Sean Kavanagh - Blog - Sean Kavanagh

Recent Blog Posts by Sean Kavanagh
Global Market Mayhem May Keep Interest Rates Low. Bank of Canada Governor Mark Carney’s plans to raise interest rates this fall have been put on hold as a result of the continued financial struggles in both the U.S. and Europe. It was originally believed that the bank would be raising rates this September, but recent indications suggest that we could be looking at rates dropping again before we begin to see increases. Home owners concerned ... Posted by Sean Kavanagh on August 17, 2011		More
Housing market begins to cool As anticipated, July 1st has come and gone leaving a cooling of the real estate market in its wake. With many buyers and sellers trying to complete transactions before July 1st due to the HST introduction, raising interest rates and new government regulations on real estate purchasing, we are now witnessing a collective SIGH in the market......the calm after the storm, if you will. Experts ... Posted by Sean Kavanagh on July 13, 2010		More
Housing Prices Expected To Drop, But Cost Of Ownership To Rise Canadian home ownership costs are rising and affordability is eroding, while house prices are due for a correction in the coming year or two, a pair of reports by banks said on Tuesday. "While the booming housing market is starting to come back to earth, the fact that prices are overvalued today does not necessarily mean that they will crash tomorrow," said Benjamin Tal, senior economist at Canadian ... Posted by Sean Kavanagh on May 26, 2010		More
Canadian Real Estate Continues to Recover Exceptionally low interest rates, government incentives (rebates, tax breaks and RRSP contributions), the looming HST and a renewed consumer confidence puts Canada as the world leader when it comes to the recovery of the global real estate market. In a recent report on Global Real Estate Trends written by Adrienne Warren of Scotiabank, Canada is leading the way in the global real estate recovery ... Posted by Sean Kavanagh on January 22, 2010		More
Ontario Housing Market Will Stay Strong in 2010 Canada and more specifically Ontario appears to have avoided any lasting impact from the collapse of the US housing market and the subprime mortgage market meltdown. What we have seen over the past 18 months was fear versus demand and fair market values relative to the true economic environment in Ontario. From the price stability we have seen, I would say we are on great footing going forward. The ... Posted by Sean Kavanagh on January 14, 2010		More
McGuinty rejects public hearings on HST; expects new tax to be election issue There's no need for the Ontario government to hold public hearings on its plan to harmonize the provincial sales tax with the GST next July, Premier Dalton McGuinty said Wednesday, adding that voters can pass judgment on the issue in the 2011 provincial election. Basically, McGuinty is telling the public he plans to ram this tax down your throat whether you like it or not and it doesn’t matter ... Posted by Sean Kavanagh on November 18, 2009		More
Real estate recession over in Canada as prices recover House hunters still waiting for prices to drop further before buying may have sat on the sidelines too long, according to a new report. A study released Thursday shows home values in some major markets across Canada have recovered to levels where they were before the recent market drop. Economists agree and say the power has shifted to a seller's market in recent months, after the buyer's ... Posted by Sean Kavanagh on September 29, 2009		More
Mortgage Rate Update Mortgage rates have eased slightly for both the fixed rates & the variable rate mortgages. The 5 year fixed rate has finally come back down below 4% to 3.99%. The variable has also moved down to prime (2.25%) plus .15% on a 3 year term & prime plus .20% on a 5 year term. The variable seems to be the way to go, as the economists are now predicting that the Bank of Canada rate will ... Posted by Sean Kavanagh on September 9, 2009		More
Canadian Home Sales, and Prices Jump in June Sales of homes in Canada jumped 31.5 percent in the second quarter from the first and saw their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said on Tuesday. The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst ... Posted by Sean Kavanagh on July 15, 2009		More
78 percent of first time buyers recognize the time is NOW! A new survey has found that 78 percent of potential first-time home buyers say that now is a good time to buy a home, despite widespread concern about the economy. Out of the 1,000 prospective first-time home buyers surveyed in early March for the CENTURY 21 First-Time Home Buyer Survey, 68 percent think now is a better time to buy than six months ago. Prices are the driving motivation for potential ... Posted by Sean Kavanagh on April 1, 2009		More
Renters deciding it is time to jump on the property ladder First-time homebuyers are being lured into the real-estate market by falling prices, lower interest rates, more selection and new government tax credit incentives. Century 21 Miller Real Estate in Oakville, Ontario has reported that sales were up in February, after a terrible January, driven by more first-time buyers entering the market. Many renters are deciding to stop paying the landlord's mortgage ... Posted by Sean Kavanagh on March 31, 2009		More
Provincial Tax Grab Hits the Housing Industry With the housing industry struggling to recover, the provincial government has implemented a new tax plan to set the industry back yet again. Dalton McGuinty's government's plan to harmonize the 8-per-cent provincial sales tax with the 5-per-cent federal goods and services tax will add an extra financial burden on those interested in venturing into the housing market. The new blended sales tax will ... Posted by Sean Kavanagh on March 30, 2009		More
Interest Rate Watch - March 28, 2009 Term Rate 6 Months 5.00% 1 Year 3.25% 2 Years 3.79% 3 Years 3.99% 4 Years 3.94% 5 Years 3.99% 7 Years 4.95% 10 Years 5.25% Prime 2.50% Variable 3.30% Let me help you save money! Send me your email address or give me a ... Posted by Sean Kavanagh on March 28, 2009		More
The Hint of Spring Sparks Renewed Interest in Real Estate! House prices continued to slide across Canada in February compared to the same time last year, but activity was up for the first time since September. The Canadian Real Estate Association said Monday that resale home prices fell 9.2 per cent across Canada last month to an average of $281,972. CREA, also said the number of homes that traded hands on the MLS was up 8.6 per cent. "The first monthly ... Posted by Sean Kavanagh on March 27, 2009		More
Owning a home for what you pay in rent! In many real estate markets, prices appear to have fallen enough to make buying cheaper than renting. When you combine falling housing prices with mortgage rates that are near record lows, renters are now finding it easier to jump into home ownership. Historically, people rented because they couldn't afford to buy. Prices have dropped so much in certain real estate markets that monthly mortgage ... Posted by Sean Kavanagh on March 27, 2009		More
Get the Government to pay you....for a change! It is almost Spring time and everyone is itching to get a kick start on their home renovations, but given the current economic situation some of us are hesitant to open up our wallets to dish out those big chunks of change! The Government is now offering a 15% rebate on all home renovations between January 27, 2009 and February 1st, 2010. While the Government foots the bill for a portion of the renovations, ... Posted by Sean Kavanagh on March 27, 2009		More
Home Renos That Pay Off On the heels of the Government unveiling their 15% income tax credit for home renovations, I thought I would send you some information on the three areas of your home where renovations will really pay off when you want to add value to your home. The Kitchen: The kitchen is the best place to put your money, hands down. According to the Appraisal Institute of Canada, the average amount home-owners ... Posted by Sean Kavanagh on March 27, 2009		More
Interest Rate Watch - How Low Can They Go? Interest Rate Watch - March 21, 2009 6 Months 5.00% 1 Year 3.25% 2 Years 3.79% 3 Years 3.99% 4 Years 3.94% 5 Years 3.99% 7 Years 4.95% 10 Years 5.25% Prime 2.50% Variable 3.30% Let me ... Posted by Sean Kavanagh on March 21, 2009		More
Variable vs. Fixed Rates Bargain basement borrowing costs are prompting many Canadians to opt for fixed mortgages even though variable products continue to be a money-winning option for the foreseeable future, industry observers say. Canadian Imperial Bank of Commerce's chief economist Benjamin Tal says variable rate mortgages should produce the greater benefit for the next two to 2.5 years, but be a wash over five years. ... Posted by Sean Kavanagh on March 10, 2009		More
Why it’s time to buy a house! When you pair falling housing prices with record low interest rates, both variable and fixed, many financial experts have deemed a home purchase in this market "a no-brainer." Even though the financial experts have labelled a home purchase a "no brainer", consumers' fear is keeping them from taking advantage of the great opportunities out on the market today. As prices for most consumer goods, cars ... Posted by Sean Kavanagh on March 10, 2009		More
Owners and Buyers Get a Boost from Canada's New Budget Canada's housing industry is thrilled with the government's new budget, which provides up to $7.8 billion in tax relief and funding for everything from home renovations to housing for low-income seniors. From First Nations housing to first-time buyers' incentives, there's something for almost everyone. The Conservative government came through on its election promise to help first-time buyers with ... Posted by Sean Kavanagh on March 7, 2009		More
Canadian Economy: Not as bad as you may think! Guess which country, alone in the industrialized world, has not faced a single bank failure, calls for bailouts or government intervention in the financial or mortgage sectors. Yup, it's Canada. In 2008, the World Economic Forum ranked Canada's banking system the healthiest in the world. America's ranked 40th, Britain's 44th. Canada has done more than survive this financial crisis. The country is ... Posted by Sean Kavanagh on February 22, 2009		More
Market Watch - February Market Watch 2,670 Resale Housing Transactions in January Toronto Real Estate Board Members reported 2,670 sales in January from the 5,075 sales reported in the first month of 2008. Of these, 1,106 transactions took place in the City of Toronto compared to 2,128 in January 2008. In the surrounding "905" area, 1,564 sales were recorded, from 2,947 last year. The GTA housing market has not been ... Posted by Sean Kavanagh on February 17, 2009		More
Interest Rate Watch - February Interest Rate Watch as of Friday, February 14, 2009 Term Rate 6 Months 5.20% 1 Year 3.89% 2 Years 3.99% 3 Years 3.75% 4 Years 4.19% 5 Years 4.19% 7 Years 5.90% 10 Years 6.35% ... Posted by Sean Kavanagh on February 17, 2009		More
Renovate and your government will pay! If you're thinking about that refurbished kitchen, or putting in an extra bathroom or a new deck, now is the time to act, because your friends in Ottawa want to help with the bills! The recent federal budget offered a new renovation tax credit of up to $1,350 toward a wide variety of home improvements, from a new roof to a new lawn. The one-year program, which is forecast to cost the federal government ... Posted by Sean Kavanagh on February 3, 2009		More

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