Tuesday, December 7, 2010

Joe Andreoli Vaughan Real Estate Vaughan Homes For Sale

Joe Andreoli Vaughan Real Estate Vaughan Homes For Sale

Vaughan Real Estate - Vaughan Homes For Sale - Market Update

Family, friends and clients keep asking for my professional opinion on Vaughan Real Estate so I thought I would provide my observations for those that are interested. Here are the facts and a quick market update on Vaughan Real Estate and Vaughan Homes For Sale for November.

I keep talking about a balanced market when it comes to Vaughan Real Estate and that is exactly what we are expereincing when it comes to Homes For Sale in Vaughan. For those that know me, I am all about facts. After all, you can't manage what you can't measure. The numbers I will be quoting are from TREB and I will be talking specifically about Vaughan Real Estate and Homes For Sale in Vaughan.

The Vaughan Real Estate market showed a 13% decrease in inventory for November compared to October 2010, however, there were 17% more homes for sale in Vaughan compared to the same month in 2009. The Vaughan Real Estate Market for November had 257 sales versus 288 in the month of October and compared to 271 last November. These numbers indicate that the Vaughan Real Estate Market has stabilized and remains quite healthy.

When we look at the average selling price in the Vaughan Real Estate Market for November, it was at $531,000 which is flat versus the prior month, however, it was up 4.2% versus last November. Again, the Vaughan Real Estate Market remains positive relative to averaage selling price versus the prior year.

Homes for Sale in Vaughan were on the market for an average of 32 days, which is up 6 days versus October and up by 10 days versus last November. These numbers indicate that the Vaughan Real Estate Market remains healthy and seems to be stabilizing.

Finally, I want to mention that when it comes to Vaughan Real Estate, I like to prove the media wrong. AGAIN. According to the media, there's been nothing but doom and gloom this year. WRONG. If you look at the Vaughan Real Estate Market, there have been 2,272 sales year to date versus 2,319 year to date sales for the same time last year. There is actually more inventory versus last year. Last year there were 3,748 homes for sale in Vaughan compared to 4,257 homes for sale in Vaughan year to date. More selection this year when it comes to Vaughan Real Estate. Average selling price YTD this year is almost $517,000 versus an average selling price for a home in Vaughan last year of $465,000. The average home price YTD increased by 11%. The media reports doom and gloom. I report the facts for Vaughan Real Estate.

If you want to see these market update numbers for any month, please visit my website at www.AtYourServiceAlways.com and look at the left menu for the month you are looking for. You can check any district in the GTA.

By the way, when you are dealing with any Realtor, make sure they know the facts as well. If not, find one that does. Have a great day.

Monday, January 11, 2010

How the new HST will impact real estate - A must read

I hope everyone enjoyed the holiday season. Now it's back to reality. It's kind of nice to get back into a routine not only for myself, but for my kids as well. Now that the holidays are over, we need to focus on this HST tax that is coming this July. Not much is being said about it right now. That can be attributed to the power of the media. They are not really putting much behind this. They will once they realize the true impact.

By the time they get beind it, it will be too late to change. The damage will have been done. The new 13% harmonized sales tax comes into effect in Ontario on July 1, 2010, and it will likely hit the whole housing market hard. If you haven't bought or sold by July 1, you may well be out of luck. I know my clients really haven't given it much thought. When I bring it up, some can't be bothered because they really don't understand the true impact.

I believe there are going to be a lot of very surprised people on July 1. This is a huge tax increase that is currently below the raadar screen.

It's true that resale houses will not be taxed, however, everything to do with the sale will be -- the house inspection, the mortgage insurance, the agent's commission, the moving costs and the legal fees.

Once you do the math, the extra tax on a resale house priced at $370,000 will come in at about $2,000. Keep in mind that not many homes in a city like Vaughan sell for that type of price . Most sell for substantially more so you would be looking at an even bigger tax grab.

It's enough to make you wonder exactly why you're thinking of moving. Or to get you packing your bags and calling the mover today.

For new home buyers, it's even worse, however, it's not as bad as it was originally expected to be. Under pressure from groups like the Ontario Home Builders Association, the province has decided not to levy the tax on the first $400,000 of any new home purchase. (GST has been payable for a number of years but builders tend to hide it in the house price.)
So on a $500,000 house, the extra HST hit will be $6,000 instead of $30,000 (builders get a 2% tax credit that lowers the overall tax hit from 8% to 6%).
We should actually be thankful that the government decided to make a change to their proposed tax plan on new homes. If they did not make the change, it would have crippled new home developments across the city. Without that change, the loss of a potential 21,200 jobs in the GTA alone looked probable. That's enough to scare off first-time home buyers and potentially many other people struggling to make ends meet.
This new HST will impact many things you haven't even thought of yet -- but the housing-related taxes are killers.

Here's how new HST tax adds to the cost of a sale on a house less than $400,000:
Realtor Commission $1,100- $1,600
Mortgage insurance $475
Legal costs $85
Home Inspection $35
Title Insurance $10
Total $1,705 -$2,205

It all adds up. In a nutshell, if you plan on buying, do it now. If you plan on selling, the spring market will be hot. If you need any further info, give me a call or email me with your questions or concerns.

Joe
At Your Service....Always