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Home Security

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Keeping Your Home Safe: How To Put Burglars Off Trying To Break In

Our homes are our castles – havens against the outside world, expressions of our tastes and design choices and a place for our loved ones to live together in, hopefully, domestic bliss. So when someone threatens it, it can be extremely frightening and upsetting. There are many ways to try to stop burglars, however. Here are some ideas to consider.

Make your home harder to break into

Burglars like to be able to get in and out quickly and discretely, so anything you can do to prevent this will help. Make sure any outdoor sheds and other buildings that contain ladders, tools etc are firmly locked. No point in providing thieves with the wherewithal to get into your house. Never leave spare keys hidden outside. People who do that tend to unwittingly choose some pretty obvious places to stow them. Instead, give the spare to a trusted neighbour.

Consider switching to a gravel driveway, or have areas of gravel under your windows. Gravel makes a lovely, loud crunching sound when trodden on. Grow thorny, or spiky plants against the walls too – good options for this are roses, firethorn or juniper.

Make your home looked loved

Keep the garden neat so the house doesn’t look neglected. Mow the lawn regularly – get someone to do it for you if you are away for a long time. Weed borders; sweep up fallen leaves and empty trash cans. Make sure the house exterior is well maintained. Burglars might assume a house in disrepair is owned by someone physically unable to look after it – and therefore less able to defend it.

Don’t let the mail build up in your absence either. Ask a friend to go in to collect it for you, or arrange for it to be temporarily redirected. Keep larger items like bicycles or lawnmowers out of sight too and place curtains over garage, basement or shed windows to prevent anyone looking in.

Make your home look occupied

It stands to reason that most thieves will think twice about targeting a house that looks like it is occupied. Draw the curtains and leave some lights on (or on an automatic timer switch) when you go out at night, or perhaps leave the radio or TV playing.

Lock all doors when you are going out or to bed, and check all windows are closed. Never leave notes on the door saying ‘Gone Shopping’. Finally, create a written inventory of your valuable possessions and their estimated value or insured amounts – photographs and purchase receipts will also prove useful in the event of a break-in.

Make your house and home security something to invest in

The range of home security equipment out there is mind-blowing, from strong locks to state-of-the-art alarm systems. Ideas to enhance security include switching to more secure window locks, replacing door locks with deadbolts, making sure door hinges are on the inside and installing a decent burglar alarm– some will link to your local police station.

Such an investment is worth doing properly – after all, it will go a long way to protect your assets, not to mention your peace of mind. If, however, you are concerned about how to pay for such measures, take some time to consider how you will raise the money to fund them. A financial advisor or broker can steer you towards a number of financing methods, such as reasonable loan arrangements with manageable repayment rates. If you own your own home, there are many excellent remortgage deals on the market – most mortgage advisors would be especially pleased to see the additional funds released spent on raising the security of the property and its contents. If all else fails, perhaps you could take on some extra work to raise the funds. This temporary sacrifice of your time will result in long-term security and happiness in your home: who could ask for more?

Commercial Property Inspector – Barrie

Real Estate

Commercial Property Inspector – Barrie is a Certified Building Code Official. He has attained the required training and education with the Ontario Building Officials Association and is fully qualified on Large Buildings and Part 3 of the Ontario Building Code. An unknowing inspector may lead you to believe your property is code compliant when you could in fact be faced with spending thousands or tens of thousands in required building code upgrades.

Aluminum Wiring: In the late 1960′s and early 1970′s copper prices rose and contractors/electricians switched from copper to lower costing aluminum wiring. Concerns with this type of wiring have arisen, for example, when aluminum wire is connected to devices (eg. receptacles, light fixtures) which were not designed for aluminum, or, when aluminum and copper wires are attached. In these cases a reaction can occur causing the connections to fail, perhaps become disconnected, and/or, potentially overheat, spark and catch fire. Symptoms of this can sometimes be seen in the discolouration of receptacles, flickering lights, or the smell of hot plastic insulation.

Asbestos became increasingly popular among manufacturers and builders in the late 19th century because of its sound absorption, average tensile strength, its resistance to fire, heat, electrical and chemical damage, and affordability. It was used in such applications as electrical insulation for hotplate wiring and in building insulation. When asbestos is used for its resistance to fire or heat, the fibers are often mixed with cement (resulting in fiber cement) or woven into fabric or mats. All types of asbestos fibers are known to cause serious health hazards in humans. Removing asbestos from a property can be expensive and time consuming. Personnel have to be licensed to perform asbestos removal.

Mould: Leaking roofs or basements can lead to an excess of moisture in your crawl space, basement or storage areas of your building or office. The best reason is to avoid the growth of fungus, mold, or mildew that may decay and destroy wood and potentially your indoor air quality. Moisture in any form provides the missing ingredient for spores to thrive and grow in its environment. Having your property or building inspected can prevent expensive clean up costs that might be incurred after you purchase a property.

Thermal imaging (infrared camera) is used on all our commercial property inspections. This amazing technology can aid in the detection of heat loss, moisture, water leaks, over-heating conditions and even mould detection. We also perform moisture checks with our up-graded digital moisture detector which allows us to detect moisture up to an inch behind most building products.

The Commercial Property Inspector has been in business for 7 years and has performed over 4,000 inspections. As a Certified Building Code Official with the Ontario Building Officials Assc he has master the Ontario Building Code by completing all the Part 9 (small buildings) and Part 3 (large buildings over 600 m2) which enables him to use this experience when inspecting your commercial real estate investment. All inspections are performed to ASTM E2018 standard and report is based on PCA format.

Looking to find Toronto Commercial Property Inspections, then visit www.commercialbuildinginspector.ca to find the best advice on GTA Commercial Property Inspections for your next investment.

Mortgage Facts for Potential Home Buyers

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Real Estate

Mortgage Facts for Potential Home Buyers. Information to help you wade through all the mortgage information and facts available.

Economic news and downturns in key areas can affect the money banks pay in both Canada and the There are many variables that can influence the rates on long-term debt instruments, but an understanding of key economic indicators can provide clues to the future direction of interest rates in both Canada and the US.

The CPI for All Items less Food and Energy (also sometimes referred to as the “core” or “underlying” CPI) excludes volatile food and energy prices. Analysts focus on the “core” CPI, which is considered a more accurate measure of the underlying rate of inflation. A higher-than-expected CPI or increasing trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise. Likewise, a lower-than-expected CPI cause yields and interest rates to fall.

A higher-than-expected monthly increase or increasing trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise. Conversely, a smaller-than-expected figure cause yields and interest rates to fall. he government’s employment report provides information on the unemployment rate and the number of unemployed persons by occupation, industry, duration of unemployment, and reason for unemployment. Unlike the payroll employment data, which is a coincident indicator of economic activity (it changes direction at the same time as the economy), the unemployment rate is a lagging indicator.

After you have filed for bankruptcy protection or liquidation, you will wait four years before a traditional mortgage lender will qualify you for a home loan with market interest rates. And that will happen then only if you have taken steps to improve your credit and are in a good enough financial position to handle the loan.

Consider alternatives to traditional home mortgages with a bankruptcy on your record. Seller financing can be an option at any time. This is often a far more flexible arrangement. Plus, if you include this provision in your seller-financed loan agreement, you can convert to a traditional loan as you are able to qualify for it.

A lease-to-own house purchase (also “rent-to-own purchase” or “lease purchase”) is a lease combined with an option to purchase the property within a specified period, usually 3 years or less, at an agreed-upon price. Such arrangements have proliferated in the post-crisis market because many potential home buyers can’t meet the tougher loan qualification requirements today, and many potential sellers are unable to realize a satisfactory price in any other way.

When looking to purchase a home in the Angus real estate market remember that one of the most important conditions is that your property be inspected by a Home Inspector. There are many Home Inspectors available, but if you want a Home Inspector who has years of experience, over 4,000 inspections and is a Certified Building Code Official as designated by the Ontario Building Officials Association the call the Orillia Home Inspector, or visit his site at www.barriehomeinspector.com to view his qualifications and “Fair Pricing Policy”. Call Roger at 705-795-8255 or Toll Free at 888-818-8608. Information and advice is always FREE. Roger is also WETT Certified for homes that have fireplaces or other wood burning appliances.

Canadian home sales edge higher in November

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Real Estate

Canadian home sales edge higher in November. Canadian homes sales seemed to be un-touched by the same forces which have decimated some of our US markets.

OTTAWA – December 15, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity rose slightly in November 2011 from the previous month.

Highlights:

Sales activity rose slightly (+0.5 per cent) from October to November on a seasonally adjusted basis.
Year-to-date sales remained in line with the 10 year average, but pulled further ahead of last year’s levels.
The number of newly listed homes was down 3.4 per cent from October to November.
The national housing market remains balanced, but is edging closer to seller’s market territory.
The national average price posted a 4.6 per cent year-over-year gain in November, the smallest increase since January.

Sales activity recorded through the MLS® Systems of real estate Boards and Associations in Canada edged upward by one-half of a percentage point. This marks the third straight month in which national activity was up from the previous month’s levels.

Activity rose in about 60 per cent of all local markets with a record November in the Halifax-Dartmouth region offsetting a dip in sales in Toronto.

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said Gary Morse, CREA’s President. “That said, some housing markets are picking up while others are holding steady or consolidating, so buyers and sellers should talk to their local REALTOR® to understand current and prospective trends in their local housing market.”

Throughout most months in 2011, actual (not seasonally adjusted) national home sales were in line with the 10-year average. November sales marked a break in that pattern, climbing seven per cent above the 10 year average and reaching the fourth highest level on record for the month.

“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said Gregory Klump, CREA’s Chief Economist. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.”

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” added Klump. “That said, current trends for resale housing and new home construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”

A total of 432,048 homes have traded hands via Canadian MLS® Systems so far this year, up 2.1 per cent from levels in the first 11 months of 2010. The year-to-date sales figure remains broadly in line (+0.7 per cent) with the average for that period from 2001 to 2010.

Compared to October, the number of newly listed homes fell 3.4 per cent in November. New listings slipped lower in more than two-thirds of Canadian housing markets, with Toronto, the Hamilton-Burlington region, and Calgary contributing most to the national decline.

The national housing market remains balanced, but is edging closer to seller’s market territory. The national sales-to-new listings ratio, a measure of market balance, stood at 55.5 per cent in November, up from 53.4 per cent in October. This marks the third month in which the national ratio has risen, and it now stands at its highest reading since the spring.

Based on a sales-to-new listings ratio of between 40 to 60 percent, just over half of local markets in Canada were balanced in November, while a third of markets qualified as sellers’ markets.

The number of months of inventory nationally stood at six months at the end of November. It has held steady at about this level since April, which is above levels posted during the first quarter. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in November 2011 stood at $360,396. This represents a year-over-year increase of 4.6 per cent, its smallest increase since January.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm

Your Local Angus Real Estate Agents

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Real Estate

Your Local Angus Real Estate Agents. People who own property are typically 26% wealthier than non-home owners. When house values increase the home owner benefits even though they may only have a small equity position in the home. Just imagine if you owned a $150,000 house with 5% down ($7500) and house values increased by just 3%. In one year you would have had an increase in equity of over $5,000

Many people who have been turned down by traditional mortgage lenders are turning to the Rent to Own method of home buying. For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home.

In many Rent to Own agreements the renters also have to pay an option fee and then a rent premium. The option fee is a set amount that the renter pays the seller. If, at the end of the lease period, the renter buys the house, the option fee becomes part of the down payment. If the renter doesn’t buy the house, the option fee becomes income for the seller. Rent premiums are an amount slightly above the typical rent, with a portion of that money going toward a down payment.

The finances of the Rent to Own property are usually based this example situation. The average house is worth $300,000, and typical rent would be $1,500 a month. Someone who’s renting to own might pay $1,700 a month in rent and then receive a $200 rent credit each month. Add the option fee, in this case $5,000. On a three-year lease, the renter would earn $7,200 in rent credits. Adding the earned rental credits to the option fee, the renter has accumulated $12,200 for a down payment.

Rent to Own properties will require a deposit, the same as if you were buying your own home. Most companies will require a minimum of $15,000 as a deposit. The monthly payment for a rent-to-own agreement will depend on your budget. The larger your payments, and the longer you make them for, the larger the accumulated downpayment will be when you exercise your purchase option and get a mortgage in your own name.

At the end of your rent-to-own agreement, the sum of your initial deposit and your monthly payments will count as a downpayment for your own mortgage. To know exactly how much of a downpayment you will

Angus Real Real Estate Agent

need to consult with a mortgage broker to discuss getting the best possible rate.
Your local Angus Real Estate agent can help you find a property that will fit your budget. Choosing a Professional agent with local knowledge and experience will greatly enhance your real estate shopping experience. Choose from our Best Angus Real Estate Agents to ensure your receive the best possible advice when making your next property investment.

Your Local Alliston Real Estate Agents

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Your Local Alliston Real Estate Agents. Did you know that on average home owners are 26 times wealthier than renters? Just imagine if you owned a $150,000 house with 5% down ($7500) and house values increased by just 3%. In one year you would have had an increase in equity of over $5,000. As property values increase, so does your equity.

If you have been turned down for credit and cannot get a traditional mortgage you may qualify for a Rent to Own home. For many, the rent-to-own home may be the best option. Also called a lease-to-own house, the process works similarly to a car lease : Renters pay a certain amount each month to live in the house, and at the end of a set period — generally within three years — they have the option to buy the house. Each month of rent they pay is income for the seller, while a portion of it goes toward a down payment to eventually buy the home.

Although each Rent to Own agreement is different, most agreement require the renters to pay an option fee and then a rent premium. The option fee is a set amount that the renter pays the seller. If, at the end of the lease period, the renter buys the house, the option fee becomes part of the down payment. If the renter doesn’t buy the house, the option fee becomes income for the seller. Rent premiums are an amount slightly above the typical rent, with a portion of that money going toward a down payment.

Understanding how the Rent to Own plan works is based on a typical sample, as shown; The average house is worth $300,000, and typical rent would be $1,500 a month. Someone who’s renting to own might pay $1,700 a month in rent and then receive a $200 rent credit each month. Add the option fee, in this case $5,000. On a three-year lease, the renter would earn $7,200 in rent credits. Adding the earned rental credits to the option fee, the renter has accumulated $12,200 for a down payment.

Even though you will be technically renting the home you will still require a deposit to qualify for a Rent to Own property. The monthly payment for a rent-to-own agreement will depend on your budget. The larger your payments, and the longer you make them for, the larger the accumulated downpayment will be when you exercise your purchase option and get a mortgage in your own name.

At the end of your rent-to-own agreement your credit should have been improved enough for you to obtain your own mortgage. Then the sum of your initial deposit and your monthly payments will count as a downpayment for your own mortgage. To know exactly how much of a downpayment you will need to consult with a mortgage broker to discuss getting the best possible rate.

Your local Alliston Real Estate agent can help you find a property that will fit your budget. Choosing a Professional agent with local knowledge and experience will greatly enhance your real estate shopping experience. Choose from our Best Alliston Real Estate Agents to ensure your receive the best possible advice when making your next property investment.

Buying or Selling a Home in Innisfil

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Real Estate

Buying or Selling a Home in Innisfil. There are a lot of emotions involved when buying or selling a home, but negotiating the price shouldn’t be. Having a plan prior to negotiating is key to preventing stress during the turbulence involved in high-stakes negotiations. Your Innisfil Real Estate Agent can guide you and advise you but eventually you must make the final decision.

First time home buyers get a lot of tips from friends, family and co-workers, much of which is probably good advice gleaned from their own home buying experiences. Your Professional Innisfil Realtor has bought and sold hundreds of homes and is more prepared to advise you on many obstacles that may arise and often do. The more you know, the better equipped you are to negotiate.

Plan your attack. Determine what features you want and what they are worth to you. Know in advance the most you’re willing to pay, and with your agent work back from that number to determine your initial offer, which can set the tone for the entire negotiation. A too-low bid may offend sellers emotionally invested in the sales price; a too-high bid may lead you to spend more than necessary to close the sale.

When selling your home you want to present the best possible view of your home. Most Professional Innisfil Real Estate agents will help you in this area using their years of experience to guide you. From making minor repairs to plumbing, electrical, caulking, sidewalks and painting, what your prospective buyer first sees when initially walking through your home is what is most likely the deciding factor in whether to entertain an offer. Some Realtors will suggest you have your home Professionally staged to improve your homes presentation.

Most upscale homes now use professional staging companies to fully stage the property. These professional companies supply furniture and accessories to enable prospective clients to see the home in the best light possible and so they can envision themselves living there. Some Home Staging companies advertise that many of their homes will actually sell for more than the listing price.

People who earn a good salary but fail to qualify for a typical mortgage are frequently turning to the Rent to Own option, Rent to Own has become very popular in the Innisfil Real Estate market. A rent to own transaction is when a landlord agrees to lease a home to a tenant and the tenant has an option to buy the home for a pre-negotiated price before the end of the lease. The primary components of a rent to own transaction are the rental term, the purchase price, the upfront deposit, and the monthly rent credit.

When deciding to start looking for a new home, the first step you should take is getting yourself pre-approved by your financial institution of choice. When seeking preapproval, talk to a few different mortgage lenders to find the best mortgage package that suits your needs. Two or three lenders is usually enough to give you a reasonable idea of the amount of money to can afford to spend on a new home.

Your local Innisfil Real Estate Agent can share his knowledge and expertise to allow you to get more money from the sale or to save you money when buying your next property. Utilize their tools and expertise and help ensure your next real estate transaction is a pleasurable experience with the knowledge that you got the best price possible whether buying or selling.

CREA Boosts Annual Resale Housing Forecast

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CREA Boosts Annual Resale Housing Forecast. OTTAWA – February 8, 2011 – The Canadian Real Estate Association (CREA) has revised its 2011 forecast for home sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards and Associations, and extended it to 2012.

Sales in the second half of 2010 rebounded faster than CREA had previously expected. “The hand-off going into 2011, together with the highs and lows for sales activity posted in 2010, provided guidance for CREA’s revised forecast,” said Gregory Klump, CREA Chief Economist.

“Home buyers recognize that low mortgage interest rates represent a once in a lifetime opportunity. At the same time, they expect that rates will rise, so they’re doing their homework in order to understand what it could mean in terms of higher mortgage payments down the road before they make an offer,” said Georges Pahud, CREA President. “The housing market and buyer psychology is different now than it was at the beginning of last year, so buyers and sellers would do well to consult their REALTOR® to understand local market trends.”

The upward revision to CREA’s forecast for 2011 reflects recent improvements in the consensus economic outlook and a further expected improvement in consumer confidence. National sales activity is now expected to reach 439,900 units in 2011, representing an annual decline of 1.6 per cent. In 2012, CREA forecasts that national sales activity will rebound by three per cent to 453,300 units, which is roughly on par with the ten year average.

“Recent additional changes to mortgage regulations will further ensure that buyers don’t buy more home than they can afford when interest rates inevitably rise,” said Klump. “The announcement of the new changes to mortgage regulations will likely bring forward some sales into the first quarter that would have otherwise occurred later in the year, particularly in some of Canada’s more expensive housing markets. This is expected to produce a milder version of the volatility in sales activity that we saw last year which resulted from additional transitory factors.”

Three transitory factors contributed to volatility in sales activity last year: changes in mortgage regulations announced last February, the early withdrawal by the Bank of Canada of its conditional commitment to keep interest rates on hold until the second half of 2010, and the introduction of the HST in BC and Ontario during the summer of 2010.

CREA expects that home sales activity will gain traction after dipping in the second quarter as the economic recovery and job growth continue, incomes grow, and consumer confidence further improves. “Even though mortgage interest rates are expected to rise later this year, they will still be within short reach of current levels and remain supportive for housing market activity. Strengthening economic fundamentals will keep the housing market in balance, which will keep home prices stable,” said Klump.

The national average home price is forecast to rise 1.3 per cent in 2011 and 2012, to 3,300 and 7,900 respectively. Average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale. Although the supply of new listings is expected to trend higher, the expected continuation of sellers’ market conditions in Manitoba is forecast to result in a bigger percentage increase in average price in 2011 and 2012 compared to other provinces.

For more information, please contact:

Pierre Leduc, Media relations
The Canadian Real Estate Association
613-237-7111 or 613 884-1460
Email: [email protected]

* Provincial weighted average price for Quebec; does not affect unweighted national average price calculations. Information on Quebec’s weighted average price calculation can be found at:
http://www.fciq.ca/immobilier-economiste.php

About The Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.

Canadian home sales edge down in April

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Real Estate

Canadian home sales edge down in April. OTTAWA – May 17th, 2011 –Statistics released today by The Canadian Real Estate Association (CREA), reveal that national resale housing activity softened in April when compared to March 2011.

The decline in April sales activity reflects changes to mortgage regulations that came into effect previously. As anticipated, the changes pulled forward some sales activity that would have otherwise occurred at a later date.

Seasonally adjusted national home sales activity was down 4.4 per cent in April 2011 compared to the previous month. As expected, declines were largest in some of Canada’s more expensive and active markets, including Toronto, Vancouver, and the Fraser Valley.

Changes to mortgage regulations and other transitory factors also boosted transactions in April last year at the expense of activity in subsequent months. This also contributed to a broadly based decline in sales activity in April 2011 compared to year-ago levels.

Actual (not seasonally adjusted) activity was down 14.7 per cent from levels reported last April.

“Although down nationally, sales activity in April this year compared to April last year was up in a number of local housing markets,” said Gary Morse, CREA’s President. “Housing market trends often evolve and diverge from national trends due to local factors, so buyers and sellers should consult their local REALTOR^® to understand how the housing market is shaping up where they live.”

“Last April, several transitory factors artificially boosted sales. This included the impending tightening of mortgage rules, speculation about higher interest rates and the looming introduction of the HST in some provinces. This year, additional measures to tighten mortgage rules were implemented in March and the other transitory factors were absent,” said Gregory Klump, CREA’s Chief Economist. “This makes it difficult to compare the two months in order to reliably gauge the impact of the latest round of mortgage rule changes.”

The number of newly listed homes edged up 1.3 per cent in April from the previous month on a seasonally adjusted basis, but remained well below levels in January and February, when impending changes to mortgage regulations were announced.

With fewer sales and an increase in newly listed homes, the national housing market moved further into balanced territory in April. The national sales-to-new listings ratio, a measure of market balance, stood at 52.5 per cent in April, down from 55.7 in March.

More than two-thirds of local markets in Canada were balanced in April. Almost half of the remainder could be classified as sellers’ markets based on a ratio of sales to new listings above 60 per cent.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at six months at the end of April on a national basis, up from 5.7 months in the previous month.

The national average price for homes sold in April 2011 was 2,544, up eight per cent from the same month last year. April marked the third consecutive month in which the national average price was up by eight per cent from year-ago levels.

The national average price has been skewed in recent months due to surging multi-million dollar property sales in selected areas of Greater Vancouver. Demand for these properties moderated in April from the previous month. A reduction in this source of upward skewing for the national average price was offset by fewer sales of lower priced properties.

“Changes to mortgage regulations that took effect in April 2011 likely sidelined a number of first-time homebuyers,” said Klump. “By contrast, higher end home sales in Greater Vancouver and Toronto had their best April ever.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS^® sales information from the previous month.

MLS^® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS^® working through more than 100 real estate Boards and Associations.

Further information can be found at

http://www.crea.ca/public/news_stats/media.htm

– 30 –

For more information, please contact:

Pierre Leduc, Media relations
The Canadian Real Estate Association
P: 613-237-7111 or 613 884-1460
E: [email protected]

CREA Updates Resale Housing Forecast

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Real Estate

CREA Updates Resale Housing Forecast. OTTAWA – May 9, 2011 – The Canadian Real Estate Association (CREA) has revised its forecast for home sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards and Associations for 2011 and 2012.

National sales activity is now expected to reach 441,100 units in 2011, a decline of 1.3 per cent from 2010. This is a slight improvement from the 1.6 per cent decline forecast by CREA in February, due to stronger than expected activity in British Columbia in the first quarter of 2011.

“Home buyers expect mortgage interest rates to rise and are mindful of their current and future debt levels. They’re doing their homework to better understand how their mortgage payments and family budget might change down the road before they make an offer,” said Gary Morse, CREA President. “That said, even though mortgage rates have increased recently, they remain very attractive and are keeping financing within reach for many homebuyers,” added Morse. “Some housing markets are hotter than others, so buyers and sellers would do well to consult their local REALTOR® to understand how supply, demand and prices are evolving in their housing market.”

In 2012, CREA forecasts that national sales activity will rebound by 2.6 per cent to 452,500 units. This is little changed from the previous forecast, and stands roughly on par with the ten year average for annual activity.

Although sales activity in the first quarter of 2011 came in largely as expected, multi-million dollar property sales in Greater Vancouver have surged unexpectedly. These sales have upwardly skewed average sale prices for the province and nationally, prompting the average price forecast to be revised higher.

The national average home price is forecast to rise four per cent in 2011 and nine-tenths of a per cent in 2012, to 2,500 and 5,800 respectively. This marks an increase from the previous forecast, and underscores the significant effect that investment in British Columbia is and will have on national results.

“As expected, recent changes to mortgage regulations brought forward some sales activity into the first quarter that would have otherwise occurred later in the year, particularly in some of Canada’s more expensive housing markets,” said Gregory Klump, CREA’s Chief Economist. “This is likely to result in a milder version of the volatility in sales activity that we saw last year.”

CREA expects home sales activity to regain traction after dipping in the second quarter as economic recovery and hiring continues. “While interest rates are expected to rise later this year, they will still be within short reach of current levels and remain supportive for housing market activity,” said Klump. “Continuing job growth will underpin housing demand, keeping the housing market in balance and stabilizing home prices.”

“The extent to which high priced sales activity in Vancouver will pitch up the average price locally, for British Columbia and nationally will likely diminish in the next couple of months in line with a seasonal increase in national activity,” Klump added. “That said, foreign investment in Vancouver residential real estate is showing no signs of slowing, so it seems likely to remain a prominent market feature for some time.”

– 30 –

For more information, please contact:
Pierre Leduc, Media relations
The Canadian Real Estate Association
613-237-7111 or 613 884-1460
Email: [email protected]