TORONTO,OCTOBER 8, 2008 – The seasonally adjusted annual rate (SAAR) of total housing starts remained very high in September, at 51,900, according to preliminary housing starts data released today by the Canada Mortgage and Housing Corporation (CMHC) for the Toronto Census Metropolitan Area (CMA). Very strong condominium apartment starts were the basis for the high rate of housing starts. For the first nine months of 2008, total housing starts on an unadjusted basis are up by 31 per cent compared to the same time period a year earlier. Condominium apartment starts are up by 163 per cent compared to the first three quarters of 2007. “Record condominium apartment sales in 2007 have continued to translate into a high level of starts this year,” says Jason Mercer, CMHC’s Senior Market Analyst for the GTA. “With September’s strong results, a new record for annual condominium apartment starts has been set in the Toronto Census Metropolitan Area.’’
Negotiations for a home for sale can be affected by emotional factors. For example, it is easy to be offended by someone who is making an offer on your property. Even if the buyers love your house, they are trying to negotiate the best possible price and terms. They probably will not let you know how much they want your home until they have negotiated a purchase agreement.
Buyers almost never write offers that please the sellers entirely. Offers and counter offers may be traded back and forth over days or weeks. Terms of the sale will be discussed and deadlines will be set. When there is finally a meeting of the minds, both sides may feel relieved but exhausted by the process. One of a real estate agent’s most important jobs is to act as the intermediary during such negotiations. With your agents knowledge of financing, negotiation procedures, and the tax laws affecting real estate sales, agents come up with creative solutions to the challenges that may arise.
RECORD STAFF WATERLOO REGION — Housing starts and resales are expected to ease in Waterloo Region in 2008, according to figures released today by Canada Mortgage and Housing Corp.Housing starts are expected to drop 3.3 per cent to 2,650 from 2,740 units in 2007, says the housing corporation in its spring housing market outlook.
Meanwhile, sales of existing homes are expected to drop by 7.6 per cent to 6,500, compared to 7,031 in 2007.
“Rising new home prices and a well supplied resale home market will keep housing starts below peak levels recorded earlier in the decade,” the housing corporation said in a news release.
