November 2009
- Thread starter Ally
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Homebuyers now have a Window of opportunity
What a difference a year makes! Last year at this time, we were at the height of the global economic crisis and new home sales for the month of September were coming in at 60 per cent lower than the previous September. The sales trend headed straight downhill from there. From September 2008 to April of this year, the new home market was moribund. The lowrise (single-detached, semi-detached, townhome) market began picking up in May and has been on a roll ever since. And the highrise condo market finally came to life in September to join the lowrise rally.
According to RealNet Canada Inc., the Building Industry and Land Development Association`s (BILD) official source of new home market intelligence, there were 3,883 new homes and condos sold in September of this year, which represents a 113 per cent increase over September 2008.
Admittedly, comparisons with last September have to be taken with a grain of salt, so I looked back to September 2007 to find that 3,972 units were sold that month.
After what we`ve been through, being that close to the 2007 number is quite remarkable.
Breaking the markets down by product, sales of new lowrise homes were up 134 per cent in September and they are up 21 per cent through the first nine months of this year versus 2008.
Read the full article here.
What a difference a year makes! Last year at this time, we were at the height of the global economic crisis and new home sales for the month of September were coming in at 60 per cent lower than the previous September. The sales trend headed straight downhill from there. From September 2008 to April of this year, the new home market was moribund. The lowrise (single-detached, semi-detached, townhome) market began picking up in May and has been on a roll ever since. And the highrise condo market finally came to life in September to join the lowrise rally.
According to RealNet Canada Inc., the Building Industry and Land Development Association`s (BILD) official source of new home market intelligence, there were 3,883 new homes and condos sold in September of this year, which represents a 113 per cent increase over September 2008.
Admittedly, comparisons with last September have to be taken with a grain of salt, so I looked back to September 2007 to find that 3,972 units were sold that month.
After what we`ve been through, being that close to the 2007 number is quite remarkable.
Breaking the markets down by product, sales of new lowrise homes were up 134 per cent in September and they are up 21 per cent through the first nine months of this year versus 2008.
Read the full article here.
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- Mar 24, 2009
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Honesty won`t resolve Disclosure Form issues
It`s time to reveal The Great SPIS Myth – the prevailing fiction about the Seller Property Information Statement (SPIS), a disclosure form published by the Ontario Real Estate Association (OREA).
Although its use is endorsed and encouraged by many OREA member boards, real estate agents remain sharply divided on whether the form is too dangerous to use, and whether it protects the public or the agents who try to get sellers to sign it.
I have been very critical of the form because it results in a great deal of litigation among sellers, unhappy buyers and the agents who are caught in the middle.
The official position of OREA and industry commentators who support it is that the problem with the SPIS is not the form itself, but that some sellers do not tell the truth.
The key to the successful use of the SPIS, OREA says, is honesty. In every one of the court cases I have written about in this column, OREA`s view (set out in a letter to me last month) is that "it was not the SPIS form itself that caused legal difficulty for the sellers: rather it was the failure of the sellers to be forthright in their disclosures about the property."
This, in my view, is the fatal flaw in the OREA logic. I call it The Great SPIS Myth – the fiction that if sellers are honest they won`t wind up in litigation over the SPIS form.
Read the full article here.
It`s time to reveal The Great SPIS Myth – the prevailing fiction about the Seller Property Information Statement (SPIS), a disclosure form published by the Ontario Real Estate Association (OREA).
Although its use is endorsed and encouraged by many OREA member boards, real estate agents remain sharply divided on whether the form is too dangerous to use, and whether it protects the public or the agents who try to get sellers to sign it.
I have been very critical of the form because it results in a great deal of litigation among sellers, unhappy buyers and the agents who are caught in the middle.
The official position of OREA and industry commentators who support it is that the problem with the SPIS is not the form itself, but that some sellers do not tell the truth.
The key to the successful use of the SPIS, OREA says, is honesty. In every one of the court cases I have written about in this column, OREA`s view (set out in a letter to me last month) is that "it was not the SPIS form itself that caused legal difficulty for the sellers: rather it was the failure of the sellers to be forthright in their disclosures about the property."
This, in my view, is the fatal flaw in the OREA logic. I call it The Great SPIS Myth – the fiction that if sellers are honest they won`t wind up in litigation over the SPIS form.
Read the full article here.
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U.S. slump batters Auto making in Canada
For the first time since 1964, auto makers are on pace to produce fewer vehicles in Canada than they sell here – a development that has alarmed the Canadian Auto Workers union and underscores how badly the severe slump in the U.S. market has hammered Canada`s largest manufacturing industry.
As a result, tucked into the new labour contract between the CAW and Ford Motor Co. of Canada Ltd. lies a mini auto pact, a Ford-specific clause that replicates a key feature of the 1965 agreement between Canada and the United States that guided Canadian automotive policy for more than three decades until the World Trade Organization
shot it down in 1999.
In return for agreeing to cuts in benefits as well as other concessions, the CAW wrung a commitment from Ford that it will manufacture more vehicles in Canada than it sells here.
That commitment comes amid a 38-per-cent fall in production by auto makers in Canada for the first nine months of 2009, compared with last year.
The production decline is yet another demonstration of the long arm of the Great Recession and has been accompanied by massive layoffs that have rippled through parts suppliers and cascaded throughout Ontario, Canada`s only auto-producing province.
"I`m incredibly worried about it," CAW president Ken Lewenza said on Monday.
Read the full article here.
For the first time since 1964, auto makers are on pace to produce fewer vehicles in Canada than they sell here – a development that has alarmed the Canadian Auto Workers union and underscores how badly the severe slump in the U.S. market has hammered Canada`s largest manufacturing industry.
As a result, tucked into the new labour contract between the CAW and Ford Motor Co. of Canada Ltd. lies a mini auto pact, a Ford-specific clause that replicates a key feature of the 1965 agreement between Canada and the United States that guided Canadian automotive policy for more than three decades until the World Trade Organization
shot it down in 1999.In return for agreeing to cuts in benefits as well as other concessions, the CAW wrung a commitment from Ford that it will manufacture more vehicles in Canada than it sells here.
That commitment comes amid a 38-per-cent fall in production by auto makers in Canada for the first nine months of 2009, compared with last year.
The production decline is yet another demonstration of the long arm of the Great Recession and has been accompanied by massive layoffs that have rippled through parts suppliers and cascaded throughout Ontario, Canada`s only auto-producing province.
"I`m incredibly worried about it," CAW president Ken Lewenza said on Monday.
Read the full article here.
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Progress Celebrated
When Mayor Ron Stevens looks down the newly opened University Avenue, he sees far more than the city`s new five-lane arterial road.
"If you drive the road, you can see the future so clearly," Stevens said yesterday morning after officially cutting the ribbon to open University Avenue.
The shell of what will become the West Orillia Sports Complex and a crane marking the spot where construction on Lakehead University`s Orillia campus is progressing supports his claim.
"When we bought this, we envisioned industrial and look at what`s come out of it," Stevens said of the property that encompasses the road, sports complex and university.
By this time next year, the West Orillia Sports Complex will have already been open for two months and students will be attending classes at Lakehead, he said.
The construction of University Avenue, including trails and a stormwater management pond, was budgeted for approximately $6.2 million.
Read the full article here.
When Mayor Ron Stevens looks down the newly opened University Avenue, he sees far more than the city`s new five-lane arterial road.
"If you drive the road, you can see the future so clearly," Stevens said yesterday morning after officially cutting the ribbon to open University Avenue.
The shell of what will become the West Orillia Sports Complex and a crane marking the spot where construction on Lakehead University`s Orillia campus is progressing supports his claim.
"When we bought this, we envisioned industrial and look at what`s come out of it," Stevens said of the property that encompasses the road, sports complex and university.
By this time next year, the West Orillia Sports Complex will have already been open for two months and students will be attending classes at Lakehead, he said.
The construction of University Avenue, including trails and a stormwater management pond, was budgeted for approximately $6.2 million.
Read the full article here.
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Eastern Canada could have as much Natural Gas as West, Study says
The natural-gas and oil potential of the eastern coast of Canada is substantial and could rival the reserves in the West and in the Arctic Ocean, according to a recent federal study. The Geological Survey of Canada assessed for the first time the overall hydrocarbon potential of the Maritimes Basin. This region contains an estimated 39 trillion cubic feet (tcf) of hydrocarbons, mostly natural gas. "This is huge," said geologist Denis Lavoie and co-author of the study. "We knew there was a good potential in Eastern Canada but it`s the first time we are able to quantify it."
Read the full article here.
The natural-gas and oil potential of the eastern coast of Canada is substantial and could rival the reserves in the West and in the Arctic Ocean, according to a recent federal study. The Geological Survey of Canada assessed for the first time the overall hydrocarbon potential of the Maritimes Basin. This region contains an estimated 39 trillion cubic feet (tcf) of hydrocarbons, mostly natural gas. "This is huge," said geologist Denis Lavoie and co-author of the study. "We knew there was a good potential in Eastern Canada but it`s the first time we are able to quantify it."
Read the full article here.
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Waterloo Region Housing Market on the Road to Recovery
KITCHENER – Fuelled by the economic recovery, housing starts are expected to grow by 12 per cent in Waterloo Region next year, the Canada Mortgage and Housing Corp. said today.
But if builders and developers are expecting a return to the good old days of rampant suburban housing development, they better think again, warned Erica McLerie, a senior market analyst with the housing agency.
Waterloo Region`s official plan, the growing importance of a regional transit corridor and the aging baby boomer population will spark demand for higher-density housing and sustainable communities with a mix of services within easy reach, McLerie told a housing outlook conference organized by the agency.
Rather than being obstacles for the housing industry, these trends offer opportunities for builders willing to change with the times, she said.
"Aging baby boomers will be a force," she told the audience, which included. In the next 10 years, the region`s population is expected to grow by 63,000, she said. Of this total, 38,000 will be in the 55-74 age group. This group will require a mix of housing, ranging from single-detached homes and townhouses to condos and apartments, close to services such as shopping, transit and health care, McLerie noted.
Read the full article here.
KITCHENER – Fuelled by the economic recovery, housing starts are expected to grow by 12 per cent in Waterloo Region next year, the Canada Mortgage and Housing Corp. said today.
But if builders and developers are expecting a return to the good old days of rampant suburban housing development, they better think again, warned Erica McLerie, a senior market analyst with the housing agency.
Waterloo Region`s official plan, the growing importance of a regional transit corridor and the aging baby boomer population will spark demand for higher-density housing and sustainable communities with a mix of services within easy reach, McLerie told a housing outlook conference organized by the agency.
Rather than being obstacles for the housing industry, these trends offer opportunities for builders willing to change with the times, she said.
"Aging baby boomers will be a force," she told the audience, which included. In the next 10 years, the region`s population is expected to grow by 63,000, she said. Of this total, 38,000 will be in the 55-74 age group. This group will require a mix of housing, ranging from single-detached homes and townhouses to condos and apartments, close to services such as shopping, transit and health care, McLerie noted.
Read the full article here.
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Wanted: One Voice for GTA Economy
The Greater Toronto Area is made up of 29 municipal governments, each its own little fiefdom. But the GTA economy pays little attention to these boundaries. People reside in Markham and commute downtown to toil in one of the big banks, or they live downtown and travel to Markham to work for IBM. Goods and services flow just as freely within the GTA. We are all one big economic unit.
Unfortunately, however, we do not present ourselves that way to the rest of the world when we go shopping for jobs and investment. The major municipalities have their own economic development agencies, often working at cross-purposes with their neighbours. Efforts have been made over the years to achieve some coordination through the establishment of overarching agencies like the Greater Toronto Marketing Alliance and the Toronto Region Research Alliance, with public and private sector involvement. But this year the City of Toronto went its own way with the creation of a major new economic development arm, Invest Toronto.
The Paris-based Organization for Economic Co-operation and Development (OECD) cast a baleful eye on all this in its special report on Toronto last week. The report noted that municipal support for agencies like the Greater Toronto Marketing Alliance is "largely symbolic" and that cities like Toronto and Mississauga have opted to launch their own foreign trade missions without its participation.
"There remains a need for stronger coordination of economic development," understated the OECD.
A GTA-wide economic summit addressed this issue last May and called for the creation of a "single economic marketing agency" that would represent the whole region. "The image of the Greater Toronto region has been obscured by the profusion of sector groups, local economic development offices and municipal economic development corporations charged with attracting outside investment and promoting our goods and services abroad," said the summit`s report. "Instead of competing as a unit in the global economy, we appear to the world as a disorganized group of entities. We must communicate our strengths to the world with one voice."
Read the full article here.
The Greater Toronto Area is made up of 29 municipal governments, each its own little fiefdom. But the GTA economy pays little attention to these boundaries. People reside in Markham and commute downtown to toil in one of the big banks, or they live downtown and travel to Markham to work for IBM. Goods and services flow just as freely within the GTA. We are all one big economic unit.
Unfortunately, however, we do not present ourselves that way to the rest of the world when we go shopping for jobs and investment. The major municipalities have their own economic development agencies, often working at cross-purposes with their neighbours. Efforts have been made over the years to achieve some coordination through the establishment of overarching agencies like the Greater Toronto Marketing Alliance and the Toronto Region Research Alliance, with public and private sector involvement. But this year the City of Toronto went its own way with the creation of a major new economic development arm, Invest Toronto.
The Paris-based Organization for Economic Co-operation and Development (OECD) cast a baleful eye on all this in its special report on Toronto last week. The report noted that municipal support for agencies like the Greater Toronto Marketing Alliance is "largely symbolic" and that cities like Toronto and Mississauga have opted to launch their own foreign trade missions without its participation.
"There remains a need for stronger coordination of economic development," understated the OECD.
A GTA-wide economic summit addressed this issue last May and called for the creation of a "single economic marketing agency" that would represent the whole region. "The image of the Greater Toronto region has been obscured by the profusion of sector groups, local economic development offices and municipal economic development corporations charged with attracting outside investment and promoting our goods and services abroad," said the summit`s report. "Instead of competing as a unit in the global economy, we appear to the world as a disorganized group of entities. We must communicate our strengths to the world with one voice."
Read the full article here.
- Joined
- Mar 24, 2009
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Putting Property in Children`s Name risky
There`s a common misconception that the best way to avoid Ontario`s 1.5 per cent probate fees on the value of an estate is to place the family home and other assets into joint ownership with a child or children, so that the property will automatically transfer to the survivor after death of the parents.
Unfortunately, making transfers like this doesn`t always work out as intended, and the consequences can be disastrous.
That`s what happened in the case of Bergen v. Bergen, heard this summer in British Columbia Supreme Court.
Charlotte Bergen is 79 years old. She and her late husband, Walter, were married for 52 years. After they retired in 1995, they bought a 23.9-acre (9.6 hectares) parcel of land near Paterson, B.C. with the intention of building a house there and moving out to the West Coast. Paterson is in the B.C. interior, near the U.S. border.
Three years after buying the property, the couple decided to put their son Robert on title jointly as to a one-third interest. Their intention was that Robert would eventually inherit the property and this would ensure that it bypassed probate and the accompanying expense.
Probate fees in B.C. for estates of more than $50,000 approach 1.4 per cent of the value of the assets.
Shortly after Robert became a part owner of the property, he began building a house on the site. Over the next five years, his parents advanced him more than $552,000 for construction costs, plus an additional $175,000, which was funded by a mortgage on the property.
Read the full article here.
There`s a common misconception that the best way to avoid Ontario`s 1.5 per cent probate fees on the value of an estate is to place the family home and other assets into joint ownership with a child or children, so that the property will automatically transfer to the survivor after death of the parents.
Unfortunately, making transfers like this doesn`t always work out as intended, and the consequences can be disastrous.
That`s what happened in the case of Bergen v. Bergen, heard this summer in British Columbia Supreme Court.
Charlotte Bergen is 79 years old. She and her late husband, Walter, were married for 52 years. After they retired in 1995, they bought a 23.9-acre (9.6 hectares) parcel of land near Paterson, B.C. with the intention of building a house there and moving out to the West Coast. Paterson is in the B.C. interior, near the U.S. border.
Three years after buying the property, the couple decided to put their son Robert on title jointly as to a one-third interest. Their intention was that Robert would eventually inherit the property and this would ensure that it bypassed probate and the accompanying expense.
Probate fees in B.C. for estates of more than $50,000 approach 1.4 per cent of the value of the assets.
Shortly after Robert became a part owner of the property, he began building a house on the site. Over the next five years, his parents advanced him more than $552,000 for construction costs, plus an additional $175,000, which was funded by a mortgage on the property.
Read the full article here.
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Six things you should know about HST
On July 1, 2010, the Ontario Government plans to introduce a new Harmonized Sales Tax (HST), which would combine Canada`s Goods and Services Tax and Ontario`s Provincial Sales Tax into a unified sales tax. The HST will directly increase the tax burden on middle-class Ontario families. Indirect impacts will drive up the cost of living further still.
What is most concerning are the hidden details about this tax that the current government seems content to obscure. Below, we have summarized the six things that Ontario taxpayers need to know about the HST before it is imposed by Dalton McGuinty`s Liberal government.
1. Under the HST, Ontario surrenders its constitutionally-granted taxation powers to the whims of future federal governments.
Right now, Ontario enjoys direct taxation powers granted under the Canadian constitution. However, under the HST plan, Ontario will give up its sales-tax powers to Ottawa through the federal Excise Tax Act. Once the HST is enacted, fundamental decisions about what is, and is not, subject to sales taxes will not be made in the Ontario legislature but will instead be made in Ottawa. It is not hard to foresee the day when a federal Minister of Finance could decide the fate of Ontario businesses when there is a tax dispute. It is also possible that the federal Excise Tax Act will be amended, regulations will be passed or administrative practice will change without Ontario`s input or approval, in which case Ontarians will become victims of taxation without representation.
2. Under the HST, it is likely that tax-included pricing, or hidden taxation, will come to Ontario.
Read the full article here.
On July 1, 2010, the Ontario Government plans to introduce a new Harmonized Sales Tax (HST), which would combine Canada`s Goods and Services Tax and Ontario`s Provincial Sales Tax into a unified sales tax. The HST will directly increase the tax burden on middle-class Ontario families. Indirect impacts will drive up the cost of living further still.
What is most concerning are the hidden details about this tax that the current government seems content to obscure. Below, we have summarized the six things that Ontario taxpayers need to know about the HST before it is imposed by Dalton McGuinty`s Liberal government.
1. Under the HST, Ontario surrenders its constitutionally-granted taxation powers to the whims of future federal governments.
Right now, Ontario enjoys direct taxation powers granted under the Canadian constitution. However, under the HST plan, Ontario will give up its sales-tax powers to Ottawa through the federal Excise Tax Act. Once the HST is enacted, fundamental decisions about what is, and is not, subject to sales taxes will not be made in the Ontario legislature but will instead be made in Ottawa. It is not hard to foresee the day when a federal Minister of Finance could decide the fate of Ontario businesses when there is a tax dispute. It is also possible that the federal Excise Tax Act will be amended, regulations will be passed or administrative practice will change without Ontario`s input or approval, in which case Ontarians will become victims of taxation without representation.
2. Under the HST, it is likely that tax-included pricing, or hidden taxation, will come to Ontario.
Read the full article here.
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Toronto Touted as Financial Hub
With the co-operation of government and industry, Toronto has the potential to become one of the world`s top global financial centres, says a report by Boston Consulting Group.
In the wake of the financial crisis, Canada`s financial system is widely seen as one of the strongest in the world and the country needs to take advantage, says the study, commissioned by the Toronto Financial Services Working Group.
The group is a coalition of banks, insurers, pension funds and investment firms as well as government that was put together last year in the midst of the financial storm.
"We need to leverage the strengths we already have as a city and also to ensure that we keep them, because if we take no action we will lose them," said Don Drummond, chief economist at Toronto-Dominion Bank and group co-chairman.
Bolstering Toronto`s ranking as a financial centre would result in major benefits, including more jobs, increased productivity, more opportunities to grow and greater ability to attract foreign companies.
Read the full article here.
With the co-operation of government and industry, Toronto has the potential to become one of the world`s top global financial centres, says a report by Boston Consulting Group.
In the wake of the financial crisis, Canada`s financial system is widely seen as one of the strongest in the world and the country needs to take advantage, says the study, commissioned by the Toronto Financial Services Working Group.
The group is a coalition of banks, insurers, pension funds and investment firms as well as government that was put together last year in the midst of the financial storm.
"We need to leverage the strengths we already have as a city and also to ensure that we keep them, because if we take no action we will lose them," said Don Drummond, chief economist at Toronto-Dominion Bank and group co-chairman.
Bolstering Toronto`s ranking as a financial centre would result in major benefits, including more jobs, increased productivity, more opportunities to grow and greater ability to attract foreign companies.
Read the full article here.
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B.C to jack up HST threshold on new Housing rebate to $525,000
The provincial government is throwing the home-construction sector a Harmonized Sales Tax break, raising the threshold for its maximum tax rebate and extending the deadline for when the HST will apply to new housing.
The provincial government announced on Thursday that the threshold for which the maximum HST rebate will apply will be raised to $525,000 from $400,000, and the harmonized tax will not be levied against pre-sale homes for which the buyer signed a purchase contract prior to Nov. 18.
Previously, the tax was to apply to new homes for which buyers took possession after July 1, 2010.
The announcement effectively neutralizes the HST on homes priced under $525,000, and increases the maximum rebate offered to homebuyers purchasing houses over the threshold to $26,250 — up from $20,000 under the old threshold.
In making the announcement, Finance Minister Colin Hansen said "we heard the concerns from consumers and industry."
Read the full article here.
The provincial government is throwing the home-construction sector a Harmonized Sales Tax break, raising the threshold for its maximum tax rebate and extending the deadline for when the HST will apply to new housing.
The provincial government announced on Thursday that the threshold for which the maximum HST rebate will apply will be raised to $525,000 from $400,000, and the harmonized tax will not be levied against pre-sale homes for which the buyer signed a purchase contract prior to Nov. 18.
Previously, the tax was to apply to new homes for which buyers took possession after July 1, 2010.
The announcement effectively neutralizes the HST on homes priced under $525,000, and increases the maximum rebate offered to homebuyers purchasing houses over the threshold to $26,250 — up from $20,000 under the old threshold.
In making the announcement, Finance Minister Colin Hansen said "we heard the concerns from consumers and industry."
Read the full article here.
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Bus-Only Roadway opened to York University
A long-awaited six-kilometre bus lane linking York University and the Downsview subway station opened Friday, shaving seven minutes off the 20-minute trip during rush hour.
The opening of the bus-only lane, which was originally scheduled for September, was delayed by more than two months due to construction difficulties.
The project was approved in 2004, but construction did not begin until the summer of 2008. It ultimately cost almost $40 million.
The goal of the bus route is to cut down the length of the commute to York via the 196 express bus until a subway extension is completed in 2015, said York president Mamdouh Shoukri.
Read the full article here.
A long-awaited six-kilometre bus lane linking York University and the Downsview subway station opened Friday, shaving seven minutes off the 20-minute trip during rush hour.
The opening of the bus-only lane, which was originally scheduled for September, was delayed by more than two months due to construction difficulties.
The project was approved in 2004, but construction did not begin until the summer of 2008. It ultimately cost almost $40 million.
The goal of the bus route is to cut down the length of the commute to York via the 196 express bus until a subway extension is completed in 2015, said York president Mamdouh Shoukri.
Read the full article here.
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Ontario`s woe will continue in 2010: EDC
Ontario`s economic recovery will continue to sputter in 2010, then gain some traction the following year as the export sector picks up steam, according to a forecast from Export Development Canada.
"We are hopeful for the Ontario economy but that`s really a 2011 story. In 2010, we`re still going to be struggling with low levels of activity across the board," said Peter Hall, chief economist at EDC.
In Ontario, exports have fallen about 21 per cent this year, mainly due to the collapse in the automotive sector, according to the EDC.
The export sector is forecast to grow 8 per cent in 2010, buoyed by easing credit conditions, a partial recovery in the automotive sector, and higher prices and demand for base metals.
The increase would follow four years of decline. For now, "there are flashes of growth that look strong," in the export sector, Hall said. The auto sector, for instance, is expected to post sales growth of about 15 per cent in 2010.
Read the full article here.
Ontario`s economic recovery will continue to sputter in 2010, then gain some traction the following year as the export sector picks up steam, according to a forecast from Export Development Canada.
"We are hopeful for the Ontario economy but that`s really a 2011 story. In 2010, we`re still going to be struggling with low levels of activity across the board," said Peter Hall, chief economist at EDC.
In Ontario, exports have fallen about 21 per cent this year, mainly due to the collapse in the automotive sector, according to the EDC.
The export sector is forecast to grow 8 per cent in 2010, buoyed by easing credit conditions, a partial recovery in the automotive sector, and higher prices and demand for base metals.
The increase would follow four years of decline. For now, "there are flashes of growth that look strong," in the export sector, Hall said. The auto sector, for instance, is expected to post sales growth of about 15 per cent in 2010.
Read the full article here.
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New Homes lead October spurt
New home sales in the Greater Toronto Area in October more than doubled last year`s figures, while hitting heights not seen in more than 24 months, according to a report to be released Friday.
There were 4,150 sales of new homes and condominiums last month, a 107 per cent increase over October last year, according to the Building, Industry and Land Development Association.
"The turnaround in new home sales has been nothing short of remarkable," said Stephen Dupuis, head of BILD. "It looks like total new home sales in 2009 will end up far higher than anyone could have anticipated earlier in the year."
At the start of 2009, desperate builders were slashing prices and giving away incentives to buyers ranging from plasma television sets and trips to Paris to even new cars.
But the turnaround in the market, stoked by low interest rates, has seen consumers plow back into the market. Analysts caution, however, that October 2008 was the starting point for the global financial crisis. Even so, October 2009 was still the best sales month since July 2007, according to the association.
Read the full article here.
New home sales in the Greater Toronto Area in October more than doubled last year`s figures, while hitting heights not seen in more than 24 months, according to a report to be released Friday.
There were 4,150 sales of new homes and condominiums last month, a 107 per cent increase over October last year, according to the Building, Industry and Land Development Association.
"The turnaround in new home sales has been nothing short of remarkable," said Stephen Dupuis, head of BILD. "It looks like total new home sales in 2009 will end up far higher than anyone could have anticipated earlier in the year."
At the start of 2009, desperate builders were slashing prices and giving away incentives to buyers ranging from plasma television sets and trips to Paris to even new cars.
But the turnaround in the market, stoked by low interest rates, has seen consumers plow back into the market. Analysts caution, however, that October 2008 was the starting point for the global financial crisis. Even so, October 2009 was still the best sales month since July 2007, according to the association.
Read the full article here.
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Beware tricksters behind Water Heater fraud
There`s a war being fought to win your water heater rental business and the tactics aren`t always pretty.
New competitors – such as National Home Services, LivClean and MorEnergy – are sending agents to your door to check out your hot water tank. They may leave the impression they`re with your current supplier, but their goal is to get you to switch.
Direct Energy and Reliance Home Comfort, which dominate the water heater rental business, are accusing their new rivals of lying and misrepresentation.
"Knock knock. Who`s there?" say Direct Energy ads now running in newspapers and on the radio.
After giving the answers ("Iva got something important to tell you" and "Noah all the facts about your water heater"), the company says what`s going on is no joke.
"Some water heater service providers have convinced homeowners to unnecessarily replace their water heater.
Read the full article here.
There`s a war being fought to win your water heater rental business and the tactics aren`t always pretty.
New competitors – such as National Home Services, LivClean and MorEnergy – are sending agents to your door to check out your hot water tank. They may leave the impression they`re with your current supplier, but their goal is to get you to switch.
Direct Energy and Reliance Home Comfort, which dominate the water heater rental business, are accusing their new rivals of lying and misrepresentation.
"Knock knock. Who`s there?" say Direct Energy ads now running in newspapers and on the radio.
After giving the answers ("Iva got something important to tell you" and "Noah all the facts about your water heater"), the company says what`s going on is no joke.
"Some water heater service providers have convinced homeowners to unnecessarily replace their water heater.
Read the full article here.
- Joined
- Mar 24, 2009
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- 16,743
Sales still hot despite cooler Weather
Winter may be fast approaching but there is no cooling trend when it comes to the Greater Toronto Area resale housing market.
In the first two weeks of November, GTA realtors reported 3,666 sales, an 84 per cent increase compared to the same period a year ago.
The average price of GTA homes sold during this time frame also increased by 10 per cent to $415,066. Condominium activity throughout the GTA was even more extraordinary.
Sales increased 90 per cent to 959 transactions, with an average price of $296,664, up 15 per cent year over year.
The City of Toronto experienced the highest increase in sales volumes.
Sales in Toronto increased by 88 per cent, compared to the same period a year ago, reaching 1,560 transactions. The average price climbed to $441,893, a 10 per cent increase from mid-November last year.
Read the full article here.
Winter may be fast approaching but there is no cooling trend when it comes to the Greater Toronto Area resale housing market.
In the first two weeks of November, GTA realtors reported 3,666 sales, an 84 per cent increase compared to the same period a year ago.
The average price of GTA homes sold during this time frame also increased by 10 per cent to $415,066. Condominium activity throughout the GTA was even more extraordinary.
Sales increased 90 per cent to 959 transactions, with an average price of $296,664, up 15 per cent year over year.
The City of Toronto experienced the highest increase in sales volumes.
Sales in Toronto increased by 88 per cent, compared to the same period a year ago, reaching 1,560 transactions. The average price climbed to $441,893, a 10 per cent increase from mid-November last year.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Toronto existing Home Sales surge in early November
Existing home sales in the Toronto area in the first half of November were up 84 per cent compared to the same time last year.
The average price of a home was also up by 10 per cent year over year to $415,066, according to figures released by the Toronto Real Estate Board today.
The gains have been especially spectacular in comparison since the financial crisis started last fall.
"It is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price," said TREB president Tom Lebour.
Read the full article here.
Existing home sales in the Toronto area in the first half of November were up 84 per cent compared to the same time last year.
The average price of a home was also up by 10 per cent year over year to $415,066, according to figures released by the Toronto Real Estate Board today.
The gains have been especially spectacular in comparison since the financial crisis started last fall.
"It is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price," said TREB president Tom Lebour.
Read the full article here.
- Joined
- Mar 24, 2009
- Messages
- 16,743
Make a checklist of Chattels before you close the Sale
Since my last article about chattels and fixtures, buyers have sent me emails about plasma televisions, thermostats and hot tubs removed prior to closing.
In all cases, there was no specific mention of these items in the agreement of purchase and sale.
As such, in order to determine whether the seller can remove the items, we need to know whether they are chattels or fixtures.
While the thermostat is clearly a fixture, there may be issues regarding the plasma television or the hot tub, depending on how they are attached to the property. An above-ground hot tub that only rests on the outside deck may, in fact, be considered a chattel that can be removed by the seller before closing.
The plasma television looks like a chattel if it is just affixed to a wall mount, but if it is part of permanent built-in shelving and is attached via a complicated electronic hookup inside the walls, it could well be considered a fixture and thus must remain on the property after closing.
Read the full article here.
Since my last article about chattels and fixtures, buyers have sent me emails about plasma televisions, thermostats and hot tubs removed prior to closing.
In all cases, there was no specific mention of these items in the agreement of purchase and sale.
As such, in order to determine whether the seller can remove the items, we need to know whether they are chattels or fixtures.
While the thermostat is clearly a fixture, there may be issues regarding the plasma television or the hot tub, depending on how they are attached to the property. An above-ground hot tub that only rests on the outside deck may, in fact, be considered a chattel that can be removed by the seller before closing.
The plasma television looks like a chattel if it is just affixed to a wall mount, but if it is part of permanent built-in shelving and is attached via a complicated electronic hookup inside the walls, it could well be considered a fixture and thus must remain on the property after closing.
Read the full article here.