Happy New Years

Wishing you and your families all the best for 2010. Drive safely this holiday season. We are off to Michigan to party with the Wellingtons' in Midland and see if the Canadian Juniors can beat the US.

Mortgage Insurance vs Life Insurance

Just over Christmas I was talking to a relative about their new home and they told me they signed up for Mortgage Insurance, through the TD Bank. I thought everyone knew about not getting this type of Insurance though the banks, but I guess not. So once again just to remind everyone of the problems you can have with mortgage insurance, here is a link to the CBC Market place show, about the problem. Please pass this around to your family and friends, so they don't get caught in the same mess. Happy New Years to you and your family!
http://www.cbc.ca/marketplace/in_denial/

Merry Christmas to Everyone

Wishing you and your family all the best this Holiday season and may 2010 be the best yet.

Flaherty warns on mortgage rules

Finance minister tells CTV, Ottawa may raise minimum down payment for home buyers and reduce amortization period to stop some from taking on too much debt. CTV says Ottawa is considering raising the minimum down payment for home buyers as well as reducing the amortization period in order to stop some consumers from taking on too much debt. In an interview with CTV Question Period, to be aired next week, Finance Minister Jim Flaherty says the measures will be taken if there's evidence of excessive demand in the housing market. Flaherty says the new measures would target consumers “who are taking on obligations that they will not be able to handle in the future when the interest rates do rise.” He says the likely measures the government will take is to increase the size of the down payment from 5 per cent “to a higher figure” and to reduce the amortization period “from a maximum of 35 years to something less.” Those measures would increase the monthly payments, making it more difficult for some people to take on a mortgage and purchase a home, without having to increase the interest rate. Last week, the central bank warned that when interest rates rise to normal levels, up to 10 per cent of households could face difficulties in meeting monthly payment requirements.

Canadians Believe In Real Estate

Michael Polzler, Executive Vice President and Regional Director of RE/MAX Ontario-Atlantic Canada Inc. says that "amid one of the worst recessions since the Great Depression, the one safe harbour proved to be housing. Not stocks. Not bonds. Real estate. Why? The answer is really quite simple. Canadians believe in real estate.
Housing has proven itself a resilient and tangible investment that provides both a hedge against inflation and long-term appreciation. Buyers demonstrated their commitment en masse in 2009-taking advantage of rock-bottom interest rates and greater affordability levels-to drive housing sales and/or average prices to new heights. This year's real estate performance has been nothing short of remarkable.

The surge in sales has allowed residential real estate markets to play a key role in leading Canada out of the downturn. It is estimated that a total of $46,400 in ancillary spending are generated by the average housing transaction in Canada. With 465,000 resale homes expected to change hands by year-end 2009, that represents a $21.5 billion boost to the economy-not to mention the countless jobs and tax revenue housing supports. Going forward, the real estate sector is expected to have an even greater impact".

Canadian Sales are still strong

According to statistics released by The Canadian Real Estate Association, existing home sales activity remained upbeat in November 2009. The current strength of housing demand stands in sharp contrast to weak activity recorded one year ago.
A total of 36,383 residential properties traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in November 2009. Up 73 per cent from year-ago levels, activity was down just four tenths of a per cent from the highest level of activity for the month posted in November 2007. Home sales set new records for the month of November in Ontario and Quebec.

Work is Progressing on Main Street Grand Bend

The Main street of town is getting a major face lift and you will notice the difference this spring. Construction is suppose to be completed by Christmas, but there is a lot to do and the weather has to co-operate, which it has done so far! New street lights, Flower pots, benches and larger sidewalks will make the town look pretty fancy, even though there will be less parking.

Detached Home Starts Higher in November

New home starts were up in the London Census Metropolitan Area in November, according to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC). Total starts increased by 32 per cent due to a 58 per cent increase in single-detached starts compared to the same month in 2008. Year-to-date total starts were still down about 15 per cent.
“For the third consecutive month, single-detached home construction was up from its level a year ago,” said David Lan, CMHC’s London Market Analyst. “Construction outside of the city appears to be gaining momentum as well,“ added Lan.

The Condo Market is Hot in Toronto

Stefania Moretti, reported in the The London Free Press, that a new condo Development in the West Don Lands of Toronto, called the River City Project, are selling the units by having a lottery, to decide who has first dibs on floor plans and units! With Occupancy slated for 2011, there is a lot of demand for these moderately priced units. This past weekend in Vancouver a horde of home buyers stood in the rain for a chance to purchase condo units in a 26-story tower, to be built in the downtown area, which isn't scheduled to be completed until 2013. And in Toronto a few days earlier condo sellers enforced a chit system for real estate investors, to quell disputes over the chance to buy into the new downtown X2 Project, by Great Gulf Homes. Toronto agents have noticed a big time swing in the pre-sale market, comparable to 2007 levels. "Things are back to being as crazy as it ever was", said "Andrew La Fleur, of RE/MAX Condos Plus in Toronto, citing a combination of factors including record low interest rates and a return to the belief that real estate is a safe investment. With the renewed interest in the real estate Market in Toronto, I'm sure we will see the spin-off coming our way this spring, here in Grand Bend.

Townsend Meadows Units are ready

Ready for Christmas these Thedford units are almost ready for you to move into. Units 12 and 13 will be ready shortly with 2 bedrooms, 2 baths these units are just perfect. Check out the website at www.townsendmeadows.com

RE/MAX Housing Market Outlook for 2010

In the midst of one of the most tumultuous economic periods in recent history, residential real estate has proven to be a safe harbour, with sales and average price expected to post gains in most major Canadian cities in 2009, according to a report released today by RE/MAX. The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009, led by an anticipated 45 per cent increase in Greater Vancouver. Eighty-three per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010. The remaining markets will match 2009 levels. "2009 was without question the year of the house," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Real estate not only defied industry and analysts' predictions in 2009 -- it's performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine. While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home."

Homes Sales for November still improving!

Last month, 584 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS®(LSTAR), a 51.3-per-cent increase over November 2008. However, November 2008 had an unusually low sales volume of 386, compared to 654 in 2007, 616 in 2006, 645 in 2005, etc. This anomaly explains the large percentage increase for November 2009. Year to date, sales are down 5.5 per cent overall compared to 2008. The average price for homes in LSTAR’s jurisdiction was $214,385, up slightly over last month. With the weather still holding out and the snow keeping away, sales here in the Grand Bend area have been brisk as well.

U.S. Housing Market up

According to the National Association of Realtors report released last week sales activity is at its highest since February 2007. Existing home sales in the U.S. showed another big gain in October as first-time buyers rushed to take advantage of a national tax credit. Existing home sales, including single-family, townhouses and condos, surged 10.1% to a seasonally adjusted annual rate of 6.1 million units in Oct. This was reported in the London Free Press

Solvang is the place for Wine

While we were in California for the NAR Convention, Jeannette and myself took a few days to see the wine area around Solvang, north of Los Angeles and Santa Barbara. Although we didn't see any movie stars the town is like being in Denmark with the windmills and post and beam construction of the buildings. There is a lot of history in the area and great drive through the canyons, that Jeannette didn't like! Should of had the Mini that day but we had rented a Vibe...it was still fun.

California is the place to be for NAR

Jeannette and I went to San Diego for the National Association of Realtors Convention in Nov. with my Real Estate Board, (LSTAR). Flew from London to Calgary then on to San Diego California, on the 12th of November and made it back on the
21st. Great Speakers and entertainment at the convention and well worth the time flying there! San Diego is a great place with the Pacific Fleet, perfect weather and the San Diego zoo, to name a few attractions. We were very busy for the 5 days at the convention.

London St. Thomas Real Estate Board gives back to the Community

On Monday, November 9, at its Strathroy president’s breakfast, LSTAR president Joe Hough presented a $5,000 cheque to the Women’s Rural Resource Centre (WRRC) on behalf of the REALTORS Care Foundation. Ellen Frood, Senior Development Officer of the WRRC, was on hand to accept the cheque and offer her thanks for the Foundation’s support of the centre. The money will help fund their residential shelter program.

The Women’s Rural Resource Centre offers residential and non-residential support, and also provides counseling services in outreach sites for abused women and their children.

“LSTAR was very proud to support the WRRC in its application for a REALTORS Care Foundation grant and I am so pleased to see the money helping such a worthwhile cause in our community,” said LSTAR president Joe Hough. “Giving back helps the WRRC provide an essential service and it helps us to achieve our Quality of Life principles.”

Housing Starts Advance in Canada

Tavia Grant from the Globe and Mail, reported that housing starts advanced 5.4 per cent last month as builders broke ground on more condos and apartments, more evidence that the Canadian residential construction is on the mend. Starts rose to 157,300 units in October, in line with economists' expectations, Canada Mortgage and Housing Corp. reported today. Record low interest rates will continue to spur home buying in the coming months and underpin residential construction activity, said Stewart Hall, economist at HSBC Securities (Canada) Inc. The hub of activity though is really in the existing home sales market where levels of activity in many resale segments have exceeded the peaks recorded before the start of the recession. CMHC predicted last week that housing activity and prices will pick up next year as demand grows and interest rates stay low.

Main Street Grand Bend getting a major makeover

In case you haven't been back to the Bend since Labour Day, the Main street has been ripped up and it is going to look quite different when you see it next! More sidewalk, less Parking, making the Main Street more user friendly, unless you were looking for more FREE parking. The contractor, as they say is "Given er!" before the snow flies!

U.S.New Homes Sales Dip

Yesterdays London Free Press, reported that new homes sales in the U.S. dipped last month as the effects of a temporary tax credit for first time owners started to wear off. The 3.6% drop in September's new home sales, as reported by the U.S. Commerce Dept., was the first decline since March after a strong rebound during the summer. The good news is orders to U.S. factories for big-ticketed manufactured goods rose 1%in September.

Construction Progressing on Main Street

Nice to see some new building on the Main Street of Grand Bend. This Commercial building beside the Dairy Dip has expanded since summer. Looks like it will be living quarters above the Clothing store with a great view of the Lake from the second story! There are lots of changes happening on the Main Street this fall.

Fall Colours in Port Franks

Northville Crescent is one of my favourite roads and with the fall colours, where else would you like to be on a Sunny Sunday afternoon! This is old Highway 21, right beside Grog's Restaurant in case you were wondering.

Ottawa Trip to see the Colours

Jeannette and myself were in Ottawa earlier this month, to see my uncle and the fall colours. Didn't get to meet the Prime Minister but the area around the Parliament Buildings were full of colour!

Third Best Sept. ever for area Homes

Last month 708 homes exchanged hands in the jurisdiction of the London St. Thomas Association of Realtors a 7.9% decrease over Sept 2008. Year to date until Sept., sales have decreased 10.1% over the same period last year, but the average price for Sept. 09 has actually increased by 1.9% to $217,832. "Sales for September were the Third best on Record", says Joe Hough, president of LSTAR, "so it's wonderful to see September 2009 back up there".
Dale Ripplinger, President of the Canadian Real Estate Association, says "National sales activity in the third quarter is on track for a significant increase compared to the second quarter. Low interest rates and affordability continue to attract home buyers to the housing market. Consumer confidence continues to rise, which bodes well for activity in the coming months."

Great Lakefront for Sale!

With the market starting to recover now is the time to buy that resort property that you've always wanted! Prices are soft but sales have been very active these past 2 or 3 months. This lakefront cottage is just north of Grand Bend in the Norman Heights subdivision and has one of the best beaches around. Comes fully furnished and priced to sell.

Bank of Canada News Alert!

Economy grew 2% in Q3, says Bank of Canada. A report from the Bank of Canada says the Canadian economy grew by two per cent during the third quarter of the 2009 fiscal year and is expected to grow 3.3 per cent in the fourth quarter. That's great news for all of us.

Townsend Meadows Grand Opening

The Grand Opening at Townsend Meadows on the 19th was very successful. With the sun shining and lots in interest in the new development it turned out to be a great day. The dignitaries were there as well!

Townsend Meadows OPEN HOUSE Sept 19th & 20th

The Grand Opening of Townsend Meadows will be on Saturday September the 19th at 2 o'clock. We will be having Open House from 1 - 3 on Sat and Sunday, the 19th and 20th of September. If you are thinking of moving to the area this is a great time to come and see the new Development at Townsend Meadows in Forest.

Price Reduced on Lakeside Cottage

We have just reduced the price of this 3 bedroom cottage in the Greystone subdivision by $10,000! With only a short walk to a great sandy beach this 35 year old cottage features a 71' x 210' lot, pine walls, bunkie, and comes fully furnished. Great time to invest in your summer fun, get ready for next year.

August Home Sales Stabalizing

The London St. Thomas Association of Realtors just released their Sales report for Aug. and 747 homes exchanged hands, just a 2% decrease from Aug. of last year. With 600 detached homes being sold, there was only a 1.2% decrease from last Aug. sales.
The number of sales and the average price is stabilizing, with the average price up .3% and the slight decrease in number of sales. "Home buyers recognize that interest rates and prices have bottomed out and are taking advantage of the excellent affordability", says CREA President Dale Ripplinger.

Strong Sales in Canada!

The Canadian Real Estate Association has just reported that MLS® home sales were much stronger than expected in the second quarter of 2009, with activity having climbed throughout the quarter and into July. The remarkable recovery of resale housing has prompted a change to the MLS® home sales forecast issued by CREA, for 2009 and 2010.
The speed and magnitude of the rebound in sales activity to date has lifted CREA’s national forecast for the number of transactions to 432,600 units. This represents an annual decline in activity of 0.4 per cent compared to levels set in 2008, and is a significant upward revision from the previously forecast decline of 14.7 per cent in CREA’s forecast issued last May.
CREA President Dale Ripplinger says, “The difference in the resale housing market now, compared to the beginning of the year, is night and day, and nowhere is this more evident than in the West.”
“Low interest rates are boosting sales by returning homebuyers to the market who moved to the sidelines late last year, and shifting ” said Chief Economist Gregory Klump. “Buyers are also shifting purchase decisions forward as they take advantage of attractive interest rates now before financing costs increase.”
Great news for the Real Estate Industry, here in Canada.

Thanks for the Testimonial

We appreciated all your hard work on the sale of our home on Burwell Road. We are very satisfied clients and would highly recommend you to others. Many thanks for a job well done. Tom & Elouise Perry

Best July on Record for mls Home sales!

The Canadian Real Estate Association reported that the national resale housing market activity continued climbing in July 2009. Posting the largest year over year gain in two years and the first time on record that sales activity topped 50,000 units for the month of July in any year on record. Great news for the housing industry. It has been busy here in Grand Bend as well with listings and sales.....plus the weather is better and there are more people around the Bend!

The Beaches are Great in Port Franks

The family was able to get away for a week at our cottage in Port Franks and we actually had good weather! The beaches are fantastic and Jeannette and I spent every night watching the sunsets. Let's hope the weather improves so we can all spend more time enjoying the summer.

Monthly News Letter is out!

Just in case you missed my monthly news letter I've attached a link to it. If you are interested in receiving this just send me an email and I would be glad to send it to you!...Doug ..Just click on the link below:
http://www.justenuffnews.com/newsletter.php?id=394&n=VZ+c

June sales jump nearly 5%!

Last month, 946 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), a 4.5-per-cent increase over June 2008. Year to date, 3,296 detached homes have been sold – down 11 per cent compared to the same period in 2008.
“We are very pleased to see a 4.5 per cent increase in sales,” says Joe Hough, LSTAR President. “2008 was a record-breaking year, so it is just outstanding to see a gain for June 2009 over June 2008. Sales may be down year-to-date, but the numbers we are seeing are still very positive.”
Hough says the average residential price is also improving. “Year-to-date for June 2009, the total residential average price is up 1.5% to $211,583, compared with a decline of 1.2% in May, 1.8% in April, 2.7% in March, 2.4% in February and 2.8% in January.”

Home Ownership Up

The London Free Press reported that Canada has become a nation of home owners, according to a new report by Scotiabank, saying 68.4% of Canadian households owned their own homes in 2006 and the number likely edged up even further in 2007. That is up from 63.6% that owned their own homes a decade earlier. As well 9% of Canadian households own a second home, such as a cottage, resort condominium or other vacation residence, up from 7% in 1999.

Tax Rebate for HST!

The Sun reported today that Premier Dalton McGuinty is proposing to provide a 75 per cent tax rebate on first $400,000 for new homes! The provincial government is sweetening the pot in a bid to make the controversial harmonized sales tax more palatable to Ontarians. In a surprise move this morning, the government announced it was capitulating to home builders' demands by effectively reducing taxes proposed on new homes. Under the change, buyers of new homes in all price ranges would receive a 75 per cent rebate of the 8 per cent provincial portion of the HST on the first $400,000 of the cost.

Great Weekend in Grand Bend

We finally had a real summer weekend here in Grand Bend! The weather co-operated and the place was finally busy with traffic getting backed up around the Bend. With Road construction going on 21 Highway the roads are starting to look better also! Hope to see you at Grand Bend soon to see our new beach improvements as well. They look great!

Those Interest Rates are GREAT!

Got this graph sent to me by Mal Eccles, a London Mortgage Broker, showing the average interest rates since 1951. With rates this low is it a great time to buy for sure.

Buyer's Market!

Canada Mortgage and Housing Corporation's annual consumer survey shows that a majority of home buyers believe a home is a good investment and that this is a good time to buy a house! 90% of recent home purchasers believe that home ownership is a good long term investment. 86% say that housing and monthly payments should not exceed 40% of gross household income and 75% of purchasers have a goal to be mortgage free sooner than their original amortization.

May Home Sales

The London Free Press reported that the London St. Thomas Association of Realtors sales figures for May were down 15%, from May of 2008. Joe Hough, president of LSTAR says that the market is down, but the overall trend is for stronger sales and recovery in prices with May’s average house price of $209,920 down just 1.2 %, compared to the first five months of 2008. Hough says the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan to $25,000, and the First Time Buyer Tax Credit, have helped spring sales. “The market is active. We are not hearing complaints from realtors,” said Hough. Dale Ripplinger, president of The Canadian Real Estate Association, says the market is getting a boost from lower prices, a loosening of the credit market and improved consumer confidence.

RE/MAX Spring Recreational Report

RE/MAX Recreational Report is now out and it is interesting to see what is happening in the rest of Canada, as well as our area! Click on the link below to read the report.

http://www.remax-oa.com/MediaNewsroom/Lists/PressReleases/Attachments/48/REMAX_RecreationalPR2009_RPT.pdf

Great Home in Port Franks

Just listed this 2 story Brick home in Port Franks. Surrounded by mature Oak and Pine trees this 35 year old home features a double garage, newer roof, 4 spacious bedrooms, 2 1/2 baths and a natural fireplace in the family room. There's lot of potential and roof for the family plus it is just a short ride to the sandy beaches of Lake Huron!

Canadian Home Sales are up!

Home sales soared in April for the third month in a row, but the real estate market has not yet made up for all the lost momentum of the past year, the Canadian Real Estate Association says. Sales of homes in Canada, seasonally adjusted, jumped 11.2 per cent in April compared to March, the largest month-to-month increase in more than five years, CREA said. The gain compounds advances of 10.3 per cent in February and 7.7 per cent in March. Home sales volumes were a full 32 per cent above January's levels – the lowest levels in a decade. “Simply put, this was a very strong housing market report,” said Millan Mulraine, economics strategist at TD Securities. “It is suggesting that the worst of the correction in the Canadian housing market may be behind us, and that the housing sector may be on the mend.”

Townsend Meadows starting 3rd Block

Forest's newest adult lifestyle development, Townsend Meadows is the ideal destination for anyone 55 years or older who is looking for an exclusive retirement development in a caring community, here in Lambton Shores. The third block of Town Homes are just starting and will be ready for late fall occupancy. Check out the website at http://www.townsendmeadows.com/ for all the information on this new development.

Lakefront dream Home Lisiting

Just listed this custom built lakefront home in the Shangrila subdivision 10 Kms. south of Bayfield. Great sandy Beaches with private stairs, interlocking brick drive and a spacious 3 car garage with upper studio apartment are just a few of the features! The Great Room gives you a spectacular view of Lake Huron with floor to ceiling windows, hardwood floors and the vaulted ceilings you will think your in Heaven!

April Home Sales Improve!

Last month, 804 homes exchanged hands in the jurisdiction of the London and St. Thomas ssociation of REALTORS® (LSTAR), including 666 detached homes (up 1.8% from April 2008) and 138 condos (down 26.6% from April 2008). Year to date, 1,840 detached homes and 414 ondos have been sold – down 15.1% and 26.9% respectively compared to the same period in 2008. “April sales have increased by 20% over March – that’s great news, especially in a tougher economy,” says Joe Hough, LSTAR President. The federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan to $25,000, and the First Time Buyer Tax Credit, have certainly influenced April’s sales.”

March Home Sales Stabilize

Last month, 669 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 551 detached homes (down 7.2% from March 2008) and 118 condos (down 21.9% from March 2008). Year to date, 1,174 detached homes and 276 condos have been sold – down 22.6% and 27% respectively compared to the same period in 2008. "Compared to January and February of this year, we are certainly seeing stabilization in home sales in LSTAR'S jurisdiction," says Joe Hough, LSTAR President. "January sales for detached homes were down 35% and February sales for detached homes were down 30%, so to see March home sales for detached homes down just 7.2% is very encouraging."

Buyers coming into the Market in February!

The Canadian resale housing activity in February 2009, was up from seasonally adjusted levels of January, according to statistics released by The Canadian Real Estate Association (CREA).
A total of 28,669 homes traded hands via the Multiple Listing Service® (MLS®) units nationally in February 2009 on a seasonally adjusted basis. That was great news for everyone as the TSX had one of it's better days after this news!

Those farmers work all year round!

I was down to the Port Stanley area last week and ran across these hard working farmers along Lake Erie, taking their corn off! With the early winter that we had they ran into the snow last fall and here they are finally getting their crop off.

RBC Study of Home Buyers

TORONTO, March 4, 2009 — According to the 16th Annual RBC Homeownership Survey, 65 per cent of Canadians think it's a buyers market right now and more than a quarter of Canadians (27 per cent) say they intend to purchase a home over the next two years, up four points from 23 per cent in 2008 - the largest single year increase since 2001. Additionally, almost half (48 per cent) indicate it makes sense to buy a home now versus waiting until next year.
The RBC survey found that younger Canadians are most likely to spark an upsurge in home sales. In the under 35 group, 48 per cent said they plan to buy, which is up sharply from 36 per cent last year. Renters also appear to be saying they are tired of paying someone else's mortgage payment, with 38 per cent planning to become homeowners in the next two years

HOmes Sales Ease in February

Last month, 480 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 382 detached homes (down 30.2% from February 2008) and 98 condos (down 30% from February 2008). Year to date, 626 detached homes and 158 condos have been sold – down 32.3% and 30.4% respectively compared to the same period in 2008. "Although February sales are down 30%, January sales were down 35%," says Joe Hough, LSTAR President. "And the average residential price is down only 2.4%, compared with 2.8% last month. I think that’s encouraging and shows it’s a great time to buy, especially since active listings are up about 23%. There is a great variety of choice available." There is a good selection of Homes and Cottages on the market right now in the Grand Bend area as well. Interest rates are at an all time low and places are priced right!

Lowest Rates in Canadian History

The Canadian Press yesterday reported that The Bank of Canada took its short-term interests rates nearly as low as they can go yesterday, but suggested that may not be enough to rescue an economy downturn that continues to defy projections. The central bank sliced its trend-setting overnight rate half a percentage point to an all-time low of 0.5%. Canada's commercial banks quickly followed suit, cutting their prime rates by half a percentage point to 2.5%, effective today. With rates like this it is a great time to buy!

Housing values from the 80s

Market Values in Canada show that Real Estate Investments have been a good choice over the past 25 years. Now is the time to buy with the low mortgage rates and even lower prices!

London and Area Market Report for January

Active detached home listings for January were up 35.5% with condo listings up 13.7%, so there is a lot of activity for people listing their homes. With the larger supply of listings a more balanced market is happening. Most popular homes being listed were Bungalows followed by 2 stories then Condos. The average price for London is $212,092 making this area one of the most affordable places in Canada, especially when you compare to the average price in Vancouver at $593,000.

January Home Sales Slip

Last month, 305 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 245 detached homes (down 35% from January 2008) and 60 condos(down 31% from January 2008). “The decline in home sales last month is directly attributable to two factors: a drop in consumer confidence due to the down turn in the stock market, not to mention a government in apparent crisis and whole heck of a lot of snow and cold weather,” says Joe Hough, LSTAR President, “A bad month does not mean a bad year and our January 2008 numbers are only the third lowest for January in a decade where real estate sales broke record after record. When the dust on the global economic crisis settles . . . and the snow stops flying, what we’re going to see in London is a more balanced market, with more opportunities for buyers than there have been over the last several years.”

Infloor Radiant Heating at Townsend Meadows

The floors are being poured, in this photo taken before Christmas. You can see the insulation and the heating coils in this photo

New Country Listing Near Grand Bend

Just listed this 10 year old 5 bedroom home on an acre of land in Corbett! Only 10km from Grand Bend the property has a spacious shop with radiant heat, separate workshop and bath. The updated and freshly painted home features in floor heating downstairs, walkout entrance, new hardwood floors and oak cabinets to mention a few of the improvements. Great location, only 45 minutes to London and the peace and quiet of the country!

Market Conditions Have Changed!

Michael Polzler of RE/MAX Ontario says that we can't be influenced by what we read in the newspapers, or on the television. It's true that the market has changed, but human nature has not. Real Estate is one of the largest investments people will make in their lifetime. It's also one of the safest. Get out and spread the word. If you bought a home in 1980 worth $67,000, that same property is valued at over $300,000 today - an increase of 350% and the profit is capital gains exempt. It's no wonder that Canada has one of the highest homeownership rates in the world, at close to 70%. No matter what the investment community will tell you, you can't live in your mutual fund!

Happy New Years!

Hope everyone is ready for 2009. According to the London Free Press today the housing market in London is stable and builders will weather the economic downturn. With CMHC predicting 2,100 new home starts for 2009, down from the 2007 and 2008 numbers, but it is sure a lot better than the 1000 new homes in 1995! With the lower interest rates and the Sellers market, I am hoping that 2009 will be a return to normal levels. We have been fairly busy here in December and now is a great time to Buy!