Why Move to Oakville, Burlington, or Milton? Halton safest region in Canada and GTA
December 17th, 2011 Categories: Around Kerr Village, Latest Real Estate Market News & Stats, Oakville Real Estate News, Oakville Town Planning & Development, Real Estate News, Why Move to Oakville?
Thinking of moving to Oakville, Burlington or Milton?
For the fourth year in a row, Halton region (which comprises Oakville, Burlington, Milton and Acton) has been ranked the safest regionial municipality in the Greater Toronto Area, and in Canada.
This distinction, according to Maclean’s magazine, a major Canadian magazine, in its 2010 rankings. These rankings are based on crime data from Statistics Canada. Conversely, Prince George, B.C. was given the title of Canada’s most crime-ridden city.
According to the Oakville Beaver today, Regional Chair Gary Carr said “This achievement is the result of our residents, businesses and local municipalities, working together with Halton Regional Police to ensure that this is a safe place to live, work, raise a family and retire.”
Wayne and I attended a recent meeting of the West Kerr Residents Association, the neighbourhood where we live, and the local police officer assigned to our community spoke on pro-active work that he is doing to ensure safety in the area. This is one of the reasons why so many people that are moving to Canada from other countries choose to settle in the Oakville-Burlington-Milton area.
Call Wayne or Hilary Shantz NOW at 905 599 3311 to find out more about moving to Halton Region.
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Housing Market Remains Strong in Oakville for First Quarter 2011
April 28th, 2011 Categories: First Time Buyers, Halton Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Real Estate News
In the first quarter of 2011 the Oakville housing market remained quite healthy. Although the total number of sales was down 10% versus year ago to 754 sales, the average price was up 8% to $612,500 and the median house price edged up 3% t0 $503,500. Part of the reason for the increase in prices despite a drop in sales has been due to less inventory on the market and the maintenance of record low mortgage rates.
The average time that houses are on the market is up to 31 days versus 25 days in the same period a year ago – but this is still very good turnover. The outlook looks good for the second quarter with the Bank of Canada holding the prime rate at 3.00% and 5 year fixed mortagage rates staying below %4.00 with some short-term variable mortgage rates as low as 2.2%.
If you are thinking of buying or selling please give me a call (905.599.3311) and I would be delighted to assist you.
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Fall 2010 housing market to improve (Re/Max)
October 8th, 2010 Categories: Halton Real Estate, Latest Real Estate Market News & Stats, Mortgages, Economics, Finance, Oakville Real Estate News, Real Estate News
Gairloch Gardens, view of Lake Ontario,. Oavkille
You may wish to read this recent article entitled “Fall housing market to improve”, based on findings by Re/Max.
One always has to temper opinions of real estate brokerages, as they tend to be a bit optimistic about predictions, however there are some good points made.
Mortgage experts are predicting that prime – which is now at 3% – will be staying at this level for the next several months.
FOR MORE DETAILED INFO ON LOCAL MARKET CONDITIONS, CALL HILARY, YOUR OAKVILLE REALTOR, AT 905 599 3311.
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Planning renovations over the next twelve months? You can get back $1,350 in tax relief – Every little bit helps
February 1st, 2009 Categories: Home Maintenance, Mortgages, Economics, Finance, Real Estate News
Last week’s Federal Budget 2009 proposes a temporary Home Renovation Tax Credit (”HRTC”), which will provide a 15% non-refundable income tax credit on eligible home renovation expenditures made after January 27, 2009 and before February 1, 2010, for agreements entered into after January 27, 2009.
The credit may be claimed on the 2009 tax return for the portion of eligible expenditures over $1,000 but less than $10,000, and will provide up to $1,350 in tax relief (i.e., 15% multiplied by ($10,000 minus $1,000)).
Family members will be subject to a single limit based on their pooled expenditures. For this purpose, a “family” will generally be considered to consist of an individual, his or her spouse or common-law partner, and their children who were, throughout 2009, under the age of 18 years. Eligible dwellings are generally restricted to personal-use homes including houses, cottages, and condominium units.
What expenses are eligible?
The tax credit is for “enduring renovations and alterations”. Individuals will need to keep receipts.
Eligible: renovating a kitchen, bathroom or basement, purchasing new carpet, hardwood floors, a new furnace or water heater, building an addition, deck, fence or retaining wall, painting the interior or exterior of a house, resurfacing a driveway, or laying new sod. Most costs associated with such projects will be eligible for the credit, including the cost of labour and professional services, permits, building materials, fixtures, equipment rentals and incidental expenses.
Ineligible: routine repairs and maintenance normally performed on an annual or more frequent basis, carpet cleaning, financing costs associated with a renovation (e.g. mortgage interest costs), the purchase of furniture and appliances (e.g. a refrigerator, stove or couch), audio-visual electronics, tools or construction equipment or maintenance contracts such as furnace cleaning, snow removal, lawn care and pool cleaning.
So stop putting off doing a bit of work on that house of yours, just don’t go overboard!
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A Little Help for First Time Home Buyers in Federal Budget 2009
February 1st, 2009 Categories: First Time Buyers, Mortgages, Economics, Finance, Real Estate News
1. Can withdraw up to $25k (formerly $20k) from Your RRSP when buying first home
The maximum amount that can currently be withdrawn from an eligible person’s RRSP under the Home Buyers Plan is $20,000. The Budget proposes that this withdrawal limit be increased to $25,000 for withdrawals made after January 27, 2009.
You are not considered to be a first-time home buyer if, at any time during the period beginning January 1 of the fourth year before the year of the withdrawal and ending 31 days before the withdrawal, you or your spouse or common-law partner owned a home that you occupied as your principal place of residence.
Special rules apply where the home is being acquired for the needs of a disabled person.
Amounts withdrawn must be repaid over a 15-year period, or the unpaid amounts will be included in taxable income.
2) First-Time Home Buyers’ Tax Credit
The Budget proposes a new non-refundable tax credit for first-time home buyers who acquire a qualifying home after January 27, 2009. (The closing date for the purchase of the home must be after that date in order for the tax credit to be available.)
The amount upon which the tax credit is calculated is $5,000, multiplied by the lowest personal income tax rate for the year (15%). The First-Time Home Buyers’ Tax Credit may be claimed in the year in which the home is acquired.
A “qualifying home” is a home which the person or the person’s spouse or common-law partner intends to occupy as their principal place of residence not later than one year after the acquisition.
This new tax credit will also be available for the acquisition of a home acquired after January 27, 2009 either by an individual who is eligible for the Disability Tax Credit (”DTC”) or by an individual for the benefit of a relative who is eligible for the DTC. The home must be acquired to enable the DTC-eligible individual to live in a more accessible dwelling or in an environment better suited to the person’s needs.
The First-Time Home Buyers’ Tax Credit may be claimed either by the person who acquired the home or by his or her spouse or common-law partner. If a qualifying home is purchased jointly, the total amounts claimed by the couple cannot exceed the credit that could be claimed if only one individual had acquired the home.
So First Time Buyers, you are now in a perfect storm, with interest rates at an all time low (prime=3%), a downward adjustment in prices since the economic meltdown in Ocober 08, and a lot of homes on the market.
Give me a call to find out all the relevant information!
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Can’t Afford A Fancy Condo in Florida or Muskoka Cottage? How’s This for a New Trend?
March 4th, 2008 Categories: First Time Buyers, Halton Real Estate, Investing in Real Estate, Lighten Up, Oakville Real Estate News, Real Estate News
Lisa Valade, my mortgage broker, sent me this photo this morning. If you have champagne taste but a beer budget, might be something to think about!
Call Hilary to talk about your dreams for real estate, 905–599–3311.
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Was Real Estate a Good Investment 10 Years Ago? You Betcha!/A Review of the Last Decade in Canadian Real Estate
February 29th, 2008 Categories: Investing in Real Estate, Mortgages, Economics, Finance, Real Estate News
ReMax recently published a 26 page review of the last decade in Canadian real estate.
If you are interested in specific cities and regions and what’s been going on, this report provides a good synopsis, shows the statistics and the factors that have been influencing change in local areas.
Not too technical for the layperson to follow.
The accompanying press release issued by ReMax revealed some facts that you may find interesting:
1. What factors influenced the growth?
“Never before have we seen such a continuous run up in Canadian real estate. Clearly, strength in all markets has been directly linked to solid growth in local, provincial and national economies. Low interest rates, job security, and consumer confidence have all served to further bolster home-buying activity across the nation.”
“Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada.”
2. How much did prices rise nationally over the decade and annually?
Nationally, average price almost doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in 2007, for a 7.1 per cent annually compounded rate of return.
(How’s that for a good return on investment?, says Boris)
3. Which city had the highest price increase?
Edmonton, Alberta, which saw a 203 per cent upswing in housing values – or an 11.7 per cent increase annually – with average price rising from $111,587 a decade ago to $338,636 in 2007.
Calgary ranked second second in terms of price appreciation at 189 per cent, Kelowna at 179 per cent, Saskatoon at 137 per cent, Winnipeg at 118 per cent, Victoria at 114 per cent and Greater Vancouver at 99 per cent.
3. Which province had the highest increase in unit sales?
Prince Edward Island, with the number of homes sold up 119 per cent in the 10-year period.
4. What about the impact of foreign buyers?
“Immigration and in-migration have played a serious role in jumpstarting residential housing markets, particularly in British Columbia, Alberta, and to some extent, Saskatchewan over the past decade.
At first, there was an influx of American buyers, especially in Canada’s coastal regions and recreational hot spots, as our southern neighbours took advantage of the almighty US greenback. Then the European and Middle Eastern purchasers flooded the market, buying up real estate considered ‘cheap’ by international standards. In recent years, there have been a growing number of purchasers from Mainland China. From a global perspective, there’s no question that Canadian real estate brings good value to the table.”
HILARY’S TWO CENTS:
One of the things that these solid stats reveal to me is the strength of the Canadian economy on which the Canadian real estate market is predicated. Since Canadian home prices when compared to global prices are still relatively low, Canadian real estate continues to be a good buy for foreigners.
The challenges being faced in the U.S. economy will impact our national housing market such that the housing price appreciation we have seen in the past decade will be moderated. However, at the risk of stating the obvious, (Economics 101) I believe we will continue to see price appreciation especially in areas where demand for housing continues to be strong and there is a limit to supply. This includes GTA, Oakville, Burlington.
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Ten Things I Learned from Barack Obama and the Democratic Debate
February 25th, 2008 Categories: Food for Soul and Spirit, Lighten Up, Real Estate News
Last night I kept flipping back and forth between the Oscar Extravaganza, in its 80th year, and the Democratic debate between Senators Barack Obama and Hillary Clinton.
It occurred to me that as real estate professionals we are running for election every day. The forces of competition result in us having to compete against other professionals every time we offer to help someone sell or buy a home.
According to the polls, those who watched the debate were more likely to vote for Senator Obama.
What are some of the keys to his growing appeal? I noticed a few things that I’ll tuck away as “good learning”.
- Confident but not cocky
- Comfortable and relaxed
- Didn’t try too hard
- Spoke slowly and clearly
- Assertive but didn’t put down his opponent
- What you see is what you get
- Unruffled by competition and criticism
- Passionate but not emotional
- Doesn’t take himself too seriously
- Gracious and sincere
When facing a competitor in any arena, these are winning qualities to emulate. WHAT DO YOU THINK?
For help in navigating the real estate maze, call Hilary today.
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Canadian Recreational Property Buyers Skipping U.S. for Canadian Winter Properties
February 23rd, 2008 Categories: Fifty-five plus, Investing in Real Estate, Real Estate News
Trying to decide between buying a ski chalet or condo in Canada and property in Florida? Many Canadians are making the choice to buy closer to home.
“More Canadians are choosing to buy recreational homes in Canada” says a recent Report on Winter Recreational Property published by Royal LePage:
“While sunshine states such as Florida and Arizona have long enticed Canadians to purchase their winter retreats in warmer-weathered American cities, the uncertainty clouding the U.S. housing market has many Canadians favouring properties north of the border.
In fact, 36 per cent of Canadians who own a winter recreational property or who are considering purchasing one cite they are more inclined to buy a property in Canada than in the U.S. because of the economic uncertainty plaguing our southern neighbours.”
Here are some of the findings of the poll (conducted for RLP in January 2008 by Angus-Reid):
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Strong demand combined with limited mountain-based properties has prices ranging from $180,000 to $850,000 in Quebec, $400,000 to $1 million in Collingwood, and $450,000 to $2 million in British Columbia for a standard detached, mountainside, three-bedroom chalet.
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A shortage of listings in areas of high demand, such as Whistler and Fernie, has led to property prices appreciating by as much as 10 and six per cent, respectively, in the past year.
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More and more European buyers are being attracted to purchase property in prime ski areas such as Mont Tremblant, Canmore, Whistler and Fernie.
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Eight per cent of Canadians own a winter recreational property or are considering purchasing one in the next three to five years.
You can access the full report in pdf format.
While Canadian recreational properties are a good investment, there are still good buys to be had in Florida, Arizona and other U.S. states. Call Hilary for connections to good local referral partners in Canada and the U.S.
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THINKING OF DOWNSIZING? TAKE A LOOK AT TORONTO’S SMALLEST HOUSE!
February 19th, 2008 Categories: Fifty-five plus, Lighten Up, Real Estate News
My friend Ron Clarke, of RP Clarke Financial Services, sent me some photos of Toronto’s smallest house, reportedly for sale for $179,900.
In Canada we are not used to living in small spaces but in some parts of the world, like Europe or Japan, learning to live in very tiny spaces is commonplace.
Thought I’d share the photos, just for fun.
Here’s the front of the house.
The house is located near Dufferin and Rogers, in Toronto.
It was built in a laneway between two houses. House is just under 300 square feet.
Small covered patio in front.
This is the living room. Definitely cosy!
Here’s the kitchen and adjoining laundry room. How much counter space does one really need?
No mention of fridge. New washer/dryer and stove.
Bedroom comes with built-ins
and Murphy’s bed.
The back patio. Lemonade for two?
Looking to downsize? Give Hilary a call to chat about it.
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