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Hey everyone...
My mortgage Broker Jamie Blades just informed me that Royal Bank has raised there rates 25 base points. If you are looking to buy or sell your property and purchase again or refinance now is the time to do it. With Royal Bank uping there rates other banks will likely follow suit.
Although we are not in worry yet of having Mortgage Rates that were like 4 yrs ago it is still good to make sure you take advantage of the lowest rates possible while you can. If you are a first time home buyer this is very important to your future.
If you have any questions or comments please do email me : joeyvanbenthem@royallepage.ca
Tuesday, April 13, 2010
Friday, April 9, 2010
Ottawa home bidding wars!
Buyers face off over properties
Pressure to close home purchase deals rising along with mortgage rates
By Bert Hill, The Ottawa CitizenApril 9, 2010 7:57 AMBe the first to post a comment
With mortgage rates rising, Ottawa homebuyers increasingly are fighting over available properties.
"We are seeing first-time buyers taking advantage of interest rates while they are still low,'' said John Rogan, broker and manager of Royal LePage Performance Realty of Ottawa.
"Approximately three out of five listings are getting multiple offers and, on average, properties are selling above the asking price. We are in a seller's market.''
A Royal Lepage national survey said that Ottawa housing price growth kept pace with strong national markets in the first quarter.
Prices rose in a range of nine per cent and 11 per cent, depending on house classes, as strong demand and rising mortgage rates created the hot market. Standard condominiums had the largest Ottawa price increase, climbing 11.1 per cent year-over-year to $231,000 from $207,833. Two-storey houses experienced an 8.9-per-cent increase to an average of $346,833 from $318,500. Prices for detached bungalows rose year-over-year by eight per cent to $342,833 from $317,500.
"The market is very active and that creates challenges for inventory. Inventory is down 30 per cent because of the high volume of unit sales," Rogan said.
"This time last year, an average house was on the market for 46 days and now the average is down to 38 days."
Ottawa house prices kept pace with increases across Canada. The national average price of a detached bungalow in Canada rose 11 per cent to $329,209 in the first quarter year-over-year, while standard two-storey homes rose 10.3 per cent to $365,141 and standard condominiums increased 10.9 per cent to $228,963.
The Ottawa condominium market is more complicated than the Royal numbers suggest. There have been huge increases in both prices and sales volumes of condominium apartments but significantly weaker results for condominium townhouses.
The Ottawa Real Estate Board results show that apartment prices jumped 26 per cent in the first quarter as sales volumes doubled from a year ago.
By comparison, townhouse prices rose 8.6 per cent as volumes rose just 11 per cent.
Phil Soper, president and chief executive, Royal LePage Real Estate Services, said the national market is highly volatile.
"In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets; and overly enthusiastic when the tables turned. Montreal is an example of a city where the market has been much more stable and homeowners there seem quite happy with the relatively slow pace of change."
Housing prices varied wildly across the country.
In Vancouver, bungalow prices surged 21.8 per cent to an average of $906,045.
In Calgary bungalow prices averaged $382,000 but the price movement ranged from two per cent to 16 per cent depending on parts of the city.
Toronto bungalow prices soared 13 per cent to $459,107 and Montreal bungalow prices rose 7.2 per cent to $249,172.
Pressure to close home purchase deals rising along with mortgage rates
By Bert Hill, The Ottawa CitizenApril 9, 2010 7:57 AMBe the first to post a comment
With mortgage rates rising, Ottawa homebuyers increasingly are fighting over available properties.
"We are seeing first-time buyers taking advantage of interest rates while they are still low,'' said John Rogan, broker and manager of Royal LePage Performance Realty of Ottawa.
"Approximately three out of five listings are getting multiple offers and, on average, properties are selling above the asking price. We are in a seller's market.''
A Royal Lepage national survey said that Ottawa housing price growth kept pace with strong national markets in the first quarter.
Prices rose in a range of nine per cent and 11 per cent, depending on house classes, as strong demand and rising mortgage rates created the hot market. Standard condominiums had the largest Ottawa price increase, climbing 11.1 per cent year-over-year to $231,000 from $207,833. Two-storey houses experienced an 8.9-per-cent increase to an average of $346,833 from $318,500. Prices for detached bungalows rose year-over-year by eight per cent to $342,833 from $317,500.
"The market is very active and that creates challenges for inventory. Inventory is down 30 per cent because of the high volume of unit sales," Rogan said.
"This time last year, an average house was on the market for 46 days and now the average is down to 38 days."
Ottawa house prices kept pace with increases across Canada. The national average price of a detached bungalow in Canada rose 11 per cent to $329,209 in the first quarter year-over-year, while standard two-storey homes rose 10.3 per cent to $365,141 and standard condominiums increased 10.9 per cent to $228,963.
The Ottawa condominium market is more complicated than the Royal numbers suggest. There have been huge increases in both prices and sales volumes of condominium apartments but significantly weaker results for condominium townhouses.
The Ottawa Real Estate Board results show that apartment prices jumped 26 per cent in the first quarter as sales volumes doubled from a year ago.
By comparison, townhouse prices rose 8.6 per cent as volumes rose just 11 per cent.
Phil Soper, president and chief executive, Royal LePage Real Estate Services, said the national market is highly volatile.
"In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets; and overly enthusiastic when the tables turned. Montreal is an example of a city where the market has been much more stable and homeowners there seem quite happy with the relatively slow pace of change."
Housing prices varied wildly across the country.
In Vancouver, bungalow prices surged 21.8 per cent to an average of $906,045.
In Calgary bungalow prices averaged $382,000 but the price movement ranged from two per cent to 16 per cent depending on parts of the city.
Toronto bungalow prices soared 13 per cent to $459,107 and Montreal bungalow prices rose 7.2 per cent to $249,172.
Thursday, April 8, 2010
Royal Lepage releases market summary!
Royal LePage warns of real estate 'irrationality'
Prices up more than 10% across Canada in 1st quarter: survey
Last Updated: Thursday, April 8, 2010
12:27 PM ET Comments155Recommend86The Canadian Press
There are signs that some of Canada's major house markets have become overheated, although most other markets have shown a more healthy rate of moderate growth, according to a national real-estate sales organization.
Across Canada, the price of a standard two-storey home rose 10.3 per cent, to about $365,000 during the first quarter of 2010, Royal LePage said Thursday. (Canadian Press)
Prices for all key housing types were up more than 10 per cent across Canada in the first quarter on a national basis, according to the Royal LePage survey released Thursday.
But Vancouver and Toronto prices rose much more dramatically — about 20 per cent in some cases — and the head of Royal LePage Real Estate Services suggested they may have risen too far in those local markets.
"House sale data from the past two-year period shows tremendous variances in terms of how different cities reacted to the recession," said Phil Soper, president and chief executive, Royal LePage Real Estate Services
"In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets; and overly enthusiastic when the tables turned."
The Royal LePage survey found the average price of detached bungalows in Toronto climbed to $459,107 in the first quarter, up 13.3 per cent from a year ago.
Standard two-storey homes in Toronto were up 13.2 per cent, rising to $562,150 while condo prices rose a more moderate 10 per cent to $317,579.
In the Vancouver area, detached bungalows climbed an eye-popping 21.8 per cent to $906,045 while two-storey homes were up 19.2 per cent to $987,500 and standard condos were up 15.7 per cent from early 2009, rising to $470,000.
Montreal: a 'more stable' market
In contrast, Soper described Montreal as "an example of a city where the market has been much more stable and homeowners there seem quite happy with the relatively slow pace of change."
The average price of a bungalow in Montreal climbed by 7.2 per cent to $249,172, the price of a standard two-storey house increased by 7.6 per cent year over year to reach $355,109, while the average price of a condominium increased by 7.6 per cent, to $222,244, Royal LePage said.
The survey found that on a national basis, the average price of a detached bungalow in Canada rose to just over $329,000 in the first three months of this year — up 11 per cent from the first quarter of 2009.
Standard two-storey homes rose 10.3 per cent, to about $365,000, while condominium units increased by 10.9 per cent to just under $229,000.
MARKET Avg. two-storey house price
Canada $365,000
Vancouver $987,500
Toronto $562,150
Montreal $355,109
© The Canadian Press, 2010
Read more: http://www.cbc.ca/money/story/2010/04/08/real-estate-royal-lepage.html?ref=rss#ixzz0kWkmhz79
Prices up more than 10% across Canada in 1st quarter: survey
Last Updated: Thursday, April 8, 2010
12:27 PM ET Comments155Recommend86The Canadian Press
There are signs that some of Canada's major house markets have become overheated, although most other markets have shown a more healthy rate of moderate growth, according to a national real-estate sales organization.
Across Canada, the price of a standard two-storey home rose 10.3 per cent, to about $365,000 during the first quarter of 2010, Royal LePage said Thursday. (Canadian Press)
Prices for all key housing types were up more than 10 per cent across Canada in the first quarter on a national basis, according to the Royal LePage survey released Thursday.
But Vancouver and Toronto prices rose much more dramatically — about 20 per cent in some cases — and the head of Royal LePage Real Estate Services suggested they may have risen too far in those local markets.
"House sale data from the past two-year period shows tremendous variances in terms of how different cities reacted to the recession," said Phil Soper, president and chief executive, Royal LePage Real Estate Services
"In Vancouver and Toronto, for instance, the dramatic unit sales fluctuations exhibit a significant degree of market irrationality: inordinately fearful when faced with poorer markets; and overly enthusiastic when the tables turned."
The Royal LePage survey found the average price of detached bungalows in Toronto climbed to $459,107 in the first quarter, up 13.3 per cent from a year ago.
Standard two-storey homes in Toronto were up 13.2 per cent, rising to $562,150 while condo prices rose a more moderate 10 per cent to $317,579.
In the Vancouver area, detached bungalows climbed an eye-popping 21.8 per cent to $906,045 while two-storey homes were up 19.2 per cent to $987,500 and standard condos were up 15.7 per cent from early 2009, rising to $470,000.
Montreal: a 'more stable' market
In contrast, Soper described Montreal as "an example of a city where the market has been much more stable and homeowners there seem quite happy with the relatively slow pace of change."
The average price of a bungalow in Montreal climbed by 7.2 per cent to $249,172, the price of a standard two-storey house increased by 7.6 per cent year over year to reach $355,109, while the average price of a condominium increased by 7.6 per cent, to $222,244, Royal LePage said.
The survey found that on a national basis, the average price of a detached bungalow in Canada rose to just over $329,000 in the first three months of this year — up 11 per cent from the first quarter of 2009.
Standard two-storey homes rose 10.3 per cent, to about $365,000, while condominium units increased by 10.9 per cent to just under $229,000.
MARKET Avg. two-storey house price
Canada $365,000
Vancouver $987,500
Toronto $562,150
Montreal $355,109
© The Canadian Press, 2010
Read more: http://www.cbc.ca/money/story/2010/04/08/real-estate-royal-lepage.html?ref=rss#ixzz0kWkmhz79
Monday, March 22, 2010
CREA Changes MLS Rules...
Well folks looks like Sellers can now pay a flat rate to put there homes on MLS. They will still be forced to sell it on there own however. What do you think about this? Good idea or bad idea?
Steve Ladurantaye
Globe and Mail Update Published on Monday, Mar. 22, 2010 2:36PM EDT Last updated on Monday, Mar. 22, 2010 7:18PM EDT
The Canadian Real Estate Association approved changes Monday that will give those who buy or sell their homes on its listing service more power to handle portions of the transaction on their own, but it was not enough to satisfy the Competition Commissioner.
In a move to cut off a challenge by the Competition Bureau, which feels the current system is too restrictive because anyone listing on the Multiple Listing Service must employ an agent through the entire process, the association's members voted at its annual general meeting in Ottawa to loosen its own rules.
Now, a consumer will be able to pay an agent a flat fee – zero is not an option – to list on the MLS, where about 90 per cent of all home sales are done. Agents must now pass along a seller's home phone number, if the seller chooses, directly to an interested buyer if asked.
“Through the proactive clarifications of the existing rules, CREA believes the concerns raised by the Competition Bureau are fully addressed,” the organization said in a news release. “At the same time, these amendments ensure the continued integrity of MLS systems and the accuracy of information on board MLS systems that Canadians have come to trust.”
The bureau disagreed, saying the change didn't go far enough because CREA could still change the rules at any point and place more restrictions on anyone who tried to offer innovative services.
CREA wouldn't provide further comment, with its legal counsel stating it would rather wait for the case to go before the Competition Tribunal. The association's president, Dale Ripplinger, said the changes “wouldn't make sense to anyone who wasn't a real estate agent,” before abruptly calling off a news conference.
The vote was seen as a way for Canada's real estate sales industry to satisfy concerns raised by the Competition Bureau, which has filed charges with the Competition Tribunal alleging the real estate association makes it impossible for any of its members to offer consumers fee-based services for particular portions of a transaction, such as listing on the MLS or negotiating a sale price.
This leads to higher prices for consumers, the Bureau says.
The proposed changes were a key pillar in the real estate organization's defence before the Tribunal. The association must submit its response to the charges by March 25 and the organization hoped a strong vote from its members on the key issues troubling the Competition Bureau would be enough to have the charges set aside.
The MLS has operated for more than 50 years and only registered agents are allowed to list homes on the service. The MLS trademark is owned by CREA, and each real estate board operates the service in its region. While anyone can sell their home on their own, having a listing on the service is seen as an integral part of achieving the best sales price.
A CREA spokesperson said the changes would be implemented “as soon as it is reasonable at each local board.”
Steve Ladurantaye
Globe and Mail Update Published on Monday, Mar. 22, 2010 2:36PM EDT Last updated on Monday, Mar. 22, 2010 7:18PM EDT
The Canadian Real Estate Association approved changes Monday that will give those who buy or sell their homes on its listing service more power to handle portions of the transaction on their own, but it was not enough to satisfy the Competition Commissioner.
In a move to cut off a challenge by the Competition Bureau, which feels the current system is too restrictive because anyone listing on the Multiple Listing Service must employ an agent through the entire process, the association's members voted at its annual general meeting in Ottawa to loosen its own rules.
Now, a consumer will be able to pay an agent a flat fee – zero is not an option – to list on the MLS, where about 90 per cent of all home sales are done. Agents must now pass along a seller's home phone number, if the seller chooses, directly to an interested buyer if asked.
“Through the proactive clarifications of the existing rules, CREA believes the concerns raised by the Competition Bureau are fully addressed,” the organization said in a news release. “At the same time, these amendments ensure the continued integrity of MLS systems and the accuracy of information on board MLS systems that Canadians have come to trust.”
The bureau disagreed, saying the change didn't go far enough because CREA could still change the rules at any point and place more restrictions on anyone who tried to offer innovative services.
CREA wouldn't provide further comment, with its legal counsel stating it would rather wait for the case to go before the Competition Tribunal. The association's president, Dale Ripplinger, said the changes “wouldn't make sense to anyone who wasn't a real estate agent,” before abruptly calling off a news conference.
The vote was seen as a way for Canada's real estate sales industry to satisfy concerns raised by the Competition Bureau, which has filed charges with the Competition Tribunal alleging the real estate association makes it impossible for any of its members to offer consumers fee-based services for particular portions of a transaction, such as listing on the MLS or negotiating a sale price.
This leads to higher prices for consumers, the Bureau says.
The proposed changes were a key pillar in the real estate organization's defence before the Tribunal. The association must submit its response to the charges by March 25 and the organization hoped a strong vote from its members on the key issues troubling the Competition Bureau would be enough to have the charges set aside.
The MLS has operated for more than 50 years and only registered agents are allowed to list homes on the service. The MLS trademark is owned by CREA, and each real estate board operates the service in its region. While anyone can sell their home on their own, having a listing on the service is seen as an integral part of achieving the best sales price.
A CREA spokesperson said the changes would be implemented “as soon as it is reasonable at each local board.”
Wednesday, March 10, 2010
HOUSING MARKET ON THE WAY UP!
A Great Start to 2010 for Ottawa’s Housing Market
March 5, 2010 : A Great Start to 2010 for Ottawa’s Housing Market
Members of the Ottawa Real Estate Board sold 1,118 residential properties in February through the Board’s Multiple Listing Service® system compared with 787 in February 2009, an increase of 42.1 per cent.
Of those sales, 323 were in the condominium property class, while 795 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“Last month’s sales were near the top of the usual range for this time of year, as opposed to February of 2009, which was the end of the brief slowdown we saw in Ottawa’s resale housing market due to global economic conditions,” said Board President Pierre de Varennes. “So far in 2010, OREB Members have sold 1,838 properties, putting us well ahead of the 1,316 properties sold in the first two months of 2009. Inventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment,” he added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $317,030, an increase of 15.8 per cent over February 2009. The average sale price for a condominium-class property was $265,938, an increase of 30.3 per cent over February 2009. The average sale price of a residential-class property was $337,788, an increase of 15.6 per cent over February 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of 2,540 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area and now online at www.OttawaRealEstateGuide.ca.
March 5, 2010 : A Great Start to 2010 for Ottawa’s Housing Market
Members of the Ottawa Real Estate Board sold 1,118 residential properties in February through the Board’s Multiple Listing Service® system compared with 787 in February 2009, an increase of 42.1 per cent.
Of those sales, 323 were in the condominium property class, while 795 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“Last month’s sales were near the top of the usual range for this time of year, as opposed to February of 2009, which was the end of the brief slowdown we saw in Ottawa’s resale housing market due to global economic conditions,” said Board President Pierre de Varennes. “So far in 2010, OREB Members have sold 1,838 properties, putting us well ahead of the 1,316 properties sold in the first two months of 2009. Inventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment,” he added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $317,030, an increase of 15.8 per cent over February 2009. The average sale price for a condominium-class property was $265,938, an increase of 30.3 per cent over February 2009. The average sale price of a residential-class property was $337,788, an increase of 15.6 per cent over February 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of 2,540 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area and now online at www.OttawaRealEstateGuide.ca.
Monday, March 8, 2010
Preparing for an Open House.
PREPARING FOR AN OPEN HOUSE
The sale of a home can be a stressful and busy time for any homeowner which is why it is important to work closely with your registered real estate professional if you are planning an open house.
Your best approach is to ask as many questions as possible about what you need to do to prepare as well as making sure you understand what occurs during an open house.
While not exhaustive, below are some examples of questions you might want to ask your registered salesperson*:
Will your salesperson be present during the open house?
Will attendees of the open house be asked for identification?
Will all attendees be escorted throughout the home and will your salesperson limit the number of individuals in your home at any one time to ensure they are personally escorted?
Will your salesperson check all doors, windows and other access points prior to locking your home at the end of the open house?
Ask your salesperson for advice on whether you should allow photographs of your home to be taken by buyers or anyone else.
Below are some steps you can take to prepare for an open house:
Remove small valuables from view.
Remove medications from all rooms in the home including your medicine cabinet.
Keep your bills, credit card receipts, and bank statements out of view. You may want to store them with your other valuables.
Take inventory/pictures of your property and what was stored so you will know quickly if anything is missing.
Consider removing personal photographs that may be on display.
Take advantage of the registrant search feature to ensure you are working with someone who is registered to trade in real estate in Ontario.
*For the purpose of this document, a salesperson refers to both registered salespersons and registered brokers.
This article is for information purposes only and does not constitute legal advice.
The sale of a home can be a stressful and busy time for any homeowner which is why it is important to work closely with your registered real estate professional if you are planning an open house.
Your best approach is to ask as many questions as possible about what you need to do to prepare as well as making sure you understand what occurs during an open house.
While not exhaustive, below are some examples of questions you might want to ask your registered salesperson*:
Will your salesperson be present during the open house?
Will attendees of the open house be asked for identification?
Will all attendees be escorted throughout the home and will your salesperson limit the number of individuals in your home at any one time to ensure they are personally escorted?
Will your salesperson check all doors, windows and other access points prior to locking your home at the end of the open house?
Ask your salesperson for advice on whether you should allow photographs of your home to be taken by buyers or anyone else.
Below are some steps you can take to prepare for an open house:
Remove small valuables from view.
Remove medications from all rooms in the home including your medicine cabinet.
Keep your bills, credit card receipts, and bank statements out of view. You may want to store them with your other valuables.
Take inventory/pictures of your property and what was stored so you will know quickly if anything is missing.
Consider removing personal photographs that may be on display.
Take advantage of the registrant search feature to ensure you are working with someone who is registered to trade in real estate in Ontario.
*For the purpose of this document, a salesperson refers to both registered salespersons and registered brokers.
This article is for information purposes only and does not constitute legal advice.
Wednesday, January 6, 2010
Welcome to 2010!
Well we are finally into the New Year. As many of you I am sure are hoping 2010 will be better then 2009 which for most was a really good year to forget. With the New Year upon us things are looking up in the Real Estate Market. I think this will be a great year for home sales. Bank of Canada however is discussing raising the mortgage rates. So now is the time to get into your mortgage broker and get your preapproval and locked in rate. This way for the next 5 years you can be one of the lucky ones who were smart and bought into the low rate market.
So basically if you are looking to upgrade to a larger home or buy your first home now is the time. You can still buy new homes with out worrying about the HST for a few more months as well. If you are considering purchasing a home or selling and upgrading to a larger house, or even purchase a new home build, give me a call.
Thanks everyone and may 2010 bring you great karma and luck!
So basically if you are looking to upgrade to a larger home or buy your first home now is the time. You can still buy new homes with out worrying about the HST for a few more months as well. If you are considering purchasing a home or selling and upgrading to a larger house, or even purchase a new home build, give me a call.
Thanks everyone and may 2010 bring you great karma and luck!
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