http://www.perryquinn.com/index.php en perry@homesniagara.com Copyright 2010 16:01:53Z http://www.perryquinn.com/blog/entry/canadian-economic-growth-exceeds-estimates/ http://www.perryquinn.com/blog/entry/canadian-economic-growth-exceeds-estimates/#When:15:01:53Z Bank of Canada reports 5% growth in Q4 2009 Did you know the Bank of Canada recently reported that economic growth has picked up by more than previously expected? In the 4th quarter of 2009, the Canadian economy expanded by 5% on an annualized basis, and the core rate of inflation hit 2% year-over-year in December 2009. On March 2nd, the Bank said that, “The main macroeconomic risks to the inflation projection are roughly balanced.” The Bank also restated its commitment to keep its lending rate on hold until the second half of 2010, conditional on the outlook for inflation. At that time, it is generally expected that interest rates will rise, but increases will be small and spread out over time. Real Estate Market Performance 15:01:53Z http://www.perryquinn.com/blog/entry/latest-better-homes-and-gardens-survey-of-home-buyers/ http://www.perryquinn.com/blog/entry/latest-better-homes-and-gardens-survey-of-home-buyers/#When:15:13:40Z Home buyers survey shows importance of efficiency and multi-use practicality Did you know that the new Homes and Gardens survey of home buyers revealed increased practicality? Greater energy efficiency has become more important with 87% seeking high efficiency heating/cooling systems and appliances in their next home.  Multi-use space is also important, with 59% wanting a home office, but the majority wanting this office to serve multiple uses as an office, computer, hobby and craft room.  A well-designed and organized space is important with 66% wanting a “no space wasted’ design and 62% listing ample storage space as very important. Also on the wish list: a separate laundry room (85%); kitchen with eating area (67%) and an extra bedroom with ensuite bath (65%). Lifestyle & Trends 15:13:40Z http://www.perryquinn.com/blog/entry/the-internet-is-important-in-home-search-process/ http://www.perryquinn.com/blog/entry/the-internet-is-important-in-home-search-process/#When:18:28:16Z Most buyers rely on the internet plus an agent Did you know that the Internet is a critical information source among buyers looking for a home? The most recent survey by the U.S. National Association of Realtors found that buyers use a variety of resources in searching for a home: 87% use the Internet, 85% use a real estate agent, 62% rely on yard signs, 48% attend open houses and 47% consult print ads. The vast majority starts the search process online, and then works with an agent to narrow the search, select and view properties, and negotiate the transaction. If you want your listing to be seen early and often, by the greatest number of buyers, choose a listing agent with a well-designed, high-ranking web site. Buying & Selling Tips 18:28:16Z http://www.perryquinn.com/blog/entry/canadian-real-estate-association-revises-2010-forecast-upwards/ http://www.perryquinn.com/blog/entry/canadian-real-estate-association-revises-2010-forecast-upwards/#When:13:08:24Z Unit sales expected to increase more than 13% Did you know that the Canadian Real Estate Association has revised its forecast for home sales upward this year, citing better economic conditions? CREA forecasts 527,300 sales this year, up 13.3 per cent from 2009 levels. The previous forecast called for a 7 per cent increase. The national average home price is forecast to rise 5.4 per cent in 2010 to a record $337,500. But next year will start to see the impact of higher interest rates, with sales forecast to decline 7.1 per cent in 2011. That would put next year on par with levels reported in 2005 and 2006, according to the realtors’ association. Year 2011 is when Canada’s realtors are expecting prices to slip 1.5 per cent. “A downward trend in national sales activity combined with an increase in listings will result in a more balanced market,” said CREA chief economist Gregory Klump. Real Estate Market Performance 13:08:24Z http://www.perryquinn.com/blog/entry/gta-real-estate-market-shows-huge-increases/ http://www.perryquinn.com/blog/entry/gta-real-estate-market-shows-huge-increases/#When:13:06:27Z January 2010 is way up over one year ago Did you know the January GTA real estate market started 2010 at full gallop, with sales up 87% from the year before, according to figures released February 3 by the Toronto Real Estate Board? “The Greater Toronto Area home market has rebounded well from the lows experienced at the beginning of 2009,” said Tom Lebour, TREB president. Placed in perspective, this January’s sales were slightly higher than the January average in the years preceding 2009 when the economy faced recession. The average price of a GTA home this January hit $409,058, up 19 per cent compared with $343,632 in the same month last year. TREB warned comparisons to last year will continue to be extreme in the first quarter of this year as “we continue to make comparisons to weak market conditions at the beginning of 2009.” Real Estate Market Performance 13:06:27Z http://www.perryquinn.com/blog/entry/royal-lepage-market-forecast-for-2010/ http://www.perryquinn.com/blog/entry/royal-lepage-market-forecast-for-2010/#When:13:04:11Z Strong real estate market has good momentum Canada’s residential real estate market is forecast to remain strong through the first half of 2010 as economic conditions improve and the impact of low interest rates stokes demand, according to Royal LePage’s Market Survey Forecast.  As confidence builds in early 2010, increases in average house price levels and overall market activity are expected to continue. “The Canadian real estate market enters 2010 with considerable momentum from a strong finish to the previous year,” says Phil Soper, Royal LePage CEO.  Strong demand, coupled with seasonal undersupply of homes for sale, should cause home prices to appreciate during the early months of the year. Improving supply as the year unfolds should moderate home price increases in the second half of 2010. Real Estate Market Performance 13:04:11Z http://www.perryquinn.com/blog/entry/canadian-real-estate-association-statistics-for-december-2009/ http://www.perryquinn.com/blog/entry/canadian-real-estate-association-statistics-for-december-2009/#When:16:24:49Z Strongest December in history contributed to good overall market performance in 2009 Did you know that December 2009 was the strongest December in history for sales of existing homes in Canada? The Canadian Real Estate Association (CREA) reported that 27,744 homes traded hands in December, up 72% from a year ago. “Sales activity in 2009 came in like a lamb and went out like a lion,” said CREA president Dale Ripplinger. The national residential price was $337,410 in December, up 19% year over year. On an annual basis, prices are up 5% to a record $320,333. Unit sales are up 7.7%, representing the fourth best year on record. One reason for rising prices in 2009 was the lack of inventory. However, the trend seems to be reversing, with new listings in December up 4.8% from the prior year. Strong prices are driving sellers back into the market, says CREA. Real Estate Market Performance 16:24:49Z http://www.perryquinn.com/blog/entry/go-canadiana-in-your-decor-in-2010/ http://www.perryquinn.com/blog/entry/go-canadiana-in-your-decor-in-2010/#When:15:37:54Z Our home-grown style is a hot design trend worldwide Did you know that a very hot decorating design trend for 2010 is “Canadiana?”  From the Vancouver Olympics to the G20 summit, the world’s eyes will be turned toward Canada this year, so expect to see “cool rusticity” dominate décor. Knotty pine, wood-burning fireplaces and stone mantels have a timeless and now trendy charm. The Bay’s recent collection includes everything from axes to canoe paddles! You may want to stop short of fashioning lamp bases from discarded hockey sticks,  but what about candlesticks built from pebbles or a rustic driftwood mirror? (Both found at HomeSense.) If you are renovating, consider tongue and groove wainscotting or wide plank pine floors. And for the crowning glory, why not feature faux antler lumieres which you’ll find among other treasures at http://www.cdnantler.com!  Design & Decorating 15:37:54Z http://www.perryquinn.com/blog/entry/interesting-prospects-for-2010-real-estate/ http://www.perryquinn.com/blog/entry/interesting-prospects-for-2010-real-estate/#When:17:57:48Z Pundits are positive and see some good trends emerging Did you know that many real estate analysts and experts are optimistic about prospects for the 2010 market? Factors include an undersupply in resale inventory relative to demand and continuing low interest rates. Interesting trends include the rise of the “neighbourhood’ with greater emphasis on the entire local area as a buying choice, not just the house itself. During 2010, marketing approaches will be increasingly online and interactive, keeping purchasers on top of current information via dynamic websites, Facebook and Twitter. An emerging design mindset is labelled “lesstravagance” or understated elegance, juxtaposing old, even worn-out pieces with modern, sleek environments.  Real Estate Market Performance 17:57:48Z http://www.perryquinn.com/blog/entry/renovation-tax-credit-expires-february-1/ http://www.perryquinn.com/blog/entry/renovation-tax-credit-expires-february-1/#When:11:17:40Z Finish projects before the deadline to qualify for tax credits Did you know time is running out to qualify for Ottawa’s $1,350 home renovation tax credit, which expires on February 1, 2010?  You must spend more than $1,000 and may claim up to $10,000 on qualifying items or work to earn the maximum credit. Qualifying expenditures include repairs, alterations and preventative maintenance for a home you own, including the cost of labour, materials and equipment rentals. Eligible expenses include renovating a kitchen, bath or basement; installing new carpet or hardwood floors; building an addition, garage or deck; re-shingling a roof; installing a new furnace, fireplace, water softener or hot water heater; or painting. Ineligible expenses include furniture, appliances, audio-visual systems, cleaning, maintenance and financing costs. The work can be done by a professional contractor or you can do it yourself. In the case of contract work, you can claim the value of the contract, whereas if you do it yourself, you can only claim materials, not your labour. Remember to keep your receipts! Design & Decorating 11:17:40Z