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NEWSLETTER - MARCH 2004
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Finding Down Payments Just Got a Lot Easier
OTTAWA, February 23, 2004 - Home buyers, will have greater choice in what they can use for a down payment, thanks to new options announced today by Canada Mortgage and Housing Corporation (CMHC).
Borrowers are normally required to have a minimum five per cent down payment from their own resources to purchase a home. However, CMHC has expanded eligible down payment sources to enable many Canadians to realize their homeownership dream sooner than what would otherwise be possible.
Under this new product, effective March 1, the down payment can come from any source such as, lender incentives and borrowed funds. However, borrowers will still have to prove their ability to meet their debt requirements in order to qualify for mortgage insurance.
Under the new product, lenders will be able to offer Canadians a variety of mortgage product offerings including mortgages with terms as low as six months and fixed, adjustable and capped interest rate loans.
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 SPRING: A GREAT TIME TO BUY OR SELL A HOMENow that spring is finally on the way, many Torontonians think about buying a home. Low interest rates and a new policy to ease the requirements for mortgage down payments; what more could you want? If you are you looking for a move in the early summer months, this is the time to start your "house hunting".
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Second Best February Ever
TORONTO -- Thursday, March 4, 2004
TREB Members recorded 6,060 sales in February, up two per cent from February of 2003 and the second best total for the month ever recorded.
"A number of factors that contributed to this result," noted TREB President Cynthia Lai. "The leap-year gave us an extra sales day in 2004 and last year's weather was even worse than in this February. Nevertheless, any month with over 6,000 sales is indicative of a very healthy market."
Prices trended higher in February, with the GTA-wide average coming in at $310,190, up five per cent over the January figure of $295,989, and up seven per cent from the $289,954 recorded during February of 2003. "This increase occurred across all four of TREB's four geographic areas," The President noted, "and was accompanied by a two per cent increase in the median price, which went to $265,000 from January's $259,978. However, it should be noted that not all districts or neighborhoods were equally active. Prices in the East end of Toronto, for example, rose one per cent over 2003."
Breaking down the total, 2,334 sales were reported in TREB's 28 West districts and averaged $287,714; 988 sales were reported in the 14 Central districts and averaged $419,686; 1,227 sales were reported in the 23 North districts and averaged $338,844; and 1,511 sales were reported in TREB's 21 East districts and averaged $250,045.
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 HOME IMPROVEMENTS (61%) TOP CHOICE IF CANADIANS WERE GIVEN $100,000 TO SPENDToronto, ONTARIO – If given $100,000 to spend, and ask to spend it on only one thing, most (61%) Canadians would opt to use it for home improvements, according to a new study conducted by Ipsos-Reid on behalf of Home Depot. A vacation (24%) comes in the runner-up spot, followed by a luxury car (9%), and jewellery or clothes (2%).
However, on average, Canadians estimate that it would only require about $62,000 (mean $62,369.06) in order to make their current home improvement dreams come true.
As for what they rooms or areas they would tackle first in the home improvement, the kitchen (29%) tops the list, followed by the basement (16%), outdoor living spaces (15%), bathrooms (13%), living room (13%), bedroom (7%) and finally, the workshop (3%).
 Every region in the country opt for home improvement over all the other items tested. British Columbians (67%) and Atlantic Canadians (66%) lead the list, followed by Ontarians (63%), Albertans (60%), residents of Saskatchewan/Manitoba (59%) and Quebecers (55%). Quebecers (34%) on the other hand, are the most likely to choose to spend their $100,000 on a vacation. Middle-aged (68%) Canadians are significantly more likely to want to send their $100,000 on home improvements than are older (58%) or young adult (57%) Canadians. Young adults (29%) are more likely to say they would spend the money on a vacation than their older (22%) or middle aged (21%) counterparts. While men and women are equally as likely to opt for home improvements (men 62%; women 60%), a vacation (women 26%; men 21%), men (12%) are significantly more likely then women (7%) to chose to spend the money on a luxury car. Canadians in middle (67%) and upper (65%) income households are significantly more likely to pick home improvements over the other items, than are those in lower income households (53%). Those who own their homes (67%) are significantly more likely than those who rent (50%) to opt for home improvements. Renters (31%) are significantly more likely to select spending the $100,000 on a vacation, than are those who own their homes (20%). As for what they rooms or areas they would tackle first in their home improvements, the kitchen (29%) tops the list, followed by the basement (16%), outdoor living spaces (15%), bathrooms (13%), living room (13%), bedroom (7%) and finally, the workshop (3%).
British Columbians (37%) are significantly more likely to say they would improve their kitchen first than those in Ontario (26%) or Atlantic Canada (22%). Residents of Saskatchewan/Manitoba (24%) are significantly more likely than are those in Quebec (14%) or British Columbia (9%) to say they would redo their basement first. Albertans (6%) are the least likely to say their top improvement priority would be outdoor living space. Quebecers (19%) are significantly more likely than are those in Ontario (11%), Saskatchewan/Manitoba (9%) or Alberta (9%) to say they would renovate their bathrooms first. Young adults (19%) are significantly more likely than their older (11%) or middle aged (10%) counterparts to say they would renovate their living rooms first. Men (17%) are more likely than women (12%) to say their first home improvement would involve outdoor living space, while women (9%) are more likely than men (5%) to say theirs would involve their bedroom. Those in lower income households (17%) are significantly more likely say they would start their home improvements with their living room, than are those in middle- income households (9%). Those in lower income households (11%) are significantly more likely than are those in upper income households (4%) to say they would start their home improvements with their bedrooms. While both owners and renters are equally as likely (29% each) to say they would renovate their kitchen first, owners (18%) are significantly more likely than renters (11%) to say their first home improvements would involve the basement. On the other hand, renters are more likely than owners to say their first improvements would involve their living room (renters 18% versus owners 10%) or their bedroom (renters 10% versus owners (6%).These are the findings of an Ipsos-Reid poll conducted on behalf of Home Depot between September 30th and October 2nd, 2003. The poll is based on a randomly selected sample of 1,057 adult Canadians. With a sample of this size, the results are considered accurate to within ± 3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.
Source: www.ipsos-reid.com
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 RETAIL SALES TAX REBATE ON ENERGY STAR APPLIANCES
The Government of Ontario offers Ontario residents a retail sales tax rebate on ENERGY STAR qualified refrigerators, freezers, dishwashers and clothes washers sold before March 31, 2004. Delivery of all eligible appliances in this rebate program must take place on or before May 15, 2004. An application form and information on how to receive the rebate are available at the Ontario Tax Revenue Division Web site at www.trd.fin.gov.on.ca You can find the form at: www.trd.fin.gov.on.ca/userfiles/HTML/nts_3_3441_1.html.
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 What is the Green$aver Home Rating Rewards Program?
The program offers cash rewards to homeowners for making improvements that increase their home's energy efficiency. Rewards range from $136 to $3,933. The program is operated by Green$aver and the Green Communities Association, not for profit organizations dedicated to environmental improvement.
What is the purpose of the program?
The program rewards homeowners who use Canada's EnerGuide for Houses rating system to identify and install energy efficiency improvements in their homes. This results in less pollution from lower energy consumption and reduces Canada's greenhouse gas emissions. Ratings range from 0 to 100 using a nationally standardized scale established and maintained by Natural Resources Canada which is recognized by lenders, utilities, governments and realtors. Ratings inform homeowners how well their house performs compared to other houses. Ratings are also useful at home resale time, since a higher rating may result in a higher purchase price.
http://www.greensaver.org/
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 SAVE YOUR CLOTHES, DETERGENT, AND MONEY WHILE CONSERVING WATER AND ENERGYToronto's Wash 'n' Save program offers qualified participants $60 cash back for the purchase of City-selected, high-efficiency clothes washers.
http://www.toronto.ca/watereff/washer/index.htm
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YOUR PRIVACY AND THE RIGHT TO BE LET ALONE
Realtors must comply with the new privacy rules effective January 1, 2004. The federal government has enacted the Personal Information Protection and Electronic Documents Act (PIPEDA) which establishes new rules to recognize the privacy rights of individuals with respect to the collection, use, disclosure and retention of their personal information.
HouseHuntingInToronto.com and/or Franca Capano and Rick McGuigan and/or Coldwell Banker Case Realty abide by the Privacy Code of the Canadian Real Estate Association which sets out the commitment of REALTORS and your rights regarding the privacy of your personal information. Click here to view the brochure YOUR PRIVACY AND THE REAL ESTATE TRANSACTION.
 Under the new Privacy legislation that came into force January 1st, 2004, REALTORS and their sales representatives are no longer permitted to use expired MLS listing information to "cold-call" sellers in order to market their services. |
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CONTACT INFORMATION
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Rick McGuigan
Toronto real estate sales representative
Coldwell Banker Case Realty
Phone: 416-696-5100
Pager: 416-461-0925
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