Check out this article which highlights five renos — from minor to major — that are worth the effort!

Proximity to the Beach and the Danforth subway line are big drivers in the East York area known as the Woodbine Corridor. Rene Johnston/Toronto Star

This Moneyville.ca article highlights the five Toronto neighbourhood hot spots that have major draws for home buyers and are generating a lot of interest. According to the article, factors are “(comparatively) affordable prices, good transportation, top-notch public schools and a major dollop of cool”.

The five hot spots are: East Willowdale/ Bayview Village, Mimico-New Toronto, The Junction, Dufferin Grove, and Woodbine Corridor.

Read more here!

Laura and her helpers at the Garage Sale she hosted this past Saturday for the Royal LePage Shelter Foundation!

The Garage Sale for Shelter was a huge success, thanks to those who helped on the day of the sale as well as everyone who generously donated.

For more photos from the day, go here!

Go here for more information on the Royal LePage Shelter Foundation.

A Royal LePage survey shows a disconnect between the attitudes of intended buyers and current owners in regards to renting and priority features.

May 16, 2012 – A survey commissioned by Royal LePage Real Estate Services showed that intended recreational property buyers have different ideas on generating income from their properties compared to the actual decisions of those who are already in the market. Often, potential buyers will consider renting as a means to finance their purchase. The survey, which was conducted by Leger Marketing, polled both current owners and those intending to buy within the next five years. In addition, although many desired features of recreational properties remained the same, the survey showed a difference in priorities among the two groups surveyed.

Among intended buyers, 51 per cent said they would rent their property either to a tenant that was referred by someone they knew, or otherwise, to offset the cost of ownership. The cost of owning a recreational property generally includes mortgages, property tax, and utilities but can also include condo fees and snow removal depending on the property. However, among current owners, more than eight in ten (83 per cent) said they do not rent out their recreational property to offset carrying costs, though one in ten indicated that they would “like to.”

“Many Canadians aspire to own a recreational property because of the lifestyle benefit it provides but potential buyers must understand how they plan to finance their purchase to ensure they can afford it,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “While renting out your property is an attractive option to improve affordability, the ability to do so profitably varies by region. Some areas have bylaws that restrict rental activity while other regions have strict noise regulations that might limit your ability to attract renters. It’s important to talk to a local agent to get as much information as possible about the community you are targeting, should you want – or require – rental income to make recreational property ownership possible.”

To make the dream of ownership a reality, potential buyers also indicated they’d be willing to:

• Reduce their discretionary spending (32 per cent);
• Purchase a fixer-upper (25 per cent);
• Purchase only the land at first and then build in the future (23 per cent); and
• Purchase with friends or family (22 per cent).

When asked about the most sought after features of recreational properties, more than half of all respondents (55 per cent) ranked “quiet” as the feature they most desire. Four-season use (38 per cent) and boating/fishing (25 per cent) round out the top three most desirable features.

While the top three were consistent among current and intended purchasers, peace and quiet was more of a priority to current owners (57 per cent) than intended purchasers (47 per cent). Interestingly, four-season use was a greater priority for intended purchasers (46 per cent) than current owners (35 per cent).

“Recreational properties are an excellent way to bring families together and to help reduce the stress associated with city living,” Soper said. “This type of real estate can also be a solid investment, particularly if you are interested in a cottage or cabin on the waterfront. Recreational property supply near Canada’s urban centres is fixed while populations grow. Much like when purchasing a home in the city, it’s important to find the recreational property that will suit your needs and your budget.”

The survey was commissioned as part of the 2012 Royal LePage Recreational Property Report, an annual market analysis of recreational property prices, trends and activity in selected leisure markets across the country.

The chart below shows the typical price range for standard waterfront, land-access properties across Canada in 2012.

Methodology

The survey was completed online from April 5th to April 12th, 2012 using Leger Marketing’s online panel, LegerWeb, with a sample of 1,000 Canadians who currently own a recreational property or are looking to purchase a recreational property within the next five years.
A probability sample of the same size would yield a margin of error of ±3.1%, 19 times out of 20.

Royal LePage 2012 Recreational Property Report

Royal LePage 2012 Recreational Property Report Price Summary

Source

Laura at the Garage Sale she hosted in her neighbourhood!

On Saturday, May 12th, Laura hosted a very successful Garage Sale in her neighbourhood for the Royal LePage Shelter Foundation, with $647 raised in just one day! A big Thank You to everyone who donated to the sale!

A number of sales were held from our office, for a total amount raised of $10,396.55!! There were 140 sales held across Canada – we are waiting on the final results from head office, stay posted!

Check out some photos from the Sale below!

Learn more about the Garage Sale for Shelter and the Royal LePage Shelter Foundation.

May 3, 2012

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Source

Read more here!

May 8, 2012

“CMHC’s Annual Report provides extensive insights into CMHC’s performance in 2011. Amongst other things, it includes key statistics and analysis that detail the quality of CMHC’s mortgage insurance portfolio,” said Karen Kinsley, President and Chief Executive Officer of CMHC.

In 2011, CMHC provided some $2 billion in support of housing programs, including $1.7 billion in federal funding in support of almost 605,000 households living in existing social housing. A new three-year Investment in Affordable Housing Framework was announced in July, 2011; when combined with contributions from provinces and territories, a total of $1.4 billion will be invested from 2011 to 2014 under the Framework toward reducing the number of Canadians in housing need.

“Since its inception in 1946, CMHC has played a pivotal role in helping Canadians gain access to affordable, quality homes, while contributing to the efficiency and sustainability of housing markets,” added Kinsley.

CMHC manages its mortgage loan insurance and securitization guarantee operations using sound business practices that ensure commercial viability without having to rely on the Government of Canada for support. In 2011, CMHC’s mortgage loan insurance portfolio accounted for most of CMHC’s net income of $1.529 billion, which helped improve the Government of Canada’s fiscal position. CMHC manages its insurance business in a financially prudent manner and generates reasonable returns for the Government of Canada. Since 2002, CMHC has contributed $16 billion to improving the Government’s fiscal position.

CMHC’s sound underwriting practices are reflected in the results of an examination of CMHC’s insurance-in-force at year-end. It shows, for example, that the majority of homeowner loans have strong credit scores and that borrowers continued to demonstrate a prudent approach in managing their mortgages: the average equity in CMHC’s insured portfolio in 2011 was 44 per cent — unchanged from last year.

CMHC follows prudential regulations as set out by the Office of the Superintendent of Financial Institutions (OSFI), with CMHC maintaining more than twice the minimum capital required by OSFI. As a result, CMHC is well positioned to weather possible severe economic scenarios.

CMHC continued to exceed its target for insuring mortgage loans that the private sector does not generally insure. CMHC is the only insurer for large multi-unit rental properties, including nursing and retirement homes, and a significant percentage of CMHC’s high-ratio homeowner volume is in rural areas and smaller communities that are traditionally not as well served by private insurers. Together, these areas made up 46.5 per cent of CMHC’s mortgage loan insurance business in 2011.

CMHC’s securitization guarantee programs also contribute to a solid foundation for Canada’s housing system. A total of $116.7 billion in securities backed by insured residential mortgages was guaranteed by CMHC in 2011, benefitting both large and small lenders. CMHC’s total outstanding guarantees-in-force at year-end was $362 billion, against the statutory limit of $600 billion.

CMHC’s 2011 Annual Report, entitled A Solid Foundation for Generations, is available online at www.cmhc.ca/en/corp/about/anrecopl/anre/ or by calling 1-800-668-2642.

As Canada’s national housing agency, CMHC draws on over 65 years of experience to help Canadians access a variety of quality, environmentally sustainable, and affordable housing solutions that will continue to create vibrant and healthy communities and cities across the country.

Source

May 3, 2012

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

For the full April Market Watch report, click here.

For the Historic Annual Sales and Average Price report, click here.

Source