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Study shows average home sale yields $46,400 in additional consumer spending There’s little doubt in the minds of most Canadians that real estate is a driving force in our national economy. However, you may be surprised to learn just how great the impact really is. According to a recent study commissioned by the Canadian Real Estate Asssociation (CREA), the resale housing industry in Canada generated more than 202,000 jobs and an average of $22.3 billion annually in various economic spinoffs in the period from 2006 and 2008. The report says each residential MLS® transaction generated an average of $46,400 in additional consumer spending in the period from 2006 to 2008. This included the purchase of furniture and appliances, moving costs, renovations, services, and taxes. By comparison, from 2004 to 2006 the average transaction yielded $32,200 in additional consumer spending. That’s a significant increase within a very short period of time and the Canadian economy earns the benefit. The new study says the economic impact of each MLS® sale varies by province or region, from a high of $60,200 in British Columbia to $28,925 in Atlantic Canada. The report notes the spending relates to the cost of moving from one home to another and for renovations after moving in – it does not include any renovation expenditures by sellers to prepare properties for sale. As your local Coldwell Banker® real estate professional can tell you, such costs are a typical part of the real estate process. If you factored those expenditures in, the already tremendous contributions Canada’s resale housing industry makes to the economy would be greater still. Real estate is also a major driver in job creation. The study shows that an average of 202,750 jobs were created in Canada each year covered by the study as a direct result of resale housing transactions, says CREA. So, if you’re buying or selling a home in Canada, you can do it with the knowledge that your transaction is helping to drive the economy and create jobs for Canadians!
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It seems when it comes to home buying, there are some definite differences between how men vs. women approach the process. Coldwell Banker® has just released the findings of their latest consumer survey tracking the gender preferences of more than a thousand home buyers. Here are some highlights of the survey findings: Women may be inclined to make up their mind more quickly than men … - When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men.
- Significantly more men needed two or more visits: (32 percent vs. 23 percent of women).
Women would rather live closer to their extended family than to their job … - 55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.
A home’s security is a deal-breaker for both men and women … · 64 percent of women said if they found the home of their dreams but had concerns about its security, they’d no longer be interested. More than half of men agreed (51 percent). Couples say that no one “wears the pants in the relationship” in terms of major financial decisions … · When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual. Men and women tend to agree on how they would use a spare room … When asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses: · Bedroom: 25 percent · Office/Study: 15 percent · Family Room / Den: 11 percent Did any of these findings sound like you? Whether you find yourself in the mainstream, or you’ve got your own distinct preferences, rest assured that your local Coldwell Banker sales representative will listen to your needs and be there to help throughout the real estate process. For more findings and survey methodology, see our news release on www.coldwellbanker.com
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Despite a slow start to the year, the Canadian market has certainly bounced back since the low of last January. Resale housing in particular is again surging forward, and in May reached new heights. According to the Canadian Real Estate Association (CREA), strengthening consumer confidence, low interest rates, and improved affordability are all drawing buyers to the housing market.
In fact, CREA reports that Canada’s resale housing market activity has returned to pre-recession levels. Actual home sales via the Multiple Listing Service® (MLS®) of Canadian Real Estate Boards totaled almost 50,000 units in May 2009. The national MLS® residential average sale price in May 2009 neared $320,000, and reached the highest monthly level on record. In just four short months, the national MLS® residential average price recovered 16.4% from January’s low.
According to CREA, the supply of new listings coming onto the MLS® continued to decelerate in May, to just over 65,000 units, the lowest level since December 2005. This tightening supply will keep upward pressure on home values.
In the meantime, Canadian consumers are starting to feel positive about the Real Estate Market again. According to statistics compiled by the Conference Board of Canada, national consumer confidence improved for the second consecutive quarter in the second quarter of 2009, and the balance of sentiment about making major purchases, such as a home, continues to improve.
Interestingly, new construction doesn’t reflect the current demand. Canada Mortgage and Housing Corporation (CMHC) reports that new housing starts in 2009 have fallen sharply from the record pace of recent years. The annual rate of new residential construction was 128,400 units in May, a marked decline from over 200,000 housing starts in each of the last seven consecutive years. Housing starts are expected to improve throughout 2009 and over the next several years to gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year. In the meantime, there will be less inventory for home buyers to choose from.
So, what’s the bottom line? Increased affordability due to historically low interest rates, government housing stimulus programs and rising consumer confidence have all contributed to the demand for homes. Meanwhile, supply is dwindling, due to a decreasing number of resale homes coming on the market, strong sales activity, and a marked decrease in new home construction. Continued demand and reducing supply will place more upward pressure on Canadian house prices.
Now that you know the highlights of the national picture, want to know more about what’s happening in your own community? Or Who do you know that may benefit from learning about their local market conditions?
Visit www.YorkRegionHouseValues.com or Contact us today for a FREE-No Obligation Current Market Analysis.
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Profiting from house flipping has become a popular investment activity throughout North America. However with this popularity also comes a word of caution. While power of sale and/or foreclosure are the most popular investment vehicle, there are a lot of distressed properte sor homeowners who must sell their current home.
To receive a list of distressed sale properties visit www.GTADistressSales.com and complete the registration form.
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Receive a detailed, professionally prepared Home Evaluation. Discover what homes are selling for in your neighbourhood. Find out what is currently listed, what homes have faled to sell, selling prices, days on market and more. Simply visit www.YorkRegionHouseValues.com and simply complete the form for your own, customized Home Evaluation analysis.
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Immaculate and Bright Executive Home
• 3,300 sq. ft., 5 bath, 4 bdrm single story -  MLS® $588,800 Legacy, Markham - This bright and spacious home boasts 9' ceiling on the main floor, hardwoods throughout, a breathtaking 2 storey family room, a formal living room and a separate formal dining room. Four very spacious bedrooms and 3 ensuites complete the picture on the 2nd floor.
The basement is professionally finished with 2 bedrooms, kitchen, large living area, a 5 piece washroom and the laundry room.
The vendor is including all the appliances (2 fridges, 2 gas stoves, 2 dishwashers, washer & dryer and a microwave-all top of the line), all electric light fixtures and all custom window coverings. Property information
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Looking back on historical patterns, the majority of Canadian home sellers have a tendency to list their homes during the very active Spring or Fall markets. Due to this trend, listings in past years have generally tended to taper off as the busy year-end and holiday season approaches. But is waiting really the best selling strategy for your home? If you're considering selling, you may find that it's really in your best interest to list your home now, rather than waiting until sometime in the new year. Here are a few reasons why you may want to act now: If the overall inventory of homes for sale decreases toward year-end, you'll be competing against fewer other homes to attract and win buyers. - As fewer and fewer new listings come on the market, your home will attract a lot more attention and increase your chance of a viewing.
- Today's low mortgage rates will help make your home more affordable to potential buyers. As interest rates increase in the future, more and more home buyers – especially first time buyers -- will drop out of the market.
- If you'd prefer to move in the Spring, you can still list now and specify a long closing period. This will give potential buyers ample time to arrange for their down payment and closing costs.
- If your home is already sold when you start to look for your next home, it puts you in a much stronger negotiating position. You'll know exactly what you're getting for your current home and you won't have to make your offer to purchase conditional upon the sale of your existing property.
These are just a few of the reasons why it may be to your best advantage to list your home sooner rather than later. There are many more aspects to consider, and your Coldwell Banker real estate professional will be only too happy to discuss your needs and advise you. Why not call and get the benefit of some expert advice? There's no cost or obligation to you, and it may just be the most important phone call you'll ever make!
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For most Canadians, buying a home is the single largest investment they'll ever make and it's become increasingly true in recent years of record home prices. As a homebuyer, you'll want to ensure you get good value for your investment, and that's why professional home inspections are becoming an integral part of the buying process. In fact, the field is now becoming more specialized and some buyers are even using the services of more than one type of inspector to review a property before committing to the purchase. A professional Home Inspector makes a comprehensive review of the operating systems and structural aspects of a home. Following this first-hand look beneath the surface, the inspector then prepares a detailed written report for the buyer, describing the condition the foundation, heating and cooling systems, electrical service, roof, insulation, and other critical structural factors. It gives you a far greater measure of security before finalizing your offer to purchase a property. With rising home prices and a corresponding rise in the use of home inspectors, in recent years, the field has actually become more specialized to suit specific needs of certain markets or properties. For example, some offers to purchase may require the services of a swimming pool inspector, termite inspector, or where a well is present, a water quality inspection. Inspection costs will vary by community, by the service provider and sometimes even according to the special demands of a property. Still, you can expect to pay in the area of three to five hundred dollars for a typical home inspection of a single family dwelling. In almost every case, it's the buyer who pays the cost of the home inspection, since the service is provided almost entirely for their benefit. Most buyers agree that it's a small price to pay for peace of mind. A home inspection report can also give you additional negotiating power if it unearths some unforeseen problems that must be remedied. Your Real Estate Professional can advise you on how to incorporate a home inspection as a condition of buying a property. Your offer can be conditional upon a professional home inspection being conducted and a satisfactory report being received by you. If the conditional offer is accepted, you get the advantage of temporarily holding the property against most other offers, while you have a legal ‘out' if the report turns up some major surprises, such as a roof or furnace that needs immediate replacement or foundation problems to be put right. If the inspection report indicates some large expenses, or problems you simply don't want to deal with, your offer can either be terminated or possibly re-negotiated to accommodate the cost of any major remedies. Remember though, if you don't proceed with the original offer, the seller is also free to renegotiate any aspect of the offer or accept an alternative offer from another buyer. Your Realtor can counsel you on the best approach for your individual situation. |
Visit www.TorontoPropertyReports.com for additional FREE Real Estate Reports.
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