Home Re-sale Market (GTA - TREB areas)

Comparison of Home Prices in 2007-2010

Average Price History

2010	2009	2008	2007	1998	1988	1978
$430,946	$395,460	$379,347	$376,236	$216,815	$229,63	$67,333

Here is complete report on real estate market activity in GTA area..

Real Estate News Headlines

<>Record First Quarter Sales - 22,418 homes sold -Toronto Real Estate Board- April 6, 2010
<>Home listings reach all-time high - Globe and Mail April 15, 2010
<>Canadian banks raise rates as finance costs rise - Globe and Mail April 14, 2010
<>Still A Seller's Market, For Now - Wall St. Journal April 15, 2010

Bargain Property…really?

Power of sale, Bank Foreclosure… you have seen it all and perhaps thought of buying that bargain property! Whether it be a condo or a house- for investment or own use, you want that bargain deal to save tens of thousands of dollars. In this article, we discuss what these various sales mean and how to protect yourself.

1. “Power of sale” means that the lender has used its power to force a sale of the property when borrower-owner of the property has defaulted on their mortgage payment. Most of the lenders in Canada are financials institutions and they have to follow certain procedures to force the sale of the property. The lender sells the house and from the after expense sales proceeds, it will recover the outstanding loan amount. What is left over (if any) will than be given to the mortgagee/owner. The lender is obligated to get the most dollars for the property and so the price may not be the lowest. Some other points to keep in mind are as follows:
• Often the property will not be in a move-in condition and will require clean up and repairs.
• The property may have been leased with a long term and low rent by the owner and the lender does not promise vacant possession.
• It may have been used for illegal and harmful use that the lender may not know of and hence will not guarantee anything.

2. The “foreclosure” of a property is a legal action taken by the lender typically when the entire mortgage debt becomes due. This process is involved and expensive and not very common in Ontario.

So, how would you protect yourself and still get a deal? Ask professional Realtors like us to give you a comparative market analysis on the property and decide if the asking price of the property is really a bargain considering the risks you are taking. If you decide to buy the bargain property, get advice from professionals such as a lawyer, a home inspector and an appraiser etc. to get complete understanding of risks you may be facing and how to mitigate them. Note that almost all of the “power of sale” properties are listed on MLS and therefore all Realtors have access to these properties. Before you go further with any of the “exclusive list” offered by advertisements, please do give us a call at (416) 294-7011 and let our team help you.

Spring Home Maintenance Tip

* Check bathtubs for needed repairs. Re-grout all bathtubs and showers to prevent leaks.
* Check smoke alarms and carbon monoxide detectors and replace batteries. *Check basement for any leaks due to melting snow.
* Re-seed bare patches in your lawn. Transplant and move plants that are still dormant or just starting to wake up. It is also time for spring cleaning.
*Re-level any exterior steps or decks that moved as a result of frost or settling.

"When you believe you can - you can" - Maxwell Maltz