http://mahmudnaqvi.com/blog Connecting Buyers & Sellers Wed, 16 May 2012 15:28:47 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://mahmudnaqvi.com/blog/market-pulse-january-2011/ http://mahmudnaqvi.com/blog/market-pulse-january-2011/#comments Sat, 01 Jan 2011 07:28:51 +0000 Mahmud Naqvi http://mahmudnaqvi.com/blog/?p=612 Note: Rate in price changes rounded to the nearest full percent. Changes are compared to the immediate previous month compared to the same month in the previous year.

Ajax		+12%
Aurora		+14%
Brampton		+4%
Markham		-12%
Milton		+1%
New Market		-4%
Oakville		+12%
Oshawa		-5%
Pickering		-10%
Richmond Hill		-14%
Toronto		+11%
Vaughan		+1%
Whitby		+8%

How much is your property worth? How much are properties in a particular area? To find out, call Mahmud Naqvi @ (416)830-7200 or send a quick message.]]> http://mahmudnaqvi.com/blog/market-pulse-january-2011/feed/ 0 http://mahmudnaqvi.com/blog/luxury-housing-sales-edge-higher/ http://mahmudnaqvi.com/blog/luxury-housing-sales-edge-higher/#comments Sun, 08 Nov 2009 04:52:49 +0000 Mahmud Naqvi http://mahmudnaqvi.com/blog/?p=214 >> Click here for Luxury Home Sales Stats]]> Luxury homes sales continue to accelerate as economic recovery takes hold in major markets in Ontario and Atlantic Canada, according to a report released today by RE/MAX. >>> Click here for Luxury Home Sales Stats<<< The RE/MAX Upper End Report found that momentum is building in St. John’s, Saint John, Halifax-Dartmouth, Ottawa, Kingston, Greater Toronto, Hamilton-Burlington, and London as purchasers realize that the best buying period in recent history is about to come to a close. Sales are already on par or ahead of last year’s levels in 50 per cent of cities surveyed, while the remaining markets are set to reach 2008 figures by year-end. “Twelve months of healthy home buying activity have clearly been crammed into five short months,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “It’s hard to believe that the transition in the market began in May. We’ve seen steady upward momentum since that time, with solid year-over-year gains posted each and every month.” Pent-up demand and greater affordability have been the catalyst. Increased selection in all markets—except Greater Toronto—as well as record low interest rates have also helped fuel moveup activity from Ontario to Newfoundland. Leading in terms of sales appreciation is London, Ontario where the number of homes sold, priced in excess of $500,000, has climbed 11 per cent from January to September 2009, compared to one year ago. Greater Toronto and Ottawa both reported a one per cent increase in the number of homes sold in the top end during the same period. Within the GTA, Richmond Hill/Thornhill is particularly heated, with sales up 24 per cent over 2008 levels, followed by Mississauga— up 10 per cent. St. John’s, Newfoundland is on par with year-ago figures. Of the six markets reporting a year-over-year decrease in sales, four are off by just a handful of transactions (10 units or less), including Halifax-Dartmouth (off eight units), Kingston & Area (off three units), Toronto – West End (off 10 units), and Oakville (off five units). Activity in the remaining two markets—Saint John and Hamilton-Burlington—is on the upswing, with the gap between 2008 and 2009 narrowing each month. “A considerable shift is underway in the upper end,” explains Polzler. “The price correction that we witnessed earlier in the year is over and prices have since firmed up. Conditions are more balanced across the board or leaning toward seller’s territory once again. The one exception is the Greater Toronto Area -- now largely a seller’s market -- with bidding wars making a comeback amid tight inventory levels. The strength of the luxury segment is evident. This is now a real estate market with all sectors working in tandem.” Highlights:

• Upper end sales started to move upward as positive indicators of economic recovery began to emerge. The momentum is expected to continue as Canada edges closer to positive periods of GDP growth in Q4 2009 and in 2010.
• Locals are fuelling luxury sales in the majority of markets surveyed. Activity among out of province and international purchasers has waned from one year ago, although their presence in still evident in some markets.
• Sixty-one properties in Canada are currently priced over $10 million, with 18 of those located in Ontario. The priciest Ontario home is nestled in Toronto’s prestigious Bridle Path area, listed at $23 million.
• Three hundred properties currently listed for sale are priced over $5 million in Canada.
• In Atlantic Canada, there are 22 listings in excess of $2 million—13 in Nova Scotia, five in New Brunswick and two in Prince Edward Island. The most expensive property in Atlantic Canada is a $7.75 million estate on a bluff fronting the Atlantic Ocean on PEI’s north coast.

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.]]> http://mahmudnaqvi.com/blog/luxury-housing-sales-edge-higher/feed/ 0 http://mahmudnaqvi.com/blog/gta-may-resale-housing-sales-higher-than-last-year/ http://mahmudnaqvi.com/blog/gta-may-resale-housing-sales-higher-than-last-year/#comments Wed, 03 Jun 2009 23:53:59 +0000 Mahmud Naqvi http://mahmudnaqvi.com/blog/?p=52 “The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.” Click here for stats table. The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year. “The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”]]> http://mahmudnaqvi.com/blog/gta-may-resale-housing-sales-higher-than-last-year/feed/ 0 http://mahmudnaqvi.com/blog/2008-upper-end-market-trends/ http://mahmudnaqvi.com/blog/2008-upper-end-market-trends/#comments Thu, 25 Sep 2008 14:42:29 +0000 Mahmud Naqvi http://mahmudnaqvi.com/blog/?p=93 Luxury home sales hold steady in most major markets across the country, says RE/MAX – Two-thirds of markets surveyed report upswing in the number of upper-end homes sold in 2008 Luxury home sales have outperformed virtually all other residential price points this year, but activity in the top-end is expected to taper in most major Canadian centres in coming months, according to RE/MAX. Given the transition occurring in most residential real estate markets, upper-end sales remain exceptionally strong. The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation, and job transfers all factors contributing to stability in this segment. However, uncertainty in financial markets both here and abroad is expected to give purchasers cause for concern in the immediate future. The RE/MAX Upper-End Report, which highlights trends and developments in 15 housing markets across the country for the first seven months of 2008 found Vancouver, Victoria, Regina, Saskatoon, Winnipeg, London, Kitchener-Waterloo, Ottawa, Halifax-Dartmouth, and St. John’s all experienced an upswing in sales activity, while declines were noted in Kelowna, Calgary, Edmonton, Hamilton-Burlington, and Toronto. Also significant is in all but two markets, percentage increases in sales were greatest in the upper-end when compared to the overall residential marketplace in 2008. The top-end of the market represents less than five per cent of total sales, but activity is generally a gauge of overall market conditions. Leading the country in terms of percentage increase in luxury home sales are Regina (up 306 per cent); Winnipeg (up 89 per cent); St. John’s ( up 78 per cent); Saskatoon (up 72 per cent); Kitchener-Waterloo (up 47 per cent); Ottawa (up 36 per cent); Halifax-Dartmouth (up 20 per cent); London (up 14 per cent); Greater Vancouver (up five per cent); and Victoria (up four per cent). Solid performance is likely a result of consumer confidence, particularly in provinces like Saskatchewan, Manitoba, Newfoundland, Nova Scotia, and parts of Ontario where solid economic fundamentals helped to bolster the number of homes sold in the upper-end. In two-thirds of the markets surveyed, demand for upscale homes surpassed peak levels reported last year. However, with supply edging higher in most major centres and few markets reporting tight inventory levels, we are seeing a return to more balanced conditions. This situation is expected to have an impact on high-end values in coming months, especially in areas that have experienced consistent double-digit growth. The RE/MAX Upper-End Report also notes serious appreciation in housing values in recent years has pushed upper-end price points to new levels. This is especially so in Western Canada where $2 million is now merely a starting price in Greater Vancouver, while in the tony Westside, that figure is closer to $4 million. Calgary is steady at $1 million this year, but is pushing closer to the $1.5 million benchmark. In Ottawa, where the upper-end price point is currently pegged at $750,000, sales are increasingly occurring over the $1 million mark. Other highlights include:

• The most expensive MLS sale in Canada in 2008 occurred in Greater Vancouver with a sticker price of $11.5 million. A property priced at $9 million in Greater Toronto sold in a multiple offer situation for more than $11 million as well.
• The priciest condominium currently listed for sale on MLS is priced at $14.8 million in Greater Vancouver – reduced from $18 million earlier this year.
• The Four Seasons Hotel, currently under construction in Greater Toronto’s Yorkville area, has the most expensive list price in the country — $30 million for a penthouse suite on the 55th floor.

]]> http://mahmudnaqvi.com/blog/2008-upper-end-market-trends/feed/ 0 http://mahmudnaqvi.com/blog/rising-housing-values-and-lack-of-inventory-challenge-first-time-buyers-says-remax/ http://mahmudnaqvi.com/blog/rising-housing-values-and-lack-of-inventory-challenge-first-time-buyers-says-remax/#comments Thu, 19 Jun 2008 21:02:09 +0000 Mahmud Naqvi http://mahmudnaqvi.com/?p=16 Homeownership continues to be primary objective” While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX. Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues. Innovative financing has become key to homeownership in today’s environment – with longer amortization periods gaining favor in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets. Doom and gloom reports coming from south of the border have yet to hinder overall momentum. First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership. They’re determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game. Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report. First-time purchasers continue to play a pivotal role at both a local and national level. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favorable. Although average price is the barometer for housing values in most major centers, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability. Starting prices can be substantially lower than the market average. The best value for the dollar continues to be found in the suburbs. For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the country’s major centers can be picked up as low as $150,000 to $175,000.]]> http://mahmudnaqvi.com/blog/rising-housing-values-and-lack-of-inventory-challenge-first-time-buyers-says-remax/feed/ 0