The Ultimate List

We uncovered this great resource guide on Canadian House and Home's website. It may take a while but check it out!

The ultimate list of online decorating destinations, sites and blogs — in alphabetical order — as chosen by House & Home editors.

247reno
Follow a real-life home renovation, from the powder room to the porch to the basement.

ABCD Design
Amy Beth Cupp Dragoo blogs from New York City about interiors, shopping, recipes and travel.

Absolutely Beautiful Things
A daily inspiration journal from Australian interior designer, Anna Spiro.

All the Best
Texan Ronda Carman interviews design icons and global tastemakers from her new set-up in the U.K.

An Aesthete's Lament
A blog to inspire readers to live with more personal panache: whoever they are, whatever their income, and wherever they live. Décor, art, fashion and architecture just scratch the surface.

Apartment #34
A communications guru by day, Erin is a "girl about town", lover of fashion, ogler of design, and blogs from Seattle about her favourite treasures, finds and inspirations.

Apartment Therapy
Helping people make their homes more beautiful, organized and healthy by connecting them to a wealth of resources, ideas and community online.

Arren Williams Design Lab
The blog of freelance stylist and House & Home contributor, Arren Williams.

Art Moco
A modern and contemporary art blog.

Atmosphere Randoms
An interior design firm branches out to blog about their projects, products and the latest trends.

Aubrey + Lindsay
A Toronto couple shares their plaster and dust-filled home renovation process.

Black*Eiffel
Graphic designer Rachel Jones writes about design, style, and anything that inspires her.

Bryn Alexandra
Charlotte, N.C.-based Bryn Dunn works as an interior decorator by day and blogs about all things stylish by night.

Cafe Cartolina
A collection of art and inspiration, including crafts, accessories, furniture and interiors.

Charlotte Moss
Tête-à-tête delves into the inspirations behind the New York-based designer and author.

The City Sage
After jumping around North America, Anne settled down in New York City to blog about fashion, design books, interiors and other inspirational blogs.

Cobi
Former House & Home editor-in-chief Cobi Ladner shares what she's been up to since venturing out on her own.

coco+kelley
Seattle stylist Cassandra LaValle shares stunning interiors, fashions and tabletops.

Creature Comforts
A blog by Ez, a lover of style and design in all its many forms.

David Netto Design
Features contemporary design images and the NettoCollection.

Decor8
Fresh finds for hip spaces.

Decor Addict
Interior decorator Trina Brandon posts interviews with local Canadian designers, hot new stores, products and trends.

Decorology
A blog about interior design, home decorating, and all manners of design in general.

Department of the Interior
Jenn shares her picks for "fine living" — interiors, accessories, trends — from Washington, D.C.

The Design Agency
Allen Chan, Matthew Davis and Anwar Mekhayech comprise the Toronto-based design firm, whose chic interiors and furniture designs have us browsing their website regularly.

Design Milk
A modern design and architecture blog by Jaime Derringer, who also produces Art Milk and Dog Milk.

design*sponge
A daily website dedicated to home and product design run by Brooklyn-based writer Grace Bonney.

Design Therapy
New York City interior designer Brad Ford blogs about his favourite images, products, designers and art.

DesignTies
Two Canadian gals who demo, paint, tile and write all about their adventures in interior decorating and remodeling.

Desire to Inspire
Kim, from Ottawa, and Jo, a former interior designer, source inspiring rooms on the web and showcase their mutual passion for all things beautiful.

Door Sixteen
A New York renovation, homemaking and design blog.

Eddie Ross
A former editor at Martha Stewart Living, Eddie Ross retreated to upstate New York to write about styling, flea markets, vintage finds, entertaining and decorating.

Elements of Style
Interior and fashion stylist Erin Gates offers inspiration in fashion, interior design and pop culture.

Emma's Designblogg
Design and style from a Scandinavian perspective.

Etsy
The place to buy and sell all things handmade.

{frolic!}
Photographs of flowers, interiors and pretty parties compiled by Chelsea, a stylist in Portland, Oregon.

Gaelle le Boulicaut
Photographs of stunning European interiors.

Gemma Comas
Romantic and whimsical interior shots and inspirations from the New York City photographer.

G. P. Schafer Architect
A New York City firm with a website full of inspirational interiors. Their style is rooted in tradition and ties the timeworn character of old homes in with functional everyday design.

Habitually Chic
Glamorous lives and stylish places.

HGTV Canada
Advice on decorating, entertaining, real estate and renovation.

Igloo Design
Montreal's commercial, residential, restaurant and hotel design firm posts their latest inspiration.

Ill Seen, Ill Said
Born and educated in Ireland, Jane Flanagan moved to Toronto in 2003 to pursue online writing and spread her passion for design, fashion, and black and white photography.

The Inspired Room
From a small town in Washington, freelance writer Melissa Michaels blogs about decorating ideas, homemaking tips and DIY projects.

It's Great to Be Home
Dallas real estate duo Liz and Jason Haynsworth pursued their passion of flipping homes and are now on to their second renovation. Follow their progress as they blog about real estate, design and DIY projects.

Just Beachy
The free-spirited blog of designer and DIY diva Christie Kauffman of CK Interiors.

Katy Elliot
A former web editor at Domino, Katy Elliot blogs about the renovation of her home in Maine, along with design inspiration, products and recipes.

Kitka Design Toronto
Juli and John's blog on home-related design spaces, places, people and things.

Lake Jane
A fun, Montreal-based blog for curious at heart, girly-girls, procrastinators, nail biters and eternal dreamers.

Little Green Notebook
Jenny Komenda started blogging about home décor and DIY projects, and received such great feedback from readers that she started up her own decorating business, Pearl Street Interiors.

Making it Lovely
Nicole Balch’s blog on the transformation of her Oak Park, IL bungalow.

Meade Design Group
Victoria-based Ivan Meade juggles a multidisciplinary design studio while uncovering new eye candy each week.

Muriel Brandolini
Features the work of one of New York's most sought-after designers.

My Notting Hill
A Washington, D.C.-based management consultant by day posts inspiring interior shots and stand-out home accessories in her spare time.

Nate Berkus
Site of the designer, author and host of The Nate Berkus Show and Oprah’s Big Give.

New York Times Art & Design
The latest news on influential artists, designers and shows.

Oh Joy!
Inspiration, design, style and other cool things from New York graphic designer and blogger Joy Deangdeelert Cho.

Ouno Design
Vancouver designer Lindsay Brown wanders outside the mainstream design scene with unexpected, unstuffy and unique inspiration.

Patricia Gray
This Vancouverite is one of the country's big-name designers, with awards and celeb clients including John Travolta. She writes about what's hot on the design scene, new trends, architecture and travel.

Paul Costello
Design photography featured in Town & Country, Domino, Elle Decor, Vanity Fair, InStyle, and Condé Nast Traveller.

Paul Massey
Modern and eclectic interiors shot by the acclaimed U.K. photographer.

The Peak of Chic
Atlanta-based Jennifer Boles blogs about vintage design, entertaining and style secrets.

Pia Jane Bijkerk
The stylist, photographer and author blogs from Sydney, Paris and Amsterdam about interiors and food.

Poppytalk
A Canadian design blog collecting inspiration and promoting emerging design talent.

Poppytalk Handmade
A monthly online street market curated by Poppytalk to showcase, buy and sell handmade goods of emerging design talent from around the world.

The Purl Bee
Purl, the New York City knitting store, also publishes this online craft journal with original knitting, sewing and crafting patterns.

Rambling Renovators
A design-savvy couple — he an architect, she a wannabe designer — show how eager they are to put their DIY skills to use with the renovation of their old Toronto home.

Remodelista
For interiors aficionados who share the same design DNA: a genetically encoded aesthetic.

Restyled Home
From New Glasgow, N.S., come the design musings and finds of stylist Linda MacDonald.

The Selby
Todd Selby, a fashion and interiors photographer, offers an insider's view of creative individuals in their personal spaces. Selby has even published a book of his photography, The Selby Is In Your Place (2010 Abrams).

Sfgirlbybay
Bohemian modern style from a San Francisco girl.

Shelterpop
Diane Davis, former lifestyles editor for The Associated Press, leads a team of design editors to cover everything from home tours and room-by-room design to gardening and storage solutions.

S. R. Gambrel
Architect Steven Gambrel's country houses, beach havens and urban interiors reflect his classic sensibility and flair for mixing modern and traditional furnishings.

Style Court
A blog by Courtney Barnes, with a focus on interior design, decorative arts, books and art history.

The Style Files
The Netherlands' Danielle de Lange blogs daily about design and (life)style.

styleNorth
Founder Christopher Jones corrals a small staff of contributors to share home tours, high/low comparisons and new and vintage finds.

{this is glamorous}
A Toronto-based blog about design, fashion and lovely things.

Tiny.K
A blog featuring a daily dose of gorgeous interiors.

Tobi Fairley Interior Design
Arkansas-based Tobi Fairley's work has appeared in House Beautiful and blogs across the U.S.

Tom Dixon
The British design firm's website is full of inspiring interiors, custom furniture and lighting.

Tom Scheerer
The New York City interior designer creates livable spaces with carefully arranged furniture and eclectic antiques in what he terms a "relaxed modern" style.

TreeHugger
A site dedicated to driving sustainability mainstream. Partial to a modern aesthetic, they strive to be a one-stop shop for green news, solutions, and product information.

Twig Hutchinson
Beautiful and atmospheric photographs propped by a renowned London stylist.

Urban LifeStyle Decor
Chicago blogger Susan Rapp writes about furniture finds, eco-friendly decorating and tips for the most stylish of urban dwellers.

Wallpaper
A decorating enthusiast blogs about all things stylish, fashion and DIY home décor.

Windlost
An engineer by day, blogger by night, Terri Price shares the evolution of her Calgary home.

You Grow Girl
Eco author Gayla Trail offers tips for novice gardeners and sets out to redefine the relationship between the modern urban world and organic gardening.

Young House Love
A cute young couple tackles a middle-aged bungalow (and their own backyard wedding) on a shoestring.

Go WEST my friends!

We finally have a west-ender on our team, Martin Stothard. While talking about our impending home build he let us in on a great trend happening in the Junction (think Dundas and Keele).

Great stores offering items from architectural salvage and vintage finds have been popping up all over that neighbourhood.

If you are restoring a home or simply want to inject some character and originality into your home, check out some of these great stores...

(just click on the store names to see their websites)

Cheers,
Mark

Smash!
2880 Dundas Street West, Toronto













Smash is a Toronto-based store and gallery that specializes in industrial and architectural salvage and contemporary art and design.

Metropolis
2989 Dundas Street West

Metropolis Living is a home décor store devoted to industrial loft-style living. They collect salvaged materials, recondition them for sale, or repurpose them into signature pieces.

They also carry a small selection of exceptional reproductions with an industrial edge, and do custom work for specific requirements.

Post and Beam

2869 Dundas Street West

This soaring salvage shop in the Junction offers architectural antiques gathered at auction houses, demolitions, estate sales and on country jaunts, and many come with detailed provenance tags. Styles include the traditional and the quirky.

For more information on The Junction, check out Toronto Life's neighbourhood profile...

The Junction

Nothing like the first time...

Check out this fantastic article by Amy Fontinelle...

10 worst first-time homebuyer mistakes

by Amy Fontinelle - Investopedia

These errors could wind up costing you more than the coveted key to your first home.

Are you gearing up to buy your first place? Shopping for a home is exciting, exhausting and a little bit scary. In the end, your aim is to end up with a home you love at a price you can afford. Sounds simple enough, right?

Unfortunately, many people make mistakes the prevent them from achieving this simple dream. Arm yourself with these tips to get the most out of your purchase and avoid making 10 of the most costly mistakes that could put a hold on that sold sign.

(Don't know even where to get started when purchasing a home? Check out Financing Basics For First-Time Homebuyers and our First-Time Homebuyer Guide.)

1. Not Knowing What You Can Afford

As we've all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don't already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on.

Don't forget major expenses that only occur once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you'll know how much you can spend on your new home each month.

If you end up looking at homes that are outside your price range, you'll end up lusting after something you can't afford, which can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can afford.

You may even learn that you can't afford the type or size of home that you desire and that you need to work on reducing your monthly expenses and/or increasing your income before you even start looking. (Read Six Months To A Better Budget and Get Your Budget In Fighting Shape to learn more.)

2. Skipping Mortgage Qualification

What you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income, so make sure to get pre-approved for a loan before placing an offer on a home. If you don't, you'll be wasting the seller's time, the seller's agent's time, and your agent's time if you sign a contract and then discover later that the bank won't lend you what you need, or that it's only willing to give you a mortgage that you find unacceptable.

Be aware that even if you have been pre-approved for a mortgage, your loan can fall through at the last minute if you do something to alter your credit score, like finance a car purchase. If you cause the deal to fall through, you may have to forfeit the several thousand dollars that you put up when you went under contract. (To learn more, read Pre-Qualified Vs. Pre-Approved - What's The Difference?)

3. Failing to Consider Additional Expenses

Once you're a homeowner, you'll have additional expenses on top of your monthly payment. Unlike when you were a renter, you'll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs (which will occasionally include expensive items like a new roof or a new furnace).

If you're interested in purchasing a condo, you'll have to pay maintenance costs monthly regardless of whether anything needs fixing because you'll be part of a homeowner's association, which collects a couple hundred dollars a month from the owners of each unit in the building in the form of condominium fees. (For more information, see Does Condo Life Suit You?)

4. Being Too Picky

Go ahead and put everything you can think of on your new home wish list, but don't be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited. You may have to live on a busy street, accept outdated decor, make some repairs to the home, or forgo that extra bedroom. Of course, you can always choose to continue renting until you can afford everything on your list - you'll just have to decide how important it is for you to become a homeowner now rather than in a couple of years. (For related reading, read To Rent or Buy? The Financial Issues - Part 1 and To Rent or Buy? There's More To It Than Money - Part 2.)

5. Lacking Vision

Even if you can't afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home otherwise meets your needs in terms of the big things that are difficult to change, such as location and size, don't let physical imperfections turn you away. Besides, doing home upgrades yourself, even when you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you. (For more information on remodeling, read our related article Fix It And Flip It. The Value of Remodeling.)

6. Being Swept Away

Minor upgrades and cosmetic fixes are inexpensive tricks that are a seller's dream for playing on your emotions and eliciting a much higher price tag. Sellers may pay $2,000 for minimal upgrades or staging that you'll end up paying $40,000 for. If you're on a budget, look for homes whose full potential have yet to be realized. Also, first-time homebuyers should always look for a house they can add value to, as this ensures a bump in equity to help you up the property ladder.

7. Compromising on the Important Things

Don't get a two-bedroom home when you know you're planning to have kids and will want three bedrooms. By the same token, don't buy a condo just because it's cheaper when one of the main reasons you're over apartment life is because you hate sharing walls with neighbours. It's true that you'll probably have to make some compromises to be able to afford your first home, but don't make a compromise that will be a major strain.

8. Neglecting to Inspect

It's tempting to think that you're a homeowner the moment you go into escrow, but not so fast - before you close on the sale, you need to know what kind of shape the house is in. You don't want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. Keeping your feelings in check until you have a full picture of the house's physical condition and the soundness of your potential investment will help you avoid making a serious financial mistake.

9. Not Choosing to Hire an Agent or Using the Seller's Agent

Once you're seriously shopping for a home, don't walk into an open house without having an agent (or at least being prepared to throw out a name of someone you're supposedly working with). Agents are held to the ethical rule that they must act in both the seller and the buyer parties' best interests, but you can see how that might not work in your best interest if you start dealing with a seller's agent before contacting one of your own. (To learn more, read Do You Need A Real Estate Agent?)

10. Not Thinking About the Future

It's impossible to perfectly predict the future of your chosen neighbourhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.

Some questions you should ask about your prospective property include:

• What kind of development plans are in the works for your neighbourhood in the future?

• Is your street likely to become a major street or a popular rush-hour shortcut?

• Will a highway be built in your backyard in five years?

• What are the zoning laws in your area?

• If there is a lot of undeveloped land, what is likely to get built there?

• Have home values in the neighbourhood been declining?

If you're happy with the answers to these questions, then your house's location can keep its rose-coloured lustre.

What do you think?

We were talking in the office about why open houses are typically held from 2-4PM.

Nobody could come up with a decent answer.

Being in an industry that lends itself to working 24/7 and knowing that we're all trying to get more balance in our lives, we started thinking that this time of day didn't make much sense.

You can't really commit to doing anything on a day that you have an open house. We started wondering if our clients felt the same way.

Are open houses in the middle of the afternoon convenient for you? Or would you prefer they be held in the morning from 10AM-12PM?

Let us know what you think by voting in our poll posted to the right of this page!

Cheers,
Mark

Don't worry, be hot and happy.

If you've been keeping an eye on real estate news, you'll be seeing a lot of bubble talk.

June was hit with a multiple whammy that has led to softening of the market, most of which was fairly expected.

First, we had a very early spring market with unusually weather and pent up buyers. That typical seasonal surge correspondingly ended early, triggered by the G20 and perhaps a touch of FIFA World Cup.

Second, when everyone saw the return of multiple offers and frenzied buyers, a lot of homeowners decided to jump in and sell....there was a huge 21% increase in inventory in June which flipped the table a bit, increasing choice and decreasing the pressure for buyers, putting some of the power back in their hands. But a lot of sellers came to the party late and were caught off guard by the early cooling of the spring market.

Rate increases and the HST have had some effect, although not quite as dramatic. HST really hit the pockets of new home buyers but resale hasn't seen the impact. If it was going to be a huge motivator, numbers would have been much stronger in June since offers had to be written by the deadline to be exempt.

Another factor were the new CMHC mortgage regulations, which increased the down payments for investors and the income requirements for buyers who must qualify for a five-year fixed rate.

And as per the media frenzy, the sky is not falling. The market typically slows down in the summer anyway and you can't get too caught up in month-to-month changes.

We foresaw a slow down for the latter half of 2010 and expect this to continue. The good news is that the market is becoming more balanced for both buyers and sellers. Buyers are not necessarily in competition but sellers are still getting good value for their homes. Sellers do need to bring their expectations in line with the current market but should still have confidence.

I still see a seasonal boost in the fall once everyone has their head out of summer. The true test of the market sustainability will come once we see the numbers for Q4 of this year.

Until then, enjoy the long hot summer!

Cheers,
Mark

For the Toronto Real Estate Market Watch and the Housing Market Charts, see below...

Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."

The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."

Click here for the full PDF:
Market Watch

Good Things

Every once in a while we come a cross great deals, places and info for your home and we can't wait to share...














Hogar Home

Sadly this Leslieville store is closing but that means great deals for furnishings and accessories. They have been closed this week to pull out all of their stock and re-open this weekend for a final sale.

Beyond the 50% off, you can probably negotiate if you're purchasing multiple items (my wife did!). We got a great pair of bedside lamps and they also have amazing kitchen accessories - great food containers for our daughter and the best stainless steel cleaning cloths. This store is great for gifts and your own home!

Universal Lighting
121 Cartright Avenue - 416.787.8900

Great deals abound at the Universal Garage Sale where new product continues to make its way from the main store to their warehouse next door each day.

All merchandise is between 50% and 70% off and includes crystal, stainless and iron chandeliers, as well as halogen wall sconces in chrome and stainless, ceiling fans and select outdoor fixtures.





Design Within Reach
416. 977.4003

We've featured their floor sale in the past and we're doing it again...because the deals are so great! From 40-80% off, you can get classics like Eames chairs from $450 a piece to $270.

DWR Floor Sale List

Call Molly Scott to check if an item you love is still in stock.

Stacaro

Stacaro is a great store for traditional or european style furniture and they have an end of season sale, including exlusive online offers.

Have you heard of great deals for you home? Let us know...comment below!

Cheers,
Mark

HST and Your Mortgage

From the desk of Peter Majthenyi - Mortgage Architects

Now that all the commotion of the G20 meeting is over, and the official launch of HST is done … it is time to "pause", put everything into perspective, and consider how these recent events affect our daily lives.

The Canadian economy is performing better than most. Even though commodity prices are weak, we don't have excessive national debt relative to other major economies, and we are we still experiencing some healthy economic growth.

Under these conditions, one would think interest rates will have to increase soon, yet this is not the case because the U.S. and most European countries are attempting to cut their deficits in half over the next three years and that focus will likely not allow for any dramatic interest rate hikes soon.

So despite some burned out police cars and broken store windows, the news for the average Canadian borrower is good… Capitalism 1 Anarchy 0.

The average Toronto home price is up by $50,000 over this time last year and it appears the fury of home buying is starting to slow as we reach a more ideal and balanced market.

Our Government has been relatively successful in cooling an over-heated real estate market; their goal was to make the average consumer look at their debts carefully before they considered making any major purchases.

Both Provincial and Federal Governments have been proclaiming for months that we need to be aware of increasing interest rates, more strict criteria to qualify for a mortgage and, finally, the launch of the HST.

The combination of all these changes has definitely moderated our buying behaviours.

The HST does not affect mortgages or mortgage services. There are no taxes on financial services so your mortgage is insulated from any direct effects of the HST. There will be some increasing costs, such as legal services to set up a mortgage, which will have an applicable HST and so will your CMHC premium.

Practically speaking, these expenses are very minor and will likely not influence your decision to buy real estate or pursue a better mortgage.

There's more good news; fixed mortgage rates are dropping! Many consumers are very unhappy and are boycotting lenders like TD and RBC who were very quick to increase fixed mortgage rates when their owns costs of funds did not increase.

These lenders were taking advantage of the media hype that interest rates were going up soon and they decided to take some early profits at the borrower's expense. Not to mention, five-year fixed mortgages have not been saving homeowners money for many, many years.

We can't express enough how important it is to be financially literate so you make educated decisions on all your finances. For example; research will demonstrate that even if interest rates only climbed, the current five-year variable rate at 1.9% will still result in less interest paid compared to the current five-year fixed rate at 4.19%.

Also, it is important not to obsess with the interest rate itself but to obsess on the strategies implemented to pay less interest. There is a difference between interest rate, and how much interest you will pay. If a mortgage rate is .1% less it will save about $250 a year on a typical mortgage, and I would hope with a better "Mortgage Plan" we are saving a heck of a lot more than $250 a year!

Consider us as your mortgage educator and you will learn there is not a right or wrong mortgage choice… our common goal is to make an educated choice. Visit us 24/7 at our website or connect with us anytime at 416-236-9300.

Here's to a hot and safe summer… Peter, Andre & Team.

To talk to Peter or Andre, go to www.mymortgageplanner.ca.

Markets - A Slight Chill

May Sales Remain High

June 3, 2010 -- Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.

“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”

New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.

“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”

Median Price
In May, the median price was $376,750, from the $337,000 recorded during May of 2009.

Click here for the complete current issue of Market Watch in pdf file format.

Check out the housing market charts for historic comparison...

Mortgages - Answers in June!

Scott's Perspective

by Scott Westlake
Mobile Mortgage Specialist - Royal Bank of Canada
Cell: 416.436.1135
scott.westlake@rbc.com

June is becoming a very exiting month for real estate in Toronto/GTA. It seems like everyone has been waiting to see where the market is going in terms of interest rates, which I comment on below, how HST will affect the average home buyer. How government changes will affect clients purchasing real estate and lastly how the market will react to the above noted changes.

June has finally brought some answers. The seemingly “never ending” interest changes in the fixed market has slowed down, and in fact, on some terms slightly decreased since the initial hike on all fixed products.

The seemly unsettling feeling for all variable clients was at least for the time being put at ease with only a 25bps interest rate increase. HST publications are everywhere and a simple internet search will easily provide more than enough information to understand the potential impacts on the real estate industry.

The government changes have not seemed to impact the average client and/or slow down those purchasing real estate. The new standards have just seemed, at least initially, to ensure Canadians are purchasing within their means and ideally this will lead to a more solid real estate market, keeping prices in line and creating a better economic landscape protecting all of our investments.

This month I read a bunch of articles as always to keep myself informed and have attached two that I find a good read. Please see, “Canadians purchasing recreational properties,” which I find a good read. This really shows the strength of Canadian real estate and how we are reacting to adversity.

Purchasing recreational properties tends to be something you only do in a “great market,” or when times are perfect. Despite some set backs in our market, Canadians are purchasing real estate for recreational use. The second article is a market update from CMHC. Please visit their website for additional information, http://www.cmhc-schl.gc.ca/en/

As always, I am here to help all my clients, contacts and friends alike. If you or anyone you know is looking for the right advise and help either getting into their dream home, investment property or even is looking to switch their mortgage, please email or call me anytime! Scott.westlake@rbc.com

Sincerely and happy home buying,

W. Scott Westlake

RBC Mortgage Specialist

Canada becomes first country in G7 to hike rates

A report from the Canadian Real Estate Association talks about the bank rate increases from a global perspective...

For the first time since 2007, the Bank of Canada raised its target for the overnight rate by one quarter of one percentage point to 0.5 per cent on June 1, 2010. The Bank rate was raised to 0.75 per cent and the deposit rate was unchanged at 0.25 per cent, thereby re-establishing the normal operating band of 50 basis points.

The Bank had been keeping its benchmark interest rate at the lowest possible level for more than a year to stimulate the fragile economic recovery.

The Bank noted that while that global economic recovery is well under way, it is unfolding unevenly on a global basis. It characterized the ongoing imbalances as “strong momentum in emerging market economies,” and “some consolidation of the recovery in… industrialized economies,” counterbalanced by the “possibility of renewed weakness in Europe.”

The Bank keyed in on current volatility in the European markets as the largest downside risk to global economic growth saying, “Recent tensions in Europe are likely to result in higher borrowing costs and more rapid tightening of fiscal policy in some countries.”
The Bank noted that spillover into Canada from events in Europe has resulted in a modest decline in commodity prices and some tightening in financial conditions.

The Bank downplayed slightly stronger than expected inflation and economic growth saying, “CPI inflation has been in line with the Bank’s April projections,” and “activity in Canada is unfolding largely as expected.” It also played up the idea that consumer spending would soon subside: “Going forward, household spending is expected to decelerate to a pace more consistent with income growth.”

As of June 1st, the advertised five-year conventional mortgage rate stood at 5.99 per cent. This is down 0.66 per cent from one year earlier, but stands 0.14 per cent above where it stood when the Bank made its previous interest rate announcement on April 20, 2010. It is also one half of a percentage point above where it stood at the beginning of the year.

“The Bank left its options open as to whether it will raise rates again when it makes its next interest rate announcement on July 20th,” said CREA Chief Economist Gregory Klump. “I expect it will raise rates by another quarter of a percentage point at that time, but will take a pause at some point later this year, especially since interest rates in the U.S. are likely on hold until next year.”

“Even though they are on the rise, mortgage rates will still be at low levels that are housing market friendly, with home financing remaining within reach for many homebuyers,” he added.

The Bank will make its next scheduled announcement on July 20th.

http://creastats.crea.ca/natl/interest_rate_trends.htm

(CREA 06/01/2010)

HST Confusion...and Clarification

When exactly does HST come into effect for real estate transactions?

That's the problem. This is not exact science.

To clarify...

For Resale Homes

As of July 1st, buyers and sellers will pay 8 per cent more on legal fees, appraisals, real estate commissions, home inspection fees, and moving costs.

That's about $2,500 extra if you are selling a $600,000 home. And just over $4,000 on a $1 million dollar home.

Someone once told me not to take any money for granted, and a good way to look at things was by figuring out how much careless use of money was costing you in terms of wine.

THAT's a lot of wine folks.

And the government will still keep cutting...The HST will also apply to utility bills, such as gas, electricity and home heating fuel, on home renovation labour, the cost of lawn upkeep or landscaping and the cost of snow removal, which were all previously exempt from PST.

For New Homes

Before, new homes were exempt from PST. As of July 1st, new homes worth less than $400,000 will qualify for a 6% tax rebate, but new homes worth more than $500,000 will be subject to an additional 8% tax. Ouch. That's $40,000. Way to go Ontario for effectively squashing new home sales and development.

But wait! There's still time!

For those of you trying to take advantage of the 42 days or so before it applies, you have a bit more time on your side.

As per our broker, "If 90% or more of the services are performed before July 1st, HST will NOT apply. Most transactions written and firm before July 1st, 2010 can be assumed to be HST free."

Meaning, if you have a firm sale or purchase before July 1st, but the close date falls after July 1st, you can assume you will be HST free.

So if you are currently in the market to sell or buy, make sure you not only have an accepted offer, but make sure any conditions are removed prior to June 30th!!

I, for one will be planning not to sleep for the last week of June.

Cheers,
Mark

Get Dirty

With somewhat more permanently good weather, now is the time to get in the garden and get dirty.

To kick things off, check out some great plant sales in Toronto. Click the link for details...

Black Creek Pioneer Village - Doors Open Toronto Plant Sale
Saturday, May 29th to Sunday, May 30th

Sheridan Nurseries
Tuesday, May 18th to Monday, May 31st

Humber Nurseries
Monday, May 17th to Sunday, May 23rd


Once you've tackled the garden, don't forget the rest of your house. Here is our checklist for spring maintenance on your home.

- Check and clean or replace furnace, humidifier and air conditioning filters.

- Check air conditioning system and have serviced every two or three years.

- Check smoke, carbon monoxide and security alarms and replace batteries.

- Clean windows, screens and hardware, and replace storm windows with screens.

- Open valve to outside hose connection.

- Check your foundation walls for cracks, leaks or signs of moisture, and repair as required.

- Get your eaves troughs and downspouts cleaned and check for loose joints and secure attachment to your home and ensure water flows away from your foundation.

- Fertilize any young trees and plants that need encouragement.

- Get your front yard planters done - a sure sign spring is here.

And do what I do....leave for work when it's time to do the weeding :)

Cheers,
Mark

Crack Shack vs. Mansion

It's funny bit kind of scary. My wife scored 12 out of 16, but she is a ringer since she's from Vancouver. Comment below if you beat her!

CRACK SHACK VS. MANSION

April Market Watch

No matter how much the media tries to blow up the situation, the numbers are showing that the there is no bubble to burst, just a return to a more balanced market with greater inventory and movement.


There is no doubt that things will slow down in the latter half of 2010 but not the frightening cliff dive that the papers would have you believe, at least not in Toronto.

Again, caution to buyers who are shopping in the frenzy of multiple offers. I have pulled back many of my buyers from over-paying for properties.

We have a saying in our business that "someone just got buried" when we hear of multiples resulting in a price way over value.

Meaning, they won't be able to sell it for close the amount they paid if the market slows down even a touch and they won't see the typical gains in equity and value if the market rises. Net, net - they'll never get out of it...at least for a long time.

Not to mentioned the previously discussed major issue of not having the house appraise out.

The other saying is that "a home is worth what the market is willing to pay". I disagree.

Just because someone got silly and overpaid does not mean that is what the home is worth. They were just able to take advantage of buyers caught up in the frenzy, or buyers not doing their homework on the home's actual value.

The value proposition of a home is based on a careful evaluation of comparable properties that have sold in the same area in a recent period of time, i.e. 0-12 months, depending on the market conditions.

Do your home work and be patient - the right home will come :)

Cheers,
Mark

May 5, 2010 -- Greater Toronto REALTORS® reported 10,898 sales through the Multiple Listing Service® (MLS®) in April, representing a 34 per cent increase compared to April 2009. There were also 20,683 new listings in April – a 59 per cent annual increase. Both the sales and new listings results amounted to new records for the month of April under the current Toronto Real Estate Board (TREB) boundaries.

“The GTA resale market is functioning properly. Sales were high as buyers continued to take advantage of affordable home ownership opportunities. Listings grew as home owners reacted to strong sales and price growth,” said Toronto Real Estate Board President Tom Lebour. “More balanced market conditions will result in sustainable rates of annual price growth in the second half of 2010.”

The average price for April transactions was $437,600 – up 13 per cent compared to the average of $385,641 recorded in April 2009.

“Home sales continue to be driven by many different segments of the market, with sales growth for all major home types in both the City of Toronto and surrounding 905 regions,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales will remain strong in the second half of 2010, but will slip from the current record pace as borrowing costs rise.”

Click here for the full April Toronto Real Estate Market Watch.

Mortgages - Rate Creep?

From the desk of Peter Majthenyi and Andre Semeniuk...

Lately there's been a lot of speculation on when and how high interest rates will go. I don't think any of us thought rates would stay low forever.

I am confident we all recognize that our economy will gradually improve, and along with economic growth comes more realistic mortgage rates, likely in the range of 4-6%, which are still historically amazing.

A better question is "When do we feel they will start to rise?" To date, interest rates have not gone up, yet the lenders have increased their margins on 4 and 5 year fixed terms to take some early profits in expectation rates will begin rising in the near future.

Recently, CMHC (Canada Mortgage and Housing Corp) released their annual analysis that clearly indicates that any interest rate increases will need to be "controlled increases", or in other words gradual increases to avoid any economic shock.

Meanwhile in the US, their economic recovery is very fragile and being undermined by high unemployment. The US Federal Reserve is predicting further declines in home prices and therefore are not expected to increase their interest rates until 2012.

Many studies (see CMHC.ca) have also identified that there is no real estate "bubble" and conversely we are approaching "equilibrium", meaning that supply and demand are coming in line, which will result in more stable home prices.

To complement this data, the results from a recent survey indicated that more than 80% of Canadians were not concerned if their mortgage rate increased by 2-3%. The media tends to make rate increases sound worrisome, but if one takes the time to "pause" and do some simple math it's easy to understand the sky is not falling.

For example, many consumers choose variable mortgages because the Government would have to raise the overnight rate 18 times and it still performs the same as jumping into a 5 year fixed term immediately.

Variable mortgages are not about rates rising, they are about accepting rates will rise and deciding if I want to pay the higher rate now or later, and you guessed it… most would much rather pay a higher rate later. Who would be in a rush to pay 4-5% this year, when they can put that off for another 3-5 years?

Speaking about variable rates. Currently the typical variable rate is Bank Prime less .5% or 1.75%, yet we understand this is not sustainable much longer. In the coming months, we are expecting lenders to price variable mortgages at Bank Prime less .25% or 2%… so take advantage of the maximum discounts right away.

Borrowers that secured a variable in the last year or so that are paying Prime Plus .25% or greater should strongly consider paying their small discharge penalty and changing to a Prime less .5% mortgage immediately… the math definitely works in the borrowers favour!

We are expecting a healthy economy for the rest of 2010 yet less growth is expected for 2011, but at least the worst is behind us. Let's hope our unemployment comes down while our consumer confidence goes up!

To ensure you, or someone you know, has the right "Mortgage Plan" & "Investment Plan" please feel free to reach out to us anytime.

I will share more with you soon… Peter, Andre & Team

Lose the clutter. Find the cure.

How do you turn this...












Into this?













With this...










Imagine...fondue sets and velour leisure suits actually have the power to cure cancer!

On Saturday, May 29th, RE/MAX is sponsoring the Yard Sale for the Cure.

Join us in our fight against breast cancer by holding a yard sale or by shopping for bargains.

Register online to hold your own yard sale at www.yardsaleforthecure.com to get a Yard Sale for the Cure kit for only $25.00 which includes a lawn sale sign, hat, posters, pink balloons and info package.

100% of the funds donated will support breast cancer research and patient care.

Spring shopping fever!

With temperatures rising, it's time to think about outdoor living..

Here are our favorite sources for furniture and accessories, as well as some of the hottest products for the season. Check out the links below for great floor sales.

Design Within Reach
435 King Street West
mscott@dwr.com
416.977.4003
www.dwr.com

Great for indoor living as well, this west end store has an incredible selection and a great 7-10 day turnaround for stock. Prices are officially listed in USD on their website but they said they are at par right now with the Canadian dollar so now is the time to buy!

Some of our favorite things...

Looking for a solution for ambient lighting? Check out these soothing planters. On sale from $525 to $446 USD





















Finally, house numbers that have some style!
$48 USD each.




















Sick of lighting candles and wax dripping all over your outdoor furniture as the wind blows them out? Set up these gas table-top torches as shown in a cluster or purchase a series in the same size and arrange in a line down the center of your table. $90-230 USD

Our contact at Design Within Reach, Molly Scott has also sent us their floor sale details for incredible discounts. Click below for full details - stock subject to availability so give Molly a call if you see something you like.

Design Within Reach Floor Sale


Southport Home
6201 Highway 7, Vaughn
905.850.9995
www.southporthome.ca
















We got our own patio furniture there last year and love it. Great value, quick turnaround for cushions as they have their cushions done in-house and they don't charge extra for having zippers on them. Not to mention the cushions are far more comfortable than most of the more expensive suppliers.


Stack Canada
2124 Queen Street East
(416) 693-6868
http://www.stackcanada.com/

Located at Hammersmith and Queen, this new store is a great place for housewarming or hostess gifts, and all those accessories that you seem to need to organize the house. They also have some incredibly fun and indulgent items too.

Amazing for durablity and style, they carry Chilewich floor mats in a variety of sizes.

Inside the Toronto Real Estate Market

The spring market is definitely in full swing!

The great weather has meant a nice kick start to 2010 and buyers are coming out in droves. With that, sellers are now wanting to take advantage and we are seeing a large jump in the number of listings coming out.

My hope is that the market does not become too flooded with inventory as that will once again cause an imbalance and depress values. The danger will be sellers who see the activity in the market and become overconfident, and over price their homes.

It is extremely important to continually evaluate competitive listings that are coming out so that the listing price of your home is a reflection of the current market. You have to treat your home like any other product in the market place. If a buyer can get more for less with another home that meets their criteria, they will. Vice versa, if your home offers more, you can ask for more.

A caution to buyers as well....do not get caught up in the bidding wars that are sparking once again. I always counsel my clients to determine the number they are comfortable with, based on the value of the home, not the frenzy and emotion of the bidding situation.

But go in with your best offer - ask yourself, if you heard that the home sold for $5,000 more, would you have felt good about that price yourself? Know your limit and understand your financial situation. If you pay too much for a home, the bank may not appraise it out at your purchase price and you will be left to make up the difference on top of your down payment.

Check out the Toronto Real Estate Board Housing Charts and the full Market Watch below..

Cheers,

Mark

Toronto Real Estate Housing Charts

Check out the March and first quarter Market Watch from the Toronto Real Estate Board...

Record First Quarter Sales

April 6, 2010 -- Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.

“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”

The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2008.

“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”

For the full Toronto Real Estate Board Market Watch, click here.

Mortgages - Rate Hikes in our Future?

You've probably heard the buzz on mortgage rates going up - check out this article by Rob Carrick of the Globe and Mail for a very important date...

The end is nigh for low-interest-rate heaven.

Rob Carrick, March 30th - Globe & Mail

With rates on the rise, here's what you need to know if you don't want to add years to your variable-rate mortgage...

Mark June 1 on your calendar if you have a variable-rate mortgage.

If you have a 35-year amortization and put down only 5 per cent when you bought your home, then be extra diligent about noting this date. Let things slide and you might be amazed at how much longer it takes to pay off your mortgage.

With the economy showing signs of rebounding, there's growing speculation that June 1 will be the day the Bank of Canada begins the coming cycle of interest-rate increases. Whenever this happens, it's back to the real world for variable-rate mortgage holders after almost three years in low-interest-rate heaven.

If you have a fixed-rate mortgage, you're immune to rate increases until renewal time. (Note that Royal Bank, Toronto-Dominion Bank and Laurentian Bank said they would raise their rates on five-year, closed, fixed-rate mortgages effective today.) With a variable-rate mortgage, however, your rate is adjusted up or down with each movement in the prime lending rate. The prime is influenced by the Bank of Canada's overnight rate, which will be set eight times in 2010. The next rate announcement is scheduled for April 20, and the ones after that happen June 1, July 20 and Sept. 8.

If you have a variable-rate mortgage but you don't have a plan, you're going to live and die by these dates.

Let's assume that you don't intend to use the provision that allows a variable-rate mortgage to be converted into a fixed-rate loan without penalty. Variable-rate mortgages usually cost you less interest over the long term, so this decision is certainly defensible.

A first step in preparing for higher rates is to ask your lender what will happen to your mortgage payments when the prime rate starts to increase.

Vince Gaetano, a mortgage broker and vice-president at MonsterMortgage.ca, mentioned two possibilities. The first is that your lender will adjust your payments higher to cover the increased interest costs and stay within the amortization period you selected when you arranged the mortgage. If your mortgage works this way, all you have to do to prepare for higher rates is clear some room for higher payments.

The second possible result of higher rates is that nothing will happen to your payments. In other words, you're on your own. "The lender won't do anything until negative amortization kicks in," Mr. Gaetano said.

Negative amortization means your payments aren't enough to cover the interest you owe. Whatever extra interest there is gets tacked onto your principal, thereby increasing both what you owe and the payback period for the mortgage.

Even without negative amortization occurring, you can still add years to the payback period. Mortgage broker Jake Abramowicz ran some projections and found that an extra 10 years or more is possible.

There's extra urgency here if you have a 35-year amortization and you made the minimum 5-per-cent down payment. If rates rise substantially and you don't increase your payments, you could be knocking off just a few dollars of principal every payment. "People might as well be paying rent," Mr. Abramowicz said.

There's a third group of variable-rate mortgage holders out there - those who had their payments pegged to the rate of a three-year fixed mortgage. Note: Lenders have traditionally made sure you could afford the higher three-year rate before selling you a variable-rate mortgage. Starting April 19, they'll have to use the posted Big Bank five-year rate.

If you've been making higher-than-needed payments on a variable-rate mortgage, then you've done yourself a huge favour in terms of chipping away at your principal. Just remember that unless you keep tabs on rates, a sustained rise in borrowing costs could remove your cushion and slow your repayment process down.

The simple solution is to bump up your payments to cover off the extra interest cost. Typically, you can increase your regular payments by up to 100 per cent in a year. If you want to pay even more, try a lump sum or use the double-up payments that some lenders allow you to make when it suits you (it's not necessary to pay exactly double your normal payment, by the way).

Mr. Gaetano said that even if the payments on your variable-rate mortgage remain unchanged as rates rise, you'll still receive notices from your lender each time the prime rate rises. This ain't junk mail, people: It's a warning you could slowly be falling behind in getting your mortgage paid off.

Want to avoid the hassle of rate watching? There's always the option of switching to a fixed-rate mortgage. Mr. Abramowicz's take on this idea: "It's never a bad idea to lock in under 4 per cent [for five years]." Rates are going up, so hurry.

Inside the Toronto Real Estate Market

While inventory is still low, we are starting to see things heating up for the spring market. But as listings increase, so do the number of buyers. So if you are thinking of buying in the coming months, get your proverbial ducks in line so you are ready to move on the home you want.

The market is still making a good recovery in terms of average prices but numbers are being pushed up by the imbalance in the supply and demand.

Again, now is a GREAT time to sell.

Check out great housing charts from the Toronto Real Estate Board showing historic market performance against current activity.

You can also see the full TREB Market Watch below.

We're looking forward to a solid spring market!

GTA REALTORS® Report February Resale Housing Market Figures

March 3, 2010 -- Greater Toronto REALTORS® reported 7,291 sales through the Multiple Listing Service® (MLS®) in February, representing a 77 per cent increase over February 2009. The average price for these transactions was up 19 per cent year-over-year to $431,509. Sales and average price increases represent both increased demand for ownership housing and the base year effect, which involves a comparison of economic recovery this year to a period of economic decline last year.

“Increases in existing home sales and average price were noted across the GTA in low-rise and high-rise home types. Similar rates of growth were experienced in the City of Toronto and surrounding 905 regions,” said TREB President Tom Lebour. “This suggests that first time, move-up and down sizing buyers are all active in the existing home marketplace.”

New listings also increased in February, climbing 24 per cent compared to the same month last year.

“Annual growth in new listings is expected to continue. New listings growth will start to outstrip sales growth as we move through 2010,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As the market becomes better supplied, we will see more sustainable single-digit rates of price growth.”

Click here for the full February Toronto Real Estate Market Watch.