Local News for Friday, December 17, 2010
Wellington County O.P.P. are asking for assistance from the public in tracking down a pair of man in their thirties, after police say they entered a residence with a real-estate agent, then proceeded to tie up the agent and ransack the house.
O.P.P. responded to the call just after 12:30 yesterday afternoon to the dwelling on Wellington Road 124 in Erin. Police say the suspects removed an unknown quantity of property and then fled. The victim did not require medical attention. Police describe one of the robbers as black, almost six-feet tall, and about 200 pounds. The other man is described as hispanic, standing about six-foot-four, and weighs around 240 pounds. The pair were driving an older model Pontiac, silver--grey in colour.
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
Friday, December 17, 2010
Tuesday, November 30, 2010
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
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
Thursday, November 4, 2010
A Ground Level View of the changes to Organized Real Estate in Canada
So, by now we've all heard about the groundbreaking changes to the way organized Real Estate functions in Canada. There have been many media reports on these fundamental changes, some have been accurate, and some have, of course, been extremely sensationalist - guess which stories get talked about more frequently?
I'm going to try to break down the changes into every-day terms, so that my clients, prospects, and colleagues can have a decent grasp on THE FACTS, and what this means for them. I will do my best not to editorialize this Blog post - try to keep it fact based as much as I can!! Keep in mind, these changes are all very new to all of us, even those of us involved in the Real Estate business, as we have been kept in the dark until very recently, due to the ongoing settlement between CREA and the Competition Bureau.
First off, let me dispel a common misconception. Individual Sellers are NOT now able to post their listing on the MLS® system. MLS® remains a member to member system. www.realtor.ca is the public portal to view listings that have been posted on the Member to Member MLS® system. This has not changed.
What HAS changed is the minimum service that can be offered by a Real Estate Salesperson or Broker.
Previously, if you chose to LIST your house with a Real Estate Salesperson on the MLS® system, an Agency/Representation agreement was mandatory. In short, this meant that by hiring a Realtor to list your home, you had no choice but to pay for a full service, including filling out listing documents, photographing, organizing showings, qualifying buyers, hosting open houses for agents and for the public, and negotiating offers to purchase your house. This Representation agreement comes with fiduciary duties to the seller, which comes with its own set of responsibilities and consequences for improper behaviour. (It is important to note that many Realtors have a different idea of what "full service" actually means, but that's a different topic altogether).
What this settlement includes is a removal of the AGENCY PILLAR in the 3 pillars of the MLS® system. This is where the misconceptions about "public listing on MLS®" comes from.
In short, Sellers now have the option of OPTING OUT of the Representation portion of our "Standard" listing forms. Sellers wishing to utilize the MLS® must still use a licensed Real Estate Salesperson to put their listing on the system, however, they may retain the right to handle many services on their own. They can handle all of their own showings, they are free to qualify their own buyers, host their own open houses, take their own pictures, market their own property, negotiate their own offers, and basically perform any of the duties that a Full Service Real Estate Salesperson would traditionally have handled. It is important to also note that in order to satisfy the requirements of MLS®, all listed properties must include a "C/B" (Co-broker commission amount). This is what a Buyer Representative will be paid to negotiate a successful purchase on behalf of their Buyer client. The settlement does not specify what amount this C/B needs to be. That is up to the seller.
The tricky portion of this new settlement is that the Realtor who takes a "mere listing" may have waived his or her fiduciary duties to the seller, however they remain responsible for the accuracy of the information on the MLS® listing. It remains to be seen whether problems arising out of a mere listing will result in litigation being brought against the Listing Agent (ie, will opting-out of Representation ACTUALLY relieve the listing agent of any responsibility should something go wrong).
I liken this to "slippery when wet" signs on the floor at mcDonalds. They can put out the signs, but if someone falls and breaks a hip and dies, can you predict who may lose the pending lawsuit?
One non-negotiable aspect of these changes is the fact that sellers wishing to have a "mere listing" on MLS® will not be able to post their contact information directly on the MLS® itself. Links can be provided to external sites containing names and contact information, but this direct seller information will not be posted directly on the MLS® public site. As mentioned above, MLS® remains a Member to Member service.
Another common misconception is that the system has been changed so that sellers can now post their house on MLS® for a Flat Fee. Sellers always have been free to negotiate whatever listing agreement they chose, and as such this has ALWAYS been the case. Commission can be either a percentage of sale price, or a flat fee. This has not changed. As mentioned previously, this agent was not able to opt out of the Representation portion of the Listing Agreement, as this would have been contrary to the Rules of the MLS®.
As previously mentioned, this is all relatively new to me, and to every Real Estate Salesperson and Broker in Canada. If this has caused any confusion, or if you have questions about this settlement, please don't hesitate to ask - I will do my best to answer in an honest, objective manner!
I'm sure I will have more to say about this in the coming days and weeks, but I think that covers the changes on a really basic level.
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
I'm going to try to break down the changes into every-day terms, so that my clients, prospects, and colleagues can have a decent grasp on THE FACTS, and what this means for them. I will do my best not to editorialize this Blog post - try to keep it fact based as much as I can!! Keep in mind, these changes are all very new to all of us, even those of us involved in the Real Estate business, as we have been kept in the dark until very recently, due to the ongoing settlement between CREA and the Competition Bureau.
First off, let me dispel a common misconception. Individual Sellers are NOT now able to post their listing on the MLS® system. MLS® remains a member to member system. www.realtor.ca is the public portal to view listings that have been posted on the Member to Member MLS® system. This has not changed.
What HAS changed is the minimum service that can be offered by a Real Estate Salesperson or Broker.
Previously, if you chose to LIST your house with a Real Estate Salesperson on the MLS® system, an Agency/Representation agreement was mandatory. In short, this meant that by hiring a Realtor to list your home, you had no choice but to pay for a full service, including filling out listing documents, photographing, organizing showings, qualifying buyers, hosting open houses for agents and for the public, and negotiating offers to purchase your house. This Representation agreement comes with fiduciary duties to the seller, which comes with its own set of responsibilities and consequences for improper behaviour. (It is important to note that many Realtors have a different idea of what "full service" actually means, but that's a different topic altogether).
What this settlement includes is a removal of the AGENCY PILLAR in the 3 pillars of the MLS® system. This is where the misconceptions about "public listing on MLS®" comes from.
In short, Sellers now have the option of OPTING OUT of the Representation portion of our "Standard" listing forms. Sellers wishing to utilize the MLS® must still use a licensed Real Estate Salesperson to put their listing on the system, however, they may retain the right to handle many services on their own. They can handle all of their own showings, they are free to qualify their own buyers, host their own open houses, take their own pictures, market their own property, negotiate their own offers, and basically perform any of the duties that a Full Service Real Estate Salesperson would traditionally have handled. It is important to also note that in order to satisfy the requirements of MLS®, all listed properties must include a "C/B" (Co-broker commission amount). This is what a Buyer Representative will be paid to negotiate a successful purchase on behalf of their Buyer client. The settlement does not specify what amount this C/B needs to be. That is up to the seller.
The tricky portion of this new settlement is that the Realtor who takes a "mere listing" may have waived his or her fiduciary duties to the seller, however they remain responsible for the accuracy of the information on the MLS® listing. It remains to be seen whether problems arising out of a mere listing will result in litigation being brought against the Listing Agent (ie, will opting-out of Representation ACTUALLY relieve the listing agent of any responsibility should something go wrong).
I liken this to "slippery when wet" signs on the floor at mcDonalds. They can put out the signs, but if someone falls and breaks a hip and dies, can you predict who may lose the pending lawsuit?
One non-negotiable aspect of these changes is the fact that sellers wishing to have a "mere listing" on MLS® will not be able to post their contact information directly on the MLS® itself. Links can be provided to external sites containing names and contact information, but this direct seller information will not be posted directly on the MLS® public site. As mentioned above, MLS® remains a Member to Member service.
Another common misconception is that the system has been changed so that sellers can now post their house on MLS® for a Flat Fee. Sellers always have been free to negotiate whatever listing agreement they chose, and as such this has ALWAYS been the case. Commission can be either a percentage of sale price, or a flat fee. This has not changed. As mentioned previously, this agent was not able to opt out of the Representation portion of the Listing Agreement, as this would have been contrary to the Rules of the MLS®.
As previously mentioned, this is all relatively new to me, and to every Real Estate Salesperson and Broker in Canada. If this has caused any confusion, or if you have questions about this settlement, please don't hesitate to ask - I will do my best to answer in an honest, objective manner!
I'm sure I will have more to say about this in the coming days and weeks, but I think that covers the changes on a really basic level.
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
Monday, November 1, 2010
This is a test post! Ignore me!
Just testing Facebook "like" feature. Ignore this post!
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
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
Saturday, October 30, 2010
Housing Demand Perks Up
*Article courtesy of Heather Degraaf @ Scotiabank
Contact Heather for all your mortgage needs. 519-535-7890
Housing Demand Perks Up
After a seasonally uncharacteristic spring and summer slump, Canadian home sales appear to be stabilizing at a new lower, but more sustainable level. National MLS sales volumes increased 3% m/m in September, building on a similar gain in August. Sales activity is still down almost 20% y/y but the decline is accentuated by las August's record monthly sales pace. Two-thirds of local markets reported higher sales last month.
The moderate pickup in housing demand is being aided by lower borrowing costs. While policy tightening by the Bank of Canada has led to a modest backup in variable mortgage rates, fixed rates have come down across the maturity spectrum in recent months, mirroring the drop in bond yields. We expect interest rates will stay lower for longer, underpinning steady housing demand through the fall, contingent on at least a modest pace of job growth.
With new listings edging up only marginally last month, the new-listings-to-sales ratio edged down to 2.0. Meanwhile, the month's supply of active listings fell for a third consecutive month to 6.6. Both metrics suggest a more balanced national market. Sellers (and builders) in Canada remain highly responsive to underlying market conditions. Unlike in the United States, Canadian foreclosure rates are low and not a significant source of downward price pressure. New construction too is gradually moderating. As would be expected given generally balanced conditions, average prices are essentially flat (+0.2% m/m and -0.2% y/y). Prices were overbid last fall as buyers outnumbered sellers, but have fallen back to more reasonable levels.
While ultra-low interest rates remain highly supportive for the interest-sensitive housing market, moderate economic growth and hiring, debt-leery households and high home prices will keep many buyers on the sidelines for now. Look for a flattish fall national market from a sales and pricing perspective.
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
Contact Heather for all your mortgage needs. 519-535-7890
Housing Demand Perks Up
After a seasonally uncharacteristic spring and summer slump, Canadian home sales appear to be stabilizing at a new lower, but more sustainable level. National MLS sales volumes increased 3% m/m in September, building on a similar gain in August. Sales activity is still down almost 20% y/y but the decline is accentuated by las August's record monthly sales pace. Two-thirds of local markets reported higher sales last month.
The moderate pickup in housing demand is being aided by lower borrowing costs. While policy tightening by the Bank of Canada has led to a modest backup in variable mortgage rates, fixed rates have come down across the maturity spectrum in recent months, mirroring the drop in bond yields. We expect interest rates will stay lower for longer, underpinning steady housing demand through the fall, contingent on at least a modest pace of job growth.
With new listings edging up only marginally last month, the new-listings-to-sales ratio edged down to 2.0. Meanwhile, the month's supply of active listings fell for a third consecutive month to 6.6. Both metrics suggest a more balanced national market. Sellers (and builders) in Canada remain highly responsive to underlying market conditions. Unlike in the United States, Canadian foreclosure rates are low and not a significant source of downward price pressure. New construction too is gradually moderating. As would be expected given generally balanced conditions, average prices are essentially flat (+0.2% m/m and -0.2% y/y). Prices were overbid last fall as buyers outnumbered sellers, but have fallen back to more reasonable levels.
While ultra-low interest rates remain highly supportive for the interest-sensitive housing market, moderate economic growth and hiring, debt-leery households and high home prices will keep many buyers on the sidelines for now. Look for a flattish fall national market from a sales and pricing perspective.
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
Thursday, October 21, 2010
Woodstock cracks top 100 cities for Growth and Entrepreneurship.
The Canadian Federation of Independent Business has just released a report outlining the top 100 Canadian Cities for Entrepreneurial growth. The report utilizes many different factors to achieve ranking, such as presence, growth, health, and policy environment for small businesses.
Congratulations to Woodstock for cracking the top 100 - #97! Only 4 places behind Toronto, the economic engine of the country!
For more details, check the full report, here.
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
Congratulations to Woodstock for cracking the top 100 - #97! Only 4 places behind Toronto, the economic engine of the country!
For more details, check the full report, here.
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
Friday, August 6, 2010
Globe: Mortgage breakage costs: let’s stop the nonsense
I found this article interesting and very relevant. Check it out!
Original Article
Have you ever wondered why the banks list posted mortgage rates that are ridiculously high?
One reason is that it could result in you paying $10,000 or more in extra penalties should you ever break your mortgage with them.
Here is the scenario:
Many people have, at one time or another, looked at breaking their mortgage in order to get a better rate.
With interest rates dropping to historic lows, it is more and more common for homeowners to think about the benefits of breaking their mortgage, paying a penalty, and locking in to a new lower rate mortgage.
Traditionally, the mortgage penalty on fixed rates is either 3 months interest OR something called the Interest Rate Differential (IRD) – whichever is higher. On a closed, variable rate mortgage, it is usually simply 3 months interest.
While the 3 months interest is pretty easy to understand, the IRD is a little mysterious. For help on this, I went to TD Bank's mortgage website. RBC has a similar section.
They both show the following formula:
Step 1: (A) The current interest rate under your Mortgage expressed as a decimal (for example, 6.75% = .0675)
Step 2: (B) The current interest rate that we can now charge for a mortgage term offered by us with the term closest to your remaining term. The interest rate will be our posted interest rate for the term minus the most recent discount you received
Step 3: (C) A - B = C, which is the difference between your current interest rate and the interest rate in B above (write C as a decimal)
Step 4: (D) Amount you want to prepay
Step 5: (E) Number of months for the remaining term of your Mortgage
Step 6: (F) (C x D x E) ÷ 12 = F, F is your estimated Interest Rate Differential Amount
Let’s say you have a mortgage at 4.75%, and it comes due in 2 years, and it has a current principal owing of $400,000. TD’s current 2 year posted rate is 4.1%. Let’s say that you were offered a 0.5% discount off the 2 year rate. The math would work as follows:
.0475 (A) – .0385 (B) = .009 (C)
.009 (C) * $400,000 (D) * 24 (E) / 12 = $7,200 (F)
While $7,200 seems like a lot of money, if you can lock in a 5 year mortgage today at 4%, you are benefiting from 2 years of a 4% interest rate instead of 4.75%, but you are also guaranteeing three additional years at 4%, when it is quite likely that in two years, a 5 year fixed mortgage rate will be a lot higher.
Here comes the evil part.
At many big banks, they don’t use your existing 4.75% rate. What they do is take the posted rate at the time you took out your mortgage. This is a rate that has no relevance to you, as you never paid it. In fact, it likely isn’t listed anywhere on your mortgage contract. Remember the ridiculously high mortgage rate we talked about at the beginning of this article? Now you see what it can be used for.
If we take the same IRD formula, but replace the actual rate of 4.75% with a posted rate of 6.25%, the IRD becomes:
.0625 (A) – .0385 (B) = .024 (C)
.024 (C) * $400,000 (D) * 24 (E) / 12 = $19,200 (F)
Because of this sleight of hand, you would now owe the bank an additional $12,000!
If you try and fight the calculation, you will likely face a long line of staff who don’t understand the calculation themselves. A few months of complaining through the right channels might get you your money back.
In the March budget, the federal government said it would “bring forward regulations” to standardize the calculation and disclosure of mortgage pre-payment penalties. (This applies to federally regulated lenders.) We are still waiting.
This is exactly the type of situation where a good financial advisor can help you avoid or manage. The situation on IRD calculations as it currently stands with the big banks is rotten to the core.
_____
Nice eh?
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
Original Article
Have you ever wondered why the banks list posted mortgage rates that are ridiculously high?
One reason is that it could result in you paying $10,000 or more in extra penalties should you ever break your mortgage with them.
Here is the scenario:
Many people have, at one time or another, looked at breaking their mortgage in order to get a better rate.
With interest rates dropping to historic lows, it is more and more common for homeowners to think about the benefits of breaking their mortgage, paying a penalty, and locking in to a new lower rate mortgage.
Traditionally, the mortgage penalty on fixed rates is either 3 months interest OR something called the Interest Rate Differential (IRD) – whichever is higher. On a closed, variable rate mortgage, it is usually simply 3 months interest.
While the 3 months interest is pretty easy to understand, the IRD is a little mysterious. For help on this, I went to TD Bank's mortgage website. RBC has a similar section.
They both show the following formula:
Step 1: (A) The current interest rate under your Mortgage expressed as a decimal (for example, 6.75% = .0675)
Step 2: (B) The current interest rate that we can now charge for a mortgage term offered by us with the term closest to your remaining term. The interest rate will be our posted interest rate for the term minus the most recent discount you received
Step 3: (C) A - B = C, which is the difference between your current interest rate and the interest rate in B above (write C as a decimal)
Step 4: (D) Amount you want to prepay
Step 5: (E) Number of months for the remaining term of your Mortgage
Step 6: (F) (C x D x E) ÷ 12 = F, F is your estimated Interest Rate Differential Amount
Let’s say you have a mortgage at 4.75%, and it comes due in 2 years, and it has a current principal owing of $400,000. TD’s current 2 year posted rate is 4.1%. Let’s say that you were offered a 0.5% discount off the 2 year rate. The math would work as follows:
.0475 (A) – .0385 (B) = .009 (C)
.009 (C) * $400,000 (D) * 24 (E) / 12 = $7,200 (F)
While $7,200 seems like a lot of money, if you can lock in a 5 year mortgage today at 4%, you are benefiting from 2 years of a 4% interest rate instead of 4.75%, but you are also guaranteeing three additional years at 4%, when it is quite likely that in two years, a 5 year fixed mortgage rate will be a lot higher.
Here comes the evil part.
At many big banks, they don’t use your existing 4.75% rate. What they do is take the posted rate at the time you took out your mortgage. This is a rate that has no relevance to you, as you never paid it. In fact, it likely isn’t listed anywhere on your mortgage contract. Remember the ridiculously high mortgage rate we talked about at the beginning of this article? Now you see what it can be used for.
If we take the same IRD formula, but replace the actual rate of 4.75% with a posted rate of 6.25%, the IRD becomes:
.0625 (A) – .0385 (B) = .024 (C)
.024 (C) * $400,000 (D) * 24 (E) / 12 = $19,200 (F)
Because of this sleight of hand, you would now owe the bank an additional $12,000!
If you try and fight the calculation, you will likely face a long line of staff who don’t understand the calculation themselves. A few months of complaining through the right channels might get you your money back.
In the March budget, the federal government said it would “bring forward regulations” to standardize the calculation and disclosure of mortgage pre-payment penalties. (This applies to federally regulated lenders.) We are still waiting.
This is exactly the type of situation where a good financial advisor can help you avoid or manage. The situation on IRD calculations as it currently stands with the big banks is rotten to the core.
_____
Nice eh?
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
Wednesday, August 4, 2010
Chicken Little and Media...
If you're anything like me, you're a compulsive news reader. I have a love-hate relationship with news-media. I feel it is very important to be in touch with the world around me, as it impacts my business on a day-to-day basis, as well as shaping the future of my marketing avenues, and business planning, however, it can be very difficult to overcome the overwhelming, and CONSTANT negativity in the news.
At this time I am in a position, thanks to some wonderful Realtors and Industry analysts, to repeat a prediction that I encountered recently. Brace yourself for it - THERE WILL BE NEGATIVE MEDIA regarding the Real Estate market, very shortly. Yes, I know, this is a shocking revelation!
My goal today is to soften the impact of this sensationalist media by preparing you. By arming you with the facts.
Most of this content is "borrowed" from a gentleman named Doug Hannan, who is a Broker/Manager for RE/MAX West on Bloor st in Toronto (Another universe in Real Estate land, but nevertheless, seemingly the sole focus of real estate media in Ontario).
Doug obviously follows the Toronto Real Estate Market very closely. He has noted that in the month of July. TREB's (Toronto Real Estate Board) sales numbers were slightly lower than expected. He also noted that inventory had dropped a proportional amount, indicating balance in the market. Sales for the month were 6,566 units, down 1,900 from June of the same year (a typical seasonal drop - Vacation time!!). New listings this month are down 3,000 units to 21,096. It is to be noted that RE/MAX Realtors have been predicting a decrease in inventory since late 2009.
Where the media sensationalists will galvanize, is in the Year over Year numbers. It stands to reason that a July 2009 vs. July 2010 drop in sales of 35% would yield some alarm bells, but I am predicting that the media will have a decidedly un-elephant-like memory. They will fail to note (as they have previously failed to note) that July of 2009 was an absolutely ABNORMAL month, even in an extremely hot year. July 2009 Sales set a record at 9,967 sales (up 28% from July 2008). Benchmarking against the best July of ALL TIME is an unfair method of assessing the health of our market. The media won't mention this, save for a tiny disclaimer at the end of their "Real Estate Bubble is HERE, the sky is falling, depreciation is just around the corner, thousands to be left over-leveraged on inflated prices" reports.
The Sky is not falling, friends. Balance and sustainable growth will be the cornerstone of the immediate Real Estate market.
Thanks Doug - for the insight!
To Reach Doug Hannan of Re/Max West, try this:
doug.hannan@sympatico.ca
Thanks for reading!
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
At this time I am in a position, thanks to some wonderful Realtors and Industry analysts, to repeat a prediction that I encountered recently. Brace yourself for it - THERE WILL BE NEGATIVE MEDIA regarding the Real Estate market, very shortly. Yes, I know, this is a shocking revelation!
My goal today is to soften the impact of this sensationalist media by preparing you. By arming you with the facts.
Most of this content is "borrowed" from a gentleman named Doug Hannan, who is a Broker/Manager for RE/MAX West on Bloor st in Toronto (Another universe in Real Estate land, but nevertheless, seemingly the sole focus of real estate media in Ontario).
Doug obviously follows the Toronto Real Estate Market very closely. He has noted that in the month of July. TREB's (Toronto Real Estate Board) sales numbers were slightly lower than expected. He also noted that inventory had dropped a proportional amount, indicating balance in the market. Sales for the month were 6,566 units, down 1,900 from June of the same year (a typical seasonal drop - Vacation time!!). New listings this month are down 3,000 units to 21,096. It is to be noted that RE/MAX Realtors have been predicting a decrease in inventory since late 2009.
Where the media sensationalists will galvanize, is in the Year over Year numbers. It stands to reason that a July 2009 vs. July 2010 drop in sales of 35% would yield some alarm bells, but I am predicting that the media will have a decidedly un-elephant-like memory. They will fail to note (as they have previously failed to note) that July of 2009 was an absolutely ABNORMAL month, even in an extremely hot year. July 2009 Sales set a record at 9,967 sales (up 28% from July 2008). Benchmarking against the best July of ALL TIME is an unfair method of assessing the health of our market. The media won't mention this, save for a tiny disclaimer at the end of their "Real Estate Bubble is HERE, the sky is falling, depreciation is just around the corner, thousands to be left over-leveraged on inflated prices" reports.
The Sky is not falling, friends. Balance and sustainable growth will be the cornerstone of the immediate Real Estate market.
Thanks Doug - for the insight!
To Reach Doug Hannan of Re/Max West, try this:
doug.hannan@sympatico.ca
Thanks for reading!
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
Saturday, July 3, 2010
Reason #67 to use a Realtor to list
... Happy Canada Day weekend everyone... As a point of interest, I've been trying to find information about a home for sale in Otterville for 27 minutes and counting.
The home is posted for sale on www.propertyguys.com, and the site hasn't managed to be able to handle my search request yet... It appears to not understand what "otterville, Ontario" means.
Don't put a potential buyer through this!!!
When you hire me to list your home, you won't simply get a listing on Realtor.ca. I put your listing information in so many places, even if Realtor.ca happens to be down, a quick google search (or my trusty personal website) will get you more information than you can possibly imagine.
Thursday, June 3, 2010
Fanshawe College’s Woodstock Campus expansion hits funding setback
(Woodstock, Ontario) A major expansion project at Fanshawe College’s Campus in Woodstock has been denied funding through the Government of Canada’s Community Adjustment Fund (CAF).
Fanshawe applied for $11 million in CAF funding to help offset the costs of a proposed $14 million campus expansion to accommodate increasing demand in Woodstock and area.
“This is a huge disappointment for Fanshawe and for our partners in Oxford County,” said Fanshawe President Howard Rundle. “We are committed to providing training opportunities for students in this region, but we cannot do that as effectively as we want to without significant expansion to our Woodstock Campus. The demand is there. We need the support.”
The CAF was created as part of the federal government’s economic stimulus plan. It has earmarked $1 billion to support projects that create jobs and maintain employment in communities that have experienced significant job losses due to the global recession and lack of alternative employment opportunities. It is administered locally by the Federal Economic Development Agency for Southern Ontario. In 2010/2011, the CAF is providing $127.8 million for renovations in southern Ontario selected through an intake process.
Fanshawe, established in Woodstock in 1967, has identified campus expansion there as a key priority in its capital planning. The campus is running at full capacity, with enrolment at 300 full-time and 3,300 part-time students in recent years. Initial construction plans call for a first phase expansion of 65,000 square feet, with a second phase addition of 26,000 square feet, comprising new labs, classrooms, flexible teaching facilities, and workshops.
Fanshawe College and the City of Woodstock have each pledged $1 million in funding for the project; in addition, the City has contributed $1.25 million in property and facilities.
“Attracting investment to the region is dependent upon a highly skilled workforce,” said Woodstock Mayor Michael Harding. “Fanshawe is an important partner. We support the College’s efforts to grow, to offer more programs, and to help us continue to build an educated workforce in Oxford. Our commitment remains unchanged.”
President Rundle said that while the funding denial is a setback, Fanshawe will continue to investigate other ways to fund the project.
“Community colleges are more important than ever as Ontario moves toward a knowledge-based economy,” President Rundle said. “We know that tomorrow’s jobs will require technical skills and specific training, and we are still working with our partners to make that training available in Oxford County. We are optimistic that the project will eventually go ahead as planned.”
For more information, please contact:
Donna Derer
Chair, Woodstock Campus
Fanshawe College
519.421.0144 ext. 222
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
Monday, March 22, 2010
HST and its impact on Real Estate - Scotiabank Update
Hello all,
This morning I got an update from Heather Degraaf at Scotiabank regarding HST and it's impact on Real Estate Sales. This has clarified a few issues and questions for me, so hopefully it will be helpful for you:
_________
What is HST?
The merging of the current Provincial Sales Tax (PST) with the Federal Goods and Service Tax (GST) into one new tax.
Who does it Affect?
The New HST affects Ontario and British Columbia
Nova Scotia, New Brunswick, and Newfoundland have already implemented a Harmonized Tax while Saskatchewan, Manitoba, Quebec, and Prince Edward Island all collect separate PST or QST (Quebec)
How much is it?
In Ontario, it will be 13% (5% GST + 8% PST)
When will it be implemented?
Beginning July 1, 2010
How does it affect the sale of my current owner occupied principal residence (resale)?
The sale of housing that has been previously occupied by an individual as a place of residence and that was exempt from GST would also be exempt from HST
When does the HST apply to the sale of a new construction home or new rental property?
Builders sales of newly constructed or substantially renovated homes would be subject to HST when both ownership and possession of the home are transferred after June 30, 2010.
The provincial portion of HST would not apply to builders sales of newly constructed or substantially renovated homes that are taxable under the GST where, under a written agreement of purchase and sale, ownership or possession of the home is transferred before July 1, 2010.
The HST would not apply if either the ownership or possession of the complex is transferred, under a written agreement of purchase and sale, to the purchaser, before July 1, 2010 or if the sale was entered into on or before June 18, 2009 in Ontario and November 18, 2009 in British Columbia, regardless of the ownership or possession date.
Is there a Housing Rebate?
Yes, new housing rebates would apply when HST is charged and the purchaser would have qualified for a GST rebate
Please visit http://www.rev.gov.on.ca/en/taxchange/index.html and http://www.gov.bc.ca/hst for more information on the rebate.
Are other closing costs subject to HST?
Yes, other costs associated with the purchase of you rnew house, including legal fees, home inspection fees, appraisal fees, and real estate agent commission fees will be subject to HST.
This information was provided by Heather Degraaf, Mortgage Development Manager, and Heather can be reached at 519-421-5260
For more information, feel free to contact Heather, or myself!
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
This morning I got an update from Heather Degraaf at Scotiabank regarding HST and it's impact on Real Estate Sales. This has clarified a few issues and questions for me, so hopefully it will be helpful for you:
_________
What is HST?
The merging of the current Provincial Sales Tax (PST) with the Federal Goods and Service Tax (GST) into one new tax.
Who does it Affect?
The New HST affects Ontario and British Columbia
Nova Scotia, New Brunswick, and Newfoundland have already implemented a Harmonized Tax while Saskatchewan, Manitoba, Quebec, and Prince Edward Island all collect separate PST or QST (Quebec)
How much is it?
In Ontario, it will be 13% (5% GST + 8% PST)
When will it be implemented?
Beginning July 1, 2010
How does it affect the sale of my current owner occupied principal residence (resale)?
The sale of housing that has been previously occupied by an individual as a place of residence and that was exempt from GST would also be exempt from HST
When does the HST apply to the sale of a new construction home or new rental property?
Builders sales of newly constructed or substantially renovated homes would be subject to HST when both ownership and possession of the home are transferred after June 30, 2010.
The provincial portion of HST would not apply to builders sales of newly constructed or substantially renovated homes that are taxable under the GST where, under a written agreement of purchase and sale, ownership or possession of the home is transferred before July 1, 2010.
The HST would not apply if either the ownership or possession of the complex is transferred, under a written agreement of purchase and sale, to the purchaser, before July 1, 2010 or if the sale was entered into on or before June 18, 2009 in Ontario and November 18, 2009 in British Columbia, regardless of the ownership or possession date.
Is there a Housing Rebate?
Yes, new housing rebates would apply when HST is charged and the purchaser would have qualified for a GST rebate
Please visit http://www.rev.gov.on.ca/en/taxchange/index.html and http://www.gov.bc.ca/hst for more information on the rebate.
Are other closing costs subject to HST?
Yes, other costs associated with the purchase of you rnew house, including legal fees, home inspection fees, appraisal fees, and real estate agent commission fees will be subject to HST.
This information was provided by Heather Degraaf, Mortgage Development Manager, and Heather can be reached at 519-421-5260
For more information, feel free to contact Heather, or myself!
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
Thursday, March 11, 2010
Ontario set to outpace the rest of the country in 2010!
Reprinted from CBC NEWS
Ontario's economy is expected to outpace the national average with 3.3 per cent growth this year and 4.1 per cent growth in 2011.
RBC Economics says increased housing activity and greater vehicle production spurred a return to positive growth in late 2009.
The bank forecast says Ontario's construction sector should see a rise in activity in 2010, fuelled by higher capital spending.
It also says high demand for real estate should extend to new homes, with housing starts likely to hit 64,200 units this year — 14,100 more than in 2009.
But, the report says, "this recovery will not be evenly felt across economic sectors. For instance, the province’s hard-hit manufacturers will continue to face many obstacles. Top on the list of impediments will be the continued strength in the Canadian dollar ... which will dampen the beneficial effect of improving demand south of the border."
RBC notes that a strong Canadian dollar limits U.S. demand for Ontario exports and the auto sector is susceptible to more turbulence.
The forecast also predicts the introduction of the new harmonized sales tax [HST] in Ontario on July 1, will be 'possibly the biggest policy event to occur in 2010 ..."
"Although the HST will result in certain currently exempt products and services being taxed, moving to a value-added tax structure will make the tax system more economically efficient and will improve the competitiveness of Ontario businesses by lowering the cost of doing business in the province. The benefits of such a tax system will accrue over the medium to longer term."
The report says the Ontario economy should improve this year and next as more industries move into recovery mode.
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, ONTuesday, February 16, 2010
For my 100th blogger post, I have EXCITING news!!
Back by overwhelmingly popular demand, the County of Oxford has announced another round in the Ontario Affordable Housing Program (AHP).
If you're currently renting, and you are having trouble saving for a downpayment, you may qualify for up to 10% in downpayment assistance, courtesy of the AHP.
The EXCITING news here is that this government issued assistance is available on NEW homes and RE-SALES!!! That opens the door to far wider selection of homes to consider!
Contact me today for more information, and to start looking for that perfect place!
MORE INFO HERE
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
If you're currently renting, and you are having trouble saving for a downpayment, you may qualify for up to 10% in downpayment assistance, courtesy of the AHP.
The EXCITING news here is that this government issued assistance is available on NEW homes and RE-SALES!!! That opens the door to far wider selection of homes to consider!
Contact me today for more information, and to start looking for that perfect place!
MORE INFO HERE
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
Tuesday, February 9, 2010
Updated Mortgage Rates, Courtesy of Dominion Lending
Hello everyone!
WOW! Interest rates have decreased again! Here are the rates as of Monday February 8th.
6 month 3.50%
1 year 2.49%
2 year 2.95%
3 year 3.40%
4 year 3.85%
5 year 3.64%
VRM closed 2.05% ( prime - 0.20% )
LOC 3.15% ( prime +0.90%)
Holly Breckenridge
Mortgage Agent
Dominion Lending Centres
(First Capital Inc.) License #10746
88 Wellington St
Stratford, Ontario
N5A 2L2
Ph 519-275-5029
Fx 519-273-4202
License # M09000659
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
WOW! Interest rates have decreased again! Here are the rates as of Monday February 8th.
6 month 3.50%
1 year 2.49%
2 year 2.95%
3 year 3.40%
4 year 3.85%
5 year 3.64%
VRM closed 2.05% ( prime - 0.20% )
LOC 3.15% ( prime +0.90%)
Holly Breckenridge
Mortgage Agent
Dominion Lending Centres
(First Capital Inc.) License #10746
88 Wellington St
Stratford, Ontario
N5A 2L2
Ph 519-275-5029
Fx 519-273-4202
License # M09000659
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
Monday, February 8, 2010
HST on Mortgage insurance premiums
Good day everyone!
I have just received a little bit of good news regarding the upcoming tax hike known as the HST.
Although the prices of HOUSING will not be subject to HST, unless the purchase price is above $400,000, and the home is new, many Real Estate Transaction related services will be subject to this new "value-added-tax" (whatever the hell that means). Examples of services that will be subject to a new 13% tax rate (formerly 5%... GST only) are Commissions, Home Inspection Fees, services such as plumbers, electricians, stagers, etc.
Here's some GOOD news. Many of my clients are buying their first home. Even after saving for years, it is difficult for people to come up with a 20% downpayment on a house. If you require a mortgage with less than 20% down, you will need to be approved, and pay for, MORTGAGE INSURANCE. Commonly sold to you by CMHC (Canadian Mortgage and Housing Corporation), or Genworth Financial, this insurance covers the bank against any losses stemming from your inability to pay for the house you've purchased. You MUST have mortgage insurance if you have less than 20% down.
Anyway, traditionally, this mortgage insurance is charged as a percentage of your purchase price, and is added to the mortgage principal and paid through the duration of the mortgage.
This mortgage insurance premium amount is currently subject to PST, and taxes would be paid on it at a rate of 8%. These taxes CANNOT be added to the mortgage, and MUST be paid to your lawyer as a part of your "adjustments." Typically a few hundred more dollars you need to come up with to get your deal to close.
The GOOD news is that this particular service is NOT going to be taxed at the new Harmonized rate of 13%. It will remain at 8%.
A small break, for now, courtesy of your wonderful government.
If you have more questions about this tax-grab, and it's impact on your upcoming home purchase or sale, don't hesitate to contact me, and we can figure out your tax-mess together!
Ben Sage, Sales Representative. My Personal Website Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON
I have just received a little bit of good news regarding the upcoming tax hike known as the HST.
Although the prices of HOUSING will not be subject to HST, unless the purchase price is above $400,000, and the home is new, many Real Estate Transaction related services will be subject to this new "value-added-tax" (whatever the hell that means). Examples of services that will be subject to a new 13% tax rate (formerly 5%... GST only) are Commissions, Home Inspection Fees, services such as plumbers, electricians, stagers, etc.
Here's some GOOD news. Many of my clients are buying their first home. Even after saving for years, it is difficult for people to come up with a 20% downpayment on a house. If you require a mortgage with less than 20% down, you will need to be approved, and pay for, MORTGAGE INSURANCE. Commonly sold to you by CMHC (Canadian Mortgage and Housing Corporation), or Genworth Financial, this insurance covers the bank against any losses stemming from your inability to pay for the house you've purchased. You MUST have mortgage insurance if you have less than 20% down.
Anyway, traditionally, this mortgage insurance is charged as a percentage of your purchase price, and is added to the mortgage principal and paid through the duration of the mortgage.
This mortgage insurance premium amount is currently subject to PST, and taxes would be paid on it at a rate of 8%. These taxes CANNOT be added to the mortgage, and MUST be paid to your lawyer as a part of your "adjustments." Typically a few hundred more dollars you need to come up with to get your deal to close.
The GOOD news is that this particular service is NOT going to be taxed at the new Harmonized rate of 13%. It will remain at 8%.
A small break, for now, courtesy of your wonderful government.
If you have more questions about this tax-grab, and it's impact on your upcoming home purchase or sale, don't hesitate to contact me, and we can figure out your tax-mess together!
Ben Sage, Sales Representative. My Personal Website Re/Max a-b Realty Ltd., Brokerage. 519-536-7535. 521 Dundas St., Woodstock, ON
Thursday, February 4, 2010
Scotiabank Woodstock Pays bigtime to Toyota Employees!
Scotiabank Woodstock Preferred Banking Package
for Employees of Toyota Motor
Manufacturing Canada Inc.
for Employees of Toyota Motor
Manufacturing Canada Inc.
Mortgage:
Get a new mortgage with Scotiabank and get
- Legal Fees Paid – up to $450.00*
- Appraisal Fee Paid – up to $250.00
plus...
No Application Fee
120 Day Rate Guarantee Free Life Insurance from Approval to Closing Date**
No Application Fee
120 Day Rate Guarantee Free Life Insurance from Approval to Closing Date**
- Free Second Opinion with an accredited Financial Advisor
- Preferred Pricing on Investments
- Free Bank Account for One Year
- Simple Switch® - A hassle free way to transfer your existing automatic payments from another financial institution
- Free Standard Safety Deposit Box for One Year (subject to availability)
- Choose from a wide range of Visa Products
Contact:
Heather deGraaf Mortgage Specialist
519.535.7890
heather.degraaf@scotiabank.com
™Trademarks of The Bank of Nova Scotia. ®Registered trademark of The Bank of Nova Scotia. *Legal fees paid upon opening a Scotiabank Account with Visa product. **Subject to approval. All mortgage and VISA Products are subject to certain credit criteria. Mortgages are subject to the home meeting Scotiabank residential property standards and maximum permitted loan amounts. Mortgage and Banking Products are subject to change and or withdrawal at any time without notice.
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
Wednesday, February 3, 2010
Giving back to the community, I am bowling in the 2010 "Bowl for Kids Sake"
In response to a great demand in Woodstock and area for Big Brothers and Big Sisters, I am bowling in the 2010 Bowl for Kids Sake.
My team will be Bowling February 24th, between 8:00-9:30.
I have set a RATHER low goal of $200. I want to double that. Please click THIS link to visit my page and donate!!
P.S. Tell your friends.
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
My team will be Bowling February 24th, between 8:00-9:30.
I have set a RATHER low goal of $200. I want to double that. Please click THIS link to visit my page and donate!!
P.S. Tell your friends.
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
Friday, January 22, 2010
Congratulations Oxford County!
It was announced at the Wrap-Up Celebration last night that The United Way of Oxford County landed $100,00 over goal in the Shortest Time in Oxford History! AND, in one of the most difficult economic times in history!!!
What wasn't announced, but I've obtained this knowledge through Bettianne Hedges, Campaign Cabinet Member for 2009, is that the Real Estate Sector came in with the highest amount ever achieved! No doubt thanks to a fourth quarter drive by Peter Lass and Myself to donate a portion of every commission earned to The United Way of Oxford County.
Way to go Oxford.
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
What wasn't announced, but I've obtained this knowledge through Bettianne Hedges, Campaign Cabinet Member for 2009, is that the Real Estate Sector came in with the highest amount ever achieved! No doubt thanks to a fourth quarter drive by Peter Lass and Myself to donate a portion of every commission earned to The United Way of Oxford County.
Way to go Oxford.
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
Thursday, January 21, 2010
Only 10 Days left to capitalize on the Home Renovation Tax Credit!
That's right, if you're still thinking of doing some renovations to the ol' homestead, you can still sneak any purchases you make between now and January 31st into the Home Renovation Tax Credit!!
The Renovation needs to be of "an enduring nature and integral to the dwelling" in order to qualify, but renovations made to your Home, Cottage, or Condo all qualify. The renovations must be completed between January 27th, 2009 and February 1st, 2010.
I for one have renovated our Kitchen this year and will be fully topped up on my home renovation tax credit come april.
This is certainly a great opportunity to buy some much needed materials and save! It's not often that the government introduces temporary tax credits! Take advantage!
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 Renovation needs to be of "an enduring nature and integral to the dwelling" in order to qualify, but renovations made to your Home, Cottage, or Condo all qualify. The renovations must be completed between January 27th, 2009 and February 1st, 2010.
I for one have renovated our Kitchen this year and will be fully topped up on my home renovation tax credit come april.
This is certainly a great opportunity to buy some much needed materials and save! It's not often that the government introduces temporary tax credits! Take advantage!
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
Wednesday, January 13, 2010
Attention Condo Shoppers, Investors, Downsizers, Great condo open house this weekend!
Sunday January 17th, 2-4 PM, 1201 Nellis St #5
MLS Link
Virtual Tour Link
Come by and say Hi!
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
MLS Link
Virtual Tour Link
Come by and say Hi!
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
Grow op Cover up - CBC Marketplace
I thought this was worth repeating, as it is very important information for anyone who is thinking of buying, or indeed, owns a home. Very Scary Stuff...
Mike Holmes Grow op Cover up.
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
Mike Holmes Grow op Cover up.
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
Friday, January 8, 2010
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
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
Monday, January 4, 2010
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.
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 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
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