Residential Real Estate

11
Mar

February 2011 Real Estate Sales & Average Prices for GTA

March 3, 2011 — Greater Toronto Area (GTA) REALTORS® reported 6,266 residential resale homes & condos sold through the TorontoMLS® system in February 2011. This result was 14% lower than the record home sales reported in February 2010.

While not representing a record, February 2011 sales were 50% higher than the number of homes and condos sold and reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.

“Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong,” said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for homes and condos in February 2011 was $454,423, up 5% from the average selling price reported in February 2010.

February 2011 Sales & Average price by home type

“Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Ryan Chelak, Real Estate Broker -Oakville & Mississauga Real Estate, Homes & CondosIf you are thinking of buying or selling a home or condo in Oakville, take advantage of the boutique real estate services & condominium experience I can provide you or your friends & family.

Visit my website for a free no-obligation real estate market evaluation or email me today!

Category : Residential Real Estate | Blog
3
Sep

Once again the debate over the recent development charge increase heats up in Oakville, Milton & Halton.

Now, Mattamy Homes has brought the legality of the development charge into question through a 13-page legal opinion addressed to Halton’s regional council.

Mattamy has hired former commercial court justice James Farley, who argues that the Region and its council are going beyond their powers by collecting an extra $7,888, on top of Halton Region’s $29,000 regular per-unit housing development charges, from developers in Milton and north Oakville.

These latest increases in development charges have now made Halton the most expensive region in Ontario for new Real Estate development.

Mattamy argues the Province’s Development Charges Act, not the Municipal Act, is the appropriate and only legislation that should be used by municipalities to determine what developers pay for capital costs related to development.

He states regional council should rescind its approval for the charges and work with developers to find some way to collect the money the Region says it needs in accordance with the DC Act.

Bob Gray of the Region’s legal department said a response has been sent to Mattamy (Farley), but it does not anticipate a further report going to regional council. Halton Regional Chair Gary Carr said the Region has already had internal and external legal advice stating the financial agreement and its surcharge are valid.

Oakville Mayor Rob Burton said he was “unimpressed” by the written submission.

Mattamy has signed the Region’s previous financial agreements and never challenged their legality, said Burton.

Like Halton Region, the Town of Milton also has similar financial agreements pursuant to the Municipal Act, which Mattamy has signed previously.

“Just because it’s happened in the past doesn’t make it proper,” Farley said in a telephone interview after the release of his written submission to council and media.Both theTown of Oakville and Halton Region have maintained sections in the Municipal Act allow them to use such financial agreements to collect money to make up for growth-related capital funds they’re not able to recoup from developers under the DC Act.

Milton Mayor Gord Krantz expressed concern that if the issue of the Region’s financial agreement ends up in court, it could also threaten the Town’s use of the same financing mechanism.

“There definitely is a risk in opening up that proverbial can of worms,” Krantz said.

Two days after Farley’s legal opinion was released, the development industry lobbying group BILD (Building Industry and Land Development) Association submitted a proposal to Halton Region suggesting alternatives to the $7,888 financial agreement charge, all within the parameters of the DC Act.

Halton Regional council had given the development industry 30 days, which expired recently, to submit such an alternative proposal. Regional staff are scheduled to report back on BILD’s proposal to council’s administration and finance committee meeting on September 30.

Read the entire article by Tim Foran “Mattamy challenging Halton’s latest development charge”. Oakville Beaver, Metroland West Media Group.

We need to hear from homeowners and new home buyers like you!

What do you think about the development charge increase?

Do you think Mattamy is right?

Will it change your mind about buying a new home in Oakville or Milton?

Similar posts:

Oakville Real Estate News: Battle over development fees burns hotter in Oakville

Ryan Chelak is a Real Estate Broker living and working in Oakville, Ontario.

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Ryan Chelak, Broker
Town-City Realty Limited, Brokerage
Phone:  905.507.0040 ext.22
email:   ryan@buyandsellyourhome.com
www.BuyAndSellYourHome.com
Category : Residential Real Estate | Blog
19
Aug

With all the economic news available online now, it can get confusing out there. What does it all mean? One day things are looking up and another the Canadian dollar is down and the outlook is uncertain.

Firstly there is some truth to the adage “you can’t believe everything you read”. Working in Oakville Real Estate now for almost 12 years I’ve learned that is most definitely the case and here’s why:

Most of the statistics floating around in major reports on today’s Real Estate market are National. Canada is a big country and Ontario is a huge province.  National statistics are a blend and the more localized you get your information relative to where you live the better.

Don’t get me wrong, there is value in the overall picture, especially when you’re looking at the influence the economy has on the Real Estate market and vice versa.  Many businesses, industries and economic sectors are national and international.  If they are affected, it can certainly effect the local markets.

Check out this press release from CMHC, Canada Mortgage Housing Corporation:

“Housing Starts Decrease in July”

The short of the article is that the overall moderate decline nationally is a short term trend that they fully expect to see change in the last half of 2009.

“The slight decline in July’s housing starts is mostly attributable to the volatile multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Although July registered a decline, housing starts are expected to improve throughout 2009.”

Looking locally though, Ontario was amongst the biggest losers with housing starts falling 15%.

In June the tone was totally different:

“Housing Starts Increase in June”

The tone was positive and the trend was expected to continue throughout 2009.  Maybe July is a blip, maybe not.  The reality in Oakville is that there is limited new construction of homes right now and many builders and condominium developments still have inventory on hand.  Builders are being cautious right now, take heed.

If you believe everything you read, the Real Estate market is HOT, it’s sizzling and everyone is cheering all the way to the bank.  Or are they?  Why am I not jumping on the bandwagon?  Oakville Real Estate is selling and average and median values are close or at par to the numbers this time last year.

I would and have been cautioning my clients to look before you leap onto the bandwagon. There are a number of factors that could be influencing the recent activity.  After the “crash” and mortgage meltdown in the U.S. started last fall, there was a sudden drop off in market activity between October 2008 through February 2009. Real Estate sales and new listings were almost nonexistent.  Many homeowners pulled their houses off the market all together.  Once the spring market hit and consumer confidence was up from last winter’s freeze, the number of new listings to sales was and still is low.

Whenever you have fewer available properties this creates greater competition amongst the quality homes or condos that are available. This is why we have been seeing more bidding wars, properties selling higher than list price and the increase in values and selling prices.  The stats out now are indicating that home values are up to where they were this time last year.  This must mean everything is back to normal right?

What it means is that all the activity between $400,000 and $650,000 has caused greater competition and now there is next to no available 4 bedroom homes in Oakville at the lower end of that scale.  The median selling price for detached homes in Oakville for July 2009 was $549,000 up from June’s median price of $530,000.

While strong home sales are a positive economic indicator, factors like job losses and corporate and wage freezes affect buying power.  The uncertain future means it’s more important than ever to work with a Realtor that is working in your best interests. I work to build relationships, not take advantage of the market. Your Realtor should do their homework and help you to buy what you can afford now and down the road.

Tell me your thoughts on Oakville Real Estate and the current economic state - are we past the worst? Or is this a micro bubble?

Ryan Chelak, Broker
Town-City Realty Limited, Brokerage
Phone:   905.507.0040 ext.22
Website: Oakville Real Estate Homes & Condos
Blog: Oakville & Mississauga Homes & Condos
Twitter: @OakvilleRealtor
Category : Residential Real Estate | Blog
14
Jun

There’s no question that the Oakville and Mississauga Real Estate market has been active this spring. May was a great month for Sellers and Buyers! But inventories are down… I need your listings! Buyers are still buying and taking advantage of mortgage rates before they increase any more.

Not a day goes by lately without someone asking me how the Real Estate market is these days. It’s a good thing – I love it. Just look back to late last year and early this year and everyone was walking on egg shells waiting for the sky to fall… and it didn’t.

First-time buyers and buyers alike are taking advantage of affordable mortgage rates – it doesn’t appear that things are going to change in the immediate future. Don’t think for a second though that it’s a Seller’s market – Buyers are buying, but they’re cautious and calculated. What is playing in the favour of Sellers right now is the low inventory of resale homes and condos in Oakville and Mississauga. I don’t believe this is going to result in a significant increase in prices, but what it does mean is that those homes that are most desirable sell first and for more money. What does this mean? If you’re looking to buy a property, buy what you can afford. If you’re looking to sell your home, make sure your home is priced right. Working with a Real Estate Broker that knows the Real Estate market is a very worthwhile investment. Sure I’m biased, but I also spend hours analyzing statistics and watching trends. I may not always tell you what you want to hear, but I’m working to protect your most valuable asset – your home. If you’re thinking of buying or selling Real Estate in Oakville, Mississauga or the GTA and would like more information please visit my website or contact me at 905.507.0040 ext.22.

GTA May Resale Housing Sales Higher Than Last Year

June 2, 2009 — In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase in Real Estate sales since December 2007. The seasonally adjusted annual rate of sales in May was 81,300.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for Real Estate transactions in May was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

Source: Toronto Real Estate Board

Category : Residential Real Estate | Blog
14
Jun

Hi everyone and welcome to our little corner of the world. The Oakville Business Network is a group of like-minded business professionals and entrepreneurs who are embracing technology and building lasting business relationships at the same time.

I’ve enjoyed our short journey so far and look forward to years of success through networking.

I’m using my first post on our blog to introduce myself and my business – Oakville Real Estate. My name is Ryan Chelak and I have been working full-time as a licensed Real Estate Broker since 1997. I am a long-time Oakville resident and active within the Oakville community.

I specialize in residential Real Estate and condominium properties. I work closely with a network of private and institutional lenders and manage a Real Estate Investment portfolio of more than $20 million dollars. What you see is what you get – I work closely with you whether you are a first-time-buyer or an experienced investor with personal service, regular communication and attention to detail. My goal is to exceed your expectations by creating a customized service plan to meet your needs.

I embrace technology and the internet to exceed the expectations of my clients and expand my business on a daily basis. I blog regularly on my Oakville and Mississauga Real Estate and Condos Blog and encourage you to read my articles and let me know what interests you through your emails and comments.

I have a strong business background in finance and construction and call on my experience in condominiums, mortgage funds, Real Estate investment, property management, construction and renovation to provide a unique level of service to my clients.

My goal is not to just sell your home, close the sale and move on. I enjoy building lasting relationships with my clients and helping through all the steps of home ownership.

I am the Broker/Manager of Town-City Realty Limited - a boutique Real Estate Brokerage that has been serving the Oakville, Mississauga and Greater Toronto Area since 1965. We are a private Real Estate company that is driven by its Brokers and we will continue to embrace new technologies and enhanced communications to create cutting edge marketing material to maximize your property’s exposure and our results.

Please visit my website www.BuyAndSellYourHome.com for Oakville Real Estate listings and information on news and events that affect the Real Estate market in Oakville, Mississuaga and the Greater Toronto Area. Please feel free to email me or contact me at 905.507.0040. I always enjoy getting questions and comments so let me know what you think…

Cheers,

Ryan

Category : Member Pages | Residential Real Estate | Blog