average of $406,877 reported in September 2009. The average
selling price through the first nine months of the year was $429,657.
“Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lendingguidelines. This is why the average home selling price has continued to grow.”
For the entire article and the charts included by the Toronto Real Estate Board select the link above.
through the Multiple Listing Service® (MLS®) in September 2010.
This represented a 23 per cent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four per cent compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said Toronto Real Estate Board President Bill Johnston.
The average price for September transactions was $427,329– up five per cent
compared to the average of $406,877 reported in September 2009. The average
selling price through the first nine months of the year was $429,657.
“Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lendingguidelines. This is why the average home selling price has continued to grow.”
For the entire article and the charts included by the Toronto Real Estate Board select the link above.
Saturday, October 2, 2010
Home sellers celebrate proposed rule change
Updated: Fri Oct. 01 2010 17:48:02
Source: Jessica Earle, ctvedmonton.ca
A tentative agreement between the Competition Bureau and the Canadian Real Estate Association (CREA) aims to make it less costly for people to list their properties on the Multiple Listing Service (MLS) – a system that accounts for 90 per cent of all home sales.
In February, federal watchdogs announced they would challenge the CREA's "anti-competitive rules," arguing too many consumers were being forced to purchase a number of costly services they may not require, such as the presentation of offers and negotiation of a final deal, in order to list their home on the market.
The new deal would see the rules change so that people only need to hire an agent for the initial listing process, allowing them to complete the rest of the sale on their own if they so choose.
"If you don't want the full service package, if you're confident in what you can do and you want to be more involved in the selling process then it gives you a contractual way that's very clear up front to do that," said real estate expert Tsur Somerville.
Some local sellers are already welcoming the news.
"I'm willing to do the leg work because I want that money in my pocket," said Diane Sivertson, who's spent the past three months trying to sell her Sherwood Park townhouse privately.
"At the end of the day I still need to have money for a down payment on something else to pay the bills. That's what it comes down to - their commission is too high.
"Now I can go to a realtor and say, ‘I want this from you, but I don't want this, I'll find my own lawyer.' It [gives] me a few more options."
The CREA says it reached a deal with the Commissioner on Thursday. A press release states "the consent agreement … would avoid unnecessary and expensive litigation proceedings" to solve the matter.
Property specialists suggest the trade association may also be bowing to public pressure. Earlier this week a group of real estate brokers kicked off a new cross-Canada site-selling network aimed at crushing the monopoly of the MLS system.
The industry still needs to ratify the agreement during a general meeting in St. John's on October 24th, and officials say the deal will be held in escrow until members grant their approval.
With Files from Scott Roberts
For the fulll article click th link.
Source: Jessica Earle, ctvedmonton.ca
A tentative agreement between the Competition Bureau and the Canadian Real Estate Association (CREA) aims to make it less costly for people to list their properties on the Multiple Listing Service (MLS) – a system that accounts for 90 per cent of all home sales.
In February, federal watchdogs announced they would challenge the CREA's "anti-competitive rules," arguing too many consumers were being forced to purchase a number of costly services they may not require, such as the presentation of offers and negotiation of a final deal, in order to list their home on the market.
The new deal would see the rules change so that people only need to hire an agent for the initial listing process, allowing them to complete the rest of the sale on their own if they so choose.
"If you don't want the full service package, if you're confident in what you can do and you want to be more involved in the selling process then it gives you a contractual way that's very clear up front to do that," said real estate expert Tsur Somerville.
Some local sellers are already welcoming the news.
"I'm willing to do the leg work because I want that money in my pocket," said Diane Sivertson, who's spent the past three months trying to sell her Sherwood Park townhouse privately.
"At the end of the day I still need to have money for a down payment on something else to pay the bills. That's what it comes down to - their commission is too high.
"Now I can go to a realtor and say, ‘I want this from you, but I don't want this, I'll find my own lawyer.' It [gives] me a few more options."
The CREA says it reached a deal with the Commissioner on Thursday. A press release states "the consent agreement … would avoid unnecessary and expensive litigation proceedings" to solve the matter.
Property specialists suggest the trade association may also be bowing to public pressure. Earlier this week a group of real estate brokers kicked off a new cross-Canada site-selling network aimed at crushing the monopoly of the MLS system.
The industry still needs to ratify the agreement during a general meeting in St. John's on October 24th, and officials say the deal will be held in escrow until members grant their approval.
With Files from Scott Roberts
For the fulll article click th link.
Realtors reach accord with Competition Bureau on listings
By QMI Agency
Source: The Toronto Sun
Last Updated: October 1, 2010 9:11am
The Canadian Real Estate Association said it has reached an accord with the competition regulator over access to the Multiple Listing Service through which 90% of properties in Canada are bought and sold.
CREA, in a statement late Thursday, said the agreement needs to be ratified by members at a meeting in St. John's, N.L., on Oct. 24. It said it won’t disclose further details of the accord until it receives membership approval.
“This agreement is the result of extensive negotiations between CREA and the Competition Bureau," says CREA president Georges Pahud. "Both sides gained a better understanding of their respective concerns through our discussions. We are pleased that a resolution has been reached, subject to member approval."
The Competition Bureau is concerned that the MLS system unfairly restricts competition and restricts the freedom of choice for consumers and as a result pushes up costs. That’s because to list a property through MLS the consumer also has to accept and pay for a broad range of services from a real estate agent even if they don’t want them.
Earlier this week a group of five real estate brokers, led by ByTheOwner.com launched a new nationwide property selling network aimed at breaking the dominance of the MLS system. Property specialists said it’s likely to be the first of many.
CREA has always been of the view that its rules regarding member board MLS systems do not in any way prevent or restrict a broad range of business models, it said. In CREA's view, the consent agreement reflects this reality and would avoid unnecessary and expensive litigation proceedings.
Source: The Toronto Sun
Last Updated: October 1, 2010 9:11am
The Canadian Real Estate Association said it has reached an accord with the competition regulator over access to the Multiple Listing Service through which 90% of properties in Canada are bought and sold.
CREA, in a statement late Thursday, said the agreement needs to be ratified by members at a meeting in St. John's, N.L., on Oct. 24. It said it won’t disclose further details of the accord until it receives membership approval.
“This agreement is the result of extensive negotiations between CREA and the Competition Bureau," says CREA president Georges Pahud. "Both sides gained a better understanding of their respective concerns through our discussions. We are pleased that a resolution has been reached, subject to member approval."
The Competition Bureau is concerned that the MLS system unfairly restricts competition and restricts the freedom of choice for consumers and as a result pushes up costs. That’s because to list a property through MLS the consumer also has to accept and pay for a broad range of services from a real estate agent even if they don’t want them.
Earlier this week a group of five real estate brokers, led by ByTheOwner.com launched a new nationwide property selling network aimed at breaking the dominance of the MLS system. Property specialists said it’s likely to be the first of many.
CREA has always been of the view that its rules regarding member board MLS systems do not in any way prevent or restrict a broad range of business models, it said. In CREA's view, the consent agreement reflects this reality and would avoid unnecessary and expensive litigation proceedings.
Real estate fees not headed for basement despite new rules
Steve Ladurantaye
Real Estate Reporter— Globe and Mail Update
Published Friday, Oct. 01, 2010 10:30PM EDT
Last updated Saturday, Oct. 02, 2010 12:42AM EDTCanadians shouldn’t expect a sharp drop in real estate fees, with the country’s largest brokerages vowing to hold the line on the commissions despite rules that make it easier for discounters to muscle in on their businesses.
While a deal between the Competition Bureau and the Canadian Real Estate Association means agents will be able to break real estate services into small, individually priced chunks rather than charge a set commission for a complete sale, companies such as Royal LePage don’t plan to offer à la carte services.
That leaves the door open for a small group of discounters who have already set up shop across the country, offering those who want to sell their own homes to buy a listing on the real-estate funded Multiple Listing Service for as little as $109.
For the entire article click the link.
Real Estate Reporter— Globe and Mail Update
Published Friday, Oct. 01, 2010 10:30PM EDT
Last updated Saturday, Oct. 02, 2010 12:42AM EDTCanadians shouldn’t expect a sharp drop in real estate fees, with the country’s largest brokerages vowing to hold the line on the commissions despite rules that make it easier for discounters to muscle in on their businesses.
While a deal between the Competition Bureau and the Canadian Real Estate Association means agents will be able to break real estate services into small, individually priced chunks rather than charge a set commission for a complete sale, companies such as Royal LePage don’t plan to offer à la carte services.
That leaves the door open for a small group of discounters who have already set up shop across the country, offering those who want to sell their own homes to buy a listing on the real-estate funded Multiple Listing Service for as little as $109.
For the entire article click the link.
Wednesday, September 29, 2010
Monthly price rise of 0.5% in July states Terranet House Price Index
Source: Teranet National Bank House Price Index
Canadian home prices in July were up 12.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in four months. Such a deceleration was observed in Toronto and Vancouver, where the 12-month increase was nevertheless more than 14%. In Ottawa it was 10.9%. In the other three markets, it was more moderate, ranging from 6.5% to 8.5%.
For the first time in four months, prices did not rise from the month before in all six markets. The Vancouver index was down 0.3% from June. The monthly rises were 0.2% in Halifax, 0.4% in Montreal and Calgary, 1.2% in Toronto and 1.5% in Ottawa. It is plausible to think the index movement in the last two markets was influenced by transactions timed to avoid the July 1 introduction of the harmonized sales tax in Ontario. For the composite index as a whole the monthly rise was 0.5%, the smallest in four months. It was the 15th monthly rise, making this run of increases the longest since October 2006.
Canadian home prices in July were up 12.4% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the smallest 12-month gain in four months. Such a deceleration was observed in Toronto and Vancouver, where the 12-month increase was nevertheless more than 14%. In Ottawa it was 10.9%. In the other three markets, it was more moderate, ranging from 6.5% to 8.5%.
For the first time in four months, prices did not rise from the month before in all six markets. The Vancouver index was down 0.3% from June. The monthly rises were 0.2% in Halifax, 0.4% in Montreal and Calgary, 1.2% in Toronto and 1.5% in Ottawa. It is plausible to think the index movement in the last two markets was influenced by transactions timed to avoid the July 1 introduction of the harmonized sales tax in Ontario. For the composite index as a whole the monthly rise was 0.5%, the smallest in four months. It was the 15th monthly rise, making this run of increases the longest since October 2006.
Tuesday, September 28, 2010
Making room for a new tax
KERRY GOLD
From Friday's Globe and Mail
Published Thursday, Sep. 23, 2010 1:52PM EDTOther than the build-up to it, general industry response would suggest the Harmonized Sales Tax has had relatively little impact on the B.C. housing market.
"On the whole, the HST’s effect on the market has been more psychological,” says Dan Scarrow, vice-president for Macdonald Realty in Vancouver. “Buyers rushed to buy before July 1st, then sat on their hands for the months following its introduction to see what would happen to the market.”
The underwhelming effect might be due to the fact that the HST only applies to newly built housing, and closing costs, such as inspections, legal fees and commissions. As well, the government offers rebates on houses that are priced lower, thereby exempting a whole demographic of new home buyer. In theory, lower construction costs should close the gap between pre-HST pricing and post-HST pricing
For the remainder of the article go tyo the linl above.
From Friday's Globe and Mail
Published Thursday, Sep. 23, 2010 1:52PM EDTOther than the build-up to it, general industry response would suggest the Harmonized Sales Tax has had relatively little impact on the B.C. housing market.
"On the whole, the HST’s effect on the market has been more psychological,” says Dan Scarrow, vice-president for Macdonald Realty in Vancouver. “Buyers rushed to buy before July 1st, then sat on their hands for the months following its introduction to see what would happen to the market.”
The underwhelming effect might be due to the fact that the HST only applies to newly built housing, and closing costs, such as inspections, legal fees and commissions. As well, the government offers rebates on houses that are priced lower, thereby exempting a whole demographic of new home buyer. In theory, lower construction costs should close the gap between pre-HST pricing and post-HST pricing
For the remainder of the article go tyo the linl above.
A bright idea gets bank backing by TD Bank
Terrence Belford
From Friday's Globe and Mail
Published Friday, Sep. 24, 2010 9:08AM EDTIn a ground-breaking move for a financial institution, the Toronto-Dominion Bank has decided to go as green as its logo.
The main initiative is to get Canadians to install solar panels on their roofs and reduce the tyranny of non-renewable energy. To do that, the bank is running a national advertising campaign extolling the benefits – environmental and financial – of every home generating its own solar power and has introduced a new series of low-cost loans to let homeowners finance their conversion to solar power.
“It started about six months ago when Karen Clarke-Whistler, our chief environmental officer, got all the operating units of the bank together to see if we could come up with a bank-wide initiative to promote green energy,” says Don Cooper, manager of TD financing services.
“A bank-wide initiative like that was the first for us and we were able to come up with a number of programs.”
One of the things that persuaded the bankers to take solar power seriously was a survey the bank had done of 1,000 Canadians 25 years or older who owned their own home.
For the entire article go to the link in the title.
From Friday's Globe and Mail
Published Friday, Sep. 24, 2010 9:08AM EDTIn a ground-breaking move for a financial institution, the Toronto-Dominion Bank has decided to go as green as its logo.
The main initiative is to get Canadians to install solar panels on their roofs and reduce the tyranny of non-renewable energy. To do that, the bank is running a national advertising campaign extolling the benefits – environmental and financial – of every home generating its own solar power and has introduced a new series of low-cost loans to let homeowners finance their conversion to solar power.
“It started about six months ago when Karen Clarke-Whistler, our chief environmental officer, got all the operating units of the bank together to see if we could come up with a bank-wide initiative to promote green energy,” says Don Cooper, manager of TD financing services.
“A bank-wide initiative like that was the first for us and we were able to come up with a number of programs.”
One of the things that persuaded the bankers to take solar power seriously was a survey the bank had done of 1,000 Canadians 25 years or older who owned their own home.
For the entire article go to the link in the title.
Saturday, September 25, 2010
2010 RE/MAX Fall Connect
Do not miss this great opportunity to upgrade your business skills, to network and just have fun. If you need an energy boost this will be the place. See you there!
Call Darryl Mitchell, Broker Manager of RE/MAX Professionals if you wish to register.
Call Darryl Mitchell, Broker Manager of RE/MAX Professionals if you wish to register.
U.S. housing market needs time to recover, not more stimulus
August 25, 2010
12:40
Sharon Singleton
MoneyThe U.S. housing market is likely to remain depressed until at least next year and any further government efforts to stimulate demand would only distort the market, economists say.
Data released Wednesday showed sales of new U.S. family homes fell to their lowest level on record in July, with prices recording their biggest drop in six and a half years.
The Commerce Department said sales dropped 12.4% to a 276,000 unit annual rate, much worse than economists’ expectations for sales to remain flat.
The figures followed existing home sales data on Tuesday that showed a 27% plunge in July, raising fears that the lack of recovery in the housing market will be the straw that broke the camel’s back in tipping the overall economy back into recession.
Those fears may be overblown and the current slowdown is largely the result of the expiry of a homebuyers tax credit introduced to stimulate the market, some economists say.
“We were always anticipating a slowdown, though the magnitude is a little concerning,” said Alistair Bentley, a U.S. regional economist with TD Bank Financial Group. “The problem with stimulus programs is that you get a kick up and then have to pay the price.”
12:40
Sharon Singleton
MoneyThe U.S. housing market is likely to remain depressed until at least next year and any further government efforts to stimulate demand would only distort the market, economists say.
Data released Wednesday showed sales of new U.S. family homes fell to their lowest level on record in July, with prices recording their biggest drop in six and a half years.
The Commerce Department said sales dropped 12.4% to a 276,000 unit annual rate, much worse than economists’ expectations for sales to remain flat.
The figures followed existing home sales data on Tuesday that showed a 27% plunge in July, raising fears that the lack of recovery in the housing market will be the straw that broke the camel’s back in tipping the overall economy back into recession.
Those fears may be overblown and the current slowdown is largely the result of the expiry of a homebuyers tax credit introduced to stimulate the market, some economists say.
“We were always anticipating a slowdown, though the magnitude is a little concerning,” said Alistair Bentley, a U.S. regional economist with TD Bank Financial Group. “The problem with stimulus programs is that you get a kick up and then have to pay the price.”
Home sales increase for the first time since March States CMHC
Wednesday, September 15, 2010 1:18pm
The Canadian Real Estate Association (CREA) reported that home sales rose by 4.1 per cent in August, the first monthly sales increase since March. Ontario and British Columbia enjoyed the most activity. However, CREA predicts sales will likely stay slow. Home prices were stagnant in August at an average of $324,928, the same as last year. But though the number of listings rose 1.9 per cent, that’s still down down 16 per cent from last April’s peak
The Canadian Real Estate Association (CREA) reported that home sales rose by 4.1 per cent in August, the first monthly sales increase since March. Ontario and British Columbia enjoyed the most activity. However, CREA predicts sales will likely stay slow. Home prices were stagnant in August at an average of $324,928, the same as last year. But though the number of listings rose 1.9 per cent, that’s still down down 16 per cent from last April’s peak
Tuesday, September 21, 2010
Tweetlister - Twitter for Real Estate
What if you could send you property listing to the fastest growing public forum available, Twitter? Would that make different than the others in real estate? Could you possibly get more buyer leads? More Buyers?
Tweetlister is the answer to those who wish to put their listings out there fartherr, faster and better. Check out this revolutionary WEB 2.0 tool that may change the way you think of Internet marketing.
By the way, this is not a commercial from the supplier. This is another of the suggested tools that @impact professional development from RE/MAX Professionals can provide to you.
Want to learn more? Contact Darryl Mitchell at dmitchell@remaxprofesionals.ca
Tweetlister is the answer to those who wish to put their listings out there fartherr, faster and better. Check out this revolutionary WEB 2.0 tool that may change the way you think of Internet marketing.
By the way, this is not a commercial from the supplier. This is another of the suggested tools that @impact professional development from RE/MAX Professionals can provide to you.
Want to learn more? Contact Darryl Mitchell at dmitchell@remaxprofesionals.ca
U.S. housing starts jump 10.5% in August
By Greg Robb and Jeffry Bartash, MarketWatch
WASHINGTON (MarketWatch) — New housing starts surged 10.5% in August to the highest level since spring, but the activity was driven by a sharp spike in apartment construction, government data showed.
Housing starts rose in August to an annualized rate of 598,000, compared with a revised 0.4% increase in July, the Commerce Department reported Tuesday. Economists surveyed by MarketWatch had expected housing starts to drop to 535,000 on a seasonally adjusted basis.
While the report seemed to point to an upturn in the weak U.S. housing market, most economists downplayed the better-than-expected number. They pointed out that data for multi-family starts, which surged 32.2% in August, is notoriously volatile and represents just a small portion of the housing market.
New construction of single-family homes, which account for 75% of the housing market, rose a much smaller 4.3% to an annualized rate of 438,000. Although it was the first increase in four months, construction of single-family homes is still 9.1% lower compared to year ago.
“While the volatile multi-family sector was responsible for the overall level of starts in August being higher than expected, the more important single-family component remains severely depressed,” noted chief economist Joshua Shapiro of MFR Inc.
Starts rose in all regions except the Northeast, where they slumped 24.3%. Big increases in the West (34.3%) and the Midwest (21.7%) offset that decline.
Data on housing starts has always been hard to measure and the government report is prone to sharp revisions. Complicating the picture was a federal tax credit for new home buyers that expired earlier this year. The credit caused home sales to spike in the spring, peaking at 679,000 in April, and then plunge over the summer, falling to as low as 539,00 in June.
Economists say the effects of the credit have largely dissipated, giving them a clearer view of the health of the housing market.
“We have found a bottom for housing activity. It’s at a pitiful level, but it should grow from here,” said senior U.S. economist Ellen Beeson Zentner of Bank of Toyko-Mitsubishi.
Permits for new construction, a more accurate gauge of home building, increased 1.8% in August to an annualized rate of 569,000.
Permits for condominiums and apartments rose 9.8%, but permits for single-family homes dipped 1.2% to an annual rate of 401,000. Single-family permits are viewed as one of the best indicators of future economic health and tend to draw the most attention of economists.
“This marks the fifth consecutive monthly drop and is indicative of deterioration in demand for new homes,” economist Michelle Meyer of Bank of America/Merrill Lynch said in an email.
The housing market plays a huge role in the U.S. It’s usually one of the first to weaken before a recession and one of the quickest to recover as growth resumes. The housing industry also has wide-ranging influence on the rest of the economy, since so many raw materials and finished goods are required to build homes and furnish them after sale. Yet the housing sector has struggled mightily since the housing bubble burst two years ago and pulled the economy down with it. Even though the recession has been officially declared over, the U.S. economy is growing very slowly and the unemployment rate stands near a 27-year high, dampening demand for new homes. See full story on the NBER determination that the U.S.’s recession ended last summer.
Because of sharp fluctuations in starts data, economists say it can take several months to detect new trends. In the past four months, housing starts have averaged an annualized 567,000, down from 587,000 in the four months ending in July.
Greg Robb is a senior reporter for MarketWatch in Washington.
Jeffry Bartash is a reporter for MarketWatch in Washington.
WASHINGTON (MarketWatch) — New housing starts surged 10.5% in August to the highest level since spring, but the activity was driven by a sharp spike in apartment construction, government data showed.
Housing starts rose in August to an annualized rate of 598,000, compared with a revised 0.4% increase in July, the Commerce Department reported Tuesday. Economists surveyed by MarketWatch had expected housing starts to drop to 535,000 on a seasonally adjusted basis.
While the report seemed to point to an upturn in the weak U.S. housing market, most economists downplayed the better-than-expected number. They pointed out that data for multi-family starts, which surged 32.2% in August, is notoriously volatile and represents just a small portion of the housing market.
New construction of single-family homes, which account for 75% of the housing market, rose a much smaller 4.3% to an annualized rate of 438,000. Although it was the first increase in four months, construction of single-family homes is still 9.1% lower compared to year ago.
“While the volatile multi-family sector was responsible for the overall level of starts in August being higher than expected, the more important single-family component remains severely depressed,” noted chief economist Joshua Shapiro of MFR Inc.
Starts rose in all regions except the Northeast, where they slumped 24.3%. Big increases in the West (34.3%) and the Midwest (21.7%) offset that decline.
Data on housing starts has always been hard to measure and the government report is prone to sharp revisions. Complicating the picture was a federal tax credit for new home buyers that expired earlier this year. The credit caused home sales to spike in the spring, peaking at 679,000 in April, and then plunge over the summer, falling to as low as 539,00 in June.
Economists say the effects of the credit have largely dissipated, giving them a clearer view of the health of the housing market.
“We have found a bottom for housing activity. It’s at a pitiful level, but it should grow from here,” said senior U.S. economist Ellen Beeson Zentner of Bank of Toyko-Mitsubishi.
Permits for new construction, a more accurate gauge of home building, increased 1.8% in August to an annualized rate of 569,000.
Permits for condominiums and apartments rose 9.8%, but permits for single-family homes dipped 1.2% to an annual rate of 401,000. Single-family permits are viewed as one of the best indicators of future economic health and tend to draw the most attention of economists.
“This marks the fifth consecutive monthly drop and is indicative of deterioration in demand for new homes,” economist Michelle Meyer of Bank of America/Merrill Lynch said in an email.
The housing market plays a huge role in the U.S. It’s usually one of the first to weaken before a recession and one of the quickest to recover as growth resumes. The housing industry also has wide-ranging influence on the rest of the economy, since so many raw materials and finished goods are required to build homes and furnish them after sale. Yet the housing sector has struggled mightily since the housing bubble burst two years ago and pulled the economy down with it. Even though the recession has been officially declared over, the U.S. economy is growing very slowly and the unemployment rate stands near a 27-year high, dampening demand for new homes. See full story on the NBER determination that the U.S.’s recession ended last summer.
Because of sharp fluctuations in starts data, economists say it can take several months to detect new trends. In the past four months, housing starts have averaged an annualized 567,000, down from 587,000 in the four months ending in July.
Greg Robb is a senior reporter for MarketWatch in Washington.
Jeffry Bartash is a reporter for MarketWatch in Washington.
Monday, September 20, 2010
Tribute to David Joseph Rossi, Real Estate Leader, Mentor and Friend
On Friday September 17th, 2010 David Joseph Rossi passed away peacefully at Mount Sinai Hospital with his family by his side, after a valiant and courageous battle with leukemia. Today we remember our friend, David.
We at RE/MAX Professionals know David not just as a friend but as a business partner, a professional, and a confidante. David started his career in real estate in 1974. From the start he was known as a builder. David insisted on professionalism and ethics in all that he did. David was Broker of Record of NRS Royal Realty Inc. He grew this business in Central Etobicoke to be a market leader.
In 1993, David approached the Alexander family and merged his brokerage into RE/MAX Professionals in order to concentrate on his real estate sales and professional activities.
“John and I first met David in the early nineteen nineties. He was a highly respected Broker Owner and Industry advocate even at that time. When he made the decision to dedicate more of his time to the Industry and his own personal real estate business he approached John and I to purchase his NRS brokerage. He was determined that his sales people receive a positive benefit from the change in brands and that the new Broker/Owner’s would have the same value system as he did. David was a true gentleman throughout the transition and has remained a loyal and trusted advisor to all of us at the Kingsway office. Like so many, we are deeply shocked and saddened at his passing”.
John and Pamela Alexander
The 270 Kingsway office is still today a reflection of David’s strong leadership and dedication to professionalism and ethics.
Linda Sansom, General Manager and close friend recalls David:
"I met David at the conversion of his NRS office to RE/MAX Professionals. I was immediately impressed with his rapport with his sales associates. He worked tirelessly to make that transition as stress-free as possible, and ensure a positive outcome for them. Over the years, he has proven to be a trusted friend, whom I could count on for advice and whose opinion I valued without question. I will personally miss his humour, his kindness and his impact on our office and on the industry at large. My thoughts are with his family at home, and his family at work as we all come to terms with his loss."
Linda Sansom
David’s desire to improve the real estate industry lead him to be on many committees and boards that have truly changed the dynamics of our industry. Among David’s business accomplishments are the following:
FELLOW, Real Estate Institute of Canada (FRI)
Certified Real Estate Broker, National Association of Realtors, USA (CRB)
Certified Manager of Real Estate, Canada (CMR)
Chair, Ontario Real Estate Association (OREA), Ethics & Arbitration Hearing Panel (since 1987)
Founding Director, Real Estate Council of Ontario (RECO) since 1997 to 2010, Past Chair of the Board of Directors, (RECO) 2002-2003
Honorary Life Member of the Toronto Real Estate Board 2000
Presidential Award of Appreciation (TREB) 2007
RE/Max Hall of Fame Sales Award
RECO - Educational Services Agreement - Chair
RECO - Legislation & Regulations Committee
Arbitration Committee (TREB), Vice-Chair
Past Director, Etobicoke Chamber of Commerce
Past President, Markland Homes Association
Most recently David formed a real estate team with business partner Jane McKaig.
“Dave was a true gentleman and professional who cherished his family, life, his many business and personal relationships and was unwavering in his dedication to the Real Estate profession.
Dave has been an incredible friend, business partner, mentor and role model who I am honoured to have developed a wonderfully rewarding and successful business with. Nothing but the very best service, integrity, honesty, dedication and respect for all of our clients and friends has been, and always will be, the essence of what we built as a team.”
Jane McKaig
But more importantly David’s greatest accomplishment is that as a tremendous husband, father and friend. I believe his son Michael expresses David best:
“We will not see the likes of him again, and he will be sorely missed by all whose lives he touched. The sun will shine a little less brightly without Dave’s sweet smile.”
Michael Rossi
He leaves behind his beloved wife Aleksandra, dear and devoted children, Michael (Casey), Mathew, Joseph (Nicole) precious grandchildren, Nicholas and Ava, and faithful furry companion Toby. He will be missed by his brother Anthony (Barbara) of Virginia Beach, Va. and many nieces and nephews.
All associates and staff at RE/MAX Professionals wish to express our sincere sympathy to the Rossi family. Our thoughts and prayers are with them. Our fond memories of our dear friend David will last forever.
Friends may call at the Turner and Porter Yorke Chapel, 2357 Bloor St. W., at Windermere, east of the Jane subway, on Tuesday from 2-4 and 7-9 p.m. Funeral Mass will be held on Wednesday, September 22, 2010 at St. Clement Roman Catholic Church, 409 Markland Dr. at 10am. Donations in Dave’s memory may be made to Princess Margaret Hospital, Leukemia Research. Dave loved all flowers, so flowers will be appreciated.
Prepared by Darryl Mitchell,
Broker Manager,
RE/MAX Professionals Inc.,
270 The Kingsway, Etobicoke, Ontario.
We at RE/MAX Professionals know David not just as a friend but as a business partner, a professional, and a confidante. David started his career in real estate in 1974. From the start he was known as a builder. David insisted on professionalism and ethics in all that he did. David was Broker of Record of NRS Royal Realty Inc. He grew this business in Central Etobicoke to be a market leader.
In 1993, David approached the Alexander family and merged his brokerage into RE/MAX Professionals in order to concentrate on his real estate sales and professional activities.
“John and I first met David in the early nineteen nineties. He was a highly respected Broker Owner and Industry advocate even at that time. When he made the decision to dedicate more of his time to the Industry and his own personal real estate business he approached John and I to purchase his NRS brokerage. He was determined that his sales people receive a positive benefit from the change in brands and that the new Broker/Owner’s would have the same value system as he did. David was a true gentleman throughout the transition and has remained a loyal and trusted advisor to all of us at the Kingsway office. Like so many, we are deeply shocked and saddened at his passing”.
John and Pamela Alexander
The 270 Kingsway office is still today a reflection of David’s strong leadership and dedication to professionalism and ethics.
Linda Sansom, General Manager and close friend recalls David:
"I met David at the conversion of his NRS office to RE/MAX Professionals. I was immediately impressed with his rapport with his sales associates. He worked tirelessly to make that transition as stress-free as possible, and ensure a positive outcome for them. Over the years, he has proven to be a trusted friend, whom I could count on for advice and whose opinion I valued without question. I will personally miss his humour, his kindness and his impact on our office and on the industry at large. My thoughts are with his family at home, and his family at work as we all come to terms with his loss."
Linda Sansom
David’s desire to improve the real estate industry lead him to be on many committees and boards that have truly changed the dynamics of our industry. Among David’s business accomplishments are the following:
FELLOW, Real Estate Institute of Canada (FRI)
Certified Real Estate Broker, National Association of Realtors, USA (CRB)
Certified Manager of Real Estate, Canada (CMR)
Chair, Ontario Real Estate Association (OREA), Ethics & Arbitration Hearing Panel (since 1987)
Founding Director, Real Estate Council of Ontario (RECO) since 1997 to 2010, Past Chair of the Board of Directors, (RECO) 2002-2003
Honorary Life Member of the Toronto Real Estate Board 2000
Presidential Award of Appreciation (TREB) 2007
RE/Max Hall of Fame Sales Award
RECO - Educational Services Agreement - Chair
RECO - Legislation & Regulations Committee
Arbitration Committee (TREB), Vice-Chair
Past Director, Etobicoke Chamber of Commerce
Past President, Markland Homes Association
Most recently David formed a real estate team with business partner Jane McKaig.
“Dave was a true gentleman and professional who cherished his family, life, his many business and personal relationships and was unwavering in his dedication to the Real Estate profession.
Dave has been an incredible friend, business partner, mentor and role model who I am honoured to have developed a wonderfully rewarding and successful business with. Nothing but the very best service, integrity, honesty, dedication and respect for all of our clients and friends has been, and always will be, the essence of what we built as a team.”
Jane McKaig
But more importantly David’s greatest accomplishment is that as a tremendous husband, father and friend. I believe his son Michael expresses David best:
“We will not see the likes of him again, and he will be sorely missed by all whose lives he touched. The sun will shine a little less brightly without Dave’s sweet smile.”
Michael Rossi
He leaves behind his beloved wife Aleksandra, dear and devoted children, Michael (Casey), Mathew, Joseph (Nicole) precious grandchildren, Nicholas and Ava, and faithful furry companion Toby. He will be missed by his brother Anthony (Barbara) of Virginia Beach, Va. and many nieces and nephews.
All associates and staff at RE/MAX Professionals wish to express our sincere sympathy to the Rossi family. Our thoughts and prayers are with them. Our fond memories of our dear friend David will last forever.
Friends may call at the Turner and Porter Yorke Chapel, 2357 Bloor St. W., at Windermere, east of the Jane subway, on Tuesday from 2-4 and 7-9 p.m. Funeral Mass will be held on Wednesday, September 22, 2010 at St. Clement Roman Catholic Church, 409 Markland Dr. at 10am. Donations in Dave’s memory may be made to Princess Margaret Hospital, Leukemia Research. Dave loved all flowers, so flowers will be appreciated.
Prepared by Darryl Mitchell,
Broker Manager,
RE/MAX Professionals Inc.,
270 The Kingsway, Etobicoke, Ontario.
Wednesday, September 15, 2010
New Agent Processes at RE/MAX Professionals guarantee success
Linda Sansom, General Manager of RE/MAX Professionals Inc. in Mississauga and Etobicoke describes the process mapping techniques utilized at RE/MAX Professionals in administration of new agents startup. Making a difference at RE/MAX Professionals!
Tuesday, September 14, 2010
RE/MAX Professionals launches new Facebook page
Facebook now has RE/MAX Professionals Inc.! Check out the home page of RE/MAX Professionals and current activities and thoughts. Keeps you current on whats up! Enjoy!
"Dealers Choice" the Real Estate Game from RE/MAX
Do you sometimes feel the only one profiting from your real estate business is the "Dealer"? Check our RE/MAX to see how to beat the dealer every time! Enjoy!
Sunday, September 12, 2010
Has the Bubble Burst?
Commentary by Darryl Mitchell, Managing Broker, RE/MAX Professionals Inc. Brokerage
Interesting how, when the tide turns, everyone wants to get off of the boat. Panic sets in. Doubts begin to cloud an otherwise clear picture.
That is just what has been happening this summer as the press, both big and small have been shouting that the great real estate bubble has burst. Print, radio and television, internet and word of mouth, everyone had the impression that the market was collapsing victim of too many high priced sales in an overheated economy. Interesting how even some real estate franchise leaders felt the same. Look out, the sky is falling!
Funny, isn't it how a few changes such as government intervention in the tax system and interest rates, G20 summits, overly hot temperatures and simply fatigue can stall a market that appeared healthy and strong.
But what happens when the smoke clears? Is there a collapse, a steadying or reigniting of the market we all knew was too strong?
If we look at simple economics theory of supply and demand we may be able to predict the results. When I was taught supply and demand theory I was told that when the demand for a commodity drops, sales of that commodity will also drop and price will follow quickly behind. This summer we did see the drop in sales to the tune of over 20% in most markets. We did not see, with this great drop in volume, an equally strong drop in price. In fact, we saw prices for existing inventory go up! What is that all about?
Prices go up and sales volume go down? Well that is a sign of a valuable commodity that is in short supply. When the volume of a valued commodity becomes short in supply, the many buyers are willing to pay more for it and up goes the price!
Simple economics. Too simple perhaps for a market that is so diverse and complicated.
It does explain the phenomenon we are now experiencing. Ample amounts of mortgage availability, short supply due to fewer sellers willing and able to sell, and lots of willing buyers. Remember we have two governments, both the Provincial Liberals and Federal Conservatives chomping at the bit for an election within the next year. They will certainly continue to watch as the stimulus money begins to impact our economy more fully.
Perhaps we even have another round of pent up demand as buyers just were not in the market this summer, afraid of the so called overheated market, sitting on their down payments, waiting for a price collapse. They were listening all to closely as the popular press and the government and bank experts promoted a market in turmoil.
Well, fortunately no collapse in price has or will come. Not unless we hit another iceberg at least. There is just too much demand, too many willing and able buyers, too much available credit, and two governments that are unwilling to rock the boat. So jump out of the boat since not jumping may mean not participating in the healthiest real estate market we have known in years.
Interesting how, when the tide turns, everyone wants to get off of the boat. Panic sets in. Doubts begin to cloud an otherwise clear picture.
That is just what has been happening this summer as the press, both big and small have been shouting that the great real estate bubble has burst. Print, radio and television, internet and word of mouth, everyone had the impression that the market was collapsing victim of too many high priced sales in an overheated economy. Interesting how even some real estate franchise leaders felt the same. Look out, the sky is falling!
Funny, isn't it how a few changes such as government intervention in the tax system and interest rates, G20 summits, overly hot temperatures and simply fatigue can stall a market that appeared healthy and strong.
But what happens when the smoke clears? Is there a collapse, a steadying or reigniting of the market we all knew was too strong?
If we look at simple economics theory of supply and demand we may be able to predict the results. When I was taught supply and demand theory I was told that when the demand for a commodity drops, sales of that commodity will also drop and price will follow quickly behind. This summer we did see the drop in sales to the tune of over 20% in most markets. We did not see, with this great drop in volume, an equally strong drop in price. In fact, we saw prices for existing inventory go up! What is that all about?
Prices go up and sales volume go down? Well that is a sign of a valuable commodity that is in short supply. When the volume of a valued commodity becomes short in supply, the many buyers are willing to pay more for it and up goes the price!
Simple economics. Too simple perhaps for a market that is so diverse and complicated.
It does explain the phenomenon we are now experiencing. Ample amounts of mortgage availability, short supply due to fewer sellers willing and able to sell, and lots of willing buyers. Remember we have two governments, both the Provincial Liberals and Federal Conservatives chomping at the bit for an election within the next year. They will certainly continue to watch as the stimulus money begins to impact our economy more fully.
Perhaps we even have another round of pent up demand as buyers just were not in the market this summer, afraid of the so called overheated market, sitting on their down payments, waiting for a price collapse. They were listening all to closely as the popular press and the government and bank experts promoted a market in turmoil.
Well, fortunately no collapse in price has or will come. Not unless we hit another iceberg at least. There is just too much demand, too many willing and able buyers, too much available credit, and two governments that are unwilling to rock the boat. So jump out of the boat since not jumping may mean not participating in the healthiest real estate market we have known in years.
More Fun With RE/MAX
YouTube - Downline This video is a fun take on the numerous new business models in real estate that put other things ahead of the business of buying and selling homes. Enjoy! And remember "Nobody sells more homes than RE/MAX."
Thursday, September 9, 2010
Fun with RE/MAX
Another RE/MAX video with lots of truth an mirth. Enjoy! For more information on how RE/MAX can assist you to grow your business, give Darryl or Christine a call.
Metropolitan Monthly Monitors: Metro Resale Index August 2010
Markets Take the Plunge in July
Report by Robin Wiebe
The Conference Board of Canada, 3 pages, August 2010
Document Highlights:
•The emerging slowdown in resale markets worsened in July. Sales were below year-earlier levels in all 28 of our areas—and at least 10 per cent lower in 26.
•Slowing markets are also troubling homesellers. July listings were below year-earlier levels in 24 markets and below June volumes in 23.
•Market stances are also eroding. July’s sales-to-listings ratios were down on a year-over-year basis in 23 markets and down month-over-month in 13. Notwithstanding these developments, only four markets posted a “buyers” stance in July.
•Values are bearing up. Price growth slowed between June and July in only nine markets. Softening markets will, however, increasingly weigh on prices.
To see the entire article follow the link above.
Report by Robin Wiebe
The Conference Board of Canada, 3 pages, August 2010
Document Highlights:
•The emerging slowdown in resale markets worsened in July. Sales were below year-earlier levels in all 28 of our areas—and at least 10 per cent lower in 26.
•Slowing markets are also troubling homesellers. July listings were below year-earlier levels in 24 markets and below June volumes in 23.
•Market stances are also eroding. July’s sales-to-listings ratios were down on a year-over-year basis in 23 markets and down month-over-month in 13. Notwithstanding these developments, only four markets posted a “buyers” stance in July.
•Values are bearing up. Price growth slowed between June and July in only nine markets. Softening markets will, however, increasingly weigh on prices.
To see the entire article follow the link above.
Is this the Beginning of a Free Fall for the Housing Market?
Mario Lefebvre
Director
Centre for Municipal Studies
September 07, 2010
Mario Lefebvre
Director
Centre for Municipal Studies
The housing market has lost its lustre. No doubt about it. However, this will not lead to a free fall for Canada’s housing market. This country will not experience home price declines to the tune of what we have witnessed in the United States over the past few years.
In all likelihood, the next few months will not be the best in history for Canada’s resale and new housing markets. Economic growth is slowing, the harmonized sales tax (HST) came into effect in Ontario and British Columbia and consumer confidence is being challenged by the potential negative impacts on the global economic outlook of the European debt crisis and a jobless recovery in the United States. These factors have already put a dent on housing demand and will continue to do so in the coming months.
For the entire article follow the link.
Director
Centre for Municipal Studies
September 07, 2010
Mario Lefebvre
Director
Centre for Municipal Studies
The housing market has lost its lustre. No doubt about it. However, this will not lead to a free fall for Canada’s housing market. This country will not experience home price declines to the tune of what we have witnessed in the United States over the past few years.
In all likelihood, the next few months will not be the best in history for Canada’s resale and new housing markets. Economic growth is slowing, the harmonized sales tax (HST) came into effect in Ontario and British Columbia and consumer confidence is being challenged by the potential negative impacts on the global economic outlook of the European debt crisis and a jobless recovery in the United States. These factors have already put a dent on housing demand and will continue to do so in the coming months.
For the entire article follow the link.
Wednesday, September 8, 2010
Bank of Canada raises interest rates once again
Follow the Bank of Canada rate increase news on the Globe and Mail web site. Interest rates hiked one quarter of one percentage point. Interesting to note that there are actual mortgage rates as low as 2.5% as of yesterday. So the rate hike will have almost no impact on the market.
Toronto August Sales and New Listings Down,
Toronto Monthly report shows that August 2010 sales, although lower in volume by 22% over the previous year, are higher in price by 6%. When volume drops as large as this, but pricce continues to go up, we have a very strong market.
Tuesday, September 7, 2010
Friday, August 20, 2010
HST causes almost 1% Increase in Inflation
Personal Commentary by Darryl Mitchell,
Well, as predicted, it happened! One percent increase in July's inflation rate due to one simple, government lead, taxation change, the HST. Reports today show that the HST implementation in Ontario and in British Columbia have resulted in an inflation break in the Canada as a whole. The inflation rate went from 1.0% in June to 1.8% in July.
But wait a minute. Does that tell the whole story? Is the HST increase not a tax in only two of the provinces? Is the HST implemented on only a few extra services? We already had a Provincial Sales Tax, right? So the small increase in the items and services taxed have little impact on us right? Hmmmmm............ I think not.
The HST itself caused .8% incease in the inflation rate across Canada. So what does that mean the inflation rate increase in Ontario and British Columbia were last month? Two times that rate? Three times? WE may never know since they will never, I mean the politicians, will never give that rate. They are embarrassed to. It is much greater than you think. After all it impacted the inflation rate for the entire country. After all the HST is designed to make a huge decrease in the provincial deficit.
We now have a permanent inflation item in our economy that you and I will pay forever. And we did not even whimper at the new cost item that was wafted at us like a curve ball from Clemens. Oh, you know, Mr. Clemens, arguably the best pitcher to ever pitch in major league baseball. Clemens curve ball is noted to be very deceptive. By the way he did it with hidden steroids, or so they say. So what does Clemens have to do with the HST? They have one thing in common. They had a hidden aspect that we all did not know. In Clemens it was steroids. He lied and used the lie, that he did not take steroids, to gain accolades and a financial fortune. In the case of HST the lie is that it is only a small tax on items that will pay off the provincial debt and only cost us a little pain. Nothing is further from the truth.It is a burden that will last a long time to pay for Government folly such as a picture opportunity called the G20-G8 summit,an international war, international trips to nowhere and other such expensive ventures that eat away at our personal prospects for the future.
Inflationary pressures are very difficult to stop. Permanent inflationary pressure points, such as the HST, are almost impossible to control especially in the government circles where spending is rampant and uncontrollable. When will HST be increased? Well if you listen to the provincial politicians, never. One time pain for long term gain they would say.
But wait, in eastern Canada, there is already an HST. And, if my recent memory serves me right, they just increased their HST because of tehir budget shortfall. So, the Ontario HST could increase? You bet.
The permanence of the HST and the natural escalation of a so called "progressive tax" such as this are the greatest impact we will see. First, the HST is permanent. It is an immediate increase of cost to all of us that will stay in effect forever. When was the last time you saw a tax decrease? Income tax has gone down, right? Well only partly right. Compare the actual dollars paid by the average consumer in Income Tax today with ten years ago. The difference is staggering. The percentage of the tax has deceased but the amount of actual tax paid has escalated due to the natural inflationary effect of our wage increases over that period of time.
So, although the Federal and Provincial governments have told us they have decreased our tax burden, I question the actual decrease. The effective decrease is not real.
Plus we all should remember that Income Tax was a temporary tax put in to pay for a World War. Temporary? Hmmmm.....
What really burns me as a business person is the financial burden the tax places on businesses. The government gurus who sold the tax to large and small business stated it would remove the tax burden of the Provincial Sales Tax in Ontario from businesses. But wait, what about the collection of the tax? Government has now enlisted a permanent group of tax collectors, the business person, to collect 13% from everything you purchase. They hired these permanent tax collectors for free. Wow! Well not for free since the business person will pay the cost burden. They not only pay the tax on everything they purchase personally, but also on the extra costs they incur to be a tax collector. The cost of this collection is much greater than anyone has calculated. More capital is required simply to carry the tax through the business. Another group of tax collection staff is required by the business to keep track of the tax. Capital purchases of equipment is required to keep track of the tax. Extra costs and extra burden to businesses. No question this alone will prevent smart businesses to not establish their offices here in Ontario.
So the 8% increase in HST on some items is permanent. It is a permanent burden to our country. what can we do about it. Be vocal. Let people know how much it really is costing you. Let your local politician know. And, finally, let's get ready to change our governments both provincially and federally. That may be the only way they will listen.
Well, as predicted, it happened! One percent increase in July's inflation rate due to one simple, government lead, taxation change, the HST. Reports today show that the HST implementation in Ontario and in British Columbia have resulted in an inflation break in the Canada as a whole. The inflation rate went from 1.0% in June to 1.8% in July.
But wait a minute. Does that tell the whole story? Is the HST increase not a tax in only two of the provinces? Is the HST implemented on only a few extra services? We already had a Provincial Sales Tax, right? So the small increase in the items and services taxed have little impact on us right? Hmmmmm............ I think not.
The HST itself caused .8% incease in the inflation rate across Canada. So what does that mean the inflation rate increase in Ontario and British Columbia were last month? Two times that rate? Three times? WE may never know since they will never, I mean the politicians, will never give that rate. They are embarrassed to. It is much greater than you think. After all it impacted the inflation rate for the entire country. After all the HST is designed to make a huge decrease in the provincial deficit.
We now have a permanent inflation item in our economy that you and I will pay forever. And we did not even whimper at the new cost item that was wafted at us like a curve ball from Clemens. Oh, you know, Mr. Clemens, arguably the best pitcher to ever pitch in major league baseball. Clemens curve ball is noted to be very deceptive. By the way he did it with hidden steroids, or so they say. So what does Clemens have to do with the HST? They have one thing in common. They had a hidden aspect that we all did not know. In Clemens it was steroids. He lied and used the lie, that he did not take steroids, to gain accolades and a financial fortune. In the case of HST the lie is that it is only a small tax on items that will pay off the provincial debt and only cost us a little pain. Nothing is further from the truth.It is a burden that will last a long time to pay for Government folly such as a picture opportunity called the G20-G8 summit,an international war, international trips to nowhere and other such expensive ventures that eat away at our personal prospects for the future.
Inflationary pressures are very difficult to stop. Permanent inflationary pressure points, such as the HST, are almost impossible to control especially in the government circles where spending is rampant and uncontrollable. When will HST be increased? Well if you listen to the provincial politicians, never. One time pain for long term gain they would say.
But wait, in eastern Canada, there is already an HST. And, if my recent memory serves me right, they just increased their HST because of tehir budget shortfall. So, the Ontario HST could increase? You bet.
The permanence of the HST and the natural escalation of a so called "progressive tax" such as this are the greatest impact we will see. First, the HST is permanent. It is an immediate increase of cost to all of us that will stay in effect forever. When was the last time you saw a tax decrease? Income tax has gone down, right? Well only partly right. Compare the actual dollars paid by the average consumer in Income Tax today with ten years ago. The difference is staggering. The percentage of the tax has deceased but the amount of actual tax paid has escalated due to the natural inflationary effect of our wage increases over that period of time.
So, although the Federal and Provincial governments have told us they have decreased our tax burden, I question the actual decrease. The effective decrease is not real.
Plus we all should remember that Income Tax was a temporary tax put in to pay for a World War. Temporary? Hmmmm.....
What really burns me as a business person is the financial burden the tax places on businesses. The government gurus who sold the tax to large and small business stated it would remove the tax burden of the Provincial Sales Tax in Ontario from businesses. But wait, what about the collection of the tax? Government has now enlisted a permanent group of tax collectors, the business person, to collect 13% from everything you purchase. They hired these permanent tax collectors for free. Wow! Well not for free since the business person will pay the cost burden. They not only pay the tax on everything they purchase personally, but also on the extra costs they incur to be a tax collector. The cost of this collection is much greater than anyone has calculated. More capital is required simply to carry the tax through the business. Another group of tax collection staff is required by the business to keep track of the tax. Capital purchases of equipment is required to keep track of the tax. Extra costs and extra burden to businesses. No question this alone will prevent smart businesses to not establish their offices here in Ontario.
So the 8% increase in HST on some items is permanent. It is a permanent burden to our country. what can we do about it. Be vocal. Let people know how much it really is costing you. Let your local politician know. And, finally, let's get ready to change our governments both provincially and federally. That may be the only way they will listen.
What is the most searched real estate company? Check out Google trends to find out: http://ping.fm/I4Qob
Sam Corea of Calgary discusses the importnace of a business coach
Sam Corea coached by CKG International Real Estate Coaching discusses the importance he found in having a real estate coach to assist him in his business development. Enjoy his candid story of success. Copy write of CKG International, 2010
Thursday, August 19, 2010
Top Team Blueprint
Ken Goodfellow outlines the Blueprint to success for top real estate teams. Enjoy this informative video by one of the best international coaches available today.
Copy write to CKG International Real Estate Coaching, 2010
Copy write to CKG International Real Estate Coaching, 2010
Big Income in Referrals
By Darryl Mitchell, Managing Broker, RE/MAX Professionals Inc. Brokerage
Every seller becomes a buyer! Unless someone drops off the face of the earth, every seller generally has an 80% chance of also buying a property. You are the perfect person to benefit from this. If the purchase is local, it is easy to assume you should get the purchase as well as the sale.
What if the purchase is in another area, region, city or country? Can you refer this dedicated client to someone else? Of course you can. Usually your client will be glad to get a professional, like you from another city to work with them. Better yet, with an international brand like RE/MAX you know that your client will be well serviced, just like you were there yourself. RE/MAX professionals around the world are known as top producing agents with greater experience and more professionalism and ethics.
So do not think only of a sale think of the extra opportunity that the RE/MAX network provides you for your efforts.
Every seller becomes a buyer! Unless someone drops off the face of the earth, every seller generally has an 80% chance of also buying a property. You are the perfect person to benefit from this. If the purchase is local, it is easy to assume you should get the purchase as well as the sale.
What if the purchase is in another area, region, city or country? Can you refer this dedicated client to someone else? Of course you can. Usually your client will be glad to get a professional, like you from another city to work with them. Better yet, with an international brand like RE/MAX you know that your client will be well serviced, just like you were there yourself. RE/MAX professionals around the world are known as top producing agents with greater experience and more professionalism and ethics.
So do not think only of a sale think of the extra opportunity that the RE/MAX network provides you for your efforts.
Wednesday, August 18, 2010
Tuesday, August 17, 2010
Thursday, August 12, 2010
RE/MAX Professionals launches new recruiting web site
Check out our new recruiting web site http://ping.fm/VXdss Awesome!
Tuesday, August 10, 2010
TREB Reports Drop in Sales and Inventory for July
Toronto Real Estate Board, Augsut 5, 2010 Release
Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
“The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009. Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
“Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Greater Toronto REALTORS® reported 6,564 sales in July – a 34 per cent dip from the record 9,967 sales reported in July 2009. New listings, at 10,825, dropped to the lowest level for the month of July since 2002.
“The level of July sales remained below the expected long-term trend. The market has become more balanced following record monthly sales through most of the winter and early spring,” said Toronto Real Estate Board (TREB) President Bill Johnston.
Total sales through the first seven months of 2010 were up 12 per cent compared to the same period in 2009. Notwithstanding the fact that price trends vary at the neighbourhood level in GTA, the average price for July transactions was $420,482, representing a six per cent increase over July 2009. Over the first seven months of 2010, the average selling price was up 12 per cent annually to $432,253.
“Market conditions promoting growth in the average selling price have remained in place. While July sales were down compared to last year, the number of new listings in the marketplace also fell. This means there was enough competition between buyers to exert upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Stop Managing and Start leading
Are you leading or managing?
LEADERS LEAD PEOPLE.......MANAGERS MANAGE THINGSSSSS.....
There is a misconception in business that a manager is one who manages people. Too bad that most people do not understand that a manager moves, manipulates, increases and decreases things, not people. I can buy property, office supplies, animals, services and manage them by sorting, burning, using and otherwise molding them into a business process.
But people, those most valued of assets, need to be lead. They need to be loved, listened to, petted, cared for and addressed with respect. That is leadership.
They do not need to be manipulated, moved ,increased or decreased. They need to be lead with a vision that provides a purpose. They need their ideas cultivated to prosper..
Notice I put love first. You do not need to like a person to love him. But if you love him, you most certainly will like him.
If you love a group of people you will most certainly listen to them. You will listen to their ideas. You will take their ideas and use these to create the vision that they can follow.
That is leadership. Plain and simple.
LEADERS LEAD PEOPLE.......MANAGERS MANAGE THINGSSSSS.....
There is a misconception in business that a manager is one who manages people. Too bad that most people do not understand that a manager moves, manipulates, increases and decreases things, not people. I can buy property, office supplies, animals, services and manage them by sorting, burning, using and otherwise molding them into a business process.
But people, those most valued of assets, need to be lead. They need to be loved, listened to, petted, cared for and addressed with respect. That is leadership.
They do not need to be manipulated, moved ,increased or decreased. They need to be lead with a vision that provides a purpose. They need their ideas cultivated to prosper..
Notice I put love first. You do not need to like a person to love him. But if you love him, you most certainly will like him.
If you love a group of people you will most certainly listen to them. You will listen to their ideas. You will take their ideas and use these to create the vision that they can follow.
That is leadership. Plain and simple.
Wednesday, August 4, 2010
Urbanation Reports Slower New Condo Sales in Q2 2010 in Toronto
Urbanation tracks the entire Toronto CMA condominium market—new, resale and future development—providing detailed analysis of sales, pricing and potential new projects on a quarterly basis.
Sales activity in the Toronto CMA condominium apartment market eased in Q2-2010 with 4,991 sales, an 8% decline over the first quarter, the first time since 1994 that Q1 sales have been higher than in Q2. Despite the quarterly decline the market over the past 12 months has sold 21,318 units, comparable to the 22,654 sales that occurred in record-breaking 2007. 272 projects were active across the Toronto CMA in Q2-2010.
The resale condominium apartment market set a market first in Q2-2010 with resales exceeding 5,000 units. The 5,076 resales in the Toronto CMA in Q2-2010 was yet another record high for existing condominium apartment sales, an increase of 18% over Q1-2010.
A record number of resale listings leading at the end of the first quarter, at 10,997 listings, were instrumental in stabilizing pricing in the resale market in the second quarter, when the average resale unit sold for $370 psf, a $1 psf increase over Q1-2010. Strong demand absorbed much of the record supply levels as listings declined 21% in Q2-2010 to 8,714 units. The flush supply conditions met the increased demand for resale units in Q2-2010 while allowing buyers greater choice and pricing stability. Annual price inflation for the resale market; however, remains 13% higher than in Q2-2009, when the average resale unit sold for $326 psf.
Urbanation publishes their “Condominium Market Survey” quarterly, see details below:
A subscription to Urbanation ($8,300 annually) includes 1 quarterly hard copy report (4 annually); the 400 page document includes: 15+ pages of analysis, 20+ pages of resale info, 25+ pages on future condominium projects (from application to launch), and 250+ profile pages on new condominium projects. All the data in the hard copy is available online and can be accessed via convenient searches. Urbanation also sends out “UrbanAction reports” which are emailed between the quarters and highlight newly launched projects. Urbanation also does 1 yearly market presentation at your office, summarizing the conditions of the condominium apartment market.
Contact myself, or Ben Myers, Urbanation Executive Vice-President and Editor, today for more info on Urbanation’s products and services.
Sales activity in the Toronto CMA condominium apartment market eased in Q2-2010 with 4,991 sales, an 8% decline over the first quarter, the first time since 1994 that Q1 sales have been higher than in Q2. Despite the quarterly decline the market over the past 12 months has sold 21,318 units, comparable to the 22,654 sales that occurred in record-breaking 2007. 272 projects were active across the Toronto CMA in Q2-2010.
The resale condominium apartment market set a market first in Q2-2010 with resales exceeding 5,000 units. The 5,076 resales in the Toronto CMA in Q2-2010 was yet another record high for existing condominium apartment sales, an increase of 18% over Q1-2010.
A record number of resale listings leading at the end of the first quarter, at 10,997 listings, were instrumental in stabilizing pricing in the resale market in the second quarter, when the average resale unit sold for $370 psf, a $1 psf increase over Q1-2010. Strong demand absorbed much of the record supply levels as listings declined 21% in Q2-2010 to 8,714 units. The flush supply conditions met the increased demand for resale units in Q2-2010 while allowing buyers greater choice and pricing stability. Annual price inflation for the resale market; however, remains 13% higher than in Q2-2009, when the average resale unit sold for $326 psf.
Urbanation publishes their “Condominium Market Survey” quarterly, see details below:
A subscription to Urbanation ($8,300 annually) includes 1 quarterly hard copy report (4 annually); the 400 page document includes: 15+ pages of analysis, 20+ pages of resale info, 25+ pages on future condominium projects (from application to launch), and 250+ profile pages on new condominium projects. All the data in the hard copy is available online and can be accessed via convenient searches. Urbanation also sends out “UrbanAction reports” which are emailed between the quarters and highlight newly launched projects. Urbanation also does 1 yearly market presentation at your office, summarizing the conditions of the condominium apartment market.
Contact myself, or Ben Myers, Urbanation Executive Vice-President and Editor, today for more info on Urbanation’s products and services.
Urbanation provides summary of the 2nd Quarter Condo Market for Toronto
Darryl Mitchell
Managing Broker
RE/MAX Professionals Inc. Brokerage
Cell 289-937-0367
Office 416-236-1241
dmitchell@remaxprofessionals.ca
Begin forwarded message:
> From: Pauline Lierman
> Date: 4 August, 2010 12:20:40 PM EDT
> To: undisclosed-recipients: ;
> Subject: Urbanation Press Release Q2-2010
>
> Please find attached (in PDF format) Urbanation’s latest Press Release on the Q2-2010 condominium apartment market in the Toronto CMA.
>
> Urbanation tracks the entire Toronto CMA condominium market—new, resale and future development—providing detailed analysis of sales, pricing and potential new projects on a quarterly basis.
>
> Sales activity in the Toronto CMA condominium apartment market eased in Q2-2010 with 4,991 sales, an 8% decline over the first quarter, the first time since 1994 that Q1 sales have been higher than in Q2. Despite the quarterly decline the market over the past 12 months has sold 21,318 units, comparable to the 22,654 sales that occurred in record-breaking 2007. 272 projects were active across the Toronto CMA in Q2-2010.
>
>
>
> The resale condominium apartment market set a market first in Q2-2010 with resales exceeding 5,000 units. The 5,076 resales in the Toronto CMA in Q2-2010 was yet another record high for existing condominium apartment sales, an increase of 18% over Q1-2010.
>
>
>
> A record number of resale listings leading at the end of the first quarter, at 10,997 listings, were instrumental in stabilizing pricing in the resale market in the second quarter, when the average resale unit sold for $370 psf, a $1 psf increase over Q1-2010. Strong demand absorbed much of the record supply levels as listings declined 21% in Q2-2010 to 8,714 units. The flush supply conditions met the increased demand for resale units in Q2-2010 while allowing buyers greater choice and pricing stability. Annual price inflation for the resale market; however, remains 13% higher than in Q2-2009, when the average resale unit sold for $326 psf.
>
> Urbanation publishes their “Condominium Market Survey†quarterly, see details below:
>
> A subscription to Urbanation ($8,300 annually) includes 1 quarterly hard copy report (4 annually); the 400 page document includes: 15+ pages of analysis, 20+ pages of resale info, 25+ pages on future condominium projects (from application to launch), and 250+ profile pages on new condominium projects. All the data in the hard copy is available online and can be accessed via convenient searches. Urbanation also sends out “UrbanAction reports†which are emailed between the quarters and highlight newly launched projects. Urbanation also does 1 yearly market presentation at your office, summarizing the conditions of the condominium apartment market.
>
> Contact myself, or Ben Myers, Urbanation Executive Vice-President and Editor, today for more info on Urbanation’s products and services.
>
> Don’t forget to follow us on Twitter for all the FREE market info you can handle!
>
>
>
>
>
> Pauline Lierman
>
> Research Analyst
>
>
>
> URBANATION Inc.
>
> 10 Price St, Suite 200, Toronto, ON M4W 1Z4 T: 416.922.2200 ext.211 F: 416.366.9028 W: www.urbanation.ca / www.twitter.com/urbanation
>
>
>
> PROVIDING MARKET RESEARCH, ANALYSIS AND CONSULTING SERVICES TO THE CONDOMINIUM INDUSTRY SINCE 1981.
>
>
>
>
Darryl Mitchell
Managing Broker
RE/MAX Professionals Inc. Brokerage
Cell 289-937-0367
Office 416-236-1241
dmitchell@remaxprofessionals.ca
Begin forwarded message:
> From: Pauline Lierman
> Date: 4 August, 2010 12:20:40 PM EDT
> To: undisclosed-recipients: ;
> Subject: Urbanation Press Release Q2-2010
>
> Please find attached (in PDF format) Urbanation’s latest Press Release on the Q2-2010 condominium apartment market in the Toronto CMA.
>
> Urbanation tracks the entire Toronto CMA condominium market—new, resale and future development—providing detailed analysis of sales, pricing and potential new projects on a quarterly basis.
>
> Sales activity in the Toronto CMA condominium apartment market eased in Q2-2010 with 4,991 sales, an 8% decline over the first quarter, the first time since 1994 that Q1 sales have been higher than in Q2. Despite the quarterly decline the market over the past 12 months has sold 21,318 units, comparable to the 22,654 sales that occurred in record-breaking 2007. 272 projects were active across the Toronto CMA in Q2-2010.
>
>
>
> The resale condominium apartment market set a market first in Q2-2010 with resales exceeding 5,000 units. The 5,076 resales in the Toronto CMA in Q2-2010 was yet another record high for existing condominium apartment sales, an increase of 18% over Q1-2010.
>
>
>
> A record number of resale listings leading at the end of the first quarter, at 10,997 listings, were instrumental in stabilizing pricing in the resale market in the second quarter, when the average resale unit sold for $370 psf, a $1 psf increase over Q1-2010. Strong demand absorbed much of the record supply levels as listings declined 21% in Q2-2010 to 8,714 units. The flush supply conditions met the increased demand for resale units in Q2-2010 while allowing buyers greater choice and pricing stability. Annual price inflation for the resale market; however, remains 13% higher than in Q2-2009, when the average resale unit sold for $326 psf.
>
> Urbanation publishes their “Condominium Market Survey†quarterly, see details below:
>
> A subscription to Urbanation ($8,300 annually) includes 1 quarterly hard copy report (4 annually); the 400 page document includes: 15+ pages of analysis, 20+ pages of resale info, 25+ pages on future condominium projects (from application to launch), and 250+ profile pages on new condominium projects. All the data in the hard copy is available online and can be accessed via convenient searches. Urbanation also sends out “UrbanAction reports†which are emailed between the quarters and highlight newly launched projects. Urbanation also does 1 yearly market presentation at your office, summarizing the conditions of the condominium apartment market.
>
> Contact myself, or Ben Myers, Urbanation Executive Vice-President and Editor, today for more info on Urbanation’s products and services.
>
> Don’t forget to follow us on Twitter for all the FREE market info you can handle!
>
>
>
>
>
> Pauline Lierman
>
> Research Analyst
>
>
>
> URBANATION Inc.
>
> 10 Price St, Suite 200, Toronto, ON M4W 1Z4 T: 416.922.2200 ext.211 F: 416.366.9028 W: www.urbanation.ca / www.twitter.com/urbanation
>
>
>
> PROVIDING MARKET RESEARCH, ANALYSIS AND CONSULTING SERVICES TO THE CONDOMINIUM INDUSTRY SINCE 1981.
>
>
>
>
Top Team Failures from Ken Goodfellow
Team Failures happen more than successes. Ken Good Fellow Addresses this fact and how to build a team fopr success.
copywrite Ken Goodfellow CKGInternational
copywrite Ken Goodfellow CKGInternational
Top Team Success Secrets from Ken Goodfellow
Here is the link to Ken Goodfellow's most recent video on Top Teaem Success. Enjoy!Top Team Blueprint Series
In anticipation of our New Top Team program launch on August 11th 2010, we have put together a complimentary video series called The Top Team Blueprint. Click the Agent button below to get immediate access.
Agent Top Broker Blueprint Series
Ken Goodfellow, CKG International
In anticipation of our New Top Team program launch on August 11th 2010, we have put together a complimentary video series called The Top Team Blueprint. Click the Agent button below to get immediate access.
Agent Top Broker Blueprint Series
Ken Goodfellow, CKG International
Tuesday, August 3, 2010
Tuesday, July 20, 2010
Bank of Canada stands apart as it raises rates
Jeremy Torobin
Ottawa — From Wednesday's Globe and Mail
Published on Tuesday, Jul. 20, 2010 9:05AM EDT
Last updated on Tuesday, Jul. 20, 2010 7:55PM EDT
.Mark Carney has now done twice what no other Group of Seven central banker appears even close to doing once – he raised interest rates for the second month in a row – but global developments could slow his hand.
Tuesday’s move, which brought the Bank of Canada’s benchmark overnight rate to a still-low 0.75 per cent, reflects Canada’s unique position as a rich country that has recovered almost all of the jobs lost during the recession, where a post-crisis housing boom has already come and gone, and where record overseas demand for safe government bonds is poised to allow Ottawa and the provinces fund a few more years of deficit spending without being crippled by interest payments.
But the Bank of Canada Governor’s window for taking back some of the super-low borrowing costs, both to ensure that inflationary pressures don’t build and to persuade consumers and businesses that they should start paying off debts now before rates go higher, may be closing sooner than expected.
Even as it raised its key rate by one-quarter of a percentage point, the central bank trimmed its forecast for Canada’s economic growth this year and next, as austerity measures in Europe and a fizzling rebound in the United States make for a slower global recovery and a “more gradual” bounce-back at home. Future moves will “be weighed carefully” against developments around the world, policy makers reiterated in the statement accompanying the rate hike, and, in turn, on what impact those may have on Canada’s exports.
Ottawa — From Wednesday's Globe and Mail
Published on Tuesday, Jul. 20, 2010 9:05AM EDT
Last updated on Tuesday, Jul. 20, 2010 7:55PM EDT
.Mark Carney has now done twice what no other Group of Seven central banker appears even close to doing once – he raised interest rates for the second month in a row – but global developments could slow his hand.
Tuesday’s move, which brought the Bank of Canada’s benchmark overnight rate to a still-low 0.75 per cent, reflects Canada’s unique position as a rich country that has recovered almost all of the jobs lost during the recession, where a post-crisis housing boom has already come and gone, and where record overseas demand for safe government bonds is poised to allow Ottawa and the provinces fund a few more years of deficit spending without being crippled by interest payments.
But the Bank of Canada Governor’s window for taking back some of the super-low borrowing costs, both to ensure that inflationary pressures don’t build and to persuade consumers and businesses that they should start paying off debts now before rates go higher, may be closing sooner than expected.
Even as it raised its key rate by one-quarter of a percentage point, the central bank trimmed its forecast for Canada’s economic growth this year and next, as austerity measures in Europe and a fizzling rebound in the United States make for a slower global recovery and a “more gradual” bounce-back at home. Future moves will “be weighed carefully” against developments around the world, policy makers reiterated in the statement accompanying the rate hike, and, in turn, on what impact those may have on Canada’s exports.
Monday, July 19, 2010
RE/MAX Professionals adds Extranet Service
Communication is the greatest barrier to an agents success. Where do I find it! What must I do! When is that event? Who is the listing on John Street? Where is that web site?
With the launch of the RE/MAX Professionals Extranet a huge leap forward has been made to communicate many of the answers to the most difficult questions encountered by the in house or at home office agents. This Virtual office site will assist you in moving your business forward with easy access anywhere to the information you need to do your job.
Today the journey begins as the front desk paging system begins to send messages to agents in a real time fashion. As the week progresses, other enhancements will be added including a library of resources, common Internet links of importance and timely calendar events.
Already the calendar is up and running. All office listings are search able on the Extranet. As well new listings and changes will be posted daily.
Check out the "Needs and Wants" section. Do you have a client who cannot find the prefect home on the market today. Post your need for other sales staff to know and assist you in the search. Got a listing or property for a client that is available but not on MLS? A short posting of the property on this area may generate a quick sale to another staff persons client. Give it a try!
As with any new system, problems may occur so you patience is requested. With the experience of Lone Wolf Systems however, this change should be almost problem free.
So check our your new tool, The REMAX Professional Extranet!
With the launch of the RE/MAX Professionals Extranet a huge leap forward has been made to communicate many of the answers to the most difficult questions encountered by the in house or at home office agents. This Virtual office site will assist you in moving your business forward with easy access anywhere to the information you need to do your job.
Today the journey begins as the front desk paging system begins to send messages to agents in a real time fashion. As the week progresses, other enhancements will be added including a library of resources, common Internet links of importance and timely calendar events.
Already the calendar is up and running. All office listings are search able on the Extranet. As well new listings and changes will be posted daily.
Check out the "Needs and Wants" section. Do you have a client who cannot find the prefect home on the market today. Post your need for other sales staff to know and assist you in the search. Got a listing or property for a client that is available but not on MLS? A short posting of the property on this area may generate a quick sale to another staff persons client. Give it a try!
As with any new system, problems may occur so you patience is requested. With the experience of Lone Wolf Systems however, this change should be almost problem free.
So check our your new tool, The REMAX Professional Extranet!
World of Golf comes to Etobicoke at the RBC Canadian Open
Written by Darryl Mitchell, Managing Broker
Etobicoke the world of golf is here!
From July 19 to 25 the best golfers in the world will be in Etobicoke at St. George's Golf and Country Club in quiet central Etobicoke residential neighbourhood. This was a complex challenge for organizers who to mix the residential area with Canada's premier golf experience. Islington Avenue one of Toronto's prime streets has been partially closed to allow parking and a street festival of golf ware. From 7 a.m. to 7 p.m. during the RBC Canadian Open Islington and 74 other residential streets will be golf Canada to the world. One of the first Open's to have access to TTC transit, taxi access and bike parking, accessibility should be second to none for those who wish to come without the inherent parking problems associated with a city venue such as this.
The St George's course, rated one of Canada's three best courses, is in prime shape, lush green and ready for the assault of the world's best golfers.
So join us in Etobicoke.
And by the way, if you wish to stay longer, I am certain a RE/MAX Professional Realtor can find you a home to purchase in beautiful Etobicoke!
Enjoy!
Etobicoke the world of golf is here!
From July 19 to 25 the best golfers in the world will be in Etobicoke at St. George's Golf and Country Club in quiet central Etobicoke residential neighbourhood. This was a complex challenge for organizers who to mix the residential area with Canada's premier golf experience. Islington Avenue one of Toronto's prime streets has been partially closed to allow parking and a street festival of golf ware. From 7 a.m. to 7 p.m. during the RBC Canadian Open Islington and 74 other residential streets will be golf Canada to the world. One of the first Open's to have access to TTC transit, taxi access and bike parking, accessibility should be second to none for those who wish to come without the inherent parking problems associated with a city venue such as this.
The St George's course, rated one of Canada's three best courses, is in prime shape, lush green and ready for the assault of the world's best golfers.
So join us in Etobicoke.
And by the way, if you wish to stay longer, I am certain a RE/MAX Professional Realtor can find you a home to purchase in beautiful Etobicoke!
Enjoy!
To Love, To Risk
To love is to risk not being loved in return.
To hope is to risk disappointment.
But risks must be taken because the greatest risk in life is to risk nothing.
The person who risks nothing, does nothing,
sees nothing, has nothing and is nothing.
He cannot learn, feel, change, love and live.
Author unknown.
Wisdom for Life, A Helen Exley Giftbook, Select Edition, 2000.
To hope is to risk disappointment.
But risks must be taken because the greatest risk in life is to risk nothing.
The person who risks nothing, does nothing,
sees nothing, has nothing and is nothing.
He cannot learn, feel, change, love and live.
Author unknown.
Wisdom for Life, A Helen Exley Giftbook, Select Edition, 2000.
Thursday, July 15, 2010
Realtors - How to give yourself a raise
There is no better way to increase your income than to price your listings to sell the first time.
Too many agents rely on advertizing to promote themselves. Others depend on referral marketing. Still others have the classiest, most up to date website. The newest trend is to use social media such as Facebook, Linked in Craigslist, etc. etc. to promote yourself.
But, you know what, real estate is still a people business based on selling the homes of people to people. And what better way to promote yourself than through a fast efficient sale!
Listings that stay on the market for longer than others in the same area show that, either the home has a problem, or the agent is a problem! So price correctly the first time. Listings priced right sell fast, for greater dollars and with better terms than homes that are overpriced.
The faster the sale, generally speaking the lower the costs and the more the profits. Agents with great sales reputations are selected more often than those whose listings sit on the market, regardless of the commission rate.
In strong, high priced markets real estate companies may use lower commission rates to entice people to list their home with them. In softer markets, such as has occurred in the United States, commission rates begin to actually rise, as a concerned consumer wants a successful sale and is prepared to pay a higher, or shall I say, non-discounted commission rate, simply to work with a successful, high selling Realtor. Successful sales are the best indicator of a successful Realtor. So price it right for sale and you will achieve more success in listing properties.
In this market, where the consumer is taking a breather for the summer, list price is even more critical to success. Believe me when I say that your client will love you more for pushing back on the list price, than if you except a much too high, out of market list price and sell the property much later than expected.
So Price Right the First Time. You will get a raise, and so will your client!
Darryl Mitchell is Managing Broker for RE/MAX Professionals Inc. Brokerage in Etobicoke Ontario
Too many agents rely on advertizing to promote themselves. Others depend on referral marketing. Still others have the classiest, most up to date website. The newest trend is to use social media such as Facebook, Linked in Craigslist, etc. etc. to promote yourself.
But, you know what, real estate is still a people business based on selling the homes of people to people. And what better way to promote yourself than through a fast efficient sale!
Listings that stay on the market for longer than others in the same area show that, either the home has a problem, or the agent is a problem! So price correctly the first time. Listings priced right sell fast, for greater dollars and with better terms than homes that are overpriced.
The faster the sale, generally speaking the lower the costs and the more the profits. Agents with great sales reputations are selected more often than those whose listings sit on the market, regardless of the commission rate.
In strong, high priced markets real estate companies may use lower commission rates to entice people to list their home with them. In softer markets, such as has occurred in the United States, commission rates begin to actually rise, as a concerned consumer wants a successful sale and is prepared to pay a higher, or shall I say, non-discounted commission rate, simply to work with a successful, high selling Realtor. Successful sales are the best indicator of a successful Realtor. So price it right for sale and you will achieve more success in listing properties.
In this market, where the consumer is taking a breather for the summer, list price is even more critical to success. Believe me when I say that your client will love you more for pushing back on the list price, than if you except a much too high, out of market list price and sell the property much later than expected.
So Price Right the First Time. You will get a raise, and so will your client!
Darryl Mitchell is Managing Broker for RE/MAX Professionals Inc. Brokerage in Etobicoke Ontario
Wednesday, July 14, 2010
Double-digit gains characterize average price appreciation in most Toronto neighbourhoods in 2010, says RE/MAX http://ping.fm/AAw1p @remax
Double-digit gains characterize average price appreciation in most Toronto neighbourhoods in 2010, says RE/MAX
Mississauga, ON (July 14, 2010) - Toronto's housing market roared back to life in the first half of 2010, with single-detached homes and condominium apartments and townhouses posting unprecedented double-digit gains in average price in most districts, according to a report released today by RE/MAX Ontario-Atlantic Canada. This is in stark contrast to the July 2009 RE/MAX report that found that values in approximately 80 per cent of neighbourhoods surveyed in Toronto had depreciated over the same period in 2008.
RE/MAX examined 63 Toronto Real Estate Board (TREB) districts in the single-detached category between January and June of 2010 and found that 85.7 per cent experienced double-digit gains. Mississauga's Lorne Park (W13) led in terms of percentage increase in average price with a 30.2 per cent upswing in the first six months of the year, bringing year-to-date values in the area to $880,373 (vs. $676289 in 2009 and $830,041 in 2008). Markham (N01) ranked second with a 27.7 per cent jump to $779,168 (vs. $610,322 in 2009 and $683,050 in 2008) while Armour Heights, Bathurst Manor (C06) came in a close third at 27.5 per cent (rising to $732,535 from $574,599 in 2009 and $589,808 one year earlier). Mississauga's Creditview, Erindale area (W16) secured fourth spot with an average price of $561,973-up 26.5 per cent over 2009's $444,221 and 2008's $476,877. Rounding out the top five was York Mills, Hogg's Hollow, Bridle Path (C12) with a 26.2 per cent increase over last year and an average price of $1,868,591 (vs. $1,480,296 in 2009 and $1,580,851 in 2008).
"While first-time buyers dominated housing markets during the first half of 2009, move-up buyers ruled during January to June of 2010," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Rising interest rates and the introduction of the Harmonized Sales Tax (HST) in the province helped drive activity, with more than 50,000 sales reported year-to-date-a figure on par with record 2007 levels."
RE/MAX examined 63 Toronto Real Estate Board (TREB) districts in the single-detached category between January and June of 2010 and found that 85.7 per cent experienced double-digit gains. Mississauga's Lorne Park (W13) led in terms of percentage increase in average price with a 30.2 per cent upswing in the first six months of the year, bringing year-to-date values in the area to $880,373 (vs. $676289 in 2009 and $830,041 in 2008). Markham (N01) ranked second with a 27.7 per cent jump to $779,168 (vs. $610,322 in 2009 and $683,050 in 2008) while Armour Heights, Bathurst Manor (C06) came in a close third at 27.5 per cent (rising to $732,535 from $574,599 in 2009 and $589,808 one year earlier). Mississauga's Creditview, Erindale area (W16) secured fourth spot with an average price of $561,973-up 26.5 per cent over 2009's $444,221 and 2008's $476,877. Rounding out the top five was York Mills, Hogg's Hollow, Bridle Path (C12) with a 26.2 per cent increase over last year and an average price of $1,868,591 (vs. $1,480,296 in 2009 and $1,580,851 in 2008).
"While first-time buyers dominated housing markets during the first half of 2009, move-up buyers ruled during January to June of 2010," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Rising interest rates and the introduction of the Harmonized Sales Tax (HST) in the province helped drive activity, with more than 50,000 sales reported year-to-date-a figure on par with record 2007 levels."
Friday, July 9, 2010
Eco 'fees' discussed in the Windsor Star
Eco 'fees': "On July 1, Ontarians began paying an eco 'fee' on thousands of products, all in the name of helping the environment. But don't be fooled. This is just another expansion of the provincial tax base, one that apparently never stops as far as the Dalton McGuinty government is concerned.
So, in addition to the impact of the new 13-per-cent HST, Ontarians can now expect to pay a few cents or a few dollars more on products like hairspray that are sold in aerosol containers, syringes and needles, prescription medicine, fluorescent tubes and bulbs, fire extinguishers, rechargeable batteries, dish detergent, smoke alarms and the list goes on and on.
This is essentially Round 2 of a program run by Stewardship Ontario -- a government-regulated body -- to dispose of and recycle hazardous materials. The first items to be taxed two years ago included paint, computers and TVs.
Conveniently for the McGuinty government -- already reeling from the imposition of the HST -- there was no significant mention of the expanded eco tax until after it was instituted."
To read the entire article select the link about. This article is copywritten to the Windsor Star, thank you for your candour on this new tax.
So, in addition to the impact of the new 13-per-cent HST, Ontarians can now expect to pay a few cents or a few dollars more on products like hairspray that are sold in aerosol containers, syringes and needles, prescription medicine, fluorescent tubes and bulbs, fire extinguishers, rechargeable batteries, dish detergent, smoke alarms and the list goes on and on.
This is essentially Round 2 of a program run by Stewardship Ontario -- a government-regulated body -- to dispose of and recycle hazardous materials. The first items to be taxed two years ago included paint, computers and TVs.
Conveniently for the McGuinty government -- already reeling from the imposition of the HST -- there was no significant mention of the expanded eco tax until after it was instituted."
To read the entire article select the link about. This article is copywritten to the Windsor Star, thank you for your candour on this new tax.
Thursday, July 8, 2010
RE/MAX: Agents Taking Action
RE/MAX: Agents Taking Action
Real Trends Magazine feature article this month is on RE/MAX and its agents who lead the industry with the tools and performance that no other Brand offers today. Although written to an American audience this article mirrors the advantages RE/MAX Ontatio-Atlantic offers its clients and sales staff.
In fact in Canada the advantage is even larger as consumers choose RE/MAX over 35% of the time at the writing of this blog piece.
Choose Wisely! Choose RE/MAX!
Also check out the RE/MAX Professionals Inc., Brokerage web site in the link provided to learn more about RE/MAX Professionals.
Check it out on this flip book! Enjoy!
Real Trends Magazine feature article this month is on RE/MAX and its agents who lead the industry with the tools and performance that no other Brand offers today. Although written to an American audience this article mirrors the advantages RE/MAX Ontatio-Atlantic offers its clients and sales staff.
In fact in Canada the advantage is even larger as consumers choose RE/MAX over 35% of the time at the writing of this blog piece.
Choose Wisely! Choose RE/MAX!
Also check out the RE/MAX Professionals Inc., Brokerage web site in the link provided to learn more about RE/MAX Professionals.
Check it out on this flip book! Enjoy!
Re/Max Professionals has donated $1 million to SickKids Foundation | REM - Real Estate Magazine
Re/Max Professionals has donated $1 million to SickKids Foundation REM - Real Estate Magazine: "Re/Max Professionals and its sales associates and support staff officially became the first Re/Max franchise in Ontario-Atlantic Canada to donate $1 million to SickKids Foundation through Children’s Miracle Network. The company has championed the support of sick and injured youngsters and their families for nearly 20 years.
The brokerage, with 250 sales associates operating out of three offices in Toronto’s West End and Mississauga, has been a strong supporter of the CMN since its inception. Through the Miracle Home Program, sales associates donate a percentage of their earnings on the sale of each Miracle home. The money has been used to purchase medical equipment, upgrade facilities and help fund critical research, outreach programs and support services.
Linda Sansom, general manager of Re/Max Professionals, has been instrumental in the process for 18 years, encouraging new agents to participate in the program and those already involved to increase their donations. She has also arranged numerous fundraising events, including summer barbecues, raffles, 50/50 draws and dress-down Fridays to bolster contributions to SickKids."
The brokerage, with 250 sales associates operating out of three offices in Toronto’s West End and Mississauga, has been a strong supporter of the CMN since its inception. Through the Miracle Home Program, sales associates donate a percentage of their earnings on the sale of each Miracle home. The money has been used to purchase medical equipment, upgrade facilities and help fund critical research, outreach programs and support services.
Linda Sansom, general manager of Re/Max Professionals, has been instrumental in the process for 18 years, encouraging new agents to participate in the program and those already involved to increase their donations. She has also arranged numerous fundraising events, including summer barbecues, raffles, 50/50 draws and dress-down Fridays to bolster contributions to SickKids."
Housing market begins to cool -
Housing market begins to cool - : "Judging from the recently released May housing data, it looks like experts' predictions that the real estate market would slow during the second half of the year may be on target. Existing home sales, new listings and housing starts all slipped during May, and indications are that the trend will continue.
According to the Canadian Real Estate Association, or CREA, 37,576 homes traded hands on a seasonally adjusted basis during May, compared to 38,654 homes during May of last year. The average price of homes sold during the period rose by 8.5 per cent, compared to those sold during the same month last year, to $346,881. However, that percentage increase was significantly smaller than the 13.6 per cent year-to-date average."
According to the Canadian Real Estate Association, or CREA, 37,576 homes traded hands on a seasonally adjusted basis during May, compared to 38,654 homes during May of last year. The average price of homes sold during the period rose by 8.5 per cent, compared to those sold during the same month last year, to $346,881. However, that percentage increase was significantly smaller than the 13.6 per cent year-to-date average."
Wednesday, July 7, 2010
What Bubble? Toronto Real Estate Prices Moderating
Contributed by Darryl Mitchell. Managing Broker, REMAX Professionals Inc. Brokerage.
“Lots of talk but no reality,” states RE/MAX Professionals Inc. Managing Broker Darryl Mitchell on the trends in Toronto real estate.
There has been a lot of discussion on the potential of a drop or “bubble” in the Toronto real estate market. Considering all of the negative potential of our global economy it stands to reason that some might bring up the topic of a dramatic fall in our home prices in Toronto or in Canada. The reality shown from many local sources is not holding this to be a true picture of what is happening in our market.
Yesterday the Toronto Real Estate Board June Market Watch stated what many Realtors in the trenches already knew, the market was trending to a balanced situation. This is a normal trend after two distinct market periods, the recession or 2008 and 2009, and the recovery of 2009 and 2010. Although the average price for a home in June 2010 had climbed 8% year over year from $403,972 to $435,034, the number of homes sold had dropped fully 23% from last year’s numbers. Obviously from this slower sales pace and higher sales price, something was happening, but what? This is not indicative of a bubble where prices and volume go together to a lower level.
(See July 5 Post GTA REALTORS® Report Monthly Resale Housing Figure..)
The Terranet Home Price Index is calculated by taking the same home that has been sold at two or more different times and comparing the price increase or decrease to other homes. It is a great tool to see what is actually happening in a changing market. The momentum of a market is calculated very effectively with this Index method. Although the index has not been yet released for May and June, the April index shows the strong momentum that is leading the market forward.
( See July 1, 2010 post Terranet Home Price Index Shows Monthly price rise of 0.8% in April)
In April for instance there was a .8% increase in home values month over month in the Greater Toronto Area. With the increased price of the Toronto average in May and June we can easily assume this index will either flatten of more likely go up. This is again the opposite of what we would expect if we had a bubble ready to burst.
The recession created a huge number of unfulfilled expectations from buyers who wanted to buy a home but felt the time was not good. The uncertainty in the economy simply made purchasing a home risky, or so they felt. This uncertainty, once removed, brought many of these buyers to the market in droves, filling this pent up demand and increasing used home sales dramatically. Thus prices increased, sales increased and the flurry of activity that resulted lead to a Seller’s Market place.
Why should this change now? Well there are a number of very important and other less important issues that are influencing our market today. These can be described as long term and short term and even seasonal influences.
The long term influences are the affordability of a home and the economic environment of the Toronto area. Affordability has come down for the new home owner but only slightly. In June the long awaited mortgage interest rate increase occurred. With the economy fully stimulated by our Federal and Provincial governments, it was felt a cooling in the real estate market was in order. Thus a small, .25% mortgage interest rate increase was affected by the Bank of Canada and the major lending institutions..
As well, affordability was impacted on July 1, 2010 with the infamous Harmonized Sales Tax (HST), Ontario’s new tax policy. Although this new tax is a re-taxation of the old Provincial Sales Tax (PST), it now covers may services and items that earlier were without tax. Good for businesses, this is a direct assault on the consumer. Real Estate is affected in two ways that did have a dampening effect on our market. First it added what has been estimated to be from .4% to 1.0% added cost to the real estate transaction for an existing home. For a newly built product this is estimated to be an increase of from 8% to as low as 2%. Talk about inflationary!
With these two issues alone consumers chose to buy used and new homes earlier just to keep their costs lower. This is a sample of an informed consumer making good choices with the best knowledge they had available. What was not apparent was that these choices would impact the home market so greatly on the short term. For instance the MLS sales reported for June 2010 by TREB were 23% less in June 2010 than in June 2009 (TREB June Statistics). The effect of pent up demand of 2010 plus the potential increased costs of interest rates and HST had consumers make choices to buy before June and July 2010.
The short term market influences can be categorized into normal seasonal influences and unusual inactive events that have come to the fore at just the same time as these affordability issues. These short term influences are described as seasonality of the market, G20 paralysis, and heat and Global soccer mania.
It seems a bit silly but the Toronto market place was hugely impacted by G20. People simply left town. Businesses went into paralysis simply to not be caught up in any international event so large and so impactive on the community. Property showings in some parts of Toronto simply stopped as access issues stopped the normal activities of the market place. I believe this will be a defining moment in our marketplace which will again build up a pent up demand.
Follow G20 with a heat wave the like of which has not been seen in over 3 years and you elongate the slow down. Add one of the world’s greatest sporting events, The World Cup of Soccer, and again we have another short term event of impact on the market. People who watch the World Cup are not buying homes; they are watching and talking soccer. Silly it seems, but very real. This was brought home to me when I called a Realtor who was on my list of favoured recruits to add to my office. When I asked what he was doing one morning, he proudly related he was watching his favourite national team. Not available to change to my company obviously and certainly not listing or selling homes!
Finally there is the seasonality of the marketplace. July and August traditionally are family move and family vacation times. People use these times to regroup and refresh. Often households with children are moved in the summer for convenience of school transfers. So the negotiations and sales happen earlier in the spring. Again this short term seasonal influence hit in June and July. Talk about the perfect storm!
So what about the short and far term from here forward. The Toronto real estate market is strong with great momentum. New product is being built daily. Existing used home inventory is readily available and of high quality. This is especially the case right now as sales have moderated downwards due to all of the above influences. The expectation is for home prices to moderate slightly lower as Sellers decide they should move their homes rather than wait any longer.
On the other hand, lower sales volume has already impacted mortgage demand. Just yesterday the Bank of Montreal lowered its mortgage rates. All the other major banks are expected to reciprocate today. So affordability will return to what was seen during the previous quarter.
If I had a crystal ball, and I do not, I would suggest the normal, more balanced market has returned to Toronto and area. This is not only sustainable, but good for both the buyer who wants sustained affordability and value protection, and the Seller who wants an optimum sales price, in a reasonable period of time. Employment is strong, people are in general happy and life is generally back to normal. Although international events can impact our real estate market, right now it is liquid, priced affordably and positive. An investment in real estate in Toronto and area is still one of the best opportunities available for the average consumer.
So if you want a bubble, at least in the short term, purchase some bubble gum. Enjoy you summer, because the fall will be very busy and profitable!
“Lots of talk but no reality,” states RE/MAX Professionals Inc. Managing Broker Darryl Mitchell on the trends in Toronto real estate.
There has been a lot of discussion on the potential of a drop or “bubble” in the Toronto real estate market. Considering all of the negative potential of our global economy it stands to reason that some might bring up the topic of a dramatic fall in our home prices in Toronto or in Canada. The reality shown from many local sources is not holding this to be a true picture of what is happening in our market.
Yesterday the Toronto Real Estate Board June Market Watch stated what many Realtors in the trenches already knew, the market was trending to a balanced situation. This is a normal trend after two distinct market periods, the recession or 2008 and 2009, and the recovery of 2009 and 2010. Although the average price for a home in June 2010 had climbed 8% year over year from $403,972 to $435,034, the number of homes sold had dropped fully 23% from last year’s numbers. Obviously from this slower sales pace and higher sales price, something was happening, but what? This is not indicative of a bubble where prices and volume go together to a lower level.
(See July 5 Post GTA REALTORS® Report Monthly Resale Housing Figure..)
The Terranet Home Price Index is calculated by taking the same home that has been sold at two or more different times and comparing the price increase or decrease to other homes. It is a great tool to see what is actually happening in a changing market. The momentum of a market is calculated very effectively with this Index method. Although the index has not been yet released for May and June, the April index shows the strong momentum that is leading the market forward.
( See July 1, 2010 post Terranet Home Price Index Shows Monthly price rise of 0.8% in April)
In April for instance there was a .8% increase in home values month over month in the Greater Toronto Area. With the increased price of the Toronto average in May and June we can easily assume this index will either flatten of more likely go up. This is again the opposite of what we would expect if we had a bubble ready to burst.
The recession created a huge number of unfulfilled expectations from buyers who wanted to buy a home but felt the time was not good. The uncertainty in the economy simply made purchasing a home risky, or so they felt. This uncertainty, once removed, brought many of these buyers to the market in droves, filling this pent up demand and increasing used home sales dramatically. Thus prices increased, sales increased and the flurry of activity that resulted lead to a Seller’s Market place.
Why should this change now? Well there are a number of very important and other less important issues that are influencing our market today. These can be described as long term and short term and even seasonal influences.
The long term influences are the affordability of a home and the economic environment of the Toronto area. Affordability has come down for the new home owner but only slightly. In June the long awaited mortgage interest rate increase occurred. With the economy fully stimulated by our Federal and Provincial governments, it was felt a cooling in the real estate market was in order. Thus a small, .25% mortgage interest rate increase was affected by the Bank of Canada and the major lending institutions..
As well, affordability was impacted on July 1, 2010 with the infamous Harmonized Sales Tax (HST), Ontario’s new tax policy. Although this new tax is a re-taxation of the old Provincial Sales Tax (PST), it now covers may services and items that earlier were without tax. Good for businesses, this is a direct assault on the consumer. Real Estate is affected in two ways that did have a dampening effect on our market. First it added what has been estimated to be from .4% to 1.0% added cost to the real estate transaction for an existing home. For a newly built product this is estimated to be an increase of from 8% to as low as 2%. Talk about inflationary!
With these two issues alone consumers chose to buy used and new homes earlier just to keep their costs lower. This is a sample of an informed consumer making good choices with the best knowledge they had available. What was not apparent was that these choices would impact the home market so greatly on the short term. For instance the MLS sales reported for June 2010 by TREB were 23% less in June 2010 than in June 2009 (TREB June Statistics). The effect of pent up demand of 2010 plus the potential increased costs of interest rates and HST had consumers make choices to buy before June and July 2010.
The short term market influences can be categorized into normal seasonal influences and unusual inactive events that have come to the fore at just the same time as these affordability issues. These short term influences are described as seasonality of the market, G20 paralysis, and heat and Global soccer mania.
It seems a bit silly but the Toronto market place was hugely impacted by G20. People simply left town. Businesses went into paralysis simply to not be caught up in any international event so large and so impactive on the community. Property showings in some parts of Toronto simply stopped as access issues stopped the normal activities of the market place. I believe this will be a defining moment in our marketplace which will again build up a pent up demand.
Follow G20 with a heat wave the like of which has not been seen in over 3 years and you elongate the slow down. Add one of the world’s greatest sporting events, The World Cup of Soccer, and again we have another short term event of impact on the market. People who watch the World Cup are not buying homes; they are watching and talking soccer. Silly it seems, but very real. This was brought home to me when I called a Realtor who was on my list of favoured recruits to add to my office. When I asked what he was doing one morning, he proudly related he was watching his favourite national team. Not available to change to my company obviously and certainly not listing or selling homes!
Finally there is the seasonality of the marketplace. July and August traditionally are family move and family vacation times. People use these times to regroup and refresh. Often households with children are moved in the summer for convenience of school transfers. So the negotiations and sales happen earlier in the spring. Again this short term seasonal influence hit in June and July. Talk about the perfect storm!
So what about the short and far term from here forward. The Toronto real estate market is strong with great momentum. New product is being built daily. Existing used home inventory is readily available and of high quality. This is especially the case right now as sales have moderated downwards due to all of the above influences. The expectation is for home prices to moderate slightly lower as Sellers decide they should move their homes rather than wait any longer.
On the other hand, lower sales volume has already impacted mortgage demand. Just yesterday the Bank of Montreal lowered its mortgage rates. All the other major banks are expected to reciprocate today. So affordability will return to what was seen during the previous quarter.
If I had a crystal ball, and I do not, I would suggest the normal, more balanced market has returned to Toronto and area. This is not only sustainable, but good for both the buyer who wants sustained affordability and value protection, and the Seller who wants an optimum sales price, in a reasonable period of time. Employment is strong, people are in general happy and life is generally back to normal. Although international events can impact our real estate market, right now it is liquid, priced affordably and positive. An investment in real estate in Toronto and area is still one of the best opportunities available for the average consumer.
So if you want a bubble, at least in the short term, purchase some bubble gum. Enjoy you summer, because the fall will be very busy and profitable!
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