Tan.gazine May 2011 Volume 01 Issue 08
Gateway
Condos To Homeownership >> Page 3
Tight Market Results in Strong Price Growth in April
>> Page 7
1st Time Home Buyers Prop up Home Sales >> Page 6
Governor Mark Carney says
While Canadian Economy Healthy,
Threats Still Exist Globally Broker
Tan
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News Condos Gateway To Home Ownership TD Canada Trust April 23, 2011
Of the young urbanites who have recently entered into home ownership through the purchase of a condominium, more than two thirds of them indicated that, had they more money at their disposal-they would have preferred to buy a housethis according to a new poll just released by TD Canada Trust. Not surprisingly, most of those who have purchased a condo are first-time homebuyers (with the other statistical chunk belonging to retiring downsizers). Many indicate that the affordability of a condo for many who are just beginning their careers is an attractive feature. According to this poll, this was the draw for respondents under 35-years-old (62% versus 46% for other age groups). Also, this group identifies condo ownership as a brief stop on the road to ownership of larger properties, with many indicating that they plan to move not too long after the initial purchase of a condo. There are many things to consider before deciding on a condo, though. “Before making the decision to buy a condo and own it for only a few short years, calculate the costs that you will incur, such as condo fees, parking fees and moving expenses and work this into your budget," says Farhaneh Haque, Regional Manager, Mobile Mortgage Specialists, TD Canada Trust. "Depending on how soon you plan to move, these costs could outweigh the equity you'll build and receive from the eventual sale of your condo." As Toronto Sales Rep, Steven Fudge, Bosley R.E. Ltd., Brokerage told Propertywire.ca, there is value in the affordability of a condo for a first time homebuyer- in particular for those seeking shelter in an urban setting. “Condominiums tend to be more affordable than freehold housing in most urban centres, making them financially accessible for younger Canadians." “While many young Canadians may have the funds for a down payment, they lack the additional capital often required to repair and upgrade an older freehold property. The condominium serves as a great start for income rich cash poor buyers, many whom are young Canadians. “ It’s not just about money either; condos address lifestyle issues as well. Many young urbanites are busy with work or
social activities, and if given the choice, would rather focus their attention in that direction, than on maintaining a property themselves. “Most condominiums have a management company that coordinates the maintenance, repair, and replacement of major building components on behalf of its’ owners. As a result, condominiums are well-suited to buyers lacking the knowledge, skills or interest in the fundamentals of heating/cooling, plumbing, wiring, and roofing, etc.” According to the TD poll, among the features that were most important to condo fees were overwhelmingly named as the most important feature to look for in a condo (95%). Four-in-five respondents were not willing to pay more than $400 in condo fees monthly. Other features that ranked highly were good building security and attractive interior design features (both 92%). Those over 50 are more likely to say attractive exterior design is an important consideration (88%), whereas younger respondents were more concerned about being close to public transit (85%) and near theatres, restaurants and shopping (85%). Keeping in line with the mantra, ‘location, location, location’ , many condominiums offer proximity , price and amenities , and as Fudge suggests, these are more complementary to the expressed needs of this demographic. “In urban centres, condominiums tend to be more centrally located and accessible to the places young Canadians work and play. This accessibility supports the 'work hard, play hard' lifestyle embraced by younger buyers, who are often single or a childless couple. “ “In Toronto, some high density condominium communities include comprehensive amenities specifically geared to attract young Canadians. Swimming pools with outdoor lounges and barbecues create opportunities to congregate, as do in-house movie theatres, bowling alleys, fitness facilities, and billiards rooms. Essentially offering a luxury 'hotel lifestyle' for the young and upwardly mobile, many young Canadians find it a far more exciting home ownership opportunity than a house in the burbs. “
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Tan.gazineNews First Tuesday, May 17, 2011
Time Home Buyers Prop Up Canadian Home Sales
According to a new study, released by the Altus Group, First Time Homebuyers are responsible for about one in every two homes sold in Canada over the last two years, over more than a quarter of a million sales per year across the country.
Hamilton Realtor, Donna Bacher, Broker, Royal LePage State Realty, Brokerage told Propertywire.ca that she sees this as a matter of routine, "I would definitely agree with this statement. However, I would have to say that this is the way that it's been for much more than 2 years. For 28 years, I would say that First Tme Buyers account for half of my sales every year...so, what would appear to be newsworthy really isn't...it's just the norm!" From the Altus Group study, of these first timers, the majority are under the age of 35- with the demographic made up of 25-34 year olds comprising 60% of those purchasing for the first time. One in four is aged 35-49 years old. Also in the findings, one quarter of this group were made up of single person households, and more than one-fifth of first-time buyers chose to buy a newly-built home. Of these, about one in three chose to buy a condo. According to the report, “The average house price for a recent (first-time buyer) in Canada was about $273,000. This is about four times the average annual household income of about $69,000 — up substantially from the price/income ratio of 2.7 per cent for (first-time buyers) in the 2001-2002 period,” How does this actually translate into the market- now and later? With debt-to-ratio incomes higher- and a substantial increase in the gap between income and property price, it is encouraging for the long term market that some are gathering assets, work and life experience before jumping into home ownership. This caution suggests that these homeowners would be able to sustain their debts in the long term. The report stated as well, that first time buyer intentions were down among renters, year-over-year, and also below average from the 2002-2009 period. This is partly attributed to the recent introduction of Jim Flaherty’s mortgage restrictions. These lending restrictions, coupled with rising prices in some centres, is prohibitive for some potential first time buyers and, according to the report, will keep them out of the market until these specific conditions improve.
While the Canadian economy is looking promising, there are threats looming in the distance, as it pits itself against other global economies.
Tuesday, May 17, 2011
In remarks made at a luncheon yesterday, Bank of Canada Governor Mark Carney underscored the potential threats that exist globally for the Canadian economy. “It is a time of great opportunity for Canada, but navigating the cross-currents in the global economy will require boldness and skill,” the Governor said in a speech to the Canadian Club of Ottawa. Carney identified a surge of activity in emerging countries as a proponent of growth – in the form of “the urbanization of emerging Asia and the accompanying formation of a massive new middle class.” This tremendous growth has been countered by lagging economies in established countries, hampering overall global economic growth. It is expected to take years for these economies to fully recover from the recent financial crisis. The balance between these forces has changed and may change again. “Last fall, the consensus was that a faltering recovery in advanced economies was a greater risk than overheating in emerging markets,” Governor Carney noted. “Today, it is the opposite. Such reversals can be expected to continue.”
Carney has indentified three consequences of this global imbalance- and their impact on the Canadian economy. Firstly, the onus is on the Canadian business to “develop trade, technical and academic partnerships to improve market share in emerging markets. In tandem, Canadian business needs to improve its competitiveness, source new suppliers.” Similarly, there must be strategies in place to navigate a volatile marketplace. Also, there will be major changes coming to scale, composition and direction of capital flows, and will directly impact investorsand possibly present a risk to the economy itself. Finally, Carney suggested that the country will need to undergo fiscal adjustment- as most established countries do – to protect against impacts from other countries. Carney said, “Canada’s fiscal strength and monetary policy credibility represent crucial advantages that must be preserved,” underscoring Canada’s economic flexibility, sound macroeconomic policy and commitment to openness as an asset in taking on global challenges.
Tight Market Results in Strong Price Growth in April In April, the median price was $402,000, from the $373,000 recorded during April of 2010. Toronto - May 4, 2011 Greater Toronto REALTORS® reported 9,041 existing home sales through the TorontoMLS® system in April 2011. This result was down 17 per cent compared April 2010 when sales spiked to a new record of 10,898. While off last year’s record result, April 2011 sales were in line with the average April sales level reported over the previous five years. “Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities,” said Toronto Real Estate Board (TREB) President Bill Johnston. Market conditions tightened markedly over the last year. April 2011 sales accounted for 62 per cent of new listings during the month – up substantially from 53 per cent in April 2010. Tighter conditions resulted in the average April selling price growing by nine per cent annually to $477,407. “The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The strong price growth experienced in April should result in more listings and more balanced market conditions.”
Tan.gazineNews
While Canadian Economy Healthy, Threats Still Exist Globally
Happy Father’s Day Sunday, June 19, 2011
Are These The Questions Floating In Your Mind? • Is I the th Canadian C di Housing H i B Bubble bbl Forming? F i ? • Are you ready for the return of Real Estate Market? • Are you not wondering, what is next in the market? • For all Sellers, is it still possible to sell for a good price? • How do you prepare to buy or to sell a home in a slow market? • If you are renting now and is thinking of buying a home but you have bad credit, past bankruptcy etc and do not know what to do next. What is your next move?
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