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!