Monday, December 13, 2010

How's The Market? Healthy Market Conditions Continue To Support Growth In Average Selling Price

Sales Strong in November

December 3, 2010 -- Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642.

On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900.

"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.

"Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.

The average selling price for November transactions was $438,030 - up five per cent compared to November 2009.

"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

In November, the median price was $366,000, up from the $353,800 recorded during November of 2009.

 

All four areas,  (North, Central, West, and East),  reported less than two months worth of inventory on the market.  This means that if there were no new listings to come on the market, and sales continued at their current pace, there would not be any inventory available in less than two months.  This has all the signs of a Sellers' Market, and if you're a buyer you had better get off the fence quick and make the jump into the market.  As we saw last January and February, the sellers that beat their neighbours to the market will enjoy the sellers' market conditions and benefit from multiple offers on their properties.   Also, the average price continues to climb moderately.  Year-to-date, we are seeing an average home price of $431,346.  The average price in 2009 was $395,460, which was also up on 2008's $379,347.  This a thould end all the stories circulating in the media about how home prices have dropped by certain percentages, and bring some credence to the fact that home ownership continues to be a tremendous investment. 

 

To receive a market analysis for your home or immediate area, please call me or email me and I will provide you with a similar analysis for your records.  You can always reach us by email teamkhan@asifkhan.ca or by telephone 647-477-3648. 


 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

Posted via email from Markham Real Estate Today with Asif Khan

How's The Market? Healthy Market Conditions Continue To Support Growth In Average Selling Price

Sales Strong in November

December 3, 2010 -- Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642.

On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900.

"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.

"Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.

The average selling price for November transactions was $438,030 - up five per cent compared to November 2009.

"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

In November, the median price was $366,000, up from the $353,800 recorded during November of 2009.

 

All four areas,  (North, Central, West, and East),  reported less than two months worth of inventory on the market.  This means that if there were no new listings to come on the market, and sales continued at their current pace, there would not be any inventory available in less than two months.  This has all the signs of a Sellers' Market, and if you're a buyer you had better get off the fence quick and make the jump into the market.  As we saw last January and February, the sellers that beat their neighbours to the market will enjoy the sellers' market conditions and benefit from multiple offers on their properties.   Also, the average price continues to climb moderately.  Year-to-date, we are seeing an average home price of $431,346.  The average price in 2009 was $395,460, which was also up on 2008's $379,347.  This a thould end all the stories circulating in the media about how home prices have dropped by certain percentages, and bring some credence to the fact that home ownership continues to be a tremendous investment. 

 

To receive a market analysis for your home or immediate area, please call me or email me and I will provide you with a similar analysis for your records.  You can always reach us by email teamkhan@asifkhan.ca or by telephone 647-477-3648. 


 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

Posted via email from Markham Real Estate Today with Asif Khan

TREB Commercial REALTORS® Report 25% Increase in Leased Space for November 2010

In November, TREB Commercial Members reported 586,462 square feet of leased space, up 25 per cent from the 468,350 leased square feet recorded in November 2009.

“Commercial real estate transactions have increased alongside economic recovery. Renewed business

investment will be one of the drivers of this growth over the next year. The commercial real estate market

will benefit from some of this investment,” said Commercial Council Chair Larry Purchase.

TREB Commercial Members leased 462,517 square feet of industrial space – up 21 per cent over the

November 2009 total of 383,021 square feet. In addition, 55,961 square feet of commercial space was

leased, representing a nine per cent decline from last November’s figure of 61,793. Finally, 67,984

square feet of office space was leased in November – up 189% from the 23,536 square feet of leased

space recorded in November 2009.

The average lease rate for industrial space in all size categories fell seven per cent to $5.31 per square

foot net (sfn) from the average of $5.69/sfn recorded last November. The average lease rate for

commercial space was up 31 per cent to $21.69/sfn from the $16.65/sfn recorded in November 2009.

The average lease rate for office space declined seven per cent to $11.90/sfn from $12.83/sfn during the

same period last year.

 

Sales Market Highlights

In November, TREB Commercial Members recorded 53 sales of IC&I properties, including 33 industrial

buildings of all size categories, with an average sale price of $66.73 per square foot (sq.ft.). This

represented a decline of 22 per cent from the average of $85.14/sq.ft recorded during November of 2009.

The average industrial sale price for transactions through non-MLS sources was $66.29/sq.ft. The 20

commercial sales reported through the TorontoMLS® system in November sold for an average price of

$95.28/sq.ft. – down 6% from the average of $101.81/sq.ft. recorded during the same period last year.

 

 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

Posted via email from Markham Real Estate Today with Asif Khan

GTA REALTORS® Work to Eliminate Harmonized Sales Tax Misconceptions

Concerned that homebuyers are uncertain about the Harmonized Sales Tax's (HST) applicability on real estate purchases, Greater Toronto REALTORS® are reaching out to consumers to eliminate misconceptions.

Using social media channels and an ongoing series of newspaper columns, the Toronto Real Estate Board (TREB) is conveying to consumers that the HST does not apply to the purchase price of resale homes.

"Although the HST applies to newly constructed homes and professional services associated with real estate transactions, the purchase price of a resale home is exempt from this tax," said TREB President Bill Johnston.

Since resale housing was never subject to the Provincial Sales Tax (PST) or the federal Goods and Services Tax (GST), it continues to be exempt from the new HST.

Conversely, newly constructed homes were previously subject to the GST, meaning that the HST now applies. The provincial government however, provides a rebate of 75 per cent of the PST on the first $400,000 on new homes, to a
maximum of $24,000.

"When considering the purchase of any type of home, it is important to budget for additional costs, like the Land Transfer Tax and property taxes. Fortunately though, the purchase price of a resale home is one area of relief for taxpayers and
recognizing that a home is many people's single largest investment, this exemption is an important consideration."

TREB began informing Greater Toronto Area homebuyers of this important distinction prior to the introduction of the new tax and plans to continue driving home the message.


 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

Become a Fan of "Asif Khan's RE/MAX Dream Team" www.facebook.com/asifkhanremax

Posted via email from Markham Real Estate Today with Asif Khan

Saturday, December 4, 2010

Frustration in Leaf Nation - MLSE Fires The Fans?! #leafs

What a difference a couple of days make! Things sure hit rock bottom after the 5-0 loss to Edmonton. Fans tossed Leaf jerseys onto the ice, the team was deservedly booed off the ice, and chants of "fire Ron Wilson" were louder than most Go Leafs Go chants this year. It was time for something to give. It was high-time for ownership to stand up for fans that have cheered them on religiously, fans that have put up with years of disgusting moves, listless teams and yet increased ticket prices. It was time to at least fire a coach whose act has not just grown thin, it is over. But MLSE, and their new crowned king, Brian Burke chose to stand behind their pawn and give him a vote of confidence. They may as well have taken daggers and stabbed them deep in the hearts of Leaf fans, then given them a twist just so it hurt more.

All is well now. The Leafs have won a game. Kadri, our future star, scored the goal of our dreams and Kessel, Burke's prized acquisition, flew in on Tim Thomas and the gust of wind created by his jet like speed pushed Thomas deep into the net with the puck between his legs. The puck crossed the line and we won the good 'ole hockey game, just like in the song. The Home team won even after trailing behind!!

We are so hungry to see a winner, a one game win streak is enough to reload the band wagons. Let's all light a candle in Leaf Nation and have a love-in for the coach now. That's exactly what MLSE's business plan calls for right?

Don't get me wrong, I've been a Leaf fans since I was in diapers, and probably will be till I'm in diapers again. This year though, things are very different. Patience is not wearing thin, it's been lost! Normally, after a win, Leaf Nation would be planning the parade. Tonight most of us were hoping for a loss. Yes! You read that correctly! A bunch of Season Seat Holders at the Marlies game were talking and we were hoping the Leafs lost. Needing a major shake up, we wanted our beloved team to continue their futility for just another game or two. Fire Ron Wilson, fire Brian Burke, just do something to show us you care about the fans. The Leaf brass had 10 or 11 people in their suite this afternoon, and the speculation that changes could be on their way had us more excited than the remote possibility of a Leaf win. But, on the other hand, we understand MLSE's vision. The fans aren't what this is all about anymore. It's not about hockey or championships, its about leveraging the team to maximize revenue and profitability.

Should we continue to fall for MLSE's teasing? Will things ever get better? John Ferguson Jr. was let go about three years ago and Leaf Nation was ecstatic. It wasn't that the futility of the organization was JFJ's fault, however it was sign that MLSE was doing something, anything, to right the ship. The hope of Leaf Nation was that Brian Burke would ride in from the sunset and save us from over 40 years of pain and suffering. Burke rolled in two years ago and parade routes were planned. Burke resolved JFJ's bad trade for Toskala and the signing of Blake with one swift move. He has also dealt with the Finger contract by burying it with the Marlies. But Burke has made his share of mistakes as well. Kessel, Gerber, Versteeg have all cost us a part of the future. Wilson's mishandling of Kadri, Hanson, Bozak, and we could go on, could be devastating. The coach however is given a vote of confidence by Burke, more for friendship with the boss than accomplishments. The team has not scored in 25% of the games and has scored one or less goal in 10 of 25 games, yet the coach gets a passing grade? How are players supposed to succeed when the coach benches them and calls them out in the media over one mistake? Players start limiting their creativity, play tentative and play out of fear rather than be aggressive. What happens? They stop taking chances and play the safe game. End result? Your scorers will hang back and chances are, you won't score. Sound familiar? Players are not allowed to make one mistake! Think about you at your workplace. How would you feel about working in an environment where you could not make one mistake? And if you did, imagine your boss calling up the media and telling them about your "nasty habits". Forget security on the job, this is borderline mental and emotional abuse! Why is Wilson not held accountable for his actions? How is he allowed to get away with using a system that has the special teams at the bottom of the league and a combined three year record that is disgraceful? Why does he keep inserting Lebda into a lineup every time he thinks people aren't watching, only to have Lebda cost us another game? Why was Rosehill sent down after being the best player in training camp? Why isn't Wilson called out for making these mistakes over and over again? Calling out offensive players for their lack of defense, stalling the development of the team's future stars, and every once in a while questioning the fans for believing in a team that is not supposed to win. Maybe we should get him Joe Thornton, Patrick Marleau, Evgeni Nabokov.....oh, been there done that? He didn't win a damn thing with them either? Great system he has going. Give the man a raise and contract extension.
Which employer would put up with an employee that starts bad mouthing the tools he has been given from day one on the job? MLSE does. I guess being a pension fund, paying people without achievement or accountability is normal for MLSE. But to give an employee that hasn't accomplished anything, nor has shown any signs of there being a light at the end of the tunnel, a free pass to under achieve for three years without any consequence is absurd! What do they care? It's much easier to fire the fans than the coach because even if all 20,000 fans boo and toss jerseys, there are 20,000 more waiting to over-pay to see the next night's version of Brian and Ron's Excellent Adventure - Hell On Ice. We are so hungry to see a winner, a ONE game win streak would be enough to reload the band wagons. Must have been a line-up at Real Sports after the game for jerseys.

As a season seat holder with MLSE's "other" hockey team, I've had the pleasure of watching a real coach put on a clinic of how to get the most out of players on a nightly basis. Sure, he's a tough coach, however he knows how to motivate, build confidence and maximize productivity from his players. He's had the same players in his line up that Wilson criticizes and condemns. Interesting thing is that the Kadris, Hansons, Bozaks thrive under his leadership as they are allowed to utilize their talents and creativity - the same tools that brought them to the show in the first place.
A young, aggressive coach with a vision for today's game and the respect of his players is what is needed for today's NHL. Dallas Eakins brings all that and more. He will be an NHL coach sooner rather than later. It would be a shame if we let him go, however with Burke and MLSE willing to fire the fans rather than the unproductive employee that stands behind the Leaf bench, shame is all that us die hard Leaf fans have to look forward to. And that's why tonight's shootout win feels like game 7 of the Stanley Cup Finals. Stand up and cheer Leaf Nation. One game win streaks are as good as it gets. As we jump back on the bandwagon, money keeps rolling in for MLSE and prevents us from realizing our dreams of seeing a Stanley Cup in Toronto. Ron Wilson and his winless ways are here to stay. We're fired!


Asif Khan, Realtor
Re/Max All-Stars Realty Inc.

Posted via email from Markham Real Estate Today with Asif Khan

Thursday, December 2, 2010

Movember 2010 comes to an end

With the final day of Movember in the books, the 'staches are now just memories. What a great Movember it has been. The Mo Bros (Shandy, Kevin and I) raised $1,175 with your help. With donations still coming in, we hope to hit $1500 in total. A great accomplishment for a first year team. Congratulations to my teammates, and thank you all for your generosity. To my Mustache, thanks for stopping by, great knowing you, but you must leave now. See you in 11 months or so. You're probably wondering how the Movember Campaign did in raising funds for Prostate Cancer Canada. Wait till you see these totals!! This year, Canada finished first amongst all the countries that participated in Movember. Canadians raised a whopping $19.5 Million during the month! Australia finished second with $18.5 Million, United Kingdom took third place with $12 Million, USA was fourth with just over $6 Million and Ireland rounded out the top five with just over $1 Million. All in all, it was a great month. The mustaches made for great conversation and many laughs but more importantly they helped to begin the change in men's health. To all the men out there, please make health a priority this year. Although Movember is over, the campaign should serve as a reminder to all to get checked up and that we can all make a difference in finding a cure a few dollars at a time. Whether it was $5 or $500 that you donated to Prostate Cancer Canada, you helped Canada raise over $19 Million!! Thank you!! Anyone that would like to join our Mo Bros team for next year, please let me know!

Asif

Asif Khan, Realtor
Re/Max All-Stars Realty Inc.

Posted via email from Markham Real Estate Today with Asif Khan

Wednesday, December 1, 2010

Movember 2010 comes to an end

With the final day of Movember in the books, the 'staches are now just memories. What a great Movember it has been. The Mo Bros (Shandy, Kevin and I) raised $1,175 with your help. With donations still coming in, we hope to hit $1500 in total. A great accomplishment for a first year team. Congratulations to my teammates, and thank you all for your generosity. To my Mustache, thanks for stopping by, great knowing you, but you must leave now. See you in 11 months or so. You're probably wondering how the Movember Campaign did in raising funds for Prostate Cancer Canada. Wait till you see these totals!! This year, Canada finished first amongst all the countries that participated in Movember. Canadians raised a whopping $19.5 Million during the month! Australia finished second with $18.5 Million, United Kingdom took third place with $12 Million, USA was fourth with just over $6 Million and Ireland rounded out the top five with just over $1 Million. All in all, it was a great month. The mustaches made for great conversation and many laughs but more importantly they helped to begin the change in men's health. To all the men out there, please make health a priority this year. Although Movember is over, the campaign should serve as a reminder to all to get checked up and that we can all make a difference in finding a cure a few dollars at a time. Whether it was $5 or $500 that you donated to Prostate Cancer Canada, you helped Canada raise over $19 Million!! Thank you!! Anyone that would like to join our Mo Bros team for next year, please let me know!

Asif

Asif Khan, Realtor
Re/Max All-Stars Realty Inc.

Posted via email from Markham Real Estate Today with Asif Khan

Resilient York Region Real Estate Market Defying Odds

As we wrap up week one of York Region heading into Phase 2 of the COVID-19 Return To Normal Procedures, we're starting to see the effect...