Finding the right rental property is certainly one of the first steps to success in owning investment real estate. Below is a quick start guide in finding the right property that will help you generate additional income. First, consider whether you want to look for rental property on your own or whether you wish to use an agent to assist you in the process. In many cases, agents may know of properties just coming on the market, which may not have hit MLS.
An agent should be well-versed in the local neighbourhood, which can be especially important if you are not from that area, however make sure the agent you choose has a rental property themselves. If they don't, I highly recommend looking for one that does to ensure you are speaking the "same language."
Before you actually begin looking at prospective properties, make sure you have your finances in order. Ideally, you should check your credit report several months prior to purchase to be certain there are no inaccuracies that could prevent you from obtaining a mortgage. Be sure to check with at least two bureaus to get a clear picture of your credit standing. Assuming your credit is in order, this can help you to obtain a more favourable interest rate.
Be sure to check with the local police department to find out whether the area is safe and if you will need to provide any additional security. Drop by City Hall to determine whether there are any zoning plans for the local area that could potentially lower, or perhaps increase the value of the property.
Research prices, rental rates, vacancy rates and tenant absorption rates. If housing prices have gone down recently, this could be an indication that rents will also be lower. Conversely, if prices are high, this could indicate a high demand area in which you may be able to charge a higher rental amount. Carefully consider the advantages and disadvantages of purchasing a property labelled as a "fixer-upper."
While you may be able to purchase the property for less money than other properties, you may find that you have purchased a "money pit." In the event that major repairs are required, equating to a large investment of both time and money, it would be better to pay more for a property that may require less attention but still produce cash flow.
You should hire a professional property inspector who checks many things in a property that could cost you money. Knowing if the electrical meets code, no lead paint, plumbing is good and the overall property is safe gives you confidence in the long-term value of the property.
An inspection can often reveal problems you may not notice but could ultimately cost thousands of dollars to correct. Lastly, just because you really want to get into the market, do not make the mistake of settling for an inferior property. This can come back to bite you in many ways which usually is right in your bank account. It all comes down to the numbers.
Guide to Inexpensive Property Repairs
The worst thing you can do is get emotional when looking to fix up a rental property. You must remember... you are not living there. If you want to make money on your investment property, you must keep repairs logical and to a minimum. Since repairs are a necessity to attracting and maintaining quality tenants, it is also important to learn how to make these repairs on a limited budget.
Just like in selling, you want to make a good first impression. The first area a tenant will see is the entryway. Tiling the foyer with a few bright ceramic tiles can spice up the look of the entrance for a minimal cost. Some other effective, inexpensive repairs can begin with replacing all switch plates. Swapping out old light fixtures is also a very inexpensive way to make significant changes. When trying to attract good tenants, interior doors are something a renter will notice. While changing the doors, be sure to also consider changing the handles as well.
Older door handles can really make a place look drab. For a few dollars, you can easily replace old handles with brass or brushed metal handles. Take a look at the existing trim. If it appears worn or cracked, it could be time to replace it. If it's in reasonable shape, make sure you caulk all the cracks and spaces between the trim and the walls. This creates a really tight look to the floor and window trim.
Painting walls with a flat paint will hide a lot of imperfections that may be there. Kitchens and bathrooms are very important areas. While it may not be practical to replace the cupboard doors, painting them with a semigloss and replacing the knobs for more contemporary knobs is a nice inexpensive touch. You can also replace old taps, sinks and toilets very inexpensively.
Setting Your Rental Rates
Formulating a rental price for your unit can be challenging. You need to look at rental ads in local newspapers, Craig's List or Kijiji to research the fair market value rents for your area. Most tenants look for convenience when searching for a rental property by looking for a place that is near their work or close to their children's school, so consider location and amenities when determining rental rates.
For example, a three-bedroom unit in one end of town may rent for more than in another part of town based on location and amenities. It is important to keep in mind that there is a point when rental rates can reach a cap.
When interest rates are low and rental rates are high, tenants will quickly make the connection that it just doesn't make sense to rent any longer and it can be less expensive to purchase a home. If this is the case, moving the tenants into a rent-to-own program may be a good strategy as it will keep the cash flow high and you have a built-in buyer. To help keep your finger on the pulse of the market, join a landlord association in your local area.
Any emerging trends will affect all landlords equally. Any upward or downward trend in the local economy could have an effect on your rental rates. Make sure you keep track of whether there have been job losses or new job creation in the local area. Lastly, keep in mind what extras your property offers in terms of onsite washer/ dryer, AC, dishwasher, on street or driveway parking, garages etc. This will play into your rental rate determination.
Showing Your Property Effectively
It is as important to put your property's best foot forward in renting as it is when you are selling. Curb appeal is as important to tenants as it is to buyers. Prospective tenants are put off by properties that have a dilapidated exterior. Even small rental properties can create a good first impression. Repair issues should always be addressed prior to showing a property to prospective tenants. It is never a good idea to show a property which is still in the process of being repaired or renovated. Wait until the property has been completely fixed up before showing it.
Cleanliness is of utmost importance. There is nothing worse for making a bad impression on a prospective tenant than a filthy property. Above all, be certain that the carpeting is clean. Ideally, it is best to have the carpet professionally cleaned and allow plenty of time for the carpet to dry before you actually show the property to anyone.
Never put off replacing worn carpet as this can cause problems in attracting quality tenants. Get to know the best points of the property before you show it in order to point out its best features. Before you actually show the property, take time to look at it through the eyes of the renter. If there is something that catches your eye that appears negative, it will to the prospective tenant as well. If the temperature outside is cold or hot, be sure to set the temperature inside the property so that it will be comfortable. Generally, most people will not want to stay long in a property that is either too hot or cold. If the temperature is uncomfortable, there is a good chance that most prospective tenants will not stay around long enough to see the best features of the property. Make sure that you turn on the lights before you show the property.
This is particularly important if you are showing the property at night. If the property is not well lit, prospective tenants may wonder if you are trying to hide something. The few dollars you will spend on having all of the lights on during showings will often translate into attracting good quality tenants. Do not hesitate to show off the exterior grounds and any good feature of the property.
The key is to give prospective tenants an idea of what it is like to actually live there by showing off the grounds and perhaps something special in the immediate area. Lastly, make sure you are prepared for all showings by having a rental application and a copy of the lease you use. You also need to have decided on if you are including any deposits for security, pets, keys or last month's rent.
Taxable Deductable Expenses
As a rental property owner, it is important to understand what expenses you can deduct in order to improve your profit margin as much as possible. It is prudent to speak with your accountant in order to ensure you have a good understanding of the tax-deductible items. Below is a non-comprehensive guide to some of the most common items, which are frequently deducted as a rental property owner. An important thing to understand is the difference between improvements and repairs. Many owners often think that everything they fix on a property is tax-deductible.
This is not always the case. A repair is essentially anything done to keep the property in good, safe condition. Consequently these repairs are tax-deductible in the year in which the repair is done. Examples of repairs would include painting, replacing fixtures and landscaping as well as all labour costs. An improvement is something that you do to the property in order to add value to it.
As such, it is not usually tax-deductible at the time when you pay for them. That said, you may be able to recoup the cost of these capital improvements by depreciating the cost over the life expectancy of your property. Common examples of capital improvements would include adding a garage, a new roof, new windows, replacing the wiring or the plumbing. You will be able to deduct travel to and from your property. You can choose to deduct the exact amount or choose to use a standard mileage rate.
to view the rest of this article click here
Monday, November 21, 2011
NEW 1 Bedroom Condominium For Sale 478 King St. W, Downtown Toronto
For More details click HERE
Address:
478 King St. W Suite#: 306
Toronto, Ontario M5V0A8
MLS Listing #: C2243191
List Price: $349,800 (For Sale)
Size: 705Sq Ft
Bedrooms: 1
Bathrooms: 1 Garage: No
Unit Size: 705 Sq Ft
Monday, November 14, 2011
Tax law extraordinaire, David A. Altro, teaches us how to own US property the Canadian way
Today we had the opportunity to speak with David A. Altro, the managing partner at the law firm Altro and Associates. With 30 years of experience and offices in several Canadian and American cities, David is the go-to guy for advice if you're considering purchasing property or moving to the US.
Now we're sure he wouldn't mind if you showed up at his office or gave him a call on his cell with your question about purchasing property in the US, but why inconvenience yourself when you could just read the latest edition of his book "Owning U.S. Property the Canadian Way."
In our interview David discusses the important points contained within the updated and expanded second edition and talks about why purchasing property in the US doesn't have to be a hassle.
This Friday (November 18) there's a seminar in Toronto at the Westin Prince called "Moving to the US the Canadian Way." If you're interested in learning more, you can register for the seminar on the Altro and Associates website.
And now, here's David!
BBH: Tell us a bit about your firm?
Read more here
Now we're sure he wouldn't mind if you showed up at his office or gave him a call on his cell with your question about purchasing property in the US, but why inconvenience yourself when you could just read the latest edition of his book "Owning U.S. Property the Canadian Way."
In our interview David discusses the important points contained within the updated and expanded second edition and talks about why purchasing property in the US doesn't have to be a hassle.
This Friday (November 18) there's a seminar in Toronto at the Westin Prince called "Moving to the US the Canadian Way." If you're interested in learning more, you can register for the seminar on the Altro and Associates website.
And now, here's David!
BBH: Tell us a bit about your firm?
Read more here
Wednesday, November 9, 2011
Revitalization a key to gains in house prices in Canada: Re/Max
Written by Editorial Team
A revitalized housing stock in Canada, created through billions spent in new construction, renovation, and infill over the past decade, is an overlooked factor behind average housing price gains nationally, according to a Re/Max report.
An estimated $450 billion has been spent on home renovations from 2000 to 2010, said the report, along with $340 billion in residential permits. That’s helped the average value of a Canadian home double from $163,951 in 2000 to $339,030 in 2010, according to Re/Max.
The value of land gains during that same period was not detailed in the report, however Re/Max noted infill has helped redefine Canadian neighbourhoods where the value of existing structures has lagged the pace of escalating land values.
“While a number of external variables were also behind the exceptional gains, revitalization – amid an aging housing stock – and new construction, are largely underestimated factors supporting Canadian housing values,” said Michael Polzler, executive vice president with Re/Max Ontario-Atlantic Canada.
He said there will be an increasing amount spent on revitalization of the housing stock in years to come, continuing to put upward pressure on values.
“City planners, builders, developers, and homeowners have only just begun,” said Polzler.
The report noted the growth of new condos in major cities as part of that building trend, as homebuyers increasing choose that option over a house.
“Running the gamut from entry-level units to upscale, luxury suites, condominiums have gained widespread appeal with aging boomers, looking for lifestyle and low maintenance; young professionals, attracted to trend locales; and first-time buyers looking to get their foot in the door to homeownership,” said Polzler.
Tuesday, November 8, 2011
Sunday, November 6, 2011
GTA Market Watch for October 2011 | Blog | Eva Elliott
TORONTO, November 3, 2011 -- Greater Toronto REALTORS® reported 7,642 home sales through the TorontoMLS® in October 2011. This represented an increase of 17.5 per cent compared to the 6,504 transactions reported in October 2010.
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.
“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
To see Full Report Click Here
Monthly sales data follow a recurring seasonal trend that should be removed before comparing monthly results within the same year. After adjusting for seasonality, the annualized rate of sales for October was 97,100, which was above the average of 90,700 for the first three quarters of 2011.
“The pace of October resale home transactions remained brisk in the GTA. This bodes well for a strong finish to 2011,” said Toronto Real Estate Board President Richard Silver. “Home buyers who found it difficult to make a deal in the spring and summer due to a shortage of listings have benefitted from increased supply in the fall.”
The average selling price through the TorontoMLS® in October was $478,137 – up eight per cent compared to October 2010.
“Sellers’ market conditions remain in place in many parts of the GTA. The result has been above-average annual rates of price growth for most home types,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Thanks to low interest rates, strong price growth has not substantially changed the positive affordability picture in the City of Toronto and surrounding regions.”
To see Full Report Click Here
Sunday, October 30, 2011
Peloso: A basement can be that cosy sanctuary - Yourhome.ca
Peloso: A basement can be that cosy sanctuary - Yourhome.ca
I was visiting some friends who have, in my estimation, a truly lovely little boy, filled with energy and joy and, according to his mother, the energy of a few children.
As the evening got rolling and the guests were getting more attention than he was, he became a louder and I became his jungle gym. His mom asked him to stop clinging to me, with the big threat that he was going to the basement if he didn’t behave.
It seemed a bit ominous to me and I offered that perhaps the basement would be a good place for us to wrestle. When we got down there, it wasn’t like a punishment at all. The basement was a beautiful space to say the least.
BuzzBuzzHome's Blog!: Top 7 Spooky Houses in Horror Movies [PICS]
top 7 Spooky Houses in Horror Movies [PICS]: It's Halloween weekend and we're in the mood for some scares! And what better way to give yourself a fright than watching a horror movie? W...
Tuesday, October 25, 2011
Monday, October 24, 2011
BuzzBuzzHome's Blog!: 2011 Fall Colours: Sensible and spirited!
2011 Fall Colours: Sensible and spirited!: The following is a guest post by Carmen Dragomir, an interior design guru at esQape design inc. Carmen maintains an off-shoot of our site,...
Saturday, October 22, 2011
Cullen: A failproof gardening checklist for fall
From TorontoStar Cullen: A failproof gardening checklist for fall - Yourhome.ca
October 21, 2011Mark Cullen
SPECIAL TO THE STAR
— Scott Westerfeld
“It is amazing how quickly nature consumes human places after we turn our backs on them. Life is a hungry thing.”
I have a love-hate relationship with to-do lists. They hang over me like a monster ready to pounce when they are not completed. And when they are, there is generally no praise.
On the other hand, if they did not exist, I would no doubt qualify for the type B personality. No need to hurry after all. Without deadlines, who cares when the job gets done?
But as gardeners we must deal with deadlines all the time. Come spring you had better get out and cut down the ornamental grass or the new growth will just shoot up from under the old growth. The lawn needs cutting when it gets long; if you don’t do it when it needs doing you will have not a lawn but a meadow. Fruit ripens and needs picking — or the birds will do it for you. You get the idea.
The deadline now looming before us is winter. We can go south to escape the cold and wind but your garden does not have that option.
I offer you my comprehensive autumn to-do list for gardeners. It is designed to be clipped and hung on the refrigerator or wherever. Put it somewhere that it will remind you regularly what you must consider in order to enjoy a great-looking garden come spring.
If you would really rather just sit indoors and watch football, look at it this way: your investment in a great looking garden is a partnership between you and nature. Without your cooperation she is in charge. To get the results that you are looking for you need to do your part. For the next 6 weeks or so, this is it:
Lawns
• Fertilize your lawn. This is the most important application of the year. The nutrition that your lawn receives this time of year will not produce a great looking lawn this fall, but it will strengthen the grass roots and prepare the plants for a fast green-up come spring. The results will be less snow mould and a stronger, green lawn after the spring melt. Look for a slow-release nitrogen product, like Golfgreen fall formula, for best results.
• Cut your lawn (soon for the last time!) about 2½ inches (6 centimetres) high.
• Lubricate your lawn mower, sharpen the blades, clean the cutting deck and spray with oil.
• Rake leaves off your lawn. Put them on your perennial beds and veggie garden, where they will break down and add to the organic matter in your soil.
Veggies
• Dig up your carrots, leeks, leftover potatoes, etc. and store in bushel baskets half full of pure, dry sand. Put in your basement or fruit cellar.
• Pull up your remaining tomato plants and hang them in the cellar or the garage while the green fruit ripens. They do not need light to do this.
• Harvest the remaining leaf lettuce, mesclun and the like.
• Remove the spent bean and tomato plants, etc. and put in your compost.
Compost and Leaves
• Put spent annual plants in your composter or compost pile in layers with fallen leaves (shredded with your lawn mower). Alternate 1 part green stuff with 3 parts leaves.
• Remove any finished compost from your compost unit or pile and spread it over your perennial bed or veggie garden. No need to dig it in; the worms will pull it down next spring.
• Steal leaves from your neighbours who have not yet seen this column and have put their leaves out at the curb in neat paper bags for yard waste pickup. Take them home and compost them yourself. Free fertilizer. $
• Plant Holland tulips, daffodils, crocuses and the like. I do not mean to gloss over this as you could spend days planting bulbs in your garden this time of year. Daffodils and narcissus should be planted within the next couple of weeks for best performance come spring. Tulips can be planted any time, as long as the frost has not entered the ground and made digging impossible.
Winterizing
Yeah, I know. I am not ready to write this part any more than you are ready to read it. But …
• Begin thinking about winterizing roses that are not of the shrub type. Hybrid teas, grandifloras, floribundas, etc. will need about 50 cm. (1½ feet) of fresh triple mix piled up from the bottom. The best time to do this is just before the Grey Cup game. That’s four weeks away, which is why you are going to post this list somewhere you don’t forget it. The game is your reward for doing the job!
• Wrap spiral plastic collars around the trunks of young fruit trees to protect them from rodent damage. (Actually, this can be done any time of the year.)
• Spray broad-leafed evergreens with Wilt-Pruf (an antidesiccant) to prevent the drying effects of winter wind.
• Once you are finished with your digging and cutting tools for the season, wipe them all down with an oily cloth.
Seasonal colour!
On a more positive note, remember that there are plants that will survive and even thrive in cold weather. Belgium mums, New England asters, Sedum spectabile and ornamental grasses all look great this time of year. Don’t forget flowering cabbage and kale: they improve their looks with frost!
Pumpkins, ornamental grasses, corn stalks, hay bales and goose-necked squash can all play a part in an autumnal entrance display at the front of your home. Be creative and have fun.
The air is clear and hopefully you will receive some sunshine for your fall work days!!
Question of the Week
Q: Is it advisable to add our pumpkin to the compost pile after Halloween?
A: Pumpkins are 98 per cent water. I recommend you drop it on your garden soil and chop it up with a sharp spade and turn it under the soil.
But you can put it in your compost. You don’t need to chop it up; the deep frost of November will turn it to mush.
Wednesday at 8:45 a.m. You can reach Mark through the “contact” button on his website. Mark’s latest book, The Canadian Garden Primer, is available at Home Hardware and all major bookstores.
Mark Cullen is an expert gardener, author and broadcaster. You can sign up for his free monthly newsletter atwww.markcullen.com, and watch him on CTV Canada AM every
Wednesday, October 19, 2011
BuzzBuzzHome's Blog!: New report warns of Toronto condo bust, but many s...
BuzzBuzzHome's Blog!: New report warns of Toronto condo bust, but many s...: We're accustomed to hearing doomsday warnings about a Canadian housing bubble and reading reports that call the Vancouver housing market way...
Tuesday, October 4, 2011
'Well, here it is. And guess what? - From today it's ours, all ours!'
Read more: http://www.dailymail.co.uk/news/article-2044898/Mac--right-buy-scheme.html#ixzz1Zql80E00
Tuesday, September 27, 2011
Tis and Dat Real Estate: Condominium For Sale | Square One 2+1 Bedroom, 2Ba...
Condominium For Sale | Square One 2+1 Bedroom, 2Ba...: Beautiful Penthou se Suite with Spectacular View. 2 Bedroom plus Den, 2 Bathrooms, Very Large Master Bedroom With 4pc Ensuite and W/I Closet...
Condominium For Sale | Square One 2+1 Bedroom, 2Bath Penthouse Unit
Beautiful Penthouse Suite with Spectacular View. 2 Bedroom plus Den, 2 Bathrooms, Very Large Master Bedroom With 4pc Ensuite and W/I Closet. Large Den/SunRoom. Updated bathrooms with marble walls and countertops. Open concept Kitchen includes like New Stainless Steel Appliances. Ensuite Laundry. Building Includes Indoor Pool, Recreation Room, Squash Courts, Exercise Room, W/24/7 Security and private/secure entrance to Penthouse. Extras: All Existing Elfs, All Existing Window Coverings, Stainless Steel Fridge, Stove, B/I Dishwasher
For more details click Here
Monday, September 26, 2011
Tuesday, September 20, 2011
Friday, September 9, 2011
Wednesday, September 7, 2011
Market Watch for Greater Toronto Area - Aug 2011
-:: Toronto Real Estate Board Market Watch for Aug 2011
My Blog has moved to http://www.evaelliott.ca/Blog
visit my new blog at http://www.evaelliott.ca/Blog
Wednesday, August 31, 2011
My New Website. www.evaelliott.ca
Check out my new website. www.evaelliott.ca Let me know what you think.
Monday, August 22, 2011
Thursday, August 18, 2011
Do renters need insurance?
August 16, 2011Jennifer Brown
SPECIAL TO THE STAR
In the 2005 case of Stanbar v. Joseph Rooke, the Ontario ...read more Do renters need insurance?
SPECIAL TO THE STAR
Contents insurance is something most renters don’t put too high on their list of priorities.
In the grand scheme of expenses, many feel it’s a cost they can do without, believing the likelihood something bad will happen is slim.
According to the Insurance Bureau of Canada, about half of all renters don’t have insurance, especially young people. They also fail to appreciate the full value of their clothing and personal belongings.
But there are other factors to consider, such as a tenant’s legal liability.
For example, you could be liable if your toaster oven causes a fire and it affects other units, or if you accidentally leave a tap on in the bathroom and the water causes damage.
The building owner could charge you for the cost of the damages, but they would be covered under your contents insurance policy. Without insurance, it would come out of your pocket.
But can a landlord make renting a unit conditional on having contents insurance?
Francis is a Toronto tenant who was looking to sublet her apartment. Her landlord met with the people interested in subletting and insisted they would be required to have contents insurance.
Francis and her roommate were never asked about contents insurance and she has never owned any in the 10 years she’s been renting. Although she understands she won’t be covered in the event of a fire or theft, she doesn’t think her furniture and possessions are worth the expense of insuring — especially since the odds of anything happening seem quite low.
Barrie-based paralegal April Stewart says contents insurance isn’t required under Ontario’s Residential Tenancies Act. However, landlords do have the right to insist on seeing proof of insurance prior to accepting a tenant or a sublet.
“Landlords who wait until after giving possession can try to evict based on no insurance, however there are inconsistent decisions on the matter,” says Stewart.
Tuesday, August 16, 2011
CREA Updates Resale Housing Forecast
OTTAWA – August 16, 2011 – The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service®(MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012.
Overall, sales activity and prices remained stronger than expected in the second quarter. Sales momentum was also better than expected heading into the third quarter. As a result, the 2011 national forecasts for sales activity and average price have been raised slightly.
National sales activity is forecast to reach 450,800 units in 2011, up less than one per cent from levels in 2010. CREA had previously forecast a decline of about one per cent for activity in 2011. Erosion in affordability due to higher prices has prompted a small downward revision to the outlook for sales in 2012.
British Columbia’s 2011 sales forecast has been revised slightly higher, in recognition that home sales there appear to have bottomed out sooner than previously anticipated. Stronger than expected activity in Ontario offset slightly softer than anticipated demand in Quebec, Manitoba, and Newfoundland in the second quarter of 2011. Accordingly, the Ontario sales forecast for 2011 has been raised, while the outlook for activity in Quebec, Manitoba, and Newfoundland has been revised lower.
National sales activity in 2012 is forecast to ease seven tenths of a percentage point to 447,700 units, which is roughly on par with its ten-year average.
“While there had been some talk of potential interest rate increases, that hasn’t happened,” said Gary Morse, CREA President. “In fact, mortgage interest rates have actually come down, and are now expected to remain low for the remainder of this year and into 2012. It’s a great opportunity to purchase a property with financing at very favourable rates.”
The national average home price is forecast to rise 7.2 per cent in 2011 to $363,500. This is an increase from the previous forecast, reflecting continued strong price growth in Vancouver in the second quarter of 2011 and acceleration in prices elsewhere, particularly Toronto. These two markets exert an outsized influence on the national average due to their relatively high level of activity and average price.
The national average home price is expected to moderate in the second half of 2011, returning to normal following a heavily skewed start to the year. In the first half of 2011, the national average home price was pushed upward by a surge in multi-million dollar sales in selected areas of Greater Vancouver and a higher than normal share of overall sales in more expensive markets.
“Some of the expected moderation in the national average price is seasonal, with average price peaking in many local markets during the second quarter of any year,” said Gregory Klump, CREA’s Chief Economist. “Elevated shares of provincial and national sales activity in Vancouver and Toronto are also expected to return to more normal levels, contributing to an anticipated moderation in average price in British Columbia, Ontario, and nationally.”
“Additional new listings are anticipated to result in a more balanced resale housing market in most provinces,” said Klump. “The national average price is forecast to stabilize in 2012, although at a slightly higher level than previously expected.”
For more information, please contact:Pierre Leduc, Media Relations
The Canadian Real Estate Association
613-237-7111 or 613 884-1460
Email: pleduc@crea.ca
The Canadian Real Estate Association
613-237-7111 or 613 884-1460
Email: pleduc@crea.ca
CREA Residential Market Forecast:
* Provincial weighted average price for Quebec; does not affect unweighted national average price calculations. Information on Quebec’s weighted average price calculation can be found at: http://www.fciq.ca/immobilier-statistiques-definitions.php
About The Canadian Real Estate Association
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.
Thursday, August 11, 2011
BuzzBuzzHome's Blog!: Prices for new Canadian homes up by 0.3 per cent
BuzzBuzzHome's Blog!: Prices for new Canadian homes up by 0.3 per cent: "BuzzBuzzHome Corp. August 11, 2011 According to data released today by Statistics Canada, new home prices in Canada increased by 0.3 per cen..."
Sunday, August 7, 2011
4 Bedroom Home for Rent In The Heart Of Lorne Park School District
1624 Gallant Dr
Mississauga, Ontario
Lorne Park
Map Coord: 472-38-Q
$3,200 per month
This home is located in the heart of Lorne Park school district and situated on a beautiful pool sized treed lot. It is approximately 2700 square feet plus finished basement. This home is tastefully updated and renovated throughout. New kitchen cabinets with granite counter tops, pantry and island as well as large eat-in area. Spacious open concept layout, hardwood floors and large principle rooms.
Minutes away from mature parks and located in a great walking area.
Ready To Move In Condition. Close To All Amenities, Schools, Shops, Park. Easy Access To Hwy QEW
Extras: Fridge, Stove, B/I Dishwasher, Washer, Dryer, Central Air, All Existing Window Coverings, And Elf's, Garage Door Openers. Furniture In The House Included, If Unwanted, The Landlord Will Remove.
| · | Detached | · | Rooms: 9 + 2 | · | Bsmt: Finished |
| · | 2-Storey | · | Bedrooms: 4 + 1 | · | Heat: Gas/Forced Air |
| · | Exterior: Brick | · | Washrooms: 4 | · | Apx Age: |
| · | Lot: 60 X 109.7 Feet | · | Kitchens: 1 | · | Apx Sqft: 2500-3000 |
| · | Garage: Built-In/2 | · | Family Rm: Y | · | Pool: None |
| · | Drive: Pvt Double | · | A/C: Central Air | · | Parking Spaces: 2 |
| · | Central Vac: | · | Laundry Lev: Main | · | Waterfront: |
| · | Laundry Access: Ensuite | · | Furnished: N | · | Private Entrance: Y |
| · | All Inc: N | · | Lease Term: 1 Year | · | MLS#: W2168893 |
Saturday, August 6, 2011
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