Tan•gazine September-October 2013 Vol 3 Issue 05

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September - October 2013 Volume 03 Issue 05

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CONTENTS September - October 2013 Volume 03 Issue 05 FEATURED CONTENT pg 4-5

Bank of Canada Holds Trend Setting Interest Rate At 1%

pg 5

Fixed Or Variable Mortgage: Why The Trend Is Changing

pg 6

Rising Rates Creating Increasing Dilemma For Homeowners

FEATURED PROPERTY LISTINGS pg 12 The Water Tower Eau du Soleil - Toronto’s newest Landmark on the Water. Eau Du Soleil condominium destination is nestled on Toronto’s idyllic waterfront, along the Etobicoke shores of Lake Ontario...

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pg 10

New CMHC Restrictions Could Impact Mortgage Rates

pg 14-15

Home Ownership A Passion For Canadians

pg 16-19

Back To Back Market Watch Update

pg 20

Preparing For Rising Rates - Being Proactive Pays

pg 22-23

Second Quarter Market Trends Defy Suggestions of Housing Bubbles

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Tan.gazine NEWS

Bank of Canada Holds Trend-Setting

Interest Rate At 1% The Bank of Canada is holding its main interest rate DW RQH SHU FHQW ZKHUH LW KDV EHHQ VLQFH 6HSWHPEHU 2010. Economists widely expect the central bank to hold its trendsetting rate steady well into next year, so Wednesday's announcement came as no surprise. "The bank did precisely what was expected of them today: nothing," BMO Capital Markets chief HFRQRPLVW 'RXJ 3RUWHU VDLG LQ D QRWH WR LQYHVWRUV "If anything, the tone of the statement was slightly more dovish, noting the more moderate global backdrop, less certainty on the output gap and still relatively relaxed on the household debt front. "The bottom line is that we are still looking at a very long period of inactivity by the bank, and may well be talking about four years of unchanged rates a year from now." That wait-and-see approach would appear to VXLW %DQN RI &DQDGD JRYHUQRU 6WHSKHQ 3ROR] MXVW fine. He has been on the job since early June and shows no sign of breaking from the monetary policies of his predecessor, Mark Carney, who took up a new post this summer as head of the Bank of England. "Add it all up and this is a central bank that believes that growth will pick up in 2014 and that will eventually require higher rates, but which is happy to sit on the sidelines and wait for substantial proof such an acceleration is underway before raising rates," &,%& :RUOG 0DUNHWV HFRQRPLVW $YHU\ 6KHQIHOG VDLG in an investors' note. "We still look for the first hike in early 2015, with some risk of a move late in 2014 if there are upside surprises to our forecast." In the explanatory note to Wednesday's announcement, the Bank of Canada said it intends no changes as long as considerable slack remains in the economy, inflation remains muted and household finances continue to improve. 6OXJJLVK H[SRUWV DQG EXVLQHVV LQYHVWPHQW have slowed the country's economic growth, the bank said. 8QFHUWDLQ JOREDO HFRQRPLF FRQGLWLRQV 4 | penghocktan.com

6WHYH 5HQQLH 7KH &DQDGLDQ 3UHVV September 04, 2013

appear to be delaying the anticipated rotation of demand in Canada towards exports and investment." To underscore that point, new figures Wednesday IURP 6WDWLVWLFV &DQDGD VKRZHG WKH FRXQWU\ V H[SRUWV fell to $39.2 billion in July, down 0.6 per cent from the month before. At the same time, imports grew slightly, to push the country's merchandise trade deficit with the world to $931 million in July from $460 million in June. Meanwhile, the Bank of Canada noted the housing sector has been slightly stronger than anticipated, while household credit has continued to slow and mortgage interest rates are higher, the bank added, all of which point to "a continued constructive evolution of household imbalances." The bank also said the global economy has less momentum than anticipated. "In Europe, there are early signs of a recovery and Japan's situation remains promising," it said. "In a number of emerging market economies, financial volatility has increased, adding uncertainty to growth prospects, although China continues to grow at a solid pace." While commodity prices have been relatively stable, the bank says geopolitical tensions -- which SUHVXPDEO\ LQFOXGH WKH EORRG\ FRQIOLFW LQ 6\ULD DQG the continued unrest in Egypt -- are raising the global price of oil. The bank took a slightly dimmer view than it has previously of short-term economic growth in the 8QLWHG 6WDWHV VDLG 5%& DVVLVWDQW FKLHI HFRQRPLVW 'DZQ 'HVMDUGLQV "While today's statement incorporated a slightly less RSWLPLVWLF YLHZ RI WKH QHDU WHUP RXWORRN IRU 8 6 growth and acknowledged that in turn, a firming in Canadian export and business investment was evolving slower than projected, the main thresholds required for the bank to start to reduce the amount of stimulus remained intact," she wrote in an investors' note. The bank's next rate announcement is scheduled for October 23, 2013.

Tan.gazine NEWS

Fixed vs. Variable Mortgage Why The Trend Is Changing It’s the talk of the town once again. Interest rates, savers are praying for an increase while those in debt have their fingers tightly crossed that any rise will come oh so slowly. The big issue for most is the mortgage. Variable used to win hands down over fixed rate when it came to saving money. But as five year fixed rates sunk below three per cent and the spread between fixed and variable rates shrunk to less than 40 basis points or 0.4 per cent, locking in has been a no brainer. There is little point in taking on the additional risk of a rate rise for less than half a per cent. Based on the Canadian Association of Accredited Mortgage Professionals (CAAMP) recent survey, 85 per cent of those who bought a home in the past 18 months locked in, compared to 69 per cent o f existing mortgage holders. The appeal of the fixed rate will only grow with the flurry of talk about impending interest rate increases. Already a number of lenders have nudged their five-year rate over three per cent. This could signal that the variable rate mortgage may start to become more appealing as the difference between it and the fixed rate widens.

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According to canadianmortgagetreands.com, consumer interest in variable rates increases when the spread between them and fixed rates is 100 basis points or one per cent. It is easy to see why. Paying one per cent less on a $200,000 mortgage keep about $2,000 after tax dollars in your pocket in the first year and saves nearly $32,000 in interest costs over a 25-year amortization. Canadian choosing a fixed rate can enjoy the benefits of a variable rate simply by paying a bit more monthly. On a $200,000 mortgage an extra $50 cuts two years off the life of the mortgage and saves nearly $7,000 in interest costs. Or, make a lump sum payment, amounting to the average tax refund of $1,500, and the mortgage is gone in 21 years with interest savings of nearly $15,500.

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Tan.gazine NEWS

Rising Rates Creating

Increasing Dilemma For Homeowners The interest rate dilemma has arrived again for homeowners. What once was a no-brainer decision, locking in your mortgage rate for five years or even 10 years, now has a question mark attached to it. %ODPH WKH 8 6 )HGHUDO 5HVHUYH IRU HDVLQJ XS RQ LWV bond buying program. Bond rates have climbed fast and mortgage rates are just following. Variable rate mortgages, which track prime and are vulnerable to Bank of Canada decisions, are still being offered at about 2.6% for five years. But instead of competing with a 3% fixed rate five-year close mortgage, the competition is a 3.5% product. It may be just 90 basis points buy on a $500,000 mortgage, that’s not small change. Based on a 25-year amortization and $500,000 mortgage, the 2.6% variable would mean monthly payments of $2,268.35 and about $60,000 in interest on a five-year term. The 3.5% product means a monthly payment of $2,496.36 and about $81,000 in interest over the term. O ‘It’s hurting them but also benefiting the rental market,â€? said Benjamin Tal, deputy chief economist with CIBC Markets. Mr Tal said the surge in the housing market we are seeing happens every time there is a fear of risking rates --- consumers try to get into the market before it’s too late. “I’m hearing a lot about people trying to EOHQG DQG H[WHQG Âľ VDLG 0U 7DO 8QGHU WKDW VFHQDULR consumer contact their bank before their mortgage is due, hoping to extend their current loan at today’s still historically low rates. If anything, the gap might widen between rates for short-term and long-term mortgages, after being historically low. “It means sensitivity to interest rates will rise because people will go to what is affordable,â€? said Mr Tal. 1RQH RI WKLV ZLOO OLNHO\ PDNH -LP )ODKHUW\ WKH ILQDQFH minister, happy. His government has gone to great

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July 02, 2013

lengths to slow the market and wants people locked into long-term mortgages so they don’t face the shock of suddenly rising rates. What has gone on is the discounting has shrunk. It’s absolutely sneaky and it’s done on purpose. One of Ottawa’s subtle rules changes was to allow consumers to qualify for a loan based on the rate on their contract as long as they agreed to lock in for five years of longer. If you go with a variable rate, you must qualify for a loan based on the much higher 5.14% posted rate for a five-year fixed closed mortgage. The Canadian Association of Accredited Mortgage Professionals (CAAMP) found that in 2012, 79% of new mortgages were for a locked-in product, 10% for variable and 11% a combination of the two. Ottawa’s rule changes had an impact on those numbers but so did the deal of a lifetime on a five year mortgage. Jim Murphy, chief executive of CAAMP, wonders about what the impact of higher rates will be for new buyers when stacked on top of tougher rules. His groups posted out this month that sales for homes under $400,000 in the greater Toronto area ZHUH GRZQ LQ 0D\ IURP D \HDU DJR )RU KRPHV priced above that level, sales were down just 5%. “All of these changes have impacted the first-time buyer,� said Mr Murphy. “Now we are seeing rising rates and that will have an impact too.� Vince Gaetano, a principal at monstermortgage.ca, said the gap has become wide enough to convince him to go variable now. 6WUDQJHO\ HQRXJK EDQNV KDYH QRW PRYHG quickly to change their 5.14% posted rate --- the percentage nobody actually accepts but which everybody qualifies based on.

Tan.gazine NEWS

Rule Changes Knocks 10% Of Home Buyers Out Of Market

The Canadian government’s latest moves to prevent a housing bubble may have knocked up to 10 per cent of potential homebuyers out of the market, Bank of Nova 6FRWLD VD\V LQ D QHZ UHSRUW WKDW OLNH RWKHUV VXJJHVWV D soft landing for the industry. Among the new rules that went into effect a \HDU DJR WRPRUURZ E\ )LQDQFH 0LQLVWHU -LP )ODKHUW\ DQG WKH 2IILFH RI 6XSHULQWHQGHQW RI )LQDQFLDO ,QVWLWXtions, was a cut to 25 years in the maximum amortization for insured mortgages. That marked the fourth round of tighter rules and sparked a plunge in home sales over the past year, though prices have largely held up across the country. Over the past few days, several local real estate boards have reported June sales that suggest the market has stabilized. In Vancouver, for example, sales in the Vancouver area climbed by almost 12 per cent from a year earlier for the best showing in two years. And in Toronto, the other city that has sparked fears of a meltdown, sales slipped by less than 1 per cent. Having said that, of course, the year-earlier period left a lot to be desired. 6WLOO PDQ\ DQDO\VWV EHOLHYH 0U )ODKHUW\ JRW MXVW what he wanted, averting a crash. “Canada’s housing market is proving remarkably resilient notwithstanding the barrage of negative headlines,� said economist Adrienne Warren of Bank of 1RYD 6FRWLD “Based on a review of local real estate boards representing about 50 per cent of national activity, home sales in June were in line with year-ago levels,� she said in a new report. “On a month-to-month seasonally adjusted basis, we estimate national sales rose for a fourth consecutive month. Market conditions remain well balanced: Average prices are up 4 per cent year over year but have levelled out in recent months. National numbers are expected to be reported next week.

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July 08, 2013

Most cities, Ms. Warren said, are posting “modest firming in sales and moderate single-digit year-over-year price increases,â€? though there are differences among the regions ´6DOHV LQ 9DQFRXYHU DUH VWDELOL]LQJ DW D OHYHO significantly below long-term trends, while activity in many other markets, including Toronto, is largely in line with the 10-year average,â€? she added. “Calgary is outperforming the national trend, though the impact of the recent floods will impact activity in the coming months.â€? 6R KRZ PXFK RI D GLIIHUHQFH GLG ODVW \HDU¡V UHVWULFWLRQV PDNH" According to a survey released today by BMO Nesbitt Burns, they stabilized the market but didn’t kill it. 6RPH SHU FHQW RI SRWHQWLDO ILUVW WLPH EX\HUV SROOHG E\ 3ROODUD VDLG 0U )ODKHUW\¡V PRYH GLGQ¡W DOWHU their plans for when they buy, while 19 per cent said WKH\¡OO QRZ ZDLW ORQJHU )RXUWHHQ SHU FHQW VDLG WKH\ would buy earlier. Ms. Warren said the latest restrictions may have “reduced the pool of potential buyersâ€? by up to 10 per cent, but that “historically low interest rates, steady job gains and population growth continue to underpin housing demand.â€? The next several months make forecasting a bit more difficult, however. While “stable pricingâ€? is attractive, mortgage rates have start to inch up, which could hurt the market in the second of the year, she said, particularly in the more costly cities of Toronto and Vancouver.â€? “Meanwhile, the outlook for continued low short-term interest rates will provide a cushion to any potential further rise in long-term borrowing costs.â€?

penghocktan.com | 7

Tan.gazine NEWS

In the Canadian Housing Market Stable is the Word

After three years of varied periods of growth and decline across the country, the Canadian housing market is starting to stabilize, according to the latest housing report released by Genworth Canada. While the economy continues to strengthen, modest growth in the housing market is the trend for the next five years. The current condition is due in part to the tightening of regulations, but also continued warnings to consumers on their debt levels. Consumers appear to be heeding the advice and stabilizing their financial position before the Bank of Canada begins to raise its UDWH 7KH 6SULQJ 0HWURSROLWDQ +RXVLQJ 2XWORRN notes that healthy employment gains since the end of the recession have helped move mortgage payments in arrears and bankruptcies to a downward trend, except in British Columbia where payments in arrears have flattened after an upward trend from 2008 to 'HVSLWH WKH ORZ LQWHUHVW UDWHV SULFH JURZWK IRU both new and existing homes has been decelerating. The report also notes that while total mortgage approvals are falling, this decline is entirely fuelled by resale homes, as mortgage approvals for new homes increased by 3.4 per cent. Regional Highlights ‡ $WODQWLF &DQDGD KDV VHHQ ODUJH JURZWK LQ KRXVLQJ starts, but with population growth low, the strengthening economy will not be able to keep housing starts from declining, as they align with demographic needs ‡ 4XHEHF FRQVXPHUV ZLOO HQMR\ JRRG HPSOR\PHQW and income growth, but government cutbacks and nervous consumers will put a lid on housing demand, bringing about a contraction in housing starts this year and in 2014 ‡ 2QWDULR PD\ EH RQ LWV ZD\ WR H[SHULHQFH LQ LWV first decline in housing starts in four years, but as the 8 | penghocktan.com

*HQZRUWK &DQDGD July, 2013

economy continues to grow and unemployment declines, new home construction is expected to rise again in 2014 ‡ 7KH 3UDLULHV DUH H[SHULHQFLQJ WKH VWURQJHVW JURZWK in home pricing, propelled by strong economic growth, rising employment and sustained residential demand ‡ $OEHUWD VDZ WKH JUHDWHVW SRSXODWLRQ JURZWK DPRQJ the six regions, as well as housing starts surging to a post-recession high in 2012; housing starts are expected to continue to grow through 2013 and 2014 ‡ %ULWLVK &ROXPELD DIWHU D SHULRG RI KXJH JURZWK DQG then huge correction, is finally settling into more balanced market conditions

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Tan.gazine NEWS

New CMHC Restrictions Could Impact Mortgage Rates

6XVDQ 3LJJ 7KH 7RURQWR 6WDU August 06, 2013

)LUVW WLPH EX\HUV OLNHO\ WR IHHO LPSDFW RI QHZ &0+& UHVWULFWLRQV DV KRXVLQJ PDUNHW VWDUWV WR VXUJH DJDLQ +RPH VDOHV ZHUH XS PRUH WKDQ SHU FHQW LQ 7RURQWR LQ -XO\ \HDU RYHU \HDU ZLWK LQFUHDVHV UHSRUWHG LQ PRVW major Canadian cities. Toronto prices were up eight per cent during the same period to an average of $513,246, DFFRUGLQJ WR ͤJXUHV UHOHDVHG ODVW ZHHN E\ WKH 7RURQWR 5HDO (VWDWH %RDUG

)LUVW WLPH EX\HUV DUH PRVW OLNHO\ WR IHHO DQ\ LPSDFW RI new restrictions introduced by the Canada Mortgage and Housing Corp. that appear to be aimed at further cooling the housing market and limiting Ottawa’s exposure if house prices slump, banking and mortgage experts say. But the impact is unlikely to be big, they add. The federal housing agency has served notice that it is limiting guarantees it offers banks, credit unions and other mortgage lenders to $350 million per lender this month under its National Housing Act 0RUWJDJH %DFNHG 6HFXULWLHV 1+$ 0%6 SURJUDP CMHC had been given the okay by Ottawa to guarantee up to $85 billion of mortgage-backed securities for 2013, but an “unexpected increase in issuance volumes� resulted in those commitments having reached $66 billion by the end of July. In a note to lenders last week, setting the August guarantee limit, CMHC said it will introduce a “formal allocation process� for the rest of the year’s guarantee allotment by month’s end. 6PDOOHU OHQGHUV DUH H[SHFWHG WR IHHO WKH UHVWULFWLRQV far less than the big banks which have used the conversion of loans into securities with CMHC backing to tap money from a broad range of investors and offer mortgages at lower rates. One bank economist estimated that steps the government has taken over the last year, coupled with the beginnings of a sell-off in the bond market, could push mortgage rates up anywhere from 20 to 65 basis points, or 0.2 to 0.65 of a percentage point. While some housing analysts found the timing of the CMHC announcement curious, given that interest rates have already been edging up slightly as 10 | penghocktan.com

bonds have started to surge, others say the recent spike in home and condo sales in many major Canadian cities may have spurred Ottawa to act, yet again, to cool a market that has remained surprisingly resilient. Home sales were up more than 16 per cent in Toronto in July, year-over-year, with increases reported in most major Canadian cities. Toronto prices were up eight per cent during the same period to an average of $513,246, according to figures UHOHDVHG ODVW ZHHN E\ WKH 7RURQWR 5HDO (VWDWH %RDUG “I think it’s fair to say that Ottawa is incredibly, intensely focused on the housing market and the last thing they want to see is the market flare KLJKHU DJDLQ Âľ VDLG %02 FKLHI HFRQRPLVW 'RXJODV Porter. “They are doing whatever they can to guide it to a soft landing. They do want it to land.â€? Jim Murphy, chief executive of the Canadian Association of Accredited Mortgage Professionals, said he doesn’t see the CMHC announcement so much as an attempt to slow the market, as “part of the policy of the current government to limit taxpayer exposure.â€? It is just another policy initiative, on top of four mortgage lending rule changes over the last five years — the last of which limited amortizations for homebuyers seeking CMHC-insured mortgages to 25 years, added Murphy. “The consistent policy of this government has been to restrict or curtail its exposure – I would even say involvement – in the overall mortgage market,â€? said Murphy. “Whether the housing market was really healthy or really slow right now wouldn’t have made a difference.â€?

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Home Ownership A Passion For Canadians $QGUHZ $OOHQWXFN )LQDQFLDO 3RVW

Canadians have a love affair with their homes, stretching their ͤQDQFHV WR EX\ WKHP VDFULͤFLQJ RWKHU WKLQJV WR KDYH D KRXVH RU FRQGR DQG UHPDLQLQJ GHHSO\ LQ GHEW HYHQ ZKHQ WKH QXPEHUV VXJJHVW WKH\ ZRXOG EH EHWWHU RII UHQWLQJ

July 18, 2013

It is a passion for ownership that has put Canada in the elite company of countries with estimates that more than 70% of households now own their own home. Even young people have caught the housing EXJ 6WDWLVWLFV &DQDGD VD\V PXFK RI WKH LQFUHDVH LQ home ownership — the number was 68.4% in 2006 — has been from young people buying condos. In the dozen years since the beginning of the millennium, home prices rose 225%. Those prices were largely financed by household debt which rose to 160% of family income in 2012 from 100% in 2000, says Benjamin Tal, deputy chief economist for CIBC in Toronto. “House prices in Canada continue to defy gravity.â€? There is good reason for that. “Everybody needs a place to live, of course, and people can be house proud. They tend to see houses not just in financial terms, but as expressions RI WKHPVHOYHV LQ ZKLFK WKH\ OLNH WR LQYHVW Âľ VD\V 'HUHN 0RUDQ KHDG RI 6PDUWHU )LQDQFLDO 3ODQQLQJ /WG LQ Kelowna, B.C. “Moreover, there is an expectation that we will own homes. Ownership is seen as a God-given right. And you can sell the house with no capital gains tax if it is a principal residence.â€? In Winnipeg, Vic Kuzyk, a retired school principal, has owned his own house for 40 years and has added two houses nearby that he rents out. “The house rents return 5% a year on my equity and they have more than tripled in value,â€? he says. “They are terrific investments.â€? And he says they have given him fewer headaches than “worrying about my stocks and mutual funds.â€? The property play has also produced an unmeasured but substantial effect on the value of his own house. “I bought the first rental house next to my own because it was run down. It could have reduced my own property value. I repaired it so it now can add 14 | penghocktan.com

to my own value. That’s not anything one could do with stocks or bonds.� Why Homes Seem Like Good Investments The idea that a house or condo is a superior investment is based partly on recent history. Home prices rose strongly in the first decade of the century, driven by falling interest rates which reduced the cost of mortgage financing. In Canada, homes also escaped WKH ZRUVW RI WKH FROODSVH RI 8 6 KRPH SULFHV GULYHQ by the vast American subprime mortgage debacle. Apart from macroeconomic forces, home prices are harder to measure and do not seem to fluctuate moment by moment, as prices of stocks, exchange traded funds and actively traded bonds do, Mr. Moran adds. “The idea of stability becomes a driver of the passion to own.� There are other ways to invest but anyone who satisfies lending criteria can get a conventional mortgage with the usual 25% down or a high ratio mortJDJH ZLWK &0+& RU RWKHU LQVXUDQFH )HZ OHQGHUV ZLOO match those terms on other assets save for certain JRYHUQPHQW ERQGV 5HJDUGOHVV RI WKH PHULWV RI ERQGV they can’t provide a place to lie down at night. Mortgage lending has extended the affordability of homes. Once in a home, people tend to stay to avoid moving costs and sales commissions. These costs, usually paid by the owner who is selling, make UDSLG IOLSV FRVWO\ DQG XQDWWUDFWLYH IRU PDQ\ 6R PRVW housing is not on the market at any one time, unlike stocks that are for sale at least at some price almost all the time. That makes home prices seem stable and solid. Price stability becomes a self-fulfilling prophecy. There are price trends in housing. Though the fraction of all owner-occupied housing for sale is a small part of the total in existence, the pricing and affordability of what there is to buy is based substan-

Tan.gazine NEWS tially on interest rates and demographics, explains Brendon Abrams, an analyst specializing in real estate investment trusts with investment dealer M Partners Inc. in Toronto. When rates rise, people will get less space or other measure of home for each dollar of mortgage payment. When rates fall, as they have done and remain at near record lows, they can afford to buy more house or condo or, for any amount of space, they can pay less. Thus low interest rates have spurred and supported the high level of home prices. Those prices have been held up by pressure from new arrivals coming to Canada who need a place to live, migration to high economic growth areas such as Alberta, and sheer lack of space in markets like Vancouver. The financial attractiveness of home ownership also builds on information bias. It is not hard to find people who have owned their homes for decades and have seen their homes’ prices rise two, three, four or more times in those periods. It is harder to find people who have held a single stock for twenty or thirty years. The typical period of stock ownership is months for ordinary shareholders and even less for professional portfolio managers. In these shorter SHULRGV D VWRFN¡V SULFH LV OLNHO\ WR ULVH YHU\ OLWWOH 6KRUW term trading can also generate losses. Price Trends Home prices have soared for the last decade. But stock prices, having gone through the Twin Towers tragedy RI 6HSW WKH GRW FRP PHOWGRZQ IURP

to 2002, and the subprime mortgage banking collapse that drove down world stock markets in 2008, have stagnated. Now, however, the tide may be turning, Mr. Tal says. 6WRFNV DUH UHFRYHULQJ ZKLOH KRXVH SULFHV ZKLFK JRW ahead of the underlying long-term average annual compound rise of 2%, are likely to be soft. “The real estate market is now at the end of its game while the equity markets are coming back.� That is not a reason to dump your home. Even if house and condo prices soften, owner-occupied KRXVLQJ KDV D WHUULILF WD[ EHQHILW ,Q WKH 8 6 PRUWJDJH interest is tax-deductible, subject to some limits, while in Canada, all capital gains on one’s primary residence are free of capital gains tax. “Your home is like a huge tax-free savings account with no contribution limits,� says Nathan -DQ]HQ DQ HFRQRPLVW ZLWK WKH 5R\DO %DQN RI &DQDGD in Toronto. That means that homes have both the value of a place to live and terrific investment characteristics. Even when there are temporary price declines, the long-term owner should do fine on price and very well after tax. In that sense, you can’t beat a home of your own.�

“Your home is like a huge tax-free savings account with no contribution limits�

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Tan.gazine NEWS Greater Toronto REALTORS® Report August 2013 Mid-Month Resale Market Figures August 16, 2013 -- Greater Toronto Area REALTORS® reported 3,359 sales through the TorontoMLS system during the first two weeks of August 2013. This result represented a 22 per cent increase compared to 2,743 sales in August 2012.Sales were up on a year-over-year basis for all home types. Total new listings were up over the same period, but by a much lesser rate than sales. “The strong annual sales growth experienced in July was sustained in the first two weeks of August. The fact that sales were up for all major home types in the City of Toronto and surrounding regions suggests that a wide range of buyers are active in the marketplace today – from first-time buyers through to existing home owners whose housing needs have changed,” said Toronto Real Estate Board President Dianne Usher. The average selling price during the first two weeks of August 2013 was $494,617 – up three per cent in comparison to the same period in 2012. “Sales growth that is stronger than new listings growth is indicative of more competition between buyers.Against this backdrop, it makes sense that the average selling price continued to grow,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

16 | penghocktan.com

Tan.gazine NEWS August 2013 Sales and Average Price Up Over 2012 In August, the median price was $503,094 from the $477,170 recorded during August of 2012 Toronto, September 05, 2013

Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012. “Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher. The average selling price for August 2013 was $503,094 – up by almost 5.5 per cent compared to the average of $477,170 in August 2012. The MLS® Home Price Index (HPI) composite

benchmark was up by 3.7 per cent over the same period. “Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income. With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

penghocktan.com | 17

Tan.gazine NEWS Greater Toronto REALTORS® Report April 2013 Mid-Month Resale Market Figures May 16, 2013 -- Greater Toronto Area REALTORS® reported 4,476 transactions through the TorontoMLS system during the first 14 days of May. This result represented a decline of 9.7 per cent compared to the same period in 2012. Sales declines were larger for the City of Toronto, at 11.4 per cent, versus the surrounding regions where sales were down by 8.6 per cent year-over-year. “Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation. A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home,” said Toronto Real Estate Board President Ann Hannah. The average selling price during the first two weeks of May was $543,838 – up by 5.4 per cent in comparison to the same time frame last year. Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the City of Toronto was also reported. “Continuing the prevailing trend over the last year, the low-rise segment of the market drove overall price growth during the first half of May, as months of inventory remained September 2013 Resale Market below historic norms for keyMid-Month home types,” said Jason Mercer, TREB’s SeniorFigures Manager of Market Analysis.

Greater Toronto REALTORS® Report

TBA SHORTLY! Kindly Check Back On September 20, 2013

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Tan.gazine NEWS Price Growth Continues in February In February, the median price was $510,580 from the $500,249 recorded during February of 2012 Toronto, March 05, 2012

Greater Toronto Area (GTA) REALTORS® Toronto’s additional upfront land transfer tax reported 5,759 sales through the TorontoMLS arguably played a role in the slower pace of luxury system in February 2013 – a decline of 15 per cent detached home sales,” added Ms. Hannah. in comparison to February 2012. It should be noted The MLS® HPI Composite Benchmark that 2012 was a leap year with one extra day in price covering all major home types eliminates February. A 28 day year-over-year sales comparison fluctuations in price growth due to changes in sales resulted in a lesser decline of 10.5 per cent. mix. The Composite Benchmark price was up by The average selling price for February 2013 more than three per cent on a year-over-year basis in was $510,580 – up two per cent in comparison February. to February 2012. “We will undoubtedly experience some “The share of sales and dollar volume volatility in price growth for some market segments accounted for by luxury detached homes in the City in 2013. However, months of inventory in the of Toronto was lower this February compared to low-rise market segment will remain low, resulting in last. This contributed to a more modest pace of average price growth above three per cent for the overall average price growth for the GTA as a TREB market area this year. whole,” said TorontoSeptember Real Estate Board (TREB) current average price forecast is 2013 MonthlyOur Resale Market Figures President Ann Hannah. $515,000 for all home types combined in 2013,” said “Stricter mortgage lending guidelines that Jason Mercer, TREB’s Senior Manager of Market precluded government backed mortgages on homes Analysis. sold for over one million dollars and the City of

Greater Toronto REALTORS® Report

TBA NEXT MONTH! Kindly Check Back On October 08, 2013

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Tan.gazine NEWS

Preparing for Rising Rates

Being Proactive Pays The interest rate party for borrowers is almost over. )ROORZLQJ DOPRVW ILYH \HDUV RI KLVWRULFDOO\ ORZ UDWHV we’ve started to see some upward movement in the cost of money. Most people watch the central banks for indications that rates are about to take off. But that’s not where the real action is for fixed-rate mortgage holders. This actually takes place in the rarefied world of the bond market, where institutional traders like banks and pension plans operate. By the time the Bank of Canada gets around to acting, the bond market will have left it in the dust. In order to save as much money as possible, a proactive approach is recommended when dealing with rising interest rates: 1. Budget for future plans. Many borrowers opt for the maximum mortgage for which they can qualify. The problem with this approach is that life happens. It’s important to plan ahead for future changes such as starting a family, maternity leave, relationship changes, health issues, career changes, and so on. 2. Ensure you would still qualify for your mortgage if UDWHV FRQWLQXH WR LQFUHDVH )RU LQVWDQFH LI WKH ILYH \HDU UDWH UHDFKHG FRXOG \RX VWLOO DIIRUG WKH SD\PHQW" We can sit down and run the numbers to ensure we build a buffer zone into your mortgage.

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8VH \RXU SUHSD\PHQW RSWLRQV 7KLV ZLOO HQDEOH \RX WR increase your payment in relation to the increased rate. )RU LQVWDQFH LI \RX KDYH D ILYH \HDU IL[HG PRUWJDJH DW 2.89% and rates increase to 3.49%, increase your monthly (or bi-weekly) payment to the equivalent. That way, you won’t experience “rate shock� when your mortgage is up for renewal. It’s important to remember that any extra payments you can make will go straight towards paying down your principal faster, which means you will be mortgage-free quicker! It may be worth your while to take advantage of a free mortgage check-up before rates increase any further. This will help you determine if it makes sense, for instance, to renew your mortgage a few months early if this means being able to lock in to a new five-year term before rates increase even more. With rates on the rise, it’s more important than ever to take advantage of mortgage brokering services, since we can shop different lenders and advise which ones not only have the best rates, but also which lenders have the best prepayment options and mortgage offerings to suit your individual needs.

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Tan.gazine NEWS 6HFRQG 4XDUWHU 0DUNHW 7UHQGV 'HI\ Suggestions of Housing Bubbles

7252172 -XO\ ² 7KH DYHUDJH SULFH RI D home in Canada increased between 1.2 per cent and 2.7 per cent in the second quarter of 2013, according WR WKH 5R\DO /H3DJH +RXVH 3ULFH 6XUYH\ DQG 0DUNHW 6XUYH\ )RUHFDVW UHOHDVHG WRGD\ According to the survey, markets across the country continue to post gains. In the second quarter, standard two-storey homes and detached bungalows both showed a year-over-year average price increase of 2.7 per cent to $419,614 and $386,547, respectively. Average prices for standard condominiums showed a more modest increase during the same period, rising 1.2 per cent to 5R\DO /H3DJH IRUHFDVWV WKDW KRXVH SULFHV will see modest gains throughout the remainder of 2013, projecting a 3.0 per cent increase for the full year when compared to 2012. 'LDORJXH FRQFHUQLQJ WKH GLUHFWLRQ RI Canada’s housing market has remained front and centre in recent months. Changes to Canada’s mortgage lending rules in mid-2012 coupled with concerns about consumer debt levels, housing affordability in cities like Toronto and Vancouver and continued international economic uncertainty have prompted a number of analysts to forecast large downward price adjustments. “As we have stated consistently since the current market downturn began late in the second quarter of 2012, this is a normal cyclical correction which brings fewer home sales and softer prices.

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April 24, 2013

Those hoping their predictions of a bursting bubble and cataclysmic drops in home values will come true DUH RXW RI OXFN DJDLQ Âľ VDLG 3KLO 6RSHU SUHVLGHQW DQG FKLHI H[HFXWLYH RI 5R\DO /H3DJH ´3ULFH DSSUHFLDWLRQ in most markets across the country has been well below the long-term average for Canada and will remain so through to the end of the year. We expect to see the number of homes trading hands to begin to rise slightly on a year-over-year basis in the second half of 2013, with price softness continuing until mid-2014, at which point we’ll see an emergence from the current cycle.â€? 5HFHQW VLJQDOV IURP PDMRU ILQDQFLDO LQVWLWXWLRQV LQ WKH 8QLWHG 6WDWHV DQG &DQDGD DOVR point to a turn in the tide. In recent weeks, two of &DQDGD¡V ODUJHVW KRPH ORDQ OHQGHUV 5R\DO %DQN RI &DQDGD DQG 7' %DQN *URXS UDLVHG WKHLU PRUWJDJH UDWHV $W WKH VDPH WLPH WKH 8 6 )HGHUDO 5HVHUYH recently hinted that it may start winding up monetary stimulus later this year, should economic improvements continue. “With the economy on both sides of the border performing better in recent months, a move off the record-low interest rates that we’ve experienced over the past few years is likely on the KRUL]RQ Âľ H[SODLQHG 6RSHU ´3DUDGR[LFDOO\ ZH H[SHFW the first increases in interest rates to be constructive IRU WKH KRXVLQJ PDUNHW 5LVLQJ UDWHV ZRXOG EH GULYHQ by a strengthening economy, reduced unemployment and improving consumer confidence. Much of the

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Tan.gazine NEWS dampening effect that would come with a transition towards higher rates has already been ‘priced in’ to both consumer attitudes and financial institutions’ current lending policies.â€? As of late, the condominium sector has moved to the forefront of discussions concerning the health of Canada’s real estate market with fears of oversupply in major centres like Toronto. Yet, condominium prices remained flat or posted year-over-year gains in nearly all Canadian cities in the second quarter, with a couple of exceptions in British Columbia. While condominium prices in Vancouver saw a 3.3 per cent decrease when FRPSDUHG WR WKH VDPH SHULRG LQ VLJQV RI DQ HDUO\ UHFRYHU\ DUH HYLGHQW DFURVV WKH /RZHU 0DLQODQG RI %ULWLVK Columbia. “We believe condominiums will be a housing class of increasing importance in the Canada of the future,â€? VDLG 6RSHU ´,Q WKH VKRUW WHUP ZH DQWLFLSDWH VRPH PDUNHW XQFHUWDLQW\ DQG PRGHUDWH SULFH DGMXVWPHQWV SDUWLFXODUO\ LQ Toronto which is working through a supply spike, however, the medium and long-term prognosis remains very SRVLWLYH 'HPRJUDSKLF DQG FLW\ SODQQLQJ WUHQGV LQ FRQMXQFWLRQ ZLWK VKLIWLQJ FRQVXPHU SUHIHUHQFHV UHPDLQ VXSSRUWive of this housing category.â€?

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Tan.gazine NEWS

Check out food.chatelaine.com for more cool recipes

September 11, 2013

Roasted Tr Time To Cook! ‡ 326,7,21 UDFNV LQ XSSHU DQG ORZHU WKLUGV RI RYHQ 3UHKHDW WR ) &RDW D EDNLQJ VKHHW ZLWK WEVS RLO 7RVV DSSOHV DQG SXPSNLQ ZLWK KHUEHV GH 3URYHQFH DQG DQRWKHU WEVS RLO RQ SUHSDUHG VKHHW %DNH LQ ORZHU WKLUG RI RYHQ XQWLO IRUN WHQGHU WR PLQ ‡ /,1( D ODUJH ULPPHG EDNLQJ VKHHW ZLWK SDUFKPHQW RU IRLO $UUDQJH ILVK LQ OD\HU VNLQ VLGH GRZQ RQ SDUFKPHQW %UXVK ZLWK WVS RLO DQG VHDVRQ ZLWK WVS VDOW DQG IUHVK SHSSHU 5RDVW ILVK LQ WRS WKLUG RI RYHQ XQWLO MXVW FRRNHG WKURXJK WR PLQ 5HPRYH DQG WHQW ZLWK IRLO ‡ :+,5/ SDUVOH\ ZLWK JDUOLF SHSLWDV SDUPHVDQ WEVS ROLYH RLO OHPRQ ]HVW OHPRQ MXLFH DQG WVS VDOW ZLWK D KDQG EOHQGHU XQWLO SXUpHG ‡ 63221 D SRUWLRQ RI DSSOH PL[WXUH LQ WKH PLGGOH RI HDFK SODWH DQG OD\ D WURXW ILOOHW RQ WRS 7RS ZLWK SHVWR

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Tan.gazine NEWS

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Heart Of Mississauga

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