Welcome to Homes by John Burke,

where Dream Homes are just a call away 

Welcome to my website. Whether you are buying or selling a home, I am committed to helping you meet your needs. Please browse around my website, check out the listings, both Residential and Commercial and do not hesitate to contact me for further information on buying or selling properties. There is a form to fill out in the links for buying or selling on the left side of this page. Fill in the form and leave a phone number or email address and I will be sure to contact you with in 24 hours to assist you.

It is of utmost importance to me to satisfy you, and I will take the time and care to listen and attend to your concerns or queries. I hope that you will find the information you are looking for. If not, just call me!

Let me help you find your Dream Home here.

Thinking of finding a new Dream Home. Perhaps your family is growing and you need more space, or your family has found their own Dream Home and it is time to down size, either way, allow me to assist you. It's easier than you think, with a Realtor on your side.

The Real Estate Market in the GTA is continuing to grow. If you are selling a property, the prices are still on an upward swing. This is the perfect time to list your property as you will get the best price.

If you are buying a property, the time is now to get your Dream Home as the prices continue to rise so do the amount of offers on an individual property. It is not uncommon to have 10 offers on properties now. So CALL ME and let's get moving on finding your Dream Home.

416-281-2200 Office

416-409-0873 Cell

For the latest data click the link on the left called MLS Monthly Data

Featured Listings

10  Oak  Island  Cottages	7475 Country Lane	7363 Kennedy Rd Ph03

For more information on these or any MLS listings, contact me @ 416-281-2200 (o) or 416-409-0873 (c).

Finishing the year on a high note

TREB President's Toronto SUN Column

December 30, 2011 -- November was another active month for resale housing transactions throughout the Greater Toronto Area, with 7,092 homes changing hands.  This represents an 11 per cent increase over November 2010.

The 905 Region led the way in sales activity, increasing nearly 12 per cent compared to a year ago, with a total of 4,065 transactions.  In the City of Toronto, where 3,027 homes changed hands, sales increased by 10 per cent compared to November 2010.

Meanwhile, at 9,786, the number of new listings throughout the GTA increased 14 per cent last month in comparison to a year ago. As we move into 2012, the supply of homes newly available for sale is likely to outpace transactions, translating into more balanced market conditions.

The average cost of a GTA home in November was $480,421, increasing almost 10 per cent compared to the same period a year earlier. Year over year price increases were comparable in the City of Toronto and the 905 Region. The City of Toronto’s average price of $524,805 grew by 10 per cent compared to November 2010 while the 905 Region’s average price of $447,371 grew by almost 10 per cent compared to a year ago.

The number of days that homes were available for sale decreased considerably compared to November 2010, averaging 29 days last month and 34 days a year ago.  

Key to any healthy housing market is consumers’ ability to afford the carrying costs associated with home ownership, and from this perspective economic conditions remained relatively unchanged last month.
Toronto’s unemployment rate increased 0.1 percentage point to 8.4 per cent in November, while carrying costs also remained consistent with five year fixed rate mortgages available at just over five per cent.

Canada also garnered more positive global attention in November as the international business-consulting firm FutureBrand named ours the country with the best brand in the world for the second consecutive year.

As part of the study, which examines how travelers perceive countries around the world, 3,400 travelers were surveyed on their views about 110 nations. Switzerland came in second, followed by New Zealand, Japan, Australia, the United States, Sweden, Finland, France and Italy to round out the top ten.
        
Another annual study, conducted by Mercer LLC assessed Quality of Living in 221 cities around the world, ranking them against New York as the base city. In the Americas region, Canadian cities dominated with Vancouver, Ottawa, Toronto and Montreal ranking respectively in the top spots.

From a global perspective Vienna achieved the best living standard in the world, followed by Zurich, Auckland and Munich, with Düsseldorf and Vancouver sharing fifth place. Toronto ranked among the top 15 in the world.

Numerous studies released in recent months all point to the same conclusion: around the world Canada, including its most populous city, is a highly regarded place to live. This means that owning a home in the GTA is a wise long-term investment, and it is the only one in which you can live as it appreciates.

Even though consumers have been dealing with the HST for some time now, it appears there is still confusion about its applicability to housing.

When it comes to housing, there is good news and bad news about the HST. 

The good news is that if you are buying a resale home, you will NOT pay HST on the purchase price of the home.  On the other hand, if you are buying a newly constructed home, HST will apply.

The purchase price of resale housing was never subject to the old Provincial Sales Tax, or the Federal Goods and Service Tax.  When the provincial government began considering implementing a Harmonized Sales Tax, Realtors fought hard to ensure that the old exemptions for resale housing were maintained, which is exactly what happened.  As a result, if you are buying a resale home, you don’t have to worry about paying HST on the price of the home.  That’s money that you can keep in your pocket, or use to keep mortgage costs down.

Unfortunately, the same is not true for buyers of newly constructed homes, which are subject to additional tax under the HST.  Newly constructed housing has always been subject to the GST, resulting in thousands of dollars of tax for buyers choosing this option.  Now, with the HST, new housing is also subject to PST, meaning thousands of dollars in added costs for buyers of new housing.

There is a silver lining for new housing:  the provincial government provides a rebate of 75% of the PST on the first $400,000 of a newly constructed home, or a maximum of $24,000.  For example, someone purchasing a new home priced at $500,000 would face $40,000 in additional tax from the provincial portion of the HST, which would be reduced to $16,000 with the rebate.  Obviously, the rebate softens the blow, but an extra $16,000 of tax (in this example) for a newly constructed home is nothing to laugh at.

There is also encouraging news when it comes to real estate for businesses.  Although the costs of purchasing or renting a commercial property are subject to HST, businesses are allowed to claim tax credits to offset these costs.  Even better, when purchasing a commercial property, the business can claim the tax credits immediately so that no upfront costs are incurred for the HST, and cash flow is not impacted.

Taxes are not a topic that most people like to spend a lot of time thinking about, so I’m not surprised that there is still a lot of confusion out there about how the HST applies to housing.  With that in mind, I hope I’ve helped to make the HST a little easier to understand, and, for buyers of resale housing at least, a little easier to swallow.                            

What the new mortgage rules mean for you

A breakdown of the tighter mortgage rules that are in effect since April 2010.

It's going to get a little tougher to buy a home starting April 19, 2010 thanks to the Federal government. And that's not necessarily a bad thing. The Canadian housing market has been expanding with breathtaking speed, and many were concerned that it would all end in tears.

So here's what the Department of Finance did:
All borrowers need to be able to meet the standards for a five-year fixed rate mortgage, even if they opt for a mortgage with a lower interest rate or shorter duration.
Second, anyone buying a home that they won't be living in will need a minimum down payment of 20 per cent.
Third, Canadians won't be allowed to withdraw more than 90 per cent of the value of their property by refinancing.   

Here's what they mean to you:

The five-year test
This isn't as big a change as it first appears. Banks currently test all mortgage applicants on a three-year fixed-rate mortgage rule. The difference between a three and a five year rate is about 50 to 100 basis points. That means that one would have to absorb an extra $2,500 per year in mortgage costs on a house that costs $337,000 — the national average. The minimum household income cut-off rises by between $5,000 and $8,000 to meet this new rule.

The new rule provides homeowners with an additional buffer, but floating rate mortgage holders are still vulnerable to rising rates. It's entirely possible that variable rates could rise above the current fixed rates being used as a test.

Speculator rule
The 20 per cent down payment (up from 5 per cent) on a home you aren't living in is intended to prevent landlords from using excessive leverage. 

Refinancing limit
Limiting refinancing to 90 per cent of the value of a home (from 95 per cent previously) reduces the risk of negative home equity if home prices fall.

There had been speculation that Canada's minimum down payment rule of 5 per cent might be increased and the maximum 35-year horizon on a mortgage might subsequently be reduced. This didn't happen, but I think that had these rules been adjusted, some Canadians would have been excluded from the market, without ensuring that those who did qualify for a mortgage would be able to handle rising interest rates any better.

Despite these new rules, anyone in the market for a new home should exercise some old-fashioned common sense.

Just because you can make a five per cent down payment doesn't mean you shouldn't aim higher. Even a 10 per cent down payment will make a big difference to the amount you'll be paying over time. 

Here's the advice:
Choose a shorter amortization period if possible. Instead of going with the standard 25- or 35-year period, selecting a shorter amortization period at the beginning of your mortgage will dramatically reduce the amount of interest you pay over the shortened life of your mortgage. I also advised her to make annual pre-payments of up to 15 per cent, if possible.

Those are the big things. But there are small actions any homeowner can take despite any rule changes. I recommend people take advantage of rapid weekly or bi-weekly mortgage payment options instead of monthly ones. By doing this you can reduce the interest costs of owning a home and pay off your mortgage faster. A 35-year mortgage would be paid off in 29 years if you opt for bi-weekly payments!

When factoring in the costs of home ownership, don't forget to think about all the extra costs you could be faced with such as utilities and maintenance. Purchases like new furniture, lawn mowers and BBQ`s quickly add up, too.

Home ownership isn't just a way to build wealth; it can be a chance for good memories with family and friends. I'm excited for anyone who is making prudent home buying decisions.

By Patricia Lovett-Reid, March 6, 2010