Who really "wins" in a bidding war?

With the Toronto market basically on fire, and decent performance in our local market in Woodstock, its time to discuss "bidding wars"

First, I'd like to talk about terminology:

I hear a lot of my cohorts in the Real Estate business use sports / competitive terminology to describe the process of offering on a home in a multiple offer situation.  I often hear colleagues say things like "we lost our second bidding war in the past week" or "my buyers won in a bidding war!"  It reminds me of how emotional the home buying process is for our clients.  I am not a huge fan of inserting even more emotion into the situation by using motivational terms like WIN or LOSE....  I question whether being a "Winner" in a bidding war has a long term effect on the happiness of our clients.  Sure, they "got" the house they "had to have" however, it is likely they paid too much for the home, and also likely that they went in without conditions that SHOULD have probably been in the offer to protect the buyer.  Hopefully none of those decisions come back to haunt the Buyer, but the likelihood is that they will.

So you've just found out the house you LOVE is going into multiple offers....  What to do....

Well, if you're a rational thinker, and not tempted by your emotions, in some cases you have the option of walking away.  In some white-hot markets like Toronto, you may have to wait for the market to soften in order to buy a home.  Don't worry, it may seem like forever, but it will happen at some point.

If you're absolutely smitten, and/or you HAVE to buy the home, here's what you need to do:

1. Remove as many conditions as you are comfortable removing.  Make sure you have a solid preapproved for your financing, and that you are comfortable with the conditions on the pre-approval.  For example, that you have all of your letters of employment, paycheck stubs, and have paid off your consumer debts.  I would never recommend not getting a home inspection, but if you're confident that you know the product in question, or you're a handy person, eliminating the home inspection clause can be the clincher for a multiple offer situation.  You can also get a home inspection done BEFORE you make an offer, with the seller's approval.  Minimize or eliminate as many of the other conditions as possible from your offer.

2. Put your deposit on steroids.  The deposit is the only protection that a seller has if you decide to walk from the deal.  Make it as large as you can afford, if you are serious about buying the house.  

3. Get your agent to go fishing.  Is closing date important to the sellers?  Are you flexible on close?  That can be HUGE for a seller.  Do they LOVE their pistachio green electric stove?  Better not ask for it to be included.  Do they have white doily lace curtains that you'll just rip down anyway?  Leave them off the offer.  What I'm getting at here, is that a properly trained negotiator (Your BUYER AGENT) can call the listing agent and go fishing for clues that might aide your negotiations.  A solid listing agent won't divulge any motivations, but we all know that no two Realtors are created equal...  It's worth a try. 

4. Know your comparables.  Your BUYER AGENT can provide you with recently sold comparable homes, and interpret the information contained herein.  Coupled with market trend information, he/she can advise you on an accurate market value estimate, and what offer price should be fair, given your conditions.

5. Put your best foot forward.  Although as mentioned earlier, I dislike the "win/lose" terminology associated with multiple offers, it's best to have given it your best shot and "lost" than to hold back and regret it.  Don't be silly though, like that guy who paid $421,800 over asking price.  Fairly certain there will be some regret in that situation, should the need to sell arise in, oh, say, the next decade.

6.  HAVE FUN.  Most consumers only buy a home once every 3.5 - 5 years.  If you happen to find yourself buying during a feeding frenzy, take it all in.  After all, its the kind of thing they make TV shows out of!


Ben Sage, Sales Representative. www.facebook.com/SageAdviceRealEstate  www.bensage.com www.oxfordcountyhomes.ca RE/MAX a-b Realty Ltd., Brokerage. www.a-brealty.com

Yard Sale for the Cure 2012 COMING SOON!

Hello Friends,

If you're anything like me, you've started (or are at least THINKING about starting) your spring cleanup.  Sorting through stuff that's been hanging around for a while, thinking of what to get rid of and what to hang on to for another year.

I'd like to ask that as you're cleaning / tidying for spring, if you'd think about me, and the annual commitment that  my brokerage undertakes to raise money for the Canadian Breast Cancer Foundation.  Every year, the Realtors at my office pool their resources and throw a huge Yard Sale!  This year, the event will be on Saturday, May 26, 2012.  Venue not yet confirmed.

We will be having Drop off Days in the coming months, so stay tuned to this space for more information on those dates and locations. 

What we need is gently used items of reasonable value to sell at the yard sale!  Unfortunately we can't take large appliances, large furniture, clothing, or old electronics.  Anything else is fair game!!!

Please set aside any items of value, and either bring them to a drop off location, or give me a shout, and I'll happily come and pick up the stuff!

Ben Sage, Sales Representative. www.facebook.com/SageAdviceRealEstate  www.bensage.com www.oxfordcountyhomes.ca RE/MAX a-b Realty Ltd., Brokerage. www.a-brealty.com

Woodstock Recreation and Leisure Fair

The 8th annual event is Sunday, March 4, 1-4 p.m. at Cowan Park on Ridgewood Drive.

Organized by Woodstock Recreation Advisory Committee this free community event features information on minor sports, adult sports, hobbies (photography, crafts, etc), groups who research history, collecting clubs, choirs, dancing, acting, singing, musicians (arts and creative arts), service clubs, and sports clubs to join -- perhaps badminton, cycling, lawn bowling, curling and even kids' tackle football.

For more details contact Glynis Hill at the City's Community Services department at 539-2382.

Ben Sage, Sales Representative. www.facebook.com/SageAdviceRealEstate  www.bensage.com www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Title Insurance - More Than Just Fraud Protection

How much do you really know about title insurance? This article explains how title insurance can protect you against more than just fraud...

What's in a title? - Mortgage Broker News


Ben Sage, Sales Representative.
Re/Max a-b Realty Ltd., Brokerage.
519-536-7535
521 Dundas St.
Woodstock, ON N4S 1C3
www.facebook.com/SageAdviceRealEstate
www.bensage.com
www.oxfordcountyhomes.ca

I am excited about Re/Max Curbside Marketing

For almost a year now (I keep telling you we're ahead of the curve), the office of RE/MAX a-b Realty ltd and its agents have been working with Quick Response Codes.  Many of us have implemented these codes into our marketing program, using them on our business cards for profile/contact information, or inserting them into feature sheets or onto lawn signs for quick access to information.



With the launch of Curbside Marketing, RE/MAX has made it absolutely simple to implement an advanced information system as a key part of marketing your listings.

For my listing clients, I am now including a custom sign rider (I'm sure you've seen these before) that doesn't simply have a URL on it (www.whateveraddress.com) as it has in the past.  The sign rider will now contain TWO methods of gathering information; the first is a "Short Code" that you may text on your phone (free of charge, of course), and receive INSTANT information on the listing you're sitting in front of! (Photos, description, property description and details, as well as video!).  The second is the trusty QR Code, which, for the more savvy Smartphone users, can be scanned by your phone's camera, and bring up the listing information without keying a single digit/letter into your phone!

Cool eh?


Watch this space for more, as I roll out this amazing service for my selling clients.


Ben Sage, Sales Representative. Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON
www.facebook.com/SageAdviceRealEstate  www.bensage.com www.oxfordcountyhomes.ca

Panicky Beurocrats threaten to put a damper on the Real Estate Market again....

In a chilling reminder of what happened to our market as of July 1st, 2010, it is today being speculated that Jim Flaherty, our wonderful Finance Minster may act to stem the scourge of consumer credit that us Canadians are apparently awash in. 

Pundits have been ironically warning us for nearly a year, as our spending lifts the country further from the throws of a double dip recession, and distances us from our under-water American counterparts, that our growing household debt is a problem. 

Am I talking about raising interest rates?  Not likely at this point.  This certainly wouldn't help our escalating Loonie keep pace with the rest of the world.  What is being suggested today has far more sinister consequences for the real estate market.  For buyers and sellers alike. 

The reduction of the maximum mortgage amortization from 35 years to 30 years (or even 25?). 

Two years ago, maximum amortizations were reduced from 40 to 35 years. The results on the Real Estate market were difficult to track, as local pricing / market trends were all over the place in 2008. 

This time around, I'm 100% certain that it will chill an otherwise recovering new and re-sale housing market in Woodstock.  Let's look at a scenario.

December 2010's average sale price in Woodstock was $183,107.

Assuming 5% down over 35 years at a fictional rate of 3.94%, your payment would be $760.65

At 30 years, payments translate to $821.28

Under the same terms, at 25 years amortization, the payment balloons to $909.37

With Woodstock property taxes increasing at par with assessment phase-in, HST now in full effect on Hydro, gas, and other services,  the dawn of Metered Water services, Time-of-day Hydro usage, Rising Garbage tag prices, and other financial pressures on the household, what do you think could happen to the value of your home? 

Fewer buyers able to buy, fewer sellers able to sell for "what they need" out of a home... 

Basically, a big chill.  2007-2008 all over again.

The time to list is now.  Seriously!



Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

The Status Report - Woodstock Residential Market Update, January 2011

2010 was a very interesting year in Real Estate Sales in the Woodstock and District Real Estate Board.

Here's a look at some of the numbers:

The average sale price in 2010 was $218,216, up  3.44% from an average 2009 sale price of $210,957. For reference, 2008's average sale price was $215,202, and 2007 was $210,510.

Here you can view a Line graph of Historic Sales Values in Woodstock for the 2009 and 2010 Calendar year, as well as a bar graph illustrating the number of Residential homes sold in Woodstock for the same period.

It is interesting to note the trend - As predicted by myself and many in the sector at the conclusion of 2009, due to low interest rates and deferred purchasing, the first half of the year would be a busy time, with prices being pushed higher by steady supply and increased demand. Take a look at what happened to average sale prices after July, 2010.  The impact of the HST  had a large psychological effect on the buyers in the marketplace.  Additional factors that caused the decrease in sales volume and subsequently in the average sales price (by tipping the supply and demand scale) include the threat of rising interest rates ("buy now before the rates go up!), and tighter lending requirements. 

Going forward into 2011, I am confident that we will see very much a repeat of 2010 in terms of overall volume and average sales prices.  We've seen a pretty stagnant growth pattern year over year since 2007, and next year should look somewhat the same.  I expect slightly fewer number of sales year over year from 2010, and average sale prices to remain strong, but not growing much past the $220,000 mark.  It is expected by many industry analysts that we will have a very strong first half of 2011, followed by a stagnation in the latter parts of this year.  In other words, the graph should look strikingly similar.

Though we do not have any major factors on the horizon that might influence the market (such as the HST introduction), we do have several smaller factors influencing market strength.  The ongoing threat of higher interest rates has been somewhat subdued by latent recoveries in the domestic and American markets, but the recovery is gathering steam.  This means that EVENTUALLY interest rates will start to climb, and when they do, this is bound to have a negative impact on housing values.  It's been said that rates may begin to climb at the conclusion of spring 2011.

What does this mean for you?

Well, if you're thinking it's time to sell, the time to act is NOW.  Catch the wave that is likely to crest in March or April if you're looking for the best value in 2011. 

If you're buying, suppressed demand in the market means you will have time to act, but shorter supply trends indicate that prices are likely to increase throughout the year.  Be aware of interest rate trends, and make sure you get a RATE GUARANTEE if you are planning to buy.  If rates go up, you will be able to purchase less house for similar cost, so it makes sense to act soon. 

If you have questions about this post, or Real Estate in general, feel free to email me here.

I wish you all a safe and prosperous 2011.  I'm here, and ready to help!



Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Fall/Winter 2010 Woodstock Condo Report

After a tough year for Condominium sales in 2009, the prospects for selling a condominium in the Woodstock market are definitely improving, as signs of stability are returning to the broader economy.  A return to moderate confidence in the market has fueled a rebound in the Condo market throughout 2010.  Compared to only 60 condominium units sold (4 new) in the entirety of 2009, the market has shot back with a 21% rebound this year, with Year to Date sales of Condominium units in Woodstock totaling 73 (and we sit at November 30th).  5 of these reported sales were of new condominiums.

We have also seen some new and exciting condominium developments in Woodstock, including Woodstock's first "Stacked Townhouse" Condominium Complex in the South end of Woodstock.  With prices starting at $169,900 with a garage, this style of affordable luxury is certain to catch on.  They are a commuters dream, just seconds from Highway 401.

In the northeast end, The Builders Group is listing Residential attached condominiums, in 2 storey non-traditional style.  For the budget minded, these units start at $219,900.

In the Alder Grange subdivision, on the north end of Woodstock, sales continue of new Ranch-style attached condominiums, with either single or double garages, in 2 - 3 bedroom configurations, while across Highway 59, you have additional choices available, with Bungalows and Loft style Condominiums.

Employment prospects in Woodstock and Area remain promising, with CAMI on 6 day rotations indefinitely.  This plant is expected to churn out 250,000 vehicles in 2010, a record for this facility.

Toyota has been and continues to produce the RAV4 in its Woodstock facility, and many Woodstonians make the 25 minute drive up the 401 daily to produce Corolla's in the Cambridge facility.  The Woodstock factory employs roughly 2000 people and produces 150,000 RAV4's annually.

If you're making the commute from Cambridge or London into Woodstock, may I suggest looking at some affordable Condominium options?  With Condos ranging from $65,000 up to $300+, we certainly have something that suits your budget, and needs.

I'd be happy to help.

For more information on Condominiums in Woodstock, head on over to Your Condo World website, or email me and we can chat!










Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Time to upgrade? 89 Canrobert Open House Saturday Jan 9, 2-4

Hello everyone!

Is it time for an upgrade?

Can you picture yourself in this well-decorated 2+1 bedroom ranch?

If you'd like to come check it out, I'd be happy to show you around, Saturday January 9th, between 2-4 PM. As always, I'm available for private tours as well.

Here is the MLS link for the property, and here is the VIRTUAL TOUR for the property.

See you there!

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

How to Hire a home inspector - courtesy CBC news

Here's a great article regarding Home Inspectors posted today on CBC NEWS.


The home inspection business got a big black eye in November 2009 when a British Columbia judge ordered an inspector, Imre Toth, to pay $192,000 in compensation to some homeowners after they sued him for failing to identify major problems.

The issues in the Toth case focused on his failure to note extensive rot in part of the house, using a lowball estimate for repairs and rushing his clients to sign a contract limiting his liability. Toth says he will appeal the decision.

The case caused a buzz right across the country. Homeowners who felt they'd had a faulty home inspection issued a chorus of angry rants about inspectors' incompetence or lack of liability, while the decision sent a chill through the home inspectors.

One thing is clear: The standards for home inspections in Canada are all over the map.

"To be a home inspector you only need a business card and a flashlight," says Bill Sutherland, the president of the Canadian Association of Property and Home Inspectors (CAPHI), an association that is trying to raise the standards of home inspections.

Sutherland, who lives in Kamloops, B.C., says about half of Canada's home inspectors are members of CAPHI. The rest don't belong to any recognized associations.

Still, even hiring a member who belongs to an association is no guarantee of a trouble-free inspection. Imre Toth is a CAPHI member in B.C., the only province that now regulates the profession. Sutherland said the Toth case was unfortunate, adding that even educated and trained inspectors can make a mistake, but he says he believes most accredited inspectors do a good job.

Finding a qualified inspector

Consumers without an extensive knowledge of home construction and maintenance are in a tough position when it comes to hiring an inspector. It's something that's usually done in a hurry, sometimes even after an offer to purchase has been made. Few people have any idea about who they've just hired unless they live in a small community where the inspectors are known.

So how do you find the right one?

• Don't wait until the last minute. Start looking for an inspector as you begin to look for a home.
• Ask around to see if family or friends know an inspector they trust.
• Your real estate agent may make a recommendation. If you trust your agent, get in touch with them.
• Check the internet to find an inspector and see if there is any feedback online about them from happy or unhappy clients.
• Ask the inspectors for their credentials and references. One inspector with 16 years experience and many recognized credentials said no one has ever asked him about his education. The person you're about to hire should be a good communicator. You should ask what they did before they became a home inspector.

Credentials

B.C. has licensed its inspectors since March 2009, which means they must belong to one of three organizations with a recognized level of education and experience and carry liability insurance.

All the other provinces have self-regulating professional bodies that set the standards for home inspectors, and they are also members of CAPHI national. You should look for a Registered Home Inspector (RIH) designation. That means they've passed accredited courses specific to home inspections and defect recognition classes. They've also performed a minimum of 250 paid inspections.

There are a few other building trades organizations, such as the Applied Science Technologists and Technicians (ASTT) which is outside CAPHI but certifies home inspectors.

Another type of accredited inspector is a National Certificate Holder (NCH). They can work in any province, have done 150 paid inspections and have had their work peer reviewed by CAPHI.

You can verify if someone is certified nationally by checking this website.

Standards of Practice

Before hiring an inspector, check out the standards of practice.

It's the guideline for professional home inspections, although many inspectors go beyond its basic requirements. It also forms the basis of a contract you'll be expected to sign which limits the inspector's liability if problems crop up that weren't identified during the inspection.

Before the inspection begins, read the contract carefully and ask questions. And understand what they mean when they say it is a "visual inspection of readily accessible places."

Be sure to attend the inspection. It's your chance to learn something about all the systems that make a house run. The home inspector should provide a written report reviewing every major home system and component within 24 hours of the inspection.

If your inspector finds something that worries you, consider hiring a specialist for a second opinion. Inspectors are generalists and you might need a specialist to look at specific concerns about the wiring, the furnace or that damp basement.

The whole home inspection should take about three or four hours and cost about $350 to $500.

Some critics of the business say that's not enough time to thoroughly inspect such an expensive investment. They suggest paying more and hiring a contractor or even an engineer, but that idea has not yet caught on.

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

The Known Universe

Anyone who knows me moderately well will know I'm kinda a geek when it comes to science, science fiction and the universe. Basically I am fascinated by what we know and more importantly DON'T know about our existence. Without getting into a deep philosophical debate, I'd just like to share this wonderful animation, outlining the perspective of the SCALE of our universe. It made me feel absolutely insignificant, and amazed.

Check it out!




Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Blackberry Bold (my communication weapon of choice) mixes Pleasure with Business

Reprinted from The Globe and Mail

A lot of folks like to pick on the Blackberry because it isn't as much fun as the iPhone. There's a sense among some that one Android phone, for example, will differ from another, but a Blackberry is still, at the end of the day, just a Blackberry.

But there's a reason so many people lose their minds once they're separated from their Blackberrys – what RIM's device does, it does really well. And the new Bold 9700 might just be the best Blackberry we've ever seen. There are no great departures from the traditional model, sure, but the Bold still looks tremendous. RIM is slowly trying to make the phone sexier for the average consumer, but they'll be damned if they sacrifice the no-nonsense business capabilities of the Blackberry in the process.

Ups: This is one mighty fine-looking Blackberry. The keyboard has been compressed somewhat from previous iterations, and yet manages to provide a better typing experience than any other phone we tested. RIM has replaced the trackball – which we often broke on previous versions – with a sort of flat track pad. This comes in mighty handy when web browsing. Anyone who has tried to use the trackball to browse the web on a Blackberry knows how frustrating an experience it is to find yourself maniacally skipping from one link to the next. In the Bold, you control a mouse with the track pad, giving you much better control of where you want to go on a page. Web browsing still isn't nearly as good as on the iPhone or the top-end Android phones, but it's far better than it used to be on a Blackberry.

RIM makes few changes to its traditional user interface with the Bold. The home screen contains some of the most-often used functions, such as the mailbox and the calendar. Touch the menu button, and you're transported to the full slew of options. Essentially, the learning curve for anyone who has ever used a Blackberry before will be about 10 seconds long.

Downs: There are no monumental changes here, just a really good version of a well-known smart phone. The Blackberry may still do typing and push email better than any other phone, but it's no longer the only product offering such functions as push email. The non-core functions, such as the media player and the camera, aren't as good as many other phones, especially those with a similar price tag. RIM's Blackberry app market is substantially larger than some of its competitors, such as Palm, but still lags far behind the iPhone.

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

RBC drops fixed interest rates

From Corey Cunningham, RBC Mortgage Specialist

With all the news lately about mortgage rates on the verge of climbing, I am very happy to report that rates have dropped for most of our fixed rate terms.

Variable closed remains very popular amongst most clients at PRIME (2.25%).

Our most attractive fixed rate term I suggest would be the 3 year at 3.85% which will line up nicely with the next presidential election. And if history repeats itself, like it usually does, that's always a time for lower interest rates.

Please email Corey @ corey.cunningham@rbc.com for more details and to discuss your mortgage!

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Open House, Today, Sunday November 15, 2009 - 41 Canrobert - 2 - 4 PM

Good Day all!



I am getting ready to head out to 41 Canrobert St, in Woodstock to open a GREAT starter house. The home would be a perfect start for your family, or a fantastic upgrade. Get out of renting or condo living and enjoy your own detached, well decorated 3 bedroom home with finished basement, a single garage, parking for two cars, a private fenced yard, and a two tiered deck! This move-in-ready home comes with all the appliances too!!!

See you there, 2-4 today, or book a private showing with me!! Click HERE for more information

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Great opportunity for a first time buyer or upgrading! - MLS 63-437 - 41 Canrobert St, - Move in Ready, only $189,900.

*hint* - click the underlined words for more detail!

This is a great 15 year old raised ranch located in a well established family friendly neighbourhood. It is located very close to parks and has quick and easy access to the major highways.

What more could you ask for? This sturdy, fully finished and move in ready home features a concrete foundation, 3 bedrooms (Master, 3rd Bedroom/Office, Nursery). and a full bathroom on the main floor, as well as main floor laundry, a spacious eat-in kitchen, and separate dining room. Plus a comfortable living room!

In the newly finished basement level you will find inside entry to your single car garage (a rarity in this neighbourhood!), extra storage in the utility room and under the staircase, a spacious full bathroom, rec room, family room, and a bonus room.

Enjoy year round convenience and efficiency thanks to the high efficiency forced air gas furnace with central air conditioning, and no-maintenance exterior of brick and vinyl siding.

Let’s not forget the nice two-tierd deck in your fully fenced back yard. This extremely well decorated home has plenty of space for your growing family, and is ready for quick possession! All appliances included. Be sure to check out the Virtual tour!

For Room Sizes and additional details, check out the Realtor.ca info page

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Luxury housing sales edge higher as purchasers take advantage of buying opportunities in Ontario-Atlantic Canada, says RE/MAX

Mississauga, ON (November 3, 2009) -- Luxury homes sales continue to accelerate as economic
recovery takes hold in major markets in Ontario and Atlantic Canada, according to a report released today by RE/MAX.

The RE/MAX Upper End Report found that momentum is building in St. John’s, Saint John, Halifax-Dartmouth, Ottawa, Kingston, Greater Toronto, Hamilton-Burlington, and London as purchasers realize that the best buying period in recent history is about to come to a close. Sales are already on par or ahead of last year’s levels in 50 per cent of cities surveyed, while the remaining markets are set to reach 2008 figures by year-end.

“Twelve months of healthy home buying activity have clearly been crammed into five short
months,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “It’s hard to believe that the transition in the market began in May. We’ve seen steady upward
momentum since that time, with solid year-over-year gains posted each and every month.”

Pent-up demand and greater affordability have been the catalyst. Increased selection in all markets—except Greater Toronto—as well as record low interest rates have also helped fuel moveup activity from Ontario to Newfoundland.

Leading in terms of sales appreciation is London, Ontario where the number of homes sold, priced in excess of $500,000, has climbed 11 per cent from January to September 2009, compared to one year ago. Greater Toronto and Ottawa both reported a one per cent increase in the number of homes sold in the top end during the same period. Within the GTA, Richmond Hill/Thornhill is particularly heated, with sales up 24 per cent over 2008 levels, followed by Mississauga— up 10 per cent. St. John’s, Newfoundland is on par with year-ago figures.

Of the six markets reporting a year-over-year decrease in sales, four are off by just a handful of
transactions (10 units or less), including Halifax-Dartmouth (off eight units), Kingston & Area (off three units), Toronto – West End (off 10 units), and Oakville (off five units). Activity in the
remaining two markets—Saint John and Hamilton-Burlington—is on the upswing, with the gap between 2008 and 2009 narrowing each month.

“A considerable shift is underway in the upper end,” explains Polzler. “The price correction that we witnessed earlier in the year is over and prices have since firmed up. Conditions are more balanced across the board or leaning toward seller’s territory once again. The one exception is the Greater Toronto Area -- now largely a seller’s market -- with bidding wars making a comeback amid tight inventory levels. The strength of the luxury segment is evident. This is now a real estate market with all sectors working in tandem.”

Highlights:

• Upper end sales started to move upward as positive indicators of economic recovery began to emerge. The momentum is expected to continue as Canada edges closer to positive periods of GDP growth in Q4 2009 and in 2010.
• Locals are fuelling luxury sales in the majority of markets surveyed. Activity among out of-province and international purchasers has waned from one year ago, although their presence in still evident in some markets.
• Sixty-one properties in Canada are currently priced over $10 million, with 18 of those located in Ontario. The priciest Ontario home is nestled in Toronto’s prestigious Bridle Path area, listed at $23 million.
• Three hundred properties currently listed for sale are priced over $5 million in Canada.
• In Atlantic Canada, there are 22 listings in excess of $2 million—13 in Nova Scotia, five in New Brunswick and two in Prince Edward Island. The most expensive property in Atlantic Canada is a $7.75 million estate on a bluff fronting the Atlantic Ocean on PEI’s north coast.

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

The United Way Year End Drive

Hello Everyone!

One of the benchmarks of the health of a community is the ability of the United Way to reach its yearly target. In previous years the real estate sector has not been a strong contributor to the yearly campaign. I plan to change that!!

I am personally pledging to donate $50 per closing until the end of the year, and I have asked all of my fellow real estate agents to do the same!

Every mailbox in Woodstock should have, or will shortly receive, a Re/Max a-b branded United Way donation envelope. You can also make a difference. Make a donation today and support this worthy cause! Alternatively you can drop by the United Way office (Springbank Ave - just north of Zehrs), call them with a credit card number (519-539-3851), or call me and I will happily stop by to pick up your donation!

Ben Sage, Sales Representative. http://www.bensage.com http://www.oxfordcountyhomes.ca Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON

Making Sense of Mortgage Rates in Today's Economy - From Corey Cunningham, Mortgage Specialist RBC

Making sense of mortgage rates in today’s economy

Many prospective homebuyers are wondering what has happened to mortgage rates in 2009, and where they may go from here. RBC Economics Research recently updated its’ outlook, and here is what the group has to report.

Since hitting a low in January of 2009, longer-term interest rates have trended higher with the move accelerating in July. The prospect that the worst is over for the global economy is giving investors the confidence to venture out of low-return fixed income securities and seek higher risk investments. While we expect many bumps on the road to recovery we still see potential for a very modest decrease in long-term rates in the final quarter of this year.

Outlook for the future

Momentum in the global economy appears to be changing. Leading indicators currently point to the end of economic contraction for the industrialized world in the third quarter of 2009. Stimulus from central banks, combined with government fiscal stimulus packages, is expected to support a fledgling recovery that is forecast to build momentum in 2010.

Until this recovery is well underway, no changes to policy rates are likely. The Bank of Canada is expected to maintain the status quo until mid-2010. Once the recovery is well established, central banks will normalize their policy rates, and interest rates are likely to increase.

Fixed vs. variable rate mortgages

One of the biggest decisions homebuyers face is choosing between a fixed or variable rate mortgage. This is not a simple decision, which is why many people are looking for advice to help them decide which mortgage interest type is best for them, based on their personal circumstances. I can help homebuyers and homeowners decide which option best fits their situation and risk tolerance.

Mortgage rates continue to trend at historic lows, despite the fact that fixed rates have edged up recently. In this environment, people who are comfortable without a guaranteed rate are opting for a variable rate mortgage. Such a strategy could result in considerable interest savings.

What homebuyers choose should depend on how they feel about rate fluctuations and their cash flow. For example, a first time homebuyer may want assurance that the rate, payment and repayment schedule will not change, and may be wise to opt for a fixed term. A homebuyer who is not concerned about rate fluctuations may want to take advantage of today’s low variable rates in a bid to save more on mortgage interest over the long term.

Today’s flexible mortgage products let you bridge the gap between these strategies. For example, the RBC Homeline Plan lets homebuyers split their mortgages and enjoy the advantages of both variable and fixed rates within a credit limit of up to 80% of the value of the home. The variable portion offers potential long-term savings, while the fixed rate portion offers rate protection. The dividing line is entirely up to the homeowner.

RBC has many resources available:

· Fixed or variable rate – know your options

· Consider the security of a fixed rate mortgage

· The advantages of a variable rate mortgage



Get more information

RBC publishes free research information. It’s easy to stay informed. Register at www.rbc.com/economics for automatic email delivery of new reports.

Your new home doesn't come with mortgage advice. I do.

Contact me today:
Corey Cunningham
Mobile Mortgage Specialist
RBC Royal Bank
(519) 535-2682
corey.cunningham@rbc.com
http://mortgage.rbc.com/corey.cunningham

The statements and statistics contained herein have been prepared by RBC Economics Research based on information from sources considered to be reliable. We make no representation or warranty, express or implied, as to its accuracy or completeness.

® Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. © 2009 Royal Bank of Canada.

Asbestos and your Home - Courtesy of Jamie Woodend

If you are thinking of buying a home built before the 70's chances are it
may have some asbestos in it. Asbestos is a fibrous mineral that was used in
construction applications for the greater part of the 20th century. Often
appearing as insulation, piping, roofing, flooring and other items asbestos
in most forms is not dangerous, it is the dust that contains deadly fibers.

Exposure to damaged airborne asbestos fibers can lead to the development of
a severe lung ailment known as mesothelioma. Diagnosis of this
asbestos-related lung illness is a difficult task due to a long latency
period and many symptoms mimicking less serious ailments.

If you locate any suspected asbestos in the home, most experts suggest
leaving it un-disturbed until a home inspector can examine your property,
take evaluations and determine the safest course of action. Sometimes the
best action is no action at all. Disturbing asbestos in good condition may
cause its fibers to be released into the air.

There are companies that can assess, survey and remove asbestos with
qualified asbestos abatement professionals. With a professional staff, they
can help determine if you have asbestos and assist you in determining the
most logical method of managing the problem- disposal or removal. Most work
under provincial and federal regulations to ensure no health concerns arise
from improper removal.

If the home you are thinking of purchasing (or currently own) contains
asbestos don't panic but make inform choices.


Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell

Ben Sage, Sales Representative. Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON