Teranet House Price Index
Canadian home prices in December were up 5.2% from a year earlier, double the 12-month advance recorded in November, according to the Teranet-National Bank National Composite House Price Index™. December was the third consecutive month in which prices were up from a year earlier, after 10 consecutive months of 12-month deflation. The turnaround is due to eight straight monthly increases in the countrywide index. December's robust 1.2% monthly gain pushed the composite index above the pre-recession peak, that is, to a new record.
Check out the details on the following link:
http://www.housepriceindex.ca/
Wednesday, February 24, 2010
U.S. new-home sales fall to record-low level - MARKETWATCH
By Rex Nutting WASHINGTON (MarketWatch) - Sales of new U.S. homes plunged 11.2% in January to a seasonally adjusted annual rate of 309,000, the lowest rate on record dating back to 1963, the Commerce Department estimated Wednesday. Economists surveyed by MarketWatch forecast sales to rise slightly to 355,000, with buyers taking advantage of a new federal tax credit. Sales in December were revised higher to 348,000 from 342,000 previously reported. Sales are down 6.1% compared with January 2009's 329,000, which was the previous record-low rate. The number of homes for sale rose 0.4% to 234,000 in January. At the January sales pace, it would take 9.1 months to sell that inventory.
http://www.marketwatch.com/story/us-new-home-sales-fall-to-record-low-level-2010-02-24-105210?siteid=bnbh
http://www.marketwatch.com/story/us-new-home-sales-fall-to-record-low-level-2010-02-24-105210?siteid=bnbh
Low inventory levels set stage for heated Spring market in most major Canadian centres, says RE/MAX
Active listings down in 81 per cent of markets in January
Mississauga, ON (February 24, 2010) - Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.
The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.
"There have never been so many motivating factors in play at once," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "We're in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies."
Mississauga, ON (February 24, 2010) - Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by RE/MAX.
The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. Average price appreciated in 81 per cent of markets surveyed.
"There have never been so many motivating factors in play at once," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "We're in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close. The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and banks and governments are moving in unison toward stricter lending policies."
Saturday, February 20, 2010
Dupuis: Enhance Rebates to Make Housing More Affordable
February 13, 2010
Stephen Dupuis
There have been mixed signals coming from federal Finance Minister Jim Flaherty as he prepares for the next budget.
At times over the last few months, Flaherty has said the budget will not be stimulative; but after his meetings at the World Economic Forum in Davos, Switzerland, that seemed to change.
At one point, Flaherty also mused about cooling down the housing market by increasing the minimum down payment and/or reducing the maximum mortgage amortization period should a housing bubble begin to form. More recently, Flaherty has said he has no plans to artificially slow down the market.
Meanwhile, the extension of the Home Renovation Tax Credit has been on and off again depending on the direction for the budget itself.
I have three suggestions for Flaherty, which could go a long way toward enhancing housing affordability and creating jobs.
First, while I doubt the finance minister would go out of his way to actively kill jobs, I'll say once more that he should not, under any circumstances, mess with a good thing by trying to slow down the housing market.
http://www.yourhome.ca/homes/columnsblogs/article/763602--dupuis-enhance-rebates-to-make-housing-more-affordable
Stephen Dupuis
There have been mixed signals coming from federal Finance Minister Jim Flaherty as he prepares for the next budget.
At times over the last few months, Flaherty has said the budget will not be stimulative; but after his meetings at the World Economic Forum in Davos, Switzerland, that seemed to change.
At one point, Flaherty also mused about cooling down the housing market by increasing the minimum down payment and/or reducing the maximum mortgage amortization period should a housing bubble begin to form. More recently, Flaherty has said he has no plans to artificially slow down the market.
Meanwhile, the extension of the Home Renovation Tax Credit has been on and off again depending on the direction for the budget itself.
I have three suggestions for Flaherty, which could go a long way toward enhancing housing affordability and creating jobs.
First, while I doubt the finance minister would go out of his way to actively kill jobs, I'll say once more that he should not, under any circumstances, mess with a good thing by trying to slow down the housing market.
http://www.yourhome.ca/homes/columnsblogs/article/763602--dupuis-enhance-rebates-to-make-housing-more-affordable
Federal Government Changes Mortgage Rules - Toronto Real Estate Board Release
February 16, 2010 -- The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment).
All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
Additional detail is available on the follwoing link.
http://www.fin.gc.ca/n10/data/10-011_1-eng.asp
All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.
Additional detail is available on the follwoing link.
http://www.fin.gc.ca/n10/data/10-011_1-eng.asp
Toronto Star Canadian Home Sales Drop in January
February 17, 2010
Tony Wong
BUSINESS REPORTER
Home sales across Canada dipped by 2.8 per cent in January from the near record levels reported in December, suggesting the market may be cooling.
There were 46,394 existing homes sales last month, compared to 48,144 in the prior month, according to figures released by the Canadian Real Estate Association today. All figures are seasonally adjusted.
“January results suggest the national resale market may be past the recent peak,” said CREA chief economist Gregory Klump. “One car doesn’t make a parade, so a few more months of results showing a cooling trend will be required before talk of a Canadian housing bubble begins to fade.”
Actual (not seasonally adjusted) sales activity in January was up 58 per cent ago from year ago levels. Last January was the lowest level of sales in more than a decade.
Despite the dip in sales, prices continued to rise significantly. Average residential price was up by 19.6 per cent to $353,129.
New listings also rose slightly by three tenths of one percent on a month over month basis in January to reach the highest level since November of 2008.
Check out Tony Wong's Star Article at eh following link:
"http://www.yourhome.ca/homes/newsfeatures/industrynews/article/766855--canadian-home-sales-drop-in-january"
Tony Wong
BUSINESS REPORTER
Home sales across Canada dipped by 2.8 per cent in January from the near record levels reported in December, suggesting the market may be cooling.
There were 46,394 existing homes sales last month, compared to 48,144 in the prior month, according to figures released by the Canadian Real Estate Association today. All figures are seasonally adjusted.
“January results suggest the national resale market may be past the recent peak,” said CREA chief economist Gregory Klump. “One car doesn’t make a parade, so a few more months of results showing a cooling trend will be required before talk of a Canadian housing bubble begins to fade.”
Actual (not seasonally adjusted) sales activity in January was up 58 per cent ago from year ago levels. Last January was the lowest level of sales in more than a decade.
Despite the dip in sales, prices continued to rise significantly. Average residential price was up by 19.6 per cent to $353,129.
New listings also rose slightly by three tenths of one percent on a month over month basis in January to reach the highest level since November of 2008.
Check out Tony Wong's Star Article at eh following link:
"http://www.yourhome.ca/homes/newsfeatures/industrynews/article/766855--canadian-home-sales-drop-in-january"
Top Producer: Still the Choice of Realtors for Data Management
Top Producer has long been the most cost effective, professional program to use in controlling your data base of clients. Management of a large data base is simplified with this excellent tool. Now that it is web based, you will not lose your contact information should your computer crash. With this change you can check and change your data from any computer. The templated letters, emails, feature sheets and more are excellent and will set you apart as a professional Realtor. Check out their web site for the newest additions to their program.
http://www.topproducer.com/
http://www.topproducer.com/
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