CIBC Run for the Cure 2014 in Oshawa

Canadian Breast Cancer Foundation CIBC - Run for the Cure in Durham Region, ON

Start Date: Sunday, 05 October 2014
End Date: Sunday, 05 October 2014
Time: 8:00 AM - 11:00 AM
Location: Lakeview Park, Simcoe Street South and Lakeview Park Drive, Oshawa ON, L1H 8S7

Each year, tens of thousands of Canadians participate in the Canadian Breast Cancer Foundation CIBC Run for the Cure and help to raise funds for important breast cancer research, education, and advocacy initiatives.

Registration: 8:00am

Opening Ceremonies: 9:00am

Warm Up: 9:50am

5km Start: 10:00am

1km Start: 10:00am

Awards & Closing Ceremonies: 11:15am

For more information, visit www.runforthecure.com! 

Randy Miller 

Broker   

Re/Max Rouge River Realty Ltd., Brokerage 

905-668-1800 or 905-427-1400

randy@randymiller.ca

whitbybrooklinhomes.com

Most Canadian renters under 50 desire homeownership

The vast majority of Canadian renters under the age of 50 would like to own a home, a new survey has found.

Only about 20 per cent of those surveyed by real estate firm Altus Group Canada said they actually chose renting for the lifestyle or because they didn’t want the responsibility of owning a home. Two per cent said they didn’t think buying a home was a good investment.

Nearly 80 per cent said there's a variety of reasons why they chose renting over homeownership: saving for a down payment, fears over qualifying for a mortgage or the belief that now is not the right time to buy.

There are roughly 2.4 million people under the age of 50 renting in Canada right now, according to Altus.

The number of those who could afford to buy a home obviously depends on a variety of factors including where they want to live and what their income is. But Altus crunched some numbers, using data from Statistics Canada, to get a sense of the bigger picture.

The firm figured that, based on certain assumptions, about 650,000 current renters under 50 years old could afford to carry a $350,000 mortgage (which is about 10 per cent less than the average resale price in the country), assuming that they put 20 per cent down on an uninsured 30-year mortgage with a 3.75-per-cent mortgage rate.

But, if renters can only make a 5-per-cent down payment (and therefore require mortgage insurance, which also means they’re only eligible for a 25-year amortization) and they get a mortgage rate of 4.79 per cent, then only about 250,000 current renters could afford to carry a $350,000 home.

Altus estimated that there were roughly 300,000 first-time buyers a year on average from 2009 to 2013, and about half of them were 25 to 34 years old. About one in five households buying their first home consisted of one individual.

The average price of a first home in Canada from 2009 to 2013 was about $268,000, Altus said, compared to an average of about $303,000 for all buyers. There’s more of a discrepancy between the average price of a first home and all homes in Vancouver, where average first home prices are about 20 per cent below the average for the overall market.

Larger down payments are key to being able to qualify for and carry mortgages on more expensive homes. About half of first-time buyers who bought a home under $200,000 put down only 5 per cent, according to Altus. But among those purchasing homes of $350,000 or more, about half put down at least 20 per cent (not only reducing their relative mortgage size, but also avoiding mortgage insurance premiums).

Source: The Globe and Mail, Survey show 80% of renters under 50 desire home ownership by Tara Perkins

There are lots of options available to get people into homeownership, and it's a lot easier than you may think. Consult an independent mortgage agent or contact me, I can refer you to a mortgage specialist that can explain the products and help you choose the right mortgage product.

If you have any other questions about moving from renting into homeownership, feel free to contact me anytime. Let me be your personal guide on your journey to home ownership!

Randy Miller

Broker 

Re/Max Rouge River Realty Ltd., Brokerage

905-668-1800 or 905-427-1400

randy@randymiller.ca

http://whitbybrooklinhomes.com/

How the housing market has cooled in most of Canada

According to a CBC report the average housing price numbers are somewhat skewed by the hot markets in Vancouver and Toronto.

While the headlines from the Canadian Real Estate Association may highlight the nearly seven per cent spike in the average price of a house over the past year, analysts say the real story is that for most of the country, the housing boom appears to be over.

"It’s not a disaster by any means, but we’re very much back to a normal or a soft market in a lot of parts of Canada," said housing analyst Ben Rabidoux, president of North Cove Advisors.

According to CREA, the average price of a Canadian home sold in June was $413,215, up 6.9 per cent from June of last year.

But that data is somewhat skewed by hot housing markets in cities like Vancouver and Toronto, where the average price of resale homes came in at $800,362 and $555,430 respectively. CREA noted that if those two cities are stripped out of the picture, the average Canadian house is worth a "more modest" $336,164 and the annual increase shrinks to 5.2 per cent.

"Across the country you can find a few major markets that are very, very strong but you can find most of the communities are not very strong at all right now," said housing economist Will Dunning. "In a lot of those areas, the numbers are even weaker than one might hope for. The economy is slowing down in a lot of places and the housing market is part of that slowdown."

"The strength is in Vancouver, Calgary, Hamilton and Toronto and you don’t see as exciting a story almost everywhere else in Canada."

While the Canada-wide number is very strong, it hides very sharp regional differences, Rabidoux said.

For instance, in Hamilton, the average price of a home lists around $400,000; in Calgary around $460,000. But Regina home prices average just $300,000, in Halifax, they average $275,000 and in Quebec City, just $268,000. And in those regions, prices have either cooled or dropped altogether.

“Outside of a few major metros, the boom is over," he said. "In fact, we’re seeing now a number of markets that are seeing weakness that we haven’t seen in 20 years. And that’s very much being hidden by this incredible strength in Toronto and Vancouver."

"So it’s very much a story right now about the haves and the have-nots and that’s sort of hidden in the [CREA] headline," Rabidoux said.

"You've got this very severe imbalance between supply and demand. And you have the exact opposite dynamic in Vancouver, Calgary and Toronto where you’ve got not a lot of supply and a lot of demand," Rabidoux said. "We really haven't seen a national market like this where we have such sharp regional differences."

Read the full article > HERE!

Source: CBC News Posted: Jul 16, 2014

For more insight into the housing market within Durham Region, the Whitby real estate market, or the Brooklin real estate market, contact me. If you are an existing homeowner and are thinking about a, move, I can tell you what your house or condo is worth in today’s marketplace.

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
http://whitbybrooklinhomes.com

 

Buying Property: Old vs. New

Buying a home is an emotional and personal decision. The price of course plays a major role too. Here are some advantages and disadvantages to consider when trying to decide whether you should buy a newer home or an older home.

PROS of New Construction

• Some flexibility on design during construction phase: Many homebuilders allow buyers to help design the property. New-home buyers, for example, can often decide where their bathroom might go, choose their favorite flooring or pick the exterior paint color. Buyers moving into a subdivision can sometimes pick the lot they like best.
• Contemporary style 
• Cheaper to operate - energy-efficient: Newly constructed homes use energy more efficiently. They tend to have higher-efficiency insulation, doors and windows that helps prevent conditioned air — cool air in the summer, warm air in the winter — from escaping. The more energy-efficient appliances of the house also help reduce utility bills for new-home buyers. New homes often have appliances — such as high-efficiency stoves, refrigerators, washing machines, water heaters, furnaces or air conditioning units — that homes built years ago might not. 
• Cheaper to maintain, Fewer repairs: When people buy a new home in today’s market, it really is new. At the same time, today’s new homes are engineered specifically to minimize maintenance requirements. For example, some companies use composite products for a home’s exterior trim instead of wood, which could rot or need repainting. 
• Extended warranties: In addition, builders often agree to take care of the necessary repair work in a new home for at least the first year. So if your roof starts leaking or the heater breaks during the warranty period, your builder will pick up the tab for the repairs. 
• Fire safety: New homes often include fire-safety features that may not be in properties built years ago. 
• Financing: New-home buyers can take advantage of mortgage-financing perks available through their builder. New-home builders — in many cases, the larger ones — have their own mortgage companies, or they will offer paying points or closing costs and buy down certain rates for you. The seller of a resale home is generally not going to do that for the buyer.
• Frequently have a homeowners association which helps to protect resale value. 
• It's brand-new!

CONS of New Construction

• Frequently less character, or homogenous design: Unless you are looking at a custom-built house on an individual lot, most new homes are built in developments with a unified style. These developments can be as small as a cul-de-sac, or as massive as a former farm field filled with dozens, if not hundreds of homes. All homes in your neighbourhood might have similar floor plans. They might be identical to each other and have no individuality. 
• Limited negotiating room on price: New houses are often more expensive than resale homes of a similar size.
• Can put limits on how you use your property.
• Immature vegetation: It can take years for trees to grow.  
• House settling: New houses settle. It happens everywhere, regardless of the type of soil. Settling causes cracks in foundations, walls and door frames. 
• Longer commuting distances to downtown. If you want to be where the action is in a metropolitan downtown area or avoid the drive to work in rush-hour city traffic, the distance from downtown might make a difference to you. 
• Neighbourhood: There are also risks in buying a new home. The plans may be impressive, but you don't know who your neighbours will be, which could lead to a financial risk down the road. You can always update your house but not the neighbourhood. 
• If it is a home in a new subdivision, no infrastructure is in place – including schools, parks, public transportation and shopping malls. 
• You will also pay GST on a new home, which will add to your costs. 
• Problems with the builder: Check the builder's track record. What else has the company built? Were previous projects completed on time, on budget and without bad blood between the builder and buyers? If you live nearby and previous stages of the development are occupied, ask the residents if the builder did quality work and lived up to contractual commitments. 
• Extra costs for Extras: You can certainly have the granite counters, surround-sound home theater and jetted tub you saw in the model home, but they're not included in the base price. You will pay extra for them.

Bring your own agent. If the builder has a real estate agent on site, the agent will be more than happy to help you. But, on-site agents work for the builders who hire them. Their best interests will be for the builder, not you.

 

PROS of Resale Homes

• Old world construction: While older homes may need updating, they have withstood the test of time which is not the case with new homes. Older homes have stood for decades, some centuries, and weathered many storms. Some were built by hand by genuine craftsman, with meticulous attention to detail. 
• Larger yard. Years ago, when land was cheaper, builders built on larger lot sizes, leaving room to accommodate garages on alleys. 
• More charm and character. 
• Longer-term neighbors. Many people are drawn to developed neighborhoods for the sense of community that has been established. Some older homes are passed down through generations. Many neighbors know each other. 
• Established neighborhood. Zoning changes are unlikely to occur in older areas. 
• Mature trees and vegetation. The mature landscaping and developed trees are often a considering factor. It's not uncommon to see 100-year trees providing canopies in yards and boulevards. 
• Location: Closer to downtown entertainment and restaurants. Existing homes are often found in older, more convenient metro core areas rather than outlying suburbs. Not only do older areas tend to be located closer to downtown areas, but often residents can walk to local coffeehouses and antique stores. 
• Availability: More choices, more styles to choose from 
• Home improvement. If you enjoy small repairs and home improvement projects around the house, then an existing home would be your cup of tea. You have the opportunity to remodel. In some cases buyers may prefer an older home in a particular location which can be modernized or expanded. In effect, use the existing home as a base to build a unique property.
• Existing features. When you buy an existing home, you typically don't have to worry about buying the extras, such as blinds for the window, a security system, or a landscaped back yard.
• Price: In general terms, existing homes tend to be less expensive than new properties. As well, existing homes are likely to come complete with items which may represent new home extras—blinds, landscaping, built-ins, etc. The price may also be more negotiable. 
• Track record. When you purchase an existing home, you know how much the property has appreciated over the years -- in effect, you have an index of sorts which measures the community's marketplace appeal.

Of course, there are cons with existing homes, too. Generally speaking, resale homes tend to be more available and less expensive than new homes, but they are also full of surprises.

 

CONS of Resale Homes

The big disadvantage of buying an older home is that it may need refurbishing. Although an older home may cost you less than a new home initially, it may end up costing you much more when the expense of updating is taken into account. Things tend to go wrong periodically, and there’s always something to fix. Be honest with yourself. If major repairs are required, you'll either have to do them yourself or bring in the professionals. Some people can handle the disruption; others can't.

If you're considering an existing home, be sure you have a good handle on the working status of all major systems. Hire a professional home inspector to check out the house. As appliances and systems age they naturally require repair and replacement, something which may be reflected in a purchase price.

To evaluate the true cost of buying an older home, find out the age of the roof, appliances and major systems like plumbing, heating/cooling and electrical. Ask your home inspector to estimate how long each of these items is likely to last. Then get replacement estimates from licensed contractors.

Ask sellers for documentation on any major work they've done to the property. This will be useful when it comes time for you to sell. If the roof was replaced recently, find out if the roofer will extend any remaining warranty to you. Also find out how much the utility bills are in an average summer and winter month.Owners of existing homes can always buy higher-efficiency appliances, but doing so can be expensive.


In the final analysis, costs are only one consideration – because buying a home, old or new, is a personal and emotional decision. Find a house you like, consider its pros and cons — objectively, as well as emotionally — and think about the compromises you're willing to make. The more logically you approach buying the house, the more you're going to love living in it.


If a move is in your future, let’s sit down and talk about your plans. I will listen, understand your needs and create a plan that will achieve your goals. Buyers in any price range will benefit from my experience and my knowledge of local market conditions, specific neighbourhoods and housing styles. My goal is to get you the best home possible, without compromise at a fair price.

To help me find your desired property, please tell me your desired move in date, the location you want to move to, ie: Whitby, Brooklin, or other areas within Durham Region, whether you are looking for a condo, townhouse or house (semi-detached, detached, bungalow or 2-storey home) and the number of bedrooms and washrooms required.Contact me today!

Let’s find your Property Match – Right Now!

 

Find your dream home in Whitby or Brooklin

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
http://whitbybrooklinhomes.com