Saugeen Shores Real Estate Buzz

This property is located just a short walk from the beautiful sandy shores of Lake Huron in Port Elgin.  The current owners have put in much time and effort in updating it.  Newer shingles, Victorian style windows, wiring, plumbing, bathrooms, master bedroom addition on the upper rear, covered porch, detached garage/workshop, gas hot water heating, etc.  The lot is 66 feet x 132 feet.  This would be ideal for a full time home, a summer home or perhaps use it for part of the summer and then rent it out.  For more info, go to
 Some Updated History In Saugeen Shores.

If you or someone you know is thinking about putting their house on the market, here is some helpful information for you.  As I am sure you are aware, the way that a property is presented is first and foremost the most important factor when it comes to Buyers choosing to view your property.  I have been working with a Home Staging Professional and together we are offering my Seller clients the benefit of her expertise.  Please check this out and see what I mean; Getting Your House Ready For The Market

With some people thinking that the prime rate may be heading upwards in the latter part of this year, the government has taken some initiative to try to control the debt that some people tend to take on when it comes to buying properties.

OTTAWA — Canada’s top economists and opposition MPs are welcoming new moves by the feds to rein in property speculators and to make it harder for some to buy houses.

“We want to have the most prudent guidelines and the most prudent regulations we can,” said Warren Jestin, chief economist for Scotiabank. “The steps taken by the government will tend to reduce the risk of the market overheating and going into a reversal.”

The changes announced by Finance Minister Jim Flaherty are threefold:

• Canadians buying a house with less than 20% down must qualify based on a five-year fixed rate, regardless of what mortgage they get.

• People refinancing their mortgages will be able withdraw a maximum of 90% of the value of their house, down from 95%.

• Property speculators who buy places but don’t live in them, will have to put a minimum of 20% down, up from 5%.

The new rules come as concerns emerged a housing bubble may be forming, which could pop, wounding an already weak economy.

Flaherty said this worry is premature, but he was concerned by people taking “excessive amounts of cash” out of their homes and felt it was time to crack down on speculators.

“Early policy action can help prevent negative trends from developing,” Flaherty said. “Our government is acting to help prevent Canadian households from getting over extended and to prevent some lenders from facilitating it.”

Don Drummond, chief economist for the Toronto Dominion Bank, said the changes were “good” and he wished he thought of the property speculation angle first.

“All of the changes are minor but they’re all designed to help that 5% of the market that tends to get into trouble,” Drummond said.

The move was welcomed by the Canadian Real Estate Association, which said it was happy the feds decided to make these changes instead of others.

“We’re pleased the federal government didn’t increase the minimum down payment or decrease the amortization period,” said Gregory Klump, chief economist for the CREA. “The impact of those could be deep and damaging.”

Liberal finance critic John McCallum said he broadly welcomed the changes but warned they could discourage landlords from buying, resulting in fewer affordable homes for rent.

NDP finance critic Thomas Mulcair said, “Making sure that potential home buyers can manage their debts is critical … and frankly I welcome Flaherty’s belated attention to this problem.”

Mulcair, however, wants restrictions put on how much banks can charge customers on mortgages to prevent variable mortgage rates from rising too fast.

peter.zimonjic@sunmedia.ca

I could not believe what I saw when driving along Miramichi Bay the other day!  Someone had taken it upon themselves to cut down some trees on the water side of the road.  Just who does one think they are to not only come along and do that, but to also leave the debris there.  Very sad!  I have lived in this fine area for 41 years and it is just a known fact that this is not something one does!!  Shame on you!

When Buying a house, avoid causing anyone grief, including yourself, the Seller or the Real Estate Representatives, by ensuring that you are 100 percent happy with your decision.  Although it does not happen very often, there has been a few times that I have heard of situations whereby, after putting forth an Offer to purchase and having it accepted, the Buyers have second thoughts.  When that happens, we have a problem especially if there are no conditions in the Offer.  If this is the case, the Sellers will have to agree to ‘mutual release’  the Buyers and this is something that they do not have to do.  In order to not have this happen, make sure that you have looked at enought properties to know exactly what you want and what you do not want.  When you have found what you think to be the right one, take your time to make sure the right conditions are in the offer and make the offer price something that you know you will be able to manage.

Throughout the process keep in mind that this may be one of the largest purchases that you have ever, or will ever make.  However, also keep in mind, that this is a very large decision for the Sellers as well so please do not take the decision lightly!

Apparently we have a new fixture in our neighbourhood;  a pumper truck that is sucking up the excess water that we are expereincing.  I am not exactly sure why (though I have heard rumours) but there seems to be an awful lot of water laying on the roads in the area of Brentwood, Wellington and Woodlawn.  There is even a generator, that runs out of gas on the weekends, that is powering a pump that is suppose to take this water to a proper storm drain.  On top of this issue, apparently when the people who are affected by this situation call in to inquire about what will be done to alleviate the issue, they are greeted by the mindset that there really is nothing wrong.  I have to wonder how these same people who are employed to look after such matters would react if such an issue arose in their area of town.  I believe that, at the very least, the people involved are owed an explanation of what is going on with the water situation and what steps are being taken to rectify it.

Better news in the Toronto Star on April 15th, 2009.  Apparently the low mortgage rates and the decrease in house prices are enabling the first time home buyers to enter the market.  This has been stated by some Canadian Real Estate experts.

Phil Soper, president and CEO of Brookfield Real Esttae Services has said that the affordability in many parts of the country is improving.

He continues to state that the housing market has shifted from a seller’s market to a buyer’s market which is good news for someone who is looking to buy their first home.

From a local Broker’s prespective, I can say that this is certianly showing in our market as well.  The past  3 weeks, we have seen an increase in both listings and sales.

…building a high standard of professionalism to the real estate transaction

(April 7, 2009) – For REALTORS® of the REALTORS® Association of Grey Bruce Owen Sound (RAGBOS),

March marked their busiest month in half a year.  REALTORS® of the RAGBOS traded 145 residential properties in March for a total value of $27,931,305, representing a 61.1 percent increase over February’s results. This is the third consecutive month that the RAGBOS has recorded an increase in sales from the previous month.

“Canadians still see home ownership as a good investment” says Neil Devlin, President of the REALTORS® Association of Grey Bruce Owen Sound, “and with historically low mortgage rates and improved affordability, first‐time home buyers are getting into the market.” “Despite all the negative news about a sluggish economy, homes sold for an average price of $192,630 last month, which is a 6% increase over the previous month, although a 7.9% decline from the first quarter of 2008 figures.

“It is first‐time home buyers who seem to be moving the March sales figures” explains Devlin. “Homes selling in the $120,000‐$250,000 range made up 45% of the total residential home market activity in March, a 4.3% increase in the proportion of sales occurring in that segment compared to the same period last year.”

Devlin believes that now is a good time for qualified buyers to enter the market. Sellers realize that their home must be realistically priced to attract offers and there is now a good selection of properties for sale. Combined with a prudent buying public we are now in a “balanced market” situation.

A busy spring market is anticipated, being boosted somewhat by the Federal Budget 2009 incentives to get Canadians into their first home or renovating their current home. Some of the budget highlights include:

• Providing first‐time home buyers with additional access to their RRSP savings to purchase or build a home by increasing the Home Buyers’ Plan withdrawal limit to $25,000.
• Assisting first‐time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.
• Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief.
• Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support home retrofits.

Sellers who are uncertain about current market conditions should consult a REALTOR® to develop an effective marketing strategy. A REALTOR® knows the local market and can help you decide on a competitive listing price for your home. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step of the process. A REALTOR® understands the market and must, by law, look after your best interests.

The REALTORS® Association of Grey Bruce Owen Sound is made up of over 350 REALTOR® Members. Its jurisdiction consists primarily of Bruce and Grey Counties, although a small portion of Wellington County is included. Much of its Southwestern Ontario trading area is bordered by Lake Huron and Georgian Bay.

REASONS to use a REALTOR®:

• REALTORS® are trained professionals, licensed by the Province of Ontario and are accountable to theReal Estate Council of Ontario (RECO).
• REALTORS® are subject to a higher standard than the minimum standard required by the Real Estate& Business Brokers Act (REBBA 2002).
• REALTORS® are members of real estate boards and as such are required to adhere to the CanadianReal Estate Association’s Code of Ethics and Standards of Business Practice.
• REALTORS® have completed stringent educational and licensing requirements and must be of goodreputation in order to be licensed.
• REALTORS® are committed to continuing education and consistently refine and improve their skills andprofessional knowledge through participation in the profession’s Professional Development Program.
• Both RECO and 43 Ontario real estate boards use a comprehensive investigatory and disciplinaryprocess to deal with complaints. REALTORS® who are found to have breached either the legislation orREALTOR® Code are subject to sanctions by their board and RECO.
• REALTORS® are covered by a well-funded errors and omissions indemnity plan.
• REALTORS® use standardized forms and have access to well drafted (and court-tested) clauses andphrases which affords a high level of protection and comfort to their clients.
• REALTORS® are paid when a transaction successfully completes meaning that commissions and feesare not normally paid by the client unless a transaction successfully completes.
• REALTORS® have access to and use the Multiple Listing Service® and REALTOR.ca listing services -the most successful real estate listing website in Canada.
• REALTORS® are trained marketing professionals – they know how to price and market properties sothat they sell for the most money possible in the shortest time possible.
• REALTORS® are trained negotiators. Sellers and buyers do not generally negotiate for a living. This places them at a disadvantage because they can become emotionally involved when they deal directlywith an unrepresented buyer or seller.
• REALTORS® are thoroughly familiar with representing buyers and sellers in real estate transactions and understand the pitfalls of the process. Sellers and buyers “doing it themselves” can make mistakes, the result of which can far outweigh any perceived or real financial advantages to be gained in saving a commission or fee.
• Unrepresented buyers and sellers using for-sale-by-owner organizations expect to save REALTORS®’ fees. However, since both buyers and sellers want to save the same commission or fee, their negotiations begin at a disadvantage. Their negotiations are further hampered because they do not have an independent party like a REALTOR® to help them negotiate the best possible deal.
• REALTOR® involvement can protect consumers against the risk of a potential loss due to misadventure, fraudulent dealings or criminals who case homes during showings. REALTORS® provide “on hand” professional advice, are adept at advising clients how to avoid any financially damaging situations and give consumers peace of mind by providing them with a stream of qualified clients.

“REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association”. Trademark use under license from The Canadian Real Estate Association.

Information provided by the REALTORS® Association of Grey Bruce Owen Sound, copyright 2009. E&OE.