Real Estate Blog

In a few weeks, we are expecting something of a shakeup in the real estate market. On September 2nd, 2019, an Incentive is coming into play, courtesy of the federal government. It is introducing a plan to help first-time home buyers get into the market and own their own home. It is a big part of the Canadian dream, homeownership. Surveys say that homeowners are generally happier overall, feel like a valued part of society, and are a major contributor to the economy. And it has been more difficult to break into the home ownership market since last year, when the federal government introduced its mortgage stress test. Potential buyers are winding up renting instead of buying, and that is having another effect altogether by pushing up rent rates.

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THE FEDERAL GOVERNMENT'S FIRST-TIME HOME BUYER INCENTIVE

In the wake of ever increasing challenges for first-time home buyers to get into the real estate market, the feds have come up with a plan that they are hoping will help first-time buyers get their feet wet. The mortgage stress test introduced last year is making it harder for all buyers across the board who must avail themselves of federally regulated banks to help with the financing of their purchase. (Private lenders and credit unions however are exempt from the stress test, and so no doubt have seen an increase in their mortgage business, although buyers may be subject to higher interest rates). Here's How It Works: Eligible buyers are able to apply to finance a portion of their home

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As we take a look back at the month of June 2019, the real estate market seems to show that buyers are looking before they take the big leap into home ownership. Homes are sitting on the market slightly longer, as buyers do their research and take a good look at all the inventory out there. Days on the market increased ever so slightly year-over-year by nearly 3% to 35 days. Buyers are an educated bunch, and know when a seller is asking just a bit too much for their property compared to what else is available on the market. And it seems buyers are not so eager to pay over asking anymore. Perhaps because there is more inventory out there to choose from. Perhaps because they are just saying “No” to the stress of multiple offers and bidding wars,

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WHAT TO EXPECT WHEN THE INSPECTOR ARRIVES

Homeowners may feel anxious when their home is inspected. Rest assured, every single home has issues that need to be addressed. Home inspectors need access to all areas of the home in order to inspect components that may be hidden behind storage. Here are some tips to ensure a home inspector is able to complete a full report.

1. Make sure all utilities are hooked up and working properly. Homes without electricity or water or gas supply can be inspected – but it results in a less effective home inspection.

2. Remove items from outside the home that may block access to vent openings, utility meters, air conditioning units, electrical outlets, hose bibs, etc. Exterior walls and foundation should be visible

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June 2019 Market Review

The month of May may have been bleak and cold, but the real estate market was starting to sizzle! In Simcoe County, more than 500 properties were sold in May, an increase of more than 26% over the same time last year. And average prices were up too – $518,891 – nearly 4% higher than 2018. This is especially encouraging as buyers are still struggling with the mortgage stress test that was introduced last year. The Bank of Canada may be helping buyers slightly this year however, as they held interest rates steady for the second time in a row in their most recent announcement. In the City of Barrie alone, the number of properties sold increased by nearly 30% compared to last year, and the average price too was up by nearly 3%

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..But not a drop to drink, as the saying goes. It is a line from The Rhyme of the Ancient Mariner, who is surrounded by salt water and cannot drink a drop. A classic poem for sure, and one worthy of putting on one's bucket list for a rainy day great read. But this is about the new reality of water. The fact that it is everywhere, we cannot escape it, and it has become the number one risk that homeowners now face according to CAA Insurance. In fact, CAA Insurance is suggesting homeowners dig out their current insurance policies to make sure they are covered for water. Water from above, water from nearby lakes, rivers and streams. And in the wake of the spring flooding in Muskoka, Haliburton, Parry Sound, Ottawa and even Toronto, where Lake

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As we celebrate the international, yet unofficial Star Wars Day, the Barrie and Simcoe County real estate market is celebrating also. It seems we emerged from the mercurial month of April, which battered us with every type of adverse weather imaginable, including flooding in some parts of our region, with buyers and sellers enjoying a lovely, balanced market. Both the number of sales and the average price of properties sold were up compared to April of last year. In Barrie, the number of properties changing hands increased by nearly 22%, while in Simcoe County excluding Barrie the number of properties sold was nearly 25% more than the year before. And in Barrie the average sale price increased by a healthy 5.6% compared to the same month last year,

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The month of April has brought snow, freezing rain, sunshine, double digit temperatures, and lots of rain. Lots and lots of rain. In fact, more than double the average amount of rainfall we usually see in this tumultuous month. The phrase, April showers bring May flowers has been overdone to the nth degree. And as we start the month of May, we are seeing more of those showers that once belonged to the month of April. In fact, we are under another Special Weather Statement for a lot of rainfall. Rainfall that has already contributed to a State of Emergency for several communities in cottage country. Even the iconic Santa's Village in Bracebridge is under water. In fact so many properties, both homes and businesses, are under water that the Canadian

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The Bank of Canada has just announced it will be holding its benchmark interest rate of 1.75% steady for the time being.

And that is GREAT news for home buyers all across Canada!

Given that all of us are coping with increasing gas prices (a record $1.78 per litre in Vancouver), increasing property taxes (nearly 3% in Barrie), and rising costs of most things overall (groceries, natural gas, electricity, water and wastewater), it is comforting to know that the cost of borrowing money to purchase a home to live in, raise our families in, share meals with friends in, will not go up.

In fact, some major banks are lowering their lending rates in a bid to encourage more people to apply for mortgages.

This, in the wake of the mortgage stress test that

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THEWAYHOMETEAM.CA - TIM LINTICK - BARRIE REAL ESTATE They are the friendliest people you will never meet. They will answer all your questions. They will ask you questions, too. They are available 24/7. They have become an indispensable part of real estate. Yet they don’t exist. And yes, they are chatbots. Their names are Crystal and Amber. The personal A.I. Assistants of The Way Home Team. They live in our phones. In our computers. Our tablets and laptops. On our Facebook page. On our websites. Their sole purpose is to help you, the customer, the client, the person looking for information about our real estate listings. When anyone needs information about one our listings at 3 a.m., our friendly A.I. chatbots are there for them.…
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