Durham Region February 2014 Stats

DURHAM REGION, March 5, 2014 – Jane Hurst, President of Durham Region Association of REALTORS® (DRAR) announced that the Region had 639 residential home sales reported in February 2014, a 32 per cent increase from 484 in January of this year.

The average selling price in February was $372,878, up 5.6 per cent compared to the average price of $353,114 reported in February 2013. Average sale prices did fall slightly from $395,909 last month but “fluctuations in sale prices are expected and real estate in the Durham Region remains a good investment as average selling prices are still strong,” explained President Hurst.
The inventory of re-sale homes on the market increased significantly in February. DRAR saw 1,073 new listings enter the market, an increase of 24.9 per cent compared to 859 last month. “Even with inclement weather, we have seen an increase in homes entering the market, and they are being sold in an average of 23 days,” President Hurst reported. At this time last year, it took an average of 25 days to sell a home, while last month it took an average of 30 days. “Despite below freezing temperatures, the housing market is beginning to thaw with the spring market fast approaching” added President Hurst.

Durham Region March 2014 Stats

DURHAM REGION, April 3, 2014 – Jane Hurst, President of Durham Region Association of REALTORS® (DRAR) announced that the Region had 947 residential home sales reported in March 2014, a 48 per cent increase from 639 in February of this year. “Sales growth was much stronger in March than it was in the first two months of 2014,” added President Hurst “and we are right on par with where we were last year”.
The average selling price in March was $380,267, up 9.6 per cent compared to the average price of $347,055 reported in March 2013. DRAR saw 1,553 new listings enter the market, an increase of 44.7 per cent compared to 1073 last month. “Along with higher selling prices, overall inventory at the end of March was up almost 3 per cent compared to this time last year” explained President Hurst.
Resale homes in Durham are being sold in an average of 18 days, while it took an average of 21 days this time last year. “The spring market is warming up and not only are we seeing average selling prices rise, but homes are selling faster than they were in comparison to last year” explained President Hurst. “Real estate in the Durham Region has remained a great investment opportunity, and we expect selling prices to maintain their strength well into 2014”.

Find The Right Site to Sell Your Stuff On-Line

While garage sales are an ideal way to get rid of the stuff you don’t want anymore, the Internet may be the best place to sell valuable items that you want to get rid of for top dollar. Here are a few sites to help you get started.

Click Here For Full Article How to Sell Your Home This Winter

In Canada – How Much Do You Need for Down Payment

85% of Millennial Canadians want to own a home, but 57% say that the biggest barrier to buying is saving for a large down payment.1,2 Although home prices are sure to change, the information below is intended to give buyers an idea of the amount they need to save and encourage buyers of all ages to adopt the sound saving habits essential to buying a first home.

Click Here for Full Article How Much  Do You Need to Save for a Down Payment

8 Ways to Stress Less

We all feel stress at one time or another. In fact 34% of people say that their top source of stress is their job. Other sources of stress include money (30%) and health issues (17%).* While some people freak out at the smallest thing, others stay cool regardless of the severity of the event. Here are some ways to keep your head when stress puts you in a panic.

click here for full article 8 Ways to Stress Less

 

 

 

Getting Ready for Gardening?

Many People like organic gardening, but don’t know where to begin. Here are six techniques to incorporate into your garden today, whether it’s in your yard or in containers on your deck. After all, what better way to add flavor to your summer dishes than with organic vegetables from your own garden?

Clinc here for complete article 6 Ways to Go Organic in Your Home Garden

Are Lower Interest Rate Coming?

Saw this on the Toronto Star, thought it was a Great Article

Bank of Montreal slashes 5-year mortgage rate to 2.99 per cent

Finance minister Joe Oliver says he was called in advance to avoid any angst such as that caused former minister Jim Flaherty, who rebuked the bank.

http://www.thestar.com/business/real_estate/2014/03/27/bmo_slashes_5year_fixed_mortgage_rate_to_299.html

Federal finance minister Joe Oliver says he got a call from the head of the Bank of Montreal before it slashed its five-year fixed mortgage rate to 2.99 per cent.

This comes a year after Oliver’s predecessor, Jim Flaherty, publicly rebuked the bank for making the same cut amid rising concerns over household debt loads.

“Bill Downe, the BMO chief executive, called me to say what they were doing and why,” finance minister Joe Oliver told the Star Thursday.

Oliver, who succeeded Flaherty in the role a week ago, says he reminded the bank chief that Ottawa is focused on protecting taxpayers and reducing consumer indebtedness.

“I made the point that government is, over the longer term, reducing its involvement in the mortgage area, because we’ve focused on protecting taxpayers and reducing consumer indebtedness. Those are our overarching objectives,” Oliver said in a wide-ranging phone interview with Star personal finance columnist Ellen Roseman.

But when asked if he would intervene in BMO’s plans and ask it to raise its key mortgage rate, the finance minister said, “No.”

The government “will continue to monitor the market closely,” Oliver said in a separate statement issued by his office.

The bank declined to comment.

“Our conversations with any government are always confidential,” Paul Deegan, BMO vice-president government and public relations, said in a statement.

Ottawa has intervened in the mortgage market four times since the financial crisis of 2008, as record-low interest rates sent household debt load and real estate prices soaring.

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BMO, which made the cut late Wednesday, is the first big bank to lower the key rate below three per cent, a level that caused Flaherty to publicly address BMO in March 2013, saying he disapproved of the rate and discouraged other big banks from following its lead.

At the time, he said he believed in “responsible lending,” and said he was concerned such low rates would work against his attempts to slow the momentum in the housing market.

“This rate change is driven solely by the fact that bond yields have fallen and we are in what has traditionally been the busiest season for buying a home,” BMO’s Deegan said in an emailed statement.

BMO’s rate had been at 3.49 per cent before the move.

Other Canadian banks have also recently cut their rates — TD Bank reduced its four-year fixed-rate mortgage to 2.97 per cent earlier this month, while Scotiabank lowered its rates across the board while issuing a four-year special rate of 2.94 per cent.

Industry observers say BMO’s rate cut likely has more to do with falling bond yields and the bank’s efforts to gain more mortgage market share than it does with Flaherty’s departure.

“We’ve seen bond yields drop over the past six months so it’s a reflection of their cost of funds lowering,” said Kelvin Mangaroo, president of online comparison site Ratesupermarket.ca. “And, secondly, we have the big spring home buying season coming up, so it’s a push by them to gain some market share over the next few months.

“I don’t think Flaherty leaving is a factor,” Mangaroo said. “I think Flaherty was just a coincidence.”

The big banks are also facing increased competition from alternative mortgage suppliers, he added.

“We’ve had mortgage brokers offering 2.94 per cent for a few weeks now,” Mangaroo said.

The spread between BMO’s rate and a five-year bond is just 130 basis points, below the industry average of 150, another industry observer noted.

“It’s an aggressive move but it’s not surprising. Mortgage growth in general has been trending below the long-term average. The banks see the spring housing market as their best opportunity to pick up mortgage volume,” said Rob McLister, editor of online publication CanadianMortgageTrends.ca.

The special BMO rate comes with quite a few strings attached, McLister noted.

One economist warned the banks are playing a dangerous game, as are homebuyers who jump into the market with home prices at record levels.

“This is short-term thinking,” David Madani, chief economist at Capital Economics Canada, said. “But it doesn’t change the long-term situation and that means the correction when it comes is going to be much more pronounced.”

The super-low borrowing rates are expected to be temporary, said Madani.

Bond yields have dropped in recent months, but with the U.S. economy improving and the Federal Reserve tapering its bond purchases, yields are projected to start rising again later this year, which should push up long-term rates.

With You Every Step Of The Way

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