Whether you are buying or selling a home, hire someone like us, whose want to earn your business. We invite you to contact us as we'd be happy to assist you with this important transaction. VISION: Share the vision of our company Sutton, as a real estate leader, is "to be the premier delivery organization of value added goods and services to the consumer." The reality is Sutton's strength, solid reputation and leading edge technology will get us there. Sutton has been an innovator in the real estate industry since 1983. Sutton was the first real estate company in North America to develop an interactive website for its agents and brokers. One of the most innovative aspects of this website is a members-only section (HomeBase) which features free marketing tools, online classes, free email and free homepages which may be updated at any time. An important cost-saving feature of www.sutton.com is Franchise Updater, which allows all franchises to update rosters and contact information in real time. Please browse our website for listings, reports and important local real estate information.
Sincerely,
Carmen and Mike McClemont
Sutton Group Preferred Realty Inc Brokerage , Sales Representatives Enjoy the NEWS:  Housing starts rose in March, according to the newest figures released by CMHC.
Housing data continues to be positive, and it seems like there is some balance coming back to the market- with increases in some regions, and decreases in others, resulting in an overall upwards trend. The seasonally adjusted annual rate of housing starts registered in at 188,800 units in March- which is a rise up from 183,700 units in February 2011. “Housing starts moved higher in March mostly because of increases in rural starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Urban starts saw little change as the increase in Ontario’s multiples segment was off-set by a decrease in British Columbia’s multiples and a decrease in single housing starts in the Prairies.” Urban starts rose by 0.4 % to 163,500 units in March. Urban multiple starts rose by 6.6 % in March to 101,400 units, while single urban starts fell by 8.3 % to 62,100 units. The seasonally adjusted annual rate of urban starts for March fell by 23.4 % in British Columbia and by 19.3 % in the Prairies. Balancing this out, urban starts rose by 13.6 % in Ontario, by 11.5 % in the Atlantic region and by 8.6 % in Québec.
CMHC estimated seasonally adjusted rural starts were 25,300 units in March. | Consumer credit experts call on homebuyers to exercise caution The Canadian Press
TORONTO — Potential homebuyers spurred into action by fears of an imminent interest rate hike may be better off to wait and avoid bidding wars that can prove even more costly, according to consumer credit experts. Laurie Campbell, executive director of Credit Counselling Canada, says Canadians already feeling societal pressure to be homeowners are more likely to engage in bidding wars and overspend when they hear that their ability to fulfil that “North American dream” could soon erode. “We’re not only enticed by agents and those who market mortgages and the whole concept but ... society as a whole,” she said. The hot housing market is being driven, in part, by an influx of consumers willing to pay a premium for home ownership before interest rates rise. “They’re overpaying for houses because they’re all trying to get into the market before interest rates go up,” Campbell said. “Especially right now with this whole time bomb of interest rates, for sure there’s a lot of people out there thinking they better get in the market today.” Two bank surveys released Wednesday found that potential homebuyers are feeling pressure to buy homes sooner, but are worried about their ability to pay for their homes when mortgage rates rise. The Bank of Montreal said as many as one-third of respondents in a homebuyers survey believe their expectation that housing prices would increase, and interest rates would soar, left an impression on their decision to make a purchase in the short term. About 15 per cent of potential homebuyers said they have been in bidding wars, and for those who had their housing bids rejected, 14 per cent believe it caused them to overspend on their next offer. “There’s definitely a sense of urgency among home buyers,” said Lynne Kilpatrick, senior vice-president of personal banking at BMO. “While we encourage Canadians to pursue their home ownership dreams, we recognize it’s easy to get caught up in the emotions of the purchase and this can lead to stretching one’s budget too thin.” Meanwhile, Royal Bank’s annual home ownership survey found about 64 per cent of mortgage holders are concerned about higher rates over the next year. Almost three-quarters of homeowners, 73 per cent, felt strongly that homebuyers needed to think ahead to ensure they will still be able to make their mortgage payment if rates rise. The bank said six in 10 mortgage holders said they had taken advantage of current low interest rates to pay more principal on their loans. Most economists say low interest rates are behind the continued strength in the housing market and expect the Bank of Canada to raise interest rates in late spring or early summer. The cost of servicing a mortgage fell 5.8 per cent in February as a result of record-low interest rates, but with many Canadians taking on ever larger mortgages in expensive markets across the country, higher rates could create problems for some. BMO’s senior economist, Sal Guatieri, says that with a cooler housing market “just around the corner,” prudence may be a good choice for many new |