Brampton Real Estate Blog

Call toll free 1-800-631-5216 or email me with your WISH LIST and I'll send you a list of homes currently for sale in your neighbourhood.

Wednesday, November 25, 2009

Watch This Video! Benefits of Home Inspections

I sometimes have clients who are reluctant to spend the three or four hundred dollars it costs for a qualified home inspection before they purchase a resale house or condo. That money is likely the best money you will ever spend because in the long run, it could end up saving you thousands and thousands of dollars. If you or someone you know needs a qualified home inspector, please call me, I have a great list of professionals I work with that I would be happy to recommend.

Oh, by the way, I'm never too busy for your referrals.


Monday, November 23, 2009

What Does The 2010 Housing Market Have in Store for Us?

According to the Royal LePage House Price Survey, Canada’s housing market is on the road to recovery but is experiencing a pronounced undersupply of homes for sale in southern Ontario and other regions of the country. With the recession retreating, the report found that home prices are stabilizing and unit sales are increasingly driven by improved affordability.

The market’s strong showing in the third quarter has led some commentators to refer to the current conditions as the beginning of a real estate boom. Royal LePage cautions that the increase in sales activity and firming of house prices are the product of a normal market correction and not the beginning of another aggressive expansionary cycle. "Once housing supply returns to normal levels, we believe the economy will support modest pricing growth into 2010”, said Phil Soper, president and chief executive, Royal LePage Real Estate Services.

Ontario saw home prices stabilize or gain slightly year-over-year with much of the recovery occurring throughout the strong third quarter. A shortage in housing supply is leading to bidding wars in several cities. In Toronto and the Greater Toronto Area, the real estate market saw a distinct pause earlier this year. House prices, however, did not fall dramatically due to a reduction in the number of listings on the market.

It is a modest recovery but a recovery nonetheless and that change is reflected in the housing market,” said Soper. Although key economic indicators are showing signs of improvement, fears over job security and economic instability will keep many Canadians in their current homes. “Until they are convinced things are back to normal, some people will not put their homes up for sale and we’ll continue to have constrained supply.”

This trend of constrained supply can only mean less competition and sustained values for those who will sell within the coming months. So while those concerned about job security and financial stability will wait to make major decisions, those who will be selling a home in the weeks and months to come will no doubt benefit.

Source: Excerpts taken from the Royal LePage House Price Survey (Q3)

Tuesday, November 10, 2009

What is CMHC Mortgage Loan Insurance?

Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment.

To obtain mortgage loan insurance, lenders pay an insurance premium. The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.Typically, your lender will pass this cost on to you. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

Source: CMHC for Consumers


After a long sabbatical, I am back to publish some useful information for home buyers and sellers or for those of you just interested in staying up-to-date on the latest real estate information in and around your neighbourhood.

With the continuation of the positive real estate climate we are in right now, and interest rates poised to stay relatively stable until at least June of 2010, now is a great time, not only for new home buyers, but for those looking to move up, to sell and buy.

I look forward to the opportunity of reconnecting with past clients, old friends and family and to building new relationships through this medium. Your comments and questions are always welcome.

Thank you all for your continued support.