The Bank of Canada raised its benchmark interest rate for the first time since 2007, saying inflation is unfolding as expected and that spillover from the European debt crisis has been limited, while stressing there remains “considerable uncertainty” about an “increasing uneven” global recovery.
With his much anticipated decision to lift the central bank’s overnight rate by one-quarter of a percentage point to 0.5 per cent after more than a year at a record low level, Governor Mark Carney has become the first central banker in the Group of Seven to tighten since the financial crisis and recession began in 2008.
In a statement on the move, however, Mr. Carney and his rate-setting panel sought to emphasize that investors should not necessarily interpret the increase as the first in an uninterrupted series. [Globe and Mail]
April Toronto Home Sales Break Record
April Experiences Record Number of Buyers and Sellers
05/05/2010 10:44AM EDT (Toronto Real Estate Board)
Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April - a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.
"The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth," said Toronto Real Estate Board President Tom Lebour. "More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010."
The average price for April transactions was $437,600 - up 13 per cent compared to the average of $385,641 recorded in April 2009.
Zoom, Drag & Click on a Property to View My Featured Listings!
HGTV's "The Really Big Flip" - Sundays on TV Tropolis
In Episode One of "The Really Big Flip" - a new, entertaining, Toronto house flipping show on HGTV - I find my clients a GREAT home in the west end neighbourhood of Baby Point - Bloor West Village. The home I researched and found for seemed perfect for the task of 'flipping' for this exciting contest, whereby the winners stand to gain a $50,000 bonus on TOP of their profits!!
If you missed it the first time around on HGTV you can now see the show on Sundays on TV Tropolis!
Tune in to this real estate renovation show which was filmed in the Baby Point - Bloor West Neighbourhood on Sundays at 9am, noon (west) or 9pm on TV Tropolis - Jeanette
The Really Big Flip
In this new house-flipping contest, three 'unique' teams have to find, fix and then flip a house (on their own budget no less) - all in a six month period. Amongst a few surprises, lots of stress, and more than a dash of demolition dust, the 3 teams' relationship and renovation skills are certainly put to the test.
As the real estate agent representing one of these teams, I worked hard to provide them what I thought they would need from a real-estate perspective, to make the most profit. This included extensive research of the Toronto market; finding the property that looked to have the best return on investment (ROI) for them (location location location!); helping them negotiate the best deal with the sellers; and then providing them input on the types of renovation finishes, styles and functionality that buyers are looking for to bring them top dollar on the resale (a service I often provide to my clients). Then, once renovations were completed,I personally staged the house with rented furniture and original art (see below for details). This is another service that I provide to clients, and is a proven way to enhance the sale price of a property and speed up the sale! And with additional current market research for the neighbourhood, I helped them price the property, & marketed and listed it for sale. But ...Yikes - the timelines were tight!! Tune in to find out what happens...
Premiered on New Year's Eve on HGTV and is now running on TV Tropolis on Sundays.
Final Episode - See which team wins! (..or call me for details :)
The original art (paintings and lithographs) that I used to stage the winning team's property were created by two talented Toronto artists:
Jason AleXander
and
Ulla Djelweh
Both frequently exhibit their art around town at major shows and also sell their work privately, also offering custom work, and pieces (including those seen on the show) that can be purchased or rented for staging. Please contact me for details or contact the artist directly via their websites.
Market Watch Strong market gains expected to continue through first half of 2010
Canada's residential real estate market is forecast to remain unusually strong through the first half of 2010, according to the Royal LePage Market Survey Forecast and House Price Survey. The survey reports state, "As confidence in the recovery builds in early 2010, increases in average house price levels and overall market activity are expected to continue. The gradual erosion of affordability driven by higher house prices and the expected late-year modest upward movement of interest rates, together with an improvement in listings supply as confidence improves, are expected to bring the market back into balance in the second half of the year when home price increases are expected to moderate." (Ontario Real Estate Association: Feb/2010)
Economists predict higher interest rates in fall
According to many of Canada's top economists, higher interest rates - and debt servicing costs - may be just around the corner. Exactly when rates will rise is unclear and depends on who you talk to.
In its latest Financial System Review, The Bank of Canada judges that vulnerability of Canadian households to adverse wealth and income shocks has grown in recent years. "At present, Canadian household finances appear quite healthy," Governor Mark Carney says, but it is the responsibility of households now to ensure that in the future, when the recovery takes hold and extraordinary measures are unwound, they can still service their debts."
The Bank of Canada still maintains it will hold the line on rates until July of this year, and many analysts believe rates may start to rise in the fall of 2010, with some expecting a full three percentage point hike by the end of 2011. (Ontario Real Estate Association: Feb/2010)
Update: Banks bump up mortgage rates
Last Updated: Monday, March 29, 2010 | 2:14 PM ET [CBC News]
Mortgage rates have finally begun to rise from their record lows, with news Monday that Royal Bank and TD Canada Trust are increasing several fixed mortgage rates by up to 6/10ths of a percentage point.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at both banks. That's the posted rate, which is routinely discounted by the big banks.
RBC's new discounted rate for the five-year term also rises 6/10ths of a percentage point to 4.59 per cent. TD's rises the same amount to 4.55 per cent.
Both banks also raised their three-year and four-year fixed closed rates. The posted three-year rate at Royal Bank climbs one-fifth of a percentage point to 4.35 per cent, while the posted rate at TD jumps 4/10ths of a point to 4.70 per cent.
The posted four-year rate at both banks jumps 4/10ths of a percentage point to 5.34 per cent.
Other banks are expected to follow suit. The new rates, effective Tuesday, represent the first hike in Canadian mortgage rates since last October. The posted five-year rate is now back to where it was for much of last summer.
New mortgage rules that go into effect next month require borrowers to qualify at the five-year rate, rather than the old three-year standard, even if they are applying for a variable rate mortgage.
Variable rates are expected to rise soon too - as the overnight lending rate increases (likely sometime in May or June, and earlier than previously predicted).
2010 Housing Market Predictions
Search by District Maps
Searching for Homes or Condos?
...in a Particular Neighbourhood
Are you searching for a new or resale home or condominium in a particular area or neighbourhood of Toronto? Are you searching for a new or resale home or condominium in a particular area or Toronto, or perhaps wondering what your current home is worth in your neighbourhood?
Bloor West Village or Liberty Village? Would you like to live in a certain area of Toronto such as The Kingsway or Etobicoke? Or is Baby Point or High Park more your style? Will it be Riverdale, Rosedale or Roncesvalles? Could it be that Corktown or Cabbagetown is up your alley? Fancy starring in your new life in the "Film District" or trendy Leslieville? But if you'd prefer a westside story then Funky Trinity Bellwoods or Beaconsfield Village would suit. Perhaps you dream of Sunnylea then again, maybe you'll head straight for "The Beach" instead. Decisions-Decisions!! If you're just not quite sure where to begin with your selling and or buying process, then let me help point you in the right direction. I've recently help people unfamiliar with the city relocate from far and wide in Canada and also from the UK.
Maybe you're only just starting your search, and since you are just at the initial investigation stage, you don't want to 'feel pressured' by a real estate agent, because you think you're not quite ready to go and view homes yet? This is where I come in. Start your home search for your ultimate place right here and find all the information you need to make an educated purchase when you are ready!
Click HERE and fill in the quick form, or if even that seems like more of a commitment than you're quite ready for, simply drop me an email at jeanette@marketpointrealty.ca stating your desired neighbourhood, or general area or intersection along with your price range and number beds / baths / parking required, and I can send you links to newly listed properties that match your criteria, BEFORE they even go onto the public MLS.
No pressure ~ No obligation ~ No hassle !
→ just fast, friendly, professional & efficient service to get you the information you are searching for, and speed you on your way to your new home. Call or email anytime ←
Title Insurance - What is it and Do I Need it?
What is Title Insurance Anyway...
Title theft, and Title insurance have been in the news in Ontario quite a bit this year. While a part of most real estate transactions, many home buyers are not familiar with what Title Insurance is, what it protects and why they should make sure they purchase it. For more info. on this topic - click Here.
Market Watch Strong market gains expected to continue through first half of 2010
Canada's residential real estate market is forecast to remain unusually strong through the first half of 2010, according to the Royal LePage Market Survey Forecast and House Price Survey. The survey reports state, "As confidence in the recovery builds in early 2010, increases in average house price levels and overall market activity are expected to continue. The gradual erosion of affordability driven by higher house prices and the expected late-year modest upward movement of interest rates, together with an improvement in listings supply as confidence improves, are expected to bring the market back into balance in the second half of the year when home price increases are expected to moderate." (Ontario Real Estate Association: Feb/2010)
Economists predict higher interest rates in fall
According to many of Canada's top economists, higher interest rates - and debt servicing costs - may be just around the corner. Exactly when rates will rise is unclear and depends on who you talk to.
In its latest Financial System Review, The Bank of Canada judges that vulnerability of Canadian households to adverse wealth and income shocks has grown in recent years. "At present, Canadian household finances appear quite healthy," Governor Mark Carney says, but it is the responsibility of households now to ensure that in the future, when the recovery takes hold and extraordinary measures are unwound, they can still service their debts."
The Bank of Canada still maintains it will hold the line on rates until July of this year, and many analysts believe rates may start to rise in the fall of 2010, with some expecting a full three percentage point hike by the end of 2011. (Ontario Real Estate Association: Feb/2010)
Update: Banks bump up mortgage rates
Last Updated: Monday, March 29, 2010 | 2:14 PM ET [CBC News]
Mortgage rates have finally begun to rise from their record lows, with news Monday that Royal Bank and TD Canada Trust are increasing several fixed mortgage rates by up to 6/10ths of a percentage point.
The biggest jump is attached to the popular five-year fixed closed rate, which moves from 5.25 per cent to 5.85 per cent at both banks. That's the posted rate, which is routinely discounted by the big banks.
RBC's new discounted rate for the five-year term also rises 6/10ths of a percentage point to 4.59 per cent. TD's rises the same amount to 4.55 per cent.
Both banks also raised their three-year and four-year fixed closed rates. The posted three-year rate at Royal Bank climbs one-fifth of a percentage point to 4.35 per cent, while the posted rate at TD jumps 4/10ths of a point to 4.70 per cent.
The posted four-year rate at both banks jumps 4/10ths of a percentage point to 5.34 per cent.
Other banks are expected to follow suit. The new rates, effective Tuesday, represent the first hike in Canadian mortgage rates since last October. The posted five-year rate is now back to where it was for much of last summer.
New mortgage rules that go into effect next month require borrowers to qualify at the five-year rate, rather than the old three-year standard, even if they are applying for a variable rate mortgage.
Variable rates are expected to rise soon too - as the overnight lending rate increases (likely sometime in May or June, and earlier than previously predicted).
