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"Real Estate Bits - 2"

Updated 4th week of every month

  "Real Estate Bits - 2"
May 2010


Money Matters

Presented By: Nino Pasquariello - Manager - Scotiabank

Yonge and Eglinton Branch

(416) 932-3885 #7000

E-Mail: nino.pasquariello@scotiabank.com

Nino is away on vacation.
His column will return next month.

Some Thoughts On Variable Rate Mortgages

In lieu of an article from Nino - here are some thoughts on variable rate mortgages from an article by The Canadian Press. The Bank of Montreal released a report in October of 2009 related to variable rate mortgages, and it concluded in part that:

  1. Fixed rate mortgages help many people feel secure with budgeting but the more volatile variable rate mortgages will help consumers to save money in the long run.
  2. BMO’s study concluded that over the past 30 years that variable rate mortgages were more cost-effective about 82% of the time.
  3. Fixed rate mortgages lock the borrower into a set rate for a period of time.
    A variable rate mortgage changes with the interest rate.
  4. Short term rates are at extreme lows right but there is pressure for higher rates in 2010.
  5. The question of whether to lock in to a fixed rate or select a variable rate mortgage is a complex one - but it is well worth your time to have a conversation with your Bank or Mortgage Broker to help you decide what is best for you


Tricks Of The Trade:

Moving Check List

You have purchased a new home - now it’s time to start packing. Do not get a box from the LCBO and start to pack up the books in the family room. What if half the books are paper backs from your university days? As with anything else - you need a plan

Think Of These Categories:

Must Keep              Sentimental              Cash              Charity             Junk

Must Keep - These are the items in your home that you will take with you to become part of your new dwelling. Furniture - mementos - dishes - pictures - art work – clothing etc.

Sentimental - This can be a tough one. What if “sentimental” has a guilt quotient? We all have them. This week-end I’m finally selling my guilt chair at a garage sale. This is a chair that my father had in his living room for many years. I feel about it the way Frasier felt about his Dad’s old duct-taped easy chair. I never sit in it because it’s big and uncomfortable - sort of like Lily Tomlin’s famous rocking chair. Finally it is going to find a new home. You can and should do the same with the stuff that has ceased to add value to your life.

Cash - Sell what you don’t want or need and turn it into cash.

Charity - Donate things that you don’t want to move. Re-Cycling Matters - Good Will - Salvation Army - Value Village etc.

Junk - The functional life of the item is “over”. Get rid of it.

Now you have a fresh slate to work with. Go through every room in the house (one by one) and assign a category to every item. Label boxes and put every item where it belongs. Have a staging area – basements and garages work well.

Now you are finally down to your Must Keep items. Pack them and label the box with the destination room in your new house or condo. Colour code your boxes. You can now easily direct your movers. For instance all red coded boxes are for the kitchen etc.

Now Down To The Nitty-Gritty:

  1. Interview and select a moving company appropriate to your move.
  2. Start to pack. Give yourself time. A month before the actual moving date is a sensible time frame.
  3. Send out all your change of address cards.
  4. Pack all important documents in one place.
  5. Finalize all paperwork with your lawyer and your bank and book dates to see these professionals.
  6. Even though your lawyer may contact these companies - most people like to call Heat - Hydro - Water. Have any necessary metres read by the appropriate utility. Then you want to follow up with Insurance - Cable TV - Phone – Internet – Magazines - Newspapers and Internet.
  7. If you are moving to a condo - remember to book the service elevator for moving day.
  8. Account for kiddies and pets on the actual moving day.
  9. Pack a moving day “Go Bag” for every member of the family. Tooth brush - change of clothes - jammies - snack. The cat and dog need one too!
  10. Order pizza the night of your move.
  11. Arrange for beds to be set up in the new house.
  12. Unpack the coffee maker, mugs and juice glasses.
  13. Go out for breakfast on day “1” in your new home.
  14. Now back home again - unpack each room as required.

One Final Tip - Assign a family member to be present when your moving truck is loaded and unloaded so you can account for the handling of all items. Many people like to move art work, mirrors and clothing themselves. This often depends on the length of the move.

Try to think of moving day as an adventure. Many people like to leave a note of “Welcome” and a bottle of wine for the Buyers of their home. It’s a lovely touch. Remember that the home you are leaving is filled with the memories of your life and the new owners will continue that tradition!

Happy Moving Day!

Regards,

Rosemary...


Okay, Okay - Here's The Joke …

 

Another Really Bad Joke


Mid-Month Market Update:

GTA Realtors Report Mid-Month Resale Housing Figures

Toronto May 19, 2010 - Greater Toronto Realtors reported 4887 sales through the Multiple Listing Service (MLS) during the first two weeks of May. This represented a 7% increase compared to the 4561 sales recorded during the same period in 2009. New listings increased by 48% annually to 10,059.

“The average household looking to purchase a home continued to benefit from affordable opportunities in the first half of May,” said Toronto Real Estate Board President Tom Lebour. "The number of done deals will remain high for the remainder of 2010 but will dip from record levels.”

The average price for May mid-month transactions was $448,641 - up 12% compared to the average of $399,811 recorded during the first 14 days of May 2009. "The total number of homes currently listed in the GTA is now within a more normal range. As Buyers benefit from more choice in the second half of 2010, average selling prices will grow at a slower pace," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Mid Month
2009 and 2010

City of Toronto - (416):

2009 Sales = 1864       Average Price = $439,459
2010 Sales = 1984       Average Price = $500,375

Rest of the GTA - (905):

2009 Sales = 2697       Average Price = $372,408
2010 Sales = 2903       Average Price = $413,284

GTA:

2009 Sales = 4561       Average Price = $399,811
2010 Sales = 4887       Average Price = $448,641


Ask An Expert?

These are just some of the professionals who can help you with your home ownership concerns. If you subsequently choose to establish a business relationship with any person/company then you should be sure to define the specific details of the relationship or business contract before you proceed.

  • Ask A Lawyer?
  • Ask A Painter?
  • Ask A Surveyor?
  • Ask A Designer?
  • Ask An Accountant?
  • Ask A Tradesperson?
  • Ask A Home Inspector?
  • Ask A Financial Adviser?
  • Ask A Colour Specialist?
  • Ask An Insurance Broker?
  • Ask An Interior Decorator?
  • Ask A Web-Site Designer?
  • Ask A Kitchenware Retailer?
  • Ask A Landscape Designer?
  • Ask An Employment Lawyer?
  • Ask A Banker/Mortgage Broker?
  • Ask A Firecode/Retrofit Specialist?
  • Ask A Garden Sculpture Specialist?
  • Ask A Basement Waterproofing Specialist?
     

Business Referrals

Client & Networking referrals are the foundation of a successful real estate sales representative's career.  Over many years in this industry I have enjoyed the confidence and repeat business of my clients. I appreciate your on-going support and want you to know that I will always look after friends and colleagues you refer to me with professionalism, care and respect.

Rosemary Wright
Sales Representative
Sutton Group-Bayview Realty Inc., Brokerage
Independently Owned & Operated

(Bus): (416) 483-8000
(Fax): (416) 463-0159

WebSite: www.rosemarywright.com
E-Mail: mail@rosemarywright.com

 "Professional Service With A Personal Touch"


This newsletter is never sent unsolicited.  If you wish to be removed, please reply to this E-Mail with the words "Remove from Newsletter" in the subject line or call me at
(416) 483-8000 to request removal.

The intent of the newsletters - "Real Estate Bits" & "Real Estate Bits - 2" is to provide information to you regarding real estate. Personal details such as your name, contact information and address are never revealed to anyone without your consent. In accordance with the new Privacy Act, your consent must be given (either implicitly or explicitly) to receive these newsletters.If you do not want to receive my newsletters - please notify me. My newsletters are not intended to solicit Buyers or Sellers who are currently under contract with any Broker.

The information and opinions contained, statistics and articles are courtesy of TREB, CMHC or other individuals or companies and are believed to be reliable, but their accuracy is not guaranteed. Sutton Group-Bayview Realty Inc., Brokerage and Rosemary Wright accept no responsibility whatsoever for any loss arising from any use or reliance on the accuracy and timeliness of the information contained herein. Every endeavour is made to ensure accuracy. These newsletters do not render financial, legal, accounting, home inspection or professional advice. They are for general educational purposes only. They do not offer do-it-yourself advice. We encourage you to always contact the appropriate professionals or specialists to address your individual needs.

E&OE

Not Intended To Solicit Listed Properties Or Signed Buyerss

 


 

 
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Independently Owned And Operated
(Bus): (416) 483-8000
(Fax): (416) 463-0159
1820 Bayview Avenue
Toronto, ON   M4G 4G7

 

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