Blog Entries tagged 'Future Outlook'

Your financial health. Is it all it can be?

admin@tamerfahmi.com — Tue, 01 Nov 2011 05:00:00 +0100

With record high debt levels, Canadians are dedicating a greater percentage of their incomes to servicing mortgages, car loans, and credit card debt despite generational low interest rates. As the cost of carrying debt continues to rise, families are foregoing education and retirement planning. With the average mortgage spanning twenty to thirty years; it can often delay retirement, as most people begin to save after the mortgage is paid.
Is it possible to have you [...]

CREA revises home sales forecast

admin@tamerfahmi.com — Wed, 31 Aug 2011 05:00:00 +0100

OTTAWA – The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2011 and 2012.Overall, sales activity and prices remained stronger than expected in the second quarter. Sales momentum was also better than expected heading into the third quarter. As a result, the 2011 national forecasts for sales activity and average price have been raised s [...]

Realtors predict slowing growth of home sales under tighter mortgage rules

admin@tamerfahmi.com — Wed, 16 Mar 2011 05:00:00 +0100

March 15, 2011 Toronto Star Mary Gazze

The national average price for homes rose 8.8 per cent year-over-year in February, but a group of Canada's realtors suggest they might not stay at those levels for much longer as stricter mortgage rules come into effect.

The Canadian Real Estate Association said the national average price for a home rose to $365,192 in February, but that includes a record number of multimillion-dollar home sales in the Vancouver area that [...]

Finance Minister announces new mortgage rules.

admin@tamerfahmi.com — Tue, 18 Jan 2011 05:00:00 +0100

Jim Flaherty, Minister of Finance, and Christian Paradis, Minister of Natural Resources, announced the following adjustments to the rules for government-backed insured mortgages to support the long-term stability of Canada's housing market.

Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on thei [...]

Canadian real estate market stronger than expected

admin@tamerfahmi.com — Fri, 14 Jan 2011 05:00:00 +0100

Low interest rates should continue to stabilize Canada's resale housing market but the average national price and sales volumes will likely decline from last year, the Canadian Real Estate Association said Friday.

"The hand off to 2011 for sales activity in the fourth quarter suggests that the continuation of low interest rates will further support the housing market," said Gregory Klump, CREA's chief economist in a release Friday.

About 447,000 homes traded over [...]

Our housing market to side step U.S. style bubble.

admin@tamerfahmi.com — Fri, 17 Dec 2010 05:00:00 +0100

Toronto Star

By Mark Weisleder| Wed Dec 15 2010

As Bank of Canada Governor Mark Carney tries to talk Canadians out of piling up too much debt, the comments have led to a lot of speculation about whether Canada faces a U.S.- style housing meltdown.

Nothing could be further from the truth. The factors that led to the US housing crisis were unique to their market. Next year should see strong growth in prices and sales, especially in the GTA, and I plan to write about [...]

Most Ontarians confused about HST and resale homes

admin@tamerfahmi.com — Wed, 27 Oct 2010 05:00:00 +0100

56% mistakenly believe HST applies to purchase price

Toronto, Ontario, October 27, 2010 - An Ipsos Reid survey commissioned by the Ontario Real Estate Association (OREA) and released today reveals that fully 56 percent of Ontarians mistakenly believe that the new Harmonized Sales Tax (HST) applies to the full purchase price of a resale home. In fact the HST is only levied on the various transaction fees associated with the purchase of a home that has been previ [...]

Duelling reports on housing

admin@tamerfahmi.com — Wed, 01 Sep 2010 05:00:00 +0100

A U.S.-style housing crash is unlikely in Canada, says a study by the C.D. Howe Institute.

A decline in underwriting standards played an essential role in the American housing boom and subsequent bust. That has not been the case in Canada, says the study released Tuesday.

It comes on the heels of another study by the Canadian Centre for Policy Alternatives, which said the Canadian housing market is a bubble ready to burst. It also shows the debate that economists are having over [...]

How to find the perfect home

admin@tamerfahmi.com — Tue, 17 Aug 2010 05:00:00 +0100

To help you find your perfect home, one of the questions to ask yourself is what kind of neighbourhood you want to live in.

Looking for a home can be an exciting and exhilarating experience. But before you start your search, you first need to figure out where you want to live and what your housing needs will be both now and in the future.

To help you find the home that's right for you, Canada Mortgage and Housing Corporation (CMHC) suggests you ask yourself the following que [...]

Demand and supply coming into balance in resale market

admin@tamerfahmi.com — Fri, 26 Mar 2010 05:00:00 +0100

OTTAWA - March 15th, 2010 - With rising activity in Toronto offset by lower activity in Vancouver, the number of homes sold through the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards edged lower in February. In recent months, national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market.

According to statistics released by The Canadian Real Estate Association (CREA), seasonally [...]

Are Canadians better to go Fixed or Variable? BMO Mortgage Report

admin@tamerfahmi.com — Mon, 16 Nov 2009 05:00:00 +0100

Every homebuyer faces the age-old question of whether to choose a fixed or variable rate mortgage. A new report by BMO's Economics Department provides valuable insights to help consumers make the right choice.

"The question of whether to lock in to a longer-term fixed mortgage rate or stay in a variable rate has become an increasingly complex and important issue," said Doug Porter, Deputy Chief Economist, BMO Capital Markets. "Short-term rates ar [...]

MLS® home sales forecast revised

admin@tamerfahmi.com — Fri, 28 Aug 2009 05:00:00 +0100

Have you noticed that the pace in the real estate market has regained momentum lately? Well your observations are accurate, according to the latest REALTORLink® News Release by the Canadian Real Estate Association (CREA).

Mr. Dale Ripplinger

2009/10 CREA President

It is clear that the real estate market has nationally shifted to a "Buyers' Market" a long overdue relief for many buyers who are looking to enter into the home ownership club.

While news releases are usually too generic in nature, it is most important that you analyze the specific market that you are considering to participate in.

Having primarily served the Burlington and surrounding area since 1989, at Hearth & Home we believe tha [...]

Great news for 2009...REAL ESTATE IS ON SALE!

admin@tamerfahmi.com — Thu, 08 Jan 2009 05:00:00 +0100

After a good run of a buoyant Sellers' real estate market the pendulum and power has just shifted to the Buyers' side!

If you are a first time Buyer it is a great time to negotiate your way into home ownership. Just like Boxing Day sales, the deals are better now than they have been through good economic times. So instead of buying that big screen plasma TV, computer or new sofa, it's time to invest in a piece of real estate right now! The added bonus for you is th [...]

CREA President comments on the Canadian real estate market

admin@tamerfahmi.com — Sun, 26 Oct 2008 05:00:00 +0100

Cal Lindberg

The President of The Canadian Real Estate Associa [...]

New MLS® residential listing levels reach new heights in July

admin@tamerfahmi.com — Fri, 05 Sep 2008 05:00:00 +0100

OTTAWA - August 29th, 2008 - The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) of all real estate Boards in Canada set a new record in July 2008, according to MLS® statistics released by The Canadian Real Estate Association (CREA).

New MLS® residential listings numbered 80,147 units in July 2008, up 1.4 per cent from the previous month and 0.5 per cent above the previous record set in May 2008. This is the first time in any month that n [...]

CREA Real Estate Economic Outlook - 2008

Sun, 27 Jan 2008 05:00:00 +0100

Read this recent message sent by Ms. Ann Bosley, 2007 CREA President, to all Canadian Real Estate boards and Associations;

Click here here for full report and statistics

January 23, 2008

Attn: Boards and Associations

The Canadian Real Estate Association today issued the attached news release to provide a dose of "economic reality" about the housing market in Canada. Events of the past week, in [...]