SOLD In Downtown Grand Bend ~ Cute Updated Bungalow

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We are talking Interest Rates!

Weekly Update ~ FOOD DRIVE

LSTAR's News Release for OCTOBER 2022

 

Rising Borrowing Costs Further Soften Local Home Sales

In October 2022, the MLS® System of the London and St. Thomas Association of REALTORS® (LSTAR) saw 975 new listings and 504 home sales. While October's new listings were on par with the average value recorded for the month of October throughout the last decade, the monthly home sales were at their lowest point in the last ten years.

"This year's successive increases in interest rates put a big dent in the local home sales activity and made the year-over-year price values plunge. However, it's not all bad news: LSTAR's sales-to-new listings ratio increased from 42.4% in September to 51.7% in October, which indicates a more balanced market. Moreover, the overall average home price in the London-St. Thomas region was a bit higher in October than during the previous month, increasing from $635,256 in September to $640,570 last month," said 2022 LSTAR President Randy Pawlowski.

Compared to a year ago, both the average home price and the composite MLS® Home Price Index (HPI) Benchmark Price edged slightly down but remained higher than the figures seen in 2020 and before. LSTAR's overall average home price was $640,570 in October, 4.1% less than a year ago, but 21.7% higher than in October 2020. The composite MLS® HPI Benchmark Price sat last month at $584,200, 2.1% lower than last year, but 26.1% higher than in October 2020.

November Newsletter ~ The PEDLAR Team Update

 

Welcome to November!   Hope this newsletter finds you well and have been able to enjoy some of the sunshine we were lucky enough to get in October. The fall colours are in full force around this area and I am sure everyone has been busy trying to keep up with the leaves! We wanted to share this cute photo of Chloe (Mark's Oldest Daughter) helping Mark put up a SOLD sign at this gorgeous lakefront home we had listed just north of Grand Bend. Now that we have Halloween festivities and the municipal elections behind us let's see what is ahead of us in November! A common theme during the municipal election candidate debates was transparency and having the general publics voice heard. That being said here is an opportunity to have your say! The municipality is asking everyone to fill out this survey for deciding where the population sees a greater need. Click this link and take the survey today: https://www.lambtonshores.ca/en/news/2023-pre-budget-survey.aspx?fbclid=IwAR3Rvd2_ZJ40p-iJdRHb7CVp-F0YrHYQzhDMXKLi1Zm4u635oBOg3G53BeQ Next up is getting ready for Christmas! We are lucky enough to have a couple great spots for getting ready for the holidays. The Christmas Wonderland at Green Bucks Country Christmas Store is entering its second year of being open and they just opened back up mid October. Another great spot to go check out is at Westland Greenhouse Christmas Store! Both these are just south of Grand Bend and will definitely give you lots of great items to having your house looking perfect these holidays. Remembrance Day Ceremonies at 10:30am will be happening in Grand Bend Legion, Forest Cenotaph, Thedford Legion, Parkhill Legion, Exeter Cenotaph to name a few. With Christmas comes Santa Claus parades! Lots of parades going on around the area so here is a quick list we put together to make your life a little easier. Grand Bend Lighting of the Lights!    November 12 Grand Bend Christmas Parade          November 26 Forest Christmas Parade                   November 26 Parkhill Christmas Parade                 November 27 Exeter Christmas Parade                  December 3 Ailsa Craig Christmas Parade           December 10 Lots of fun parades to choose from!! We love to talk real estate so call us anytime at 519-238-5700! The PEDLAR Team FOOD DRIVE In Partnership With Green Bucks Country Christmas Store  Bring non-perishable items into our Re/MAX office at 46 Ontario Street South, Grand Bend For Every Bag You Drop Off Receive One Ballot To Enter To Win A $200 Gift Card To Green Bucks Country Christmas Store! Items Can Be Dropped Off Nov 1 – Nov 30 We greatly appreciate everyone that gets involved and look forward to you coming by the office! Bank Of Canada Increase Benchmark Interest Rate By Another 50 Basis Points   As expected the Bank of Canada increased its benchmark interest rate. This time it increased by 50 basis points bringing the rate to 3.75%. After speaking with our CIBC mortgage advisor this means you can get a variable mortgage at 5.5% and fixed mortgages at 5.25-5.4%. You will see below a graph of the Bank of Canada benchmark rate over the years since 1940's. Many consumers keep saying that the mortgage rates are high! Well historically speaking they are still low! Check out the graph below and many people will remember the 15% - 20% mortgage rates in the late 80's. We were exposed to an unrealistic lending rate due to a global pandemic that is not normal reality. A balanced economy mortgage rate is between 4.5% - 5.5% and that's where we are! Don't let the media freak you out and take some time to discuss your options with an expert that can give you a view of reality. Call the PEDLAR Team today to discuss further at 519-238-5700! Re/MAX Activate: Quebec City   The PEDLAR Team went off for a Re/MAX Canada convention in Quebec City in mid October. It is always a great learning experience to hear from experts across the country so that we can come back and service our clients better! Another great part of attending these conventions is so that when our clients want to relocate we can connect you with someone we know and trust to have your best interests in mind. We met lots of awesome folks across Canada and most notably it was impressive how many generational families work under the Re/MAX balloon! Quebec City was very impressive this time of the year with changing colours along the St.Lawrence River. We need to freshen up our french a little more before going back but we still managed to have a great time and can not say enough good things about the food! Every restaurant had their own special touch to make every dish incredible. Ontario Government Changes That Affect The Housing Market   More Homes Built Faster Act This piece of legislation introduced by the Doug Ford government has wide spread implications to the housing market. We strongly suggest you read the article that is linked below but here are some key points: - Roll back exclusionary zoning to allow for more dwellings on a lot and override municipal zoning. - Help developers building affordable housing and cancel their development charges. - Push back on environmental groups power in allowing for a development to go ahead and bring their scope of work back to watershed management. - There are over 50 things in this act so please read the full article! To read the full Ontario Real Estate Association article: https://www.orea.com/News-and-Events/News-and-Press-Releases/Press-Releases/October-25-2022 To read the full More Homes Built Faster Act click this link: http://chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.ola.org/sites/default/files/node-files/bill/document/pdf/2022/2022-10/b023_e.pdf Increases to the Non-Resident Speculation Tax Ontario originally set the non-resident speculation tax at 15% when it first came out a couple years ago. This tax was aimed at non-residents purchasing homes and not living in them. This tax was originally was just for purchases in the Greater Toronto Area. Then back in March was increased to 20% and applied for the whole province of Ontario. Most recently they increased this tax to 25%. For the whole article click this link: https://toronto.citynews.ca/2022/10/24/ontario-foreign-homebuyer-tax-25-per-cent/ Featured Business Of The Month Westland Greenhouse 10133 Lakeshore Road, Grand Bend   Just about everybody in this area has been to Westland Greenhouse and met the friendly staff/owners. But have you been to their Christmas store that they have set up this time of year? You have to go check it out and at minimal you can have some fun watching the bunnies run around in the cage! The Van Adrichem Family has an incredible story that I wanted to share with you and have become a huge part of this amazing community ever since coming to Canada and the Grand Bend area. I took this story below from their website so it is in their own words! Enjoy and make sure to stop by at any time of year for inspiration if things to do in and around your home! At Westland Greenhouses our roots are strong. For more than twenty years the greenhouse has transformed from a small and unique garden centre to one of the largest destination garden centre on the shores of Lake Huron, Ontario. In 2000 the VanAdrichem family immigrated to Canada from the Netherlands and purchased the Grand Bend property, which was originally the greenhouse Klein Westland. Paul and Anita VanAdrichem both growers’ children, knew the challenges they faced in starting a retail garden centre in Canada. Facing these challenges head on, they opened the doors to their new facility on October 17, 2000. Our focus has not changed. Our promise to you, our customer, is to provide unique and high quality products to improve your home and garden.  Our friendly and knowledgeable staff will help you, our valued customer, with any of your requests. We pride ourselves on carrying unusual find items that cannot be found at the big box stores. In spring and summer we have an outdoor area where kids can enjoy watching the bunnies. Indoors we have a year round bird aviary. We have learned and grown together for over twenty years.   Click the link to check their website out: https://westlandgreenhouses.com/ FOR SALE 73083 Northridge Road, Bluewater Listed at $2,750,000   Executive lakefront home north of Grand Bend at Northridge Subdivision. Custom built in 2009 with landscaped steps down to your private lakeside patio and sandy beaches of Lake Huron. Stunning curb appeal with the stone and stucco exterior and landscaped gardens with an expansive 15' x 45' composite deck overlooking the lake with glass railing system and lazy boy spa. Inside you have almost 3000 sqft of high end finishes and elegant living space designed to maximize lake views with 9' ceilings on the main floor. Step into the home and you are welcomed to the 3 level grand staircase with sprawling windows and views of the lake. Enjoy the main floor living space with gas fireplace and stone feature wall, built in speakers, pot lighting with hardwood flooring. Chefs style kitchen with built in double stoves, 6 burner gas range, warming drawer, microwave drawer, refrigerator and wine fridge. Tile heated floors with granite countertops and custom cabinetry. Mudroom with laundry units nicely built into the cabinetry and powder room off the kitchen with heated tile floors. Upstairs you have a spacious landing with 2 bedrooms and spa like bathroom. Primary bedroom with private patio, large closet and views from your bed of the lake. Bathroom with heated floors, double vanity, tile shower and soaker tub. Lower level features a family room media room with electric fireplace for ambience, laminate flooring, built in surround sound and large windows for natural light. 2 bedrooms in the lower level with second full bathroom and lots of storage. Click the link to watch the virtual tour: https://youtu.be/2uemUUcFjnA FOR SALE 45 John Street N, Zurich Listed at $679,900   Fully renovated brick bungalow with the perfect setting on the edge of Zurich overlooking farmland and Lake Huron. Situated on a spacious yard at the end of a dead end street with a concrete drive, double car garage and covered front entrance. Step into this home and be wowed by all the recent updates. Spacious open concept floor plan all on one floor with a great layout and flow that features luxury vinyl plank flooring and pot lighting throughout. Kitchen with granite countertops, stainless steel appliance, center island and modern cabinetry. Living room with large picture window. 3 spacious bedrooms. Main full bathroom that includes a double vanity. Powder room off the kitchen. Laundry room with access to the back yard patio and room for storage or mini bar. Unwind and relax on the back yard patio with endless views of farmland plus a bonus Lake Huron sunset! Gas heater in the garage for the handy man's workshop. Close to all the amenities of Zurich with local shops, arena, schools, churches, post office, grocery store, playground and ball diamond. Just a short 5 minute drive to the beaches of Lake Huron. Click the link to watch the virtual tour: https://youtu.be/LjQSVaBveCU   FOR SALE 7166 Outer Drive, Port Franks Listed at $849,900   Welcome to 'Hilltop Haven' at the highest point of Port Franks just steps from the sandy shores of Lake Huron. This nearly two acre property is like nothing else with panoramic views of L Lake, Moon Lake, Old Mouth Lake & Lake Huron. Enjoy those spectacular world class sunsets over Lake Huron from the luxury of your very own fourth floor outlook room/observatory with wrap around balcony. As soon as you step foot on this property it sweeps you off your feet with the sounds of nature including waves of Lake Huron, the song of the whippoorwill, the koos of owls and calls of the nearby swans. This property offers everything a person could ask for looking to dive into nature and get away from the hustle and bustle of everyday life. Exterior offers an expansive covered deck, a very special view point down your very own trail, hot tub, A frame playset to match the home and lots of room for parking. The A frame home itself was built in 1982 offering nearly 3,000 square feet of finished space with 6 bedrooms and three full bathrooms. Tastefully updated over the years to coincide with the nature that lays on its doorsteps. The main floor offering a high end indian autumn slate throughout the living room, kitchen, foyer and dining room is truly unique with each piece having its own neat features. The freestanding wood stove is perfect for those cozy nights to warm things up. Main floor offers primary bedroom along with mud room off of attached single car garage and full bathroom. 2nd floor offers another 3 bedrooms, 15x11 office/den, storage room, 3 piece bathroom along with set of exterior stairs to this level. On the 3rd floor there are another two bedrooms with tall cathedral ceilings, 16x10 deck with lake views and 3 piece bathroom. The fourth floor outlook room or observatory is an amazing space to watch the changing colours of the sky over Lake Huron during the day and at night enjoy all the star gazing till your heart is content. This is a truly one of a kind property! Click the link to watch the virtual tour: https://youtu.be/PVxabQNaGQ8   Ontario Regional Referral Team Looking to move outside of the area and not sure who to call? As always call The PEDLAR Team with any of your real estate needs! We are closely connected with a group of realtors that cover Southwestern Ontario. Along with our involvement in the Re/MAX community we are sure to line you up with a trusted knowledgeable real estate agent to make your plans a reality anywhere in North America, or the world for that matter because Re/MAX is global! Check out the website for ORRT and learn more about the group: https://www.orrt.ca/ Get Your 2023 Grand Bend Locals Card!   Support Local With Your GRAND BEND Locals Card It is the hope that this card will encourage you to choose local businesses, more often. They've been quietly adding new businesses, new offers and TWICE as many draws! As lovers of Grand Bend, we need to stick together and keep our businesses OPEN. These Local businesses who are unable to provide specific offers, have stepped up to help provide MORE CARDHOLDER Draws! More Draws = More Winning & More Local Spending. Let's support them, for all they do to support our community.   Click the link to see more information: https://grandbendlocals.com/ New To Lambton Shores? The municipality of Lambton Shores is starting a new initiative of making municipality information easier to find out. Check the link out and see what things you didn't know about this awesome municipality.  Click the link: https://www.lambtonshores.ca/en/living-here/new-to-lambton-shores.aspx?platform=hootsuite   Lambton County & Huron County Business Map   A new initiative started by the Lambton County & Huron County Economic Development groups was uploaded recently. They each created a virtual mapping website to show all the businesses and store fronts across the counties. These were created as an idea during COVID and will become a great tool for locals and tourists alike after COVID. Any business can be posted in the respective area if you go to the proper link below for each county.  Lambton County: http://www.shoplambton.ca Huron County: https://huron.maps.arcgis.com/apps/webappviewer/index.html?id=dc52efb9fee04e748431bb74c8335c9f Social Media   Have a great day everyone and don't forget to check out our social media sites like youtube, facebook, twitter and our website to stay up to date on all the latest listings. You can find the links to these various social media outlets above our information below. See the benefits of using a high quality drone and camera for videos and pictures to add content to each listing. GIVE US A LIKE ON OUR FACEBOOK PAGE BY CLICKING THE ICON BELOW! We love to hear about your experience with The PEDLAR Team so please feel free to head to our facebook page and leave a review. Click the link to leave a review: https://www.facebook.com/thepedlarteam/reviews/

If you or any of your friends and family are looking to buy or sell make sure to call us first! Referrals are the greatest compliment Check our website out by clicking the link below http://www.grandbendrealestate.com  Doug Pedlar      Mark Pedlar     Garrett Pedlar      Broker of Record                         Broker                        Sales Representative   519-902-4099    519-670-0746     519-872-0910  remaxdoug@hay.net           remaxmark@hay.net          remaxgarrett@hay.net

September Home Sales Continue Cooling Trend

 The local housing market continued to cool off in September, with 497 homes exchanging hands via the MLS® System of the London and St. Thomas Association of REALTORS®(LSTAR). Housing supply made a healthy gain from 2.7 months of inventory in August to 3.4 months of inventory in September, showing more signs of market stabilization.

"An additional interest rate hike, the fifth one so far in 2022, continues to impact home sales activity," said 2022 LSTAR President Randy Pawlowski. "We are experiencing increased inventory levels, indicating a more balanced marketplace. For historical perspective, the 3.4 months of inventory is the highest recorded for the month of September, since September 2015."

The average home sales price and composite MLS® Home Price Index (HPI) Benchmark Price both edged slightly down from August to September. LSTAR's overall average home price fell from $648,036 in August to $635,256 in September. The composite MLS® HPI Benchmark Price saw a marginal decrease from $599,500 in August to $596,900 in September. The data represents a trend the majority of local real estate markets are seeing across the country, according to the Canadian Real Estate Association (CREA)

"Although the market is slowly stabilizing, it's important to remember that every home transaction is unique," Pawlowski said. "As the market evolves, your local REALTOR® can provide support on how to navigate this changing environment, with real-time data and professional guidance."