Mississauga, Ontario (January 23, 2008)- Condominiums experienced unprecedented upward pressure on average price in 2007, surpassing gains reported in the single-detached category for the first time in key GTA districts, including the central core and west end.

According to RE/MAX Ontario-Atlantic Canada, the average price of a condominium rose 12.2 percent in the central core in 2007 ($327,559 vs $292,064) while values in the west end jumped 7.3 per cent from $215,036 to 230,749. Statistics for the single-detached homes reveal an 11.5 per cent increase in average price in the central core ($910,906 vs $816,938) and a 6.6 per cent increase in the west ($417,407 vs $ 444,945) during the same period.

"Condominiums are clearly a viable - and now financially feasible - alternative to single-detached housing" says Michael Polzer, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "With so many purchasers forced to compromise on their choice of housing, the ever-growing return on investment in the condominium market is proving to be quite the consolation prize."

Had a new born in 2007? Send us a picture and we will post it on our blog, in our photo gallery. Simply email us at kapeleris@aol.com. Congratulations on your new baby!

In honor of Carmela's father, Liberato Zita (01/24/1923-04/29/2007) the committee known as the Comitato San Filippo Neri of Toronto (CSFN) has formed a scholarship. For all those interested in participating please complete the application and email to;

Comitato San Filippo Neri - Toronto         Email: mr.di@rogers.com

Please note: Applications must be postmarked no later than April 1 of the applying year. Thank you and good luck!

New homebuyers may see big savings when the new 1% reduction in GST takes effect in January 2008. It will also help existing homeowners to pay for home renovations, new appliances or furniture. The federal government claims that Canadians spend an average of $7,475 on renovations when they buy a home, and spend another $3,950 on furniture, and appliances. Based on these figures, the GST cut represents $114 in savings.

The Canadian Home Builders Association offer the following guidelines for home renovations and how GSt is applied.

- Renovations done before or after January 1, 2008 but invoiced on or after that date will qualify for the 5% GST rate.

- For renovations done and invoiced January 1, 2008 but subject to a down payment before January 1, 6% will be collected on the down payment and 5% on the rest of the fee.

- For renovations done after January 1, 2008, but subject to a deposit paid after January 1, the 5% rate applies. A deposit is not treated as a payment for a supply of goods or services until the supplier applies it against the consideration payment of the supply.