Real Estate in Peterborough & the Kawartha Lakes Ontario, Canada

statistics now available up to the end of december 2011

2012-01-23T18:48:00.001-05:00

the market update and price trends for the area covered by the Peterborough & the Kawarthas Association of Realtors in Ontario , are now available to the end of DECEMBER 2011 on my web site at 'davidwoolverton.com', clicking on the highlighted links below should take you direct to the web pages.

Price trends to the end of DECEMBER 2011

Market update to the end of DECEMBER 2011

Seller's Market?

if the links above do not work on your computer,just go to my web site at www.davidwoolverton.com by copying/pasting this address into the address window of your web browser, and look for the "

Key facts for january-december 2011 for our whole area

*charts and tables have been added for condominiums and multifamily properties

*the average selling price for singlefamily properties over the period jan-dec 2011 is still at an all time high ...

*but the number of singlefamily sales for jan-dec 2011 was down -3.5% on jan-dec 2010

*farms & farmland number of sales for jan-dec 2011 was up 32.4% on jan-dec 2010

*waterfront cottage/rec average selling prices for jan-dec 2011 has ended the year lower than the figures for 2008, 2009 & 2010.

maybe too many american and canadian buyers are now buying cottages/recreational properties in the USA, where the prices have fallen dramatically, rather than buying here in this area of ontario

*the number of "power of sale" singlefamily properties sold in jan-dec 2011 has ended the year well down on the figures for 2009 and 2010, so this is a good sign.

*in Peterborough city for Q4 2011, singlefamily, condos and multifamily properties were all still in the Sellers market zone

for all the details see my website

variable rate mortgages v fixed rate, here is the best discussion of this issue that i have ever found

2011-09-18T10:35:00.001-04:00

choosing between a variable rate mortgage and a fixed rate mortgage is never an easy descision, and is even harder at the moment with the exceptionally low interest rates

so if you are trying to decide what to do i would certainly recommend reading this excellent article from canadianmortgagetrends.com .... it is the best article i have found covering all aspects of the pros v cons of each option ..... then having read this article you will be ready for detailed discussions with your mortgage lenders to see what they have to offer

here is the link:-

http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2011/09/the-fixed-or-variable-mortgage-conundrum.html

70.6% of all the dwellings in Peterborough were single detached dwellings

2011-06-14T11:09:00.001-04:00

It is interesting to see that in Peterborough the % of all dwellings that are single detached was one of the the highest across canada

see the figures below:-

Peterborough 70.6%

the next highest was Barrie at 70.4%

Canadian average 55.2%

Toronto was at 41.7%

the source for this data is from CMHC'S Demography report 2011 using Census of Canada data

some interesting numbers in that report

http://www.cmhc-schl.gc.ca/odpub/esub/64693/64693_2011_A01.pdf

statistics to the end of March 2011 now available

2011-04-23T15:50:00.001-04:00

see all the details for the statistics to the end of March 2011 on my web site at

http://www.davidwoolverton.com/id10.html

http://www.davidwoolverton.com/id5.html

http://www.davidwoolverton.com/id8.html

Key facts for january-march 2011 for our whole area

the average selling price for singlefamilys over the period jan-mar 2011 has dipped slightly below the last peak of 2010 ...

the number of singlefamily sales for jan-mar 2011 was down -20.2% on jan-mar 2010

maybe the existing mortgage tightening rules are already having an effect, plus there were new mortgage tightening rules announced that come into effect 18th march 2011 .. see an earlier blog for details

in Peterborough District singlefamily properties were in the BALANCED market zone, condos were in the BUYERS market zone, and multifamily were in the SELLERS market zone

in Rural district, singlefamily no water access were in the BALANCED market zone , while waterfront cottages and waterfront singlefamily were in the BUYERS market zone

new low rate mortgages for green homes

2011-03-16T16:15:00.001-04:00

BMO (The Bank of Montreal) have just announced a new Eco Smart Mortgage programme that might be worth checking out if you are thinking of buying a home with green energy saving features ... it offers a very attractive mortgage rate

see the link below

http://www.bmo.com/home/personal/banking/mortgages-loans/mortgage/special-offers/green-mortgage

new mapping website shows many of the attractions of Peterborough and the kawarthas area

2011-02-09T16:03:00.001-05:00

check out this new mapping website that helps you find many interesting places to visit in our area:-

such as accomodations, attractions, boating & marinas, outdoor recreation, restaurants & night life, shopping, spas, salons & retreats, and suggested tour routes ....

http://trip-click.com

new app for buyers just made available for apple and blackberry mobiles

2011-02-03T13:13:00.001-05:00

a useful new app for home buyers from cibc called

"CIBC Home Advisor" can now be downloaded for apple and blackberry mobiles

gives preliminary info on neighbourhood prices with maps, calculators for affordability, mortgage payments, rent v own, articles with advice on home buying and explanation of housing/mortgage terms .. and it is free!

market update to the end of december 2010 now available

2011-01-27T12:08:00.001-05:00

market update to the end of december 2010 now available at http://www.davidwoolverton.com

and look for the "price trends' , 'market update' and "seller's market?" pages

Key facts for december 2010

the average selling price for singlefamilys over the period jan-dec 2010 are at an all time high for prices ever ...

the average selling price for waterfront cottages over the period jan-dec 2010, is virtually back up to the peak in the year 2007

october-december 2010, (Q4 2010)

in Peterborough District multifamily properties were in the BALANCED market zone, while singlefamily and condos were in the SELLERS market zone

in Rural district, waterfront singlefamily were in the BALANCED market zone , while waterfront cottages and singlefamily with no water access were in the SELLER market zone

when comparing jan-dec 2010 to jan-dec 2009

the number of properties sold is up in 2 categories, and very slightly down in 2 categories

the average selling price is up in 4 categories

and the average days on the market to sell is down in 4 categories

despite all the positive news above, there is a growing number of home owners having difficulty paying their mortgages, mostly due to loss of jobs ..... to try and get a feel for the size of this problem in the area, i have added a chart on the market update web page showing how the number of "Power of Sales" sold has changed over the years,

the very low number of "power of sales" in 2004 & 2005 when the numbers each year were just 5 and 4, contrasts quite markedly with the peak of 35 "power of sales" in 2009..... 2010 has ended the year at 32 ... let us hope that we will see the numbers quickly fall back over the next few years towards the 2005 number of just 4 ....interestingly the previous peak of 30 in 1999, came towards the end of the last housing recession

and new mortgage tightening rules announced on the 17th january 2011 come into effect 18th march 2011 .. see the previous post on my blog for details

hope that this is useful to you

2 of the mortgage rule changes just announced will come into effect on march 18th 2011

2011-01-18T18:03:00.001-05:00

New mortgage rules were announced Monday January 17th 2011, and will bring 3 main changes in Ontario:-

taking effect on march 18th 2011 :-

1. the maximum amortization will be 30 years on insured products having less than 20% down.
for conventional mortgages 35 year amortization should continue to be available.

2. the refinance limit will be lowered to 85% of the appraised value, down from 90%.

taking effect on april 18th 2011:-

3. government insurance backing on lines of credit secured by homes will be withdrawn.

N.B. for purchases, buyers can continue to buy with as little as 5% down (self-employed individuals require 10% down)

so if you are thinking of buying a home early in 2011, you might want to talk to your mortgage advisor to see if it is worth trying to buy before these changes take place. ... change #1. above could mean a slightly higher monthly payment, and a slightly higher qualifying income.

statistics to the end of october 2010 now available

2010-11-27T17:11:00.001-05:00

Key facts for October

the average selling price for singlefamilys over the period jan-oct 2010 are at an all time high for prices ever ...

the average selling price for waterfront cottages over the period jan-oct 2010, is virtually back up to the peak in the year 2007

in Peterborough District condos were in the BALANCED market zone, while singlefamily and multifamily were in the SELLERS market zone

in Rural district, waterfront singlefamily were just in the bottom of the BALANCED market zone (almost dropping into the top of the BUYER market zone) , while waterfront cottages and singlefamily with no water access were in the SELLER market zone

when comparing jan-oct 2010 to jan-oct 2009

the number of properties sold is up in 2 categories, and very slightly down in 2 categories

the average selling price is up in 4 categories

and the average days on the market to sell is down in 4 categories

despite all the positive news above, there is a growing number of home owners having difficulty paying their mortgages ..... to try and get a feel for the size of this problem in the area, i have added a chart on the market update web page showing how the number of "Power of Sales" sold has changed over the years, from a low in the year 2005 of just 4, to the high in the year 2009 of 35 .... perhaps 2010 will end lower than that 2009 peak and we can see the numbers eventually return to the level in the year 2005 ...this will of course depend to an extent on the financial problems in Europe, with some of the countries there, continuing not to affect the canadian economy too much

to see the charts and tables with all the details go to

http://davidwoolverton.com

and see the web pages:-

market update http://davidwoolverton.com/id10.html

price trends http://davidwoolverton.com/id5.html

sellers market? http://davidwoolverton.com/id8.html

56% of ontarians mistakenly believe that the HST applies to the full purchase price of a resale home

2010-11-18T12:04:00.001-05:00

below is a news release from OREA

"An Ipsos Reid survey commissioned by OREA and released in October reveals that 56 per cent of Ontarians mistakenly believe that the new Harmonized Sales Tax (HST) applies to the full purchase price of a resale home.

In fact, the HST is only levied on the various transaction fees associated with the purchase of a home that has been previously occupied (i.e. not a newly-built home).

Currently, the average price of an Ontario resale home is around $330,000. Therefore, this confusion leaves the majority of Ontarians WRONGLY believing that the HST will add more than $40,000 to the transaction cost.

There is growing concern among real estate professionals that this misperception about the HST is dampening the Ontario housing market."

so infact for an average priced resale home the extra cost due to the HST over the old GST might only be $1500 to $2000 approx.!

were you confused about the impact of HST on resale homes?

Statistics to the end of July 2010

2010-08-24T13:57:00.001-04:00

Statistics to the end of July for the real estate market in the Peterborough Ontario area

for all the details do to www.davidwoolverton.com

Key facts for july

*the average selling price for singlefamily over the period jan-july 2010 are at an all time high for prices ever ...

*the average selling price for waterfront cottages over the period jan-july 2010, is almost back up to the peak in the year 2007

*comparing the jan-jul 2010 to jan-jul 2009, the sales numbers and sold prices are up in 4 groups, and the average days on the market to sell is down in 4 groups

however when when comparing just the month of July .. July 2009 saw a big surge in buyer confidence for singlefamily properties to give higher than usual sales numbers, while july 2010 saw lower than average sales numbers probably due the fact that many buyers tried to complete their purchase prior to the 1st july 2010 commencement of HST.

also just looking at July:-

in Peterborough District , singlefamily, condos and multifamily were all in the SELLERS market zone

in Rural district, waterfront singlefamily, singlefamily with no water access were both in the BALANCED market zone , while waterfront cottages were in the SELLERS market zone

2010 is continuing strongly in most real estate categories as we go through the summer, and it will be interesting to see how the rest of the year developes after the rush to buy before the HST, which started on the 1st july 2010, and now that the mortgage approval rules have been tightened slightly .....

also let us hope that the financial problems in Europe with some of the countires there, continue not to affect the canadian economy too much

hope that this is useful to you

new mortgage rules come into force april 19th 2010

2010-04-14T14:23:00.003-04:00

the new mortgage rules that come into force april 19th 2010 will

•Require that all borrowers meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term. This initiative will help Canadians prepare for higher interest rates in the future.
•Lower the maximum amount Canadians can withdraw in refinancing their mortgages to 90 per cent from 95 per cent of the value of their homes. This will help ensure home ownership is a more effective way to save.
•Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

for more info go to http://www.fin.gc.ca/n10/10-011-eng.asp

grants for energy upgrades still available through till march 31st 2011

2010-03-25T10:04:00.003-04:00

do not forget that grants up to a possible max of $10,000 are still available through till march 31st 2011, as long as you have been accepted for the program ... no new applicantions can now be made

for a table detailing the grants and what you have to do to qualify see the table at www.nrcan.gc.ca

Statistics update to the end of February 2010 now available

2010-03-25T09:50:00.003-04:00

the average singlefamily selling price for jan-feb 2010 is at an all time high ... although the rate of increase year to year is slower than in the period 2000 to 2007

the market ended 2009 firmly in the Sellers market zone for singlefamily homes in Peterborough & Rural Districts... and February 2010 is just into the Sellers Market zone...all these low interest rates and buyer incentives seemed to have worked ....

with waterfront properties it is too early in the year to get a good indication of how this market will develope as we head into spring and summer ... but the figures for Jan-Feb 2010 based on a small number of sales are showing the singlefamily waterfront homes average selling price at an all time high, and the cottage waterfront average selling price for jan-feb 2010 is still down on the peak of 2007, and is still just below the 2009 figure ...

2010 is starting off strongly in most real estate categories, and it will be interesting to see how the year developes after the rush to buy before the HST starts on the 1st july 2010, and then as the mortgage interest rates might start to gradually increase .

for all the details go to my web site www.davidwoolverton.com

are you renting now, and looking to buy .. you might qualify for a $10,000 loan towards the cost that may not need to be repaid!

2010-03-12T14:22:00.004-05:00

Peterborough City has just announced a new programme to help people buy a home who are currently in rented accommodation ... if you qualify they will give $10,000 loan towards the purchase price, and repayment of the loan is only required if the home is sold within 20 years.

could be worth looking into for some buyers

let me know if you need more info on this

market update to the end of december 2009 available

2010-02-13T12:07:00.002-05:00

the year 2009 has turned out to be a much better year than many expected

we ended 2009 firmly in the Sellers market zone for singlefamily homes in Peterborough and Rural districts .. all those low interest rates and buyer incentives seemed to have owrked

total sales numbers for all categories combined for December 2009 were +57.3% up on December 2008, and actually slightly higher than the 2007 levels .... but remember that December 2008 figures were unusually low as that was at the peak of the finanacial crisis in the USA ....

for all the details go to www.davidwoolverton.com

and do not forget that we have the HST tax to look forward to on the 1st july 2010, which could add approx $1500 to $2,000 extra cost to the average priced resale buyers costs..

market update to the end of november 2009 is now available

2009-12-20T14:11:00.002-05:00

The market is still continuing in the Sellers market zone for singlefamily homes in Peterborough & Rural Districts... the sales to new-listings ratio for october-november 2009 was 63% ...all these low interest rates and buyer incentives seem to be continueing to work ....

total sales numbers for all categories combined for November 2009 are +56.3% up on November 2008 .. and almost back up to 2007 levels

even the average sales price for 3 categories were showing an increase for November 2009 over November 2008!

rural district cottage/rec properties average sales price for jan-nov 2009 is +8% up on jan-nov 2008 ...

this year is turning out to be a much better year than was thought it might be at the beginning of the year.

the market is continuing to change in some unusual ways... and each buyer and seller must look very carefully at their own motivations and circumstances to decide how and when to act in these changing times. ...

now we have HST tax to look forward to in 2010 which could add $1,500 to $2,000 extra cost to the average priced resale buyers costs .... may be worth buying before this applies

see www.davidwoolverton.com for all the details

Market Update to the end of september 2009 now available

2009-10-13T16:04:00.003-04:00

we are firmly in a Sellers Market for singlefamily homes in our area with the sales/new-listings ratio at 65% for Q3 2009 ... and for this category of property the average selling price for jan-sept 2009 is even just slightly higher than 2008 for a new high ...

get all the details below

price trends
http://www.davidwoolverton.com/id5.html

market update
http://www.davidwoolverton.com/id10.html

sellers market
http://www.davidwoolverton.com/id8.html

market updates to the end of July now available

2009-08-17T15:11:00.004-04:00

The market is continuing in the Sellers market zone for singlefamily homes in Peterborough & Rural Districts... the sales to new-listings ratio for July 2009 was 71% ...all these low interest rates and buyer incentives seem to be working

total sales numbers for all categories for July 2009 are +17.2% up on July 2008

even the average sales price for 3 categories were showing an increase for July 2009 over July 2008!

and multiple offers are competing for some properties

the market is continuing to change in some unusual ways... and each buyer and seller must look very carefully at their own motivations and circumstances and seek expert advice to decide how and when to act in these changing times.

follow these links for all the details

sellers market http://www.davidwoolverton.com/id8.html

price trends http://www.davidwoolverton.com/id5.html

market update http://www.davidwoolverton.com/id10.html

be sure to take advantage of all the government housing incentives now available

2009-06-22T12:23:00.002-04:00

if you are thinking of buying, selling, renovating your home be sure to check out all the government housing incentives currently available ... here are links to the latest info

First time buyers tax credit
http://www.actionplan.gc.ca/initiatives/eng/index.asp?mode=5&initiativeID=40&clientid=4

Ecoenergy retrofit homes
http://http://www.actionplan.gc.ca/initiatives/eng/index.asp?mode=5&initiativeID=127&clientid=4

Home renovation tax credit
http://www.actionplan.gc.ca/initiatives/eng/index.asp?mode=5&initiativeID=42&clientid=4

Increasing the limits under the home buyers' plan
http://www.actionplan.gc.ca/initiatives/eng/index.asp?mode=5&initiativeID=46&clientid=4

market update to the end of May 2009 now available and we have returned to a sellers market!

2009-06-17T19:40:00.004-04:00

at the start of 2009 it looked like the market here would be heading into a Buyers market ... but in May 2009 there were enough sales to take the market back into the Sellers market range ...

see all the details at

http://davidwoolverton.com/_wsn/page8.html

market update to the end of April 2009 now available for Peterborough and the Kawartha lakes area

2009-05-15T15:50:00.003-04:00

in Q1 2009 we came very close to entering a BUYER'S market for the first time in nearly 14 years ...... but now in April 2009 we have bounced back well into the BALANCED market range and very close the SELLERS market boundary ....

so at the moment there seems to be enough buyers buying to keep us out of the BUYERS market zone ..... as we head into the summer of 2009, we will have to see if we continue to bounce around in the BALANCED market zone of the graph, or move more decisively into the BUYER'S market..

total sales numbers for April 2009 are -15.1% down on April 2008 (not as large a decrease as the mar2009 was down on mar2008)...

but the average sales price for a singlefamily home with no water access in peterborough district was actually +4.6% up in Apr 2009 over Apr 2008!

see my website www.davidwoolvertoncom for all the details

the market is changing ... and each buyer and seller must look very carefully at their own motivations and circumstances to decide how and when to act in these changing times.

Kawartha Lakes Stewards Association's Lake Water Quality Report 2008 is now available

2009-05-04T10:49:00.002-04:00

the 2008 report is called "The Root of the Matter", and is a fascinating read for everyone who lives, works or plays in the Kawartha Lakes ....

http://klsa.wordpress.com/
this will take you to their home page, then look on the left hand side under reports for the 2008 report called "Root of the Matter"

one of the studies in the report looks at what could be done to decrease the amount of near shore weeds without harming the aquatic habitat ... and this has led to a soon to be available KLSA Aquatic Plants Guide ....

Peterborough just named one of the top ten places to live in Canada

2009-04-28T16:28:00.002-04:00

Peterborough area has just been ranked as one of the top ten places to live in Canada in 2009, by Money Sense magazine .... we placed 9th out of 154 communites....

http://www.thepeterboroughexaminer.com/ArticleDisplay.aspx?e=1542288

http://www.canadianbusiness.com/my_money/index.jsp?utm_source=moneysense.ca&utm_medium=referral

this is truly a great city to live, work and play in ... see the link below for more info
http://www.thekawarthas.net/index.php

lots of water going over Burleigh Falls today

2009-04-16T22:02:00.003-04:00

we are back into the lower end of the BALANCED market range here ..no BUYER'S market for the moment!

2009-04-16T21:01:00.007-04:00

in january 2009 we dipped into a BUYER'S market for the first time in nearly 14 years ...... but then in february 2009 we bounced back into the BALANCED market ..... and in march 2009 we are headed back towards the lower range of the BALANCED market ...

see the charts and discussion
http://davidwoolverton.com/_wsn/page8.html

so the number of buyers are generating enough sales to keep us out of the BUYER'S market area of the charts ... especially in the under $180,000 price range ...... right now if you book a number of showings a day ahead, a few of them will offers on them the next day before you can show them, and some properties are getting multiple offers! ... the low interest rates and buyer incentives seem to be encouraging buyers to put in offers ...

so as we head into the spring/summer of 2009....will have to see if we continue to hover around this BALANCED/BUYERS transition area of the graph or move more decisively into the BUYER'S market.

stats update to the end of march 2009

2009-04-16T20:52:00.002-04:00

total sales numbers for March 2009 are -19.5% down on March 2008 (not as large a decrease as the feb2009 was down on feb2008)...

the average sales price for a peterborough city singlefamily home with no water access shows the mar2009 average -4.6% down on mar2008 ...

but rural singlefamily homes without waterfront show a mar2009 increase over mar2008! ...

for cottages the data still covers very few sales at this time of year, so we will have to wait until we get further into the spring market to get a better feel how they will perform.

the market is changing ... and each buyer and seller must look very carefully at their own motivations and circumstances to decide how and when to act in these changing times.

see the price trends at
http://davidwoolverton.com/_wsn/page5.html

see the market update at
http://davidwoolverton.com/_wsn/page10.html

Buyer's Market?

2009-03-17T17:29:00.002-04:00

in january 2009 we dipped into a Buyer's market for the first time in nearly 14 years ...... but then in february 2009 we bounced back into the Balanced market ..... and so far in march through to 15th march we are right around the Balanced/Buyer's interface ...
so we will have to see if we move more decisively into the Buyer's market as we head into the spring of 2009....

see the charts and discussion at my website page

http://davidwoolverton.com/_wsn/page8.html

from around 1998 through to about 2007 we have been mainly in a sellers market

the last major buyer market ran from about 1990 through till around 1995 ..... and in this period the average singlefamily sales price fell approx -19.3% ....

the market is changing

Price trends and market update to the end of February 2009

2009-03-17T17:20:00.002-04:00

i have just completed the price trends and market update to the end of February 2009, and you can see these at my website on the following pages

http://davidwoolverton.com/_wsn/page5.html

http://davidwoolverton.com/_wsn/page10.html

total sales numbers for February 2009 are -30.3% down on February 2008 (not as large a decrease as the jan2009 was down on Jan2008)... the average sales price for a peterborough city singlefamily home with no water access shows the feb2009 average -6.2% down on jan2008 ... but rural singlefamily homes both with/without waterfront show a feb2009 increase over 2008! ...for cottages the data still covers very few sales at this time of year, so we will have to wait until we get further into the spring market to get a better feel how they will perform.

the market is changing ... and each buyer and seller must look very carefully at their own motivations and circumstances to decide how and when to act in these changing times.....

contact me if you want to talk over your own situation in detail.

whats in the economic action plan for you?

2009-02-18T17:03:00.002-05:00

details of "Canada's Economic Action Plan BUDGET 2009" can be found at www.budget.gc.ca , and below is a summary of some of the housing related topics taken from the document:-

Action to Stimulate Housing Construction

The Government is proposing to provide up to $7.8 billion in tax
relief and funding to help stimulate the housing sector and improve
housing across Canada.

Support for Home Ownership and the Housing Sector

Implementing a temporary Home Renovation Tax Credit that
will provide up to $1,350 in tax relief, reduce the cost of
renovations for an estimated 4.6 million Canadian families,
and provide needed stimulus to the economy.

Providing an additional $300 million over two years to
the ecoENERGY Retrofit program to support an estimated
200,000 additional home retrofits.

Providing first-time home buyers with additional access to their
Registered Retirement Savings Plan savings to purchase or build
a home by increasing the Home Buyers’ Plan withdrawal limit
to $25,000 from $20,000.

Assisting first-time home buyers by providing up to $750 in tax
relief to help with the purchase of a first home.

so it might be worth checking out to see if you can qualify for any of this government help.

price trends and market update to the end of january 2009

2009-02-11T10:39:00.002-05:00

i have just completed the price trends and market update to the end of january 2009, and you can see these at my website on the following pages

http://davidwoolverton.com/_wsn/page5.html

http://davidwoolverton.com/_wsn/page10.html

the market here is changing:- total sales numbers in our area for jan 2009 were -51.4% down on jan 2008.... and the average sales prices for 2009 are starting to show a fall from the 2008 average.... in 2008 the sales numbers and selling prices were starting to fall in the last few months but not sufficiently to bring the 2008 whole year average below the 2007 average.

in this type of rapidly changing market each buyer and seller needs to look very carefully at their own particular motivations and circumstances to decide how and when to enter this market to their best advantage.... contact me if you want to talk over your own situation in detail.

money from the government to stimulate the housing/real estate markets

2009-02-08T18:47:00.002-05:00

here is the link to the new "Canada's Economic Action Plan"

www.actionplan.gc.ca

in this there is allocated approx $7.8B for housing construction and renovation
http://www.actionplan.gc.ca/housing-construction-eng.html

so if you planning to do work on your home or buy for the first time .. there could be some government financial incentives that you can claim to help ... details of how this will be implemented will be coming soon

let us hope that it works.

if your property value now is less than the assessed value for taxes (CVA), should you challenge the assessment with mpac?

2009-02-05T17:50:00.004-05:00

i seem to be getting a lot of queries like this, and in todays local paper there is a report about a meeting attended by hundreds of property owners, where the organisers were encouraging as many people as possible to challenge their assessments with MPAC, because their property values today are less than the assessed CVA (current value assessment)

there seems to be a lot of mis-understanding about the way that the MPAC CVA is set up....

1.it is totally irrelevant if the value of your property now is higher or lower than the assessed value for taxes (the CVA)

2.the CVA value is what your property might have sold for on the 1st jan 2008, all properties are assessed to this common date ... so what is important is how does your property CVA compare to similar properties CVA for that 1st jan 2008 date.

3.the most important thing that property owners should check is the 6 comparable properties that MPAC used in deriving that CVA for their property .. see my earlier blog on this ... if you are unhappy with those comparisons, and think that on the 1st jan 2008 your property was worth less than your CVA, then you could challenge the CVA with MPAC

4.another mis-conception that is being continued in the news paper, is that the phased in increases in CVA are the value of your property for those phased in years ...this is incorrect ... .. the property CVA is for the value of the property on the 1st jan 2008, and the phasing in of the increase over a number of years is only to ensure any changes are gradual.

i hope that this clarifies this issue a little ...

will you be paying more in property tax dollars

2009-02-04T20:19:00.003-05:00

i seem to be getting a few queries re property taxes ... and this is a recurring one ...
"will i be paying more in property tax dollars"

this will depend on 2 main factors

1. what is your share of the township tax dollars being raised in your township?
in the MPAC notice of your new property assessment notice you will see a section where it compares the % increase in assessment value for your property and the average % assessment increase for properties in your township ...
*if your assessed value % increase is higher than the township average % assessed value increase , then your share of the total township tax dollars to be raised will also increase
*if your assessed value % increase is lower than the township average % assessed value increase, then your share of the total township tax dollars to be raised will decrease

2. is the township going to need more or less tax dollars than last year.? ...probably more!
if the township total tax dollars to be raised is more than last year,:-
*then you will be paying more in property tax dollars if your % increase in assessment value is at or greater than the township average % increase
*but if your % increase in assessed value were much lower than the average % increase in assessed value, then it might be possible that you are paying the same or less taxes than last year depending on the relative size of your % increase in assessed value and the amount of the extra tax dollars the township is raising.

no simple answer, but i hope the above helps!

price trends and market update to the end of december 2008

2009-01-31T21:46:00.004-05:00

to get a current perspective on the whole canadian real estate market as we head into the year 2009, you might find the 2 pod casts from CREA (Canadian Real Estate Association) at the link below of interest
www.crea.ca/public/news_stats/pods.htm
podcast 1. The Chief Economist of The Canadian Real Estate Association, Gregory Klump, updates the national MLS® residential forecast for 2009. The revised CREA forecast says the housing market will continue to cool in most regions, but the number of new listings will also decline

podcast 2. The President of The Canadian Real Estate Association, Cal Lindberg, explains why the Canadian real estate market will not follow the trends in the United States, and why there will not be a major decline in the value of Canadian homes.

and then take a look at my own web site for the price trends and market update to the end of december 2008 on my own website http://www.davidwoolverton.com/ .. the next update to the end of january 2009 is due in the 2nd week of february 2009

mpac assessments/mpac chosen 6 comparables are not on their website

2009-01-31T18:20:00.004-05:00

if you want to see the 6 properties that mpac has used as comparables for your property you have to write into mpac!!! ... in the Property Assessment Notice 2008 there was a seperate sheet "important information" that said these 6 mpac comparables were available online at www.mpac.ca under "aboutmyproperty"... i spent some time searching the web site and could not find them there, and after talking to one of the mpac staff on the phone they apologised and said they were not available on the website as stated in the paper documents !!! ... so you need to write and request these 6 comparables from the address:- MPAC, Attention: GRAD, P.O. Box 9808, Toronto, Ontario, M1S 5T9... hope that this might save you a bit of time.