Rising Loonie... near Par again.

By The Canadian Press

The U.S. dollar has been driven downward in recent weeks by rising oil prices and continued economic instability.TORONTO - The Canadian dollar is flirting with parity with the U.S. dollar, a level it has not hit since July 2008.

 

 

The loonie, on the other hand, has been supported by the relative strength of the Canadian economy and confidence that Canada has not taken on more debt than it can handle, worries that persist for the United States and many European nations.

 

At mid-morning, the currency was up 0.46 of a cent to 99.63 cents US. Last week it rose 1.75 cents US on strong economic data and surging commodity prices.

 

Economists don't expect the loonie to rise quickly to the heights it reached around US$1.10 back in November 2007, but rather feel it will waver around parity for a while.

 

A high loonie is a boon to cross-border shoppers but a curse for many manufacturers and exporters as the price for their goods becomes less attractive to international buyers, especially in the U.S., Canada's biggest market.

Jas's Note:  This isn't good news for our manufacturers and tourism industry who depend on a low dollar to sell exports and be affordable to tourists.  How will this play out for the Housing market?  As long as we don't see significant job losses... we'll be just fine.  After all you can't get a mortgage unless your employed.  Keep an eye out on employment figures in the next few months.

 

Jas Jagpal, Remax Dynasty Realty, jasjagpal@rogers.com  647-272-6629

 

Posted via web from Markham's #1 Real Estate Blog

GTA Real Estate Market UPDATE

 

 GTA REALTORS® REPORTING MARCH MID-MONTH HOUSING STATISTICS 

 

TORONTO, MARCH 17, 2010

- Greater Toronto REALTORS® reported 4,353 sales through 

the Multiple Listing Service® (MLS®) during the first two weeks of March.   

 

This represented a 70 per cent increase compared to the 2,562 sales recorded during the 

same period in 2009 when resale transactions had dipped markedly due to the recession.  

The mid-month sales total was also 16 per cent higher than the previous March mid- 

month high reached in 2006. 

 

“The spring-like weather in the first half of March brought the first green sprouts of the 

recurring spring market.  Every year, monthly sales climb steadily through May,” said 

Toronto Real Estate Board President Tom Lebour.  "People are buying homes because 

they are confident in the current economic recovery and mortgage payments on the 

average priced home remain affordable." 

 

The average price for March mid-month transactions was $440,153 – a 20 per cent 

increase over 2009.  New listings within the Toronto Real Estate Board boundaries were 

up 34 per cent to 8,540.  

 

"Look for double-digit annual price increases to cease later in 2010, as new listings 

rebound from the low levels experienced in 2009," said Jason Mercer, TREB's Senior 

Manager of Market Analysis. "Increased listings will give buyers more choice, resulting in 

less upward pressure on home prices.” 

 

file:///Users/jas/Desktop/Picture%206.png

Posted via web from Markham's #1 Real Estate Blog

Did you get this Right??

both is correct…. most people get caught up in the concept of time and assume the faster plane is closer…. or others think the slower plane is close since it hasn’t travelled as far.. but both are irrelevant… since what is asked is when they “meet” intersect… hence they are at the same place.

Did you get this Right??

Two planes take off at the same exact moment.They are flying across the Atlantic. One leaves New York and is flying to Paris at 500 miles per hour. The other leaves Paris and is flying to New York at just 450 miles per hour. Which one will be closer to Paris when they meet?

 

Post/ Email your answers... I will give you the answer in a few days.  83% of oxford students answered in 3 seconds and 77% got it wrong.

;)

Jas Jagpal, Remax Dynasty; jasjagal@rogers.com

Posted via web from Markham's #1 Real Estate Blog

Rising Interest rates... how will that affect you?

I'm not sure if you have heard or not... but interest rates are predicted to rise 1-2% this year and another 2-3% for next year.  If that does occur as is expected, have you considered how that will affect your financial portfolio?  Yes besides the HST and the new rules on Mortgage loans, higher interest rates will be the third strike to try to prevent a housing bubble (yes...the craziness we see in the current Toronto Market).

My biggest concern is for those whose mortgages will be coming up for renewal and those who currently have a variable mortgage (closed or open).... how will you handle a 2-4% interest increase... and are you aware of how much higher your monthly payments will be if that is the case?

You should start planning now!

If you were a first time home buyer... and put 0-5% down on your home and are over leveraged- you ought to be really concerned.  At the minimum you should consider locking in for 5 years now if you already haven't and look into diligently paying down your debt.

Have any real estate or mortgage related questions... email jasjagpal@rogers.com and our team of financial experts will get back to you.

 Jas Jagpal, Remax Dynasty Realty Inc.,at Markham Rd & Steeles Ave

Posted via web from Markham's #1 Real Estate Blog

March 3, 2010

How to Buy Your First Home....the Easy Way!

Avoid the 8 Most Common, Painful, Frustrating Mistakes

First-Time Home Buyers Make…

Buying a residence can be a hair raising experience. You will experience a roller coaster of

emotions while finding the right place, securing the loan and finally moving in. For most of us,

the first time home purchase is the largest investment we’ve ever considered. The emotions of

purchasing something so expensive and personal can often cloud our business judgment.

Most home purchasers do little or no research before they invest their nest egg. Doesn’t it make

sense to become as completely informed as possible before you buy your first home? 

1. Imagine the Property Vacant - Your furnishings and decorations will be the ones filling this

new residence. Don’t be swayed by beautiful furniture; it leaves with the owner.

2. Income + Lifestyle = Mortgage Payment - Sit down with your professional real estate

agent and honestly discuss your income level and living expenses. Take into account future

considerations, children, add-ons, amenities, and fix-ups. Your dream home is certainly worth a

sacrifice but don’t mortgage your entire future.

3. View Several Homes - See at least 5-10 properties. Don’t move too slow but don’t move on

the first property you see (unless it really is the diamond in the sand). With your agent’s help you

should be able to view enough properties to get a good overall perspective of the home market. 

When you find the right property all the leg work will be worth it.

4. Utilize Your Team - By aligning yourself with the right real estate professional you will have

an entire team at your disposal.  Real Estate consultants will have mortgage, lawyers and other 

professionals to help you.

5. Be Columbo - Check out all costs and expenses before you sign. Utilities, taxes, insurance,

maintenance and home owner dues if applicable. Make sure all utilities (gas, electricity, and

water) are on during your walk-through so you can inspect everything in working order. 

6. Plan For Flexibility - Closing dates are not written in stone. Allow for contingencies and

have a back-up plan. If you or the sellers need a little more time to conclude the final

arrangements, don’t let these delays upset or frustrate you. These types of circumstances are not

uncommon in a real estate transaction.

7. If It’s Not In Writing, It Doesn’t Exist - All promises and discussions should be in

writing. Don’t make any assumptions or believe any assurances. Even the best intentions can be

misinterpreted. Have your professional keep an ongoing log in writing of all discussions and get

the seller’s written approval on all agreements.

8. Loyalty Breeds Loyalty - Be open, honest and up front with your real estate consultant. 

Hard feelings will cause head aches, delays or may even keep you from getting into the home you

worked so hard to locate. Take the time to select the right consultant in the beginning and your first

home purchase will be a pleasing and memorable experience.

———-  Jas Jagpal helps families in Markham’s Boxgrove, Scarborough’s Morningside Heights and the GTA in buying or selling their home.  Jas’s purpose is for you to be so outrageously happy with the help he provides you… that you will gladly introduce him to at least two people you care about even before you transaction is closed.  Jas’s unique 20% commission sharing partnership with charitable organizations distinguishes him as a leader in innovation and charity.  By choosing Jas you’ll work with an extraordinary agent who is honest and upfront with his advice and you’ll help your charity.  Give Jas a call 647-272-6629 or visit his website and download his personal brochure to get to know him better.  Help Jas raise 50K in 2010 for charities.  Jas Jagpal: Making Good Things Happen. ——–

Posted via email from Markham's #1 Real Estate Blog