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WINDSOR, Ont. -- After years of slumping prices, power sales and houses sitting on the market for months, it seems unbelievable, but it’s true — bidding wars are returning to Windsor real estate. “It’s interesting how this is developing along. Some of my salespeople are hard pressed to explain why it happens when it does,” said Frank Binder, the founder of Royal LePage Binder Real Estate. “We’re happy the demand is there and it’s returning to a balanced market.” Not just any home is attracting multiple offers, however. The ones that do tend to fall into two categories: houses that are in excellent condition and houses that are staggeringly cheap. There may be a lot of real estate on the market, but updated, move-in condition homes are in short supply. When one does come up for sale, frustrated buyers who have already passed on dozens of deteriorating properties pounce. Mary Morrison, an agent with Valente Real Estate, said she’s been involved in four multiple offer sales since September. At a brand new subdivision of semi-detached houses on Cobblestone Crescent in east Windsor, she said two houses next door to each other sold on the same day, with one getting two offers and $500 more than the asking price. “There are a lot of homes on the market, but a lot of those that are on the market, they’re just not good. So any builder that’s building a nice home, they’re going to sell it. Basically, the supply’s not there of nice homes,” she said. At the other end of the spectrum, Morrison said the real estate office is inundated with calls from people looking for fixer-uppers at rock-bottom prices so they can renovate and flip for a profit. For example, a house on Louis Avenue close to Caesars Windsor recently received multiple offers and sold for about $32,000, she said. “We are getting constant calls from out-of-towners, a lot of investors from Toronto, constant calls from people asking for houses under $40,000. They’re grabbing them,” she said. Morrison said many of the people looking for nice Windsor homes at a good price are retirees attracted by the climate. “For the last three years we saw everybody leaving and now new people are coming back,” she said. “A lot of people who are moving here are snowbirds, basically going down to Florida in the wintertime and staying in Windsor in the summer.” As people return to the city, they have to contend with the damage done by the poor economy over the last few years. People in financial trouble tend to delay expensive home repairs and by the time they have to sell, their house can be in dire condition. “A lot of people have lost jobs. Windsor’s gone through a lot of that. Where do you put your money? You don’t put your money in your house. You just try to make do with what you can and try to suffer through,” Binder said. “Then suddenly you’re faced with an economic downturn and now what do you have to do? Well, you have to sell the house you’ve been in for a long time and it’s not in the best shape.” Binder said real estate statistics show Windsor is moving away from a buyer’s market and returning to a balance, with realtors selling roughly the same number of homes as are put up for sale in a given time period. Extremely low interest rates are also coaxing people to jump in and buy, he said. It may still be a far cry from the climbing values and fast-paced sales common in other Canadian cities, but Binder said the return to multiple offers is an encouraging sign. “You’ve got cheaper financing, you’ve got an adequate supply and you’ve got good demand. I think people are coming back to the real estate market with some confidence now and that’s a good thing.” cbrownell@windsorstar.com or Twitter.com/clabrow © Copyright (c) The Windsor Star Read more: http://www.windsorstar.com/news/Bidding+wars+heat+housing+market/5798432/story.html#ixzz1fP0uqtRz
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http://www.weparkway.ca/
The Windsor-Essex Parkway is an unprecedented highway
project. Its scope, features and benefits to travellers and the
community are one-of-a-kind.
The Windsor-Essex Parkway will reflect the high safety standards and
practices that have consistently made Ontario’s roads among the safest
in North America. This state-of-the-art Parkway will provide
border-bound travellers with direct freeway access to a modern
inspection plaza and a new international river crossing, cutting
valuable travel time off of their trips. Local travellers will be able
to enter and exit the route easily via the Parkway’s many on and off
ramps. Service roads will improve access to schools, shops,
neighbourhoods and natural areas.
Tunnelled roadways will provide community connections for
the first time while restoring natural linkages. Pedestrians and
cyclists will enjoy 20 km of new recreational trails and will be able
to travel the length of the corridor without encountering a motor
vehicle. Their use will be safe for the whole family. The community will
benefit from more than 300 Acres of green space and various
opportunities to determine their use – a local solution for the people
of Windsor-Essex.
Check out real-time road conditions along the Windsor-Essex Parkway corridor by viewing the Ministry of Transportation COMPASS traffic cameras. Click on any camera image along Highway 401, Talbot Road/Highway 3 or Huron Church Road.
Date: Week of November 14, 2011
DESCRIPTION OF ACTIVITY:
LANE CLOSURES
- Nov 17: Hwy 3 Eastbound, shoulder lane is closed from Cousineau Rd. to Howard Ave.
- Nov 17: Howard Ave. Southbound, shoulder lane is closed from Hwy 3 to Chelsea Dr.
- Nov 20: Howard Ave. Northbound and Southbound will be intermittently closed from Hwy 3 (Huron Church) to 7th Concession Road
AMICO INFRASTRUCTURES
- Preliminary construction activities for Howard Avenue Diversion
- Sanitary sewer works
- Earthworks for the widening of Highway 401
- Wick drain works
- Maintenance of temporary snake fence barrier
- Property and fencing maintenance
AMEC EARTH & ENVIRONMENTAL
- Escorting machinery in and out of work areas
- Evaluation and repair of temporary snake fence barrier
- Continued monitoring of species at risk and construction activities
DANSHAB
JONES GROUP
- Installation of safety fencing
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Mistake #1 -- Placing the Wrong Price on Your Property Every seller obviously wants to get the most money for his or her product. Ironically, the best way to do this is NOT to list your product at an excessively high price! A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price. Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value
Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your community. This will give you an up-to-date and factually accurate estimate of your property value. To download the full report simply follow the below link and fill in your email address and it will be sent to you immediately! http://www.scotthodgins.com/Common_Selling_Mistakes/page_1393568.html
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Land Transfer Tax Refund for First-time Homebuyers
Land Transfer Tax applies to all transfers of land in Ontario.
First-time homebuyers may be eligible for a refund of all or part of the tax. For transfers where:
- the agreement of purchase and sale was entered into after December 13, 2007, the refund applies to all homes, whether newly constructed or resale.
- the agreement of purchase and sale was entered into before December 14, 2007, the refund only applies on the purchase of a newly constructed home.
Applications for a refund must be made within 18 months after the date of the transfer.
How much is the LTT refund?
The maximum amount of the refund is $2,000. If the refund is
claimed at time of registration, it may offset the land transfer tax
ordinarily payable. If not claimed at registration, the refund may be
claimed directly from the Ministry of Finance. No interest is paid on
this refund.
Who qualifies?
To claim a refund, you:
- must be at least 18 years of age;
- must occupy the home as your principal residence within 9 months of the date of transfer; and
- cannot have ever owned a home, or an interest in a home, anywhere in the world.
In addition:
- your spouse cannot have owned a home, or an interest in a home, anywhere in the world while being your spouse; and
- in the case of a newly constructed home, where the
agreement of purchase and sale was entered into before
December 14, 2007, you must be entitled to a Tarion New Home Warranty.
How do I apply?
Qualifying taxpayers may claim an immediate refund at time of registration in one of two ways:
Refunds claimed at the Ministry of Finance
Where a qualifying taxpayer does not claim the refund at
registration, the tax will be payable at the time of registration and a
refund claim may be made directly to the Ministry of Finance. The
following documentation must be submitted, in order for a refund claim
to be processed by the Ministry of Finance:
- A properly completed form - Ontario Land Transfer Tax Refund Affidavit For First-Time Purchasers of Eligible Homes [PDF - 350 KB];
- A copy of the registered conveyance (transfer/deed). If not registered electronically, this should be a photocopy of the Land Registry Office's original which shows the tax paid;
- A copy of the docket summary will also be required if the conveyance was registered electronically;
- A copy of the agreement of purchase and sale, together
with all schedules, amendments and assignments along with a copy of the
statement of adjustments relating to the conveyance;
- A copy of a document that provides proof of occupancy
of the home, such as copies of telephone/cable bills, driver's licence,
newspaper/magazine subscriptions, etc., and
- For agreements of purchase and sale entered into before December 14, 2007, a copy of the Tarion New Home Warranty, which is also known as the Certificate of Completion and Possession.
The application and any refund payment are subject to
audit by the Ministry of Finance.
Charges may be laid and fines result where a person obtains
or attempts to obtain a refund by deceit, falsehood or any fraudulent
means.
Harmonized Sales Tax
On July 1, 2010, Ontario introduced a federally
administered Harmonized Sales Tax (HST) that applies to most purchases
and transactions.
The HST
applies to newly constructed or substantially renovated homes, but does
not apply to resale homes. Buyers of new homes will receive a rebate of
the provincial portion of the HST up to $24,000 regardless of the price of the new home.
The Ontario new housing rebate is available for the same types of residential properties for which the GST new housing rebate is available.
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The Right Selling Price Affects Your Bottom Line
When you’re selling your home, the price you set is a critical factor
in the return you’ll receive. That’s why you need a professional
evaluation from an experienced realtor. This person can provide you with
an honest assessment of your home, based on several factors including:
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Market conditions
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Condition of your home
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Repairs or improvements
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Time frame
In real estate terms, market value is the price at which a particular
house, in its current condition, will sell within 30 to 90 days.
If the price of your home is too high, several things could happen:
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Limits buyers. Potential buyers may not view your home, because it would be out of their buying range.
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Limits showings. Other salespeople may be less reluctant to view your home.
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Used as leverage. Other realtors may use this home to sell against homes that are better priced.
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Extended stay on the market. When a home is on the market too long, it
may be perceived as defective. Buyers may wonder, “what’s wrong,” or
“why hasn’t this sold?”
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Lower price. An overpriced home, still on the market beyond the
average selling time, could lead a lower selling price. To sell it, you
will have to reduce the price, sometimes, several times. In the end,
you’ll probably get less than if it had been properly priced at the
start.
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Wasted time and energy. A bank appraisal is most often required to finance a home.
Realtors have known it for years – Well-kept homes, properly priced in
the beginning always get you the fast sale for the best price! And
that’s why you need a professional to assist you in the selling of your
home.
http://www.scotthodgins.com/HomesAuthenticated.aspx?tabid=2432113
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Downtown Amherstburg, Amherstburg
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We invite everyone to visit our open house at 169 Simcoe on
November 27
from 2:00 PM to 4:00 PM.
Property information
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Those costly home-reno projects may be paying off, according to RE/MAX. The billions Canadians have spent on upgrading properties and building new houses over the past decade have improved the quality of real estate and helped almost double prices during the period. The value of a Canadian home has risen from $163,951 in 2000 to $339,030 last year, the real estate giant said. It found that in 10 out of 16 major markets studied, prices have more than doubled. Over the past 10 years, about $340 billion worth of new housing permits have been issued, while Canadians have spent an estimated $450 billion on renovations. RE/MAX estimates that Canadians spend about $60 billion annually on home improvements. "Revitalization, renovation and new construction have been largely underestimated in terms of overall impact on rising average price," said Elton Ash, regional executive vice president, RE/MAX of Western Canada. "Yet, outside of supply and demand, these have been among the foremost variables influencing real estate values. The overall result is tremendously positive for real estate and our major centres -- and there's much more to come." Canada's housing market has so far remained solid despite the global economic turmoil. A report by the Canada Mortgage and Housing Corporation last week predicted that sales will continue to rise next year. Prices will also increase, though at a slower pace. The new construction has expanded the boundaries of Canada's cities, creating new sought-after suburban pockets, while in urban centres old structures are being rebuilt to maximize values, RE/MAX said. The real estate chain said often properties haven't kept pace with the value of the land they have been built on in inner cities. So plots of land with a bungalow on them are now highly sought after for their redevelopment potential. The other main game changer in the Canadian property market has been condo construction, RE/MAX said. In B.C. and Alberta, condos now account for about 25 to 50% of residential sales. "As the product has gained widespread acceptance, it's upside effect on the housing mix stands out, keeping homeownership within reach for first-time buyers, creating trendy urban pockets coveted by young professionals and offering aging baby boomers exciting advantages from low-maintenance living, to an active lifestyle and even luxury, with some suites now commanding prices in the millions," Ash said.
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 Andrew Barr/National Post Canadians saved $2.7-billion in the past year renewing or refinancing their mortgages and the betting money among consumers seems to be that interest rates are not going up any time soon, according to a new survey. The Canadian Association of Accredited Mortgage Professionals says 37% of Canadians opted for a variable rate mortgage in the last year, pushing up the overall percentage of Canadians floating with prime — and vulnerable to Bank of Canada rate hikes — to 31%. But the group maintains Canadians are not overexposed to a potential rising rate environment with the survey finding 84% say they could handle a rate increase that boosted their mortgage payments by $200 per month. The average amount of room Canadians say they could afford on top of their current costs is $750 per month. “Overall, our survey paints a picture of Canadians generally and homeowners in particular as very focused on their finances,” said Jim Murphy, president of CAAMP. “They are planning ahead, aggressively paying down their mortgage in advance of any economic jolt.” Government policy that cracked down on refinancing rules may also be having an effect on the market. Earlier this year Ottawa tweaked the rules on refinancing, restricting consumers to 85% debt on the value of their home, down from 90%. CAAMP said Canadians have become conservative about taking equity out of their home with 10% of mortgage holders doing so in the last year, a drop from 40% a year earlier. “There is no need for policy makers to introduce new measures that would reduce housing activity,” said Mr. Murphy, his comments clearly aimed at suggestions the market needs even more governance and tighter measures such as increased minimum downpayments. It’s clear Canadians are enjoying the low interest rate environment that CAAMP says lowered the average mortgage rate to 3.92% from 4.22%. The effect is that among the 1.35 million mortgage borrowers who renewed or refinanced in the past year, the savings was $2.7-billion. “Some people are coming out of 5% plus mortgages and saving a lot of money,” says Rob McLister, editor of Canadian Mortgage Trends. Someone with a $500,000 mortgage going from 5% to 3.29% with 20-year amortization could save almost $40,000 in interest over a five-year term, he says. Mr. McLister is seeing a growing line of people looking to break a mortgage and willing to pay the interest penalty. CAAMP said 32% of Canadians reported making some sort of change to their mortgage in the past year with almost two-thirds of those people saying they were refinancing or renewing their mortgages. Among those who renewed, 78% got a rate reduction.
Canadians who are looking for that better rate appear ready to shop around with 21% of respondents who renewed or refinanced their mortgages in the last year saying they switched lenders. Mortgage rates continue to be at or near all-time lows with a flatter yield curve reducing the steep discount on variable rates and making locking in more attractive. The website ratesupermarket.ca says the best variable rate product on the market now is 2.48% while a five-year fixed rate closed mortgage is now as low as 3.19%. “What you are facing is whether you lock in today and know what my rate will be for the next five years or go variable and gamble,” says Mr. McLister. “There is risk there.” Sal Guatieri, senior economist with BMO Capital Markets, said the savings are positive because it is putting extra money in the pockets of Canadians. “I almost expect more people to jump into variable given the long-term interest rate environment looks so benign,” says Mr. Guatieri. Posted in: Mortgages, Personal Finance, Real Estate Tags: Canadian Association of Accredited Mortgage Professionals, housing, interest rates, Jim Murphy, mortgages, real estate
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WINDSOR, Ont. -- Windsor's summer forecast is for job creation in the wind and solar industries to ramp up rapidly. Two previously announced factories -a solar panel maker and a wind tower manufacturer -are to go into production and a German photovoltaic module maker is expected to open its doors by the end of the summer. The German company is making preparations to open a factory in Windsor, but no details have yet been announced, said Klaus Dohring, a Windsor solar company owner who has been helping recruit experienced manufacturers to come to the region. In the past year, there have been plans announced for wind and solar manufacturing that could bring over 1,000 new jobs to the region. So far, about 300 of those jobs have materialized. Spanish-owned solar panel maker Siliken has retrofitted a former mould shop in an industrial park north of Windsor Airport. It is in the process of hiring and expects to start production in April. It has hired 10 mid-management employees and will be interviewing for 30 labour jobs over the next three weeks, said Paco Caudet, general manager of Siliken Canada. Production will start with two lines and gradually increase to three shifts, with two more lines to be added later, he said. "Altogether, in the whole plant, we're going to have about 200 people working there.... By October probably." Already, the first month's production has been spoken for as solar developers scramble to meet higher Ontariocontent requirements that kicked in at the beginning of this year, Caudet said. Solar power generation projects that want to sell to the Ontario grid at subsidized prices must have at least 60 per cent domestic content. The requirement for wind projects is 25 per cent, but it jumps to 50 per cent in 2012. Wind tower manufacturer CS Wind is in the midst of refurbishing and moving equipment into the former Valiant Corporation plant in the Twin Oaks Industrial Park, said Rakesh Naidu, director of business attraction for the WindsorEssex Economic Development Corporation. It is aiming to begin production by August but hasn't started hiring locally yet. WEEDC will be assisting the South Korean company to hire unemployed and underemployed area residents who are enrolled with Employment Ontario and the city-run social assistance program, Naidu said. Most will be trained on the job. The plant is expected to require 300 workers when it is in full production, making it the biggest renewable energy manufacturer in the region. Another major project, a thin-film solar module plant slated for Windsor Airport lands, is currently on hold. Ontario-based Solar Source Corporation and its Indian partner, HHV, were among the first to announce they planned to open a large-scale factory in the region that would employ about 150 people. The project, which would include the city spending $4 million to construct a building the manufacturer would rent, is in a "holding pattern," said Ross Beatty, president and CEO of Solar Source. He couldn't indicate when the plan might move forward, but said the company still wants to invest in Windsor for the long-term. Naidu said Solar Source has applied to a provincial funding program and is awaiting word before it goes further. The thirst for jobs in renewable energy manufacturing was evident when 3,000 people lined up to apply for 50 jobs at a locally owned solar panel manufacturer in Tecumseh earlier this month. Unconquered Sun Solar Technologies Inc., which currently has 11 employees, plans to hire 25 more by the end of April, said CEO Sean Moore, a former autoworker. If demand is strong, it will hire another 25 in July, he said. Siliken's Caudet said he has also been overwhelmed by job applications that came pouring in shortly after the plant was announced in October. "It all depends on the market now," said Ryan Kelly, general manager of Schletter Canada Inc. The German company that makes aluminum mounting systems for solar panels quietly opened the doors of its Windsor plant near Devonshire Mall a year ago. It currently has 12 employees and will hire up to as many as 125 as business picks up. "There are a lot of really qualified people out there," Kelly said of the flood of applications he's received. The pay scale for wind and solar manufacturing jobs ranges from $10-$12 an hour for general labourers to $25 an hour for skilled trades and engineering positions, said the development corporation's Naidu. © Copyright (c) The Windsor Star Read more: http://www.windsorstar.com/business/Green+jobs+begin+sprout+Windsor+Essex+County/4525848/story.html#ixzz1I5WaERXe
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