CENTURY 21 Watson Realty Ltd. - Blog

Changes To Mortgage Insurance Rules

Fernando Frias — Tue, 16 Feb 2010 00:00:00 GMT

As of this morning, the long awaited announcement by Federal Finance Minister Jim Flaherty with changes to mortgage insurance rules which come into effect April 19th, 2010. The changes are as follows:

All borrowers must meet the standards for a five year fixed rate mortgage, even if they choose a mortgage with a lower interest rate and shorter term.
The Maximum amount one can withdraw in refinancing their current mortgage will be reduced to 90% from the current 95% of the value in one's own home.
Non-owner occupied properties (that is homes that are not your principle residence) will require a down payment of 20%.

Note: there were no changes indicated to the down payment requirements or the length of amortizations for owner occupied residence, that is homes to be used as your principle residence.

Google Streetview Now on CENTURY 21 Watson Realty's Website for Cambridge Real Estate

Fernando Frias — Wed, 10 Feb 2010 00:00:00 GMT

Google Street View available for CAMBRIDGE !

Remember seeing the car driving down the street, perhaps in your own neighbourhood with that contraption on the roof? Google Street View officially became available for Canadian neighbourhoods this fall and was released for Cambridge Ontario this week - the technology that lets you fly down to the street curb level and cruise in a 360-degree manner around the yards, buildings, etc. with remarkable 'zoom'-ability to see details. If you haven't tried flying "Pegman" around a neighbourhood yet, I suggest you give it a try.

CENTURY 21 Canada recently integrated Google Street View right into its search function on Century21.ca. We've also added new Google Maps API features to Century21.ca, which in turn flows down to the Century 21 Watson Realty Ltd. website www.century21watson.com .

Check out this listing and then on the top left ... click "Launch Street View"

Previewing homes for sale on the Internet has never been easier - saving you precious time before you head out to walk through the properties. As with everything with technology we fully expect there will continue to be technology breakthroughs on the Internet in general, and of course at Century21.ca which we can utilize to assist buyers and sellers in Cambridge for all their real estate needs.

Resale Housing Forcast for 2010 & 2011

Fernando Frias — Tue, 09 Feb 2010 00:00:00 GMT

The following is a small excerpt for the Canadian Real Estate Association (CREA) press release of February 8th/10 on there forecast for the Canadian housing market.

Resale housing forecast extended to 2011

With Canadian economic growth rebounding from the recession, the unusually severe decline in sales activity in early 2009 is not expected to recur in 2010. Annual activity in 2010 is forecast to be well above the previous year's level as a result.

CREA forecasts national activity will reach 527,300 units in 2010, up 13.3% from 2009. This would represent a new annual record, standing 1.2% above the previous peak in 2007. Low interest rates are expected to boost housing demand in the first half of the year, resulting in strong annual sales growth in nearly all provinces in 2010, led by British Columbia and Ontario.

National home sales activity is expected to remain strong in the first half of 2010, fuelled by low interest rates and home buyers motivated to avoid the HST before it comes into effect in Ontario & British Columbia.

(Here is a summary of unit forecast and average residential price Nationally and for Ontario)

MLS® residential unit sales forecast

Canada:

2009 - 465,251 units

2010 - 527,300 units up 13.3%

2011 - 490,100 units (-7.1%)

Ontario:

2009 - 195,840 units

2010 - 223,700 units up 14.2%

2011 - 200,300 units (-10.5%)

MLS® residential average price forecast

Canada:

2009 - $318,366.00

2010 - $332,700.00 up 4.5%

2011 - 326,000.00 (-2.0%)

Click here for the complete forecast as released by the Canadian Real Estate Association and stats for other Provinces.

Average MLS® Prices for Major Metropolitan Areas in Canada for December 2009

Fernando Frias — Fri, 05 Feb 2010 00:00:00 GMT

Average MLS resale price for local markets

City December '08 December '09

Halifax $234, 063 $246,380

St. John $156,923 $178,037

Quebec $203,239 $231,235

Montreal $267,050 $285,356

Ottawa $272,672 $311,604

Toronto $361,284 $411,931

Hamilton/Bulington $240,073 $285,795

Winnnipeg $182,814 $209,963

Saskatoon $266,411 $291,554

Calgary $362,557 $394,300

Edmonton $310,974 $319,201

Vancouver $560,953 $627,582

Victoria $444,222 $522,211

Source: Canadian Real Estate Association

All Values in Canadian dollars