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Bank Of Canada Holds Overnight Lending Rate

As expected, The Bank of Canada maintained their overnight rate in an announcement this morning.  This is great news as, as it keeps your prime mortgage or line of credit at 3.00%. In their statement, the BOC said that global economic recovery is becoming more firmly entrenched and is expected to continue at a steady pace.  Japan's significant losses from the disasters in March will severely affect its economic activity in the first half of this year and create short-term disruptions to supply chains in advanced economies. The instability in the Middle East may cause havoc over oil prices.   Despite the significant challenges that weigh on the global outlook, global financial conditions remain very stimulative and investors have become noticeably less risk averse.  The persistent strength of the Canadian dollar could create even greater headwinds for the Canadian economy, putting additional downward pressure on inflation through weaker-than-expected net exports and larger declines in import prices. The BOC expects the economic recovery in Canada to continue.   Although the prime rate will increase at some point this year. If you are on a variable rate, stay with it for now. Since 1992 the increases have only been by 0.25% at any one time. Therefore, any increase is expected to be gradual and controlled in line with economic recovery, both in Canada and globally. Fixed term rate increases this past week caused a bit of a stir amongst home buyers. As I said last week, fixed term increases at this time of the year are absolutely normal. They will come down again by the end of summer/beginning of fall as they do each year. The next announcement on any change to the prime rate is May 31st, 2011. Should you have any questions, or would like us to recommend a mortgage expert near you, please call me. Regards,

Asif

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Posted via email from Markham Real Estate Today with Asif Khan

TREB Market Watch - Second Best March On Record

TORONTO, April 5, 2011 -- Greater Toronto REALTORS® reported 9,262 transactions through the TorontoMLS® system in March 2011, representing the second best March result on record. The number of transactions was 11 per cent lower than the record result reported in March 2010.

“The strong home sales reported in March and throughout the first quarter of 2011 have been based on a solid affordability picture and improving economic conditions in the GTA and country-wide,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for March 2011 was up five per cent year-over-year to $456,147. The strongest average annual price growth was reported for condominium apartments and semi-detached houses, at approximately seven per cent for both home types.

“Market conditions were tighter in March compared to last year. With more competition between buyers, we have seen a strong but sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

With supply remaining tight and demand increasing due to buyers wanting to make the leap before interest rates rise, the average price continued to climb.  Although sales were down 11%, new listings were down 19%.  Active listings were down 11% from last year.  If you are a seller wanting to go on the market later this spring/summer, now is the perfect time to hit the market. 

 

Attached are the year-to-date results from all four Districts.  The average price in the East Districts sits at $346,382, with days on market sitting at 27 days, and homes selling for 99% of list price.  In the West Districts, average price is sitting at $414,808, days on market is at 27 as well, and homes are selling for 98% of list price.  Central Districts, powered by C9 and C12, show an average price of $572,026, with days on market at 26 and homes selling for 99% of list.  North Districts have the lowest days on market at 23, and showed an average selling price of $506,929.  The North is also fetching 99% of list. 

 

For a detailed look at your neighbourhood, drop me an email or give me a call and I will provide you with specific numbers for your property. 

 

 

 

Asif Khan, Sales Representative

Re/Max All-Stars Realty Inc.

 

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TREB Market Watch - Commercial Real Estate Outlook Remains Strong

TORONTO, April 5, 2011 — TREB Commercial Members reported 568,163 square feet of leased space in March 2011, down 34 per cent from the 860,895 leased square feet reported in March 2010.

“The outlook for the commercial real estate market in the GTA remains strong. The most recent report on GDP noted a strong increase in manufacturing activity as well as output from related sectors like transportation and wholesale. These sectors, which are expected to improve further this year, are especially important to the industrial real estate sector in southern Ontario,” noted Toronto Real Estate Board Commercial Division Chair Larry Purchase.

 

By category, TREB Commercial Members leased 451,821 square feet of industrial space, down 37 per cent from 721,858 square feet recorded in March 2010. In addition, 55,775 square feet of commercial space was leased during the month, a 28 per cent decline from the 77,272 square feet leased in March 2010. Finally, 60,567 square feet of office space was leased, down two per cent from the 61,765 square feet leased in March 2010.

 

Industrial space in all size categories leased for an average of $4.87 per square foot net (sfn), a one per cent decline from the average of 4.91/sfn recorded in March 2010. Commercial space leased for an average of $16.99/sfn, down nine per cent from the average of $18.59/sfn reported in March 2010. Office space leased for an average of $10.69/sfn, down 14 per cent from the average of $12.47/sfn in March 2010.

 

Sales Market Highlights

TREB Members recorded 50 sales of IC&I properties last month, including 25 industrial buildings of all size categories which sold for an average price of $114.80 per square foot, a 63 per cent increase over the average of $70.27 per square foot recorded in March 2010. The average sale price for Industrial properties from non-MLS sources was $100.74 per square foot. In addition, 25 Commercial/Retail properties sold for an average of $264.27 per square foot, a 93 per cent increase over the average of $136.66 recorded in March 2010.

 

Asif Khan, Realtor

Re/Max All-Stars Realty Inc.

 

Google me: Asif Khan ReMax

Follow me on Twitter  www.twitter.com/remaxallstar

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Posted via email from Markham Real Estate Today with Asif Khan

First-time buyers in major Canadian markets move to get in ahead of higher interest rates, says RE/MAX

Mississauga, ON (April 5, 2011) - Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX.

The RE/MAX First-Time Buyers Report , highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price. Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15 per cent), Greater Vancouver (up close to 12 per cent), and Winnipeg (up just over 11 per cent). With an average price hike of close to 20 per cent year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (eight per cent), Quebec City (seven per cent), Winnipeg (close to seven per cent), Greater Toronto (five per cent), and Greater Montreal (five per cent).

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Posted via email from Markham Real Estate Today with Asif Khan

Shania's Sunflower of Hope http://post.ly/1qjhv

Shania's Sunflower of Hope

As many of you know, I spend most weekend mornings coaching girls' hockey in the Markham-Stouffville Girls Hockey Association. It is great fun and seeing the little girls develop their hockey skills and develop into little stars over the course of a season is an unbelievable feeling.

I was reminded yesterday about the harsh reality of life. Not all children have the luxury of participating in these types of activities and as parents we often take our children's abilities for granted. One of the girls, that may arguably be our most improved player this season, has been through a horrific tragedy. She lost her older sister a few years ago to a fairly unknown type of cancer.

In June 2006, at the age of 7, her older sister Shania was diagnosed with stage 4 neuroblastoma. Neuroblastoma is a malignant tumour which mainly occurs in young children.

During her courageous battle, Shania had a dream. She would start a family fun fair and help the Hospital For Sick Children raise money for research and a cure for this disease. She was determined to get better and conquer the cancer that was invading her body. At the same time, Shania decided to give back to the community, by helping other children affected by neuroblastoma.

This courageous little girl, who loved sunflowers, had a vibrant personality and lively spirit, decided to organize a Spring Fun Fair. With the help of her family, friends and school, they created Shania’s Sunflower of Hope Fun Fair at the Markham Fairgrounds. The Fun Fair is an opportunity for a fun-filled, family-friendly day that will raise money for neuroblastoma research without taking a heavy toll on families’ wallets. At the fun fair you can experience a wide assortment of games, sports challenges, bounce on a wide variety of inflatables, facepainting, crazy balloon hats, great food and wide variety of local entertainment. Shortly after her first Fun Fair, Shania passed away from the terrible disease.

To date, Shania’s fundraising activities have generated $240,000.00. All the net proceeds that are generated are donated to neuroblastoma research at Sick Kids, through Shania’s Sunflower of Hope Fund.

This year, Shania's Sunflower Of Hope will take place on April 30, 2011 at the Markham Fair Grounds. I have committed to supporting this event this year, and in the future, and am asking for your support in making Shania's dream come true. Please let me know how you would like to help Shania's Sunflower of Hope accomplish its purpose and find a cure for neuroblastoma.

I expect to see each and every one of you at the Fair on April 30th, and am counting on you to help Shania's family realize her goal.

Asif

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Posted via email from Markham Real Estate Today with Asif Khan