Why Move to Oakville, Burlington, or Milton? Halton safest region in Canada and GTA
December 17th, 2011 Categories: Around Kerr Village, Latest Real Estate Market News & Stats, Oakville Real Estate News, Oakville Town Planning & Development, Real Estate News, Why Move to Oakville?
Thinking of moving to Oakville, Burlington or Milton?
For the fourth year in a row, Halton region (which comprises Oakville, Burlington, Milton and Acton) has been ranked the safest regionial municipality in the Greater Toronto Area, and in Canada.
This distinction, according to Maclean’s magazine, a major Canadian magazine, in its 2010 rankings. These rankings are based on crime data from Statistics Canada. Conversely, Prince George, B.C. was given the title of Canada’s most crime-ridden city.
According to the Oakville Beaver today, Regional Chair Gary Carr said “This achievement is the result of our residents, businesses and local municipalities, working together with Halton Regional Police to ensure that this is a safe place to live, work, raise a family and retire.”
Wayne and I attended a recent meeting of the West Kerr Residents Association, the neighbourhood where we live, and the local police officer assigned to our community spoke on pro-active work that he is doing to ensure safety in the area. This is one of the reasons why so many people that are moving to Canada from other countries choose to settle in the Oakville-Burlington-Milton area.
Call Wayne or Hilary Shantz NOW at 905 599 3311 to find out more about moving to Halton Region.
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Housing Market Remains Strong in Oakville for First Quarter 2011
April 28th, 2011 Categories: First Time Buyers, Halton Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Real Estate News
In the first quarter of 2011 the Oakville housing market remained quite healthy. Although the total number of sales was down 10% versus year ago to 754 sales, the average price was up 8% to $612,500 and the median house price edged up 3% t0 $503,500. Part of the reason for the increase in prices despite a drop in sales has been due to less inventory on the market and the maintenance of record low mortgage rates.
The average time that houses are on the market is up to 31 days versus 25 days in the same period a year ago – but this is still very good turnover. The outlook looks good for the second quarter with the Bank of Canada holding the prime rate at 3.00% and 5 year fixed mortagage rates staying below %4.00 with some short-term variable mortgage rates as low as 2.2%.
If you are thinking of buying or selling please give me a call (905.599.3311) and I would be delighted to assist you.
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Fall 2010 housing market to improve (Re/Max)
October 8th, 2010 Categories: Halton Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Oakville Real Estate News, Real Estate News
Gairloch Gardens, view of Lake Ontario,. Oavkille
You may wish to read this recent article entitled “Fall housing market to improve”, based on findings by Re/Max.
One always has to temper opinions of real estate brokerages, as they tend to be a bit optimistic about predictions, however there are some good points made.
Mortgage experts are predicting that prime – which is now at 3% – will be staying at this level for the next several months.
FOR MORE DETAILED INFO ON LOCAL MARKET CONDITIONS, CALL HILARY, YOUR OAKVILLE REALTOR, AT 905 599 3311.
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Mid-December 2008 Real Estate Stats for Toronto GTA and 905 Regions
December 19th, 2008 Categories: Latest Real Estate Market News & Stats
Hot off the press, Toronto Real Estate Board (TREB) just released figures for mid-December 08.
Note that these stats include all homes listed on TREB, both in 416 and 905 areas.
1) Number of Sales on TREB down by half over last year
Greater Toronto Area reported 1,487 resale transactions during the first half of December, from 2,868 sales recorded in the same period a year ago. This includes all 416 and 905 homes listed on TREB.
The average price of a home in the Greater Toronto Area is currently $360,652. This compares to an average of $404,707 recorded during the first half of December 2007 and to an average of $343,048 recorded during the same period in 2006.
(Note that these figures are simply the total $ value of sales divided by number of homes sold, as such it does not accurately reflect how much home prices are falling. For example, currently more lower priced homes are being sold and this affects the weighting.)
In the 416 area (GTA), 619 transactions were recorded during the first half of this month, from 1,402 sales during the same timeframe a year ago.
The average price in the 416 area is currently $382,759, from an average of $450,731 a year ago, and $367,650 recorded in the first half of December 2006.
In the 905 region 868 homes changed hands in the first two weeks of this month, from 1,466 transactions that took place in the first half of December 2007.
The 905 region’s current average price is $344,887 from an average of $360,691 recorded during the same timeframe a year ago and $325,477 recorded at mid-December 2006.
2) Number of Listings up 45% over last year
There are currently 24,708 listings on the TorontoMLS system, from 17,027 a year ago.
3) Average Days on Market 43 versus 33 last year
The average number of days a home now remains on the market is 43, as compared to 33 days a year ago. (Note that this reflects how long the homes that sold were on the market, for the many that overprice and have not yet sold the days on market is likely much longer.)
4) Sellers are achieving 96% of their listing price, as compared to 98% a year ago.
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Today Bank of Canada Governor Cut Key Interest Rate by 1/2%
March 4th, 2008 Categories: First Time Buyers, Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Oakville Real Estate News
He said he would and he did.
Today, Mark Carney, the new Governor for the Bank of Canada announced an interest rate cut of 1/2% bringing the key rate to 3.5%.
He also indicated that further cuts will be needed to deal with a U.S. economy that is experiencing a deeper and more prolonged slowdown than previously projected.
First quarter stats show that Canada’s economy is already experiencing some of the spillover effect of subprime woes in the U.S.
The next meeting is scheduled for April 22nd, at which time there may be further cuts.
Meanwhile, also today, Australia’s central bank raised interest rates to a 12-year high in its fight to contain inflationary pressures in a booming economy fueled by Chinese hunger for resources
The increase in Australia was the second in two months and the 12th since 2002. It bucks the trend among other major central banks, which cut rates as the U.S. subprime meltdown hurt global growth.
“This adjustment was made in order to contain and reduce inflation over the medium term,” Glenn Stevens, governor of the Reserve Bank of Australia, said in a statement after raising the cash rate target 25 basis points to 7.25 percent.
NOTE FROM HILARY: NEED HELP DECIDING ON FINANCING OPTIONS? I’d be happy to explain things.
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Another Healthy Year Ahead For Canadian Real Estate Say Speakers at Scotiabank Forum
March 1st, 2008 Categories: First Time Buyers, Halton Real Estate, Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance
Scotiabank held a Canadian Real Estate Outlook and Trends Forum 2008 on February 26 last week. Here are quotes from some of the speakers:
“Our expectations are that balanced conditions will prevail throughout 2008, which will mark a return to a more ‘normal’ environment than the highly skewed sellers market that we have experienced over the better part of this decade.
A stumbling American economy will impact us, slowing growth here at home, yet the solid foundation that supports the contemporary Canadian economy should prevent the housing market here from retracting.
New flexible financial products, affordable interest rates and increasing choice in the condominium market across Canada, will continue to attract first-time buyers to real estate – even in high-priced markets. We can also expect to see a broadening buyer pool, as emerging high growth market segments such as single female buyers are anticipated to take advantage of the favourable market conditions.” – Phil Soper, President and CEO Royal LePage
“The Canadian economy is likely to maintain moderate growth momentum this year and next, with the strength of the development boom in the resource-rich regions of the country providing a much needed offset to the increasing drag on our manufacturing centres from the intensifying U.S. slowdown and persistently strong currency. – Aron Gampel, Vice-President and Deputy Chief Economist, Scotiabank
From a supply perspective, most Canadian markets are still in sellers’ territory, in which prices would be expected to rise faster than inflation. Yet, some of the hottest markets in recent years, including Edmonton, have become much better balanced due to a flood of new listings. Based on a combination of job growth, housing supply and affordability, among this year’s potential outperformers are Saskatoon, Regina and Winnipeg in the West, Sudbury, Hamilton and Quebec City in Central Canada, and St. John’s to the East. – Adrienne Warren, Senior Economist, Scotiabank
Hilary’s Note:
The unseasonably cold and snowy weather conditions in Southern Ontario have certainly put a damper on buyers wanting to brave frigid conditions to go house-hunting, while many sellers are waiting for a bit of a thaw before listing. Any day now we will see more of those FOR SALE and SOLD signs going up!
Read also:
Canadian Real Estate Market: A Decade in Review 1997–2007
Bank of Canada Governor Confirms Canadian Interest Rates to Be Cut
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Bank of Canada Governor Confirms Canadian Interest Rates to be Cut in Coming Months
February 19th, 2008 Categories: Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance
Bank of Canada Governor Mark Carney signaled over the weekend in Tokyo, where he was attending a meeting of finance ministers and central bankers from the Group of Seven nations, that bank policy makers will cut interest rates in coming months as slowing export growth threatens Canada’s economy.
The next interest-rate decisions are scheduled for March 4 and April 22.
For more details on this see Bloomberg News Article on Declining Canadian interest rates.
Like this post? See also recent posts by Hilary
Getting a Mortgage Today? Fixed or Variable Rate?
Canadian Interest Rates Anticipated to go down further/No Cause for Alarm for Canadian Home Prices
Remember changes in the marketplace often spell OPPORTUNITY, but lack of information can make people fearful.
Planning a Move? Contact Hilary now for a no-obligation consultation on Current Financing Options and what’s going on in your local market.
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Oakville and Milton Home Sales and Price Changes for January 2008
February 19th, 2008 Categories: Halton Real Estate, Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance
|
Oakville |
2007 |
2008 |
% C hange |
|
No. of Residential Sales |
217 |
194 |
-11% |
|
Average Sale Price |
$419,533 |
$541,935 |
29% |
|
Median Sale Price |
$362,500 |
$415,000 |
14% |
|
Milton |
2007 |
2008 |
% C hange |
|
No. of Residential Sales |
92 |
74 |
-20% |
|
Average Sale Price |
$315,094 |
$335,493 |
6% |
|
Median Sale Price |
$300,000 |
$320,000 |
6% |
Average and median prices are continuing to rise, while number of sales declined in January 2008 versus last year. Inclement weather in 2008 versus a milder 2007 as well a consumer concerns over the impact of U.S. market on Canada have moderated the number of homes listed and sold for the start of the year.
Stay tuned to The Oakville Buzz for monthly stats on home prices and sales volume. Source: Oakville Milton and District Real Estate Board
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U.S. Home Prices Increase in Some States, Fall in Others
January 27th, 2008 Categories: Investing in Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Real Estate News
I came across an article from Inman Real Estate News this morning which has some interesting information for Canadians trying to figure out what’s going on south of the border.
A few observations:
1. Year over year, November 2007 vs. 2006, prices rose in 31 states, and fell in others.
2. States that experienced larger declines were Florida, Nevada, Arizona, California where prices had risen astronomically during the housing boom.
3. The chart below gives a quick overview of price increases and decreases in some major cities in the U.S.
4. Canadian Investors: Many clients have indicated they want to purchase in the U.S. in the markets where prices are declining, for investment purposes. This chart gives a good summary of valuable data.
| Statistical area |
12-month change Nov. 2007 |
|
Honolulu, Hawaii |
17.10% |
|
Salt Lake City, Utah |
10.53% |
|
San Antonio, Texas |
7.48% |
|
Austin-Round Rock, Texas |
7.47% |
|
Raleigh-Cary, N.C. |
4.62% |
|
Houston-Sugar Land-Baytown, Texas |
4.16% |
|
Dallas-Fort Worth-Arlington, Texas |
3.53% |
|
Charlotte-Gastonia-Concord, N.C.-S.C. |
2.62% |
|
Portland-Vancouver-Beaverton, Ore.-Wash. |
2.01% |
|
Seattle-Tacoma-Bellevue, Wash. |
1.23% |
|
New York-White Plains-Wayne, N.Y.-N.J. |
-0.51% |
|
Detroit-Warren-Livonia, Mich. |
-0.79% |
|
Philadelphia, Pa. |
-1.00% |
|
Chicago-Naperville-Joliet, Ill.-Ind.-Wis. |
-1.63% |
|
San Francisco-San Mateo-Redwood City, Calif. |
-2.06% |
|
Atlanta-Sandy Springs-Marietta, Ga. |
-2.59% |
|
New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa. |
-3.30% |
|
Denver-Aurora, Colo. |
-3.30% |
|
Minneapolis-St. Paul-Bloomington, Minn.-Wis. |
-3.93% |
|
St. Louis, Mo.-Ill. |
-4.54% |
|
Boston-Quincy, Mass. |
-5.11% |
|
Miami-Miami Beach-Kendall, Fla. |
-7.23% |
|
Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va. |
-7.77% |
|
Cleveland-Elyria-Mentor, Ohio |
-8.72% |
|
Tampa-St. Petersburg-Clearwater, Fla. |
-9.19% |
|
Phoenix-Mesa-Scottsdale, Ariz. |
-11.42% |
|
Orlando-Kissimmee, Fla. |
-11.49% |
|
Miami-Fort Lauderdale-Miami Beach, Fla. |
-12.11% |
|
Oakland-Fremont-Hayward, Calif. |
-12.89% |
|
Las Vegas-Paradise, Nev. |
-12.96% |
|
Los Angeles-Long Beach-Santa Ana, Calif. |
-13.16% |
|
San Diego-Carlsbad-San Marcos, Calif. |
-13.16% |
|
Riverside-San Bernardino-Ontario, Calif. |
-16.82% |
Click here for full article http://www.inman.com/inmanstories.aspx?ID=65908, and source of statistical data.
FOR MORE INFORMATION ON REAL ESTATE TRENDS AND INVESTING IN REAL ESTATE, call Hilary at 905-599–3311 or [email protected]
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Canadian Interest Rates Anticipated to Go Down Further/No Cause for Alarm for Canadian Home Prices
January 24th, 2008 Categories: First Time Buyers, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Real Estate News
Canadian Interest Rates To Fall Further
As world stock markets roil and the spotlight turns on U.S. Fed Chairman Bernanke to follow up Tuesday’s sharp 75 basis point rate cut with another cut next week, Canadians are wondering what will happen to interest rates here at home.
Last week I was hearing rumors that even if the Bank of Canada were to cut rates, some or all of the major Canadian banks might break precedent and not follow suit. However the relatively more conservative 1/4 point cut in rates this week by the Bank of Canada did result in all major banks reducing their rates accordingly, impacting mortgage rates.
The Bank of Canada has communicated that they are prepared to cut rates further. A communique I read today from the Toronto Dominion Bank Financial Group said we can anticipate a further 50 basis point (1/2%) rate reduction on March 4th with the potential of another 25 basis point cut on April 22nd.
This is good news for homebuyers.
Canadian Home Prices: No Cause for Alarm
The TD communique also indicated that despite tighter credit conditions, strength in domestic demand is expected to remain supported by continued income growth associated with increases in commodity prices since October, which has led to further gains in our terms of trade.
With respect to Canadian home prices, and the rationale for their 50 basis point prediction I quote from today’s TD report:
Home prices remain on the upswing in most major urban centers, and there is little concern that the Canadian housing market will start to mirror the slump in the U.S. In fact, we believe national home prices will rise at a rate of 5-7% in 2008, compared to a U.S. market that will likely absorb losses of around 5% or more. However, we believe that by the next meeting (i.e March 4th), data on the U.S. economy will provide a smoking gun, showing clear signs of a sharp economic slowdown. Given that inflationary pressures remain well in hand, a 50 basis point cut would provide much-needed insurance against the degree to which a U.S. economic downturn would lap onto Canadian shores.
Certainly, inflation will not provide a barrier to a more aggressive Bank of Canada. The central bank has indicated that increased competitive pressures in the retail sector and the one percentage point GST cut at the start of the year will cause both core and total CPI inflation to fall below 1.5% by the middle of this year before returning to their 2% target by the end of 2009.
Looking to buy or sell? Call Hilary at 905–599–3311 or click here to contact Hilary for more market information.
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