November - December 2007
Online eNewsletter

Best Year Ever With
Weeks To Go! 

With six weeks remaining, 2007 has already become the best year on record for resale homes in the Greater Toronto Area, Toronto Real Estate Board President Maureen O’Neill announced today. “As I predicted last month, 2007 will indeed be a banner year for home sales in our city,” said Ms. O’Neill. “So far this year, 84,994 properties have changed hands, as compared to 84,145 sales in 2005, our previous best year.”

With 3,544 transactions to mid-month, November sales are also up five per cent compared the same timeframe last year. The current average price is $393,084, a nine per cent increase over the first half of November 2006. The year-to-date average price stands at $374,678, up six per cent over the $352,807 recorded during the first 111/2 months of 2006.

In West Agincourt (E05), transactions were up 39 per cent as compared to the same timeframe a year ago, driven by a significant increase in detached home sales. Newmarket (N07) saw an increase of 50 per cent compared to the midway point of last November, due to a substantial number of detached and semi-detached home sales. Northwest Cooksville (W15) experienced an overall sales increase of 27 per cent compared to mid- November 2006, mainly as a result of condominium townhouse sales.

In the downtown core (C01) condominium apartment transactions resulted in a 32 per cent overall increase as compared to the first half of last November. “All of the economic conditions remain in place for a strong housing market in the GTA. The unemployment rate fell by approximately half a per cent last month, Statistics Canada anticipates sustained immigration throughout the next decade and mortgage rates remain historically low,” said Ms. O’Neill.

“Toronto is a very vibrant city in which to live and compared to other urban centres like New York, Los Angeles and London, our housing is very affordable.”

October Set New Record

TREB Members recorded 7,915 transactions of single-family homes in October, an all time record for the month, TREB President Maureen O'Neill announced today. "Sales were up 15 per cent over the 6,876 figure recorded in October of 2006, and up about 10 per cent over the 7,227 transactions that took place in October 2003, which was our previous record."

Prices rose in October, with the average climbing four per cent to $394,646 over September's $380,132, and up 11% over the $356,423 recorded in October of 2006.

Neighbourhood Corner
Toronto's Agincourt (District E05 & E07)

Within Agincourt (parts of districts E05 and E07) the dominant resale house types are detached and semi-detached units. So far this year detached homes averaged $376,047, up one per cent over the same time-frame in 2006. Semis averaged $313,337, a six per cent increase over the $295,800 recorded for the first ten months of 2006.

Mental Health & Ageing Well

“The ability to be present in the moment
is a major componenet of mental wellness.”
~Abraham Maslow 
American philospoher & psychologist, 1908 - 1970

“If you are patient in one moment of anger,
you will escape a hundred days of sorrow.”
~Chinese Proverb 

November - December Wellness Tips

“Action is the antidote to despair”
~Joan Baez 
American singer & songwriter, 1941 -

“Inaction breeds doubt and fear.
Action breeds confidence and courage.
If you want to conquer fear, do not sit
home and think about it. Go out and get busy.”
~Dale Carneqie 
American lecturer & author, 1888 - 1955

Online Gems & Links

Title Insurance and Real Estate Fraud

Ontario's Bill 152 - December 2006

Identity Theft & A New Federal Law

Real Estate Fraud 

Real estate fraud is a term that covers several forms of fraud that the real estate industry now encounters. Title fraud has become a more well known type of fraud. Title fraud can be most damaging to an individual homeowner. The most common form of title fraud is someone using stolen identities and or forged documents to fraudelently transfer the registered owner's title to someone else without the true owner knowing of the transfer. The home can then be sold without the true property owner's knowledge or a mortgage can be placed on the property, which could become the responsibility of the unsuspecting rightful property owner. This is also referred sometimes as "mortgage fraud".

The Government of Ontario has made changes to the law in December, 2006 with the Consumer Protection and Service Modernization Act which increases the safeguards for property owners. Under Bill 152, the Land Titles Act is amended to ensure that ownership of a property cannot be lost as a result of the registration of a falsified mortgage, fraudulent sale, or a counterfeit power of attorney. The legislation will also

• Use a streamlined and expedited Land Titles Assurance Fund process for individuals who are victims of fraud so that title is returned and a decision on compensation is made within 90 days.
• Introduce new safeguards for suspending and revoking the accounts of fraudsters so that they cannot register documents.
• Raise existing fines for real estate fraud related offences to $50,000.

Mortgage fraud and title fraud begin with identity theft. The Toronto Star recently quoted Chris Mathers, a crime and risk consultant and former RCMP officer, who said that while identity theft is a major issue, it's important to keep things in perspective. "I think it's a serious issue and that a lot of people don't understand what it is. People usually steal your identity for a very limited time. They don't want to be you; they're just stealing your information to make money," he said.

When it comes to protecting your identity, consider doing the following:

• Guard your personal information and give out only what is needed
• Don't leave personal information unattended
• Shred before placing any information in the garbage
• NEVER give out your SIN number except where absolutely required
• Protect your credit cards and their usage
• Take all receipts and shred at home if you don't want to keep them
• Know your billing cycles and be aware of missed mail
• Cover your keypad at bank machines, stores and elsewhere
• Don't use predictable passwords and change them from time to time
• Do not write down passwords or pin numbers
• There are no instant prizes! Hang up on phone solicitors and do not respond to mail invitations.
• Never confirm or give information to anyone unless you are crystal clear that this is required.
• Check your credit report periodically.

Regarding your real estate property, be cautious and specific when granting power of attorney. Also consider the benefits of purchasing title insurance. Talk to a Realtor, a lawyer or go online to Julie’s newsletter for links and to learn about title insurance and its benefits.

Current and Previous Newsletters in PDF format

- 2007 -
November - December 2007 Newsletter
October 2007 Newsletter
September 2007 Newsletter
Fall Special 2007 Newsletter
August 2007 Newsletter
July 2007 Newsletter
June 2007 Newsletter
May 2007 Newsletter
April 2007 Newsletter
March 2007 Newsletter
February 2007 Newsletter
January 2007 Newsletter

- 2006 -
December 2006 Newsletter
November 2006 Newsletter
October 2006 Newsletter
September 2006 Newsletter
August 2006 Newsletter

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