That’s the lowest price rise this year. From February through July, CREA’s monthly reports showed housing prices rising more than eight per cent over 2010.

The hottest provincial market in November was Newfoundland and Labrador, where prices were up 12 per cent from the same month in 2010. At the back of the pack was Prince Edward Island, where the average resale home price dropped 11.1 per cent.

At the municipal level, prices jumped more than 10 per cent year-over-year in the Ontario communities of Thunder Bay, Hamilton/Burlington and St. Catharines, in Quebec’s Saguenay region and in Gatineau, across the river from Ottawa.

“While certainly not gangbuster numbers, these are respectable turnouts given the volatile economic backdrop that has characterized the global economy this year,” Francis Fong of TD Economics said in a note.

Fong said that when the final numbers come in for all of 2011, he expects housing prices will show a seven to eight per cent rise for the year. Next year, though, he’s forecasting a one to two per cent drop amid a deceleration in income and job growth.

A recent report in the Economist magazine suggests Canadian homes are 29 per cent overvalued, rising at one of the fastest paces among the 20 countries surveyed. Since 2007, prices are up 22 per cent, it determined.

Vancouver is most expensive by far

Once again, the country’s most expensive homes by far were in Vancouver, where the average non-seasonally-adjusted sale price in November was more than $728,000. That beat Victoria at $499,676, B.C.’s Fraser Valley at $478,968 and Toronto at $480,421. The cheapest homes were in Trois-Rivières, Que., at $147,046.

Sales volumes nationally were up five per cent over last year, while the number of new listings increased 2.7 per cent. Compared with the month before, however, November saw a slowdown in new listings by a seasonally adjusted 3.4 per cent.

CREA’s figures are based on properties sold through the Multiple Listing Service.

A panel of experts from the Ontario Real Estate Association (OREA) board of directors advises against making hasty or uninformed choices by avoiding five common errors:

1. Not knowing what you can afford
Barbara Sukkau, president of OREA and a Realtor based in St. Catharines, says that mistakes made in a competitive environment can be costly and restrict lifestyle choices.

“Many people don’t know that there’s an easy way to calculate how much house they can afford to determine, regardless of competing bids, what lifestyle they want to maintain within the market,” says Sukkau. “In addition to the cost of the home, potential buyers should consider the land transfer tax, closing costs, moving costs and leave room for any unforeseen extras.”

In fact, Realtors often use a calculation called the Gross Debt Service Ratio. Sukkau explains how to calculate what you can afford at http://bit.ly/OREAaffordabilty.

2. Not preparing your finances, or getting pre-approved 
“Many sellers will require a potential buyer to get pre-approved. When there are competing bids on the house of your dreams, pre-approval could give you the edge,” says Patricia Verge, OREA board member working out of Ottawa.

“Pre-approval can take up to a few days after you provide your bank with things like verification of income and down payment,” Verge adds.

If a buyer meets the lender’s requirements, then written confirmation of pre-approval will be provided. According to the Canada Mortgage and Housing Corporation, this pre-approval is time sensitive and is not a guarantee of receiving a mortgage loan.

Verge also cautions buyers against using their pre-approval as a final budget. “Potential buyers should balance their debt load and other financial commitments with what the bank is willing to lend,” she says.

3. Not knowing your must-haves
Tom Lebour, OREA board member working out of Mississauga, notes that his clients aren’t always sure about what they’re looking for.

“Clients often fail to consider what amenities are in the neighbourhood they’re looking to buy in, especially when relocating from the city to the suburbs. How ‘walkable‘ is a neighbourhood to places like grocery stores, schools and banks? This feature is important to many homebuyers, but they can fail to think about it in the excitement about the number of bathrooms a house has. Create a list by thinking about a day in your life and the various things important to you and your family.”

4. Not getting a home inspection 
“I always advise buyers to have their own home inspection done, even if the seller offers the results of a previous inspection and even if others are keen to put in an offer,” says Phil Dorner, OREA board member working out of Belle River.

“Ensure that you have a qualified and bonded home inspector perform a full inspection as part of your offer. An investment of a few hundred dollars could save you thousands down the road.”

5. Getting emotions involved in negotiations 
Buyers and sellers will often let their emotions get the best of them, says Mike Douglas, OREA board member from Barrie.

“Emotions can get in the way of negotiations because sellers inadvertently assign real value to their memories, which don’t hold financial value for the buyer. We do our best to help our clients keep their emotions out of the equation,” Douglas says.

For more tips, visit orea.com and order your free books on home buying and selling. Or, check out Barb Sukkau’s video on what a Realtor can do for you.

Highlights:

• Sales activity rose in October, marking the highest level since January.
• Actual (not seasonally adjusted) national sales activity in October stayed in line with the 10-year average for the month, as it has most months this year.
• Year-to-date sales are also even with the 10-year average.
• The number of newly listed homes remained little changed from levels in the previous three months.
• While the combination of stronger sales and stable new listings resulted in a slightly tighter balance of supply and demand, the national housing market remains firmly rooted in balanced territory.
• The national average price posted a 5.5 per cent year-over-year gain in October, the smallest increase since January.

Homes sold through MLS® Systems of real estate Boards and Associations in Canada rose 1.2 per cent in October 2011 from the previous month. While national sales activity levels are still best described as average, the monthly rise in October sales built on the 2.5 per cent gain in September, and lifted activity to the highest level since January.

Just over half of all local markets posted monthly sales increases, led by gains in Montreal, Toronto, and Vancouver.

“There was no shortage of headline news in October about global financial market volatility and economic uncertainty, but it doesn’t appear to have dampened homebuyers’ spirits,” said Gary Morse, CREA’s President. “Interest rates are at low levels and are likely to stay that way for some time to come. Homebuyers clearly see the opportunities that the current interest rate environment presents. That said, all real estate is local, so buyers and sellers should consult their local REALTOR® for an understanding of opportunities in their housing market.”

As has been the case in most months this year, actual (not seasonally adjusted) national home sales in October stayed in line with the 10-year average for the month. Although up 8.5 per cent from levels one year ago, the gain in large part reflects last year’s nascent pick-up in activity following a mid-year lull.

A total of 397,561 homes have traded hands via Canadian MLS® Systems so far this year. This represents an increase of 1.8 per cent from levels in the first 10 months of 2010, but is directly in line with the 10-year average for the year-to-date figure.

The number of newly listed homes remained little changed in October compared with levels recorded in each of the previous three months.

“The prevailing economic outlook for Canada is one of slower but still positive economic growth, with heightened caution about investment and hiring decisions,” said Gregory Klump, CREA’s Chief Economist. “Consumer confidence and the housing sector are being supported by low interest rates and high employment levels, but their prospects depend on how Canada’s economic outlook evolves in response to global economic risks and outcomes in the months ahead.

Home sales activity over the past couple of months suggests buyers are confident that the Canadian economy will remain relatively unscathed by global economic risks, since every home purchase is a homebuyer’s vote of confidence in the future. That confidence is no doubt rooted in the success of coordinated fiscal and monetary policy responses that helped quickly pull Canada out of the last recession, and a stated willingness and ability to carry out further policy actions if need be.”

While the combination of stable new listings and stronger sales made for a slightly tighter balance between supply and demand in October, the national housing market remains firmly rooted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 53.4 per cent in October, up from 52.8 per cent in September.

Based on a sales-to-new listings ratio from 40 to 60 percent, about 60 per cent of local markets in Canada were in balanced market territory in October. Of the remaining markets, there was a handful more seller’s markets than buyers’ markets.

The number of months of inventory stood at six months at the end of October on a national basis, little changed from the end of September (6.1 months). It has remained stable at about six months since April. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in October 2011 stood at $362,899. This is up 5.5 per cent from October 2010, making it the smallest increase since January.

“Everyone wants a house or condo that will be perfect the minute they move in so they only have to do the minimum amount of work to it,” says Barbara Sukkau, president of OREA. “But with the price of houses continuing to rise, and some buyers desperately looking for a family home in a seller’s market, it may not be an option for all buyers. Buying a property that needs work can be a way to save on the overall cost even when you factor in the cost of an extensive renovation,” says Sukkau.

OREA recommends potential homebuyers work with their Realtor to identify properties that will build equity after improvements are made but still remain in budget. Together with their Realtor, homebuyers should research what the top homes in the neighbourhood sell for before buying a fixer-upper.

“It doesn’t make sense to invest $100,000 worth of renovations in a property if the other homes only sell for fifty thousand more than what you bought the house for,” says Sukkau. “Buying a house that needs renovation should grow equity — not become a property that’s too expensive for the neighbourhood when you want to sell.”

Sukkau says there are other benefits to buying a property that needs renovation, such as the fact that HST does not apply to the price of a resale home, unlike newly built homes, which can save a homebuyer thousands of dollars. Also, the federal government currently offers grants up to $5,000 to owners who want to make their home more energy efficient. If an older home needs new windows or a new furnace, then homeowners can apply for the grant for this cost. And finally, renovating a home lets the homebuyer add their own personality to the space and determine what’s most important to them. Newly built homes, while beautiful, can have a cookie-cutter feel and look very similar to the other homes in the neighbourhood.

No matter if a homebuyer decides on a fixer-upper or a property that needs no improvements, according to Sukkau the most important thing is for potential homebuyers to know their budget and stick to it. “Before looking at any home, discuss with your Realtor what your budget is for both the property and any possible renovation. Even though it is difficult, remain emotionally detached when looking at homes, and if a property is beyond your means, then move on to the next one,” says Sukkau.

A video about how to calculate home affordability is available here. More information on buying a property can also be found at howrealtorshelp.ca.

National sales activity rose 2.7 per cent in September when compared to August, and follows three months of stable activity. September’s increase reflects strengthened activity in a number of major markets, led by Toronto. The monthly increase pushed national sales to its highest level since recently tightened mortgage regulations dampened sales earlier this year.

Highlights:

• Sales activity rose 2.7 per cent in September from the previous month.
• Holding in line with the ten-year average, activity during the first nine months of this year pulled ahead of sales over the same period last year.
• The number of newly listed homes held steady when compared to the previous month.
• The national housing market tightened in September from the month before, but remains firmly entrenched in balanced territory.
• The national average price posted the smallest year-over-year increase since January.

TD Bank economist Francis Fong said the housing start numbers suggests the housing market remains “extremely healthy as the three-month moving average increases to its highest level since November 2008.”

“Employment and income growth remains sufficiently healthy and economic fundamentals, though having slowed recently, remain stable.” Fong said in a note to clients.

“In addition, recent financial turmoil emanating from Europe has hit Canadian markets hard and has led to a renewed flight towards the safety of government bonds. This has helped to keep mortgage rates at their record low levels, meaning affordability is still supportive of housing demand.”

In the CMHC report, the agency said starts in urban areas rose by eight per cent to 185,900 units.

Multiple-unit urban starts increased 14.2 per cent to 118,000 units, while urban single starts decreased by 1.5 per cent to 67,900 units.

Quebec was the big winner in the September numbers, with a 14,000 increase in starts to 57,800 — a 13.9 per cent jump and the highest level of starts since February 2008.

“Multiple housing starts are expected to move back towards levels consistent with demographic fundamentals in the near term,” said Mathieu Laberge, CMHC’s deputy chief economist.

Rural starts were estimated at a seasonally adjusted annual rate of 20,000 units in September, up from 18,900 units in August.

“The strength in Canada’s national housing market conceals signs of predictable softening in some regions,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “The third quarter saw a return to a normal seasonal business cycle as price appreciation slowed in many areas – with some average values even falling slightly – after the busy spring trading season. A broader slowdown is expected in the months ahead but fears of a US-style correction are completely unfounded.”

In the third quarter of 2011, the national average price of a detached bungalow rose 7.8 per cent year-over-year to $349,974, while standard two-storey homes rose 7.7 per cent to $388,218 and standard condominiums rose 5.7 per cent to$239,300.

“To best provide Canadians with an accurate look at the housing market, Royal LePage uses year-over-year comparisons as the housing market follows a seasonal pattern. It is important to note that our 2011 third quarter results benefit greatly by going head-to-head with what was by far the previous year’s weakest period,” continued Soper.

Sustained demand from foreign buyers helped drive prices up in the country’s largest markets as Vancouver’s standard two-storey homes rose 16.9 per cent year-over-year to $1,142,500 while detached bungalows in Toronto climbed 9.4 per cent to $518,433.

Conversely, while the volume of homes trading hands has increased in Alberta, house prices in the province remained soft with detached bungalows in Calgaryfalling 1.0 per cent in the third quarter. Similarly, detached bungalows and standard two-storey homes in Victoria fell 2.0 and 1.1 per cent respectively.

“Canadian home owners have turned a deaf ear to the negative economic situation shaking housing markets in Europe and the United States,” added Soper. “A resilient domestic economy coupled with the stimulative effect of ultra low interest rates has extended the post-recession bounce in house prices, but there is evidence of over-shooting in some markets. Although some commentators are predicting that the sky will fall on the Canadian housing market in a US-style implosion, we lack the structural conditions that precipitated the housing crash in the United States six years ago.”

Regional Market Summaries

In Atlantic Canada, while other major markets remained relatively flat year-over-year, Halifax posted healthy gains in all three housing types surveyed with standard condominiums increasing 10.4 per cent. Similarly, standard condominiums in Saint John also witnessed an increase of 10.4 per cent. This is attributable to sales of higher-end waterfront listings.

Continued confidence in Montreal‘s residential real estate market remained strong as year-over-year prices for standard two-storey homes rose 4.4 per cent to $367,500 while standard condominiums rose 7.6 per cent to $236,333.

Healthy price appreciation was witnessed in all three housing types surveyed inOttawa, as standard two-storey homes rose on average 8.4 per cent. Standard condominiums and detached bungalows increased 7.9 per cent and 7.0 per cent respectively.

Toronto witnessed impressive price gains across all three housing types surveyed due to a lack of supply. Standard two-storey homes increased 7.6 per cent year-over-year and detached bungalows 9.4 per cent over the same period. Standard condominiums increased a healthy but more modest 6.0 per cent as demand was more easily met with a higher level of inventory.

Population growth is fueling Winnipeg‘s healthy price appreciation as standard condominiums increased 6.4 per cent, detached bungalows increased 5.1 per cent and standard two-storey homes increased 4.4 per cent.

Both Calgary and Edmonton remained relatively flat year-over-year except for standard condominiums, which increased 3.2 per cent and 3.9 per cent respectively. Two storey-homes in Edmonton also posted a gain of 3.8 per cent.

Vancouver‘s traditional housing types performed exceptionally well as detached bungalows rose 17.0 per cent year-over-year and standard two-storey homes rose 16.9 per cent. Condominiums in the city increased a more modest, but healthy, 5.1 per cent due to higher inventory.

Royal LePage’s quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets.

“It’s clear that there is a real need to educate Canadians on the basic components of real estate purchases, as well as the options available in terms of private sales versus selling with a realtor,” said Patrick Sullivan, general manager and vice-president of ComFree. “The do-it-yourself model doesn’t stop with home improvement – it also applies to home sales, it just requires a little knowledge. ComFree is a good example – we offer what homeowners need to sell their home commission-free and save thousands of dollars.”

Barriers to Private Sale

For many home owners, there remain several key roadblocks in the decision making process about whether to sell privately or work with an agent. Respondents listed the following as their top three:

• The visibility of the listing to potential buyers – 57 per cent
• The time commitment involved – 55 per cent
• Concern over making a legal error – 52 per cent

And while time commitment was one of the top deterrents mentioned by Canadians, the survey shows that an almost identical time investment (overall average was 29.7 hours) is required regardless of whether a home is being sold by the owner or with a realtor.

“The legal process is the same with or without a realtor,” said Sullivan. “Either way, it’s important to hire a lawyer who specializes in real estate to review an offer, conduct a title search and finalize the deal.”

The Mystique of the Realtor

The poll showed that nearly half of respondents (48 per cent) incorrectly stated that a realtor is required to list one’s home on the Multiple Listing Service (MLS) and a further 13 per cent indicated that they weren’t sure. In fact, ComFree can obtain a listing, through our brokerage partners, on MLS for any Canadian looking to sell their home privately.

Canadians also overestimate the services that are included in realtor fees. One in five of the respondents polled incorrectly stated that at least one of the following would also be included:

• Home inspection to determine any necessary home repairs (21 per cent)
• Setting up mortgage insurance where necessary (19 per cent)
• Financing & pre-approval of a mortgage (16 per cent)

And while the majority of respondents indicated that they had previously worked with a realtor vs. selling privately (79 per cent and 19 per cent respectively), a greater proportion of home owners said they would be likely to sell privately in the future (28 per cent).

Likelihood to sell privately in the future is significantly higher in Atlantic Canadaand Quebec compared to other provinces:

• Atlantic provinces – 48 per cent
• QC – 39 per cent
• MB/SK – 32 per cent
• AB – 29 per cent
• BC – 22 per cent
• ON – 21 per cent

“Realtors with their high commissions, like TV dinners and eight-tracks, are relics best left in the past,” said Sullivan.  “Today, anyone can sell their home on their own as long as they are willing to invest a few hours of their time and look for the legal and marketing expertise.”

Highlights:

• Sales activity was stable from July to August, but posted another big year-over-year gain reflecting weakened demand last summer.
• Year-to-date sales pulled ahead of 2010 levels for the first time this year, and remain in line with the ten-year average.
• The number of newly listed homes was also little changed from July to August.
• The national housing market stayed firmly entrenched in balanced territory.
• There were more balanced local markets in August than at any other time on record.
• The national average price posted another year-over-year gain in August, but has moderated from elevated levels earlier this year.
• Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver andToronto.

For a second consecutive month, national home sales activity held steady in August 2011 when compared to the previous month. Among major urban centres, Toronto and Ottawa posted a monthly increase in activity while Calgary, Montreal and Vancouver saw activity decline slightly.

“The housing market in Canada remained on a firm footing in August when compared to volatile financial markets,” said Gary Morse, CREA President. “Through their actions, homebuyers are showing that they remain confident about the stability of the Canadian housing market, and recognize that the continuation of low interest rates represents an excellent opportunity to buy their first home or trade up.”

Actual (not seasonally adjusted) sales activity came in 15.8 per cent above national levels reported one year earlier. This was the largest year-over-year increase since last April, but largely reflects weakened activity one year ago.

A total of 324,030 homes have traded hands via Canadian MLS® Systems so far this year. While this stands only marginally above levels in the first eight months of last year, it nevertheless marks the first time this year that year-to-date activity has pulled ahead of 2010 levels.

As has been the case for much of this year, the year-to-date sales figure continues to run in line with the ten-year average.

The number of newly listed homes nationally was also little changed from July to August. This kept the national housing market firmly planted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 51.6 per cent in August, unchanged compared to July.

Based on a sales-to-new listings ratio of between 40 to 60 per cent, 70 per cent of all local markets in Canada were in balanced market territory in August – a greater percentage than at any other time on record. There were just 12 buyers’ markets in August, which was the lowest figure so far this year.

The number of months of inventory stood at 6.2 months at the end of August on a national basis, which is little changed from the end of July (6.1 months). The national months of inventory figure has been stable at about six months since April. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in August 2011 stood at $349,916. This is 7.7 per cent above its year-ago level, which marked the low point for 2010.

The national average price has moderated compared to earlier this year, with sales activity in Vancouver, and more recently in Toronto, exerting less of an effect on the national average. Their share of provincial and national sales activity reached unusually elevated levels earlier this year, but has since receded in line with normal seasonal variations.

“Once again, economic and financial market headwinds outside Canada are keeping interest rates lower for longer,” said Gregory Klump, CREA’s Chief Economist. “Those headwinds will likely persist until, and indeed after, fiscal quagmires in the U.S. and Europe are resolved. In the meantime, the Bank ofCanada will have ample reason to delay raising interest rates further, which is supportive for the Canadian housing market.”

Average house prices in Canada continued to rise in the second quarter across housing types surveyed. The national average price of a detached bungalow rose 7.5 per cent year-over-year to $356,625; the price of a standard two-storey home rose 6.1 per cent to $390,163; and the price of a standard condominium rose 3.5 per cent to $238,064.

While prices continued their recent climb, signs of moderation are appearing, and vary from region to region. In the Atlantic provinces, markets that had recently enjoyed unusually high price appreciation such as Halifax and St. John’s are still seeing gains, although smaller than those in recent quarters. In Montreal, additional inventory coming on the market has provided home buyers with more choice and opportunities for negotiation. Home prices in Calgary declined modestly as the market continues to adjust after the Alberta housing boom experienced in the middle of the previous decade. The Vancouver market continues its rally, with the average price of detached bungalows and standard two-storey homes both over $1 million and seeing double digit year-over-year gains, though the average price for a standard condominium saw a very modest increase of 2.5 per cent.

“In many of Canada’s regional markets, we saw house prices appreciate at a significantly faster rate than wages and salaries, and this trend cannot continue indefinitely,” observed Phil Soper, president and chief executive, Royal LePage Real Estate Services. “We expect price gains to moderate considerably in the latter half of 2011, which should reduce the stress associated with purchasing a new home,” Soper said. “Vancouver, and specifically certain neighbourhoods in the lower mainland of British Columbia, remains an anomaly, as investment from outside of the country continues to support higher price levels.”

While price appreciation and housing activity are expected to slow during the second half of 2011, the strong start will support a 2011 national average house price forecast at end of year 7.7 per cent higher than the close of 2010. Sales volume is forecast to decrease marginally by 2.0 per cent over the same period. Year-over-year prices should appreciate modestly in 2011’s third quarter as most Canadian housing markets cooled during the same period in 2010. Similarly, this year’s final quarter should display a flat year-over-year price performance when compared to an unusually strong fourth quarter of 2010.

“While the global economy struggles to find its footing, here in Canada we are seeing indicators of a return to long-term norms,” noted Soper. “There is an expectation of continuing improvement in employment levels across the country and accompanying strength in wages and salaries, which should provide support for the housing market. Looking ahead to 2012, signs are pointing to stability for Canadian home owners and new buyers. We believe we are past the period of peak house price appreciation.”

Regional Market Summaries

The residential real estate in market in Halifax saw healthy year-over-year price gains across all three housing types surveyed. Strong local economy coupled with low interest rates has driven demand in the region. At the end of 2011, average house prices in Halifax are forecast to be 3.3 per cent higher than 2010.

Detached bungalows and two-storey houses in Montreal posted strong year-over-year gains – higher than 7 per cent in the second quarter, while standard condominiums rose modestly by 1.9 per cent. At the end of 2011, average house prices in Montreal are forecast to be 7.0 per cent higher than 2010.

Ottawa’s housing market posted healthy year-over-year price appreciation across all housing types surveyed. An average standard two-storey home rose 5.2 per cent year-over-year to $371,500. Despite modestly rising inventory, at the end of 2011, average house prices in Ottawa are forecast to be 5.0 per cent higher than 2010.

Toronto’s seller’s market witnessed strong year-over-year price appreciation. Price gains ranged from 4.7 per cent to 6.1 for the housing types surveyed. Low inventory coupled with low interest rates continue to drive real estate prices. Lack of inventory was cited as the main reason for reduced market activity.

Confidence in the local economy has brought optimism to the Winnipeg market and is reflected in the real estate market’s performance. Detached bungalows rose 7.5 per cent to $281,125, while condominiums rose 6.6 per cent. At the end of 2011, average house prices in Winnipeg are forecast to be 6.0 per cent higher than 2010.

The largest year-over-year gain was seen in Regina, where standard two-storey homes jumped 15.6 per cent. Detached bungalows also posted a strong 11 per cent gain. Regina’s limited inventory has not been able to keep up with the demand created by the booming local job market. At the end of 2011, average house prices in Regina are forecast to be 12.4 per cent higher than 2010.

Calgary witnessed moderate year-over-year price declines as it continues to adjust from the boom experienced in the middle of the previous decade. Edmonton, posted modest gains for standard two-storey homes and standard condominiums, while detached bungalows posted a moderate year-over-year decrease. At the end of 2011, average house prices in Calgary are forecast to increase 3.8 per cent while Edmonton house prices are expected to decrease moderately by 1.2 per cent compared to 2010.

Vancouver experienced some of Canada’s largest year-over-year price increases with detached bungalows rising 14.1 per cent and standard two-storey homes rising 12.0 per cent. Average prices for standard condominiums stabilized rising 2.5 per cent. At the end of 2011, average house prices in Vancouver are forecast to be 15.4 per cent higher than 2010. Unit sales in Vancouver, during 2011, are expected to be 6.0 per cent higher than 2010 indicating strong market activity.

Royal LePage’s quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets. Click here to view the chart

“Immigration continues to be a factor in supporting rental housing demand. Recent immigrants tend to rent first before becoming homeowners,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “In addition, condominium completions moved lower in the past months, while rental apartment unit completions remained relatively stable. As a result, the overall demand for rental apartment units increased faster than supply for this type of housing. Accordingly, this pushed Canada’s vacancy rate downward. “

The results of CMHC’s spring survey reveal that, in April 2011, the major centres with the lowest vacancy rates were: Winnipeg and Regina (0.7 per cent); Québec (1.0 per cent); Toronto (1.6 per cent); and Kingston (1.7 per cent). At the provincial level, Manitoba has the lowest vacancy rate at 0.7 per cent. All other provinces were above 2.0 per cent.

The survey reveals that the major centres with the highest vacancy rates were: Windsor (9.4 per cent); Kelowna and Abbotsford (6.6 per cent); and Charlottetown (4.9 per cent). On a provincial basis, the highest vacancy rate was in Alberta (4.7 per cent).

The Canadian average two-bedroom rent in new and existing structures was $864 in April 2011, compared to $848 in April 2010. With respect to the CMAs, the highest average monthly rents for two-bedroom apartments in new and existing structures in Canada’s major centres were: Vancouver ($1,181); Toronto ($1,124); Ottawa – Gatineau (Ontario Part $1,056); Calgary ($1,040); Edmonton ($1,029); and Victoria ($1,024). These are the only major centres with average rents at or above $1,000 per month. Provincially, the highest average monthly rents were in Alberta ($1,029), British Columbia ($1,015) and Ontario ($980).

The lowest average monthly rents for two-bedroom apartments in new and existing structures were: Saguenay ($542); Trois-Rivières ($546); and Sherbrooke ($577). On a provincial basis, the lowest monthly rents were:  Québec ($671); New Brunswick ($672); and Newfoundland and Labrador ($683).

Year-over-year comparisons of average rents can be slightly misleading because rents in newly built structures tend to be higher than in existing buildings. Excluding new structures and focussing on structures existing in both the April 2010 and April 2011 surveys provides a better indication of actual rent increases paid by tenants. Overall, the average rent for two-bedroom apartments in existing structures across Canada’s 35 major centres increased 2.2 per cent between April 2010 and April 2011, slightly higher than what was observed between April 2009 and April 2010 (1.8 per cent).

CMHC’s spring Rental Market Survey also found that the rental apartment availability rate in Canada’s 35 major centres was 4.3 per cent in April 2011, down from 5.4 per cent in April 2010. A rental unit is considered available if the unit is vacant (physically unoccupied and ready for immediate rental), or if the existing tenant has given or received notice to move and a new tenant has not signed a lease. Availability rates were highest in Windsor (11.3 per cent), Sherbrooke (8.7 per cent), London (8.3 per cent), Abbotsford (8.1 per cent) and Kelowna (8.0 per cent). The lowest rates were in Winnipeg (1.1 per cent), Regina (1.7 per cent), St. John’s (2.6 per cent) and Québec (2.8 per cent).

As Canada’s national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

Actual (not seasonally adjusted) activity came in 2.7 per cent above levels reported last May. This was the first year-over-year increase in more than a year, reflecting falling sales activity in May 2010. Activity fell sharply last year between April and July, with May marking the mid-point of that slide. Although activity has been more stable this year, last year’s sales volatility is expected to continue to affect year-over-year comparisons in the months ahead.

Highlights:

• Sales activity held steady from April to May, but posted the first year-over-year gain in over a year due to falling demand in May 2010.
• Year-to-date sales are in line with the ten-year average.
• New listings also remained stable from April to May.
• National housing market remains firmly entrenched in balanced territory.
• National average price is still being skewed upward by historically high sales activity in certain Vancouver neighbourhoods.

A total of 196,749 homes have traded hands via Canadian MLS^® Systems so far this year. This is in line with the ten-year average for year-to-date activity in May.

“The Canadian housing market has seen some big ups and downs in recent years, making national sales activity so far this year look like something of a Goldilocks story by comparison – not too hot, not too cold,” said Gary Morse, CREA’s President. “Since local housing market trends often differ from national trends, buyers and sellers should consult their local REALTOR^® to understand how the housing market is shaping up where they live.”

Seasonally adjusted new residential listings were little changed from April to May, edging up one tenth of a percentage point. The number of newly listed homes fell in Vancouver, Fraser Valley and the Okanagan region in May, offsetting small gains in Toronto andMontreal.

With sales and new listings holding steady on a national basis in May, the resale housing market remained firmly planted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 52.1 per cent in May, little changed from 52.5 per cent in April.

Based on a sales-to-new listings ratio of between 40 and 60 per cent, housing markets were balanced in 62 of 101 real estate boards in Canada. Less than half of the rest can be characterized as sellers’ markets, based on a ratio above 60 per cent. “For the most part, sellers’ markets became slightly more balanced than the previous month,” said Gregory Klump, CREA’s Chief Economist. “Toronto stood out as an exception, with sales activity there growing faster than new supply.”

The seasonally adjusted number of months of inventory stood at 6.1 months at the end of May on a national basis. This is little changed compared to the six months of inventory at the end of April 2011. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The national average price for homes sold in May 2011 was $376,817, up 8.6 per cent from the same month last year. A number of compositional factors skewed the national average price upward in May. These factors include historically high sales activity in selected priceyVancouver neighbourhoods and broadly based price gains in Toronto, where supply remains tight relative to demand. If Vancouver sales are excluded from the calculation, the year-over-year change in the national average price amounts to 5.6 per cent; excludingToronto and Vancouver shrinks the increase to 3.7 per cent.

“Changes in the national average home price reflect variations in home sales activity across and within local markets,” said Klump. “Failure to recognize changes in the mix of sales activity can lead to misinterpretation of average price fluctuations. It can also give rise to faulty predictions of broadly based home price deflation by way of price correction.”

“There’s great selection out there now,” Pamela Alexander, CEO of Re/Max you can find a starter property for around the $300,000 mark if you look long and hard – and not everybody has to look at a million dollar property out west. I think another thing is that people are seeing really solid equity increases in their principle residences and looking to draw some equity out of that as well to buy a cottage,” she said.

The report looked at the sales and trends in 46 markets across Canada and found that sales are up or on par in 41 per cent of cottage country. Half of markets, including Ontario, Atlantic Canada and the Laurentians, offer cottages at $350,000 or less, according to the report. In Ontario’s Muskokas, where expensive cottages are the norm, buyers have more option this year, Alexander said.

“There’s great value, $300,000 to $500,000 in the area there,” she said. “And it’s still really affordable if you just step back to some of the smaller private lakes or perhaps not as elaborate as those $5 million cottages.”

In Atlantic Canada, there are less international buyers leaving cheaper options for Canadians looking for a vacation home, Alexander said.

“One of the things that has changed there is the American purchasers, which was a really strong market for a long period of time, have really turned their sights elsewhere,” she said.

Average cottage prices in 2011:

• Newfoundland $105,000 (in 2008 it was $95,000)

• New Brunswick $450, 000 (2008, $200,000)

• Nova Scotia $240,000 (2008, $200,000)

• Prince Edward Island $350,000 (2008, $250,000)

• Quebec $450,000 (no prices for 2008)

• Ontario Muskoka $325,000 (2008, $275,000)

• Manitoba $280,000 (2008, $250,000)

• Saskatchewan $400,000 (2008, $300,000)

• Alberta $800,000 (2008, $1.25 million)

• BC North Okanagan $995,000 (2008, $1.5 million)

• BC Salt Spring Island $669,000 ($1.3 million)

June is the official start of hurricane season. Even if you don’t live in a zone at risk for hurricane damage, you should prepare for severe summer storms. Here are three steps to help you protect your home and family from extreme weather this summer:

Photo Credit: Muchmor Magazine

Step one: Have a plan

An emergency preparedness plan will help everyone in your family know what to do if a severe storm strikes your home and community. Your plan should detail the safest place in your home to ride out a storm, and multiple evacuation routes if staying home would be unsafe. It should also include a meeting place outside the home in case family members are not all together when a storm strikes. Everyone should know the address and phone number of this emergency location.

Store a copy of your emergency plan in a safe place along with copies of important paperwork, like insurance documents, financial information, etc., so that you can easily access them if you have to evacuate.

Step two: Create a storm kit

Pack a backpack, or plastic bucket with a lid, full of nonperishable food and bottled water, a weather radio, flash light with extra batteries, a first aid kit, cash and important documents. Store the kit in a safe, easily accessible place and make sure everyone in the family knows the importance of taking the kit along in case of evacuation – but only retrieve it if it’s safe to do so. You can find more information on building a storm kit at www.greathurricaneblowout.org.

Step three: Protect your power supply

Power outages often follow on the heels of a storm, and every year millions of homes without residential backup power are left without power for days — and sometimes weeks. A permanent standby generator can ensure your home has power in the event of a significant, extended power failure. Generators are not just for people in remote areas, either. Anyone with young children or older folks at home, and even home businesses, will benefit from the security of a generator.

A standby generator can be permanently installed outside the home, much like an air conditioning unit. It runs on gas, propane or natural gas. You can incorporate one into your home whether you have an existing house or are building a new one. When the power goes off, the generator automatically turns on, usually within 10 seconds of a power loss. You can use it to power critical appliances and systems in your home, such as lights, furnace, air conditioners, refrigerators, sump pumps and a home security system.

Generators range in output from 8 to 125 kilowatts. If you only need to power a few key appliances, an 8- to 17-kilowatt generator should meet your needs. If you need to keep your whole house powered, a larger generator is required. A generator dealer or licensed electrical contractor familiar with standby generators can help you determine the right size for your needs.

Original article ARAContent

“Housing starts increased modestly in May due to an increase in multiple construction in most provinces and in rural starts,” said Bob Dugan, chief economist at CMHC’s Market Analysis Centre. ”The increase in multiples and rural starts was partly offset by a decrease in single starts.”

Urban starts increased 0.8 per cent to an annual rate of 161,000 units in May. Urban multiple starts were up four per cent to 100,000 units, while single urban starts fell 4.1 per cent to 61,000 units. May’s annual rate of urban starts increased 33.3 per cent in British Columbia, 13.5 per cent in Quebec, 11 per cent in the Atlantic region and 10 per cent in the Prairies. Urban starts fell 22.9 per cent in Ontario.

Rural starts were estimated at a seasonally adjusted annual rate of 22,600 units in May. TD Bank economist Francis Fong said in a note that affordability is beginning to erode as home price increases have significantly outpaced income and job growth.

“With the Bank of Canada set to raise interest rates later this year affordability will weaken further, putting downward pressure on overall prices and, thus, construction activity,” Fong wrote.

“TD Economics anticipates housing starts to run below their long-run sustainable level over the next few years as multi-unit building slowly unwinds.”

CIBC World Markets economist Krishen Rangasamy said housing starts reached a peak of around 200,000 in the first quarter of last year and the numbers have been on a gradual decline ever since, even with low interest rates.

“And with a recent softening in the pace of existing home sales, the listing to sales ratio rose to a seven-month high in April. So, we may see some softness ahead for housing,” Rangasamy said.

“We expect housing starts to continue to soften — a 10 per cent or so drop in starts compared to last year — as home prices stagnate in light of higher interest rates in the second half of the year.”

The findings of ONPHA’s 2011 Report on Waiting List Statistics for Ontario shows that the number of households waiting for social housing continues to grow despite the modest economic recovery in Ontario. As of January, 152,077 households were on waiting lists for financially assisted housing in Ontario – a 7.4% increase since 2010 and an almost 18% jump (22,824 households) from the 129,253 seniors, singles and families on waiting lists in 2009.

“Despite discussion of economic recovery, it is clear that many households are struggling to find a stable home they can afford,” said Sharad Kerur, ONPHA’s Executive Director. “While employment numbers may be improving, many Ontarians are living through an uneasy economic recovery characterized by reduced work hours, lost jobs or new jobs at lower wages.”

Many workers undergoing employment transitions need immediate housing assistance, but find that they will likely wait years to be housed. Discouraged by lengthy waiting times, in some cases up to 15 years, many households in need walk away without applying.

“In reality, the actual number of people requiring assistance is even higher than these statistics suggest,” said Kerur. “Over 260,000 households spend more than half of their income on housing and virtually all of them would be eligible for financially assisted housing – the numbers we see on waiting lists are really just the tip of the iceberg.”

The 2011 report found that waiting list applications in all three groups studied – seniors, non-senior singles and families – have increased. In particular, the number of seniors in need is rising quickly, with active applications in this group up 10% since last year. As Ontario’s population ages, more and more seniors will require access to community-based housing, making it a significant long-term issue that will need to be addressed if the province is going to meet the needs of aging parents and grandparents.

“Housing is the foundation of inclusive communities, strong economies and healthy families,” says Kerur. “The provincial Long-Term Affordable Housing Strategy provides a starting point, but the on-going needs of an aging population and a changing workforce will require lasting and consistent funding for new affordable housing development. Our members and other concerned citizens will be calling on candidates of all political stripes to articulate their vision for Ontario’s affordable housing infrastructure in the months ahead.”

For over 20 years, ONPHA has been the voice of non-profit housing in Ontario. Our 760 member organizations operate more than 160,000 non‐profit housing units and provide housing for approximately 400,000 people such as the elderly, low‐income families with children, the working poor, victims of violence and abuse, people living with developmental disabilities, mental illness, HIV/AIDS or addictions and the formerly homeless/hard‐to‐house. ONPHA’s members include municipal and private non-profits of all sizes, with all types of funding.

A copy of the report can be found at: www.onpha.on.ca

For more information about this report click here

Walleye are also know as Pickerel and, according to Fishing Ontario published by Mussio Ventures Ltd., a book I picked up at the Campbellford Canadian Tire Store, Walleye are the most prized sport fish in Ontario.  The Walleye’s diet is made up of mainly baitfish and you can also try leeches or grubs. When jigging along the shoreline you need to know where to pick the best location.  Look for weed beds or go fishing at dawn or dusk when walleye are most active during the darker times of day.

Jigs are a great lure for walleye anglers.  The single hook nature of the jig provides the ability to be worked effectively through weeds.  According to Fishing Ontario, the key to finding a successful jigging lure for either size or colour is done mainly thorugh trial and error.

Campbellford, normally a quiet town becomes a hive of bustling activity on the May Long weekend when the locks are open and fishing season begins. A great, spot with easy parking and lots of shoreline to find your own private fishing spot is near the Meyersburg Flea market.  Once you make your way out to shore, here are locations to look for when casting from shore of the Trent River:

• Find a rocky rubble in a point or wade out onto shoals into deeper water where this could be a source for early Spring Walleye.
• Shoreline rocks and weeds are where Walleye like to feed using your single hook jig.
• Down at Percy Boom you can find a pier or wall with deeper water just out in front where you may find Walleye after spawning.
• Flyfishing into the river rapids when the fish are on can be more challenging but rewarding method in catching your fish.  Many experienced fly anglers will have 2 or 3 rods of different weights for different fish sizes.

This year we have had a long cool Spring and so the fishing season should be great along the Trent River system south of Campbellford near Meyersburg.

Here is a country family retreat set on 3.39 acres with 185 ft on the scenic Trent River. This 7-bedroom, 2.5 bath, 2-storey, home with 2 double detached garages, and detached workshop with hydro has a fenced above-ground swimming pool, surrounded by landscaped gardens with fruit trees, flagstone paths and gazebo. This part of the Trent is excellent for fly-fishing, or a boat launch is just down Percy Boom Road to enjoy 12 miles of lock-free boating. This home has several wheel chair ramps and would be a wonderful Bed and Breakfast retreat, vacation rentals or bring your in-laws to live with you. For sale at $399,900.

Source – Fishing Ontario Kawarthas, Musio Ventures

Buying a home is the smartest financial decision you will ever make.  In fact, most American and Canadian homeowners would be financially broke at retirement if it wasn’t for one saving grace — the equity in their homes.  Furthermore, mortgage rates are more flexible today than ever, and tax allowances favor home ownership.  Real estate values have always risen steadily.  Of course, there are peaks and valleys, but the long-term trend is a consistent increase.  This means that every month when you make a mortgage payment, the amount that you owe on the home goes down and the value typically increases.  This “owe less, worth more” situation is called equity build-up, and is the reason you can’t afford not to buy.

Even if you have little money for a down payment, or credit problems, chances are that you can still buy that new home.  It just comes down to knowing the right strategies, and working with the right people.  See below.

Deadly Mistake #2: Not hiring a Buyer’s Representative to represent you. Buying property is a complex and stressful task.  In fact, it is often the biggest, single investment you will make in your lifetime.  At the same time, real estate transactions have become increasingly complicated.  New technology, laws, procedures, and competition from other buyers require buyer agents to perform at an ever-increasing level of professionalism.  For many home buyers, the process turns into a terrible, stressful ordeal.  In addition, making the wrong decisions can end up costing you thousands of dollars.  It does not have to be this way!

Work with a Buyer’s Representative who has a keen understanding of the real estate business and who is on your side.  Buyers’ Representatives have a fiduciary duty to you.  That means they are loyal to only you and are obligated to look out for your best interests.  Buyers’ agents can help you find the best home, the best lender, and the best InterNACHI inspector. This last perk is particularly useful, as there are many unqualified inspectors on the market today!

Trying to buy a home without a REALTOR® or a qualified inspector is, well… unthinkable.

Deadly Mistake #3: Getting a cheap inspection. Buying a home is probably the most expensive purchase you will ever make.  This is no time to shop for a cheap inspection.  The cost of a home inspection is very small relative to the home being inspected.  The additional cost of hiring a certified inspector is almost insignificant.  As a home buyer, you have recently been crunching the numbers, negotiating offers, adding up closing costs, shopping for mortgages, and trying to get the best deals.  Do not stop now.  Do not let anyone talk you into skimping here.

Here is a Century home built in 1898, in Campbellford within walking distance to shops, schools, restaurants, walking trails and waterfront parks along the Trent Canal. Lovingly restored woodwork, original trim, hardwood and pine floors. Tastefully decorated with elegant window coverings. Large bathroom with tiled floors and refinished claw-foot tub. Forced air gas furnace in 2009. Kitchen windows in 2010. Other windows replaced 2003/2004. New drywalling in most rooms. A home inspector would give it a passing mark for all the modern upgrades!

InterNACHI front-ends its membership requirements.  InterNACHI turns down more than half the inspectors who want to join because they can’t fulfill the membership requirements. InterNACHI-certified inspectors perform the best inspections, by far.  InterNACHI-certified inspectors earn their fees many times over.  They do more, they deserve more and, yes, they generally charge a little more.  Do yourself a favor…and pay a little more for the quality inspection you deserve.

source: Jones on Homes jonesonhomes@hotmail.ca

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license.

Seasonally adjusted national home sales activity in March came in one tenth of a percentage point above levels for the previous month, with stable demand in most large urban centres. With national sales in each of the first three months of 2011 running close to their five- or ten-year monthly averages, seasonally adjusted national sales activity in the first quarter of 2011 was up 4.5 per cent from levels recorded in the fourth quarter of last year, and reached the highest quarterly level in a year.

Most of the quarterly increase in seasonally adjusted national sales activity was due to demand in Vancouver and Toronto. Recent changes to mortgage regulations may have caused a number of sales in some of Canada’s more expensive housing markets to be brought forward into the first quarter that would have otherwise occurred later in the year.

Sellers looking to tradeup before changes to mortgage regulations took effect made their move early, resulting in a significant rise in newly listed homes in January and February of this year. With changes to mortgage regulations looming in March, seasonally adjusted new residential listings for the month dropped five per cent month-to-month.

Steady sales activity combined with fewer new listings tightened the national resale housing market. The national sales-to-new listings ratio, a measure of the balance between supply and demand, stood at 56.5 per cent in March. This kept the national housing market firmly entrenched in balanced territory, with March marking the firmest reading for national market balance in more than a year.

Based on sales-to-new listings ratios, more than half of local markets in Canada could be considered balanced in March, with two-thirds of the remaining markets considered to be as sellers’ markets.

“The majority of local housing markets across Canada are well balanced, but not all of them are,” said Gary Morse, CREA’s President. “Within a province or local market, the balance between resale housing supply and demand can vary widely and evolve quickly, so buyers and sellers should speak with a local REALTOR® to understand housing market trends where they live.”

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at 5.6 months at the end of March on a national basis. This was unchanged from the previous month. Almost half of all local markets saw the number of months of inventory shrink compared to the previous month.

Throughout the first quarter of 2011, the national average price was skewed higher by strong activity in a few pricey areas of Greater Vancouver. March 2011 was no exception, with an increase of 8.9 per cent year over year.

“A record number of multi-million dollar property sales in Richmond and Vancouver West are pushing up average prices for Greater Vancouver, British Columbia and nationally,” stated Gregory Klump, CREA’s Chief Economist. “If Vancouver is excluded from the equation, the national average price increase is cut by more than half to 4.3 per cent.”

“Looking ahead, evidence suggests that the potential rush of sales activity in March before recent changes to mortgage regulations took effect was a story that was largely focused in condo sales activity in Greater Vancouver. This confirms that the expected impact on sales activity of recent changes to mortgage regulations will likely be minor over the near term. Interest rates are now widely expected to remain on hold until at least mid-July, which is supportive for resale housing demand, market balance and prices,” Klump added.

Low interest rates and a recovering economy continued to fuel activity in Canada’s housing markets over the past year, which has led to country-wide increases in average home prices. In the first quarter of 2011, the national average price of a detached bungalow rose 4.3 per cent year-over-year to $341,355, while standard two-storey homes rose 3.5 per cent to $379,388 and standard condominiums rose 4 per cent to $237,919.

“The rate at which Canadian homes are appreciating may well have peaked for the next year or so,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “We expect house prices will continue to creep up, but most of the excess demand created by the initial drop in interest rates has been satisfied, and affordability continues to erode slowly, allowing the listings supply to catch up. In most markets, lower single digit percentage increases are more likely for the balance of the year.”

In the first quarter of 2011, certain markets such as Vancouver, Montreal and Halifax continued to experience significant price gains compared to the same period a year earlier, largely due to favourable regional demographic shifts and healthy local economies.

“Canada’s real estate market has maintained momentum coming out of 2010, indicating that the post-recession recovery is continuing,” Soper added. “While low interest rates continue to drive demand, the tepid pace at which employment levels are improving is tempering the rate of home price appreciation in many Canadian cities. The exception to this trend can be seen in markets like Vancouver, where foreign buyers, particularly from China, are driving demand in select mid-to-high priced markets, and driving up the regional average reported home prices at a surprising pace. In Montreal and Halifax, demand from first-time buyers and purchasers of luxury homes are creating significant year-over-year gains in home values.”

Among the best performing markets in the first quarter of 2011, Vancouver’s standard two-storey homes increased 9.7 per cent year-over-year to $1,083,750. Detached bungalows in Montreal rose 7.6 per cent year-over-year to $276,343 and standard condominiums in Halifax rose 13.1% year-over-year to $191,500.

Meanwhile, year-over-year price appreciation softened in St. John’s where the market is cooling down after an extended period of double digit price increases. In Saint John, detached bungalows dropped 6.3 per cent year-over-year to $178,000. While the medium-term prospects for the housing market in Alberta’s major cities remains very positive, the city of Calgary in particular is still adjusting to the rapid pace at which home prices appreciated in the middle of the past decade. The average price of a standard two-storey Calgary home was down 2.1 per cent year-over-year to $423,122.

Regional Market Summaries

Halifax witnessed the largest year-over-year price gains in Atlantic Canada, and some of the highest gains nationally, including the largest increase in standard condominiums rising 13.1 per cent.

Montreal continued to post strong gains as standard condominiums posted a year-over-year increase of 8.7 per cent, while detached bungalows rose 7.6 per cent.

Ottawa’s first-time buyers continue to drive the housing market as the region saw year-over-year price appreciation ranging between 5.2 to 5.9 per cent across all housing types surveyed this quarter.

Toronto’s detached bungalows and standard condominiums made healthy gains increasing 4.5 per cent and 3.7 per cent respectively. Demand for detached bungalows was driven by first-time buyers concerned with potentially rising interest rates and developers who are rebuilding or renovating the homes into larger units.

Winnipeg’s standard two-storey homes posted strong year-over-year gains rising 7.1 per cent to an average price of $297,125, second only to Vancouver in growth and tied with Halifax for this housing type.

While Saskatoon’s housing market posted modest changes, the three housing types surveyed in Regina made healthy year-over-year gains ranging from 3.2 per cent to 5.4 per cent.

Edmonton’s housing market stabilized with year-over-year price changes ranging from minus 1.8 per cent to increases of 2.3 per cent.

Calgary’s house prices saw modest year-over-year depreciation across all three housing types surveyed as a result of an increase in inventory. This coupled with low interest rates has presented attractive opportunities for potential buyers.

Driven by low interest rates, single family homes in Vancouver again dominated house price gains as two-storey houses rose year-over-year by 9.7 per cent. Although inventory is down slightly from last year, listings are keeping pace with demand.

Royal LePage’s quarterly House Price Survey shows the annual change of prices for key housing segments in select national markets.

Click here to view the chart

Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.

Royal LePage Q1 2011 House Price Survey – Data Chart

The Re/Max First-Time Buyers Report, highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points.

“Despite homeownership rates approaching 70 per cent, there is clearly room for growth as entry-level buyers make their moves from coast-to-coast, undeterred by higher housing values and changes to lending criteria” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada.

“Many purchasers intent on realizing homeownership are scaling back on expectations or are willing to sacrifice location, quality and/or size to make their dream a reality – not unlike generations before them.”

Inventory levels, while tight in several larger centres, are more balanced overall, giving first-time buyers a good selection of housing product from which to choose. A typical first-time home buyer’s home can be found in Norwood, Ontario. Priced at $189,900 with 3 bedrooms, a fenced-in back yard, a large finished basement with family room.  Being in walking distance to schools and shops, all perfect for a young growing family.  Norwood is located within a 30 minute commute to Peterborough or an hour from the Greater Toronto Area.

“With the Canadian economy on firmer footing overall, residential real estate is well-positioned moving into the traditionally busy spring market,” says Elton Ash, Regional Executive Vice President, Re/Max of Western Canada. “Consumer confidence is climbing in conjunction with economic performance, and concerns over a secondary recession fade with each passing day. The mood is cautiously optimistic, as first-time buyers enter the market.”

As prices escalate, first-time buyers are indeed spending more—some out of necessity, but others are simply in a position to do so. Unlike in years past—a greater percentage of today’s first-time buyer pool is comprised of dual-income, college or university-educated couples with solid earnings. They’re spending close to average price or slightly more to secure—in most cases—a better location or a home that will grow with them. Yet, the fact remains that those on a tighter budget can get in for considerably less, with reasonable choices in every major market across the country. While some may feel discouraged by eroding affordability levels, the underlying confidence in the concept of homeownership is rising.

Source: Re/Max Ontario-Atlantic Canada

The Seller may counter your contingency with an escape clause. For example, the Sseller may wish to continue showing the house and if they receive another offer, you’ll have the option of backing out or removing your contingency.

Here are eight elements you will need to consider:

1. Basic Details: This includes the address and legal description of the property, and the names of the vendor, purchaser and brokers involved.

3. Chattel – Inclusions and Exclusions: Items within the home that will be included in the purchase price such as appliances, fixtures or decorations such as drapes or mirrors are referred to as chattel. Don’t assume that anything will be left behind. If you want it, put it in writing.

4. Deposit: Items within the home that will be included in the purchase price such as appliances, fixtures or decorations such as drapes or mirrors are referred to as chattel. Don’t assume that anything will be left behind. If you want it, put it in writing.

5. Terms: These include the total price of your offer as well as the financing details. You may arrange your own financing or may ask to assume the seller’s mortgage, especially if it has an attractive interest rate. There will also be an expiration date and time after which the offer is no longer valid.

6. Conditions: These might make your offer subject to home inspection, to your obtaining financing or to your selling your property.

7. Closing or Possession Date: These might make your offer subject to home inspection, to your obtaining financing or to your selling your property.

8. Request for a Current Survey of the Property: If the Seller does not have one, you may wish to make one obtaining a land survey a condition of the closing. In most cases, the Seller will not pay for a new survey. You can ask the vendor to provide a “Declaration of Possession” or you could buy a “Title Insurance” policy instead. If however, you are planning to add to the house or build a garage, the best idea is to request a new survey – you’ll likely need it to get your building permits or include the cost of a new survey as part of your building costs.

The municipality may have a record of land lot subdivision plans on record.  A property for sale also comes with zoning restrictions or land-use controls that you will want to investigate as part of your conditions to obtaining pbuilding permits when buying land.

Here is vacant land for sale with interested buyers investigating the potential to obtain building permits as part of their offer to purchase.

Source: Remax Ontario-Atlantic Inc.

And some think Carney will want to wait until the fiscal direction of the next government is known — particularly if there is a change — before moving.

“There is nothing written in stone,” says Douglas Porter, deputy chief economist at BMO Capital Markets, “but my view is that the bank would rather lay low and not become an election issue.”

In the latest survey of economists taken last week, about half saw the bank starting to a new tightening cycle on May 31.

But with the government set to fall in a non-confidence vote on Friday, that consensus may change.

The Canadian Imperial Bank of Commerce announced Wednesday it was moving back its prediction on when Carney will begin tightening monetary policy to July.

CIBC chief economist Avery Shenfeld says the election is one reason he believes the bank will hold off until July. The others are the strong dollar — which would rise along with interest rates — still soft core inflation and the relatively high 7.8 per cent unemployment rate.

“Even a July rate hike is only 50 per cent priced in, so our view would still be consistent with some upward pressure on Canadian bond yields from here to the summer,” he added.

Scotiabank thinks the next rate hike won’t happen until October, and the election is one of the factors.

Scotiabank economist Derek Holt notes that over the past 20 years, since moving to the current inflation-targeting mandate, the central bank has largely avoided switching to a tightening cycle around an election. The only time it did so was in 1997, three weeks after the June 2 vote.

“There has actually been no election in at least the past two decades in which the (Bank) began a tightening campaign before the election itself,” Holt added.

The bank has continued an already established tightening trend during an election before, in December 2005. And in October 2008, Carney cut rates by 50 basis points in co-ordination with other central bankers as the global economy was collapsing.

Part of the reason for not wanting to change course in election periods is that the Bank of Canada scrupulously guards its reputation as an impartial, independent institution. A rate shift could become an issue in a political campaign, because not only is it a pronouncement on the economy, but also directly impacts consumers and businesses. But the more important reason, says Holt, is that the central bank doesn’t want to start tightening, which could slow the economy, until it knows what the next government will do.

“When you are uncertain about the risks facing fiscal policy and the outcome of an election, the prudent thing is to keep your powder dry and then decide what you are going to do,” he explained.

The bank will almost certainly stay on hold until the results of this spring’s expected election are in, but may also wait until the next budget, says Holt. That’s because he says the bank will see no compelling reason to act precipitously, given the lukewarm state of the economy.

Porter says the central bank may also pull its punches when it releases its next quarterly economic outlook on April 13, a time when the campaign is expected to be in full swing.

“If they had any intention to raise rates in May, normally they would have sent a signal in the monetary policy review in April,” he said. “But if that’s in the middle of a campaign, they might mask the language.”

If you’re not buying and selling strategically or for investment, the best time to sell is really when you feel your existing home will not meet your future needs. The best reason to purchase a new home is to take advantage of your family and lifestyle changes. Do you wish to be closer to a school? Are you switching jobs? Do you have an aging parent to care for?

In Canada, weather and holidays do play a factor. Almost no one goes house hunting around Christmas, and few give up their summer vacations. Of course, those with school-aged children are less likely to move during the school year and summer is an ideal time. In some areas, there is a definite “spring cycle” — perhaps it’s a bit of spring fever and a wish to break out of the bonds of winter.

Some gamblers look for winter bargains and then try to sell their homes during the spring cycle. But overall, that could be more tension and aggravation than you wish. And the monetary results may be disappointing.

Another key factor to consider is the economy. Are interest rates higher or lower in comparison to your current mortgage? If they are higher, you may want to stick with your current home, as your new mortgage payments could be uncomfortable. If rates are lower, you might be able to trade up to a more expensive home without a significant increase in your monthly mortgage obligation.

What’s more, if it’s a buyers’ market, you may be in a strong position to purchase a new home, especially if you have accumulated some equity in your current property.

The Spring is a traditionally busy time in Eastern Ontario to buy and sell homes.  You will be seeing a lot of Remax ‘for sale” signs going up on front lawns such as the home shown above.

Buy or sell first?

That’s tricky. After all, if you find a purchaser for your existing home, before you’ve found a new one, you may find yourself living out of a suitcase if convenient closing dates can not be negotiated. On the other hand, if you find your dream home before you’ve unloaded your old one, you may be faced with carrying two mortgages for a time.

So how do you manage? Easy. Do your homework and have a good idea about the neighbourhood and type of home you’re looking for. Do an honest evaluation of your family’s needs and budget. Speak to your RE/MAX representative and start your new home search as soon as your existing home hits the market.

If you’ve found a home, before you’ve sold your existing one, use “sale of your existing home” as a condition on your offer. If you don’t sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.

Purchasing a home before you sell could be a risky strategy if you’re counting on the proceeds from the sale. If you’ve found a purchaser before you’ve found your next home, use “purchase of a new home” as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a “sold house” you will be in a better position to negotiate price.

Source: Remax Ontario Atlantic Real Estate

Ask your REALTOR® if your home’s listing will be exposed to global and local real estate market venues.

Also, local print ads in local Real estate newspapers available for visitos to your town, will inform buyers interested in your neighbourhood.  A brochure box at your lawn sign will give buyers a valuable resource and keep your listing at the top of their list. The latest cutting-edge marketing item from Re/Max is a lawn sign where the buyer who is examining your home from the curbside, can text a message to themselves and receive instant listing photos and information to their smart phone!

Open House

Your REALTOR® will also tell you that an open house can be another effective marketing tool. While some homeowners are adverse to this idea, it’s one you should discuss with your REALTOR® if you really want your home to receive maximum exposure to interested buyers. During an open house or prearranged showings, it’s a good idea to make sure that you and any other members of your family (including pets) are absent. Many buyers are intimidated by the presence of homeowners and tend to rush through a home as a result.

Keep in mind that effective marketing of your home requires a lot of communication between you and your REALTOR® and there are several things you can do to make sure your home gets the best possible exposure.  In addition to the marketing your Sales Representative will do for you, here are some tips you can do to make sure your home is ready when your buyers have discovered your listing:

Be Candid with Your REALTOR®

First of all, disclose everything you can about your property and the neighbourhood in general. This information will help your REALTOR® a great deal and he/she can choose how and when this information can be related to prospective purchasers. For example, there may be something about your home or the area you live in that you may take for granted, but that characteristic could be a major selling point for your home — such as its close proximity to local schools and recreation facilities.

It’s also wise to be candid about any potential drawbacks as well, so both you and your REALTOR® can be realistic in arriving at a suitable list price. Where possible, your REALTOR® is likely to have some suggestions as to how these problems can be improved upon.

As well, your REALTOR® may notice some serious flaws in you home or even some basic elements that are missing. They may not bother you, but could work to your detriment when it comes to selling your home. As a result, your REALTOR® is likely to make helpful, reasonable recommendations that will enable you both market your home successfully. It’s important to keep an open mind and follow his/her advice.

Operating Costs

It’s also a good idea to have information on hand that will give the REALTOR® an idea of the costs of running your home — annual heating bills, along with documentation of any recent major repairs or upgrades — such as a new roof or new wiring or plumbing. These can be very effective marketing tools.

Clean and Clutter-Free

Before any showing or open house, it’s imperative to make sure your home is clean and uncluttered — both inside and out. Get rid of junk (don’t forget the garage) and any unpleasant odours from smoke, cooking or pets. A neat exterior is inviting and a clean and neat interior just makes good, plain marketing sense. Consider having your home painted. It’s a relatively inexpensive way to show it in its best light.

You’ll find that a team effort, combined with a realistic approach will help you market your home much more effectively.

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license. Source: Ontario Real Estate Association.

Actual (not seasonally adjusted) national sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards came in 5.9 per cent below levels reported last February. This marks the smallest year-over-year decline in nine months, and the fourth consecutive month in which sales activity was on par with the five-year average for that month.

Seasonally adjusted home sales activity edged down 1.6 per cent in February 2011compared to the previous month on a national basis. Sales activity eased in almost two-thirds of all local markets from the previous month, offsetting monthly increases in activity among other markets including Vancouver and Calgary.

Nationally, new listings in February edged up 1.5 per cent from the previous month on a seasonally adjusted basis, which builds on the 4.3 per cent monthly increase in January. The rise in new listings is consistent with CREA’s expectation that many sellers, who shied away from listing their home last summer when the national housing market softened, would list their home in early 2011, having by now observed improved demand and stable prices.

With both sales activity and new supply little changed in February, the housing market remained firmly in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 53.5 per cent in February. This is little changed from the previous four months.

“Most local housing markets in Canada are well balanced, but there are still a number of buyers’ and sellers’ markets,” said Georges Pahud, CREA’s President. “Housing market trends often evolve and diverge from national trends due to local factors, so buyers and sellers should consult their local REALTOR® to understand how the housing market is shaping up where they live.”

The number of months of inventory represents the number of months it takes to sell current inventory at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at 5.7 months at the end of February on a national basis. This is little changed from the 5.5 months reported in January, when it reached the lowest level since last April.

The national average price for homes sold in February 2011 rose 8.8 per cent year-over-year to $365,192. “The average price has been skewed higher nationally and in British Columbia recently by a record number of multi-million dollar sales in a couple of areas in GreaterVancouver,” said Gregory Klump, CREA’s Chief Economist.

“When you take Vancouver out of the equation, the year-over-year increase in the national average price drops to 3.4 per cent,” added Klump. “While that’s still stronger than in the past six months or so, national average price gains may recede after tighter mortgage regulations take effect in March.”

An open house is just one aspect of an effective marketing plan your REALTOR® will develop to sell your home and one of the many services a REALTOR provides.

Tips and advice on how to get your house ready for sale are also part of a REALTORS® expertise. He or she will advise you about things like de-cluttering and depersonalizing your home as well as minor improvements such as painting and rearranging furniture. Obviously you will want to ensure your home is squeaky clean for your open house, but there are also simple touches that can make your home even more appealing.

Fresh flowers are an easy way to give your home a cheery and well looked after feeling. Invest in enough flowers to place one large bouquet for impact either in the foyer or the living room and a few smaller ones throughout the house. The scent of fresh-brewed coffee, home-made bread or cookies, can also be very welcoming. See the list below for more open house preparation tips.

REALTOR® Open House

Your REALTOR® may suggest you first hold an open house for REALTORS®. Other REALTORS® are already working with buyers who may be interested in your property and will inspect your home with their buyers in mind. An open house for REALTORS® is also more convenient for you, eliminating many of the single inspections that would otherwise be necessary.

Public Open House

You should hold at least one or more open houses for the general public as well. This type of open house tends to attract many browsers. But if your home is clean, attractive, in good repair and well-priced, it may just turn a “browser” into a buyer. Also, many purchasers want to get the “feel” of several neighborhoods before they begin working with a REALTOR®. An open house will attract these buyers.

Chances are your open house for the public will be held on a Saturday or Sunday afternoon since that’s when most people are likely to have free time for cruising around the neighborhoods they are interested in. REALTORS in Re/max Eastern Realty Inc., Brokerage are hosting 32 Open houses this weekend, March 12th and 13th in Peterborough, Ennismore, Lakefield, Millbrook, Hastings, Cavan, Trent Hills & Warkworth.  You can catch an open house at 306 Godolphin Road on the north edge of Warkworth from 1 – 3pm on Saturday afternoon.

Although you may be curious, it’s a good idea for the property owners to leave the home during an open house. Your presence could be distracting and potential buyers may rush their visit to avoid disturbing you. They may be hesitant to comment on your home while you are there, and generally feel more relaxed if the owner is not present.

Your REALTOR® may also suggest you temporarily remove any dog, cat or other family pets from the property since their presence could also be distracting.

Here are some tips from the Ontario Real Estate Association and your local REALTOR® for a successful open house:

• Remove or lock away valuables such as jewelry, cameras, compact discs, valuable coins and currency.
• Attend to any potential hazards — electrical wires crossing open areas, sharp table or counter top corners, slippery stairs and walkways, fragile items that can be easily damaged.
• In poor weather, provide a place for overshoes, boots, umbrellas and coats.
• Avoid cooking food with strong odors such as fish.
• A warm fire on a cold day can be a nice touch, but ask your REALTOR® first since he or she will have to tend to the fire in your absence.
• Spruce it up!

Often the smallest defect can be a turn-off to some potential buyers. Use this handy check list to assess what needs cleaning, mending or changing before the big day:

Floor coverings (Includes carpeting, tile, linoleum, hardwood, etc.)

• Dirty or stained?
• Worn or damaged?
• Is there hardwood under carpeting that can be restored?

Walls, ceilings, baseboards

• Any fingerprints or stains?
• Any holes, nails, tape residue?
• Are they all neutral or complimentary colors?

Doors

• Do they squeak?
• Are the handles secure and work properly?
• Any stains or other damage?

Windows

• Are they clean and crack free?
• Do they open easily?
• Are the coverings clean and also easy to open?

Lighting

• Is there sufficient light?
• Any broken switches; exposed wiring?

Pet areas

• Are these clean, organized and odor free?

Kitchen and bathrooms

• Are countertops organized?
• Are all sinks and faucets working properly?

Other rooms

• Have all areas been thoroughly vacuumed and dusted?
• Has all clutter, including excess furniture, been collected and removed?
• Are books, toys, clothes all neatly stored?
• Do mirrors look clean?
• Are window coverings open?

Outside the home

• Are all exterior surfaces, including decks, pools, walkways and driveways clean, clear of clutter and in good condition?
• Do fence and other gates open easily?
• Are the lawns mowed, walkways clear of snow, leaves removed, trees pruned, gardens weeded, hedges trimmed?

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license. Source: Ontario Real Estate Association.

Below are three different home examples priced a little higher than what would be considered “starter home” prices in Northumberland County, but it could be a great next step for you!

There are many reasons why you may wish to have a larger home, including a growing family.  You may need to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Here is country family retreat set on 3.39 acres on the scenic Trent River near Campbellford, Ontario. This 7-bedroom, 2.5 bath, 2-storey, home with 2 double detached garages and detached workshop with hydro for all the stuff and toys that come with an large or extended family. It has a fenced above-ground swimming pool, surrounded by landscaped gardens with fruit trees and lots of storage space. Asking price: $404,900.00

Perhaps you are retiring, and do not need the extra space, but want a home with all the amenities for comfortable living to suit your new lifestyle.  Do you imagine having the options to go boating in the summer? Snowmobiling in the winter?  You can have your own in-ground swimming pool with sunroom, jet-tub with sauna and wet-bar kitchenette to entertain your friends. You can take time to enjoy relaxing gardening on an acreage or have a few spare rooms to develop a workshop or hobby room. All this is available to you in a pleasant neighbourhood located close to Campbellford’s shops, library, Hospital, and the famous WestBen Theatre.  Asking Price $399,900.00

Maybe you feel a little cramped living in town, want to get out to the country and have some space between your neighbours, but still like the idea of municipal services and living not too far from a community and its schools and amenities?   Tucked into a hardwood woodlot, this 2-BR bungalow with potential in-law suite in the lower level with kitchenette and whirlpool tub could be your retirement oasis. Located in a rural neighbourhood of tastefully designed homes, only a few minutes drive from the scenic town of Campbellford and all its amenities. The surrounding trees afford cool shade all summer and privacy from the easy access off municipally maintained roads. Natural gas service heats a cosy gas “wood-style” stove in the roomy family room. A double garage with carport and workbench, heated with an oil furnace rounds off the package. Asking price” $224,900.00

Sometimes, just moving to a different community a little further out from the city (which generally have higher starter home prices), can give you more home for a lesser asking price. Whatever your reasons, moving up or on to a new home can be very satisfying.It’s also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.

When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR®. Your options can be confusing at times, but a REALTOR® can help you make the right choices.

Astrid Hood of Re/max Eastern Realty Inc., Brokerage can help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You’ll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR® is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.

Moving up or on to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you’ll ever make so why not take advantage of current market conditions and enhance your investment today.

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license.  Source: Ontario Real Estate Association.

“While we do not expect a significant correction nationwide, the risk of such would increase, especially in some regions, if prices were to continue to outrun incomes or if interest rates were to increase rapidly,” economist Sal Guatieri says.

He notes that after slowing last summer, Canadian home sales rebounded in the fall and house prices have kept rising.

On average, home prices rose five per cent in the past year to January, while in Vancouver they rocketed 20 per cent. On average, home prices are 10 per cent higher now than they were before the recession, when they were at an all-time high. The problem is that the value of homes have increased much faster than incomes.

The bank says average home resale prices compared with personal incomes are 14 per cent above the long-run trend, up from last summer, although still below the 21 per cent peak that preceded the 1989 crash. But that is not the case in all markets. Five provinces are currently in the danger zone, led by Saskatchewan, where the ratio is 39 per cent above historic norms.

Also well-above the long-run levels is Newfoundland, 34 per cent higher; British Columbia and Manitoba, 31 per cent, and Quebec, 23 per cent above.

By comparison, in Ontario the price-to-income ratio is only 10 per cent higher than historic norms, suggesting prices are moderately overvalued but not in bubble territory. What’s made this possible have been historically low interest rates which have allowed Canadians to carry bigger mortgages. As a result, mortgage payments for the typical owner consume 35 per cent of disposable household income, about the same as the 23-year average of 34 per cent.

The bank says there should be no major correction if incomes increase faster than home prices in the future, as expected. It says sales are expected to cool and prices stabilize this year in response to higher interest rates and tighter mortgage rules that go into effect later this month.

“The risk of a correction would increase, however, if prices rose alongside rates and incomes,” the report cautions.

If prices don’t stabilize, the report says it would put the Bank of Canada in a tight spot. It risks creating a housing bubble if it keeps rates super-low too long, or could precipitate a crash if it hikes rates too quickly.

The Bank of Montreal report is the latest to throw up caution flags about the seemingly unstoppable Canadian housing market. Last month, Capital Economics warned the Canadian housing bubble was poised to burst, needing only the pin-prick of rising interest rates to set off the collapse. The economic consulting firm noted that by historical standards, almost all the key indicators around housing were at historic highs. It predicted prices could fall 25-35 per cent in the next three years once interest rates and mortgage upkeep costs begin rising.

Still, most private sector analysts see a soft landing rather than a crash, in part because the Bank of Canada is unlikely to raise rates sharply or quickly.

Advance Planning.

Planning should begin at least two months in advance. Confirm with your REALTOR® your closing date before scheduling your moving date. If you are renting, confirm your move-in date. Make a list of all records that must be transferred to a new location, such as children’s school records, and financial and medical records. Whether moving two blocks or 2,000 miles, decide what must go with you
This may be a good time for a serious cleaning of the closets or the basement where you’ve been storing your “valuables.” It can be expensive and time consuming to move things you really don’t need, or worse, to find that there’s no place to put them in your new home.If you are disposing of a large number of items, consider holding a garage or moving sale to offset some of your moving expenses. If you’re donating items to charitable organizations, ask for a receipt for tax purposes.

New Address

Send change of address cards to magazine publishers and organizations who you are affiliated. Most magazines request 4 to 6 weeks notice. Provide change of address notice on credit card bills and leave forwarding instructions with the post office. Let your friends and neighbours know your new address. This also is a good time to request help you may need with packing and moving. If you are moving yourself, schedule a moving party providing pizza and beverages for anyone who can help.

Take inventory of borrowed or lent items. Return what is not yours and retrieve your items. Mailing that hedge trimmer across the miles to its owner will be expensive as well as a nightmare to package. Dispose of flammable liquids, such as gasoline or oil. Is there gasoline in your lawn mower? Two weeks before you move, contact local utility companies to advise of a date to disconnect service. Arrange for utility service in your new home. Clear up outstanding accounts, particularly if you are leaving the area. Plan carefully for the transfer of checking and savings accounts. Open an account in advance in your new community so you have access to money, but make sure your old account stays open until all checks have cleared.

If you are driving any distance, service you car before you move. Car problems in an unfamiliar community can be troublesome. This is also a good time to make appointments with doctors and dentists arranging for a final check-up and discussion of potential problems of which to advise a new doctor.

Packing up

Begin packing early, particularly those items seldom used. If you have a hired a moving company, request boxes and packing paper. A local grocery store is a good source for boxes and packing paper. Ask for boxes in advance. Smaller stores may receive shipments only once a week and will only give away boxes if you are there at a specified time to pick them up. Collect both large and small boxes, keeping in mind that filling a large box with books or records will make moving them difficult at best.

Have plenty of packing supplies handy. Save old newspapers for packing material. For delicate items, you may want to purchase special packing boxes to materials to ensure safe moving. Be creative in your packing particularly with odd-sized or fragile items. For example, move mattresses with old sheets on them as a protection from dirt. An antique floor lamp rolled up in a rug, or a crystal decanter packed in the middle of bath towels adds increased protection.

Of course, creative packing can lead to confusion when unpacking. Make sure all boxes are clearly labeled with their contents. Mark boxes “fragile” which have breakable items. For those items too precious to risk damaging move by hand. Make a list of items to pack separately; items needed on the road (maps, prescription medicines, toys for children); items needed to settle in (cleaning supplies, light bulbs, tools); and those items you will need within the first few days of arrival (food and utensils for the first meals). Pack a suitcase which you could live out of if it should become necessary. Keep important papers such as medical records and insurance policies in one place where they can be retrieved quickly if needed.

Moving Day

When the moving day has finally arrived, makes sure someone is home to meet the mover and point out items to be loaded onto the truck. If your are handling your own move, organize loading to maximize space in the truck and to ensure that the heavy box of books does not get loaded on top of the china box. Before leaving, make a final check of all rooms, closet shelves and other spots where items may have been overlooked. Have an empty box handy for those “found items,” or items which didn’t seem to fit in anywhere else. Turn off all lights and close and lock all windows and doors. Leave your keys with the REALTOR®, Landlord or new owner.

Make sure you are there to meet the movers to avoid possible additional charges. During warm weather, have cold beverages available for movers–professionals or volunteers. Finally, don’t try to unpack everything at once. Unpacking carefully and in an organized manner, keeping in mind which boxes can be stored as they are, will save time in the long run.By following these tips, your move into a new home will be a smooth and enjoyable experience.

If you are ready to move out of your existing home or apartment, perhaps you are ready for a change of scenery at this Trent River waterfront home where you can bring your mother in-law or invite your family and friends to stay over.  The main house has a walk-out lower level in-law suite with contained kitchenette, sitting room, full bathroom and bedroom. In addition there is a 860 sq ft guest house or granny flat with a fully fenced garden, 4-pc bathroom, living room and open concept kitchen. The asking price is $399,900.

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license. Source: Ontario Real Estate Association.

Leverage
Secondary home ownership is an attractive investment option because it gives you even more leverage than you have with your principal residence. Leverage is when a relatively small amount of your money controls a much larger asset – like a property. The more leveraged you are, the greater the financial return on your down payment becomes if the value of your property increases. There are very few other investments which can be purchased with such a small percentage of your own money.

For instance, let’s say you acquire a second property for $100,000, with a $15,000 down payment, and during the first year that you own it, the property increases by a value of three per cent for a $3,000 gain. As a result, the return on your down payment of $15,000 is 20 per cent – $3,000 divided by $15,000.

Other Investments
By comparison, let’s say you were to buy a term investment of $100,000 (in cash) for one year and it increased by $8,000 over the course of the first year. Since it cost you $100,000 in cash to buy it, the return on your investment is only eight per cent before taxes. Obviously, leveraging is a powerful way to make your money work for you.

Getting Financing
You should be aware that many lenders place non-owner occupied deals in the high-risk category and it’s not that unusual to find lenders who will not finance rental units at all – or those who will only finance them if they are insured.Obviously, lenders will want to know whether the property will carry itself. (Is there sufficient rent to cover the mortgage payment?) Don’t make the mistake of assuming that a rental income of $500 per month will carry a mortgage payment of $500 per month. Only a portion of the rent is used to pay the mortgage; the remainder must cover taxes, maintenance, vacancy, bad debt and expenses.

Many inexperienced purchasers think that owning rental properties will allow them to “get rich quickly” and when this does not happen, the owner becomes disillusioned and loses interest in the property.

Costs
You should also be aware that the cost of obtaining a mortgage (for legal and appraisal fees) on a non-owner occupied property can be higher than the cost of obtaining a mortgage on an owner-occupied property, when more than one unit – such as a duplex or triplex is involved.  Interest rates charged on rental properties might also be higher because some lenders view these properties as being a higher risk.As mentioned above, the main responsibility of having a second property is being able to carry it financially. And if you’re like most people, you’ll probably have to rent it to someone as a result.

This is also a great deal of responsibility because you will have to maintain the property in addition to your own principal residence, and you’ll be responsible for finding tenants who you trust and feel comfortable with.Some parents with grown children ready to go off to university or college choose to purchase secondary properties for their offspring to live in while they attend school. This gives them an excellent investment and they are assured that the occupants will take good care of the home.

If you’d like more information about purchasing a second property, consult Astrid Hood, REALTOR® with Re/Max Eastern Realty Inc., Brokerage.  Astrid works out of Campbellford, Ontario where there are many waterfront properties available that make popular second homes for recreational purposes or to lease out to vacationers or year-round tenants.

This country retreat set on 3.39 acres on the scenic Trent River is located just south of Campbellford, Ontario.  There are 7 bedrooms, 2.5 baths, with 2 double detached garages, and detached workshop with hydro. It has a fenced above-ground swimming pool, surrounded by landscaped gardens with fruit trees, flagstone paths and gazebo. This part of the Trent is excellent for fly-fishing, or a boat launch is just down the road to enjoy 12 miles of lock-free boating. This home has several wheel chair ramps and would be a wonderful Bed and Breakfast retreat or investment for vacation rentals.  Priced at $404,999.

REALTOR® is a registered trademark of REALTOR Canada Inc., a company owned equally by The Canadian Real Estate Association and the National Association of REALTORS® and refers to registered real estate practitioners who are members of The Canadian Real Estate Association. Used under license.  Source: Ontario Real Estate Association.

• the price you are willing to pay
• the neighbourhood where you want to be located
• the style of home (ie: bungalow versus a 2-storey home)
• the size of lot you would prefer
• do you want an urban home with municipal services?
• or do you mind a rural home with well and septic sewer?

There may be other factors that are important to you. The more refining of your “wish list”, the narrower the search field will become. Sometimes, if there are too many requirements of your future new home, there could be very few homes left that fit your dream home image. In that case, it may be time to prioritize the “list” and you may need to be willing to accept a home that perhaps has a lovely neighbourhood even if the style isn’t what you were hoping for. Maybe it is something you can renovate or change to suit your tastes later.  This would differentiate what are your real “needs” as opposed to “wants” in your home search.

If you have a growing family, a home that has at least 3 bedrooms may be a  necessity.  This is what would be referred to as a “need” rather than just a “want”. ”Needs” are things in your new home that you must have, in order to be comfortable. According to the Ontario Real Estate Association, Step-by-Step guide for Home Buyers; “As you contemplate the kind of home to buy, your strategy should be to find a home within your price range, that fulfills all or most of your ‘needs’ and as many of your ‘wants’ as possible.”

One way to do this is to create a list for yourself of all the things you would like to have in your new home. Break your list down into different components of the house your would be looking for. The components can have headings and under each heading have sub headings of the qualities that are important. Next to each quality, mark it as a “need” or a “want”.

Below is a partial example of what  headings you could have on your needs and wantslist:

Home’s Exterior - need or want?

• large lot and yard
• detached home
• double garage
• swimming pool
• fenced back yard
• waterfront lot

Home’s Interior - need or want?

• 3 bedrooms
• 2 bathrooms
• front hall coat closet
• formal dining room
• kitchen with south window
• hardwood floors

Home’s Systems - need or want?

• Oil or gas heating
• Air Conditioning
• Municipal water
• Municipal sewer
• high-speed internet
• central vacuum

Neighbourhood - need or want?

• Quiet street
• close to shops
• close to schools
• on edge of town
• golf course
• close to hospital

Once you have your list compiled, the next step is to ask your Realtor to match the type of home you’d like to purchase with what is available on the market in the neighbourhood you are searching. You may find the style of home your are looking for with all your needs and wants, may be in a price range you are not willing to pay, and it will help you decide to move some of your “needs” into the “wants” category. You may want to do drive-by’s through the communities you like, to see the homes that are available and it will give you a feel of where you would be comfortable living.

Once you are sure that you have zeroed in to the right homes in the right geographical area, it is time to book the appointments through your Buyer Representative to actually go in and see some of them in person. At this point, it should be very evident to decide which is the right home for you.

This 2-BR bungalow may have some qualities on your wish list with a potential in-law suite in the lower level with kitchenette and whirlpool tub. Located in a rural neighbourhood of tastefully designed homes, only a few minutes drive from the scenic town of Campbellford. Priced at $224,900.00.

But home prices are also on the rise to the point where even moderate-income families — with household earnings of between $44,500 and $70,000 — are being squeezed out of the housing market.

“The cost of housing has risen dramatically and we now have levels that are approaching, or have exceeded at times, the city of Edmonton. And Alberta’s average family incomes are much, much higher than they are in Saskatchewan,” said Alan Wallace, Saskatoon’s neighbourhood planning manager.

“Prices rose so quickly that even somebody who was … able to save a down payment on a $190,000 home, now has to save much more for a $300,000 home. Even some of the entry-level product in Saskatoon starts at $270,000, so it’s a much more difficult thing to do.”

The city has decided to help with the down payment in a move it says is the first of its kind in Canada.

Council recently voted unanimously in favour of an equity building program — a five-year plan to provide low-interest loans to help people switch from rental accommodations to home ownership. The plan will allow eligible households to get about $12,000 for a down payment on a home ranging in value from $220,000 to $280,000. The aim is to help some 250 households over the life of the program.

Wallace said there are provincial programs, such as subsidized housing, to help lower income people. But there was nothing to help people in the middle.

“So a picture starts to form that people are struggling. And if they struggle long enough with inadequate, insufficient, unaffordable housing, a number of things happen which are negative,” said Wallace.

“They’ll maybe move away from the community or they will live in substandard housing — housing that is inadequate for their needs. It could be a large family that is in a two-bedroom apartment.

“The negative consequences are that people just don’t succeed in life. They don’t succeed educationally. They don’t succeed in a healthy way.”

It’s also hoped the program will free up units for lower-income renters.

Wallace said the program won’t cost the city any money if all goes according to plan. Cash for the down payments is coming from the city’s investment portfolio, not from operating revenue, and the loans will have to be repaid over five years.

“It’s not a handout. It’s not a subsidy program whatsoever.” The program will be done in partnership with the Affinity Credit Union.

Credit Union vice-president Serese Selanders said interest has “far exceeded” expectations. There were more than 150 calls in the first few days after the announcement.

“It’s kind of bittersweet,” said Selanders.

“On the one hand, we’re very excited because … this confirms that we’ve done the right thing, that we’re going to be able to meet people’s needs. On the other hand, it is somewhat sobering in that there is a huge need out there.”

The Association of Saskatchewan Realtors calls the initiative a step in the right direction for Saskatoon.

“It’s always good to be able to assist some folks in moving from rental to purchase because of the long-term benefits of home ownership, increases in net worth and those types of things,” said Bill Madder, the association’s executive vice-president. “I think it’s been shown very clearly that home ownership, if it’s attainable, is a very good step in long-term financial health for people.”

Economists and others, however, are skeptical. The Canadian Taxpayers Federation says there’s a risk that the public could be on the hook for the money.

“Our concern would be if the people don’t pay the loans back,” said Colin Craig, the federation’s Prairies director. “There have been many instances in government history where the governments have generously loaned individuals and companies money but haven’t seen it all paid back.

“The city should stick to focusing on pipes, pavement and policing.”

Eric Howe, an economics professor at the University of Saskatchewan, suggests making more homes affordable in a tight housing market will increase demand and, in the end, the program will have “no consequence whatsoever.”

“There’s a certain supply of housing in Saskatoon, a certain supply of housing you can buy, and all it will do is drive up the price of that until the mortgage program doesn’t make any difference at all,” said Howe.

“I understand that politicians want desperately to look like they’re doing good things, but I wish they wouldn’t do this sort of thing. It’s just going to somewhat distort the market.”

Howe also said it’s probable that a fraction of the loans won’t be paid back.

“If you couldn’t afford to save the down payment in five years, then why would anybody suppose you could afford to pay the down payment back in five years?

“If you can afford to save the down payment in five years, then just get your house five years from now.”

Meanwhile, the value of non-residential permits fell 22 per cent to $1.9 billion, the lowest level since January 2010. This decline was due primarily to decreases in the commercial and institutional components in almost every province. The value of permits issued rose in half of the provinces, led by Ontario. Quebec recorded the most important decline.

For 2010 as a whole, the value of building permits issued by municipalities was up 19.8 per cent to $73.1 billion.

The year-over-year increase was largely driven by a sharp rise in residential construction intentions, which jumped 27.6 per cent from 2009 to $44.3 billion.

In the non-residential sector, the value of permits totalled $28.8 billion, up 9.5 per cent when compared with 2009. Permits issued for multi-family units rose 55.3 per cent to $1.6 billion in December, the highest level since April 2008. There were increases in seven provinces, with Ontario accounting for most of the gain.

The value of building permits for single-family units rose 3.6 per cent to $2.1 billion, a second consecutive monthly gain. There were increases in six provinces, led by Ontario and Newfoundland and Labrador. Quebec, on the other hand, experienced the largest decline in single-family construction intentions.

At the national level, municipalities approved the construction of 17,893 new dwellings in December, up 27 per cent. Most were multiple-unit projects.

The value of commercial permits fell 21.7 per cent to $1 billion. This marked a second consecutive month of large declines.

In the institutional component, permits totalled $396 million, down 38 per cent from November.

It was the third straight monthly decrease in this sector, pushing it to its lowest level since February 2009. Every province except Saskatchewan recorded a decline in this area, with the largest drops coming in permits for medical facilities in Quebec and educational institutions in Ontario.

After two consecutive monthly gains, industrial construction intentions edged down 0.4 per cent to $450.5 million. Overall in December, the value of building permits rose in five provinces. The largest gain was in Ontario, with substantial jumps in housing permits. Quebec recorded the most important decline, following an 18.2 per cent increase in November. The decrease was due primarily to lower construction intentions for institutional and commercial buildings in the non-residential sector.

Nina Callaway, a writer and event planner who has guided many couples through the process of wedding planning, has developed tips for avoiding outdoor wedding pitfalls.

Some of her advice includes:

• Make sure your guests will be comfortable by providing shade umbrellas, or awnings.  Have bottles of water available or hand out paper fans for those hot days. The climate during June in Ontario is usually moderate and usually not too hot or too cold during midday.  But it is wise to be prepared for all possibilities.
• Have a back-up plan in case it rains. A sturdy tent that will withstand a windy rainstorm will also be welcomed on a sunny hot day when guests look for shade. If there is no tent, an indoor back up location is a good plan to scoot the tables and chairs indoors during a sudden downpour.
• Plan for wind. Many light summery fabrics will end up floating like billowing parachutes and loose hair will find its own unkempt setting.  Nina suggests women plan a style that won’t leave you looking like Cousin It! Men in the wedding party should use pomade or other styling product.
• 

  Wedding party under archway

  Look into a sound system. If your wedding will incorporate a guest list and rows of seating, the group gathered will most likely not be within ear-shot of the ceremonial reciting. The great outdoors has a way of absorbing and losing sounds.  And if there is a backdrop of lapping waves, or wind rustling through the trees, voices will end up being drowned out.

• Enhance the outdoor beauty with decorating and landscaping. Visit the site a week before your wedding to make sure the grass is mown, the ground raked, and the flowers have bloomed.  Other decorations you may want to consider include an arch or trellis to focus the ceremony and frame the bride and groom as they say their vows; strings of lights or lanterns in the trees; luminarias; torches; or farolitas. Control pesky flying things with citronella candles or a bug zapper.
• Consider how the caterer will serve the wedding dinner outside. A sit-down dinner with table cloths and centre pieces create an elegant atmosphere in the out-of-doors.  Be sure there are foods that are compatible to being served outdoors. Have plenty of ice and water around as well. For a fancy cocktail, why not serve a classic mint julep or a mojito? The mint will refresh and cool your guests.
• 

  Attractive table settings

  Find that special location that has the scenic Ontario backdrop you will cherish as it is captured in your wedding photo album forever. There are city and Provincial parks that may need a permit for wedding photography, as well as there are banquet halls and resorts with outdoor gardens especially designed for your special day.

The property where these wedding photos were captured is located in Marmora, Ontario and is available for sale for $850,000.

Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax

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Re/Max reported that buyers were asked to rank home renovations in terms of their relative value and importance. In this study, for homes in the $140,000 to $250,000 price range, bathrooms, kitchen taps and plumbing offered a return in investment (ROI) of 67% to 70%.  For homes in the $250,00 to $400,000+ price range, the ROI for bathrooms, kitchen taps and plumbing was around 43% to 54%.  Based on these figures and your home’s value, you can decide how much it would be worth for you to invest on your home’s bathroom prior to listing it for sale.  Your neighbourhood Re/Max REALTOR® will be able to research your neighbourhood home values.  Your REALTOR® can discuss the features of your property and how it stacks up against comparable properties in the local area.

Create a spa-like environment in your bathroom.

Even smaller fixes will make a big difference when it is time to stage your home to present it for sale. According to Ontario Real Estate Association’s, “How to Sell Your Home, A step-by-step guide for home owners”, if you are not up to major renovations you should at least make sure that:

• every surface is sparkling clean
• the counter tops are organized, free of clutter and there is fresh soap
• sinks are spotlessly clean, faucets working properly and leak-free
• tub and shower surfaces are free of dirt, stains and tile grout clean
• towels are stain-free and hanging neatly
• shower curtain is clean and in good repair
• toilet is extra clean and working properly
• cupboards are organized and clutter-free
• medicine cabinet is clean, organized and personal items removed

For a home that is a higher investment value, Re/Max recommends your goal should be to create a spa-like environment in your bathroom.  The adjacent photo displays a clean and modern bathroom with soaker tub with relaxing jets.  The use of brights lights and mirrors create an illusion of a larger space.

The use of bright lights and mirrors create an illusion of a larger space

The room is clutter-free with minimal personal items on counter-tops or in cabinets.  The room has a privacy panel between toilet and jet-soaker tub.  There is a separate vanity table in an adjoining powder room with another sink, framed mirrors and mirrored walk-in closet.  The highlight of this elegant bathroom are the heated Italian porcelain floors that warm the toes and will make a buyer surely fall in love with this home.

The home and guest chalet with this luxury bathroom is located in Marmora, Ontario and is available for sale for $850,000.

Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax
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Their dream was to retire

Their dream was to retire, sell the large luxury home, and purchase a more modest bungalow in Ontario for summer-time living and also purchase a cosy bungalow in Florida for six months of the year during Canada’s snowy winters.

After listing their home for a few months, an open house and several showings later, a buyer came along for us. Cliff and Kathy began shopping for their new homes, and in particular were now growing wings to officially become Snowbirds!

The mobile home they selected for their winter roost is located in Parrish/Bradenton Florida and known as The Gardens (www.lorsam.com).

I recently chatted with them and asked them a few questions I thought would be of interest to others who may be dreaming of becoming Snowbirds during this January cold snap:

Q. How did you find your Florida Home?

A. We searched the Internet

Q. Are there additional expenses, fees or taxes as a Canadian resident in Florida?

A.Taxes are the same as any American purchasing a home

Q. How do you feel about the annual drive down to and back from Florida?

A. It is like any two day drive which can be tiring and timing is everything.  We travel on Saturday and Sunday as there is less truck traffic.

Q. What do you do to prepare your homes before you leave?

A. Up North…turn water off.  Put telephone, Internet, Cable on vacation for the duration (minimum of three months) Arrange for mail pick up and have our house checked weekly.

South…turn water off.  Telephone etc. on vacation.  Put bleach in toilets cover with saran wrap so the water does not evaporate in the heat.  Arrange for outside maintenance and pest control. Redirect Us mail to Canada at no charge. Arrange for weekly checks on the house.

Q. How long do you stay at each home?

A. Six months in florida and six months in Canda.

Q. Are you well-recieved as a Canadian Snowbird in Florida?

A. Absolutlely

Q. What tips would you give to anybody considering being a Snowbird?

A. Check the area you are considering extensively (Is it a vacation destination or residentiial)

Q.. What do you miss about Canada when you are in Florida?

A. Tim Hortons not the snow

Q . In your opinion, is it a good time for Canadians to buy a Florida home?

A. Absolutely. Due to the depressed real estate market and value of the Canadian dollar

Q. What is your favourite thing about living in Florida in the winter?

A. No snow.  New people great friends cheap liquor.

With an International Real Estate Specialist designation (I.R.E.S.) I have contacts in different parts of the world, inlcuding Florida, where I can refer buyers in Ontario looking for a winter vacation investment.

Asking price, $179,900 U.S.

My Florida real estate contacts are ready to take care of any Snowbirds ready to escape the Canadian chill.

For example, this Rotonda West canal home built by Newport Homes is the Parade Model and was a model home. It has great curb appeal, includes a canal lot, mature landscaping front and back and has southern rear exposure.

This home is bright, spacious and in immaculate condition. Popular Rotonda West is well located within minutes of dozens of golf courses, gorgeous beaches, world class fishing and boating, shopping, restaurants and an easy drive to Busch Gardens or Disney parks.

Great vacation, part-time or permanent location. Asking price, $179,900 U.S.

If you have any questions about locating properties in Ontario or Florida please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at

Astrid Hood Realtor

astridhood@remax.net or by toll free at 1-800-567-4546

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax

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Traditionally, the Spring months (March, April, May) in our 4-season climate, are when home-buyers are ready to venture out on the roads, and begin trecking around to find new homes to move into. Often, the Spring buyer would like to have the sale done by the end of June, in time for summer vacation and to be all settled before the kids are ready to start their new school. This, being the average pattern of most people, also creates a bit of a surge in activity with many sellers submitting listings in the Spring knowing there will be buyers actively shopping in the warming weather.

When the market is full of homes to sell, that creates more competition betwween individual sellers, and will create what is known as the “buyer’s” market.  With many homes listed for sale, buyers will have an advantage to compare listings and have more leverage to negotiate. The seller will be less likely to stand firm on the asking price if the buyer can say they have another similar home in mind during the negotiations. In January, you can hope for more qualified buyers with less competition which would mean a better chance you will sell your house.

There are, in fact, people searching for homes all year round, and we don’t need to wait for the Spring “glut”. Sometimes, with the nice weather, you may get people out who simply enjoy the past-time of viewing homes and attending open houses, to see what is available in a certain neighborhood, or see what their neighbor’s house looks like inside or to get decorating ideas! Not all fair-weather home viewers are necessarily serious buyers and are sometimes referred to as “tire-kickers”. At this time of year, those who are willing to venture out in minus 20 C temperatures and slosh through snow drifts will be more serious buyers than those in Spring.

This January 2011, we are starting off strong with what seems to be a more active than usual real estate market during our Canadian winter. Traditionally there are not too many phone calls or requests for showings in the midst of these short days of the year,  but this month I have had several requests for showings in sub zero weather: at waterfront cottages with no heat or plumbing switched on;  I met buyers on the crest of a hill-top vacant lot with the brisk wind-chill creating an ache on my face as we tearily blink at the amazing views over a frozen Rice Lake; I have asked home sellers to please keep their walks and porches shoveled of snow to allow a pleasant winter curb-appeal for showing requests.

According to the Canadian Real Estate Association (CREA) News Release on January 14, 2011, activity in December 2010 ran slightly ahead of the ten year average for the month. “The hand off to 2011 for sales activity in the fourth quarter suggests that the continuation of low interest rates will further support the housing market,” said Gregory Klump, CREA’s Chief Economist.

“With activity having returned to healthy levels and a firm floor under prices, many sellers who shied away from the market heading into the summer are expected to list their properties heading into the spring,” said Klump.

Asking price $224,900

With a confident forcast for 2011, based on a strong end to the year 2010, it would seem that the early bird seller would do well to beat the Spring rush, and list their home with a REALTOR® who is ready to market the home to the serious buyers that are already shopping.  Here is a Campbellford bungalow that was listed on a Tuesday in January this year, and there was a showing scheduled the following weekend!  Tucked into a hardwood woodlot, this 2-BR bungalow with potential in-law suite in the lower level with kitchenette and whirlpool tub could be your retirement oasis. The home is located in a rural neighbourhood of tastefully designed homes, only a few minutes drive from the scenic town of Campbellford and all its amenities. The surrounding trees afford cool shade all summer and privacy from the easy access off municipally maintained roads. A natural gas service heats a cosy gas “wood-style” stove in the roomy family room. A double garage with carport and workbench, heated with an oil furnace rounds off the package. Asking price $224,900. See the YouTube video here:

Astrid Hood of Remax Eastern Realty Inc

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at

astridhood@remax.net or by toll free at 1-800-567-4546

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax
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Actual (not seasonally adjusted) national sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards was down 14.4 per cent on a year-over-year basis in December 2010, which reflects record level sales for the month of December in 2009.  Activity in December 2010 ran slightly ahead of the ten year average for the month

The national trend for monthly sales remained stable in December, with seasonally adjusted sales activity having edged down by less than a percentage point from the previous month.  Led by Calgary, Winnipeg, and Hamilton-Burlington, seasonally adjusted sales activity was up month-to-month in half of local markets. Toronto, Vancouver, and Montreal were among the markets that posted a small month-over-month decline in December.

“Overall sales activity has improved in recent months, but the upturn has been uneven among local markets,” said Georges Pahud, CREA President. “Housing market trends often differ due to a number of local factors, so buyers and sellers should consult their local  expert to understand how trends are shaping up in their market.”

National home sales activity improved steadily over the second half of 2010, with seasonally adjusted sales up 18.3 per cent in December compared to the recent low reached in July. As a result, seasonally adjusted activity in the fourth quarter of 2010 rose 12.1 per cent from third quarter levels, and was up less than a percentage point compared to second quarter activity.

“The hand off to 2011 for sales activity in the fourth quarter suggests that the continuation of low interest rates will further support the housing market,” said Gregory Klump, CREA’s Chief Economist. “Sales may be starting to plateau in some of Canada’s most active and expensive housing markets.  Combined with a pickup in new listings and further interest rate increases, the stage is being set for smaller price gains and a further deceleration in the growth of mortgage debt.”

Some 447,010 homes traded hands over Canadian MLS^® Systems in 2010, down 3.9 per cent from 2009. Annual sales activity was higher than CREA had forecast previously due to stronger than projected sales activity in the fourth quarter.

The number of new residential listings on Canadian MLS^® Systems held steady in December, rising by less than one percentage point on a seasonally adjusted basis. New listings remain 14.2 per cent below the recent peak reached in April 2010.

The housing market remained in balanced territory on a national basis in December, with sales as a percentage of new listings amounting to 55.2 per cent. Just over half of local markets in Canada were in balanced territory in December.

Three-quarters of the remaining local markets are sellers’ markets.  “With activity having returned to healthy levels and a firm floor under prices, many sellers who shied away from the market heading into the summer are expected to list their properties heading into the spring,” said Klump. “Sales in the months ahead are not expected to continue trending upward as steeply as they have in recent months, so an increase in new listings may return many sellers markets to balanced territory.”

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and can be used to gauge the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at 5.8 months at the end of December on a national basis. This was unchanged from November, and remains 1.4 months below where it was in July.

The number of months of inventory in December rose compared to November levels in British Columbia, Saskatchewan, Quebec, New Brunswick and Nova Scotia, and was down from the previous month in Alberta, Manitoba, Ontario and Prince Edward Island.

The national average price for homes sold in December 2010 was $344,551, up two per cent from the same month last year, and stable compared to average price in October and November. About 60 per cent of local markets recorded year-over-year gains in December. Average price was down on a year-over-year basis in 30 per cent of local markets, and remained stable in the remainder.

The annual average price for homes sold via Canadian MLS^® Systems rose 5.8 per cent to $339,030.  Much of the increase reflects compositional factors within and across housing markets that caused average price to be skewed downward in 2009.

However, hot tubs can be used year-round under properly maintained conditions. The comfortable temperatures seen during summer months still produce many cool Canadian summer evenings, where home owners incorporate hot tubs in their home environments. The insulated models available for our northern climate can be left running all 4 seasons.  The water heat can be turned up to high heat, for frigid days and nights and turned down to a comfortable tepid temperature for cool midsummer evenings.

Soaking yourself in the rolling, bubbling hot waters

The Scandinavian tradition of hot baths blends well in Canada.  Soaking yourself in the rolling, bubbling hot waters cause surface blood vessels to dilate, increases blood flow to the skin, raises body temperature and cleanses the skin.  According to Scandinave Spa Resorts located in Whistler B.C., Mont Tremblant Quebec, or Blue Mountain Ontario, in addition to cleansing the body, the massaging jets in a hot tub stimulate blood circulation and release endorphins. All of the senses are awakened; muscles are soothed and a general sensation of well-being washes over you. The second stage in a resort spa consists of closing the pores of the skin with a brief, but highly beneficial , cool water in a shower, waterfall or cool bath.  In a Canadian back yard spa, a roll in the snow works wonders to cool down the body!

The investment for a hot tub is only a fraction of an in-ground or above gound pool and is not likely to deter a buyer from putting in an offer on your home if all else is satisfactory.  Many models are portable and could be considered a chattel, meaning it can be a negotiable item to be either included or excluded from the purchase price of the home.  Sellers can decide to not include their hotubs in the home sale, and take it with them to their new home.  But the properly installed and designed spa area, in your own outdoor personal  garden spa should include the hot tub as part of the home’s layout and would be considered inseperable. Good landscaping always adds to a home’s resale value, and incorporating your hot tub spa space as part of the landscape will create an inviting outdoor area to excite buyers into liking what they see.

The hot tub is set on decking only a few chilly steps away from a home entrance

An example of a well-designed home oudoor hot tub spa, is seen in the photo.  The hot tub is set on decking only a few chilly steps away from a home entrance. The cedar plank decking lets any water splashes to run between the floor planks and decking will prevent anything being carried onto the tub from the feet.  There is a matching set of cedar steps to help get up into the tub.  An overhead pergola prevents snow fall from piling up on the hot tub cover, shelters the users from rain and keeps the tub shaded in the summer.   Of course the surrounding scenery should be a major consideration when situating your hot tub to maintain a soothing atmosphere as part of your relaxing experience..  The scenery here set amongst the wooded shoreline of Crowe River can’t be beat!  This hot tub is located at a luxury log home for sale in Mamora, Ontario, and the entire estate with hot tub can be yours to purchase for $850,000.

Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax

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What are the benefits to home ownership?

1.  If you’ve managed to save enough for a decent sized deposit, then your monthly payments could be less than the cost of rent.

2. Holding a mortgage is an investment to property ownership rather than payments that are not building equity.

3. Ownership of real estate, if you can hold it long enough, usually produces an increase in your investment.  Even if markets go down, the cycle traditionally heads up again.

4. If you have to move before reselling can happen, you can rent out your property for a monthly fee to cover your mortgage payments and maintenance costs.

5.  Renovations or  home improvements usually give you increase to your home’s future resale price as part of your investment.

6. As a home owner, you can knock down walls, own pets, smoke if you want and generally be your own boss.

What are the benefits to renting a house?

1. No large deposit  required.  Usually only the first and last month’s rent is expected before you move in.

2. When buying a home, the mortgage monthly payments could be greater than the cost of rent and may be harder to carry than rent.

3. No mortgage approvals required.  As long as you can prove you can make the monthly payments, you should be approved to be a tenant.

4. You can arrange for monthly or a short-term lease in case you find a job in another location or decide the neighbourhood you have intially selected does not feel like home.

5. All homes require upkeep and maintenance. In Ontario the home’s maintenance is the job of the landlord.

6. As a renter you have the right to quiet enjoyment of the home and the landlord needs permission before entering the premises.

The rental price is $1,000.00 per month.

As a REALTOR, I would want to help you find a home to purchase in the neighbourhood of your choice, but it is my job to help you decide what is the best move for you in your circumstance. Real estate brokerages have sales listings as well as homes for lease. For example, if you were to move to Campbellford, an Ontario town just east of Toronto, there is a waterfront bungalow for lease close to the town’s shops and all amenities.

There is a great water view from the large living room windows, plus patio doors to the rear deck. 3 bedrooms, 4-piece and 2-piece bathrooms, full basement plus main floor laundry hookup. Attached garage, freshly renovated and newer laminate flooring. Hydro, cable, water/sewer and telephone not included in rental fee. Landlord is willing to apply for a zoning change to commercial for a commercial renter. Large front lot with easy access off Front Street, would make ideal parking area for a business. The rental price is $1,000.00 per month.

Astrid Hood of Remax Eastern Realty Inc

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

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The following information to help you make sure your new home will fit your needs, preferences and price range:

• When shopping around for a new condominium, it is important to ensure that you are aware of what is and what is not included in the purchase price. For instance, are there amenities such as pools and parking? How is access to such amenities paid for? Are finishes within the units included in the purchase price? Are there other charges over and above the purchase price you should be aware of? Are utilities (gas, electricity and water charges) covered in the monthly condominium fees or not? All such questions must be considered to ensure that you can compare the overall costs associated with different condominiums.
• Every condominium also comes with its own set of rules, regulations and by-laws. These can range from restrictions on the number of occupants allowed to live in each unit to limits on pets, noise, parking and times when certain amenities may be used. These rules are designed to ensure that the condominium is properly operated and maintained. They can also help protect the rights of each owner and ensure that the living environment stays peaceful and harmonious. To decide if you can live by these rules, make sure to obtain and read a copy of them before you make any firm decisions. This information should be readily available from the seller, property manager, Board of Directors or the condominium’s governing documents.
• The boundaries of each individual unit can vary considerably from one condominium to another. In some condominiums, the boundaries of your unit could end behind the interior drywall of the dividing walls. In others, it might only go as far as the wall’s centre line.This can be an important distinction, so find out where your ownership will end, especially if you’re planning to carry out any alterations or renovations.
• For a freehold or bare or vacant land condominium, the individual unit encompass the entire house, including the exterior walls, roof and even the land surrounding it. Before making a purchase, make sure you understand exactly where your unit’s boundaries will begin and end.
• Your condominium may also include some “exclusive use common property elements.”These are areas that are outside the boundaries of your unit but reserved for the exclusive use of the unit owner. Common examples include balconies, parking spaces, storage lockers, driveways and front or rear lawns. While these spaces are for your exclusive use, there may be restrictions on how and when you can use them.

For example, you may not be able to park a boat, RV or commercial vehicle in your assigned parking spot, or there may be restrictions on what you can place on your balcony. If you feel there may be a potential conflict regarding what you want to do with any of your common property elements, try to clear it up before you sign on the dotted line.

A stream is just a stream to a casual observer – a pretty flow of water with life on its surface and growth on its banks. To a sport-fisher, the stream consists of pools and runs and riffles, hidden rocks, sunken weed beds, gravel bars, log jams and cut banks. Its temperatures, flow and colour all have special meaning to the experienced fisher. The fishing sportsperson looks at the surface and reads the depths, judging where the big fish should lie and where there could be smaller ones. The fisher studies the stream; planning a cast that will reach far under the over hanging brush of the far bank or hang briefly near the sheltering rocks that break a run of fast water. Fly-fishers like surgeons, need to look below the surface (or skin) of the stream; they need to become interns as they learn the “anotomy of a stream”.

According to Roderick L. Haig-Brown, author of “A Primer of Fly-Fishing”, streams are highly complex. No stream has an even bottom or an evenly distributed flow from bank to bank. Some streams change from year to year as each season’s floods and freshets gouge new pools, build new gravel bars, cut away banks and tear out new channels; others are relatively stable. The rocks and and banks and gravel bars of a stream slow and direct its flow. Each curve shifts the flow from one bank to the other. Each rapid speeds and aerates the water; each pool slows it down again.

Fish will be found holding either in resting places or feeding places. Feeding places are likely to be in runs of current, which gather the feed from wider and shallower stretches of quieter water above. But they may also be found in the easy water along the edge of a run or even in the back eddy formed by a run. Resting places may be at the bottom of deep pools or under cut banks or almost anywhere that the fish find sheltered water near bottom with a good flow of current over it.

Where can a sports fisher find clear, clean stream harbouring several species of fish for the catch? Southern Ontario offers some of Canada’s best and diverse fly fishing. Regardless of the type of fly fishing experience you’re looking for, you’ll find it right here in Northumberland County.

Fly Fishing in Ontario

Some of the best smallmouth bass fishing is right here! In Campbellford a town that is bisected by the Trent River, you are just a 1.5 hour drive away from Toronto or Kingston. With the wide variety of bass fishing sites, you will always be able to find a location that is angler free. The Trent River is reported to hold some trophy smallmouth bass. The experienced fly fisher would also be pleased to learn that Northumberland County offers excellent speckled and occasionally brown trout fishing within a short drive. Located in the small to medium creeks in this area are native and naturalized stocks eager to take flies of the variety of hatches occurring each spring, summer and fall. According to Northumberland Tourism, fly fishing for carp in Northumberland rivers and lakes is superb. They report the Trent and Ganaraska Rivers have excellent carp fishing. Carp are one of the hardest fresh water species to get on a fly. When they do bite, they will test your gear in every way possible.

With the many streams in the watershed within Northumberland county, this area is prime for fly anglers. There are many species of fish and diversity of river waters. Flowing south from Rice Lake, the Trent River is part of the Trent-Severn Waterway, a 386 km-long waterway first navigated by First Nations and later an important route for fur traders. Between the village of Hastings and the town of Campbellford, the river stretches 29 km (18 miles) before continuing south through Ferris Provincial Park and Percy Reach which is located just east of the historic hamlet of Meyersburg. The Trent River at Meyersburg is abundant with walleye (pickerel), carp, muskie, panfish, pike, and small and largemouth bass. Down Percy Boom Road, in Meyersburg there are areas where you can launch a boat, shore fish, or fly fish.

Home for sale at $409,999

Another option would be to buy a home that can be your very own fishing resort located on the babbling Trent River in Meyersburg with fly fishing opportunites right on your doorstep! This country family retreat is set on 3.39 acres on the scenic Trent River by Meyersburg.

This 7-bedroom, 2.5 bath, 2-storey, home with 2 double detached garages, and detached workshop with hydro has a fenced above-ground swimming pool, surrounded by landscaped gardens with fruit trees, flagstone paths and gazebo. This home has several wheel chair ramps, would be a wonderful Bed and Breakfast retreat, excellent for fishing vacation rentals or family compound. It is for sale at $409,999.

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

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There is a unique family compound, affectionately named ‘Ravenstone‘ that is set among the pines on the serene Crowe River that passes through Marmora, Ontario.  The original owner, Howard Gorsline, was a business man originally from Prince Edward County, Ontario, who chose a prime lot for his own waterfront estate in the community of Riverside Pines.  The home was contracted to be erected by master builder Gordon Wannamaker of Belleville, Ontario, from hand-selected logs to truly reflect Howard’s love of nature.

The main home is a 3,200 square foot log house that features a foyer with vaulted ceiling and unique stone and log work which provides a wonderful entry hall into the house.  There is an open-concept oak kitchen with granite counters, a butcher block work island, a large pantry, built-in appliances, eating area and adjacent dining room, all overlooking a 47 ft by 23 ft ‘Great Room’ with a massive floor-to-ceiling fieldstone fireplace dividing the living area/family room and Irish Pub.  This room has vaulted post & beam ceilings and walnut pegged oak floors to lend a warm rustic atmosphere to the games room/pub.

The rich wood tones one expects to find in a bar are echoed in the window and door framing

Howard Gorsline himself was a carver – his decoys and those of his great grandfather (Sanford Grosline) can be found in the books ‘Decoys of the Thousand Islands’ and ‘Decoys of Prince Edward County’.

The games room contains a large display of decoys and other birds  lined up all around the pub on a display rail adorning the interior log walls. Bar stools are hand crafted from wood branches still with their original tree branch character - knots and bumps included. Vertical log siding lines the bar counter, polished wood bar counter tops and ornate scalloped wood trim creates an enchanted inviting feel as you sidle up to the ”Pub”.

The adjoining games room sports a hand-crafted traditional shuffle-board table. As well, there is a truly unique rocking horse carved by Howard, and many pieces of his hand-crafted furniture placed cosily next to the charming stone fireplace. But it is, after all, a bar. Taking that into consideration, there is a refrigerator, wine cooler, icemaker, sink, and plenty of storage space for glassware. The rich wood tones one expects to find in a bar are echoed in the window and door framing, fireplace surround and cabinets throughout the log crafted home.

Another prized possession in this home is a wood bas-relief carved picture of the house done by well-known artist, John Meyers. Along the riverbank Howard Gorsline built a totem pole that depicts animals and birds indigenous to the area that can viewed from the pub/games room through the large picture windows.  This  one-of a-kind log home with Irish Pub, can be yours for $850,000.

Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546
Follow me on TWITTER:  http://twitter.com/AstridHoodRemax
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Canada's property market performed well during 2010

But while the Canadian home market was among the best performing, it was also one of the most volatile, the report notes. Home sales were unusually active during the winter and spring, but dropped off substantially during the summer, according to the report. It says that over the fall, sales returned to a more typical level.

“We are neither overtly optimistic nor pessimistic regarding the outlook for 2011,” said Adrienne Warren, a senior economist with Scotia Economics.

She expects interest rates to remain low well into 2011, providing an inducement for first-time and move-up buyers, which will keep sales at a decent level. However modest employment and income growth is expected to restrain the market somewhat.

“Overall, we anticipate a fairly lacklustre year for residential housing, with modestly higher sales volumes and flat inflation-adjusted prices,” Warren said. “The bigger risk likely awaits in 2012, when more significant interest rate increases, combined with record-high home prices, will notably strain affordability.”

Australia had the hottest real estate market in 2010, according to the report, with home prices rising nearly 10 per cent over the year.

Demand there was supported by low unemployment and a tight housing supply.

“While Australia’s close trade ties with Asia and resource wealth will continue to underpin a solid pace of domestic activity, higher interest rates will worsen already strained affordability,” Warren said.

France, Sweden, Switzerland and the U.K. also recorded growth in their housing markets.

Germany and the United States were flat in 2010, even as the U.S. market struggled to rebound from a 30 per cent price correction over the previous four years. Ireland, Italy, Japan and Spain all recorded price drops. Ireland’s market was the worst among the 12 nations tracked. It posted double-digit price declines in 2010. Weak demand, oversupply and high unemployment are expected to keep Ireland’s housing market in decline well into 2011.

Since you will be working closely with the REALTOR® for weeks or perhaps months, it makes sense to choose one you feel comfortable with – someone who listens to what you have to say, asks intelligent questions and shows a genuine interest in helping you.  You may want to interview two or three REALTORS® to make a comparison. Is the brokerage firm well-established in the markets that interest you?  Is the REALTOR®  knowledgeable about the market and financing options?  Specifically what will your REALTOR® do for you?  You may even want to consider asking for references from buyers with whom the REALTOR® has worked previously.  Check to see if the REALTOR® has a website with a Testimonials page of real past or current clients’ comments.

Once you’ve selected a REALTOR®, be honest in disussing your financial situation and carefully review the features you are looking for in a home.  This will help your REALTOR® find prospective homes best suited to your needs and it will save you a great deal of time in the process.  Listen to your REALTOR® if they say to you this home would not be suitable, if you find something on your own on the web site REALTOR.ca or in other ads.  Your REALTOR® will have more discernment to read through the ads and find more detailed information on a property in order to avoid driving to many homes that will not fit your “wish list”.

Most importantly, remain loyal to the REALTOR® you have chosen if the REALTOR® earns your trust.  This individual will be spending a lot of time and effort on your project, but won’t be paid unless and until the transaction is completed.  In return, the REALTOR® deserves a degree of loyalty from you.  Getting involved with several REALTORS® creates unnecessary and confusing duplication in effort.  Most REALTORS® in our area use the same Multiple Listing Service and are likely to show you the same homes.  Buyers who attempt to deal with several REALTORS® may miss out on the high level of interest and comprehensive service one is entitled to expect through loyalty to a single REALTOR®.

If you are ready to make the move to beautiful Eastern Ontario in the coming New Year,  Astrid Hood, REALTOR®, of Re/max Eastern Realty Inc, Brokerage, would be delighted to be of service to you.

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546.

Follow me on TWITTER:  http://twitter.com/AstridHoodRemax
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(source: Ontario Real Estate Association: How to buy Your Home, A step-by-step guide for home buyers)

Crowe Bay

The Trent River flows east to Campbellford and then south to the bay of Quinte. This river is part of the Trent Severn Waterway and is popular with boaters during the summer season when the locks are operating.

The natural course of the river flows over rapids and water falls.  A canal system was established that incorporates boat lift locks to transport boaters safely through the different levels of the Trent River.  It was a concept new to Canada, derived from the smaller hydraulic lift locks built in England, Belgium and France in the 1870′s and 1880′s.  From Trenton at Lake Ontario, the first lock is 2.9 km up the river.

The last lock up the Trent is at Hastings, Ontario, 83 km from the mouth of the river,  where it opens up into Rice Lake. The Trent-Severn Waterway system continues through Rice Lake and ends at the last lock which is 387.1 kms up the Waterway System at Lock 45 in Port Severn, on Georgian Bay.  Scenic summer-time views of the Trent Canal are serene as boats of many sizes glide by on their travels exploring this Ontario waterway.  The canal is edged with parkland, the Trans-Canada Trail, boat launches and many homes which are considered prime real estate to have this waterfront feature.

Many bays and pools along the river harbour fish species such as smallmouth and large mouthbass, walleye and northern pike. Reedy shorelines make excellent spawning habitat for these fish which attract many fishers to the area.  Tributaries of this river include the Crowe River  from the Marmora area and the Otonabee River, which runs through the city of Peterborough, Ontario. Where the Crowe River empties into the Trent, is a wider section known as Crowe Bay.  Crowe Bay is located between locks 14 and 15 for 4 km of open water boating.

85 Hearthstone Rd, Bay Meadows

On the shores of Crowe Bay is an exclusive subdivision called Bay Meadows.   Here, is a unique, custom-bult 4 bedroom side split waterfront home with inground pool. It is just a 5 minute drive north of picturesque Campbellford and about 1.5 hours from the Greater Toronto Area. Main floor could be a separate apartment and is wheelchair accessible. There is an attached double garage plus additional single single garage/workshop. This custom home has many recent upgrades including ash hardwood flooring, ceramic tiles, cedar panelled 4 season sunroom, 2 -4 piece bathrooms, one with jet tub. This home is set on large lawns located on west shore of Crowe Bay with a dock for boating, spectacular water views and sunrises. Located at 85 Hearthstone Road, Campbellford, Ontario, asking price: $399,000.

Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax
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According to Megan Abraham of our local newspaper, the Community Press, by the end of 2010, a Tourist Destinations Project will be put into place to encourage long-term growth of local tourism in Hastings County, Ontario.

“Tourism is an important industry here, with 1.5 million visitors annually, spending about $2.6 million,” said Hastings County Econmic Development Officer, Andrew Redden.

According to Ms. Abraham, “The goal of the Premier-Ranked project is to turn Hastings County into a “destination” by taking steps to improve it’s competitiveness in the tourism market, thus creating a destination that’s ‘better than the rest’, and a place tourists consider travelling to before any other place, according to a press release. One of the necessities flagged for the Hastings County area, are more places for people to stay overnight.

Here is an opportunity for people with vision to become an entrepreneur and create overnight establishments for the future wave of new tourism opportunities.  Outdoor activities are plentiful here during all four of Canada’s seasons and eclectic and unique artisan and antique shops make for a wonderful day of shopping, and experiencing the communities in Hastings County.

The settlement of Hastings County is made up of a collection of small towns, hamlets and villages. You experience the joy of rural and small town life while being in close proximity to Ontario’s major metropolitan centres.  One town in particular, Marmora, is situated approximately half-way between the major centres of Toronto and Ottawa on the main route of Highway 7.

Crowe River

The Town took its name from the Latin word for ‘marble’ because of an ‘immense rock of most delicate white marble’. This giant rock stood on the southeast corner of Crowe Lake. The Lake took its name from the Crowe Indians that lived along the shore.  Marmora was re-amalgamated with the surrounding townships of Marmora and Lake in 2001 to form a newly expanded Municipality of Marmora and Lake.  Camping and other outdoor recreational activities such as ATV trail riding, fishing, and hunting are very popular for locals and those on vacation.

The Crowe River flows into Crowe Lake, which boasts excellent fishing for bass, muskie, pike, walleye, and a few other types of fish. This river runs through the Village with parks and boat launches along its shores to make a delightful destination spot for local visitors.  The  Marmora area is an ideal location to establish a Bed & Breakfast for travellers who want to linger here.

Ravenstone is a Crowe Riverfront Estate located in the small subdivision of Riverside Pines

Here is an opportunity to purchase a Luxury Canadian Log Home as a half-way house between Ottawa and Toronto for overnight lodging, a wedding catering facility or luxury spa retreat.  This estate is currently known as “Ravenstone”.   Ravenstone is a Crowe Riverfront Estate located in the small subdivision of Riverside Pines, a few minutes drive south of the Village of Marmora. The main residence is a custom-designed 3,200 sq ft log home built in 1985 by master builder Gordon Wannamaker.. Features include polished granite kitchen counters, built-in appliances, custom-designed pantry with folding oak doors, sunken great-room with oak floors and walnut dowlings, vaulted post & beam ceilings, double-sided stone fireplace, family room with custom-built wet-bar known as “The Pub”, master ensuite with heated Italian porcelain floors & jet tub, main floor master bedroom with vanity & sink, mirrored door walk-in closets, walkouts from bedrooms to riverside decking.

There is and additional 2-bedroom 960 sq ft, 4 year old, Chalet-style garden home or “Honeymoon Suite” which contains a loft and ensuite with claw-foot soaker tub, ideal as a guest house, nanny’s quarters or potential bed and breakfast cottage. The estate is surrounded by landscaped gardens, gazebos, patios, decking & hot tub, tall pines, and 280 ft of Crowe River shoreline with a dock for approximately 5 km of boating and fishing. Many business possibilities for the right entrepreneur are in this unique luxury classic log home and chalet.  Located at 134 River Heights Road, in Marmora and Lake, Ontario, the asking price is $850,000.

View the video tour:

Astrid Hood

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546

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Demographics point that the Canadian market will likely burgeon as boomers become seniors themselves in the years ahead. The children
may have just moved out but the generation of boomers can’t rest yet, as they prepare to renovate their houses to accommodate the needs of aging parents.  Seniors and their families need to assess their changing needs and adequately plan to find the accommodation that best suits their lifestyle and personality.  Whatever the reason extended families live together, there are properties for sale that make it a lot easier for you to ensure you have your independance and privacy.

Still, living with the in-laws will only work if you put in effort and prepare properly. Here are some ways you can make living with the extended family easier for everyone:

• Set ground rules: Before moving in together, talk to your spouse about what life is going to be like living with more than one family. Come up with some ground rules for everyone. For example, we’ll take turns taking out the garbage and making meals to avoid having one person feel like all the household responsibilities land on his or her shoulders. Finding a home that has a seperate in-law suite or garden home next to the main house, would be most ideal.

• Find privacy: Although it will be more difficult to have privacy when living with the in-laws, there are things you can do.  You and your spouse should have your own room if possible. All the better if you and your in-laws can have your own apartments with a kitchenette within the same complex or building. Then, you don’t have to see each other all the time, and it is like having your independence but still relying on one another or fulfilling obligations.

• Stay out of family arguments: Now that your spouse is living with his or her original family, he or she might revert to being a kid again.  If your husband or wife starts fighting with the primary family, stay out of it. Go into another room and try to breathe. Let them ride it out together. Better yet, is having your own separate home or apartment within the home, to keep your own space.

• Renovating regulations: If you want to upgrade a home you are planning to purchase, to incorporate an in-law suite or separate apartment, you will need a building permit to renovate, repair or add to a building from the local municipality.  A building permit is required to ensure that the contruction taking place complies with the Ontario Building code and the Municipality’s Zoning by-law.  A separate in-law’s cottage may not be permitted, but an inlaw suite within the single family residence may be permitted.

A local  REALTOR®  can guide you to  the governing municipal offices for zoning and building information to renovate a home you are thinking of purchasing.

Asking price: $399,900

Bring your mother in-law or invite your family and friends to stay over at this Trent waterfront family compound located in the desired neighbourhood of Meyer’s Island, Campbellford, Ontario. The main house has a walk-out lower-level in-law suite with contained kitchenette, sitting room, full bathroom and bedroom. In addition there is a 860 sq ft garden suite or guest house with a fully fenced garden, 4-pc bathroom, living room and open concept kitchen. Extra bonus is an insulated bunkie with sleeping quarters a few steps away. Asking price:  $399,900.

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546
Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax
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You may have visions of a uniquely designed house with amazing architectural features that will be prominently outstanding in the the neighbourhood. Or you could be wanting to live the simple life with a one-room cabin in the woods.  Perhaps you want to go ‘green’ and install your own energy source such as a wind turbine or solar panel field next to the home.  Building your own home on your selected building lot offers you the options to be more creative and unique than purchasing something that is mass produced in a typical subdivision, but be aware of building codes and local municipal building restrictions which will require you conform with the Town’s Official Plan.

As outlined in Part One of this article, a visit to the local municipal offices will give you a heads-up on what the guidelines are on the type of building and what land use is permitted in the geographical location you have decided to settle.   Here is a list what you need to know before you can dig that foundation for the house.

• What size & style of home are you building? Depending on the zoning of the vacant building lot, there may be restrictions on the minimum square footage of the home to avoid non-conforming developments in certain neighbourhoods.  There could also be height restrictions in some residential areas, so that a high-rise condo or a towering wind mill to harness wind energy may not be permitted.  In some rural areas they can be within the local guidelines, so we have to find out first!

• Is there a driveway in place? Many Muncipalities require an Application for Entrance Permit to be approved by their Roads Department  in order for you to have access from the municipal access road onto your property.  As part of this application, they require you to attach a copy of the legal survey of the lot with location of requested entrance sketched on, as well, they would love it if you placed orange markers in the field to make it plain to see for an on-site inspection before any approval or denial takes place.

• Are there Sewage and water system hookups? To hook up to Municipal services, you will require a hook up permit from your Municipality.  If your building lot is located in a rural area with no water or sewer hookups at the road, you will be required to install a septic sewer system and this must be installed by a professional technician who can install the system according to building codes.  A location sketch of the proposed sewer system is required for the permit which must comply with set-backs, away from property lines, away from water courses and water wells including the neighbour’s.   If your land is close to a waterway, additional permits may be needed from the regulating Conservation Authority.  In rural areas, a drilled well will be required for drinking water and this also must be installed in accordance to municipal standards.

• Apply for a Building Permit Once you have acquired the entrance permit, the water and sewer permits, and Ministry of Health approvals and clearance from any Conservation Authorities, you can finally submit a sketch showing the lot dimensions, with the proposed building and dimensions, distance from lot lines and showing any streams, ditches or water courses that flow through your land. A plumbing permit is issued at the same time as a building permit and is based on the number of plumbing fixtures in the building.  As you watch your home get built, there will be periodic inspections from  the Building Inspection Department to ensure you or your contractor complies to Ontario’s building codes.

There are fees associated with all these permits, also known as development charges, and should be considered as part of your costs to building a new home. A local  REALTOR® has information that can guide you to where the governing municipal offices are for the property you are interested in, and can also help direct you where to find suitable contractors for many of the services that you will need.

Crowe River known as Rylstone Lake $89,900

Build your dream home on 2.76 acres on a wide section of the scenic Crowe River known as Rylstone Lake. You can appreciate nature’s beauty and wildlife such as deer, birds and water fowl galore. The acreage has deciduous uplands with mature oaks, and open areas for an ideal building location with water views. The natural shoreline will be regulated by the Crowe Valley Conservation Authority. Asking price: $89,900.

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546.

Follow Astrid on TWITTER:  http://twitter.com/AstridHoodRemax
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You can read part one by clicking here

• What use do you want out of this property? Will it be for a single-family home? Do you want to run a home business or perhaps a commercial outlet?  Do you want to farm or raise some chickens?  The proposed use of the land is important because of municipal land-use zoning bylaws in place.  Most residential building lots are zoned for single-family homes and alternate uses may or may not be permitted, depending on where the lot is located.  A visit or call to the planning department at the local municpal offices is a good idea to check on the permitted uses on any land you are considering.  This also will show you what permitted uses could occur next door in case someone builds next to you.
• In town or in the country? Do you need to be close to your job, schools, hospital, shopping malls?  Or do you want this to be a recreational type property away from the noise and crowds?  Can you afford to drive everywhere or do you need to be in walking distance to town?  Generally, the more affordable properties are located in rural areas where a car is required for most trips to town and a school bus will come to pick up the kids for school.  You’ll need to compromise on what the priorities are.
• What services are available or necessary? Some properties are remote enough that there is still no high-speed internet available. Many rural properties can now access high-speed on wireless networks.  Some still exist on dial-up.  If this is a priority, then check what is offered in the area.  Is the road frontage on a paved or gravel road?  Does it matter to you to drive on a gravel surface? How close is the nearest hydro pole to the lot?  If the closest hydro pole is a kilometer away from your lot frontage, you will incur an expense that could cost thousands of dollars to get hydro hookup before you even start digging your home foundation. Most municipalities have weekly recycling/garbage pick up, school bus service or do you need to be close to public transit? Find out what services you need and what are available for when you move in.
• Location, location! The emotional part about your decision will, of course, be how you feel when you walk the property.  Will your dream home be set in the woods?  Do you want to be on an open hill-top with views for miles? Do you need to be close to a river or lake to see boats go by, to go fishing or swimming?  Do you want a protected valley land with rich soil for your gardens or farm?  There are properties located in all sorts of locations and if you can narrow down your wish list, a REALTOR® can run a search for you based on your spending budget and your list of requirements.

29 Woodland Lake Views

Here is a scenic building lot on hill overlooking Rice Lake near Roseneath Landing. 1.7 acres in exclusive subdivision with hydro, telephone and high speed internet at the road. This lot is zoned single residential. Also included in the price is a 24 ft. waterfront lot providing direct boating access to the lake.   Asking price: $69,900.

Astrid Hood of Remax Eastern Realty Inc

If you have any questions about locating properties in Ontario please feel free to contact our realty expert Astrid Hood of Remax Eastern Realty Inc., Brokerage at astridhood@remax.net or by toll free at 1-800-567-4546.

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In my next article in  Part 2: What you need to know BEFORE you buy Vacant Land, I will discuss what you need to know before you can dig that foundation for the house.

The Housing Market Outlook 2011, examining trends and developments in 26 cities across the country, found that home-buying activity in 2010 fell short of 2009 levels.  This was the case in Montréal and Québec City, where sales fell by two and three per cent respectively.  Housing values, however, continued to climb, with virtually all areas reporting an upswing in average price, ranging from just under one per cent to 15 per cent this year.  Québec City was among the markets that posted double-digit gains in price at 15 per cent, while Montréal reported a solid seven per cent increase.  Lower inventory levels in many markets offset the effects of diminished demand, propping-up price in almost every instance.  Kitchener-Waterloo and St. John’s tied Québec City for the greatest increases in average price this year, while Eastern Canadian markets including Hamilton-Burlington, Sudbury, Windsor, Moncton and Prince Edward Island were the only markets that bucked the downward trending in home sales in 2010.

By year-end, approximately 441,000 homes are expected to change hands nationally, a five per cent decline from the 465,251 sales reported in 2009.  Housing values are forecast to continue to climb, up an estimated seven per cent to $340,000, compared with $320,333 one year earlier.

“Several catalysts drove sales beyond typical volumes in early 2010,” says Sylvain Dansereau, Executive Vice President, RE/MAX Quebec.  “In Québec, most prominent was the threat of higher interest rates and tighter lending policies.  While sales eased considerably in the second half once the stimulus was removed, stable conditions now prevail heading into 2011.  Low interest rates and improving consumer confidence levels should fuel home-buying activity at all price points next year.  Yet, overall gains will be more muted—a welcome reprieve for purchasers.”

Greater stability is expected to characterize the markets in 2011, with Canadian housing sales predicted to mirror 2010 levels at 441,000 next year, while average price is forecast to escalate three per cent to $350,000 by year-end 2011.

“In terms of resale housing activity, what many are talking about as the new normal is actually a return to the traditional real estate cycle,” says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic Canada.  “The past decade was truly unprecedented—never before have we experienced a run up that was as strong or lasted as long.   As we have digressed from the typical pattern, people have forgotten what the usual healthy cycle looks like, but all the hallmarks are there.  Ample inventory levels, steady demand, and moderate growth, both in terms of sales and prices, will characterize the market in 2011.  While the pace may appear lackluster in comparison to what we’ve grown accustomed to, it underscores the principles of real estate 101: The market is cyclical.  All boats rise and fall with the tide.”

Markets in British Columbia are forecast to lead the country in terms of percentage increases in sales activity next year, with Greater Vancouver expected to climb 10 per cent, followed by Victoria at eight per cent and Kelowna at six per cent.   After a prolonged period of economic hardship, Windsor is once again on track for growth, with residential home sales predicted to climb five per cent.

Almost all markets are reporting an anticipated increase in housing values next year, with St. John’s in Newfoundland-Labrador in front with an estimated eight per cent hike in average price in 2011.  The value of homes in Greater Vancouver, Kelowna, Regina, Saskatoon, London-St. Thomas, Ottawa, Sudbury and Greater Montreal is also predicted to climb five per cent.

“Looking forward, we see steady improvement in provincial and local economies – which will bode well for housing markets across the board,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.  “The relentless drive in the market reminiscent of years past will be gone and instead, we can expect to see more normal, balanced market conditions, with buyers maintaining a slight edge.”

In the meantime, a number of factors will continue to support sustained sales and price growth in the months and years ahead:

Immigration will remain a serious force stimulating demand, particularly given the penchant for homeownership among today’s new Canadians. While the formation of new households used to take an average of five years, a growing number of newcomers arrive skilled, financially secure, and ready to make their home-buying moves.  It is estimated that Canada will average 250,000 new immigrants annually.

• Land scarcity, intensification, urban renewal, infill and renovation will continue to drive up values—regardless of supply and demand—in major metropolitan areas.  The Canadian housing stock is ever-evolving, particularly in the central core of each city.  With average price pushing closer to or well past the $300,000mark in the vast majority of major centres, and affordability of single-family homes diminishing, the demand for attainable product will rise in tandem, bolstering the growing condominium segment in the years ahead.
• The upper-end of the market continues to be a strong indication of the overall health of Canada’s housing sector.  Typically the first segment to soften in a downturn, luxury homes posted record sales activity in 2010, and demand is expected to remain solid in 2011.  Strong sales in the high-end will continue to prop up average prices.
• In the year ahead, federal, provincial and local stimulus in the form of continued infrastructure spending and capital projects will be a considerable boon to economic stability and employment, providing consumers the confidence to move forward with real estate purchases.
• Volatility in the money markets will continue to drive buyers to the tangibility of homeownership, both as a reliable long-term investment and a form of shelter, particularly given low vacancy rates and a lack of new rental construction in a number of major centres.