Ben Officer-REALTOR®

Ahhh, success!  You have sold your old residence and you are moving into your new home. It feels good, but there are so many things to do. The moving of your furniture and belongings is just part of it. Here are a two suggestions of some frequently over-looked items.

1. Mail re-direction with Canada Post

Quite often I see people that get mail re-direction done but haven’t planned it out well enough. Keep a detailed list of what mail you have changed the address for. Then, keep track of any mail that is forwarded to your new address by Canada Post and get it changed too.

Note: If you use a “super mailbox” (group mailbox) to get your mail then don’t forget about the key. Leave the box location and number with the key. Alternatively, the new homeowner can contact Canada Post. They will re-key (change the lock) for their box in the super mailbox, at No Charge.

2. Re-Key / Change the Locks on Your New Home

This is not done by a lot of new homeowners. It should be. You don’t know how many keys are out there for your new home. There are two ways to do this:

a) call a locksmith to come over and change the insides of the locks and to make new keys. This is the easiest way. Or

b) go to your nearest home renovation supply store and buy new dead-bolt and handle locks. You can switch them out yourself. (Don’t forget to change the code on the remote controls for the garage door opener too)

Either way, do it. You may have liked the sellers, but maybe they didn’t change them when they bought the home. Your safety is too important.

These are but two of many things to remember when moving.  Please contact me if your looking to buy or sell a home. I have the experience to help you.

          Ben Officer, CD    REALTOR®

I try to sit down for a while on Sundays to read the “Sunday Reader” section of the Edmonton Journal newspaper. They have some interesting and thought provoking articles that cover a wide-range of topics.

Yesterday, they had a piece written by Sheila Pratt entitled “ A Valley for Whom?”  I found that it goes a long way to highlighting the issues regarding developments along the North Saskatchewan River valley. There is much discussion going on between Edmonton City Council, Developers, Home-owners, Sierra Club, and citizens of the city.  Finding a solution that protects access for Edmontonians and tourists while taking into account the wants of home-owners and developers make this a thorny issue.

Enjoy the article at: http://www.edmontonjournal.com/news/valley+whom/2039428/story.html

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Please feel free to comment on this post or any other.

   Ben

(The following report was just released by my company. It’s an interesting report because it seems to contradict some of what has been reported in the last while.)

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MISSISSAUGA, ON, Sept. 24 /CNW/ - With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

"Markets are heating up across the country," says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. "Purchasers are clearly taking advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010."

The recovery of Canada's resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John's (71.5), Regina (70.1), and Edmonton (69.2). Significant gains have also been made over the same period in markets such as Ottawa -- where homeownership levels rose from 51.4 per cent to 66.7 per cent -- and Toronto, where levels rose from 57.3 to 67.6 per cent.

"The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again," says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "In terms of its impact on the resale market, by historical standards, this recession was one of the mildest. The resilience of bricks and mortar has been demonstrated time and again. While there may still be some challenges down the road, the worst is definitely behind us in the housing industry."

Over the past thirty years, the Canadian residential real estate market has experienced three major downturns - 1981, 1989, and 2008. While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.

The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.

Public sentiment can best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question "In which do you feel more comfortable investing your money? The stock market or real estate." Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.

Please click here to read the RE/MAX Bricks & Mortar Report:

http://files.newswire.ca/577/REMAX-BRICKS.pdf

RE/MAX is Canada's leading real estate organization with over 17,000 sales associates situated throughout its more than 677 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36th year, is a global real estate system operating in more than 70 countries. Over 6,700 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, and asset management. For more information, visit: www.remax.ca.

    * The Angus Reid Omnibus Survey was conducted on September 15, 2009 and
        yields a margin of error of +3.1 per cent, 19 times out of 20.

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                   Homeownership Rates
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                 Canada and Major Centres
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                                1981           2006
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    Canada                      62.1           68.4
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    Metropolitan Areas*
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    St. John's                  69.5           71.5
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    Halifax                     55.6           64.0
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    Ottawa                      51.4           66.7
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    Toronto                     57.3           67.6
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    London                      58.0           65.9
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    Winnipeg                    59.1           67.2
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    Regina                      65.4           70.1
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    Calgary                     58.4           74.1
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    Edmonton                    57.9           69.2
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    Vancouver                   58.5           65.1
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    Victoria                    59.8           64.7
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    Source: Canada Mortgage and Housing
            Corporation (May 2008)
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    * Homeownership rates based on 1986 boundaries
        for the Census Metropolitan Area (CMA)
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    Top Performing Markets by Price Appreciation
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                                            1980       YTD 2009   % Increase
    Market                                 Avg. $       Avg. $   1980 - 2009
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    Greater Vancouver                     $100,065     $574,061       473.7%
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    Victoria                              $ 85,066     $466,611       448.5%
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    Greater Toronto                       $ 75,694     $385,978       409.9%
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    Regina                                $ 48,628     $244,088       402.0%
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    Ottawa                                $ 63,177     $301,684       377.5%
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    Halifax-Dartmouth                     $ 53,161     $239,633       350.8%
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    Winnipeg                              $ 50,491     $207,006       310.0%
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    Calgary                               $ 93,977     $380,489       304.9%
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    London - St. Thomas                   $ 55,210     $213,683       287.0%
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    Newfoundland & Labrador               $ 52,768     $203,584       285.8%
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    Edmonton                              $ 84,623     $319,939       278.1%
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    Canada                                $ 67,024     $312,585       366.4%
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    Source: Canadian Real Estate Association (CREA), RE/MAX
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I was just taking another look at how the home prices have been trending in the Edmonton Real Estate Board area for this year. Here is graph of the results, so far for 2009

They seem to have followed a trend that we usually see with buyer activity.  Buyer (and seller) activity picks up in the spring and summer, and so did the sale prices.

I have been a bit surprised at the strength of the buying and selling activity, but it just proves that people still want to live in a single family home or condo that they own.

We will have to see how the rest of 2009 pans out.

I just reduced the price from $188,900 to $184,900. This is a very good purchase for an individual, a small family, or for an investor to get rental income. Don’t miss it.

If you have purchased a condominium then you will have looked over the documents that describe the unit, building, condo corporation etc…

As a REALTOR®, I have had many clients purchase apartment and townhouse condos in many varied complexes. Usually, one of my many jobs when my clients are looking at the condo is to help them to understand the documents.

Now sometimes they may decide to take the documents to a lawyer for review, or to a company that specializes in condo document review. Any way you choose, it’s yours to decide. The ultimate decision on whether to buy it or not is yours, as the purchaser. You must be satisfied that it is a good place to buy.

The document package should contain a variety of different documents and be as up-to-date as possible. This is very important because, for example:

- it can show you how well the building is managed

- how much is in the Reserve Fund (for maintenance and repairs)

- how much the monthly condo (strata) fees are

- the meeting minutes for the Board of Directors

- the Annual General meeting minutes

- the projected budget for the year

- any anticipated levies or special assessments

- the projected maintenance costs for the next 1 – 5 years (depending on when the Reserve Fund Study was done)

- and many more items.

I will help you to make sure you get all the info you need to make a sound decision on the purchase of an apartment or townhouse condo. Please contact me if you have any questions or if you are interested in the purchase or sale of a condominium or a single-family home.

This apartment condo is 833 sq feet of comfortable living. The newer building  was built in 1997, so its pretty modern.

Excellently located within easy walking distance to the LRT and major shopping (its right behind Clareview Town Centre), this 1st floor, condo would be perfect for the student or downtown commuter! Features include in-suite laundry and storage, oak kitchen, corner gas fireplace, ceiling fans, large master bedroom closet, and 1 energized parking stall. It has upgrades such as ceramic tile floors and glass doors. The condo fees of $288 include the building caretaker, your heat, water & sewer costs, parking, building exterior maintenance, landscaping & snow-removal, the property management company, reserve fund contributions, and common property insurance. This is a great condo!

Payments for this condo would be quite affordable, making it attractive for a revenue/investment property.

Its exciting to plan for and execute the new home purchase. You are choosing the builder, the lot, the style, and all the little details like flooring etc…  True choice.

Now, you ask yourself how do I get financing for something that doesn’t exist yet? Good question.

You have to either pay cash (I wish I could….) or get financing through your Mortgage Broker or Lending Institution. To qualify you need at least a 5% down-payment and a total cost for the amount to be financed. This could include the lot, the home, and any extras that are going into the home.

You are going to need the builder to make schedule of costs and a time-line because the builder will need to get the financing in stages. This is so he/she can pay for the lot and to pay the sub-contractors who are working to build the home.

Hence the name “draw” mortgage, as I call it. They draw on it, as they complete the home.

You will have to work closely with your Mortgage Broker/Lender to ensure that they know what is happening and that they are ready and able to forward the funds when they are needed.

I have asked Natalie Wellings, a licensed Mortgage Broker with Mortgage Success to comment on this post to fill it in some more, from her perspective.

   Ben