Thursday 26 June 2014

RECREATIONAL PROPERTY REPORT 2014

Muskoka chairs


This years Re/Max Recreational Property Report shows that national recreational property sales and listings have rebounded from a slow start caused by the late spring and cold winter experienced in many markets throughout the country. Across Canada the recreational property market is showing healthy activity that should lead to modest increases in sales and prices in most markets through the rest of the year.

Two groups of buyers are driving the majority of recreational properties sales in Canada. The first is made up of families with younger children. The second group is made up of near or recent retirees.

The way buyers are using their recreational properties is changing. In the past, properties were largely used for weekend getaways or summer vacationing. Today many are purchasing a property from which they can work throughout the summer. Furthermore, many people see their property as a four-season vacation option, rather than just a summer retreat.

Click here to read the full report > RE/MAX - RecreationalProperty Report 2014

In this report you will find market activity summaries for 41 regions right across the country, including Northern Ontario, Lake Huron, Georgian Bay, Lake Simcoe, Muskoka/Haliburton, Kawartha Lakes and Eastern Ontario.

While some potential recreational buyers may have been discouraged by the Canada Mortgage and Housing Corporation's recent decision to eliminate insurance on second mortgages, there is little to no material impact expected from this change. There are many options available for financing and insuring mortgages on a second property. I can help you to find the option that best meets your specific needs. 

Search Homes for Sale in Durham Region


Randy Miller 
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage 
905-668-1800 or 905-427-1400 
randy@randymiller.ca 
www.randymiller.ca  




Wednesday 25 June 2014

Home prices are still hitting new records

Randy Miller, Re/Max Rouge River Realty


A report in this weeks The Globe and Mail says that Bank of Nova Scotia economist Derek Holt thinks it’s too soon to relax about the Canadian housing market.

 “I remain of the conviction that one doesn’t drop one’s guard on housing risks as we push toward higher and higher peaks,” he writes in a research note. “Indeed, one’s guard should be raised…”

Years after warnings about a potential housing market crash surfaced, national home prices are still hitting new records. The sky has not fallen. Canadians are sick of hearing about impending doom, and housing market bears who continue to raise fears are brushed off much like the boy who cried wolf.

Even Toronto’s condo market, one of the most worrisome segments of the broader market, continues to defy negative expectations. Sales of new condos last month were 22 per cent higher than a year earlier. Prices, which many economists predicted would drop, ticked up 1 per cent, to a benchmark of $437,773, according to RealNet Canada Inc. So far this year more than 8,305 new condos have sold in the Toronto area. That’s 33 per cent higher than last year, and 15 per cent above the 10-year average.

Toronto-Dominion Bank economists predicted in March that Toronto area condo prices would fall on average by about 4 per cent this year and a further 4 per cent next year as a glut of new condos weighed on the market. Three months on, it’s hard to say.

“Condo sales are performing better than expected,” says Canadian Imperial Bank of Commerce economist Benjamin Tal. “As long as we have such momentum, economics 101 suggests that we will not see a drop in prices in the near term.”

Mr. Tal warns that the real test of the market will come when interest rates rise. But is anyone listening to warnings any more?

While pockets of the country have sluggish markets, predictions of a crash are now generally being shrugged off as Chicken Little Syndrome amid a stronger-than-expected picture at the national level.

Economist David Madani and the team at Capital Economics started calling for a significant price correction back in early 2011.

“House prices have been growing rapidly for nearly a decade now, and it has reached the point where housing is so overvalued relative to incomes that a downward correction seems unavoidable,” they wrote in a research note at that time. “We fear that house prices could fall by as much as 25 per cent over the next three years.”

Three years on, Mr. Madani stands by his call. In fact, it remains unchanged.

“I believe it’s a bubble,” he says. “You’ll never get the timing right, but that’s sort of the nature of a bubble. Bubbles contain an element of surprise.”

“The problems are still evident,” he adds. “You’ve got severe overvaluation, overbuilding, and a sharp run-up in household financial leverage.”

He says that other countries, including the United States, were in denial about their own housing bubbles before they reached a tipping point. And he says that Canada’s housing market is now the subject of more concern outside of the country’s borders than in it, pointing to warnings from groups such as the International Monetary Fund and the Organization for Economic Co-operation and Development.

The Bank of Canada said in its Financial System Review this month that a sharp correction in house prices is the top risk to the Canadian financial system.

“In view of the expected strengthening of the global and Canadian economies, the probability of this risk materializing is low,” the Bank said. The Bank and most economists are now of the view that the most likely scenario will be a so-called “soft landing” in which prices peter out without a crash. Indeed, the Bank noted that the pace of national home price growth has moderated. But it also said that “if such a risk were to materialize, the impact could be severe.”


And the Bank once again highlighted Toronto’s condo market as a source of concern, warning that “a correction in this important market could spill over into other parts of the housing market through various channels, including buyers’ price expectations.”


To learn more about local market conditions, or insight into prices for Durham real estate in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice and Bowmanville, please contact me.


Randy Miller 
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage 
905-668-1800 or 905-427-1400 
randy@randymiller.ca 
www.randymiller.ca  

 Randy Miller - Re/Max Rouge River Realty Ltd.



Thursday 19 June 2014

Health Canada finds high radon levels in homes across country

Radon is the leading cause of lung cancer in Canada among non-smokers


Radon Potential Map Canada


CBC News has obtained data showing the results of approximately 14,000 radon tests in homes across the country, which show that over 1,500 homes Health Canada tested had radon levels above the department's guidelines. 

Radon is the second leading cause of lung cancer in Canada after smoking. It's a radioactive gas naturally emitted from the earth through the breakdown of uranium in soil. It enters your home by seeping in through cracks, pipes, windows and the foundation of your house.

What is radon?


It's a colourless, odourless gas. It is also radioactive. It's formed by the disintegration of radium, which is produced when uranium decays.

Radon gas and its byproducts occur naturally everywhere — in soil, water and air. Rarely does it occur in concentrations that you need to worry about. However, radon gas can accumulate in confined spaces such as basements and crawl spaces in homes. If the levels are high enough, it can be a health hazard.

As radon decays, it produces decay products called "radon daughters." They also decay rapidly and emit alpha particles. Your skin is normally enough to protect you from these particles. But when they become attached to dust and you breathe them in, you could be at risk.
It's estimated that radon kills 3,000 Canadians a year. 

The Canadian guideline for radon in indoor air is 200 becquerels per cubic metre (200 Bq/m3).
In 2012, Health Canada released a report showing that 6.9 per cent of Canadians are living in homes with radon levels above the current guideline. The results were based on a two-year survey of approximately 14,000 homes across the country.

Test your home


It is not a requirement to test for radon or take any steps if you have high levels. Radon levels can vary from one house to another and Health Canada recommends that everyone test their home. 

Of the homes that Health Canada tested in the survey, approximately 1,557 of them had results above the guideline of 200 Bq/m3.

The World Health Organization recommends the guideline for countries be 100 Bq/m3. Data obtained by CBC News through an Access to Information request shows that 2,514 additional homes tested in Health Canada's survey have radon levels between 100-199 Bq/m3. 

According to the WHO, the risk of lung cancer increases by 16 per cent per 100 Bq/m3 increase in radon concentration.

Health Canada recommends that homes be tested for a minimum of three months, ideally in the fall or winter. The cost of radon testing is approximately $50 to $100. 

In 2007, Health Canada considered making testing during real estate transactions mandatory, but decided otherwise.  According to a 2007 Canadian Real Estate Association document, Health Canada "has abandoned this approach at the present time due to concerns raised by industry groups, including CREA."

Health Canada says that such requirements would have to be adopted at local level. "It's not going to be a requirement at least from our perspective. It may very well happen that provinces or some municipalities that know that they have high levels of radon in their area may decide to be more proactive on radon and require it. And if that happens that's fine … but it's not something that we're going to require," says Kelley Bush, head of radon education and awareness with Health Canada.

How does radon get into your home?

Health Canada - Radon

Is your house airtight? Very few are, especially older homes — and especially if the foundation or any of the walls are built with concrete blocks, which are particularly porous to radon. But the gas can also seep in through basement floor drains, cracks in the floor or foundation, and under the furnace base. Radon can also become trapped in well water and released into the air when the water is used.

Call a professional. They'll come to your house and take samples of the air in your basement. The most common method is to use a canister that contains activated charcoal. Activated charcoal absorbs radon gas. The unit will be left in your home for several days before being sent to a lab for analysis. You will receive an average radon level for the time the unit was left in your home.

The soil around your home can also be tested if it's suspected that there could be high levels of uranium.

If the test show higher than acceptable levels of radon you'll need to have the problem fixed. The federal government recommends that if the radon concentration in your home is greater than 600 Bq per cubic metre, work needed to reduce levels below 200 Bq per cubic metre should be completed within a year. If levels are between 200 and 600 Bq per cubic metre, the work should be done within two years.

The report recommending lower radon levels suggested that the federal government should offer some assistance to homeowners who need to have work done on their homes. The government's revised guidelines did not address that subject.

If there are unacceptable levels of uranium in the soil around your house, the soil should be removed and replaced with clean fill. But this is extremely rare.

Steps you can take inside your home:


  • Sealing all cracks and openings in the walls and floors of your basement as well as around drains and pipes.
  • If your basement floor has a sub-floor, make sure it is ventilated.
  • Replace an earth floor with a concrete floor.
  • Increase the ventilation in your basement or other enclosed space where radon may accumulate.
  • Paint basement floors and walls. Use a sealant on top of the paint and add polyethylene sheets to basement walls.


Keep your family and home safe and get your home tested! For more information on how to reduce your exposure to radon, visit Health Canada


Randy Miller 
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage 
905-668-1800 or 905-427-1400 
randy@randymiller.ca 
www.randymiller.ca  

 Randy Miller - Re/Max Rouge River Realty Ltd.




Wednesday 18 June 2014

Red-hot home prices are no national phenomenon


As Real Estate reporter Tara Perkins reports in The Globe and Mail, the Canadian Real Estate Association bolstered its forecast for home price growth this year, but that doesn’t mean homeowners across the country should cheer. The red-hot Canadian home prices that we keep hearing about are not actually a national phenomenon.
“Head anywhere east of Toronto and ask about the hot housing market, and you might get a funny look,” Bank of Montreal economist Robert Kavcic writes in a research note.
The big home price gains are largely confined to Calgary and detached homes in Toronto, he points out. There are also increases in Vancouver.
“Meantime, prices in Quebec and Atlantic Canada have been drifting sideways or down for a good 3 years now, hammering home the point that real estate is still very local,” Mr. Kavcic writes.
The Canadian Real Estate Association said Monday that the national average sales price over the Multiple Listing Service was up 7.1 per cent in May from a year earlier at $416,584. But if you take out Vancouver and Toronto, the average was up 5.3 per cent at $336,373.
Averages can be skewed by a higher level of sales in pricier markets. The MLS Home Price Index, which seeks to be a more apples-to-apples comparison of prices, rose 4.8 per cent.
CREA upped its forecast for home prices this week, saying it now predicts the national average price will rise 5.7 per cent this year to $404,300. In March it was forecasting a 3.8 per cent increase to $397,000.
Leslie Preston, an economist at Toronto-Dominion Bank, notes that in addition to the geographical disparities, condo buyers are not faring as well as house buyers are. “Strength in prices reflects increases for single-family homes and townhouses,” she writes. “Prices for condos are up a more modest 2.9 per cent over a year ago.”
The regional disparities might explain why the federal government is reluctant to do any more to cool the housing market, Mr. Kavcic suggests. “One reason policy makers might be a bit hesitant to act again soon is that strong price gains are confined to a few select markets, or even sub-markets, while a wide swath of the country (at least geographically) is seeing downright dreary conditions.”
Source: The Globe and Mail, June 17, 2014. Careful: Red-hot home prices are no national phenomenon by Tara Perkins.

If you want to know more about the local market conditions of Whitby and other areas of Durham Region, please feel free to contact me.


Randy Miller
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400

 Randy Miller - Re/Max Rouge River Realty Ltd.



Thursday 12 June 2014

Most beautiful homes in the world


It might be a hard decision but if you could choose, which one would be your favourite?


Randy Miller
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400

How to Buy a Home

Watch this video and see how the buying process works. From looking at a listing, to making an offer, arranging financing and working with a REALTOR®.





Are you thinking of buying your first home? I can help you through the process and make your move smooth and worry-free! Contact me today.



Randy Miller
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400

NEW LISTING - Desirable all brick Fallingbrook Home

Have you always wanted to live in one of Whitby's most desirable neighborhoods? Here is your chance to make your wish come true...



  • Oversized 61 foot large corner lot with a west view, overlooks Conservation Area.
  • Located within Glen Dhu P.S. & Sinclair H.S. zones.
  • Enjoy large principal rooms
  • Main floor laundry with indoor access to garage
  • Kitchen overlooks the family room
  • Separate living room & dining room
  • Large bedrooms
  • Many updates: furnace '13, shingles '08, front windows '10, renovated main bathroom, partially finished basement with oversized windows, R/I for bathroom, survey, west exposure, pie sized rear yard, many rooms recently painted.
  • Incl: Fridge, Stove, Washer, Dryer, B/I Dishwasher, Central Vac & Attachments, Garage Door Opener (as is). All window coverings, all light fixtures.
  • Excl: Dining room electric light fixtures
  • Open house: Sunday, June 15, 2014, from 2:00 PM to 4:00 PM

Don't miss this!

For more information and pictures, click here: www.randymiller.ca! If you wanna see this beautiful home, contact me today!
Randy Miller
Sales Representative 
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400

 Randy Miller - Re/Max Sales Representative


Wednesday 11 June 2014

3 great local Father's Day events

DO IT FOR DADS - Prostate Cancer Walk/Run in Whitby


Do it for Dads

Start Date: Sunday, 15 June 2014
End Date: Sunday, 15 June 2014
Time: 2:30 PM
Registration by Date: Saturday, 14 June 2014
Where: Heydenshore Pavilion, 589 Water St., Whitby ON, L1N9G4
All Ages | Free

Prostate Cancer Canada’s Do it for Dads Walk-Run raises awareness and funds for the leading cancer affecting Canadian men and the families that love them. Funds raised by the event will support research that will uncover better diagnostic and treatment options and will help provide comprehensive support services for the 1 in 7 Canadian men living with prostate cancer.

For more information and registration details, visit: http://www.doitfordads.com/


Spoil your Dad with music on Father's Day!



Start Date: Friday, 13 June 2014
End Date: Sunday, 15 June 2014
Time: 6:00 PM
Where: Annandale Golf & Curling Club, 221 Church Street South, Ajax ON, L1S 0A1
All Ages | $10 - $75

The 1st Durham West Blues Fest will feature various workshops and live music performances from award-winning and internationally known Canadian blues artists. The Durham West Blues Fest will include the musical instrument inspired art project and silent auction. This three-day indoor interactive family event will run from noon until 6 p.m. on Saturday and Sunday, with evening performances Friday and Saturday nights until midnight.

For more information click HERE
Buy tickets HERE


Fiesta Week in Oshawa


Fiesta Week Oshawa

Start Date: Sunday, June 15, 2014 12:00 AM
End Date: Sunday, June 15, 2014 12:00 AM
Where: Downtown Oshawa

Celebrating 40 years of Fiesta Week! Join the Fiesta Festivities with the kick off of Fiesta Week beginning with the Parade in downtown Oshawa (King & Centre)starting at 12:30 pm. Immediately following the Parade is the Fiesta concert at Memorial Park. Come out and see the Queens and Mini Misses of the Fiesta Pavilions. Sample some of the food that will be available at the Pavilions and come and enjoy the dancers performing their ethnic dances. Experience a taste of multiculturalism without leaving Oshawa. Celebrating Oshawa's Cultural Diversity.

For more information, visit http://www.fiestaweek.ca!

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca


Canadian housing starts surge in May

housing construction


Canadian housing starts picked up more than expected in May and April was revised higher, suggesting housing will contribute to economic growth in the second quarter after a harsh winter put the brakes on construction, data released on Monday, June 9th, showed.

A report from the Canada Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 198,324 in May from an upwardly revised 196,687 units in April. That surpassed analysts’ expectations for a May reading of 185,000.

 “Activity is picking back up to its pre-winter trend, another sign that it was the weather and not a fundamental slowdown that dampened Canadian growth in the last few months,” Bill Adams, senior international economist for PNC Financial Services Group, said in a statement.

“The trend so far in 2014 looks to be another year of activity more or less on par with 2013, and markedly lower than before the mid-2012 tightening of Canadian mortgage underwriting standards.”

Canada’s housing market has risen unsteadily for the last five years and appears to be settling down for a soft landing, with housing starts slowing from red-hot 2012 levels in 2013 and maintaining the slower pace so far in 2014, on average.

The strong showing in April and May is likely a rebound from a weather-related slump in the winter, and took the two-month average 12.9 per cent higher than the 175,000 recorded in the first three months of 2014, RBC economist Laura Cooper said in a research note.

“In the near-term, this rebound in residential investment is expected to lift overall GDP growth in the second quarter; however, with the weather-related volatility having likely now run its course, we anticipate that the pace of new home construction will cool once again over the second half of this year to levels similar to that averaged over the first half,” Cooper said.

May’s strength came from the single-detached housing sector, where starts rose 5.4 per cent, as construction of multiples – typically condos – edged 0.8 per cent lower.

The gains were fairly broad-based across the country, with starts in Quebec, British Columbia and the Atlantic region rising strongly, while Ontario was flat and the Prairies were lower.

Source: The Globe and Mail, Canadian housing starts surge inMay by Andrea Hopkins


Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca


Thursday 5 June 2014

Women's Weekend Show in Oshawa

Women's Weekend Show in Oshawa


When: June 6th and 7th, 2014
Where:  at the Quality Hotel and Conference Centre at 1011 Bloor Street East, Oshawa

The show starts on Friday at 2pm until 8pm and resumes again on Saturday at 10am until 6pm. The inspiration for this show is ‘mind, body & spirit’. The intention is to create a fun experience that provides you with new information, ideas and inspiration that you can use to enhance each one of these aspects within your already fabulous self. You’ll have the opportunity to check out some great speakers, demonstrators and fashion shows, shop, eat, sample beverages… and of course the swag bags are to die for! 
For more information visit: http://www.womensweekendshow.com/


For more local Whitby and Durham Region events, visit http://whitbybrooklinhomes.com


Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca


Bank of Canada caught between optimism for future and today’s harsh reality

Bank of Canada


By almost universal agreement, the Bank of Canada is expected to hold tight Wednesday and keep its simulative policy interest rate at one per cent for the umpteenth time, but the central bank faces a dilemma.

Most of the good news on the economy is in some theoretical future and most of the bad news is happening now.

If things don't pick up soon, what the central bank might want to consider is something few thought feasible a few months ago or even a year ago — cutting interest rates, says David Madani, economist with Capital Economics in Toronto.

That is not Madani's baseline scenario, he wants to make clear. But he also doesn't rule it out.
"If there is going to be a change in interest rates, I think it's more likely it will be a cut than an increase," he says.

Madani, who is known to be bearish on the economy, sees no reason to change his mind. "Where is this growth going to come from if exports continue to (be weak) and business investment remains fairly cautious and housing is acting as a drag on the economy? That's why the Bank of Canada might have to think about supporting the economy a little bit."

The bleak viewpoint is supported by data that suggests the brutal winter can't be blamed for all that's ailing the economies of the United States and Canada.

Last week, the U.S. estimated its economy pulled back in the first quarter, a startling contraction more than three years into a recovery period. By the reckoning of some, the winter might have sliced about 1.5 percentage points off growth, which would still have left the first quarter barely above zero.

In Canada, gross domestic product growth was a bit stronger at a pace of 1.2 per cent, but still well south of the speed the central bank believes is necessary to close the capacity gap.

Jobs growth has been stagnant for months and, on Monday, the RBC manufacturing purchasing manager's index showed better weather hasn't warmed the factory sector as the index dropped for the second consecutive month to 52.2 in May, the lowest setting since January.

The manufacturing index in the U.S. did show some improvement, after being misreported twice by the Institute of Supply Management, although the employment index dipped somewhat.

TD Bank chief economist Craig Alexander says the growth story the central bank has telling for months remains the most likely, although he concedes it would be more convincing if current trends supported the "don't worry/be happy" narrative.

Even so, he says, the bank is "between a rock and a hard place" dealing with an economy that always appears poised to shift into a higher gear but never does. With household debt near record levels — 164 per cent of annual disposable income — and housing prices setting records almost monthly, the bar for cutting interest rates is high.

"If you didn't have the personal leverage problem ... we'd actually be having a much bigger debate about the probability of cutting rates," he explained. "But I also think the Bank of Canada still believes, and I think correctly, that the weakness we're seeing today is overstated and that conditions should improve."
Still, Alexander expects the central bank will sound dovish on the economy Wednesday, acknowledging that inflation has been stronger than expected, but the economy — which at this stage of the recovery is more key — has been weaker.

Markets appeared to agree with that view on Monday, dropping the Canadian dollar about half a point to below 92 cents US in advance of the bank decision.

Alexander said TD's official forecast is for the central bank to start hiking interest rates at measured increments starting in mid-2015, but cautioned that the odds of rate hikes being delayed further are growing.

(Source: The Canadian Press, June 2, 2014)

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca