Buyers instantly embrace new rates!

Thanks to the mortgage rates being dropped today, buyers I have been working with have instantly saved thousands of dollars over the lifetime of their mortgage.

Contact me today to discuss these exciting new rates!
Ben Sage, Sales Representative
Re/MAX a-b Realty LTD
Brokerage: 519.536.7535 ext 487

Announcing the launch of our amazing new website!

Woodstock/Stratford/St.Mary's is proud to announce the launch of our new brokerage website!

Check it out here -> Remax a-b Realty Ltd

Canadian Housing on the Brink of Rebound

Reprinted courtesy of The Globe and Mail

Housing starts are expected to pick up in the second half of this year as buyers shake off some of their anxiety about the economy, Canada Mortgage and Housing Corp. said on Thursday.

The housing agency said in a forecast that housing starts are expected to reach 141,900 this year and 150,000 next year. This marks an improvement, although the activity is still well down from the 211,056 starts in 2008, when Canada was coming off a prolonged housing boom.

“Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year,” Bob Dugan, CMHC chief economist, said.

“In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen,” he said in a forecast that essentially confirmed earlier CMHC projections.

Read CMHC's report

Improving activity on the resale market and lower inventory levels in both the new- and existing-home markets should prompt builders to increase residential construction, CMHC says.

“Existing home sales, as measured by the Multiple Listing Service, have rebounded strongly since January and will reach 420,700 units in 2009 and remain close to that level at 419,000 units in 2010,” CMHC said.

“The average … price is expected to moderate to $301,400 in 2009 and to increase to $306,300 in 2010,” CMHC said.

I called it! Stephen Harper planning to use YOUR TAX DOLLARS as a bargaining chip in fall election

I called this months ago!

As soon as I "discovered" that the "Home Reno Tax Credit" that has been touted as one of the saving graces of local economies across Canada, was not actually Law.

My prediction was that this absolute tax break was going to resurface as a hot-button election issue, and here it is, landing in my lap, courtesy of the CBC.

The good people at Home Depot, Lowes, Rona, and Canadian Tire have managed to peddle their wares on us for the past 7 months under the guise of a sure-fire tax rebate, prompting Canadians to spend when perhaps they should be holding on to their cash, all the while knowing that the HRTC was not actually law. The government of Canada has even produced and paid air time for "Public Service" style advertisements instructing us (in Harper's true wisdom) to "go out and spend" on home renovations, and we'll see a break on our income taxes.

In my day-to-day life I come in contact with many tradespeople who have noticed a resurgence in home-renovation jobs this year, which has definitely helped the handyman have a great year, despite the economic turmoil. In that way, this Home Reno Tax Credit has been a fantastic ploy by the Conservative government to get us to go out and spend. We get a small break on our income taxes, it encourages tradespeople to work "above board" (ie. claim their income!), and homeowners all see increases in their equity.

I just hope some late 2009 position jockeying by the ruling parties of this country doesn't cost the honest taxpayer their 15% tax break.

References: CBCnews

Oxford County Affordable Housing Program

Just a quick reminder about the Oxford County Affordable Housing Program that’s being offered again to buyers who are currently renting. A few key highlights from the program are:

• 10% gifted down payment (non-repayable if they own the home for 20 years or more)
• Maximum combined household income cannot exceed $74,300
• The house must be new build and cannot exceed $189,498
• Not just for First Time Home Buyers, it’s available to anyone currently renting.

For More Info, Visit: www.county.oxford.on.ca/site/2738/default.aspx

My blog is fixed!

After a few weeks (months?) of not having access, and getting frustrated by it, I finally decided to contact my web hosting company to see what the problem was with my Blog / FTP / Hosting. I don't know what was wrong, but I DO know that the friendly tech support folks at Teknowebworks have done an excellent job in getting me back up and running. I sent an email at 11:25 today, and heard back within the hour. Good Job Teknowebworks!!!

Canada's economy grows in June

Last Updated: Monday, August 31, 2009 | 10:02 PM ET Comments143Recommend40

CBC News

Canada's gross domestic product grew in June by 0.1 per cent compared to May, the first positive monthly showing since July 2008, according to figures released Monday.

Canada's performance — albeit barely indicating a financial pulse — was driven by a growing service sector and improved domestic demand, said Statistics Canada.

The monthly gain was not enough to push Canada's GDP growth into positive territory for the second quarter of 2009, but likely sufficient to have economists backing the belief that the country is on the road to economic recovery.

"One month of growth certainly does not by itself herald an end to the recession, but there are plenty of indications that the economy kept growing in July and August," said Doug Porter, an economist with the Bank of Montreal .

Generally, experts declare a recession over when the economy posts a positive gain for a quarter. But in most cases, an economy has turned a corner when it grows in a month.

Porter noted that government spending, through temporary stimulus programs, consumer expenditures and housing starts have all rebounded in recent months.

Perhaps not surprisingly, John Baird, the federal minister for Transport, Infrastructure and Communities, reiterated that Canada's economy was gaining rather than contracting.

"The wheels are in motion for Canada's economic recovery as long as we allow our full economic stimulus plan to take place," Baird commented on Canada's GDP figures.

Downturn's toll

But even as Canada eked out a gain in the sixth month of 2009, the recession has already taken a toll on Canadians.

In the April-to-June period overall, Canada's GDP shrank by 3.2 per cent, compared to the same quarter one year earlier, Statistics Canada said.

That dismal performance was actually an improvement compared to the country's first quarter. For the January-to-March period, Canada's GDP contracted by 5.4 per cent versus Q1 in 2008.

The jobs situation also worsened in Canada in the past year. Compared to June 2008, this June saw 302,000 fewer jobs nationally.

Measured from the previous economic peak to the most recent trough, Canada lost 414,000 jobs.

'80s recession worse

Still, the level of economic contraction nationally was approximately half of the 4.9 per cent GDP loss experienced by Canada in the recession of the early 1980s.

Even faced with that level of deterioration, Canada fared better than many other regions around the world.

The U.S. economy shrank by 5.7 per cent in the second quarter.

For the first three months of 2009, the European Union's GDP fell by 10 per cent, while Japan's national income shrivelled by a record 14.2 per cent.