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"Real Estate Bits"

Updated 2nd week of every month

  "Real Estate Bits"
June 2008


Market Update

Steady GTA Re-Sale Housing Market in May

June 4, 2008 - The Greater Toronto Area resale housing market recorded 9411 transactions in May, Toronto Real Estate Board President Maureen O’Neill announced today.

On a year-over-year basis the GTA average price increased 4% to $398,148 in May from the May 2007 average of $382,787. Prices increased 3% in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a 5% increase to $374,629 from $355,341 last May.

“Price gains show that real estate continues to be a solid investment for the consumer,” said Ms. O’Neill. “We are confident about the market because employment in the GTA continues to be strong and interest rates remain low. As long as consumers have the financial resources to buy homes and a variety of choices to manage carrying costs, the market should remain stable.”

“May’s sales figures represent a 16% decline in the GTA from the record month a year ago when 11,146 sales were recorded,” said Ms. O’Neill. “More than 9000 properties changing hands still represents considerable market activity.”

In the City of Toronto, there were 3711 sales, down 19% from last May’s 4578 sales and down 6% from May 2006. In the 905 Region, 5700 transactions were recorded, which represents a 13% decline from the 6,568 sales during the same period a year ago but up 4% from May 2006.

“The Toronto Land Transfer Tax has been in effect for 4 months now and the decline in sales has been running for the same time time period,” said Ms. O’Neill. “We are keeping a close watch on the effect of this new tax.”

Two specific areas North of Toronto experienced increased sales activity in May. In Uxbridge (N16) sales were up 10%, while Stouffville (N12) saw a 12% increase in sales, driven mainly by detached home transactions.

A Breakdown Of The Total Sales Is As Follows:

TREB's - 28 West Districts had:  3626 sales With an average of - $377,098
TREB's - 14 Central Districts had:  1606 sales With an average of - $528,938
TREB's - 23 North Districts had:  1938 sales With an average of - $430,240
TREB's - 21 East Districts had:  2241 sales With an average of - $310,724

Average Days On Market in May was 31


Year-Over-Year Sales and Price Comparison

Year-2007 # of Sales Average Price
     
January 5173 $353,724
February 6772 $368,687
March 8518 $365,285
April 9452 $379,025
May 11,146 $382,787
June 10,451 $381,963
July 8912 $366,012
August 8059 $361,890
September 6866 $380,132
October 7915 $394,646
November 7313 $393,747
December 4646 $394,931
     
Total 93,193 $376,236
     
Year-2008 # of Sales Average Price
     
January 5075 $374,449
February 6015 $382,084
March 6631 $380,338
April 8762 $398,687
May 9411 $388,839

Featured Listing – 107 Victor Avenue, Toronto

If you, or anyone you know, is interested in a great Riverdale Victorian home - this beautiful property is well worth a visit.

Please contact me for a viewing - (416) 483-8000

View Interior Pictures

Lovely, private garden - ideal for summer entertaining!


Web-Site Of Interest

It’s the law – dogs and cats need a license tag. Fines start at $240.00 - so just imagine that you’re out walking Fido and Spot and the animal control guy happens by and you don’t have a dog license for each of the boys … it won’t be good
 


Mortgages

Mortgage Rates - Nino Pasquariello - Scotiabank

Rates As Of June 2, 2008

Nino will guarantee these rates for 120 days for any "confirmed" client of Rosemary Wright if you bring this newsletter with you!

These "Preferred Rates" are available for new mortgages for any of my clients who bank with Nino Pasquariello, Senior Bank Manager of Scotiabank & Trust. Nino's office is located at 2200 Yonge Street (at Eglinton) in Toronto.

(Bus): 416-932-3885 #7000 (Fax): 416-932-3167

E-Mail: nino.pasquariello@scotiabank.com

Scotiabank Web-Site: www.scotiabank.com


Find The Best Way To Use "Your" Money

6 Month Open    8.06%
6 Month Convert    5.21%
1 Year Open    8.30%
1 Year  Closed    4.65% - Effective until June 30, 2008
2 Year Closed    5.15%
3 Year Closed    5.00%
3 Year Ultimate Rate    Prime minus .50% - Cap Rate is 6.15%
4 Year Closed    5.34%
5 Year Closed    5.26%
5 Year Flex Value    Prime minus .50%
7 Year Closed    5.80%

Please Note: We are unable to guarantee the rate on the Prime Based Variable Rate products. Rates will be based on Prime at the time of the mortgage closing. We are able to guarantee the Cap Rate on the 3 Year Ultimate Rate Mortgage for 120 days from the date of your application. Please call Scotiabank for more details on our 5 Year “Flex Value” products.


Business Of The Month

An Experienced & Meticulous Painter

Tim Cooper

Toronto M4M 1R9

Contact Tim at (416) 778-7718 or Cell (416) 892-1877

timcooper@rogers.com
 


Home Inspection Companies

1) National Home Inspection (416)467-7809 nationalhomeinspection@sympatico.ca
2) Carson & Dunlop (416)964-9415 inspection@carsondunlop.com
3) Baker Street Home Inspection (416)483-3535 info@bakerstreet-hi.ca
4) Aetna Pest Control (Termites) (416)469-4111 info@aetnapest.ca


Just for Fun...

Really, Really Bad Jokes

Jesse: What do you get if you cross a softball pitcher with a parrot and a clock? Sam: I know - underhanded polly-ticks.

Anne: Why are all the cars honking their horns?
Charlie: I know - it’s beep year.

Tom: What car is parked in the tower of a famous Paris cathedral?
Patty: I know - the Hatchback of Notre Dame.

Jenny: Why did Zorro engage in so many sword fights?
Bill: I know - he was leading a duel life.

Toby: What did the jar of paste do on January 1st?
Betty: I know – he made a glue year’s resolution.

Jamie: What’s covered in soot and performs in silence.
Sara: I know – a coal mime.


Neighbourhood Corner - Brampton:

Sales for Brampton thus far in 2008 totaled 3254 - down 10% from the 3602 recorded during May of 2007. Of these, 1774 were detached homes which averaged $367,116 - a 3% increase over the $354,834 recorded during the January to May period of 2007. In addition, 719 semis were transacted in Brampton so far this year, averaging $287,972 - up 5% over 2007.


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

 Direct Page: (416) 582-1216

 "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 Buyers

 


 

 
"Real Estate Bits" Newsletters

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

 

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