Monday, October 27, 2008

REMAX says the Canadian Market is Better Positioned!

With all the talk about the falling real estate market, Michael Polzler of RE/MAX Ontario says the Canadian real estate markets are far-better positioned than their American counterparts for a good number of reasons.
1. Sub prime mortgages represent less than five per cent of our market nationally.
2. Foreclosures occur in about one quarter of one per cent of mortgage transactions in this country.
3. Canadians have more equity in their homes.
4. We have less debt than our neighbours south of the border.
5. Speculation has played little or no role in existing home sales in Ontario.
6. The fundamentals of our economy are relatively solid. Of the G8 countries, only Canada is expected to show growth in 2008 and 2009.
7. The Canadian banking system is one of the best in the world, relying more on old-fashioned lending than innovative financial products geared toward profit.

Real estate is cyclical. There will be peaks and valleys. The more restrained the peak, the more modest the valley. While some buyers and sellers will adopt a wait-and-see attitude, there are those that will continue to venture forward.

Thursday, October 23, 2008

Great Time to buy that Retreat! a great time to buy that 2nd home, cottage, vacation rental or retreat here in Bluewater Country, along Lake Huron! Prices have lowered due to the economic splash and "it is Fall". There is a good selection of all properties from low end right up to the Lakefront homes. Sellers are wanting to sell before the snow flies, which is not far away. Just go and check out some of the prices on my listings and you will see there are better things to do than worry about the economy...go make a good investment... buy Resort Property!

Friday, October 17, 2008

Home Prices are Falling but Mortgage Rates Rising!

Garry Marr, of the Financial Post says that home prices across Canada fell for a forth straight month. I think we'll see a continued slowing for six months at the minimum, as home prices fell 3.6% in July and then 5.1% August. Those declines might have made it cheaper for consumers to buy a home but in the past two weeks most of the major banks have jacked up the variable mortgage rate for consumers who float with prime. Prime is now at 4.25% at most banks.
CREA said Wednesday the housing market appears to be stabilizing, the facts right now indicate the real estate market is stabilizing in many markets," said Calvin Lindberg, president of CREA.

Tuesday, October 14, 2008

Thanksgiving was Great!

The weather here in Grand Bend was spectacular for the Thanksgiving weekend and busy with people as well, here in town. The cottagers were back and busy at the stores, the drag racers from Windsor were here to see who was the fastest and the trees are really showing their colours. Now if the stock markets would only get better the phones might start ringing. There are lots of homes, cottages and condos now on the market, so it is a great time to buy and the prices are right!

Tuesday, October 7, 2008

Thanksgiving at the Cottage

With Thanksgiving coming soon it's a great time to make sure you are ready for the cooler weather. Frost is in the air and snow is not far behind so clean those eave troughs, cover the windows and don't forget about the hot water tank and turning off and draining the water if needed. Enjoy the weekend the weather has been perfect.

Sunday, October 5, 2008

Great new price for Grand Bend Cottage - $174,900!

Some of the prices for recreational properties at this time of year are very good. It is a great time of year to buy that second home for investment or for the family to use through out the year. There is a good assortment of cottages now listed like this 3 bedroom retreat in the core of the Bend. Just 3 blocks to the beach, comes fully furnished and has a full roof top patio. Best of all the price has been lowered to $174,900!

Friday, October 3, 2008

Housing is still strong in the area

The London-St. Thomas Association of Realtors just released the Sept sales stats showing that 769 homes changed hands in the month, up 19% from the same month last year and a sales record for the month of September. The average price of a home in London last month was $213,000, up 4.8% from a year ago. So there is some good news on the real estate front here in the area!