Yesterday (Sunday) I woke up to about 10 cm of snow which had fallen since I went to bed the previous night after a day of constant rain. I was shocked to say the least. I was also a little put off with Mother Nature! You see, I thought the deal was to put up with all the rain and in return, that and the milder temperature would wash away all the dirty, icy, snowy remnants of winter. Somebody didn't keep their end of the bargain.
I confess to having had just about enough with winter this year and I find myself craving what passes for spring in Toronto. I want longer days of sunlight and warmer, milder weather BEFORE we get hit with the heat and humidity of the summer. Guess I just want it all. I think most people probably echo my sentiments.
Yesterday I did an open house and got a chance to meet and greet about 100 people, who clambered in, shook the snow off their boots and took a look at the house. I asked most of them what they thought of the weather lately and my informal straw poll agreed with my views. Oh they liked the house too! Charming 2 bedroom bungalow with tons of upgrades and features! (shameless self-promotion! lol).
So come on Mother nature, we know you have it in you! Please give the nice people of Toronto a decent spring this year, we did, after all, put up with your winter!
You can find great local Toronto, Ontario real estate information on Localism.com Frank Bott is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Monday, March 7, 2011
Saturday, March 5, 2011
The Next Level
Yesterday I attended the first in a series of classes facilitated by RE/MAX Hallmark co-owner Debra Bain designed to help Realtors grow their business to "the next level".
I have been fortunate that in my three years with Hallmark, I have been exposed to a large group of people who take that message to heart. The first day I spent with this company, I attended the opening of a kitchen at First Nations School here in Toronto. Agents from Hallmark diligently raised about 50,000 dollars to support building a kitchen so they could then volunteer at a breakfast program there (the school didn't have a kitchen to support a breakfast program). I have volunteered for the breakfast program since and enjoy getting out Wednesday mornings to attend and help out. It boosts my day.
We raised thousands of dollars during a stationary bike-a-thon for Juvenile Diabetes and I anticipate greater involvement this year.
This week the company got together and had a great time bowling, drinking, partying etc. and gave Big Brothers and Big Sisters a cheque for in excess of $30,000-.
Collectively, we have given over a million dollars to The Hospital for Sick Children here in Toronto through the Children's Miracle Network.
So what does all this have to do with "the next level". Whether you are Carolyn Griffis (Children's Breakfast Program), James van der Borgh (Juvenile Diabetes), Harvey Malinski (Friends for Life Bike Rally for Toronto People With AIDS), John Kennedy (Big Brothers/ Big Sisters) the common thread is people who are successful (and very busy) using their organizational skills and connections to help other people. I'm proud to be associated with people like this who work hard every day and have an impact on the world around them. Their passion is inspiring.
There is a direct correlation between business and civic success, my own success has been the result of constant exposure to people like this and I am happy to continue my climb to "the next level".
I have been fortunate that in my three years with Hallmark, I have been exposed to a large group of people who take that message to heart. The first day I spent with this company, I attended the opening of a kitchen at First Nations School here in Toronto. Agents from Hallmark diligently raised about 50,000 dollars to support building a kitchen so they could then volunteer at a breakfast program there (the school didn't have a kitchen to support a breakfast program). I have volunteered for the breakfast program since and enjoy getting out Wednesday mornings to attend and help out. It boosts my day.
We raised thousands of dollars during a stationary bike-a-thon for Juvenile Diabetes and I anticipate greater involvement this year.
This week the company got together and had a great time bowling, drinking, partying etc. and gave Big Brothers and Big Sisters a cheque for in excess of $30,000-.
Collectively, we have given over a million dollars to The Hospital for Sick Children here in Toronto through the Children's Miracle Network.
So what does all this have to do with "the next level". Whether you are Carolyn Griffis (Children's Breakfast Program), James van der Borgh (Juvenile Diabetes), Harvey Malinski (Friends for Life Bike Rally for Toronto People With AIDS), John Kennedy (Big Brothers/ Big Sisters) the common thread is people who are successful (and very busy) using their organizational skills and connections to help other people. I'm proud to be associated with people like this who work hard every day and have an impact on the world around them. Their passion is inspiring.
There is a direct correlation between business and civic success, my own success has been the result of constant exposure to people like this and I am happy to continue my climb to "the next level".
Tuesday, March 1, 2011
35 Year Amortizations, Good-Bye and Good Riddance!
On March 18 of this month CMHC will no longer allow mortgages amortized over 35 years (meaning if you follow the payment schedule it will take you 35 years to pay off the principal and interest on your home). This has caused a feeding frenzy on the market as primarily younger home buyers rush to get an agreement to purchase in place before the March 18 deadline at a time when listings have been low. The result has been more bidding wars, more buyer frustration and homes, in many cases, selling for more than they are worth.
I guess this might be good news for home sellers but the majority of them are trying to buy in the same market so it's probably a wash for them. Bottom line is more listings will be on the market in March and April and the market will probably adjust itself a little.
If a home buyer purchases a home with a 5 year closed mortgage and only 5% down, they effectively pay no principal from their mortgage at the end of 5 years! This would be like only making minimum payments on your credit cards. Interest rates have been at historic lows for quite a while; they can really only go up and home prices have been rising steadily so no one has really noticed but we will eventually have a market correction in price (for any number of reasons- this is the historical cycle). If this coincides with a rise in interest rates a number of people could see their mortgage payments rise. The cumulative effect is increased consumer debt.
The long-term health of the Canadian economy (and real estate market) will be much healthier if we can reduce consumer debt and this will be good for all of us! So, kudos to the government for eliminating 35 year amortizations! As a side note, the extra cost of carrying a $100,000 worth of mortgage under current rates will amount to about $40 per month.
I guess this might be good news for home sellers but the majority of them are trying to buy in the same market so it's probably a wash for them. Bottom line is more listings will be on the market in March and April and the market will probably adjust itself a little.
If a home buyer purchases a home with a 5 year closed mortgage and only 5% down, they effectively pay no principal from their mortgage at the end of 5 years! This would be like only making minimum payments on your credit cards. Interest rates have been at historic lows for quite a while; they can really only go up and home prices have been rising steadily so no one has really noticed but we will eventually have a market correction in price (for any number of reasons- this is the historical cycle). If this coincides with a rise in interest rates a number of people could see their mortgage payments rise. The cumulative effect is increased consumer debt.
The long-term health of the Canadian economy (and real estate market) will be much healthier if we can reduce consumer debt and this will be good for all of us! So, kudos to the government for eliminating 35 year amortizations! As a side note, the extra cost of carrying a $100,000 worth of mortgage under current rates will amount to about $40 per month.
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