Port Hope, Cobourg and Area Real Estate Weblog

1 1/2 Story For Sale Near Grafton

2010-01-21T20:30:00Z

• 1 bath, 3 bdrm 1 1/2 story - MLS® $165,000

Eddystone, Alnwick / Haldimand - Unique property in Shelter Valley area just north of Grafton. Excellent potential as a single family home or getaway. Has large 2 car detached garage ( currently w/ horse stall ) and seperate access off Dixon Rd.
Property being sold `as is`. Schedule B to accompany all offers. Buyer to do their due diligence, all measurements are approx.

Property information

2 Story For Sale in Courtice

2010-01-14T00:52:00Z

• 2,855 sq. ft., 4 bath, 5 bdrm 2 story - MLS® $379,900

Prestonvale Rd & Bloor, Courtice - Fabulous 5 bedroom / 4 bathroom all brick home in Courtice, close to South Courtice Arena and park. Over 2850 S.F. Main level features a formal living room and dining room, family room w/ gas fireplace, home office, open concept kitchen w/ walkout to fenced back yard, and a main floor laundry. Five bedrooms on the second level ( 2 w/ ensuites ). Upgrades include hardwood on main level, ceramics and garden doors. All Measurements are Approximate.

Property information

Government programs available for Buyers and Sellers

2010-01-05T17:42:00Z

Did you know that there are about 6 programs available for home buyers and about 9 programs for property owners?

The real question is has anyone used them and how was the success rate of the program? I know some of them work but I would like to hear the experience you have had with anyone of them if it applies to you. If you know a friend who has tried any of the programs get them to write a comment about the program they used.

Programs for home buyers:

1. First-Time Home Buyers’ Tax Credit
2. CMHC Purchase Plus Improvements Program
3. RRSP Home Buyers' Plan
4. 5 per cent Down Payment Program
5. GST New Housing Rebate
6. Land Transfer Tax Rebates

Programs for property owners:

1. Home Renovation Tax Credit
2. Residential Rehabilitation Assistance Program
3. Rent Increase Guidelines
4. Second Suites in Toronto: Q & A
5. Government of Ontario - Air Conditioner Rebate Program
6. Residential Washer Program
7. Residential Toilet Replacement Programs
8. WaterSaver Programs for Commercial, Industrial and Multi-Unit Properties
9. Energuide for Houses Retrofit Grant

If you are interested in any of the listed programs let me know and I can give you more information.

Open House in Port Hope on Sunday

2010-01-04T16:36:00Z

Port Hope, Port Hope and Hope - We invite everyone to visit our open house at 112 Elgin St. S. on January 10 from 1:00 PM to 3:00 PM.

Property information

Century Home For Sale in Central Cobourg

2009-10-28T00:23:00Z

• 2 bath, 3 bdrm 1 3/4 story - MLS® $339,900 CAD

Central Cobourg, Cobourg - Renovated century home on large intown lot within walking distance to waterfront, schools and downtown. Home has center hall plan and is freshly painted. Features mostly wood floors ( pine and oak ) new carpet in large main floor family room, newer hi-eff gas furnace and central air (5 yrs ), main floor laundry, eat-in kitchen and seperate dining room. All measurements are approximate.

Property information

1186 Ontario Street in Colborne is Sold!

2009-09-10T11:42:00Z

Colborne, Cramahe - The single story at 1186 Ontario Street has been sold.

Property information

Single Story For Sale in Colborne

2009-08-18T18:18:00Z

Fully Finished and Immaculate

• 2 bath, 3 bdrm single story - MLS® $209,900 CAD

Colborne, Cramahe - Immaculate and fully finished 3 + 1 bedroom bungalow in quiet court. Many improvements including hardwood flooring in living room and hallways, ceramic flooring in upstairs kitchen, bath and entryways, natural quartz countertops in upstairs kitchen and bath, Basement is fully finished with inlaw potential - Family Rm, Bedroom, Kitchen and 4pc bath. Upgraded attic insulation. A must see.

Property information

Single Story For Sale in Colborne

2009-08-12T13:40:00Z

• 1 bath, 2 bdrm single story - MLS® $134,900 CAD

Colborne, Cramahe - Very nice 2 bedroom bungalow on a large lot. Ideal for the first time Buyer. Full, partially finished basement has rec room,laundry room,workshop and outside access. Updated kitchen, Hardwood floors in large living room and hallway, Sunroom at back and large deck. Shed has Hydro

Property information

Bungalow For Sale in Port Hope

2009-07-10T20:54:00Z

• 2 bath, 4 bdrm bungalow - MLS® $219,900 CAD

Port Hope, Port Hope and Hope - IMMACULATE 2 + 2 BEDROOM BRICK BUNGALOW IN A VERY QUIET AND DESIRABLE AREA. BASEMENT IS FULLY FINISHED WITH 2 BEDROOMS, 3 PC. BATHROOM AND FAMILY ROOM / LIVING AREA. FEATURES INSIDE ENTRY TO GARAGE< FENCED REAR YARD AND HEAT RECOVERY VENTILATOR. MUST BE SEEN TO BE APPRECIATED.

Property information

Single Story For Sale in Colborne

2009-06-30T01:06:00Z

• 1 bath, 2 bdrm single story - MLS® $127,900 CAD

Colborne, Cramahe - Solid 2 Bedroom Starter Home. Open concept w/ gas fireplace. Many recent updates including shingles (2007), windows, updated plumbing and 125 Amp electrical service. Unfinished back addition could be sunroom or extra living space.

Property information

1 1/2 Story For Sale in Port Hope

2009-06-13T23:36:00Z

Very Unique and Charming

• 1 bath, 2 bdrm 1 1/2 story - MLS® $177,900 CAD

Morrish, Port Hope and Hope - Very unique and charming home located between Newtonville and Port Hope w/ easy access to Hwy 401. Renovated and in Move in Condition. Open concept kitchen and dining area, sunken living room with cathedral ceiling, woodstove and walkout to garden deck. 2 bedroom with additional room that could be third bedroom, studio or workshop. 4 pc. bathroom has massage therapy tub and laundry area. A must see. Includes 5 Appliances

Property information

Buying a Power Of Sale Property

2009-05-07T12:41:00Z

Are you considering purchasing a home being sold by power of sale? If so, you should know how such a purchase is different from most real estate purchases. This article will deal with the reason why you may have unrealistic expectations about price, and will point out some of the perils of such a purchase.

The normal real estate sale involves the owner of a property who sells to a purchaser. In a sale by power of sale it is not the owner who is selling the property but rather the lender/bank/trust company. The situation arises when a homeowner has a mortgage loan and defaults on payment. In this situation the lender has the right to proceed to sell the property providing the proper procedure is followed.

A lender proceeding pursuant to a power of sale must follow strict rules. There must be default in the loan and the ability for the owner to correct the default. A notice must be sent to the owner and anyone else who has an interest in the property, which states the amount due to the lender. The notice will also state a date by which the owner must pay the arrears and costs. During the notice period the lender is not allowed to take any action with respect to the property, but when the notice period passes the property can be sold.

A lender, who sells a property for less than the outstanding debt, may sue the owner of the property for the shortfall. Likewise, the owner of the property may sue the lender if they can prove that the sale was made for less than the value of the property.

So the lender has an obligation to sell the property for the fair value. The lender will be careful that the property is not sold for much less than this amount because they will either lose money, or open themselves up to a lawsuit from the owner. In other words you may find a good price for a property but the chances of this are the same as with an owner sold property.

There are also some downsides. Most lenders require their own amendments to the agreement, which include such matters as the state of the property and the redemption by the owner. The lender will for instance give no warranties with respect to the state of the property or even the ownership of any chattels on the property. It therefore goes without saying that you will not get any assurances that the appliances work or that the property contains no contaminants.

If you have any legal questions about the contract you should speak with your lawyer. Remember that no one but your lawyer is qualified to give you legal advice.

House Sales on the Rise .... finally some good news !

2009-04-15T18:46:00Z

Article from Globe and Mail:

VIRGINIA GALT

Globe and Mail Update

April 15, 2009 at 12:20 PM EDT

The Canadian housing market appears to be stabilizing, with sales activity up in March for the second consecutive month as lower prices drew in more buyers, the Canadian Real Estate Association said Wednesday.

Actual transactions were down 13.7 per cent, year over year. This was the smallest decline in six months, the association said.

“Housing markets are starting to show signs of buyer interest because of lower prices and interest rates,” Regina real estate agent Dale Ripplinger, CREA president, said in releasing the March results.

However, economists were reluctant to characterize the increased sales activity as the beginning of a recovery in the real estate market.

The March statistics were “certainly encouraging,” Toronto-Dominion Bank economist Millan Mulraine said.

“Nevertheless, with the Canadian economy continuing to be in a very intense recession, and labour market conditions continuing to worsen at an alarming pace, we expect over-all housing market activity to remain soft in the coming months,” Mr. Mulraine said in a research note.

“That's why we are cautious about interpreting this as the beginning of a long-term trend,” he added in an interview.

A seasonally adjusted total of 31,135 existing homes changed hands in March.

“This is an increase of 7 per cent from the previous month, and builds on the 10.3-per-cent activity gain in February,” CREA said in a news release.

“The number of transactions in March stands 18 per cent above levels reported in January, 2009, when activity sank to the lowest level in a decade.”

The national average resale price was $288,641 in March, down 7.7 per cent from a year earlier – again, the smallest year-over-year decline in six months, the association said.

The largest monthly increases in activity were in British Columbia, at 13.6 per cent, and Ontario, at 10.5 per cent, the association said.

CREA's chief economist, Gregory Klump, said the sales reflected a “stronger-than-normal seasonal bounce” in a number of markets.

“The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers …who are taking advantage of improved affordability,” Mr. Klump said, adding that anecdotal evidence indicates that a lot of the buyers are first-time market entrants.

“Looking back to economic recessions in the early 1980s and 1990s, national resale housing activity bottomed out before the job market or economy did,” Mr. Klump said.

“It will take time for ample supplies of new and existing homes to be drawn down, but demand appears to be stabilizing.”

Bank of Montreal economist Robert Kavcic noted that, despite the recent improvement, sales activity is still down more than 30 per cent from the peak seen in May, 2007.

“Still, the improvement in recent months is an encouraging sign that the Canadian housing market has crossed the halfway point for this downturn,” Mr. Kavcic said.

“Affordability is the highest in about four years, which should help fuel a rebound in sales once the job market stabilizes,” he said in a research note.

Recent measures in the new federal budget, including an increase in the maximum withdrawal allowed under the Home Buyers Plan and the First Time Buyer Tax Credit, will also lend support to new buyers, Mr. Kavcic said.

“While a continued gradual decline in new listings—down 10.9 per cent year-over-year in seasonally adjusted terms—will ultimately help restore the market to balance, the ratio of new listings-to-sales remained slightly elevated at 2.2 per cent in March…

“Over-all price declines are still somewhat exaggerated by the changing sales mix (sharper declines in the most expensive cities and higher price ranges), and as such, weighted-average prices are down a more modest 4.7 per cent year-over-year. Still, a widespread 14 of 25 cities are reporting lower prices versus last year,” Mr. Kavcic wrote.

“Western Canada continues to face the most severe price pressure, with average home values still down more than 10 per cent year-over-year in each of Vancouver, Victoria, Calgary and Edmonton. Hard-hit manufacturing centres in Ontario … are also posting double-digit declines, while Regina and St. John continue to lead the pack, up 16 per cent year-over-year and 13 per cent year-over-year respectively.”

Mr. Kavcic said it remains a buyers' market.

“Further price declines and low mortgage rates will ultimately help trigger a recovery, but a reversal in the wave of job losses is one major pre-requisite still outstanding,” he said.

Another Cost For Sellers ?

2009-03-19T18:27:00Z

From the Toronto Star

Home sellers face $300 'green' audit

Province's clean-energy bill would raise hydro rates, promote alternative power and create 50,000 jobs

February 24, 2009

Rob Ferguson

QUEEN'S PARK BUREAU

Ontario residents won't be able to sell their houses or condos without first getting a home energy audit which now costs about $300 under the proposed new Green Energy Act.

That's one of several measures in the legislation unveiled by Energy Minister George Smitherman to boost incentives for electricity conservation and encourage renewable sources of energy.

The legislation was applauded by environmentalists as ambitious, although the David Suzuki Foundation says its green intent is undermined by government plans to build a new nuclear power plant at Darlington.

But critics fear the energy audits and Smitherman's estimated 1 per cent rise in household electricity bills as a result of the law will pinch pocketbooks as the recession deepens.

"It'll be used to beat down the seller of a home," Progressive Conservative MPP and energy critic John Yakabuski warned of the audit, which would put detailed information on a home's energy efficiency into the hands of buyers.

Toronto homeowners are already concerned about the impact the city's new land transfer tax in addition to the provincial one is having on sales and prices. Both taxes add up to thousands of dollars even on cheaper houses.

As for higher electricity prices, Smitherman promised measures to help low-income families but said anyone thinking prices will fall is mistaken as governments around the world try to curb greenhouse gases that cause global warming.

"Most people expect that electricity prices will be going up," he told a news conference, adding that there are incentives and government aid under the act to help homeowners improve their energy conservation efforts.

While homeowners will have to get a private contractor to do an energy audit before selling, there will be no requirement to take any action the measure is simply intended to inform potential buyers what state of energy efficiency a property is in so they can take action if desired.

But New Democrat MPP and energy critic Peter Tabuns (Toronto-Danforth) said the act which will also update the provincial building code to require new buildings to be more efficient and require higher efficiency standards for appliances just doesn't go far enough.

"What we've seen today is still too timid compared to what we need in Ontario," Tabuns said, citing as an example that Portugal now requires solar systems in new houses.

The higher cost on electricity bills and many of the 50,000 jobs that the government claims the act will create over three years will stem initially from a $5 billion investment to improve the electricity transmission and distribution grid.

Smitherman's plan is to modernize it so homeowners, for example, can put solar panels on their rooftops and sell any excess power they don't need back into the system at a price yet to be determined, making the grid a "two-way street."

Utilities such as Toronto Hydro will undertake that work under ministerial directives to be issued soon, Smitherman said.

Government programs, still in the developmental stages, would provide low-interest or no-interest loans to help homeowners pay for the solar, thermal, ground source heat pumps and micro-wind energy systems that will be promoted under the act, which still requires a vote of the Legislature this spring.

"There will be strong incentive for people to be small-scale energy producers," Smitherman said. "The vision here is thousands and thousands and thousands of Ontarians into the game."

The question is will Ontarians be able to afford it, said Yakabuski, who noted there won't be any details for months on how much financial aid citizens can expect or how much they'll be paid for any electricity they provide the grid.

"They've got to put a lot of meat on these bones," said Rick Smith of Environmental Defence, who nevertheless hailed the Green Energy Act as a way to slow the pace of global warming and help attract "billions of dollars in (green) investment ..."

Smitherman's prediction of 50,000 jobs is also fuelled by provisions in the act to require Ontario-made content in green energy projects, such as steel in wind turbines that could come from mills in Hamilton or Sault Ste. Marie.

No content level has yet been set but it will be over 25 per cent, government officials suggested.

"It's going to be able to put people back to work," said Ken Neumann, director of the United Steelworkers union in Canada.

Smitherman said the home energy audits will help create "green" jobs for auditors, with plans to phase the requirement in over a longer period because there are not enough contractors in the auditing business to meet demand.

As for wind turbine projects, like the controversial proposal for one in Lake Ontario off the Scarborough Bluffs, standards for setbacks from property will be set in the coming months by the environment ministry.

Smitherman said the distance currently envisioned is 500 metres further than some existing wind turbine projects are from homes but that the legislation would not be retroactive, so no turbines now in place would have to be moved.

Toronto Star

The Best Time To Buy A House

2009-03-05T20:03:00Z

Is it when everybody is buying, when the prices are rising, when there are not enough choice on the market, when it is not possible to negotiate, when you are prompted to make a quick decision not to miss an opportunity ?

Would it be when the market is slower, when there are more properties on the market, when the sellers know they need to examine all offers,

This being said, NOW would be the best time to buy!

Mortgage rates have come down significantly, see http://www.ratesupermarket.ca
According to the Canadian Real Estate Association ( CREA )

National MLS® home sales activity is expected to decline in 2009 before rebounding in 2010, according to a new residential housing forecast prepared by The Canadian Real Estate Association.
National MLS® home sales activity declined 17.1 per cent in 2008, and MLS® sales activity is forecast to fall an additional 16.9 per cent to 360,900 units in 2009. This would be the lowest level for national sales activity since the year 2000. Sales activity is expected to decline from levels set in 2008 in every province, led by declines in British Columbia, Alberta and Ontario.
National MLS® home sales activity is forecast to rebound by 9.9 per cent to 396,600 units in 2010, marked by an acceleration in activity in the second half of that year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta.
As part of the federal budget, Canada's "Economic Action Plan" includes a first-time home buyers' tax credit of 15% on closing costs (to a maximum of $5,000), which would be worth $750 off a buyer's federal tax bill. They have also increased the amount that first time buyers can withdraw from an RRSP to purchase a home from $20,000 to $25,000 for individuals, and from $40,000 to $50,000 for couples.

Looking at this forecast, the worst thing to do would be to postpone a house acquisition to 2010 , all we have to do now is to let our clients realize this.

Article from Touchbase Real Estate