Bank of Canada Interest Rate Announcement

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.

Global economic growth has been somewhat stronger than projected, with momentum in emerging-market economies increasing noticeably. Exceptional stimulus from monetary and fiscal policies continues to provide important support in many countries. The recovery in the major advanced economies is still expected to be relatively subdued, reflecting ongoing balance sheet adjustments and the gradual withdrawal of fiscal stimulus commencing later this year. Despite recent progress, considerable uncertainty remains about the durability of the global recovery. … Continue Reading

Tips to get a SOLD SIGN on your front door step…ON A BUDGET

When you decide to put your home on the market there are a couple things you should do first. Take a walk through your home an jot down some things that need some TLC. In most cases those minor little improvements you make may make your home more appealing to potential buyers and get a “sold” sign on the lawn sooner.

So you take walk through the kitchen, whether your have $150.00 or $6,000 dollars a little can go a long way. For example, change the hardware on your kitchen cabinets. By replacing them with a more modern clean handle this simple inexpensive improvement can give the kitchen a totally different look.

$200.00-$500.00 do a little DIY and install some nice undermount lighting, new updated kitchen faucet, or some snazzy pendent lights over the kitchen island. Adding light gives the space an airy open feel, this will really grab the buyers attention.

$3,000- $5,000 cabinets look a bit dull out dated? try painting them! Old clunky appliances go out and check out some new stainless steel appliances. Just by painting and adding new appliances it can really take a traditional kitchen and make it modern and sleek looking.

Take a walk into the bedroom…The number one thing noticed when you walk in is the BED.

$150.00-$250.00 go out and buy some new fresh linens and bedspread. If you go with a plain duvet, jazz it up with some colourful pillows or throw and tag along a nice crisp bed skirt.

$200.00-$250.00 try and find a nice leaning wall mirror of a clean simple mirror you can put above the bed. This will give the room an illusion that it is larger.

$200.00-$250.00 Give the bedroom a fresh coat of paint. Try keeping it a warm neutral colour.

Revive your laundry room, there’s nothing worse then walking into a laundry room that is cluttered and unorginized.

$100.00-$200.00 give the laundry room a fresh coat of paint, make it look fresh and clean. Stay neutral and use a calm soothing colour.

$300.00-$500.00 replace the old aged floor with some nice new ceramic tiles or stone use a material that is easy to clean and is durable.

$500.00-$1,000.00 add some nice custom cabinets and shelving. This way you can keep all your cleaning supplies all tucked away and have none exposed. This will make it a real functional space.

The exterior is next, first impression does count! this is the first thing potiental buyers will see. If you have dead plants, over grown shrubs, cracked driveway etc it wont look good and some buyer may just walk away.

$200.00-300.00 give the garage doors a face lift with some fresh paint, re- paint any window shutters etc. Cut back all over grown trees and shrubs. Plant some nice flowers and maybe place a nice potted plant at the front entry. Try laying some dark red wood chips all aorund the garden area, it will give it a nice clean pop of colour.

$300.00-$500.00 add some curb appeal buying replacing that old light fixture and put a nice new one. Change the numbers on your house with a more modern style. Place a nice new doormat with a hint of colour, you have to try and give your home a nice welcoming entrance.

So if your thinking of selling, take a stroll through the house and before you put out that For Sale sign on that lawn. Make sure you make those small minor improvments in most cases it may get you an offer quicker then you expected.

Good Luck!

Home Buyer's Checklist

Here are just a few things that you Buyer’s out there should consider when you are looking at that dream home:

Check zoning, building regulations and municipal plans for the area. They may affect any plans you may have for additions or renovations.
Estimate the resale potential of the house. This is an important consideration, especially if you may need to relocate again soon.
Drive through the area and evaluate the level of essential services. Check transportation and shopping facilities. Look at the proximity and types of schools in the area.
Carefully examine all aspects of the house’s construction, including plumbing, wiring and foundation walls. Bring along an expert if you feel unable to assess these properly. We have seen more and more clients exercising a house inspection company to look at the home in detail. Ask your realtor for the name of a reputable firm. Costs vary but are in the $300. range and the inspection provides a level of comfort which can be well worth the cost.
Try to determine what repairs you may be faced with over the coming years. Check the condition of the roof, capacity of electrical services, age of furnace and driveway paving. If you think your space needs may change, look for renovation potential – size of lot, exposure, room layout and so on.
Consider all expenditures you may have to make over and above actual purchase cost; repairs, furniture, landscaping, renovations, decorating and moving.
Be prepared for unexpected costs such as legal and survey costs, appraisal fees, land transfer tax and be aware of increased monthly costs like water, gas and electricity bills, especially when moving into a larger home.

Real Estate Stats are in!!!

TORONTO – March 5, 2009 — Toronto Real Estate Board Members reported 4,120 sales in February 2009 compared to 6,015 sales recorded in February 2008. The average home price was $361,305 last month compared to $382,048 during the same month last year.

“A considerable number of transactions continued to take place in February 2009. Motivated buyers and sellers, who were aware that market conditions changed over the past few months, were able to negotiate transactions acceptable to both parties,” said Toronto Real Estate Board President Maureen O’Neill.

On a month-over-month basis, sales and average price were above January levels of 2,670 and $343,632 respectively. The housing market is seasonal. Traditionally, in the first half of every year, sales and average price climb to their highest levels in late spring before trending lower from July onward.

“While the economic downturn has had an impact, the GTA housing market is resting on a solid foundation. Current home prices and mortgage rates suggest that GTA homes have become more affordable on average,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “A greater number of home buyers could take advantage of this affordability once their positioning in the economy becomes more certain.”

Typically the spring real estate market tends to experience more activity and with the Canadian economy experiencing a period of low mortgage rates and strong immigration, this trend could continue. According to Statistics Canada, Canada welcomed 247,202 permanent residents in 2008, 70,000 more than in 1998, and well within the government’s planned range of 240,000 to 265,000 new permanent residents for 2009.

The TREB President pointed out that Greater Toronto REALTORS® are an integral part of the real estate transaction process. “TREB Members are uniquely positioned to help home buyers and sellers adapt to changing market conditions,” added Ms. O’Neill. “In addition, TREB continues to advocate public policies that do not threaten affordability but support home ownership in the GTA such as lower taxation and less regulation.”