NEW AND NOTABLE IN REAL ESTATE

Tax Assessments to rise in 2009

Will it affect your property taxes? Click here to read more...

A Canadian Perspective on Current Economic Times

Many Canadians are concerned about the Canadian housing market following the US into a downward spiral. Read why Canadian economists believe this is not the case below...

http://www.caamp.org/download_docs/papers_Mortgage-Market-Update.pdf

THE ATTITUDE OF GRATITUDE

October is Thanksgiving month in Canada, an appropriate time to reflect on the blessings in our lives and to express gratitude. Focusing on what we are grateful for creates more of it, the Law of Attraction in action!

Gratitude takes many forms: a simple thank you, a list of blessings, a meditation. True, heartfelt gratitude lifts your spirit and opens your heart to connect with others on a deeper level. What you give to others is returned to you; when you appreciate others, you appreciate yourself as well.

With Feng Shui it's a good time to take inventory of what you are grateful for in your home or office. Become aware of what you would like to change to reflect where you are right now. Enhance one area at a time and notice how revitalizing your space lifts your mood and attitude. Feng Shui enhancements are regular reminders of what you wish to create and, when infused with gratitude, are a double-whammy to achieve what you want in your life.

Article by Pat Hyduk, www.pmhconsultants.com

What should we offer?

We are often asked this question when working with Buyers and the following points are helpful.

There are concerns that are common to everyone in the real estate market, whether first time home buyers, speculators, or other types of seasoned home buyers. Everyone wants to get the best deal possible on a great house. There are a couple of factors that come into play when deciding on placing an offer on a house. Chief among these is your budget range, usually determined by the amount for which you have been approved in your mortgage. You don’t want to go above this amount, and most of the time you will be looking at houses that have listed prices within a few thousand dollars of this figure. There are other factors that determine how effective your offer is in terms of appeal to a home seller, including real estate market conditions in Ontario.

People who make a living in real estate apply three different terms to market trends. The least common is the seller’s market (truly the least common, even though we have experienced this phenomenon in Ontario for the past couple of years). In a seller’s market, there are not enough houses on the market to meet the demand of people looking to buy. Houses sell for their asking price, or even higher. In some cases, bidding wars may actually break out right on the driveway!

More common than the seller’s market is the buyer’s market, which occurs when there are a good number of homes available but not a lot of people looking to move. It can take several months to sell a house, and there is sometimes lots of room for negotiation. Buyers can afford to take their time and make a good deal even when they find the perfect house.

Most of the time, the real estate market is even, or “transition”. There is no pressure to make the best offer right away, but there is no incentive on the part of the seller to jump at any offer either. This is the type of market we are now experiencing in Kingston.

When it comes to an offered price on a given home, a Seller’s market will always mean that you have to go to the high end of your projected budget. Sellers are aware that their home can fetch a lot of money, so they won’t be tempted to take an offer that they think will get them less than they could receive from someone else. In a buyer’s market, on the other hand, you have some leeway with your offer price. You can shoot low and look to negotiate, or you can stand by your offer. There is added pressure on the buyer to make sure that the house is sold, so you can afford to hold out for a good deal.

When it comes to a transition market, the effects on your offer price are not quite as clear. Some owners, used to a Seller’s market, will be reluctant to go for what they see as lower offers, while others, sensing a change in the wind, will snap them up. One would think that the real estate market should be guided by definitive principles, but when it comes to market trends, there seems to be no single right answer to our original question. Look at the trends and make your decision, keeping in mind you will likely need to negotiate to find your ideal home at the right price!

Kingston has schools at both ends of the spectrum

From the Whig Standard. The Fraser Institute released it's annual report ranking elementary schools in Ontario. Here's a snapshot of the top five schools in the Kingston area and the bottom five. Its score out of 10 as in the report is in parentheses.

Top five: Winston Churchill Public School (10); Lancaster Drive Public School (9); Ecole Elementaire Publique Madeleine-de-Roybon (8.9); Archbishop O'Sullivan Catholic School (8.2); Ecole Elementaire Publique Monsigneur Remi-Gaulin (8.1)

Bottom five: North Addington Education Centre (1.7); Frontenac Public School (1.9); Queen Elizabeth Public School, Picton (2.1); Prince Charles Public School, Verona (2.7); Lord Strathcona Public School (2.8)

How does your school rank? Visit http://www.fraserinstitute.org/reportcards/schoolperformance/ontario.htm

Land Transfer Tax Refunds for First Time Buyers!

The Ontario Government has expanded the Land Transfer Tax Refund Program to include new and resale homes. Now first time buyers can get up $2000 back!
Please click here to read the entire file and view the application form.

Assess Your Assessment!

www.AssessYourAssessment.com

Here is a service that has come to our attention and may be useful to you in terms of saving $$$ on your property taxes.

Anyone in Ontario can use this website, for free, to determine whether they are overpaying. If a homeowner is indeed over-assessed then this company, for a fee, will professionally prepare the claim to the municipality to get the taxes reduced….they say they have a full guarantee on results.

So there you go, if you’re interested…..