The spring real estate market in Markham in now well underway and all signs point to a very active market.  Sellers should be happy with the prices they've been receiving and buyers should be happy with the selection.  Let's take a closer look!

The total number of active listings in Markham during April was 997, a steady increase over March and a 20.9% increase over the total inventory in April of 2012.  The total number of sales are almost identical on a year over year basis at 547 sales last April compared to 541 last month.

The average house price has recovered nicely from the past few months and represents a moderate 2.2% increase over the same period last year.  This is quite noteworthy since the inventory has been way up.  More selection can often have a downward pressure on house prices.  Most definitely a great sign given all the recent "doom & gloom" predictions in the media. The average time it took to sell a home remained the same at 21 days.

So what does this all mean?  Well, if you're a buyer in this market, it's a great time to buy if you think you might be very picky or looking for something unique as the supply of homes is plentiful and should continue, at least for another month or two.  If the type of home you are looking for is fairly common and timing doesn't really matter, then it might be a good a idea to hold off for a couple of months to see if things cool off a bit.

If you're a Seller, then I wouldn't waste any time in getting your home on the market NOW.

( read more... )

The real estate market in Markham had an interesting month in March.  Prices dipped, but just slightly, inventory increased significantly and the average "days on market" improved nicely.  Let's take a closer look!

The average price of a home sold last month was $596,479; a slight drop from the $600,356 average in February.  So far this year we are trending 1.26% below last year's average but there's a good chance we may see a small jump in the spring.  The average time it took for a home to sell in March was 21 days as compared to 26 in February but still longer than the 18 days averaged in March of last year.

As far as total sales go, 354 homes were sold in March which is a big drop off from the 509 homes sold in the same period last year.  Although definitely not the only reasons, it is worth noting that Easter weekend this year was in March as opposed to April last year and we also experienced a bit of a longer winter.  As far as total inventory goes, Markham experienced a big boost from 685 homes in February to 885 homes in March which is an 18.5% increase over the amount of homes listed last March.

So what does this all mean if you're planning to make a move right now?  Well, if you're selling, you should be aware that you'll have a fair bit of competition right now and the market seems to be slightly favouring buyers.  The sold vs active listings ratio sits at 40% which basically means that 40% of all homes listed during the month of March actually ended up selling.

While placing a proper price tag on your home and carefully preparing and staging your home is ALWAYS important, I would place extra emphasis in those areas right now.

( read more... )

The real estate market in Markham has defintely begun to heat up over the past month as the average "Days on Market" fell sharply from 42 days to 26 days.  That's still longer than the 20 days average from a year ago but most definitely a positive indicator.  Prices remain steady from last month at an average sale prices of $600,356 but on a year over year basis, that's a 3.2% increase.

Total sales volume is down from 338 sales last February to only 271 sales last month but total inventory is up thus keeping the prices fairly steady.  Another aspect to consider is that total sales of detached homes are down while the sale of townhomes are up indicating a stronger precence of first-time buyers in the market.  Many first-time homebuyers shied away from the market during the last half of 2012 after the goverment introduced stricter lending guidelines but appear to be making a comeback.

For a visual snapshot of the Markham real estate market, check out the charts below.  Whether you're planning on buying or selling, your strategies should be adapted to the current market.  If you'd like more info on market conditions or any kind of real estate advice, feel free to contact me anytime!

( read more... )

The real estate market in Markham has shown some signs of strength during the month of January as the total number of sales were almost on par with sales figures a year ago.  In January Markham saw 204 sales as compared to 216 last January.  Slightly down, but not nearly the slide experienced during November and December which saw 263 and 164 sales as compared to 326 and 235 sales last year.  Far from a "hot" market, but definitely some positive news.

The average selling price of a home is slightly up to $599,582, a small bump from December and an 8.9% increase on a year over year basis.  One very noteworthy statistic to pay attention to is the "average days on Market" in Markham which is up considerably to 42 days.  The highest we've seen in a very long time.  One contributing factor to this is that the total

( read more... )

The city of Markham saw a bit of a rebound in prices during the month of December while the average days on market rose slightly to 31 days and inventory and sales were down.  Of course, this is typical for the holiday season as buyers and sellers don't usually buy or sell homes in December unless they need to. Looking back on the entire year, the average house price rose significantly from $548,898 to $605,564.  That's a 10% increase and easily the largest increase over the past 10 years.

What does this mean for Markham home prices in 2013?  Well, despite what you might hear from random news articles, don't expect a crash anytime soon as stricter lending guidelines and very low interest rates will protect the market.  And I wouldn't expect any dramatic increases either as we've witnessed over the past couple years.  My personal expectation is that we will experience a more balanced market with moderate price growth (if any) between 0-3%.

( read more... )

So you’re thinking about moving to Markham, Ontario and you have heard how great the city is. But you are still unsure if moving to Markham is the right move for you. You may have children and are unsure about schooling? How far is it from Toronto? Does Markham have public transportation? What is there to do? These are just some of the questions you may have, now let me help you answer them!

          Markham is located about half and hour north of Toronto. York Region Transit & Viva serve the Markham community and are easily accessible throughout the city.

          Viva is a rapid transit service. It runs through the busy parts of the city and throughout the York Region and connects with Toronto. Viva has buses arriving fifteen minutes or less seven days a week. If you drive the 407-toll highway runs through Markham as well as the 404. Residents of Markham have no trouble commuting in or out of the city.

          There are approximately thirty elementary schools and fifteen high schools in Markham.  They have both Catholic and public schools. Finding a school near your home for your children could not be easier. Markham is home to many shopping centers including Markville Shopping Center, the largest of all shopping malls in the city. 

          There is more than just shopping to do in Markham, there is something for everyone. There are about 10 arenas, more then five recreational centers, fifteen baseball diamonds, fifteen tennis courts, about ten public golf courses and about fifteen private courses. Markham also has its own theatre. You will definitely not run out of things to do.

          If you are considering making Markham your home come see me Martin MacFarlane. I know what Markham has to offer. Now let me show you! 

Markham Real Estate Market Continues to Soften

While the real estate market in Markham is still one of the healthiest housing markets in the GTA, we continue to see softer conditions in recent months.  The average house price dropped from $612,512 in October to $570,283 in November although still a 1.6% increase over November of 2011.  The average time it took for homes to sell rose slightly from 29 to 31 days continuing the upward trend.  263 homes were sold during November which is down from 306 in October and also down 19% from the 326 homes sold a year ago.

While the market itself was likely due for a bit of cooling after an incredibly hot run, much of the current conditions are also a result of the recent mortage changes introduced in July which reduced maximum mortgage amortiaztions from 30 to 25 years and a purchase price ceiling of one-million dollars for government insured mortgages.

As with any location, if you're buying and selling in the same market, it's all relative when it comes to price.  Although, your overall strategy should be different and carefully thought out to ensure a successful move.  If you're planning on buying in this market and don't have anything to sell, well, now is an amazing time.  Not only are prices reasonnable, there's not much competition between buyers at the moment and mortgage rates are incredible.

The charts below provide a visual snapshop of the trends & statistics in Markham's real estate market during the past year or so.  If there's any specific info you would like to know or if you have any questions about your own situation, feel free to contact me anytime.

( read more... )

Tips on buying a home for an investment

There are great benefits of buying a property for an investment. Many real estate investors and home owners consider it a way to secure their future. You can either resell your home or rent it out to tenants. It is beneficial to always consider your property as a business. Although we are all, one way or another, emotionally connected to our home, there could be times when you must be careful not to let your personal preferences affect the investment. Here are a few tips which can help you if you are considering buying a home for an investment:

Consider your budget

When starting to look for an investment property, calculate all the costs and search for a house that fits your budget. Also bear in mind that you are not buying a house of your dreams; rather you are buying it to impress most home buyers. So, it should include all the factors that affect the price of a house and that are bound to increase the market value of any house. Only visit properties according to your financial standard. If you are to acquire a loan, determine the interest rates.

Location and the neighbourhood

It is very important to buy a house in a location with pleasant surroundings and a safe neighborhood. If you want to rent it out to a family, make sure that there are nearby schools and grocery stores. If your target tenants are students and young professionals, the home location should be easily accessible to public transport. Real estate investors claim that when buying a home for investment, location is

( read more... )

Prices are down in Markham.

The Markham real estate market has definitely shown signs of a slow down in recent weeks. Prices are down from a month ago with the average house selling for $612,512 in October as compared to $640,269 in September.  Although year over year, we are still seeing a 7.65% increase from last October's sales.

The average days on market (average time a home takes to sell) rose a fair bit from 24 days to 29 days currently and has definitely been trending upward for a few months now.

Sold listings vs Active listing are up slight to 30% but we are definitely still in a Buyer's market.  Well priced homes that show well will be the first to go in this market and they might be the only ones to go.  Don't make the mistake of just throwing your home on the market without property staging it or making sure is has the right market exposure.  It could cost you thousands!

The graphs below will give you a visual snapshot of Markham's real estate market so you can see how recent sales have been trending.  If there's any specific information you would find valuable, feel free to contact Martin anytime.

( read more... )

Choosing the right mortgage is very difficult and overwhelming especially to first time buyers.  Because this involves quite an amount of money and long term commitment on payment, you should make sure that you have made the right decision in choosing the best mortgage for yourself.  However, this can sometimes be a bit confusing because of the many factors influencing your decision.  From the advice of your friends and family to the numerous suggestions that your mortgage broker would give, you’re likely to feel overwhelmed with information overload.

Aside from information overload, the mortgage laws are constantly changing because of the innovation of the products that are now being available on the market today.  This will certainly affect your mortgage selection because you have to adjust your decision depending on the applicable law and provisions that are under the scope of your chosen mortgage, so that you have more freedom and advantages in the payment of your mortgage.

Fortunately, there are some helpful tips you can follow to help you make your mortgage selection much easier and less stressful.

• Calculating Your Net Worth

The first thing you need to establish is your net worth.  You should compute all of your monthly expenses and deduct it from your monthly salary so that you can compute the excess money you can allot for your mortgage.

This will establish your capability of paying a mortgage.  This will also establish your overall budget.

• Know Which Type of Mortgage Will Fit Your Financial Status

You can either choose a fixed or variable mortgage rate, depending on your preference and financial capability.

A fixed rate mortgage has a fixed rate for a certain time, say, five years, depending on your contract.  This is advantageous if you want your mortgage to be the same even as time goes by: even when inflation strikes.

A variable mortgage, on the other hand varies depending on the prime rate of the lender.  This will depend on the market performance; hence, you cannot have security on your monthly mortgage payments.  This, though, is beneficial if the prime rate goes down as you can save money from your monthly mortgage fees.

• Compare Mortgage Rates

After you have decided what kind of mortgage you want to have, it’s time to do some research.  You can look for mortgage companies and start comparing rates in order to see which one offers the least rate.  You should also check for other benefits that other mortgage companies provide so you can take advantage of them.

• Consult with a Mortgage Specialist

It is best to speak with a mortgage specialist to make sure you can afford your selected mortgage.  This is also helpful in having extensive knowledge about the mortgage laws that will govern your mortgage contract.

By hiring a mortgage specialist, you will be able to get the best mortgage deal and take advantage of all the benefits that your mortgage could offer.

Whatever kind of mortgage you are looking for, you should make sure that you don’t fall for marketing tactics that will make you grab something you cannot ultimately afford.  Be wary of deals that seem too good to be true because they might have a catch.  Make sure to discuss everything first with your mortgage broker before signing any papers.