Toronto real estate in January 2012

     Canadian housing starts unexpectedly retreated in the first month of 2012 as a result of considerable decline in urban single units and slowdown in multiples. The seasonally adjusted annual rate of starts decline 1 percent to 197,900 units in January from 199,900 units a month earlier, Canada Mortgage and Housing Corp. reported today. From a year earlier, Canadian dwelling starts increased 18.3 percent in January 2012 compared to a gain of 20.6 percent in December 2011.

       The pace of housing starts slowed slightly in January but remained robust during an unseasonably warm winter, according to data from Canada Mortgage and Housing Corp. Strong homebuilding activity will likely to be a boon to the Canadian economy in the short term, but could also signal overbuilding that could wreak havoc in the longer term, economists warned Wednesday.

     The seasonally adjusted annual start rate — which smooths monthly variations — was 197,900 units in January, down from 199,900 units in December, the CMHC reported. "While housing continues to surprise on the upside, we caution that this pace of homebuilding is unsustainable," said TD economist Diana Petramala.

     January's one per cent decline was mainly because of sharp decreases in Quebec and Atlantic Canada — regions that posted big gains in the month before. Builders have been able to continue construction during the winter season, which has been noticeably warmer and largely snow-free in many parts of the country.

      Low borrowing rates — tied to persistent economic uncertainty — appear unlikely to rise any time soon, which has propped up demand for homes. At the same time, home prices have risen sharply as buyers rush in to take advantage of those low mortgage rates and compete for homes, making ownership less affordable for some. Senior government officials have issued repeated warnings about the implications of taking on too much debt when mortgage rates inevitably rise.

      Still, the January report was good news for Canada's economy because the housing sector makes up a sizable portion of GDP and an influx of building has contributed to a run up in construction jobs in the latest jobs report.

      Based on the high level of building permits approved in December, construction could trend even higher in the months ahead, said David Madani of Capital Economics. "The large amount of work under construction is broadly consistent with the elevated level of construction employment as a share of total employment. This is a stark reminder of just how important strong housing investment is for the broader economy."

      The report is a good indication that housing activity will continue to support GDP growth in the first quarter of 2012, said TD economist Diana Petramala. However, overall weakness in the job market since July —the unemployment rate now sits at 7.6 per cent —could put a damper on demand later this year and the market appears to be "slightly overbuilt and overpriced," she warned.

      In line with a recent trend, January's strength was concentrated in the multi-unit, or condo sector, which has been identified as most at risk of a downturn because of a potential glut of supply that could outpace demand. Multi-unit starts increased 0.4 per cent, while single family home starts fell 7.8 per cent — their lowest level since May.

      Housing construction is outpacing the levels demanded by demographic fundamentals such as the level of new household formation — especially in the condo market. "The result has been a large over hang of newly built and unoccupied multiple units, putting significant downside risk to home building once interest rates begin to rise," Petramala said.

      Madani also said he remains concerned about overbuilding and the "rising likelihood of a housing slump down the road." Given that developers usually begin construction with only about 60 to 70 per cent of units sold, the recent strength in multi-unit starts suggests there could be a glut of newly completed, unoccupied condo units, he said. "This is just one sign of a housing investment boom that has gone too far."

      While January's figures reflect that construction is settling into a healthy pace, there were some specific regional and sectoral trends that underlie the data, BMO economist Robert Kavcic said. Most prominent of those trends is the booming Ontario market, where condo building has been strongest in the past few months, the level of multi-unit building is just slightly below the all-time high set in late 2008, he said.

      The CMHC data showed the seasonally adjusted annual rate of urban starts decreased by 2.8 per cent to 176,600 units in January, with single starts down by 7.8 per cent and multiple starts up 0.4 per cent.

Urban starts decreased by 35.4 per cent in Atlantic Canada and by 34.4 per cent in Quebec on a seasonally adjusted annual rate. Those sharp declines followed particularly robust gains in those regions in December. From GlobalEdmonton.com

Toronto real estate. HOME DECORATING

A well-watered tree, carefully placed candles, and carefully checked holiday light sets will help prevent the joy of the holidays from turning into a trip to the emergency room or the loss of your home. This is easily the busiest time of year, but it's important to make time for safety while celebrating the holidays. By committing a few minutes each day to safety, many accidents can be avoided and your holidays will be memorable for all the right reasons.

• Buy a live tree that is fresh and green with needles that are difficult to pull from the branches. The needles should not break when bent. The bottom of a fresh tree is sticky with resin and, when tapped on the ground, the tree should not lose many needles.
• Set up the tree at home out of traffic and away from doors and from heat sources, such as fireplaces, vents, and radiators. Heated rooms dry out live trees, so be sure to keep it watered daily. The tree stand always should be filled with water.
• If it's an artificial tree look for a "fire resistant" label. It's not a guarantee the tree won't burn, just that it is resistant to igniting.
• When small children are about, avoid sharp, weighted, or breakable decorations. Keep trimmings with small removable parts out of the reach of children to keep them from swallowing or inhaling small pieces. Avoid trimmings that resemble candy or food that can tempt a child.
• Keep burning candles within sight. Extinguish all candles before you go to bed, leave the room, or leave the house.
• Burn candles on a stable, heat-resistant surface away from where kids and pets can reach and knock them over. Place lighted candles away from items that can catch fire and burn easily, such as trees, other evergreens, decorations, curtains and furniture.
• Use only lights - indoor and out - tested for safety by a nationally recognized testing laboratory, such as UL. On most decorative lights available in stores, UL's red holographic label signifies that the product meets safety requirements for indoor and outdoor usage. UL's holographic label, with the green UL Mark, signifies it meets requirements for only indoor usage.
• Check outdoor lights for labels showing that the lights have been certified for outdoor use, and only plug them into a ground-fault circuit interrupter- (GFCI) protected receptacle or a portable GFCI.
• Check new and old light sets for broken or cracked sockets, frayed or bare wires, or loose connections. Throw out damaged sets. Do not use electric lights on a metallic tree.
• Be sure each extension cord is rated for its intended use.
• Use care with "fire salts," which produce colored flames when thrown on wood fires. They contain heavy metals that can cause intense gastrointestinal irritation and vomiting if swallowed. Keep them away from children.
• Don't burn wrapping papers in the fireplace. A flash fire may result as wrappings ignite suddenly and burn intensely.
• Don't use older wood-burning fireplaces and stoves on regional Spare the Air Days, when weather conversion patterns trap larger particulates nearer Earth's surface and create breathing problems for some people.
Happy Holidays!

Toronto real estate. TORONTO REAL ESTATE MARKET UPDATE

Record breaking warm temperatures in March helped bring out buyers during the first two weeks of the month.

The Toronto Real Estate Board reported 4,353 existing home sales, up 70 per cent from the same time last year, when the market was in recession.

But sales were also strong enough to break the mid-month peak set in March of 2006 by 16 per cent, according to the board.

“The spring-like weather in the first half of March brought the first green sprouts of the recurring spring market,” said board president Tom Lebour.

The average price for March mid-month transactions was $440,153, up 20 per cent over last year.

Some good news for buyers was that new listings improved by 34 per cent over last year.

“Look for double digit price increases to cease later in 2010, as new listings rebound from the low levels experienced in 2009,” said Jason Mercer, TREB’s senior manager of market analysis. “Increased listings will give buyers more choice, resulting in less upward pressure on home prices.”

If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants, Right at Home Realty,  with all your questions: (416) 723-9383 (cell).

Banks reaching out to help new Canadians buy a home

In the past, many immigrants to Canada came by sea – often landing at Pier 21 in Halifax. Nowadays, as a new Canadian, you are more than likely to touch down at Pearson International Airport after a journey of several hours rather than days or weeks.

    Either way, once on the ground, making a financial start has always been a tough route. Thankfully, today’s evolution of technology makes it easier to prove your creditworthiness in Canada, and to qualify for a mortgage in order to buy your first home here.

    "One of the key things … is credit. You have to find some sort of credit history," says Jim Rawson, regional manager of Invis mortgage brokerage firm in Toronto. "With the Internet, with easy access to information, we can now check credit from just about anywhere, so we can get credit histories much easier than we could in the past."

    As with any financial agreement, your credit status will determine how much you can borrow.

    "There are different kinds of qualifications, depending on how long you’ve been here and depending on whether you have a job or not, whether you’re landed immigrants or here on work permits," Mr. Rawson says. "But there are several lenders that have new-immigrant policies."

    Every country has its own customs and laws when it comes to home purchasing, and Canada is no different. Colleagues and friends can be a good source of recommendations for trusted accredited real estate agents, lawyers and mortgage brokers to guide you through the process.

     Canada Mortgage and Housing Corp. has also produced The Newcomer’s Guide to Canadian Housing, which includes a section on what to consider when buying a home in Canada – right from scoping out a location, to the documents required, to budgeting for the many expenses involved, and the process of making an offer.

    As well as the usual costs attached to home purchasing, as a new immigrant, you will need to add on the additional time and expense of obtaining proof of your immigration and financial status and maybe even fees for wiring money from your country of origin to cover the purchase deposit.

     Buying a home will likely be your largest financial commitment when you come to Canada, but it may not necessarily be the most complex purchase.

    "Getting a mortgage for a house was easier than getting a car loan," says Graeme Morton, who emigrated from Scotland to Guelph. "I had to get my colleague to counter-sign to get the car loan – which was less than $10,000.

    "And as for cellphones, they asked for so much proof as to who we were it was unreal. Obviously, houses are the less portable of the three!"

    If you do not have a credit history, then financial institutions with specific programs for immigrants, such as HSBC and Scotiabank, may help.

    "We have a program, where, even before they establish their Canadian credit history, new immigrants who are willing to put down a 30% downpayment will most likely be approved for 70% of their home purchase," says David Kuo, vice- president, retail branch network for HSBC, Ontario East.

     Mr. Rawson at Invis says that in the past, immigrants could have been required to have a larger deposit to secure a mortgage.

    "If you’re not landed [a permanent resident] you might be looking for a larger deposit," Mr. Rawson says. "But the insurers CMHC and Genworth have pretty decent new-immigrant policies that [allow for] high-ratio financing." kelowna.com

    If you want to know more about Toronto real estate, call sales representative and mortgage agent Alexandre (Alex) Malkhassiants with all your questions: (416) 723-9383 (cell).

Celebrities and real estate. New home for Slumdog child star

The makers of the hit movie Slumdog Millionaire have bought a new house for one of the two child stars discovered in Mumbai’s slums.





The purchase of a 23m, one-bedroom apartment for the family of Azharuddin Mohammed Ismail, 10, was finalised on Monday, said Nirja Mattoo, who helps oversee a trust set up by the filmmakers to help Azharuddin and his 9- year-old co-star Rubina Ali.

’ “They can move in,” Mattoo said, adding that the trust planned to deliver the keys on Thursday.

Both children lost their homes last month when authorities demolished parts of their slum.

Mattoo said the trust was actively looking for a new home for Rubina.



Ownership of the first apartment, which cost about 2.5-million rupees (50000), will be transferred from the trust to Azharuddin when he turns 18, provided he completes school, Mattoo said.



“He has to complete an education. We are very clear about that,” she said. However, she declined to say what would happen to the property if he did not finish school.

The apartment is located in Santa Cruz West, a suburb of Mumbai just north of the slum where the two children now live.

The government has promised to give both of them new apartments, but the families have resisted, saying the government flats are too far away from their neighbours and school.

Markham real estate. OPEN HOUSE - BRAND NEW MARKHAM TOWNHOUSE!

Open house in prestigious Markham Cornell neigbourhood!

Address: 769 CORNELL ROUGE BLVD - 16th Ave/9th Line

Visit our Open House on Saturday and Sunday - November 17 and November 18 from 12 to 4.

BRAND NEW TOWNHOUSE, NEVER LIVED IN!
Only $329,900 for a Forest Hill beauty - 3-storey town facing park.
4 Bedrooms or 3 Bdr + second floor Family room (easy to convert to 4th Br)
Feels like semi - 1,725 SqFt! Quality construction, good spacious layout.
Modern country kitchen with an island. Parquet floors. Neutral decor.
New Stainless Steel Appliances!
Eight foot high ceiling on main & second floors. Sprayed, strippled ceilings.
Covered porch, detached garage.
Beautiful views from huge living and family room windows.
Lots of storage space. Sliding glass thermopane patio door.
Oval tub & shower with light, breakfast bar.
Easy access laundry room on second floor, all rough-ins throughout.
High efficiency natural gas furnace.
Cold storage room in a big unfinished basement. Quality ceramics in wet areas.
Quality low maintenance white casement windows.
Asphalt roof shingles under 20 year warranty. 7 years new home warranty.
Two steps to school & park. Enjoy the convenience of the Cornell community!
Very motivated vendor.

For details call listing agent Alexandre (Alex) Malkhassiants at (416) 723-9383
or go here - http://www.torontogreathomes.com/Markham/Ontario/Homes/N11_-_UnionvilleMarkham/Cornell/Agent/Listing_980357.html