Do you know what was interest rate in 1980's ?

Recently I received  newsletter from one of mortgage broker. It was interesting. He listed mortgage history of last 61 years. 

Here I created this list of posted mortgage rate for last 22 years. I also calculated the average of 22 years and it is 7.4 %.

Just imagine about the people who bought their home in 80's. Thanks to recessionary period we are going through, we are enjoying rock bottom mortgage rates.
On top of that among all developed countries in the world, Canada's economy is in better shape. 

I am not here to advertise lower mortgage rates, but if you have sufficient down payment and based on your income if you think you can carry a mortgage, this is the best time to buy your home.

If you have any question or thinking to check if you can have a mortgage give me a call.

Market Conditions Promote Price Growth in April

TORONTO, May 3, 2013 – Greater Toronto Area REALTORS® reported 9,811 sales 
through the TorontoMLS system in April 2013, representing a dip of two per cent in 
comparison to 10,021 transactions in April 2012. Both new listings during the month 
and active listings at the end of April were up on a year-over-year basis.


The average selling price for April 2013 transactions was $526,335 – up by two per cent 
in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 
per cent.
“The condominium apartment segment in the City of Toronto was a key driver of price 
growth in April, with both the average selling price and the MLS HPI apartment index 
up on a year-over-year basis. The improved condo sales picture, with Toronto sales 
down by only one per cent compared to last year, suggests that interest in condo 
ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market 
Analysis.

Check the summary of all transactions. 

- Average ratio of Sell to Listing price ration is between 97 to 99 % , what it means to you ?  that in GTA if you list any home for $100 it will sell between $97 and $99.

- Average day on market for any property in GTA is anywhere 21 days to 30 days, which is a sign of a healthy market.

Do you know your Hydro Rates have changed?

Yes, Today is May 1st and Hydro rates in Ontario has changed.

• Off-peak (6.7 cent/kWh), when demand for electricity is lowest. Ontario households use the majority of their electricity – nearly two thirds of it – during off-peak hours.
• Mid-peak(10.4 cent/kWh), when demand for electricity is moderate. These periods are during the daytime, but not the busiest times of day.
• On-peak(12.4 cent/kWh), when demand is highest. The busiest times of day. Generally when people are cooking, firing up their computers and running heaters or air conditioners.

Reasons for Higher and Lower PricesTime-of-use electricity prices are like many cell phone rates, which are cheapest when demand is lowest: during the evenings, on weekends and on holidays.

Likewise, electricity rates in Ontario are cheapest when demand is low. That’s because the province is using a steady stream of its cheapest electricity. This power comes from low-cost sources like nuclear generators and large hydroelectric stations.

As daytime begins, more people and businesses turn on their lights, appliances and devices. At some point, the province will exhaust its supply of cheap power. It then turns to more expensive sources, like natural gas-powered plants-and renewable like wind turbines.

How much you save when you replace your old toilets with low flush toilets ?

I have one of my client,  for whom we were planning to buy old house and renovate it as much as possible and make it energy efficient. We were making list  which things to replace in order to make a home energy efficient  ? 
One of the thing we don't pay attention is toilets. 
Do you know how much water do we flush each time ? 

Check out the table below, and if you would like to change your toilet and if you are living in Greater Toronto Area, refer links below you may save when you buy energy efficient toilets.


Resident of Brampton, Mississauga or Caledon

For Resident of Vaughan, Richmond Hill, Markham, Stoughville

For Resident of City of Guelph

Monthly Residential Real Estate Sales Report for GTA for March 2013

Today Greater Toronto Area REALTORS® reported 7,765 transactions through the TorontoMLS system in March 2013 – down 17 per cent compared to 9,385 transactions in March 2012. While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012. In the first quarter of 2013, sales amounted to 17,678 – down by 14 per cent compared to Q1 2012.

"Home ownership remains affordable for a household earning the average income in the Greater Toronto Area. There are many willing buyers in the marketplace today.

The average selling price in March was $519,879 – up by 3.8 per cent compared to March 2012. The average price in Q1 2013 was $508,066 – up by 3.2 per cent compared to the first quarter of 2012.
TREB's average price forecast for 2013 remains at $515,000, representing a 3.5 per cent annual rate of growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

How Your Property Tax is Calculated in Province of Ontario? Check it out ?

How do your residential property taxes in the Greater Toronto Area (GTA)?

  

Understand how taxes are determined. Taxes are calculated using two factors.  

1) The first is the assessed value of the property and the second is the local tax rate.  Throughout the Province of Ontario the responsibility for determining the value of property rests with the Municipal Property Assessment Corporation (MPAC), an independent organization established by the Province of Ontario.  MPAC establishes values based on sales data for a given area to estimate the current or market value of similar properties.  As property values differ from area to area similar houses can have very different assessed values.

  

2) The second factor used to determine property taxes is the local tax rate.  Normally in any city in Ontario the tax rate comes from three sources.  The first is for local services and it is set by the City Council annually.  The second is for regional services and that rate is also determined by Regional Council annually.  The last component is for education and the Province of Ontario establishes a standard rate across the province for all residential properties.

Because tax rates, other than education, are established locally they differ from municipality to municipality.  For example the total 2012 residential tax rate in Brampton is approximately 1.1617%, while Toronto’s is approximately 0.7712%.  On the surface it would appear that taxes in Brampton are higher, but this is not the case.

  

Annually an independent consulting firm, BMA Management Consulting (BMA), reviews the taxes of several Ontario municipalities comparing “like” properties.  In the residential property class they review a detached bungalow and an executive home.

  

The detached bungalow is described as a three-bedroom single storey home with 1.5 bathrooms and a one-car garage. Total area of the house is approximately 1,200 square feet and the property is situated on a lot that is approximately 5,500 square feet.  For this property the 2011 Brampton taxes were estimated at $3,424.  The Toronto taxes on a similar property ranged from $2,486 in the east part of the city to $4,562 in the south.  The average for the Toronto quadrants was $3,441, while the GTA average is $3,442.

The Municipal Tax Rate x the Assessed Value (CVA) of the Property
+
The Regional Tax Rate x the Assessed Value (CVA) of the Property
+
The Education Tax Rate x the Assessed Value (CVA) of the Property
=

The Total Property Tax

The executive home sampled is a two-storey, four or five bedroom home with three bathrooms, main floor family room plus atrium or library, an unfinished basement and an attached two-car garage. The house is approximately 3,000 square feet and would pay approximately $5,073 in Brampton. The range quoted in the survey for Toronto is $4,104(east) to $11,676(south) in Toronto.  The average for the Toronto quadrants is $7,253, while the average for the GTA is $5,758.

Limited Time Mortgage Switch Offer

Hi Friends,

Hope you all are looking forward to upcoming long weekend. Those who are off on Easter Monday, have an extended long weekend. 

I would like to bring you some great news if you would like to lower your Mortgage Interest rates. For a very limited time, if you are switching/transferring your existing mortgage with one of my lenders then I will be able to offer up to $3,000 as part of your penalties/early discharge fees. 

Get benefit of SUPER LOW INTEREST RATE OF 2.89% FIXED FOR 5 YEARS.

Call or email me today and lets start the process of getting you savings over the next 5 years. 

Thanks

Mihir

--

Mihir Oza

647-710-7374
Mortgage Agent (License # M11000672)
The Mortgage Practice

 

My Motto: Right Advice. First Time, Every Time.

 

What is the property tax rate in my city ? In GTA area.

Best regards,

 

Ritesh Joshi
Your Next Door Realtor

www.riteshtherealtor.com

647-281-3424

Its again time to change your clock ! Is it Forward or Backward ?

Its again time to change your clock ! Is it Forward or Backward ?

---

Spring is around the corner and and its again time to change your clock

1 hour FORWARD                                                                

Don't forget to SPRING FORWARD before going to bed on Saturday night March 10th, you don't want to be late for any of the great event scheduled for Sunday!

Its time to get back to DAYLIGHT-SAVING time

Mihir's Market Matters Report - March 2013

March 2013 Welcome to the March issue of Mihir's Market Matters Report. The month of March is beginning to look like Mortgage Madness. One of the leading Banks announced the Mortgage Rate of 2.99% earlier this week. However, the competition has taken the market by storm. See below for the Best Mortgage Rates which no other Brokerage can give you.  If you are sitting on the fence thinking of getting in the Housing Market then now is the time. If your renewal is coming up in the next 6 months then now is the time to lock in early. If you want to invest in new properties then now is the time to do it. Just as they say in Real Estate: Location, Location, Location. In Mortgages timing of locking in your rates is the key. I am more then happy to assist you in getting the Golden Key.  In regards to the Mortgage Rates, I am able to offer the best rates in the Industry backed with exceptional customer service. BEST RATES AS OF 7TH MARCH 2013 QUICK CLOSE SPECIAL - 2.75% FIXED FOR 5 YEARS 2.89% FIXED FOR 5 YEARS (Approval by 30th April and closing by 30th August 2013) Thanks Mihir Oza 647-710-7374 Mortgage Agent (License # M11000672) The Mortgage Practice   My Motto: Right Advice. First Time, Every Time. Bank of Canada Interest Rate January 23, 2013 1.00 % March 6, 2013 1.00 % April 17, 2013 Next meeting date Source: Bank of Canada Bank Prime Lending Rate January 24, 2013 3.00 % March 7, 2013 3.00 % April 18, 2013 Next meeting date Source: Bank of Canada Conventional Mortgage - 5 Year Rate*  January 23, 2013 5.24 % February 13, 2013 5.24 % February 27, 2013 5.24 % Source: Bank of Canada *Determinant for high ratio mortgage variable qualifying rate US Federal Reserve Board Discount Rate* December 11, 2012 0.00 % - 0.25 % January 30, 2013 0.00 % - 0.25 % March 20, 2013 Next meeting date Source: US Federal Reserve *US Federal Reserve has indicated it will now keep this rate until unemployment reaches 6.5% Exchange Rate $CDN($US) January 17, 2013 1.0140 February 13, 2013 .9982 February 28, 2013 .9775 Source: Bank of Canada Government of Canada Bonds Bond Type January 23, 2013 February 13, 2013 February 27, 2013 1 year Treasury Bill 1.07% 1.07% 1.01% 3 year Benchmark Bond Yield 1.20% 1.22% 1.08% 5 year Benchmark Bond Yield 1.40% 1.50% 1.32% 10 year Benchmark Bond Yield 1.87% 2.03% 1.86% Source: Bank of Canada Total New Housing Starts (Seasonally adjusted and annualized)   Province November 2012 November 2011 December 2012 December 2011 January 2013 January 2012 Newfoundland/Labrador 3,700 3,900 3,800 3,000 3,500 5,200 PEI 800 1,500 1,200 800 2,000 700 Nova Scotia 3,200 2,800 3,200 8,500 7,400 2,700 New Brunswick 3,000 3,500 2,400 3,700 4,100 4,000 Quebec 47,800 47,200 42,500 50,300 32,000 35,500 Ontario 60,200 54,000 77,400 71,500 43,900 79,500 Manitoba 7,100 7,500 4,700 4,900 5,800 7,000 Saskatchewan 12,100 7,200 9,900 5,900 9,000 8,600 Alberta 39,600 29,900 30,100 28,300 29,300 25,400 British Columbia 23,600 28,200 22,000 23,000 23,600 29,400 CANADA 201,100 185,700 197,100 199,900 160,600 198,000 Source: CMHC Housing Now - February 2012 and February 2013. This seasonally adjusted data goes through stages of revision at different times of the year. Average MLS® Resale Price for Local Markets  City January 2012 January 2013  Halifax $ 259,395 $ 291,044 Saint John $ 161,163 $ 148,320 Quebec $ 247,390 $ 266,692 Montreal $ 311,180 $ 318,982 Ottawa $ 349,525 $ 343,382 Toronto $ 463,534 $ 482,648 Hamilton/Burlington $ 334,106 $ 349,943 Winnipeg $ 237,832 $ 248,720 Saskatoon $ 309,828 $ 320,812 Regina $ 284,714 $ 299,700 Calgary $ 382,468 $ 418,938 Edmonton $ 317,945 $ 323,451 Vancouver $ 752,380 $ 748,651 Victoria $ 454,905 $ 421,939 Source: Canadian Real Estate Association Housing Affordability Index