CollingwoodAreaRealEstate

Tuesday, June 26, 2012

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Great read on national stats in real estate.

Jonathan J. Knight

Broker - Re/Max Clearview

Inc. Brokerage Independantly

Owned and Operated

O - 705 428 4500

P - 705 441 6839

F - 705 428 5951

www.CollingwoodAreaRealEstate.ca

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CREA News Release - MLS HPI.pdf Download this file

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Thursday, June 21, 2012

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This morning, the Minister of Finance announced changes to the standards governing government-backed insured mortgages:

the maximum amortization period was reduced from 30 years to 25 years;
the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 85 per cent of the value of their homes;
the maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio at 44 per cent; and
the availability of government-backed insured mortgages was limited to homes with a purchase price of less than $1 million.

CREA has continually stressed the need to avoid changing the minimum down payment. Today’s announcement confirms Canadians will continue to be able to purchase a home with five percent down.

The changes announced today will come into effect on July 9, 2012. Details of the announcement can be found here.

In response to the announcement, CREA’s President Wayne Moen issued the following statement:

We believe today’s announcement is a measured response to the government’s often stated concern about household debt levels and the housing market. That being said, we would remind the government that the re-sale housing makes a significant contribution to the economy, adding an estimated $20 billion in spin-off spending and over 165,000 jobs in 2012.

Recent statistics from The Canadian Real Estate Association indicate that the national housing market remains balanced. The impact of measures like those announced today must be closely monitored to ensure they have the anticipated impact and don’t create a spillover effect and slow the economy.

For these reasons, going forward, we would urge the government to consider the impact of further interventions in the market carefully.

REALTORS^®and the government share a common interest in the value of homeownership and its contribution to the economy and the well-being of Canadians and our communities.

Property buyers and sellers should contact a REALTOR^® if they are considering entering the housing or commercial real estate markets to better understand the impact of these changes in their communities.

CREA will monitor the impact of these changes and maintain a dialogue with the Department of Finance about any unforeseen consequences. For additional information, Boards and Associations should contact CREA's Director of External Relations, David Salvatore at dsalvatore@crea.ca.

Patricia West
Executive Assistant
Georgian Triangle Association of REALTORS®
pwest@gtREALTORS.ca
www.gtREALTORS.ca
(705) 445-7295 (phone)
(705) 445-7253 (fax)

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Monday, June 18, 2012

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………….from CREA with highlights below…

Canadian home sales activity moderates in May

OTTAWA – June 15, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity softened in May 2012 compared to April.

Highlights:
•          Home sales down 3.1% from April to May.
•          Actual (not seasonally adjusted) up 9% from levels in May 2011.
•          The year-over-year increase continues to reflect the slowdown in sales a year ago following changes to mortgage rules that came into effect in March 2011.
•          The number of newly listed homes edged up 0.3% from April to May.
•          Easing sales activity and a small uptick in new listings resulted in a more balanced national housing market.
•          The national average home price edged down 0.3% on a year-over-year basis in May.

Sales over MLS® Systems of real estate Boards and Associations in Canada declined by 3.1 per cent in May compared to April 2012. Having posted the first monthly decline since January, activity ran only slightly above the five- and ten-year averages for May.

CREA Updates Resale Housing Forecast

OTTAWA – June 15, 2012 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations for 2012 and 2013.

CREA’s previous forecast predicted generally stable resale housing activity in 2012, with growth in Alberta and Saskatchewan offsetting slight sales declines in British Columbia and Ontario. The revised forecast reflects a stronger than expected acceleration of sales activity in Alberta and Saskatchewan, a slightly faster than anticipated slowdown in British Columbia, and continued buoyancy in Ontario sales activity—specifically the Greater Toronto market.

May 2012 stats release.pdf Download this file

CREA updates resale housing forecast.pdf Download this file

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RE/MAX Press Announcement

Affordability factors into greater demand for recreational property

Sales of recreational product up in 70 per cent of Canadian markets examined

Mississauga, ON (June 18, 2012) - Canadian recreational property markets have been reinvigorated, with softer values, increased selection, and a rebound in consumer confidence contributing to an upswing in sales in 2012, according to a report released today by RE/MAX.

The RE/MAX Recreational Property Report, highlighting trends and developments in 33 markets nationally, found that sales were ahead of last year's levels in 70 per cent of communities examined, while six per cent were on par with 2011 figures. Greater affordability has been a major impetus, in large part due to rising inventory levels and low interest rates. Downward trending in starting prices was reported in 49 per cent of markets, while 33 per cent experienced no change. Nineteen per cent posted an uptick in starting values year-over-year.*

This email was sent to RE/MAX Broker-Owners, Brokers of Record, Managers, Office Administrators and Sales Associates.
Head Office: 7101 Syntex Drive, Mississauga ON L5N 6H5 | Phone: 905-542-2400
© 2012 RE/MAX Ontario-Atlantic Canada Inc. All Rights Reserved.

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