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Provincial Land Transfer Tax Refund Extended
2007-12-17 16:06:00
The Province of Ontario has just announced that it is extending the land transfer tax refund for first time buyers of newly constructed homes to now include resale homes. This means that first time home buyers can now save up to $2,000 on a resale home purchase. The legislation for this rebate has not yet been passed, but any first time home buyer that enters into an "agreement to purchase and sale" on or after December 13th, 2007 is entitled to a rebate of up to $2,000 once the legislation is passed.The City of Toronto has also up dated their new land transfer tax so that first time home buyers should not have to pay the land transfer tax on the first $400,000 of their home purchase at all. Previously any first time home buyer who is buying a home that is priced over $400,000 had to pay the full tax up front and then get a rebate for the tax paid on the first $400,000. Under their new system, which they hope to have in place before Feb 1st 2008 when the tax starts, first time h...
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Toronto Area Mortgages
2007-11-10 19:37:00
Well I did it! I took the plunge and took my business and added to it to make a more seamless service to help my clients get better results, quicker and more efficiently. I have now added mortgages to my real estate service by becoming a Mort gage Agent with Mortgage One Solutions Ltd. a member of The Mortgage Centre.Now you can get a great wholesale mortgage rate with terms that best meet your needs. Get your pre-approved mortgage quickly and easily. Best of all, I work for you not the banks, top that off with the fact that my main purpose is to help you buy a home, or sell your home by providing mortgage approvals to qualified buyers; so I am not concerned about finder's fees and I will concentrate on just getting you the best mortgage for your needs. Looking to renew, refinance or consolidate debts? I can help you with that with the same emphasys on exceptional service and great mortgage products.I protact your record by only pulling your credit once when I shop your mortgag...
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Toronto and York Region Real Estate Markets Update
2007-11-10 19:06:00
2007's real estate markets seem to be unstoppable. Once again October sets a new Toronto MLS® record for the number of homes sold smashing the previous October record (Oct 2003) by 10% and sending the total home sales, for 2007, over 81,500 homes sold. That is just 1,500 short of the final number of homes sold in 2006 with two months to go, in which we would usually expect to see about 10,000 sales more. On top of that the sales volume in Toronto are expected to be extra high in November and December as home buyers are trying to avoid the new municipal land transfer tax which comes into effect on homes purchased after January 1st, 2008 and closing after February 1st, 2008.The average purchase price for a home on the Toronto MLS® system in October, 2007, was $394,646 up from last October's $356,423.In Richmond Hill's 3 MLS® districts (N03,N04 and N05) there were 396 homes sold with the majority (211 homes) in the South end (N03) with a high number of Condominiums and an aver...
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Toronto Real Estate Market - Mid August sales
2007-08-19 21:16:00
Toronto Home Sales in August are well above expected numbers in terms of volume. As of August 17th there were 3,838 homes sold, up 17% from Aug 2006, and the average sale price across the Toronto MLS® system was $355,829.So it looks like the summer market is doing very well with the lower priced home and condo sales. I, for one, am looking forward to see how the upper priced home sale come back in September.Looking for a Free property Value analysis, MLS Listing Search visit my site for more information about York Region, Aurora and Richmond Hill Real Estate .
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York Region Real Estate market statistics - July 2007
2007-08-07 05:45:00
York Region's real estate markets were hot in July 2007 as were all of the Northern districts on the Toronto MLS® system. Sales this year were up 27.7% with 1,797 homes sold compared to 1,407 homes sold in July 2007. The year to date home sales numbers are also up 16.3% to 12,232 homes sold in York Region, the Uxbridge area of Durham and parts of Simcoe County.Over all average sold prices increased by 5% from $373,573 to $392,360 in July 2007. There were some very active markets in York Region including the 3 Richmond Hill Ontario real estate districts (N03, N04 and N05), Aurora (N06) and Vaughan (N08).In Richmond Hill there was an increase of 47.1% in the total number of homes sold, going from 291 (July 2006) to 428 (July 2007) homes. Most of this increase was in the South end in the N03 and N04 districts. Richmond Hill seems to have been hit by the summer market effect resulting from higher price range buyers going on vacation. The result was a decrease in the average sold price ...
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Toronto Real Estate Market Statistics - July 2007
2007-08-07 05:01:00
Toronto's real estate markets keep motoring along. In July 2007 there were 1,590 homes sold in the central districts on the Toronto MLS® system. This would account for the down town core and everything between Dufferin and Victoria Park, South of Steeles, with the DVP as the eastern boundary south of Eglinton Ave. That is an increase of 24.3% over last year's 1,279 Toronto homes sold.The average sold price in the Toronto Central districts was $470,464 up 9.9% from July 2006's $428,031 and the median home sale prices in central Toronto raised from last years $313,200 to $334,500. The one thing that Toronto still has is variety. The average home sold prices vary widely from district to district. The lowest average sold price was $329,339 in the C8 district which is predominantly condominiums. Where as the highest average home sold price was in the C12 district with and average home sale price of $1,442,216.So far, in 2007, there have been 10,591 homes sold in the central Tor...
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Toronto Real Estate Home Inspectors - How to Choose One
2007-07-31 20:22:00
The home inspection industry is currently not a regulated industry, which means that anyone can call themselves a home inspector and charge a fee to look at homes and give you a report or opinion on the condition of the home. So until the home inspection industry gets its own version of REBBA making it illegal to charge a fee for a home inspection related service, without first being registered and insured, how do you choose the right home inspector?I think we would all recognize that this picture would be of someone you would not like to have inspecting your home, yet home inspectors are rarely this obviously unqualified. So, always make sure that they are a member of the Canadian Association of Home and Property Inspectors (CAHPI) and in Ontario, Canada, they should also belong to the Ontario Association of Home Inspectors (OAHI). These two organizations have their own rules, regulations, ethics codes and training qualifications that must be met in order to remain a member.Make su...
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Genworth Housing Outlook - Summer 2007
2007-07-30 16:16:00
Genworth Financial has published there summer 2007 "Housing Outlook " that provides insightful analysis of the Canadian real estate markets (nationally, provincially, and for major cities) as well as provides their predictions for the next few years.The "Housing Outlook", according to Genworth Financial, look strong for the next few years with stead growth in home values as well as sales volumes (with a slight exception of new home sales in 2007). They sight economic factors like the strength of the Canadian Dollar and the growing GDP, personal incomes, and a variety of other national and regional factors in support of these views.The price increases that they are predicting are higher than I was expecting, so if you are currently renting it would be a good idea to find out if you can afford a home and buy now before you are priced out of the market. a 0% down mortgage may have an insurance premium but it is, most often, worth it if you plan to live in the home for a few years, espec...
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Toronto Real Estate Market Update - preliminary
2007-07-30 15:51:00
Real estate markets in the Toronto area has far surpassed expectations in the first half of the year with just over 50,000 sales posted in the months of January to June. Going into July the activity seems to have decreased some what. This is to be expected slightly as many people flee the city for vacations to cottages or other more exotic locals, in order to escape the everyday life of a 9 to 5er's (or what ever hours one calls a work day).This tends to have the biggest effect on the higher priced homes as the people most able to afford them are also the people who are most able to afford a cottage where they would rather be, rather than shuffling from house to house looking for the one that is significantly better than their current home, at a reasonable price.The unadjusted sales numbers for July, (1st to 9:30am July 30th) is 8643 homes that were sold firm. This number is likely to be higher than the official numbers, posted by the Toronto Real Estate Board in the end of the ...
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New Toronto Real Estate Tax delayed
2007-07-17 22:54:00
Thanks to the efforts of the Toronto Real Estate Board and the general public, that lobbied the municipal government, the City of Toronto land transfer tax has been postponed until after the provincial election in October. There was a narrow win of 23 votes to 22 in favour of postponing a decission on this proposed tax.Now we will all have to lobby the Ontario government to try and convince them that Toronto needs some financial help to keep it afloat, in order to avoid the real estate tax being passed shortly after the election is held.Real estate in Toronto has remained a very hot market, however an increase in land transfer taxes would have a heavy effect on home values in the City of Toronto. That said anyone living just outside of the Toronto city boundaries might see a marked increase in their home's values.Looking for a Free property Value analysis, MLS Listing Search visit my site for more information about York Region, Aurora and Richmond Hill Real Estate .
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Rules Changed for Mortgage Insurance
2007-05-27 13:56:00
A quick update for anyone who missed the announcement. The Government of Canada has passed Bill C37 which changes the minimum loan to value amounts for conventional mortgages.What does this mean to you? In the past if you were borrowing more than 75% of the purchase price, or value of the property, you had to get CMHC or Genworth mortgage insurance. Now that Loan to Value amount has changed so that there is no need for high ratio mortgage insurance if you are borrowing less than 80% of the homes value. This move will save you a large chunk of change (over a thousand dollars) if you can come up with a 20% downpayment. For those that had been saving up to have a 25% downpayment and avoid the insurance premium, you can now put 20% down on a larger or better home, or spend the extra 5% on furniture, upgrades or savings.Looking for a Free property Value analysis, MLS Listing Search visit my site for more information about York Region, Aurora and Richmond Hill Real Estate.
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Real Estate Market Update April 2007
2007-05-27 13:17:00
Busy! That pretty much sums up the current greater Toronto Real Estate markets and why I have not posted in too long. February and March had very strong sale, just lower that Feb. and Mar. 2006, but April 2007 blew past April 2006's 8361 sales. With 9452 sales in April 2007 this sets a new record for April sales in the GTA real estate markets.Even Oak Ridges, which I have mentioned was at risk of having an over supply of homes, sold about 30% of the listed homes in April 2007. The MLS® districts for Richmond Hill and Aurora sold between 30% and 40% of the available homes in April 2007. Newmarket sold 45% of its housing supply and Markham's N11 district sold almost 50% of the available homes with 298 out of 611 homes being sold in April 2007.Average sales prices were also up in April 2007. Continuing low mortgage rates and the strong economy are still setting the stage for exceptional volumes of sales in the resale housing markets. Even with a slight increase in recent 5 year...
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Backing out of a real estate deal - Q & A
2007-04-18 12:57:00
The questionIf you could clarify something for me it would be much appreciated. We soldour property late last year and are due to close next week, the buyer isstarting to ask for extensions etc... the buyer put down a large deposit now myquestion is this: if the transaction is NOT completed by the Purchaser who getsthe deposit? I was told the Realtor takes what would have been their "potential"commission out of the sale and the remainder would be dispersed to us it thiscorrect?was posed by Anonymous on my original post "Back ing out of a real estate deal ?". This is a commonly asked questions and the answer is not as cut and dry as I would like. In Ontario, Canada, the basic answer is that the deposit stays in the trust account until the buyer and the seller can come to an agreement on how it is to be dispersed, or until there is a court order stating how it will be dispersed. In most cases the funds are given to the party that still wants to close the sale, in this question that w...
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Kept in the Link
2007-03-28 03:12:00
In any real estate purchase or sale one might think that it would be obvious that every person involved needs to be informed about what the steps are and who is involved. This means that the REALTORS®, the lawyers, the lender(s) and the buyer and seller all need to know about each other. Well the lenders really only need to be known by the party they servicing and the lawyers but the agents would be interested in knowing so that they can provide any needed information.However, everyone needs to clearly know who the lawyers are. In Ontario, Canada, we do not have escrow services per say but everyone, or at least those that know enough to want to avoid problems, uses a lawyer to handle the closing procedures on both purchases and sales of any property. So I find it odd to have another case where a seller or purchaser has changed their lawyer without telling anyone. I received a call from my client's lawyer the other day to inform me that the lawyer, that we had all been told was ...
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Toronto's new land tax grab
2007-03-25 03:46:00
Toronto is proposing it's own land transfer tax on all properties sold in Toronto. This is on top of the existing Land Transfer Tax that is levied by the Ontario government. Under the powers that were recently given to the City of Toronto, under the new City of Toronto Act, you could be required to pay an additional 0.5% of the purchase price in the form of a land transfer tax if you purchase a home in the boundaries of the City of Toronto.This means that the average home (approx. $380,000 in Toronto for 2006) will cost an extra $1,900 that can not be put into the mortgage, according to the Toronto Real Estate Board. However, the average sale price for a home in February, in the central districts on the Toronto MLS® system, was $504,381 which would mean an extra tax of $2,521.91.So how is this likely to effect your home's value? It could undermine the Toronto real estate markets. If you are in the upper end of homes the effects may not be initially visible, although it will make h...
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Richmond Hill Home Sales Statistics - February 2007
2007-03-11 17:09:00
Richmond Hill home sales in February 2007 accounted for 307 homes out of 6,772 homes sold on the Toronto MLS® system.. This make Feb 2007 the second best February ever recorded, in terms of sales volume, for the Toronto MLS® system. For Richmond Hill?s three MLS® districts there were strong sales numbers with 170 homes sold in the South end or Richmond Hill (N03 district), 80 homes sold in the N04 district and 57 houses sold in the Oak Ridge?s area or N05 district. Here is the quick breakdown of the numbers for each district: All Home sales in Richmond Hill, Ontario, Canada. sales Average Sale price Median Sale Price N03 170 $425,375 $382,000 N04 80 $397,712 $391,250 N05 57 $451,554 $445,000 Detached homes in Richmond Hill Homes sold Average sale price Median Sale Price N03 74 $602,057 $585,000 N04 52 $449,894 $455,000 N05 38 $504,068 $477,750 Semi-Detached homes in Richmond Hill Homes sold Average sale price Median Sale Price N03 8 $393,363 $399,400 N04 9 $299,788 $278,500 N05 4 ...
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Richmond Hill Homes for Sale - Macleod's Landing, March 3rd
2007-03-03 16:00:00
Macleod's Land ing, in Richmond Hill (Ontario, Canada) is located south of King Road, North of Jefferson Sideroad, East of Yonge Street and West of Bathurst. It is divided into three sections, North East corner of Yonge and Jefferson Sdrd, and extension of the Kings Hill development off of Bathurst and South of Augustine Ave and the yet to be built North West corner of Jefferson and Bathurst. This is in the Oak Ridges area of Richmond Hill and is in the N05 MLS® district on the Toronto MLS® system.In between the three areas of residential homes, in the Macleod's Landing, you will find a large conservation area with trails connecting all three areas. There is also a golf course (Bathurst Glen) which is now the property of the town of Town of Richmond Hill and offers very reasonable prices for greens fees and its driving range. This land is zoned as "Linkage land" and will not be built on, so long as the governing bodies continue to value the environment and Oak Ridges conservati...
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York Region Real Estate and home sales statistics
2007-02-07 03:56:00
The Toronto Real Estate Board has published the Market Watch issue for January 2007. Claiming that the year has started with a boom. Over the all of the districts for the Toronto MLS® system there were more sales than in any other recorded January, with a total 5,173 homes sold. This is an increase of 12.8% over last years January. The North districts had an increase of over all sales but there were a few surprises when looking at individual areas.On a positive note, Richmond Hill home sales saw an increase in sales volume and in the N03 district the average home sale price surged forward 17.7%, over Jan 2006, to $426,800. On the other hand Aurora, Ontario, home sales volumes stayed almost the same and the average sale price decreased by 12.8% from Jan 2006.But wait, Don't PANIC. These are both examples of why statistics are dangerous. Although it is true that the average sale price in Aurora, Ontario, was down by a whopping 12.8% that does not mean that the average home has...
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Ontario Tenancy Law Changed
2007-02-07 02:08:00
The Tena nt Protection Act is no longer the act that governs residential rental agreement in Ontario , Canada. It has now been replaced with the Residential Tenancies Act with a few significant changes.First, in the old act tenants were entitled to 6% interest on there last months rent per year payable each year. Now the interest has been reduced to the same as the consumer price index which will also be used in determining the rent increase amounts that landlords can charge yearly. This will, within reason , make a last months rent always equal the last months rent no matter how long you stay in the unit.Landlords will now be allowed to inspect the unit for maintenance problems with 24 hours and the process for evicting tenants that have damaged their rental property ( either themselves or their guests) have been made easier. So be kind to your rental unit.The Ontario Rental Housing Tribunal has been given a new name and there are supposed to be improvements to the process of dealing...
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Terminating a customer service agreement
2007-02-04 13:02:00
To the person who visited this site from Google with the term "Toronto terminating REALTOR customer service agreement"- In order to terminate a "customer service agreement" you need to do nothing. A customer service agreement is a disclosure form that formalizes and clarifies that the REALTOR®, that you are using, is NOT working for you. Instead they are providing customer service which includes fair and honest treatment, factual information about the property that is not visibly evident (latent defects) and answers that have properly thought about before responding to them (they have to answer any questions about the condition of the property, as you ask them).With a customer service agreement you are "unrepresented" and in a "buyer beware" situation. If you walk into an open house and want to buy that house using the listing agent then this is the relationship that the REALTOR® should be working towards unless you request representation and the seller agrees to allowing their ...
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New Homes by Gamble Rd, Richmond Hill.
2007-02-01 05:14:00
I have seen a few inquiries from visitors to this blog looking for information on the new homes in the Gamble road area of Richmond Hill . For those who are interested in this area here are a few tidbits of information. The newest larger development in the area is the Tribute Homes ' "Inspiration" development on the North side of Gamble. There is a fairly wide selection of properties available in the area ranging in prices from $469,000 to $869,000 (based on a quick search by map co-ordinates on Jan 31st at 11:24pm). Unfortunately I can not publish specific details about these homes, as they are not my current listings (privacy and advertising laws etc...). However if you want to know what is available you can request information on homes for sale in Richmond Hill, Ontario, from my website and I would be more than happy to provide you with a list of available homes as well as my help in determining if any of these homes are right for you, or if there are better homes in other are...
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York Region Real Estate Year End Stats and Forecast
2007-01-18 14:37:00
Real estate markets in York Region and the Toronto area finished 2006 with a bang. With December, 2006, home sales up be 4.5% in volume, over Dec. 2005, the year ended only 1.1% behind 2005, with a total of 83,084 homes sold through the Toronto Real Estate Board's MLS®. The Average price, in 2006, across the TREB MLS® was $351,941 up from $335,907 in 2005.In Richmond Hill and Aurora the volume of sales decreased slightly, with the exception of the N05 district (Richmond Hill North of Gamble Rd including Oak Ridges and several newer developments like Macleod's Landing, Tribute's "Inspiration, Bond Lake, The Humberlands, etc...) which saw an increase of sales volume by 17.6%. The average sale price in N05 increased by 6% to $455,973 and the median home sale price is up 5.3% to $430,500.The majority of these increases can be attributed to the vast amount of development that has occurred over the last 7 years that have changed the area from farm fields into residential neighbourhoods...
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Ontario Passes Bill To Property Owners From Fraud
2006-12-16 18:24:00
Bill 152 has just been passed, according to a notice from the Toronto Real Estate Board, to ensure that the legal owners of property will not lose their ownership through fraud.This means that you no longer need to worry, as much, about losing your home due to fraudulently registered mortgage, fraudulent home sales, or fake power of attorney documents.All I can say is that it is about time. Since November 2005 we have had to live with the possibility that someone could falsify documents, and register a mortgage on our property, and we, the owner, would be legally responsible for paying the mortgage even if it is proven that we had nothing to do with the mortgage application. Usually the people at greatest risk were those who had paid off their mortgage. So, these hard working people that had managed to pay off their mortgages could suddenly find themselves back under the grindstone to pay off a debt that only put money in someone else's pocket, even though it was the bank that ma...
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Luxury 3 bedroom Bungalow on 10 acre Hobby Horse farm
2006-12-13 02:04:00
New exclusive listing near the prestigious Bond Head golf club. 10.13 acres of rolling pastures and paddocks. This luxury Bungalow has custom Canac cabinets in the Kitchen, Master ensuite, and great room with granite counters and cork floors. Perfect for anyone who is likes both the piece and quiet of the country and high quality modern design. There are too many features to list here.Get more information on this 10 acre hobby horse farm just 45 minutes to Toronto or call me for a viewing.Looking for a Free property Value analysis, MLS Listing Search visit my site for more information about York Region, Aurora and Richmond Hill Real Estate.
More About: Luxury , Hobby , Bedroom , Room , Farm

Home Sales statistics in Richmond Hill, Ontario
2006-12-10 13:37:00
Another month has passed and November, 2006, continued to show strong sales volume, if a bit lower than last year.Across the Toronto Real Estate Board's MLS® system there were 6,281 homes sold in November 2006. Which is lower than 2005's 6,646 home but very close to 2004's 6,301 homes sold, for the month of November. There is also a larger number of homes on the market. In the November Statistics , in the Toronto Real Estate Board's Market Watch publication, there were 22,981 active listings.The average sale price across the region was $355,727 with a median sale price of $298,000.For Richmond hill, or the 3 districts that encompass Richmond Hill (N03, N04 and N05) there was 268 homes sold in November 2006, down from the 311 homes in Nov 2005, and 1168 active listings. 150 of those homes sold were freehold detached homes, 45 were apartment condominiums and 41 were freehold townhouses.For Richmond Hill, in November 2006, the statistical breakdown is as follows:District ...Number o...
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Richmond Hill Home sales for October 2006
2006-11-13 14:35:00
Sorry for any delay in posting the Richmond Hill home salesstatistics. I am preparing for my own move and adding packing, planning and any required arrangements on top of my clients needs has led to my blog being put on the back burner.So Richmond Hill had another great month in October 2006. The Real Estate markets are still moving strong with the south end of Richmond Hill actually increasing in sales volume over September. The number of available homes for sale in Richmond Hill, Ontario, decrease slightly since September 2006 as is typical of the late fall markets. Home sales in Richmond Hill are predominantly Detached homes with Condo Apartments in the south end of Richmond Hill (N03 district which includes a small portion of Markham and Vaughan) providing a strong second housing option.The average home sale price in the South end of Richmond Hill, for October 2006, was $404,637 with a median price of $351,600. This is up from an average of $389,187 in October 2005 even though t...
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Toronto Real Estate statistics for October 2006
2006-11-06 13:33:00
The Toronto Real Estate Board has posted the October real estate market statistics for homes traded on the Toronto MLS® system. The volume of sales was up from September but only 95.85% of the levels in October 2005. With a total of 8,876 homes sold and an average sale price of $356,423 which is up 4.08% from last year at this time. Currently the number of homes listed on the Toronto MLS® system are up in all districts. Although, in the Central Districts the increase is only by 32 homes, bringing the number to 3,532 available homes. The Central Toronto districts have also gone against the grain on the volume of sales with an increase in home sales totalling 1,317 for October. All of the other districts have seen slight decreases in sales volume along with slight increases in home listings.I will post more specific statistics for Richmond Hill, Aurora and Newmarket over the next few days.Looking for a Free property Value analysis, MLS Listing Search visit my site for more inf...
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Updated real estate statistics for York Region coming soon
2006-11-04 02:39:00
Octobers real estate statistics were published today. The sales volume was still strong, however it is lower than last year. This is consistent with the slowing of the real estate markets. I will be posting a more detailed evaluation in the next few days so please check back for the updated numbers for home sales in Richmond Hill, Aurora, Newmarket, York Region and the real estate markets covered by the Toronto Real Estate Board.Looking for a Free property Value analysis, MLS Listing Search visit my site for more information about York Region, Aurora and Richmond Hill Real Estate .
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Newmarket Home Sales Statistics
2006-10-25 14:43:00
There seems to be a fair demand for Sale to active listing statistics in Newmarket , Ontario. In September the sales volume in Newmarket did decrease relative to August however the level of competition is still very balanced.88 of the 300 active Newmarket listings sold in September 2006 with the majority of the homes being detached houses.Along with the strong sales volume there were some increases in price over last year, but not as much as some might have hoped for. The average detached home sold for only $5,438 coming up to $387,077. The median home price for detached homes in Newmarket for September was $364,500 which would indicate that there were a few homes that sold significantly higher than the average price range.Semi detached home's, in Newmarket, average sale price was $265,107 which is up from last year's $247,667. The median home price for the semi detached homes was $271,500 which indicates that there were several homes sold well below the average price. This ref...
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Richmond Hill Ontario Home Sales Breakdown
2006-10-16 23:51:00
Here is some new statistics on the Richmond Hill, Ontario , and Oak Ridges real estate markets.Richmond Hill's three districts have shown that they are moderating but there is still a question about where the home sales are, in terms of the different types of housing. The following charts, based on the information provided by the Toronto Real Estate Board in the Market Watch publication, shows that the majority of available homes and homes sold across Richmond hill are detached homes.In the N03 District almost 40% of the sold homes were detached home, in Central Richmond Hill (N04) that number goes up to more than 60% and detached homes in Oak Ridges and the N05 district accounted for 68% of the sold homes.Some other interesting numbers in the Richmond hill real estate markets are the average sale prices. In the South end of Richmond Hill the average sale price in September 2006 was $421,964 with a median sale price of $338,000. In the N04 District the Average was $402,950 with a me...
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