August 24, 2007 -Altus-Insite Investment Trends Survey respondents continue to rank Tier One Regional Malls as the best property type for investment purposes. This ranking has not changed since the second quarter of 2006. Meanwhile, Edmonton was ranked as the most desired location in Canada. Calgary was second, and Vancouver rounded out the top three spots. Toronto was ranked as the 4th most desirable location to purchase an investment property in Canada.
Single Women are Diving into Home Market
Although traditionally considered less inclined to buy homes than other demographics, single women of all ages are continuing to knock down barriers by purchasing real estate and tackling home repairs in droves. According to the new Royal LePage Female Buyers Report, 30 % of single, never-before married women own their own home. For divorced or separated women that proportion is 45 %, and for widowed women it’s 64 %.
Poll results found that of the single, never-before married women who are not yet homeowners, 31 % say they will potentially purchase their next home within 3 years. More than half (56%) of women who intend to purchase in the next 3 years are shopping for a property in the $150,000 to $350,000 price range, while 10 % have slightly fatter pocket books and are looking for a property priced above $350,000.
Of the women polled who intend to purchase a home in the next three years, 56 % are willing to participate in bidding wars, in comparison to only 49 % of men.
What’s more, the Royal Lepage survey found that, of women intending to buy in the next 3 years, 25 % said they are looking to purchase a ‘fixer-upper’ and plan to renovate it themselves. Only 9 % intend to hire a contractor. Research shows that women in Toronto, Halifax and Regina are the most likely to undertake renovations.
According to the survey, the biggest factor driving women to buy homes is that it makes more sense to them than renting. Other important factors include making a good investment, cited by 22 % of female homeowners surveyed, and pride of ownership, by 13 %. Simply put, women today are more financially astute than previous generations, and appreciate real estate as a long-term investment. (CREA 17/04/07)
Government Programs for Property Owners
- EnerGuide for Houses Retrofit Grant
- New Smoke Alarm Requirements
- City of Toronto - Residential Washer Program
- City of Toronto - WaterSaver Programs for Commercial, Industrial and Multi Unit Properties
- Residential Toilet Replacement Programs
- Residential Rehabilitation Assisstance Program
- Rent Increase Guidelances
- 2nd Suites in Toronto
NATIONAL HOMEBUYING INTENTIONS Are UP - RBC Survey
TORONTO, March 2 /CNW/ - Based on home-buying intentions, 2005 should prove to be another banner year for Canada's housing markets. And the group most likely to lead the charge to the moving van will be 25 to 34 years of age (46 per cent).
According to RBC Royal Bank's 12th Annual Homeownership Survey, this spring will be another busy house hunting season. Three in ten Canadians (29 per cent) - up three points from 2004 and the highest level since 1997 - say they intend to purchase a home or another house over the next two years; 13 per cent say they are "very likely" to do so. Another positive indicator is that 10 per cent (up two per cent from last year) of those who plan to buy within the next 2 years, expect to buy a home in the next six months. Of those who are likely to purchase within the next two years, 41 per cent are currently renters.
Owners versus Renters
Twice as many current renters (20%) as current owners (10%) are "very likely" to purchase a home within 2 years. However, current owners are more likely to buy new homes than renters (25% vs.34 % ). The average planned down payment is approximately 46% for owners and 19% for renters.
Popularity of trading up
For homeowners who are planning to purchase a home, in the next 2 years, trading up is still the most popular reason given for the pending move. However, the number of homeowners wanting to downsize has increased considerably. 41% of homeowners (down 6 points from 2004) are planning to buy a bigger home than the one they live in now, while 30% (up 10 points) say they plan to purchase a smaller house, almost the same proportions (29%) who prefer a house of similar size (down 4 points from last year).
New versus Resale
The majority of people who plan to buy in the next two years prefer resale homes to new (63% vs. 29% ). Women are more likely than men to prefer resale homes (65% versus 62% ). The 18-24 year old crowd are the most likely to prefer new homes while those age 35-44 are the most likely to purchase resale property (35% vs. 67% ).
Preparing a house for sale using cost-effective and non-invasive methods, most consider house staging techniques as part of their selling and buying criteria. House staging can also be referred to as house fluffing. "House staging, a tool used by successful real estate agents for decades, is the best way to make a dramatic impact without having to spend a lot of money."
TORONTO, March 10 /CNW/ - With the busy spring housing market right around the corner, Canadians are contemplating home improvements to help entice potential buyers. Creating the illusion of space and neutralizing your house are two important aspects of house staging. Eliminating clutter is an easy way to accomplish both.
The 2005 Royal LePage House Staging Poll (conducted by Maritz Research) illustrates that 54 % of Canadians think that $2,000 or more is the appropriate amount to spend in preparing a house for sale, with a surprising 25 % willing to pay over $5,000.
According to the poll, the top 3 interior features when selling a home were freshly painted walls (30%), flooring (29%) and organized storage space (20%). The poll also shows that 75 % of Canadians would classify the style of their house as "current" or "somewhat current." These findings are counter to house staging specialists, who maintain that although the majority of homes in Canada are in need of updating prior to sale, a significant difference can be made with as little as $1,500.
The majority of Canadians don’t consider their mortgage a debt, but see it as an investment, according to a recent CIBC/Decima poll. 75 per cent of respondents saw their mortgage as an investment, and 83 per cent of respondents said they’d rather invest money in their home than in the stock market.
“The vast majority of homeowners has a healthy attitude towards their mortgage by looking at it as an investment -- but they still want to be mortgage-free faster," said Paul Mims, vice-president of CIBC Mortgages and Lending. "Almost two-thirds (63 per cent) of homeowners and prospective homebuyers seem to be in a rush when it comes to paying off their mortgages."
According to the survey, holding a mortgage does not have a major impact on the homeowner's purchasing power. The majority (78 per cent) of homeowners and prospective homebuyers surveyed said that they could afford the things they want, even though they have a mortgage. Among those earning more than $80,000 per year, the figure jumped to 93 per cent.
The survey also found one in five Canadians currently renting plan to purchase a home in the next 12 months.
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YOUNG ADULTS ARE SNAPPING UP REAL ESTATE
Compared to the previous decade, the percentage of homebuyers between the ages of 18 to 34 has more than tripled since the year 2000, according to the results of a CIBC mortgage poll conducted by Decima Research. This age group represented just 10% of homebuyers in the 1990s, but they comprise 36% of purchasers in the past four years.
"More young people are getting into the housing market because financing is much more affordable," said Paul Mims, Vice President, CIBC Mortgages and Lending. "Homeownership has become a reality for many 18 to 34 year olds because their mortgage payment can often be the same amount as their rent."
The average age of a Canadian homeowner has fallen from just over 48 years old in the 1990s to 41 years old since 2000. In comparing homeowners who purchased since 2000 with those who bought their home in the previous decade, the average mortgage size has risen 26% to $120,000, from $95,000 in the 1990s, likely reflecting the rise in home prices during that time period.
The poll results also show that condominium purchases have nearly doubled since the 1990s, representing 11% of home purchases in the past four years, compared to 6% in the previous decade. Meanwhile, the percentage of single-family detached homes among home purchases fell, accounting for 66% of home purchases since 2000, compared to 74% in the 1990s.
"Even with today's low mortgage rates, it is still a good idea for most people to put down as large a down payment as they can afford to minimize the insurance and interest payable," said Jeannie Stamkos, a CIBC Branch Manager.
TARION DOUBLES WARRANTY PROTECTION
Total warranty coverage for new homes in Ontario will increase to $300,000 from $150,000 for all purchasers who take possession of a new home on or after July 1, 2006 regardless of when the purchase was made. The increased coverage "is a significant benefit to new home buyers and builders in Ontario that reflects the robust housing market and the increasing price of new homes," said Greg Gee, president and CEO of Tarion, adding that while most buyers will never need this amount of coverage, the boost gives buyers more confidence that there will be funds available if a major repair is required. Warranty enrolment fees will not change from their current rates. For more information, visit tarion.com.
The poll surveyed 1,267 English- and French-speaking Canadian adults (1,017 current homeowners/prospective homebuyers and 250 status-quo renters). The results are considered accurate to within 2.8 percentage points, 19 times out of 20. (CREA 21/04/2004)
Life / Mortgage Insurance is a way to protect your survivors and dependants against financial hardship. A life insurance contract or policy is a legal agreement between you and an insurance company that guarantees payment of cash, the face value of the policy, upon death.
A valuable feature of life insurance is that the benefit paid to your beneficiary is almost always tax free. Please feel free to call for a list of Insurance Agents/Options.