Carl Stars - Burlington Ontario Real Estate Condominium MLS Listings » Burlington Real Estate

March Update

Carl — Mon, 07 Mar 2011 19:08:00 +0000

Recent stats that have recently come in indicate an 8% increase in house prices since last year in Burlington. For surrounding areas such as Hamilton we are enjoying a 3.7% increase.

I still have too many clients that are coming back to me and clearly they have used their homes as a line of credit. Consolidate "run" the credit cards up again consolidate and the road to no where continues ! !

As of this morning there are 561 Active Listing in Burlington which includes Condominiums. Inventorys are low and interest rates are low. Give credit to the government right now who are consistently warning Canadian's to pay down their personal debt.

Consumers most realize a $ 200,000 mortgage at 3% is approximately $ 948.42 amrt 25 years and should rates go up to 7% the payment jumps to $ 1413.55.

A home is a great investment but it is only one component of wealth building.

How to calculate Land Transfer Tax

Carl — Fri, 20 Aug 2010 17:04:10 +0000

ONTARIO GOVERNMENT LAND TRANSFER TAX COSTS

On transfers of residential real property in Ontario, Ontario Land Transfer Tax (LTT) is calculated on the purchase price (less a calculation regarding HST, if the property purchased is a newly built home). The Ontario land transfer tax is payable by the purchaser on the purchase price upon registration of a Transfer/Deed of Land in the Ontario Land Registry Office on closing based on the following upward sliding scale:

0.5% on the first $55,000 of the purchase price, plus

1.0% on the amount exceeding $ 55,000 up to and including $250,000, plus

1.5% on the amount exceeding $250,000 up to and including $400,000, plus

2.0% on the amount over $400,000.(Be aware that for non-residential properties, such as industrial or commercial real estate, there is no 2% charge since the tax rate is 1.5% for any amount of purchase price over $250,000 regardless of the total price.)

Example:
The Ontario land transfer tax on a property transferred for $200,000 is calculated as $275.00 on the first $ 55,000 (0.5% = $ 275.00), plus $1,450.00 on the next $145,000 (1.0% = $1,450.00), for a total of $1,725.00.

Will House Prices Drop In Burlington ?

Carl — Mon, 16 Aug 2010 19:57:31 +0000

House Prices stay high as Sellers fight to keep them up !!
In many of my Blog Posts I always maintained in the past prices will remain high. Also buy a house you love and do not just look at is as an investment . One article today was published in the Hamilton Spectator, which prompted me to write this short blog.
A quote from one article in the Spectator was as follows
“Sellers stubbornly hold onto their perception of what their home is worth, whereas buyers turn on a dime.”
In tough economic times Sellers will fight to keep their homes that is for sure. I also have always pointed out in my own view the Canadian Economy is evolving to a “ European type of economy” The HST is similar to the VAT ! Houses are expensive and we have to work longer and harder to keep them.
Burlington Inventory is at 680 homes including Condos . Simply put inventory’s are low and interest rates are still low. The amount of inquiries I have received have doubled in the last two weeks. I am expecting a busy fall market.
I will observe Buyers are not as rushed to make an offer and they are actually thinking.
This is a welcomed relief !!
Carl

Market update for End of July

Carl — Tue, 20 Jul 2010 19:43:51 +0000

The Bank of Canada raised their rate by 1/4% this morning. Bank prime is now at 2.75%.

The Government has commented that inflation is at a predictable rate. The Banking sector remains strong. I took an average of the lender rates emailed to me on a daily/weekly basis and the best five year rate I could find was 4.19 and the best 10 year rate was 5.20 . Fixed rates on five and ten year terms remain very competitive.

As of this morning there is a total of 767 active listings in Burlington. Its good to note a few short months ago we were around 400 if I recall. However staged homes and if priced correctly still result in bidding wars or at least quick sales usually around 98% of asking price.

I have noticed Buyers are more cautious and the inventory is a sign of a more balanced market . Already some areas are starting to reflect a buyers market. The fall market will tell the story. Some buyers and Sellers have some HST Jitters but the costs are minimal when you look at the size and scope of the transacation. ( But yes the HST is just another tax grab ).

Carl

Mortgage Rates starting to inch Up.

Carl — Wed, 14 Apr 2010 13:46:28 +0000

Please take note:

Just a quick update :

With the Royal Bank increasing rates by 25 bps, it is expected that all banks will follow. Please be aware of the potential increase so you do not get caught off guard,as requests for backdate of submissions may not be approved if you do not react in time..

HST Fact CheckList – Real Estate

Carl — Wed, 07 Apr 2010 04:13:57 +0000

I wanted to post some general information on HST. Many people are asking questions so I hope this clears things up.

HST is 13% . It is considered value added Tax.

If you are Selling your home:

Real Estate Agents who normally charge 5% GST on commissions will have to charge 13%. This is regarding resale homes and is on the commission only. This will be on July 1, 2010. There are some exceptions but on a regular resale home. This is the tax that would apply.

If you are buying a Resale home extra costs will be incurred HST will be charged on home inspections, legal services, high ratio mortgage premiums, fire insurance premiums.

OREA estimates the HST will add $1,449 in new taxes to an average resale home costing $302,354. And, OREA claims the HST will add an estimated $262 million in new taxes annually to residential resale real estate transactions.

______________________________________________________________

RE new Homes: Builders would use the same process they use with regard to GST. The Buyer must qualify for the rebate. ( The new home would be a primary residence ) Clarify your HST before signing on the dotted line and read the fine print.

Under the HST, new homes worth less than $400,000 will qualify for a 6% tax rebate, but new homes worth more than $400,000 will be subject to an additional 8% tax. To explain if a buyer pays $500,000 the net tax would be $ 16,000.00 after receiving the rebate of $ 24,000.00

Here are some helpful Links.

http://www.servicecanada.gc.ca/eng/goc/gst_new_housing.shtml

http://www.fin.gov.on.ca/english/index.html

http://www.rev.gov.on.ca/english/guides/rst/206.html

http://www.cra-arc.gc.ca/tx/bsnss/tpcs/gst-tps/menu-eng.html

All information deemed reliable but not guaranteed. Please seek the advise of your tax professional and contact government agency to clarify your costs. As I deal with residential resales it appears the impact will be minimal. I encourage real estate to be a long term investment. Hope this information helps.

Carl

New Mortgage Changes Coming

Carl — Tue, 16 Feb 2010 15:39:43 +0000

Ottawa, February 16, 2010
2010-011

Government of Canada Takes Action to Strengthen Housing Financing

The Honourable Jim Flaherty, Minister of Finance, today announced a number of measured steps to support the long-term stability of Canada's housing market and continue to encourage home ownership for Canadians.

"Canada's housing market is healthy, stable and supported by our country's solid economic fundamentals," said Minister Flaherty. "However, a key lesson of the global financial crisis is that early policy action can help prevent negative trends from developing."

The Government will therefore adjust the rules for government-backed insured mortgages as follows:

Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.

Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.

Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."

These adjustments to the mortgage insurance guarantee framework are intended to come into force on April 19, 2010.

Secret to Success

Carl — Sat, 12 Dec 2009 01:50:16 +0000

What is the secret to success?

There is more hunger for love and appreciation in this world than for bread..- Mother Teresa

There's a big difference between hearing -that is, simply communication and truly listening, which is the art of paying thoughtful attention with a mind toward understanding the complete message being delivered.

Unlike simply hearing someone's account, listening requires maintaining eye contact, watching the person's body language, asking for clarification, and listening for the unspoken message.

Be interested rather than interesting. Another way people fail to listen carefully is to be too concerned with being interesting themselves, rather than being interested in the person they are listening to.

They believe the route to success is to constantly talk- showing off their expertise or intelligence with their words or comments.

The best way to establish rapport with people and win them over is to be truly interested in them, to listen with the intention to really learn about them. When a person feels you are interested in getting to know them they will share their thoughts & feelings more quickly with you.

Work to develop an attitude of curiosity. be curious about other people, what they feel, how they think, how they see the world. What are their hopes, dreams, and fears? What obstacles are they facing in their lives?

If you want people to cooperate with you, to like you, or to open up to you, we must be interested….in them.

When you are interested people respond to your interest in them. They want to be around you. Your popularity increases.

Powerful Questions…Dan Sullivan's "Strategic Coach Program" has taught me one of the most powerful

communication tools.

Its a series of 4 questions to create a connection with people:

If we were meeting 3 yrs. from today, what has to have happened during that 3 yr. period for you to feel happy about your progress?
What are the biggest dangers you'll have to face and deal with in order to achieve that progress?
What are the biggest opportunities that you have that you would need to focus on and capture to achieve those things?
What strengths will you need to reinforce and maximize, and what skills and resources will you need to
develop that you don't currently have in order to capture those opportunities?

Practice each day asking someone these questions over lunch or dinner. Start with your friends and your family too.

You'll be surprised how much you learn and how much closer you will feel afterward.

Use these questions with every potential business client or colleague.

Then you'll know whether you or your services can help them achieve their goals.

One final thought…take yourself through these questions either privately, with a friend, or with me, as always I'm here to listen and I'm interested.

It's a valuable exercise.

If you want to be remembered for being important to someone else's life,

make them feel appreciated by being interested in them. It's the secret to success - Jack Canfield

As we've entered the Holiday Season my wish for everyone is simply…time

Time set aside to relax, refresh and reflect.

May your Holiday season be overflowing with joy, love and gratitude!

All the best to you and your families during this festive time of year

With my true wishes for improved health, happiness and prosperity during 2010

Happy Holidays

-Carl

Article Reference Angela Wood Keller Williams Toronto, ON, Dan Sullivan Strategic Coach program

AUGUST MARKET UPDATE

Carl — Mon, 07 Sep 2009 18:02:13 +0000

MEDIA RELEASE

August sales continue trend

(September 3, 2009 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,133 units sold in August, indicating an increase of 16 per cent over the same month last year. The total unit sales for the first eight months of 2009 are being reported at 4.5 per cent lower for the same period last year, while new units listed are 8.6 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

“With summer coming to a close, it is a good time to reflect on the local resale market,” said Bruce King, RAHB President. “The August numbers continued the positive trend set in July, with sales and average price up, year over year. 2009 has thus far continued to surprise market watchers.”

Residential properties sold during August totalled 1,090 which included 846 freehold properties and 244 condominiums. Commercial sales for August, including industrial, farm, vacant land and business, totalled 43 units.

The average price of freehold residential properties sold in the month of August was $313,356, an increase of 2.7 per cent over August last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market the average price of condominiums in August was $215,154, an increase of 1.3 per cent over August 2008.

The total number of units listed for sale during August was 1,535, which is 2.8 per cent fewer than were listed in the same period in 2008.

“Last week CREA revised their annual forecast to accommodate the strong sales we saw in the second quarter and are now seeing in the third,” added King. “Their revision represents a change in the predicted annual decline in activity to 0.4 per cent compared to levels set in 2008, and is a significant upward adjustment from the previously forecast decline of 14.7 per cent issued last May.”

Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.

Established in 1921, the REALTORS® Association of Hamilton-Burlington (RAHB) represents more than 2,400 real estate brokers and salespersons from Hamilton, Burlington, and surrounding areas. Members of the association may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict code of ethics. The association operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for its members. In addition, RAHB is an active participant in the Home Ownership Affordability Partnership (HOAP) and holds an annual auction in support of local charities. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.REALTOR.ca. More information about RAHB is available at www.rahb.ca.

Spring Market shows Positive signs

Carl — Tue, 09 Jun 2009 16:45:00 +0000

(June 4, 2009 – Hamilton, Ontario) The Hamilton-Burlington area resale market reported a total of 1,342 units sold in May, indicating a decrease of 8.2 per cent over the same month last year, but an increase of 9.4 per cent over April. The total unit sales for the first four months of 2009 are being reported at 17 per cent lower for the same period last year, while new units listed are 7.6 per cent lower for the year-to-date, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).

“The traditionally strong spring season continued in May, as average price continued to hold steady and sales continued to climb,” said Bruce King, RAHB President. “May marked the fifth straight month of increased sales, and had the highest number of residential sales since May 2008.”

Residential properties sold during May totalled 1,316 which included 1,065 freehold properties and 251 condominiums. Commercial sales for May, including industrial, farm, vacant land and business, totalled 26 units.

The average price of freehold residential properties sold in the month of May was $312,491, a decrease of 0.2 per cent over last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.

In the condominium market the average price of condominiums in May was $231,962, an increase of 8.6 per cent over May 2008.

The total number of units listed for sale during May was 1,924, which is 11.8 per cent fewer than were listed in the same period in 2008.

“So far this spring has defied expectations and the market continues to show vitality,” added King. “With some semblance of order returning to the economy I think we may have the worst behind us.”

Unit sales reflect “all property types” including residential, condominiums, commercial property, farmland and sale of businesses.

ARTICLE PROVIDED BY THE HAMILTON -BURLINGTON REAL ESTATE BOARD