| | | Information Watch | March, 2011 |
| Do you know of a friend or associate looking to buy or sell a house? | Click Here | | Average February for Canadian home salesAccording to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity in February 2011 ran close to the five-year average for the month, continuing a theme that has characterized the past four months. Actual (not seasonally adjusted) national sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards came in 5.9 per cent below levels reported last February. This marks the smallest year-over-year decline in nine months, and the fourth consecutive month in which sales activity was on par with the five-year average for that month. Seasonally adjusted home sales activity edged down 1.6 per cent in February 2011 compared to the previous month on a national basis. Sales activity eased in almost two-thirds of all local markets from the previous month, offsetting monthly increases in activity among other markets including Vancouver and Calgary. Nationally, new listings in February edged up 1.5 per cent from the previous month on a seasonally adjusted basis, which builds on the 4.3 per cent monthly increase in January. The rise in new listings is consistent with CREA's expectation that many sellers, who shied away from listing their home last summer when the national housing market softened, would list their home in early 2011, having by now observed improved demand and stable prices. With both sales activity and new supply little changed in February, the housing market remained firmly in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 53.5 per cent in February. This is little changed from the previous four months. "Most local housing markets in Canada are well balanced, but there are still a number of buyers' and sellers' markets," said Georges Pahud, CREA's President. "Housing market trends often evolve and diverge from national trends due to local factors, so buyers and sellers should consult their local REALTOR® to understand how the housing market is shaping up where they live." The number of months of inventory represents the number of months it takes to sell current inventory at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at 5.7 months at the end of February on a national basis. This is little changed from the 5.5 months reported in January, when it reached the lowest level since last April. The national average price for homes sold in February 2011 rose 8.8 per cent year-over-year to $365,192. "The average price has been skewed higher nationally and in British Columbia recently by a record number of multi-million dollar sales in a couple of areas in Greater Vancouver," said Gregory Klump, CREA's Chief Economist. "When you take Vancouver out of the equation, the year-over-year increase in the national average price drops to 3.4 per cent," added Klump. "While that's still stronger than in the past six months or so, national average price gains may recede after tighter mortgage regulations take effect in March." Bank of Canada Announces Further Details on New Series of Polymer Bank NotesThe Bank of Canada announced that it will begin circulating a new $100 polymer bank note in November 2011, with a polymer $50 note to follow in March 2012. The Bank also provided further technical and background information about the new bank notes. More details on the security features, themes and designs of these denominations will be unveiled in the spring of 2011. The remaining denominations—the $20 note, followed by the $10 and $5 notes—will be unveiled and issued by the end of 2013. With the introduction of the polymer bank note series, the Bank's main focus continues to be security. "Canada's new bank notes will have innovative security features that are easy to verify," said Mark Carney, Governor of the Bank of Canada. "The leading-edge technology in these notes will expand the frontiers of bank note security." In addition to enhancing security, the new bank note series will be easier to verify, more economical and have a reduced environmental impact. The Bank of Canada evaluated a number of options before deciding on a new suite of security features and on the use of polymer material—which is expected to last at least 2.5 times longer than the current cotton-paper bills. To prepare for the new notes, the Bank is working closely with financial institutions and manufacturers of bank note equipment to ensure a smooth transition to polymer. Law- enforcement agencies and retailers will also be important partners as the Bank introduces the polymer series. "With these new notes, the Bank of Canada will provide Canadians with a durable, high-quality, secure form of payment that they can use with confidence," added Governor Carney. Bank of Canada maintains overnight rate target at 1 per centThe Bank of Canada announced that it is maintaining its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. The global economic recovery is proceeding broadly in line with the Bank's projection in its January Monetary Policy Report (MPR), although risks remain elevated. U.S. activity is solidifying and remains supported by stimulative fiscal and monetary policies. Ongoing challenges associated with sovereign and bank balance sheets will limit the pace of the European recovery and are a significant source of uncertainty to the global outlook. Robust demand from emerging-market economies is driving the underlying strength in commodity prices, which could be further reinforced temporarily by supply shocks arising from recent geopolitical events. The recovery in Canada is proceeding slightly faster than expected, and there is more evidence of the anticipated rebalancing of demand. While consumption growth remains strong, there are signs that household spending is moving more in line with the growth in household incomes. Business investment continues to expand rapidly as companies take advantage of stimulative financial conditions and respond to competitive imperatives. There is early evidence of a recovery in net exports, supported by stronger U.S. activity and global demand for commodities. However, the export sector continues to face considerable challenges from the cumulative effects of the persistent strength in the Canadian dollar and Canada's poor relative productivity performance. While global inflationary pressures are rising, inflation in Canada has been consistent with the Bank's expectations. Underlying pressures affecting prices remain subdued, reflecting the considerable slack in the economy. Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. This leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in Canada. Any further reduction in monetary policy stimulus would need to be carefully considered. Information note: The next scheduled date for announcing the overnight rate target is 12 April 2011. A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the MPR on 13 April 2011. Simple DIY spring home repairs, on the cheapWinter’s been pretty brutal for most of the country, and your home may have taken a bit of a beating. But with spring just five days away, it’s time to think about tackling a few fix-up projects around the house. On “The Early Show,” Matt Blashaw, a licensed contractor and host of the DIY Network’s “Money Hunters,” explained how to do some of the most common ones: Gates sagging, scraping the ground The wind, snow and changing temperatures may have warped your fence gate during the winter months, and put it out of alignment. So every time you open and close it, it’s scraping along the ground. The problem starts at the hinges and causes the gate to sag and not work properly. The easiest, least expensive way to fit it? You can get a Fence Gate Repair kit, costing anywhere from $8 to $40. The one Matt had on the show was only $8. It’s an inexpensive way to get everything back in place and make it square again. Attach the kit to the gate with just a Philips-head screwdriver. Then tighten the wiring until it’s plumb again. Worsening cracks in sidewalks, driveways and patios The harsh weather may have left cracks in your driveway or patio. The winter weather certainly plays a factor in their expansion. If you notice cracks, fix them now, before they create bigger problems. Use latex concrete caulk to fill up the crack, and smooth it with a putty knife. Before the concrete dries, toss on some sand. We used “leveling sand” on the show, but another type of sand could be used — even simple play sand. Just select something that matches the color of your concrete. Once it’s had a chance to dry, simply brush off the excess sand. The sand helps make the crack less noticeable because it adds that gritty texture of the concrete. Clogged gutters With spring showers on the way, it’s important to clean out the gutters so they flow freely and don’t back up and cause water damage on the side of your home. Wear some nice, sturdy work gloves so you don’t get cut by broken twigs and such. One of the easiest ways to clean out the gutter is by using a pasta scoop! Don’t use the one from the kitchen — go buy an extra, inexpensive one. Simply scoop out all the debris that’s accumulated. After the gutters are clean, save yourself some work next year and install some gutter guards. There are some great, inexpensive options at home improvement stores, and it’s an easy do-it-yourself project. Costs range from about $7-10 for 15 feet. The guards slide under roof shingles to stay in place. Built-up dirt and grime on windows Is a standard bottle of window cleaner and roll of paper towels to clean them, or is there a better way? Cleaning windows is probably the No. 1 spring fix-up you can do to freshen your home. And cleaning windows can be tackled easily if you get a partner. Instead of a store-bought window cleaner, create your own mixture, and fill two spray bottles. Mix two cups hot water, 1/4 cup white vinegar and 1 Tablespoon of cornstarch. The vinegar does the cleaning, and the cornstarch really gives the windows a great shine! Instead of using paper towels, get some newspapers out of the recycling bin. Newspapers work great for cleaning windows. It’s best to do this with a partner: Have your partner work on one side (for instance, inside) of the window while you work on the other (for instance, outside). The trick is to have one person clean side-to-side and the other person work up-and-down. That way, streaks are easy to see and fix. If you notice any scratches on the windows, a little toothpaste (paste, not a gel) applied with a soft toothbrush or rag will buff them out! Organizing garage clutter Spring is indeed a great time to get everything in order — and that includes items in the garage. Keep tools in place using a peg board with various sized hangers. You could, for example, put tools on the peg rack. As an option, you could use a marker and outline around each tool to make sure everything gets put back in its proper place. For all those other items you need in a garage, such as nails, rolls of tape, paint buckets, etc., a lazy Susan is a great do-it-yourself storage unit. It works great in the corner of a garage. We used birch plywood on the show, because it’s smooth and flat. You’ll also need lazy Susan rings, which you can get from a home improvement store. And vinyl strips were attached for the curved edging. This project takes about an afternoon to do, but is well worth it to stay organized. RE/MAX Sells More Real Estate!  | Orest Humeniuk Sales Representative 416-619-7695 sold@residences.to |  | RE/MAX 2000 Realty Inc., Brokerage - Toronto, Ontario Independently Owned and Operated | * The information and opinions contained in this document are obtained from various sources and believed to be reliable, but their accuracy cannot be guaranteed. 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