Mississauga shows yearly growth in key areas

Mississauga shows yearly growth in key areas

Sales activity was down in the region served by the Mississauga Real Estate Board this September, according to MLS® statistics released by the Board.

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Home sales valuing a total of $309,279,301 were recorded in Mississauga this September. That's down 13 per cent from the August total, but up nine per cent from the total in September 2006. Over the course of the month, 886 residential properties traded hands in the area served by the Board. Although a decrease of 17 per cent from August, this represents a one per cent increase over September 2006.

The average price of homes sold this September through the local MLS® system in Mississauga was $349,074, which is five per cent higher than the average recorded in August 2007 and seven per cent above that recorded in September 2006. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area

A total of 1,673 new residential listings were added to the local MLS® system in Mississauga this September, up 15 per cent from August. At the end of the month there were 2,452 active residential listings posted by Mississauga REALTORS® on the local MLS® system.

About the Mississauga Real Estate Board

Established in 1954, the Mississauga Real Estate Board represents more than 1500 real estate Brokers and salespersons from Mississauga and surrounding areas. Members of the Board may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at

http://www.mreb.ca/

Read more about Mississauga Price Trends

Search the MLS or read more about Interest Rates, Power of Sale Properties, Price Trends and more at my website.

Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,

Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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Mississauga Sales are steady for February

Sales hold steady in February

According to statistics released by the Mississauga Real Estate Board, MLS® home sales in the region served by the Board held steady this February compared to the same month last year. Activity also posted strong double-digit gains compared to the previous month.

A total of 836 homes were sold in the area served by the Board in February 2007 – 25 per cent more than in January and two per cent less than in February 2006. The value of all homes sold in February was $272,300,872.

The average price of a home sold in the region served by the Mississauga Real Estate Board this February was $325,719. This is three per cent less than the average price of $335,252 posted in January, and four per cent more than the $314,470 posted last February. The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available in the area.

There were 1,477 residential properties added to the local MLS® system in Mississauga this February – four per cent less than were added at the end of February 2006. There were also 2,360 active MLS® listings posted by Mississauga REALTORS® at the end of the month.

About the Mississauga Real Estate Board
Established in 1954, the Mississauga Real Estate Board represents approximately 1,500 real estate Brokers and salespersons from Mississauga and surrounding areas. Members of the Board may use the REALTOR® trademark, which identifies them as real estate professionals who subscribe to a strict Code of Ethics. Advertisements of local MLS® property listings and information about the services provided by a REALTOR® can be found at www.mreb.ca .

I've included the Disclaimer from the original article, just in case someone wishes to take me to task on the information presented above. Thank you, Mark
--------------------------------------------------------------------------------
The information contained in this report has been prepared by The Canadian Real Estate Association, in co-operation with the Mississauga Real Estate Board. The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, neither The Canadian Real Estate Association nor the Mississauga Real Estate Board assumes any responsibility or liability. Copyright© 2006 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.


For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Home Inspections - Why you need one!

Why You Need a Home Inspection


When the home buyers are caught up in the speed, drama and pressure of bidding on a house that they may willing to skip a few steps to make sure they acquire their dream house. They're suddenly willing to pay a few thousand more than they had intended. They're willing to go for a quicker closing date. They're even willing to skip the home inspection process.

Don't fall in love with a house until the house had been examined by a professional. The house could have any number of problems in structural, roofing, exterior, foundation, heating, plumbing, electrical, insulation etc.

Home inspections have been around for quite a while, and for good reasons. This process, which can cost between $300 and $500, is often a condition on buying the house. It usually takes a few hours and is easy to arrange. Hiring a professional home inspector is a small investment of your time and money. But, it's well worth the expense because you won't have to deal with costly and unexpected surprises once you've bought your home. Also you can gain a wealth of information about the condition of a property before they buy it. A home inspection is not intended to provide warranties or guarantees, and is not to be mistaken as a warranty on the house.

The final sale of a home can hinge on the results of a home inspection – even for a million dollar home. While a home inspection is a critical component of buying and selling a home, knowing your home inspector is just as important. What home buyers need most is a source of trustworthy, competent, qualified home inspection professionals.

Recent surges in the popularity of home inspections have created an over-populated inspection industry where not all inspectors have the training or experience to do a good job. Anyone can say that they are a home inspector. Be wary of low-priced home inspectors whose only credential is a certificate acquired online, or by correspondence, or from attending a three day course. There are some people in the home inspection industry who are not fully qualified - if at all - and they should not be recognized as home inspectors.

Home inspection is a discipline that requires special training, knowledge and communication skills. That is why it is important to choose an inspector wisely. Home inspectors should have a general understanding of all the various systems and components in a home. Many have practical experience or a background in engineering, construction and related building trades. The more experienced a home inspector is, the more they have seen, the more likely it is they will be able to detect any less obvious problems.

Reputable home and property inspectors generally belong to CAHPI-Canadian Association of Home & Property Inspectors, which has set standards, which, is recognized by the Real Estate Associations and federal and provincial governments. CAHPI is the only national non-profit professional organization in Canada that rigorously tests home inspectors about their technical knowledge and diagnostic expertise prior to joining the organization as well as requiring continuing education after admission to keep current with new technology and building practices. Membership in CAHPI's Provincial Associations and the Registered Home Inspector designation are earned credentials which attest to an inspector's competence and professionalism. To earn the right to be Registered Home Inspectors (RHI), inspectors must demonstrate to the CAHPI's provincial association that they have a broad knowledge of construction and building practices in their province and that they have acquired three components for qualification: basic skills specific to the practice of home inspection; technical background acquired through education and experience related to building science; and practical home inspection experience through the performance of at least 200 home inspections to CAHPI Standards. A member cannot advertise or promote his or her membership until they have reached the minimum standards of a practicing member. To become a member, an inspector must meet professional and educational requirements followed by a review. Seasoned, professional registered home inspectors are full-time home inspectors. Registered home inspectors are bound by a strict code of ethics and must adhere to specific standards of practice. Registered Home Inspectors perform the best inspections by far.

You should ask to see proof of the inspector's membership in CAHPI's provincial association. Determine if the inspector intends to meet the CAHPI national standards of competency. To guard homebuyers against incompetent, negligent and bogus home inspections, the association in your province will be pleased to clarify their membership categories and any particular inspector's membership level. Check out www.cahpi.ca. The site will refer you to a complete list of Registered Home Inspectors in your area.

Visit www.ashi.org to find more detailed information about home inspection. Be present when the professional home inspectors assess your potential home. Ask questions and take notes of what repairs need to be done. They will give you their initial reactions as they are touring your home, and will follow up with a comprehensive package of information on the condition of your home. It is an invaluable piece of the home buying puzzle.

Newer Homes also need Inspection

New construction isn't always problem-free. Since the 1980s, when Canada Mortgage and Housing Corporation (CMHC) ended its consumer protection role through construction inspections, housing quality has suffered. For instance, CMHC estimates that more than 65,000 homes in B.C. suffered serious water infiltration problems in B.C.'s leaky condo crisis of the 1990s – a crisis that continues to this day. While B.C.'s crisis is perhaps the best known disaster in Canadian history, defective homes are a serious problem across Canada. In 2005, the Canadian Home Builders' Association (CHBA) estimated that 10 per cent of Canada's builders are problematic. Other estimates find 20 per cent to 25 per cent of home builders as problematic. Although there are good builders in Canada, consumers and Realtors have no reliable means of knowing who they are. Consumers who find themselves with a defective home and an unresponsive builder naturally turn to their home warranty program for assistance. This too can be problematic. In Ontario, for example, new home purchasers face a mandatory payment to TARION for warranty coverage. Purchasers should recognize TARION as an insurance company that will require that you prove your claim.

TARION does not serve as an advocate for purchaser. The TARION claim process is complicated, and, therefore, must be pursued with great care in order to avoid pitfalls. Municipal government officials involved in the home construction process usually acknowledge home construction industry and warranty program problems, but often simply advise the homeowner that they can settle their issues through civil litigation. Given the time and high costs involved in the legal system with no guarantees of success, the courts are not a viable option for most Canadians.

Given a system that is not conducive to construction dispute resolution, many homeowners conclude that they have no option but to quietly sell their flawed homes without disclosing the known problems to potential purchasers, despite the fact that sellers are required by law to disclose known defects. Home buyers protect their investment by retaining a competent registered home inspector to inspect the home, regardless of whether it is newly built or a resale home. While some problems may remain hidden behind drywall, a registered home inspector can often detect problems unrecognizable to the average consumer.

Deal with the Bad News

It can be heart breaking to find out all the problems after a home inspection, but be realistic. Remember that no home is perfect. What you need to decide is whether or not you are willing to fix the problems. Ask yourself these questions:

Can you afford the recommended renovations or repairs?
Does the house meet your needs in its current condition?
Knowing these problems, is the house still a good investment?

Once you've had a home inspection, you'll have peace of mind that you've made an educated decision on buying a home. It's worth it!
Article courtesy of: By Nalliah Thayabharan, Registered Home Inspector, Member of CAHPI-Ontario and ASHI, Expert Building Inspections Ltd., Markham ON 905 940 0811 www.expertinspector.com

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Up and coming Areas and Housing Types to watch - REMAX

Up-and-coming areas also provide ‘blue chip’ returns in 2006, says RE/MAX

Mississauga, ON (February 22, 2007) – While strong demand for single-detached homes in traditional blue-chip neighbourhoods pushed housing values higher, up-and-coming communities also experienced a solid return on investment in 2006, says RE/MAX.

Swansea, Roncesvalles, Parkdale (W01) lead the charge with the average price of a single-detached home rising 18.02 per cent ($544,196 to $642,269) in 2006. Offering older, character homes in close proximity to the sought-after area of High Park/Old Mill, the area has benefited enormously from the renovation boom of recent years. Blue-chip, central-core neighbourhoods such as Hoggs Hollow,York Mills, Bridle Path (C12), Lawrence Park (C10), and Bayview Village (C15) also saw significant price appreciation at 13.64 per cent ($1,238,030 to $1,406,909), 12.38 per cent ($963,813 to $1,083,108) and 12.24 per cent ($519,018 to $582,528) respectively. Rounding out the top five was Scarborough Bluffs (E08) at 10.95 per cent ($315,969 to $350,580), an area bordering on the coveted Beach community.

“There’s no question that the areas that have undergone considerable revitalization in recent years have seen serious upward pressure on housing values,” says Micheal Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Affordability has played a major role as first-time buyers look to tired, older neighbourhoods in close proximity to the central core. The decision to invest their money in both their home and community is a trend that is expected to continue in 2007.”

Of the 62 Toronto Real Estate Board districts examined by RE/MAX, just under 10 per cent (six) experienced double-digit increases in the single-detached category in 2006. This time last year, approximately one in five districts reported a double-digit increase in the average price of a single-detached home—an indication that overall appreciation has slowed in the Greater Toronto Area. A number of factors have contributed to the slowdown, including an influx of new listings. As a result, most districts—including many of 2005’s top performers—report gains ranging from four to six per cent, which is in line with the GTA average of five per cent overall (for all types of residential properties).

“All boats rise and fall with the tide,” says Polzler. “However, blue chip neighbourhoods in the central core continue to hold their own – with three of the top six performing markets located within the city centre. The value of single-detached homes rose 7.5 per cent in the central core in 2006, with average price hovering at $816,938 at year-end (up from $759,906 one year earlier).”

In terms of condominium apartment and townhomes, three districts reported double-digit gains in average price (on par with last year’s figure). Leading in terms of percentage increase was Hoggs Hollow, York Mills, Bridle Path (C12), where the average price of a condominium climbed 21.78 per cent from $407,594 in 2005 to $496,350. Affordability played a significant role in Humber Heights, Kingsview Village, and Richview (W09) where condominium values rose 12.79 per cent, from $168,491 to $190,042 in 2006. In C02, Yorkville, Annex, Summerhill and South Hill, average price escalated 11.31 per cent from $444,582 to $492,861. Ranking fourth and fifth were the Queensway and Sunnylea (W07), where average price rose from $248,283 to $270,558 in 2006 and Lawrence Park (C10) where values jumped from $300,229 to $326,564 – an increase of 8.97 and 8.77 per cent respectively.

“New condominium construction continues unabated in key locations,” says Polzler. “In Yorkville, for example, we’ve seen a major shift to upscale multi-unit residential. In fact, some high-rise buildings specifically target luxury buyers, with prices starting at $1 million per unit. We expect demand for condominiums to be strong for years to come as both affluent baby boomers and out-of-town investors enter the marketplace.”

Condominiums within the central core also saw the greatest increase, with average price rising 5.9 per cent to $292,064, an increase of more than $15,000 over the 2005 figure. In total, seven districts reported a decrease in the average price of a condominium apartment or townhome, ranging from just under one per cent to close to six per cent, in 2006.
RE/MAX is Canada's leading real estate organization with over 16,880 sales associates situated throughout its more than 630 independently owned and operated offices across the country. The RE/MAX franchise network, now in its 33rd year of consecutive growth, is a global real estate system operating in over 63 countries. More than 6,740 independently owned offices engage 119,400 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation and asset management. For more information, visit: www.remax.ca

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Power of Sales Properties - What are they and how can I get them?

What is a Power of Sale Property?

When a borrower defaults on a home mortgage, the lender may attempt to recover its losses by repossessing and selling the property. However, because of legal fees, foregone interest, and property expenses, estimated losses on these foreclosures range from 30 percent to 60 percent of the outstanding loan balances.

There are other variables that can affect the losses or costs as foreclosures and power of sales properties, one of which is the time it takes to process the paperwork in the courts.

Definition of Power of Sale: A clause commonly inserted in a mortgage and deed of trust that grants the creditor or trustee the right and authority, upon default in the payment of the debt, to advertise and sell the property at public auction, without resorting to a court for authorization to do so.

Once the creditor is paid out of the net proceeds, the property is transferred by deed to the purchaser, and the surplus, if any, is returned to the borrower or debtor. The debtor is thereby completely divested of any interest in the property and has no subsequent right of redemption—recovery of property by paying the mortgage debt in full.

You will often see advertisements about Court Auctions, Pre-Forclosures, Homeowners in Bankruptcy, HUD Homes, VA Homes, Government homes and similar sounding wording. In my experience, many of these types of properties come out of the US and are not as common here in Ontario.

In our trading area, most of the Power of Sale (POS) or foreclosure properties are put on the Toronto TREB MLS. The reason for this is that our laws are very strict about the procedure and marketing of a power of sale property and the company or person who is initiating the power of sale must do their best to obtain market value for the property. Otherwise if the property is sold too far under market value, the owner could sue the lender for the shortfall.

Would you like to automatically receive new MLS listings of residential Power of Sales or Bank sales or Foreclosures in the Toronto or Mississauga and Oakville areas? This would include new power of sale and bank sale listings as they are added to the MLS database system. Click the graphic below to sign up.



Please send me Power of Sale listings in the GTA and Mississauga areas.

For more information please contact A. Mark Argentino

A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com

Mississauga Celebrates 10 years in a row of $1 Billion in Construction

Mississauga Celebrates $1 Billion in Construction 10 Years in a Row

Mayor Hazel McCallion, members of Council and the City's Leadership Team, along with staff in the Planning and Building Department, will celebrate the City's 10-year building milestone at a cake-cutting reception following the regularly scheduled Council meeting at 2 p.m.

"This is a very exciting time for Mississauga. New condominium developments are dramatically changing our city centre, and innovative new commercial and industrial developments, our talented labour force, and access to quality city amenities, are attracting businesses to Mississauga from around the world."

Total value of residential building permits issued last year was $552,832 million.
"About 44 hectares are located in the city centre where, once developed, the employment opportunities will complement the residential development already in place and will add to the vitality and excitement of Mississauga's downtown."

The total value of construction over the last decade is $14 billion. Of that, $7.96 billion was for residential development.

Mississauga City Centre is where much of the new condo activity is located. Many of the projects mix residential with commercial and office developments.
They include:
- One Park Tower at 388 Prince of Wales Dr. This 38-storey tower features grade-related commercial space.
- Solstice One at 225 Webb Dr. This 38-storey tower offers grade-related retail and commercial space as well as second floor office space.
- Absolute Tower Three at 80 Absolute Ave. This is the third in a series of five condominiums to be built at the corner of Hurontario St. and Burnhamthorpe Rd.

During Council, Agris Robeznieks, the City's chief building official and director of building will make a presentation outlining Mississauga's 2006 Year-End Building Statistics and overview of the City's 10-year achievement in surpassing $14 billion total in prescribed construction in 10 years.

"Building is still booming in Mississauga where we have an ideal balance of residential and commercial-industrial development, which provide wide choices and great opportunities for living and working in our city," says Mayor Hazel McCallion.

"Mississauga is open for business with 1,198 hectares of vacant employment land available," says planning and building commissioner Ed Sajecki.

The City of Mississauga is celebrating its 10th year of construction activity totalling more than $1 billion.

The final tally for 2006 shows that 4,275 permits were issued during the year, valued at $1.05 billion.

Read more about the City of Mississauga

For more information please contact A. Mark Argentino


A. Mark Argentino, Broker, P.Eng.,
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc., Brokerage
2691 Credit Valley Road, Suite 101, Mississauga, Ontario L5M 7A1

BUS. 905-828-3434
FAX. 905-828-2829
E-MAIL: mark@mississauga4sale.com
Website: Mississauga4Sale.com