Halton Region - Among Safest Places to Live in Canada

Maclean's Magazine recently reported that Halton Region is one of the safest places to live in Canada.  Halton was the third safest community; out of one hundred of the largest Canadian communities on the list.

While it is true that crime rates are often a result of social and economic factors beyond the control of the authorities; I believe that the Halton Regional Police Service should be celebrated for doing a great job!

Just look at how the crime figures have dramatically decreased over the past 5-7 years; a clear sign that programs put in place to deter crime are working...

This also maybe a sign that the parents in Halton Region are doing a great job! Most parents in Halton are raising good children, that are becoming great adults, and honourable law-abiding citizens.

The crime statistics for Halton Region can be found at:
Halton Regional Police Crime Statistics

Just one more reason to make Georgetown (in Halton Region) your home!

Here is an interesting map of the crime stats, by province, for 2009... You might be surprised!

GO Transit Services are Improving in the Halton Hills area.

Georgetown and Acton residents will now have easier access to both the Kitchener-Waterloo market, as well as the Toronto market.  With improved transit service to the Halton Hills community; there is now one more reason to make Acton and Georgetown your home!

The following press release was issued from the GO Transit Authority:

GO Transit is expanding train service to Kitchener-Waterloo, Guelph and Acton



TORONTO, Nov. 12, 2010 /CNW/ - GO Transit will be expanding rail service on the Georgetown line to Kitchener-Waterloo, Guelph and Acton, with service scheduled to begin by the end of 2011.


"We are pleased to be offering GO train service to Kitchener-Waterloo, Guelph and Acton," said GO Transit President Gary McNeil. "In partnership with the Province of Ontario and these regional municipalities, we can encourage existing commuters to leave their cars behind and use transit. This is also good news for existing Georgetown and Brampton customers who will have improved service as a result of this expansion."

To begin offering train service by the end of next year, GO will be constructing new infrastructure - a storage facility in Kitchener and ticketing service at new stations in Acton, Guelph and Kitchener, as well as bringing an additional 54 new route-kilometres into to the system. This infrastructure will support two morning and two evening trains.


"This $18 million investment in expanded transit will ensure that the residents of Guelph, Acton, Kitchener-Waterloo and surrounding areas have more transit options when they travel between these communities or into the Greater Toronto and Hamilton Area (GTHA)," said Metrolinx President and CEO Bruce McCuaig. "We appreciate the continued support from the Province of Ontario to deliver Metrolinx's important mandate to provide transit solutions."

An Environmental Assessment (EA) for the expansion of train service from Georgetown to Kitchener-Waterloo was completed in 2009 and approved by the Minister of the Environment in January 2010.


GO Transit is the Province of Ontario's regional public transit service linking Toronto with the surrounding regions of the GTHA. GO carries over 55 million passengers a year in an extensive network of train and bus services that spans over 10,000 square kilometres. GO Transit is a division of Metrolinx, the regional transportation authority for the GTHA.

Check Out the Latest Real Estate Statistics for the Greater Toronto Area

Each month Derek posts a link to a comprehensive report of sales actitivy, sorted by region and by housing type (condo, townhouses, semis, detached...).  Note (for all you Georgetown folks) that Halton Hills is known as "W27", in the West District of the GTA.

Details at: http://www.callderek.ca/pdfMarketWatch/2010_07.pdf

Call Derek if you have any real estate questions!

Distress Sales resulting from Power of Sales or Foreclosures often present a great opportunity to get a fantastic deal on a home. However, it's not so simple to find these deals, because they are usually not advertised in the paper and will often sell fairly quickly.
To remedy this situation, I am offering a new FREE service which will provide you with the most up-to-date list of Power of Sale/Foreclosure listings in the price range and area that interests you.
Simply follow this link to a new section of my website... The information comes with no obligation, just keep me in mind for all your real estate needs. Power of Sale and Foreclosure Information
 
Derek Dunphy
Sales Representative
Johnson Associates Real Estate Ltd., Brokerage
(905)877-5165
Derek@CallDerek.ca

What they sold for...

Every month the Toronto Real Estate Board (which hosts the MLS service most of the entire Greater Toronto Area) puts out a quick chart to illustrate what houses are selling for.  In April of 2010, 28% of the units sold were in the $300K to $400K range.

For more detailed information, check out the Latest Market Statistics section of my website: http://CallDerek.ca

Are you competing to with other buyers to get the house you want? If so, you should read this:

Competing Offers

In certain market conditions (like the Georgetown Area Market in Spring 2010), consumers may find that more than one buyer is interested in a property. This is a competing offer situation and creates unique conditions in a real estate transaction. Both sellers and buyers need to consider how to respond when presented with a competing offer situation. Working closely with your real estate broker or salesperson will ensure that you understand the process.
In Ontario, the seller's real estate broker or salesperson is required to disclose the number of competing offers to all buyers who have submitted a written offer. However, the terms and conditions of each offer are confidential to the seller and their broker or salesperson.
Working with a Real Estate Broker or Salesperson
The seller's real estate broker or salesperson represents the interests of the seller in the transaction. The decisions about how offers are presented and responded to, as well as which offer is accepted, are made by the seller.
The buyer's real estate broker or salesperson represents the interests of the buyer in the transaction. The buyer makes the final decisions related to their offer, including the important decision of whether or not they want to participate in a competing offer situation.
In some situations, the real estate broker or salesperson will represent the interests of both seller and buyer or multiple buyers. Consumers should seek guidance from their real estate broker or salesperson if this situation arises.
Tips for Buyers
In a competing offer situation, buyers may be tempted to offer more for the property than they planned to and/or remove conditions from offers that are intended to protect them.
Before participating in a competing offer situation, buyers should consider factors such as:
Offer Price
How much can the buyer afford to offer for the property and how much is the property worth? A high offer could enhance the buyer's chance of success. However, it may not be the best long-term financial decision for the buyer. A competing offer situation does not necessarily mean that a property will sell for more than the asking price. Similarly, an offer that meets or exceeds the asking price will not guarantee that a buyer's offer is accepted.
Financing
Buyers should be aware that pre-qualifying for a mortgage does not safely eliminate the need for a financing condition in an offer.
Home Inspection
In competing offer situations, it can be tempting not to include a clause in an offer that makes it conditional on a home inspection. While your offer might be more acceptable to the seller, you may later learn that there are property defects, required repairs or needed upgrades that you weren't aware of. In some cases, this can be expensive in the short or long-term. Foregoing a home inspection is a significant risk that a buyer needs to carefully consider.
Tips for Sellers
A seller facing competing offers has to consider how they want to deal with the situation. The seller can decide to: accept the best offer; negotiate with one buyer and reject all other offers; negotiate with one buyer and advise other buyers that their offers are being set aside while the seller negotiates; or reject all offers.
Even in a competing offer situation, buyers have other options and may choose not to continue to participate. A seller may attempt to negotiate only to find out that it was the best offer the buyer could present. In the meantime, other buyers have found new properties they are interested in.
The seller's real estate broker or salesperson can provide advice and guidance, ensuring that the obligations and the options available are understood.
Note: Information provided courtesy of the Real Estate Concil of Ontario (RECO).

More useful information is available at http://CallDerek.ca

My SPRING 2010 Newsletter

Check out the first edition of my newsletter! CallDerek.ca The Newsletter (Spring 2010 Edition)

ATTN: Variable Rate Mortgagors... It may be time to lock in!

Attention Georgetown Ontario Real Estate Blog followers:

There seems to be a lot of speculation about interest rates and where they are going over the last few weeks... If you are currently on a variable rate mortgage, I would strongly consider calling your mortgage advisor and asking them about their opinion on locking-in today!

As always, I suggest you call a mortgage broker to get the most competitive rate available (even if you take that rate to your bank and ask them to match)!  This morning the lowest posted rate available for a 5-year fixed mortgage was 3.94%; and at least one mortgage broker has advertised 3.69%.  For the most current rates available, see the "Mortgage Information" section of my website: CLICK HERE to go to my website!.

Spring 2010 Newsletter

Written by me, for you... My Spring 2010 Newsletter is now online.  Enjoy!

Spring 2010 Newsletter - CLICK HERE

Comments and Questions are appreciated.

Bank of Canada Urged to bump up rates...

Nonpartisan public policy think tank organization J.D.Howe Institute issued a press release this week from their Monetary Policy Council.

The policy group is largely made up of economist academics and bankers; who all recommended that interest rates should start to rise sharply, starting in July of this year.  Where the rate will end up is a decision the Federal Government and the Bank of Canada will have to make; but if the council has it's way, we will see an increase of 50 basis points in July (from .25% to .75%), and further increases every few months until mid-2011, to a target rate of 2%.

Once again, if you are interested in buying a home this year - I advise you to strongly consider buying before July!  Avoid the increased closing costs that will come with the HST implemenation, and avoid the risk of increased interest rates (which are almost certainly coming as well).

Cautious Steps Taken to Prevent a Housing Bubble... As predicted!

"We're taking proactive, prudent, measured, and cautious steps today - to help prevent a housing bubble"; these were the words spoken by Jim Flaherty, Canadian Finance Minister on February 16th, 2010 - words many expected to hear (including this very BLOG at the end of 2009). The steps however were less far-reaching than many anticipated.



The goals of the Finance Minister were to help slow down rapidly rising housing prices across the country, and to help prevent the subprime crash our American neighbours experienced in 2008. Following the minister's comments, the banks weighed in - and in interviews given by Patricia Croft, RBC Chief Economist, and Derek Holt, VP Economics at Scotia Capital, both seemed to agree that the government's move was a good one (although Ms.Croft believed it came about 6 months too late). While sceptics (and many pure capitalists) argued that the government should leave the business of policy setting to the private industry; Derek Dunphy REALTOR from Johnson Associates Real Estate Ltd., Brokerage believes that the government should play a role in ensuring that Canadians can obtain affordable home ownership.


So, what were the steps taken? In broad terms, the steps were all subtle changes to the Canadian Mortgage and Housing Corporation (CMHC) policies:
1. Mortgage applicants will minimally need to qualify for a five-year fixed rate mortgage (even if they end up choosing a lower term or variable rate mortgage).
2. When refinancing a mortgage, the amount Canadians can withdraw from the equity of their home has been lowered to 90% (from the current rate of 95%).
3. A 20% down payment will be required for non-owner-occupied properties. Meaning investors will not qualify for high-ratio mortgages.


The immediate impact will be felt by many first-time buyers who will need an estimated $9200 more a year in income to qualify for an average priced house in the Greater Toronto Area (based on a house costing $337,000).


These changes come into effect April 19, 2010 - and that will likely cause some short term stimulation to sales, perhaps causing buyers that were planning late spring and summer purchases to act sooner.

Does your REALTOR understand the evolving market? If you are planning on buying or selling real estate in the Georgetown Ontario area (or anywhere else in the GTA), call Derek Dunphy, Salesperson with Johnson Associates Real Estate Ltd., Brokerage at (905)877-8233, or email Derek@CallDerek.ca.  Derek's website can be viewed at http://callderek.ca/. 

Strong January Real Estate Sales in the Greater Toronto Area

The real estate market, as expected and predicted right here on this BLOG is really starting to heat-up!
According to the Toronto Real Estate Board, whose SRATUS MLS system covers the entire Greater Toronto Area, recording a strong sales month in January.  The statistics can be seen by visiting the CallDerek.ca website: January 2010 MarketWatch Report at CallDerek.ca

It's worth noting that the Johnson Associates Real Estate Ltd., Brokerage office recorded January sales that were roughly double January of last year.  Once again outperforming all other offices in Georgetown Ontario.

To sell your home quickly and profitably contact Derek Dunphy, Sales Reprentative at Johnson Associates Real Estate Ltd., Brokerage: Derek@CallDerek.ca

How the HST Will Affect Home Buyers in Ontario

It seems that most Ontarians aren’t too concerned about the implementation of HST in Ontario this coming summer (the new tax goes into effect July 1st, 2010). On the surface it really doesn’t seem to be too impactful; we go from paying 5% GST and 8% PST, to paying 13% HST.

Perhaps the only people that should be concerned are some bureaucrats that collect taxes – it seems like we can now eliminate one of the old GST or PST collection offices. There is certainly going to be some efficiency realized through the harmonization, but there will undoubtedly also be some cash-flow negative results for Ontarians too.

HST now applies to areas that were previously PST exempt, which will now, among other things, increase the amount it costs to buy a home. Some fees which were previously PST exempt for home buyers include:

• Legal Fees
  
• Mortgage Insurance Premiums
  
• Home Inspection Fees
  
• Real Estate Fees
  
• Moving Fees
  
• Title Insurance

What does this all mean to the average home buyer? A report by the Ontario Real Estate Association has estimated that someone buying a home for $360,000, will now pay an extra $1749 to $2325 (the variance comes from the variance in professional fees in the marketplace).
It remains to be seen if the effects of the HST will make a significant impact on home sales, but my feeling is that it will. The effect of the HST, coupled with changes proposed in CDN mortgages (see my blog from a couple weeks back), will almost certainly slow the real estate market down – in particular for first time home buyers.
It has been said that there are only two things certain in life: Death and Taxes. Well, this tax will not be the death of us, but it will slow us down a bit. My advice to you, if you are planning to buy a home this year: Buy soon and complete the purchase before July 1st. By buying this spring you will not only save on the increased HST fees, but you will lower your risk of getting a higher interest rate on your mortgage (rates seem to have nowhere to go buy up).
If you are thinking about buying or selling your home, call Derek Dunphy, Sales Representative at Johnson Associates Real Estate Ltd., Brokerage. Phone (905)877-5165, email Derek@CallDerek.ca, or contact through the website: http://callderek.ca/.

Is it a good time to Sell?

People often ask me: How is the market doing?



What they really want to know is "Is it a good time for me to buy?", and/or "Is it a good time for me to sell?", or more specifically "Will I make lots of money if I act now, or should I wait?"


In my opinion, the answer to these questions really depend on the person asking the questions. If you're a real estate investor, beyond your principal residence, than the questions are applicable - for the rest of you, the state of the real estate market at any given time, usually doesn't matter.


The time to buy and sell, usually doesn't depend on the market at all. Most times people are buying and selling at a time of change in their life; the family is growing, the nest is emptying, you've been transferred in your employment...


Now, don't get me wrong - the ups and downs of the market can certainly effect the amount of money we receive when we're selling our home; but they also effect the price we pay when we are buying. For most, if they are buying in an up market, then they are selling in an up market. You get a little more than you thought you could for your home - but you usually pay a little bit more too. The same goes for a down market; you get less than you thought you would, but you score a deal somewhere too... One however should be very careful when the market is changing rapidly - like it has been over the past year.

A rapidly changing market is an example of a time when a good REALTOR® can help you (this is a shameless plug, I am talking about me)... A good REALTOR® will read the market carefully and help his client buy and sell intelligently; based on current market conditions, with an eye to which direction the market is going. Many real estate professionals misread the changes in the market over the last year, and many more didn't study the market at all - they simply list the home for the price everyone else is selling for, and hope for the best. Having the wrong REALTOR® can cost you thousands and thousands of dollars. Many homes are sold for less than they are worth, while others sit and sit and sit.

For most people, their home is their most valuable asset; and selling your home is an important decision that should be handled with the help of a professional.
 
Contact Derek Dunphy, Sales Representative, Johnson Associates Real Estate Ltd., Brokerage:
CallDerek.ca Georgetown Real Estate Website

Home Sellers' Checklist

Have you ever heard the expression "You only have one chance to make a first impression"? This certainly applies to selling your home!


Check out my Home Seller's Checklist to make sure your house is ready to sell:
Home Sellers' Checklist from CallDerek.ca

When our thinking about moving?  Call me, I can help.

Changes to the Canadian mortgage market are coming in 2010

2009 is nearly behind us, and like the rest of the world the real estate industry continues to change and evolve. A good REALTOR® needs to stay on top of current events, economic conditions, and changes to our industry.

With many economists concerned about the sharp rise in house prices over the last year (in spite of a soft economy), the federal government is now looking to pressure banks to tighten up their lending parameters.

Keep an eye out for:
-Banks shortening the amortization terms of new mortgages (cutting back from a maximum of 35 years to 25 years)
-Banks increasing mortgage rates (from their current record low levels)
-Insurers like CMHC increasing the amount of money required for a down-payment (from 5% to 10%)


All of these things are being considered to avoid a repeat of the subprime mortgage crash of August 2008; but any of these changes will also slow the amount of first-time buyers entering the market—which in turn will slow the entire real estate industry.

If you’re planning on moving in 2010, use a REALTOR® that understands the evolving market; call me, I can help.  Contact Derek Dunphy, Sales Representative, Johnson Associates Real Estate Ltd., Brokerage; through my website:
Derek Dunphy's Georgetown Real Estate Website

First Time Home Buyers' Guide

In order to help first time home buyers through the process of buying their first home, I've put together a concise First Time Buyers' Guide. Please check it out, and pass the information along to anyone you know who is thinking about buying their first home.

You can find the guide in the "Home Buyers' Section" section of my website!  Just follow the quick link below!  Please let me know if this guide was helpful.
 
First Time Home Buyers' Guide from CallDerek.ca

Home Buyers' Checklist

I can hear my visitors asking... "OK Derek, I ready to start shopping for a house, but don't you have a convenient form that will help me take notes about each house?"

The answer of course is YES I DO! Just look in the Buyers' Section of my website.  Follow the quick link below!
 
Home Buyers' Checklist from CallDerek.ca

December Market Statistics - Greater Toronto Area

Well 2009 is now behind us - and it is certainly worth noting that December of 09 was a great month for real estate!

The Market Watch Report (which is available each month on my website, in the "Latest Market Statistics" section) shows that December sales were resilient...

In our office here in Georgetown, sales were more than "resilient" - they were stellar. December transactions and sales were up almost 300% over last year - we set a record in our brokerage for December sales.

The first half of 2010 also promises to be busy (according to most economists' predictions). With HST being implemented in Ontario starting July 1, 2010, and interest rates almost certainly set to increase around the same time (according to the Bank of Canada); there are a lot of folks looking to buy before buying a house gets a lot more expensive!

Thinking about moving? Call me, I can help.



Derek Dunphy, REALTOR®

Johnson Associates Real Estate Ltd., Brokerage
December 2009 Market Watch Report from CallDerek.ca