How the housing market has cooled in most of Canada

According to a CBC report the average housing price numbers are somewhat skewed by the hot markets in Vancouver and Toronto.

While the headlines from the Canadian Real Estate Association may highlight the nearly seven per cent spike in the average price of a house over the past year, analysts say the real story is that for most of the country, the housing boom appears to be over.

"It’s not a disaster by any means, but we’re very much back to a normal or a soft market in a lot of parts of Canada," said housing analyst Ben Rabidoux, president of North Cove Advisors.

According to CREA, the average price of a Canadian home sold in June was $413,215, up 6.9 per cent from June of last year.

But that data is somewhat skewed by hot housing markets in cities like Vancouver and Toronto, where the average price of resale homes came in at $800,362 and $555,430 respectively. CREA noted that if those two cities are stripped out of the picture, the average Canadian house is worth a "more modest" $336,164 and the annual increase shrinks to 5.2 per cent.

"Across the country you can find a few major markets that are very, very strong but you can find most of the communities are not very strong at all right now," said housing economist Will Dunning. "In a lot of those areas, the numbers are even weaker than one might hope for. The economy is slowing down in a lot of places and the housing market is part of that slowdown."

"The strength is in Vancouver, Calgary, Hamilton and Toronto and you don’t see as exciting a story almost everywhere else in Canada."

While the Canada-wide number is very strong, it hides very sharp regional differences, Rabidoux said.

For instance, in Hamilton, the average price of a home lists around $400,000; in Calgary around $460,000. But Regina home prices average just $300,000, in Halifax, they average $275,000 and in Quebec City, just $268,000. And in those regions, prices have either cooled or dropped altogether.

“Outside of a few major metros, the boom is over," he said. "In fact, we’re seeing now a number of markets that are seeing weakness that we haven’t seen in 20 years. And that’s very much being hidden by this incredible strength in Toronto and Vancouver."

"So it’s very much a story right now about the haves and the have-nots and that’s sort of hidden in the [CREA] headline," Rabidoux said.

"You've got this very severe imbalance between supply and demand. And you have the exact opposite dynamic in Vancouver, Calgary and Toronto where you’ve got not a lot of supply and a lot of demand," Rabidoux said. "We really haven't seen a national market like this where we have such sharp regional differences."

Read the full article > HERE!

Source: CBC News Posted: Jul 16, 2014

For more insight into the housing market within Durham Region, the Whitby real estate market, or the Brooklin real estate market, contact me. If you are an existing homeowner and are thinking about a, move, I can tell you what your house or condo is worth in today’s marketplace.

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

 

Whitby Harbour Day

Start Date:          Saturday, July 26, 2014 12:00 PM

End Date:            Saturday, July 26, 2014 10:00 PM

Address:              Port Whitby Marina, 301 Watson Street, Whitby

Whitby Harbour Day is a free, summer celebration of Whitby's historic harbour with fun for the whole family. The event highlights Whitby's harbour facilities including Port Whitby Marina and Whitby Yacht Club. The waterfront awaits visitors from Port Whitby Marina and Yacht Club to the Lions Promenade and the Waterfront Trail. Enjoy food and beverage vendors through out the event.

New for this year: the Dragon Boat experience, sponsored by Whitby Toyota Scion. Whitby Harbour Day includes water ski shows, community and boating displays, arts and crafts, food vendors, Station Gallery kids program and Artists, children's activities and live entertainment.

Visit the Whitby Yacht Club Open House including; children's activities, Sailing School Demonstrations, water shuttle and live entertainment. Harbour Day will wrap up with a nautical Parade of Lights and spectacular Dentistry on Dundas firework display.

Harbour Day is FREE admission.

For more information visit > www.whitby.ca/events

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

 

Buying Property: Old vs. New

Buying a home is an emotional and personal decision. The price of course plays a major role too. Here are some advantages and disadvantages to consider when trying to decide whether you should buy a newer home or an older home.

PROS of New Construction

• Some flexibility on design during construction phase: Many homebuilders allow buyers to help design the property. New-home buyers, for example, can often decide where their bathroom might go, choose their favorite flooring or pick the exterior paint color. Buyers moving into a subdivision can sometimes pick the lot they like best.
• Contemporary style 
• Cheaper to operate - energy-efficient: Newly constructed homes use energy more efficiently. They tend to have higher-efficiency insulation, doors and windows that helps prevent conditioned air — cool air in the summer, warm air in the winter — from escaping. The more energy-efficient appliances of the house also help reduce utility bills for new-home buyers. New homes often have appliances — such as high-efficiency stoves, refrigerators, washing machines, water heaters, furnaces or air conditioning units — that homes built years ago might not. 
• Cheaper to maintain, Fewer repairs: When people buy a new home in today’s market, it really is new. At the same time, today’s new homes are engineered specifically to minimize maintenance requirements. For example, some companies use composite products for a home’s exterior trim instead of wood, which could rot or need repainting. 
• Extended warranties: In addition, builders often agree to take care of the necessary repair work in a new home for at least the first year. So if your roof starts leaking or the heater breaks during the warranty period, your builder will pick up the tab for the repairs. 
• Fire safety: New homes often include fire-safety features that may not be in properties built years ago. 
• Financing: New-home buyers can take advantage of mortgage-financing perks available through their builder. New-home builders — in many cases, the larger ones — have their own mortgage companies, or they will offer paying points or closing costs and buy down certain rates for you. The seller of a resale home is generally not going to do that for the buyer.
• Frequently have a homeowners association which helps to protect resale value. 
• It's brand-new!

CONS of New Construction

• Frequently less character, or homogenous design: Unless you are looking at a custom-built house on an individual lot, most new homes are built in developments with a unified style. These developments can be as small as a cul-de-sac, or as massive as a former farm field filled with dozens, if not hundreds of homes. All homes in your neighbourhood might have similar floor plans. They might be identical to each other and have no individuality. 
• Limited negotiating room on price: New houses are often more expensive than resale homes of a similar size.
• Can put limits on how you use your property.
• Immature vegetation: It can take years for trees to grow.  
• House settling: New houses settle. It happens everywhere, regardless of the type of soil. Settling causes cracks in foundations, walls and door frames. 
• Longer commuting distances to downtown. If you want to be where the action is in a metropolitan downtown area or avoid the drive to work in rush-hour city traffic, the distance from downtown might make a difference to you. 
• Neighbourhood: There are also risks in buying a new home. The plans may be impressive, but you don't know who your neighbours will be, which could lead to a financial risk down the road. You can always update your house but not the neighbourhood. 
• If it is a home in a new subdivision, no infrastructure is in place – including schools, parks, public transportation and shopping malls. 
• You will also pay GST on a new home, which will add to your costs. 
• Problems with the builder: Check the builder's track record. What else has the company built? Were previous projects completed on time, on budget and without bad blood between the builder and buyers? If you live nearby and previous stages of the development are occupied, ask the residents if the builder did quality work and lived up to contractual commitments. 
• Extra costs for Extras: You can certainly have the granite counters, surround-sound home theater and jetted tub you saw in the model home, but they're not included in the base price. You will pay extra for them.

Bring your own agent. If the builder has a real estate agent on site, the agent will be more than happy to help you. But, on-site agents work for the builders who hire them. Their best interests will be for the builder, not you.

 

PROS of Resale Homes

• Old world construction: While older homes may need updating, they have withstood the test of time which is not the case with new homes. Older homes have stood for decades, some centuries, and weathered many storms. Some were built by hand by genuine craftsman, with meticulous attention to detail. 
• Larger yard. Years ago, when land was cheaper, builders built on larger lot sizes, leaving room to accommodate garages on alleys. 
• More charm and character. 
• Longer-term neighbors. Many people are drawn to developed neighborhoods for the sense of community that has been established. Some older homes are passed down through generations. Many neighbors know each other. 
• Established neighborhood. Zoning changes are unlikely to occur in older areas. 
• Mature trees and vegetation. The mature landscaping and developed trees are often a considering factor. It's not uncommon to see 100-year trees providing canopies in yards and boulevards. 
• Location: Closer to downtown entertainment and restaurants. Existing homes are often found in older, more convenient metro core areas rather than outlying suburbs. Not only do older areas tend to be located closer to downtown areas, but often residents can walk to local coffeehouses and antique stores. 
• Availability: More choices, more styles to choose from 
• Home improvement. If you enjoy small repairs and home improvement projects around the house, then an existing home would be your cup of tea. You have the opportunity to remodel. In some cases buyers may prefer an older home in a particular location which can be modernized or expanded. In effect, use the existing home as a base to build a unique property.
• Existing features. When you buy an existing home, you typically don't have to worry about buying the extras, such as blinds for the window, a security system, or a landscaped back yard.
• Price: In general terms, existing homes tend to be less expensive than new properties. As well, existing homes are likely to come complete with items which may represent new home extras—blinds, landscaping, built-ins, etc. The price may also be more negotiable. 
• Track record. When you purchase an existing home, you know how much the property has appreciated over the years -- in effect, you have an index of sorts which measures the community's marketplace appeal.

Of course, there are cons with existing homes, too. Generally speaking, resale homes tend to be more available and less expensive than new homes, but they are also full of surprises.

 

CONS of Resale Homes

The big disadvantage of buying an older home is that it may need refurbishing. Although an older home may cost you less than a new home initially, it may end up costing you much more when the expense of updating is taken into account. Things tend to go wrong periodically, and there’s always something to fix. Be honest with yourself. If major repairs are required, you'll either have to do them yourself or bring in the professionals. Some people can handle the disruption; others can't.

If you're considering an existing home, be sure you have a good handle on the working status of all major systems. Hire a professional home inspector to check out the house. As appliances and systems age they naturally require repair and replacement, something which may be reflected in a purchase price.

To evaluate the true cost of buying an older home, find out the age of the roof, appliances and major systems like plumbing, heating/cooling and electrical. Ask your home inspector to estimate how long each of these items is likely to last. Then get replacement estimates from licensed contractors.

Ask sellers for documentation on any major work they've done to the property. This will be useful when it comes time for you to sell. If the roof was replaced recently, find out if the roofer will extend any remaining warranty to you. Also find out how much the utility bills are in an average summer and winter month.Owners of existing homes can always buy higher-efficiency appliances, but doing so can be expensive.


In the final analysis, costs are only one consideration – because buying a home, old or new, is a personal and emotional decision. Find a house you like, consider its pros and cons — objectively, as well as emotionally — and think about the compromises you're willing to make. The more logically you approach buying the house, the more you're going to love living in it.


If a move is in your future, let’s sit down and talk about your plans. I will listen, understand your needs and create a plan that will achieve your goals. Buyers in any price range will benefit from my experience and my knowledge of local market conditions, specific neighbourhoods and housing styles. My goal is to get you the best home possible, without compromise at a fair price.

To help me find your desired property, please tell me your desired move in date, the location you want to move to, ie: Whitby, Brooklin, or other areas within Durham Region, whether you are looking for a condo, townhouse or house (semi-detached, detached, bungalow or 2-storey home) and the number of bedrooms and washrooms required.Contact me today!

Let’s find your Property Match – Right Now!

 

Find your dream home in Whitby or Brooklin

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

 

Summer Energy Saving Tips

After a long cold winter you might want to save some money on your utility bill! Here are some useful tips for you:

• Thermostats: Set your thermostat as high as comfortably possible in the summer. The smaller the difference between the indoor and outdoor temperatures, the lower your overall cooling bill will be. Keep your house warmer than normal when you are away, and lower the thermostat setting to 78°F (26°C) only when you are at home and need cooling. A programmable thermostat can make it easy to set back your temperature. Find out how to operate your thermostat for maximum energy savings. Smart thermostats like Ecobee or Nest can help you to easily save energy and they pay themselves off in as little as 18 months.
   
• Use blinds: To save energy this summer and stay cool, use blinds & drapes to block direct sunlight. You can also install solar screens. Close the blinds during the day.
   
• Fans: Use fans in addition to your A/C to keep the air moving.
   
• Change your filters: Changing filters helps with the efficiency of the A/C. Replacing a dirty, clogged filter with a clean one can lower your air conditioner's energy consumption by 5-15 percent.
   
• Lights: Turn off lights and electronics if you don't use them. Take advantage of daylight instead of artificial lighting, but avoid direct sunlight.
   
• Vintage drying: Wash only full loads of dishes and clothes. Consider air drying both dishes and clothing. Dryers use an enormous amount of energy.
   
• Avoid additional heating sources: Minimize activities that generate a lot of heat, such as running a computer, burning open flames, running a dishwasher, and using hot devices such as curling irons or hair dryers. Even stereos and televisions will add some heat to your home. So use the dishwasher, oven, etc. at night. cause if you use them during the day they produce heat and you have to cool off your home again.  On hot days, avoid using the oven; cook on the stove, use a microwave oven, or BBQ outside! Grilling outside won't add heat inside like a stove. Just don't keep the door open.
   
• Take showers: Take short showers instead of baths!!!!!
   
• Don't cool down your house too much! If you are not at home during the day turn on the A/C when you come home and turn it off when you are leaving the house. Avoid setting your thermostat at a colder setting than normal when you turn on your air conditioner. It will not cool your home any faster and could result in excessive cooling and unnecessary expense.
   
• Talk about energy use in your home. Talk with your family how you could save energy and not waste it.
   
• Home evaluation: Plug your home's leaks. Weather-strip, seal, and caulk leaky doors and windows and install foam gaskets behind outlet covers. The better your home is insulated the more energy you will save. Adding new or additional insulation to your ceilings, attic and walls will prevent cold drafts and air leaks to keep warm air inside during the freezing winter or in summer keeps the cool air from A/C inside your home.

Save energy, save money!

Try these easy, low-cost or no-cost energy saving tips and see how easy it is to save energy and money. Having an energy efficient home may also be more attractive to buyers when you sell.

If you are thinking about selling your property now or in the near future, please contact me for a free consultation. I can provide you with exceptional services and market your home, condo or commercial building to its fullest potential. 

Find your dream home in Whitby or Brooklin

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

How to get a mortgage in tough circumstances

Your credit history is one of the most important parts of your application when applying for a mortgage. Bad credit or a low credit score will compromise your ability to get a mortgage, because lenders will consider you at risk of defaulting on your loan.

When you’re self-employed, you have the challenge of proving you have the capacity to repay your mortgage. Though self-employed individuals will need to supply a lot more paperwork to qualify for a mortgage.

Click below to watch the video:

As you can see, the road to homeownership is a lot more difficult one if you’re self-employed or your credit history is imperfect. But it is still possible to get a mortgage and buy a home. Contact me, I can help you and refer you to a mortgage specialist that can explain the products and help you choose the right mortgage product.

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

Music is in the air - Great Durham Region Events for Music Lovers

Summer in The Square - Ajax

Start Date:           Wednesday, July 09, 2014 7:00 PM

End Date:             Wednesday, July 09, 2014 8:00 PM

Location:             Ajax Town Hall
Address:               65 Harwood Ave. S., Ajax, ON

       

Running until August 20, Heritage Square at Ajax Town Hall becomes your Wednesday night free entertainment destination. Bring a chair to the square for Music in the Square (live concerts) and Kids in the Square (children’s performances) alternating weekly. All performances take place rain or shine. Performances move indoors if inclement weather where admission is on a first come, first served basis (180 capacity). 

For more information on performances, visit www.ajax.ca.

Music in the Park - Whitby

Start Date:           Wednesday, July 09, 2014 7:00 PM 

End Date:             Wednesday, July 09, 2014 8:30 PM

Address:               800 Brock Street South, Whitby, ON

Enjoy free live music by local musicians throughout July and August at two of Whitby's popular parks. Music in the Park has grown from an event hosted at one location to entertainment at two parks: Rotary Centennial Park on Wednesday evenings in Whitby and Grass Park in Brooklin on Thursday evenings. Support local artists at two of Whitby's finest parks. Musical performances include blues, classics, and jazz.

For more information on performances, visit Town of Whitby.

Waterfront Concert Series

Start Date: Thursday, July 10, 2014 7:00 PM

End Date:   Thursday, July 10, 2014 9:00 PM

Address:     Beachfront Park, Pickering, ON

Bring your blanket & a lawn chair and enjoy a free evening concert at the lakeshore.  Proudly presented in partnership with Ontario Power Generation and Fairwater Estates. 

2014 Band Line-up:

Jul-10 Straight Shooter (Pop Rock)

Jul-17 Stacey Renee (Pop Rock Country)

Jul-24 Royal Scam (Rock)

Jul-31 Sugar Heat (Latin)

Aug-07 Sons of Steel (Steel Drums)

Aug-14 Backspin (Classic Rock)

Aug-21 Bing Serrao & The Ramblers (Latin Caribbean)

Aug-28 Chick n' Beards (Pop Motown Classic)

Summer Concert Line-up

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

http://whitbybrooklinhomes.com/

Housing Market Watch (GTA & Durham Region): Strong Growth in June Sales

July 4, 2014 -- Stepping into his role as President of the Toronto Real Estate Board, Paul Etherington announced a strong increase in residential sales reported through the TorontoMLS system in June. Sales were up by 15.4 per cent year-over-year to 10,180 transactions. New listings were also up compared to the same period in 2013, but by a lesser annual rate. This means that competition between buyers increased in June.

“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home. Generally speaking, buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer,” said Mr. Etherington.

The average selling price for June transactions was $568,953, representing an increase of 7.4 per cent compared to June 2013. The strongest price increase for the GTA as a whole was for semi-detached houses, with the average price up by 9.7 per cent year-over-year. The pace of price growth for condominium apartments was also strong at 6.8 per cent.

“With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhouses. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

DURHAM REGION, July 2014 - Durham Region Association of REALTORS® (DRAR) President Jane Hurst announced a significant increase in residential sales reported in June. Sales were up 7.5 per cent from 1,093 last year to 1,175 in June 2014. The number of new listing also increased with 1,651 new listings in June, up 9.7 per cent from 1,505 last year. "The increased number of listings and sales made for an active housing market last month, with steady competition between buyers" added Hurst.

The average price of resale homes in the Durham Region reached $395,548 in June. "We saw the average price climb 9.5 per cent from last June which is significantly higher than annual inflation price growth" explained Hurst. Condominium townhouses saw the strongest rate of price growth in June with a 17.3 per cent increased average selling price compared to June 2013.

For more insight into the housing market of Whitby, Brooklin and other areas of Durham region, please contact me or visit my website.

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

http://whitbybrooklinhomes.com/