Great News For Canadians Investing in the USA.

The number of former U.S. homeowners switching to rentals remains a growing trend this year, according to a new poll by Apartments.com.

Some 33.6% of respondents looking for an apartment this year said they are previous homeowners, up from 20.5% in 2011, according to the poll.
The trend was also backed by a Reis report that the apartment vacancy rate dropped to 5.2% in the fourth quarter of 2011, down from 5.6% in the third quarter.

The higher demand has increasingly led to rent increases in most major rental markets.

That represents a potential boon for Canadian investors in the U.S., looking to maximize monthly cash flow. This latest report may also encourage other Canadian investors to look at properties south of the border in areas where home values remain as much as 30% to 40% cent off their 2007 peaks.

Still, the increased demand for leased accommodations has its downside for renters.

“The fact that more are entering the market continues to create a series of challenges for the potential renter, including fewer apartments to choose from, which can drive higher rent rates,” said Chris Brown, vice president of product management for Apartments.com.

Of those homeowners looking to rent in the poll, 26.3% said they are doing so because they believe renting is a more affordable option, and 21.2% prefer the flexibility of renting.

The survey also found a vast majority of renters are using online resources to judge potential apartments. There was a 9.2% increase in the number of respondents using review websites compared to last year. Additionally, 70.4% of respondents said online apartment classified listing websites were a top rental search tool.

The top apartment markets by vacancy rate include New Haven at 2.1%, New York at 2.4%, Minneapolis at 2.5%, Portland at 2.7%, and San Jose at 2.9%, according the latest figures from Reis for the fourth quarter of 2011.

Via: Canadian Real Estate On-Line

Asif Khan, ABR
www.asifkhan.ca
Re/Max All-Stars Realty Inc.
Re/Max Hall of Fame

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Hornblower Cruises to replace Maid Of The Mist in Niagara

The winning bidder was just announced in the competition to provide the boat service at Niagara Falls and it is California based Hornblower Cruises. This could mean that the Maid Of The Mist brand is on its way out unless Hornblower negotiates a deal with Maid of the Mist Steamship Corporation to use the brand. Some will argue that the Maid of the Mist brand is an icon and should remain, however we'll have to wait and see. Maid of the Mist will continue operations through the 2013 calendar year. Hornblower will generate billions of dollars in revenues and hundreds of millions in profit with absolutely no competition. It isn't clear whether Maid of the Mist reapplied, nor is it clear if there was other bids. I'm sure we'll hear more on this in the upcoming weeks/months. What are your thoughts on a California company taking over from Maid of the Mist?

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Dear Buffalo, You're Welcome! :)

BUFFALO — Canadian shoppers are being credited for helping to boost Erie County's sales tax revenues over the US$400 million mark for the first time.

Financial officials with the county, which includes the city of Buffalo, tell the Buffalo News that sales tax receipts for 2011 increased by 4.5 per cent to just under $401 million.

County officials attribute much of the growth to strong retail sales fuelled by Canadian shoppers.

A recent report by the county comptroller's office projects that the county would end 2011 with a $26 million budgetary surplus once the year's finances are tallied.

Sales tax revenue in the Buffalo area has fluctuated in recent years as the economy sputtered.

Via: CP24

Asif Khan, ABR
www.asifkhan.ca
Re/Max All-Stars Realty Inc.
Re/Max Hall of Fame

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What's Open What's Closed on Family Day

Since 2008, Family Day has been held in Ontario on the third Monday in February. The day is designed to give Ontarians a mid-winter long weekend between New Year's Day and Easter.

There will be plenty to do around the GTA when many Ontarians are given a break from work and school for Family Day on Monday.

Many family-friendly events and activities are planned, in addition to the usual tourist draws, but some stores or services will be affected by the provincial holiday.

Here's what will be open and closed because of the public holiday:

Closed

Most grocery stores and malls
Banks
Public libraries
Schools
Most offices
LCBO stores and Beer Stores
Municipal buildings, including city hall
Canada Post offices located in retail outlets that will be closed for the day
TSX

Open

Federal offices, including passport offices
Canada Post offices (mail will be delivered)
Tourist attractions and museums, including the AGO, ROM, CN Tower, Casa Loma, Hockey Hall of Fame and Toronto Zoo
Movie theatres
Some skating rinks and arenas
Many shopping centres, including Eaton Centre, Vaughan Mills, Pacific Mall, Square One

The TTC will be operating on a holiday schedule, and GO Transit will run on a Saturday schedule.

Have a safe and happy Family Day!

Asif Khan, ABR
Re/Max Hall of Fame
Re/Max Chairman's Club
Re/Max All-Stars Realty Inc., Brokerage
905-888-6222

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Are sites like Househunting.ca Misleading The Public With Outdated Information?

With the market as hot as it has been, buyers are scrambling to find properties.  The many new sites popping up sure are great to help speed up the search, or are they?  I received a call from a client today, very excited to have found two homes on his own, and I was asked to book appointments.  When searching them on MLS, I noticed these two homes had already sold - ONE YEAR AGO!  I asked which site the homes were found on, scared that Realtor.ca had missed the updates.  I was told it was a site called househunting.ca.  I figured it was a fly-by-night start-up site that ran out of funds and couldn't update their information, and thus these listings were left on.  I booked a few other appointments for the client and didn't think twice about this second-class property search engine.

About an hour ago, I received an email from another client to get some information on four homes in Aurora, ON.  As I was already on the MLS, I popped the MLS numbers into the search and was shocked that all four were sold!  I've been watching this area over the last few months, how did these four listings slip past me?  How would I explain this to my clients, who have been very patient in waiting for the right home?  As I scrolled down to check the sold date, I noticed it was from 2010.  The other three were early 2011!  I emailed the client right away and told her the bad news, the listings were all sold.  I wanted to know where she found these, and for the second time in 5 hours I heard the words HOUSEHUNTING.CA!

I went on to Househunting.ca, and out of curiosity I selected a handful of listings to plug into the MLS.  Sure enough, all were sold.  These aren't recent sales either.  These date back to December 2010, and February, March and April 2011.  One example is N2058296 16 Closs Square in Aurora, which shows a date listed as February 1st, 2012 (16 days listed). When you cross reference this listing with the actual MLS, the date listed is March 15, 2011.  The home sold on April 8, 2011 AND the new owners have already moved in!!  Just to humour the site, I selected NEW LISTINGS from the drop down sort menu.  The first home to come up was 50 Petch Crescent in Aurora, listed for $599,000.  Househunting.ca shows that this was listed today - February 16, 2012. I inputted the information into the MLS system, and quickly found 50 Petch Crescent.  Only problem was that the listing was not a new listing from February 16, 2012.  It was actually listed on August 15, 2011.  The home sold on September 9, 2011.  What makes this worse is that this site is part of Canada.com; major newspapers like the National Post are behind this.  What an embarrassment.  Sites like this should be taken down.  I didn't click on the National Post link at the bottom of the page, however I am curious as to when their breaking news stories would have been from.  I'm almost certain that today's Sports Section would have Sidney Crosby on the front page celebrating the Golden Goal - that was just last night right?  

It is sad that such sites exist, and even more so that they are frequented by unsuspecting consumers who rely on this misleading information.  For CURRENT market information, your best source of information is a full-time Realtor.  With so many new sites coming up and claiming to be consumer friendly search engines for listings or for on-line property analysis, the internet is becoming a very scary place for home buyers/sellers.  Don't trust novelty websites for information about your most valuable asset, go to a professional.  Protect your best interest; call your Realtor.

Asif Khan, ABR

Re/Max All-Stars Realty Inc.

Re/Max Hall of Fame

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CMHC Predicts Steady Housing Market For Next Two Years!

Via: Canadian Press
OTTAWA — Canada Mortgage and Housing Corp. is predicting the Canadian housing market will remain fairly stable this year and next, with little change from 2011 in prices, new home construction and sales of existing homes.

The national housing agency said Monday in its first-quarter 2012 report that the foreseen stability stems from an economy that appears set to expand at only a moderate pace over the next two years. The Bank of Canada's key overnight rate — which affects mortgages tied to prime rates — will likely remain low until mid-2013, which should also act to keep activity on an even keel.

“With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011,” CMHC deputy economist Mathieu Laberge said in a statement.

Low mortgage rates and high demand have driven housing prices sharply higher in large urban centres such as Toronto and Vancouver, leading many experts to warn that a housing bubble could burst when rates finally do rise.

Despite those warnings and alarms from top government officials that Canadians are taking on too much debt overall, the housing market has seen little change over the past few years, with price growth slowing but not retreating in most areas.

The CMHC says it expects the average house price in Canada to hit $368,900 for 2012, with a projected range between $330,000 and $410,000, according to data from the Canadian Real Estate Association's MLS service.

For 2013, that number rises to $379,000, with a range between $335,000 and $430,000.

“The moderate increases in the average MLS price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013,” CMHC said.

Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, while existing home sales are expected at about 457,300 units in 2012 and moving a little higher to 468,200 units in 2013.

The CMHC predicted that housing starts will be in the range of 164,000 to 212,700 units in 2012, and between 168,900 to 219,300 units in 2013. Existing home sales are expected in a range from 406,000 to 504,500 units in 2012, rising to 417,600 to 517,400 units in 2013.

Western Canada is expected to see strong growth in new housing starts, with Alberta leading the way with a 13.2 per cent increase. However, the agency said it expects housing starts in Saskatchewan to contract by about 2.7 per cent in 2013.

In Eastern Canada, all provinces are expected to see a contraction in housing starts for 2012, with “modest growth” returning to Quebec and Ontario in 2013.

The agency noted that the fate of an economic recovery in the United States, Canada's largest single trading partner, could have an immediate affect on Canada's housing industry —

“Some upsides include the potential that the U.S. could recover more quickly than anticipated, which would be positive for U.S. employment and economic growth,” CMHC said.

“In turn, this could boost employment growth in Canada and thus lead to a stronger than expected housing market.”

Conversely, if the U.S. recovery hits a snag and emerging economies see their growth slow while Europe suffers a slowdown, that could lead to slower employment growth in Canada and place a chilling effect on the demand for housing.

Asif Khan, ABR
Re/Max Hall of Fame
Re/Max Chairman's Club
Re/Max All-Stars Realty Inc., Brokerage
905-888-6222

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Record Crowd Expected For Leafs-Wings Winter Classic!

Finally! The NHL has finally got it right! Nazem Kadri's dream match-up for the Winter Classic is going to come true. The Leafs and Wings, will square off in Detroit for the next New Year's Day game on January 1, 2013! Story attached below. Go Leafs Go!!

Michigan Stadium set to host Maple Leafs & Red Wings for Winter Classic

Via: 680News staff and The Canadian Press The National Hockey League confirmed Thursday the Detroit Red Wings will face the Toronto Maple Leafs in the Winter Classic on Jan. 1, 2013.

The game will be played at Michigan Stadium, nicknamed "The Big House," in Ann Arbor, Mich.

The league is expecting a world-record crowd of more than 115,000 at Michigan Stadium.

"Since this outdoor matchup is so big there is only one place where it could be played," NHL commissioner Gary Bettman said.

Also, the NHL announced that the rest of the event will be based out of Comerica Park in downtown Detroit.

Bettman said at least 150,000 fans will take in games at Comerica Park.

The baseball stadium will host an alumni game as well as games featuring teams from the Ontario Hockey League, American Hockey League and NCAA.

Asif Khan, ABR
www.asifkhan.ca
Re/Max All-Stars Realty Inc.
Re/Max Hall of Fame

Posted via email from Markham Real Estate Today with Asif Khan

TREB Jan 2012 - Asif Khan

Strong Sales/Price Growth Continue in 2012

TORONTO, February 3, 2012 — Greater Toronto REALTORS® reported 4,567 sales through the TorontoMLS® system in January 2012. This number was 8.8 per cent higher than the 4,199 sales reported in January 2011. Sales growth was strongest for low-rise home types in the regions surrounding the City of Toronto.

“A favourable affordability picture bolstered by very low posted fixed mortgage rates has kept home buyers confident in their ability to achieve the Canadian goal of home ownership,” said Toronto Real Estate Board President Richard Silver.

“The buyer pool remains diverse in the GTA with strong interest in home types across the pricing spectrum,” continued Silver.

The average selling price for January 2012 transactions was $463,534 – up by almost nine per cent compared to January 2011.

“Low inventory levels have kept competition between buyers strong, resulting in robust annual rates of price growth over the last year. Strong price growth is expected to attract more listings. A better supplied market should result in a slower rate of price growth, especially in the second half of 2012,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

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Jim Beatty Moves From CTV to CHEK Anchor Desk!

Here's a story I'm so incredibly excited to be posting!! He's an Award Winning journalist, former CTV Reporter, and one of my 'bestest' friends in the entire world! On Monday February 6th, Jim Beatty becomes the new Anchor for CHEK TV's evening news!  Like with everything else Jim has taken on, he will crush this!  Jim's hard work and his passion for journalism have always been hallmarks of his success, and being selected to anchor Victoria's evening news is a testament to that fact.  

The Jim Beatty era officially begins tomorrow night on CHEK.  You can bet there will be a huge following tuning in at 8pm Toronto time to watch Jim embark on his next journey. CHEK viewers: you are in for a real treat.  

Want to watch from Toronto?  CHEK is available on satellite or tune in here: www.cheknews.ca, and click 'watch live'. Newscast is on at 5pm PST/8 pm our time on Monday February 6, 2012.  Be There!

Good luck JB!  Hope you can hear us all cheering you on from back home!

CHEK TV weighs anchor with a fresh face on Monday's newscast, welcoming journalist Jim Beatty.

The 44-year-old Beatty will anchor the news from 5-6 p.m. and from 630-7 p.m. on weeknights. He comes to CHEK after seven years as the Victoria bureau chief for CTV, during which he won a Jack Webster Award for his coverage of B.C.'s welfare system.

"I've been learning the staff, learning the people and the computer system, doing some rehearsals," said Beatty, who officially joined CHEK two weeks ago. He said he already knew many CHEK staffers from their work in the field, where he divided his time between the legislature and pursuing stories elsewhere in the city and all around Vancouver Island.

Prior to his stint at CTV, Beatty spent almost a decade at the Vancouver Sun, concentrating on legislature coverage.

He said moving to CHEK TV appeals to him because it is a "new challenge."

"When I left the Sun, I thought 'Life is a ride' and sometimes you've just got to take the opportunities that come up."

Beatty said it was a bigger leap in many ways going from the Sun to CTV because he had never done any broadcasting. He said he is comfortable moving into the anchor's chair, but intends to remain a member of the press gallery and do some of the key interviews that come up.

He said one attraction of the CHEK job is that it will normalize the amount of time he spends at work, something his wife, Diana, and boys Ben, 12, and Nicholas, 9, will appreciate.

"My kids were thrilled that I'm not going to have the travel that I used to have."

Beatty's hiring follows the departure of Scott Fee, who took a job at Global Calgary last fall. CHEK news director Rob Germain said Beatty has a wealth of experience and will fit in well at the station. "He's got a great presence on the air. First we got Tony [Parsons] to come to CHEK, now we've got Jim, so we've got some of the best, I think, in the business."

Parsons is on the air at 10 p.m., while Stacy Ross leads the noon news and will fill in for Beatty when he is away, and Skye Ryan is the weekend mainstay.

Beatty's roots in the media go back to his hometown of Toronto, where he attended Ryerson University and earned a degree in journalism. From there, he was hired by the Sun, and initially assumed he would end up back in Toronto after a few years out west.

"But I moved out here and fell in love with Victoria, like so many others," Beatty said. 

jwbell@timescolonist.com

© Copyright (c) The Victoria Times Colonist

Read more: http://www.timescolonist.com/news/CHEK+anchor+moves+from/6104555/story.html#ixzz1lZiJ1C3B 

Asif Khan, ABR

Re/Max All-Stars Realty Inc.

Re/Max Hall of Fame

Google me: Asif Khan ReMax

Posted via email from Markham Real Estate Today with Asif Khan

Web Presence

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I’m excited to be ramping up my social web presence, and will be able to connect with you better, in more places online.

Connect with me at:

Facebook: http://www.facebook.com/Asifkhanremax

Twitter :  https://twitter.com/#!/ReMaxAllStar

LinkedIn: http://www.linkedin.com/in/asifkhanremax

YouTube:  http://www.youtube.com/user/AsifDreamTeam  

Posterous:  http://asifkhanremax.posterous.com/

I look forward to connecting and getting to know you better.

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BREAKING NEWS: Government to shut down Waterpark, Cinesphere, and Rides at Ontario Place.

One of my favourite childhood attractions in Toronto seems to be on its way out as the Ontario Government prepares to announce plans to shut down its major entertainment components.
After 41 years, the iconic waterfront amusement park known as Ontario Place looks to have run out of lives. 2.5 million people visited the park last year, the same number that attended during its 20th anniversary. The government reports that the park lost $20 Million last year.
It's a sad day for Toronto, and even more so for the employees and over 600 summer students that are employed at Ontario Place.
Revitalization plans for the park have it slated for an overhaul to be completed by 2017.
Thanks for the amazing memories Ontario Place. From driving my first car when I was 4 years old, watching my first movie on the big screen, concerts at the amphitheater, the water park, and of course hanging out with my friends at the restaurants on weekends, there sure are many of them. Glad I had the opportunity to take my kids there over the last few years. Unfortunately, all good things must end.
It sure is a sad day in Toronto. Hopefully, 2017 sees the opening of a bigger and better version of Ontario Place, helping to create more memories for more people.

CTV Story attached:

Via: CTVNews

Ontario's Liberal government is poised to make a key announcement Wednesday tapping a former Progressive Conservative leader to head a revitalization plan of Ontario Place.

The Canadian Press citing a government source said John Tory has been asked to advise the government on revamping the floundering waterfront park.

The source said Tory is tasked with finding ways to "engage the community" in creating a new vision for the once popular attraction.

The aim is to revitalize the site by 2017.

Michael Chan, minister of Tourism, Culture and Sport along with Dwight Duncan, minister of Finance, will make the announcement.

Ontario Place, which celebrated its 40th anniversary last year, drew 2.5 million visitors, roughly the same number it boasted for its 20th anniversary.

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