I would tend to agree with a few of the points from an article that appeared in the globe and mail from a few weeks ago (see below). It is my understanding that the more first time home buyers that enter the market without sufficient inventory to select from can be one of the contributing factors of what happened a few years ago where too many buyers in the market didn’t have enough homes (inventory) to select from. Demand outstrips supply and we see 2, 3 or 4 buyers looking to acquire that entry level home in a good neighbourhood and multiple offers increase the purchase price which then has a trickle down affect to the next sale in the neighbourhood and the feeling from Buyers that they have to outbid other buyers as opposed to being able to shop for a home.
Article from Globe and Mail
There seems to be recognition that maybe there could be somethings to consider to assist 1st time home buyers getting into home ownership. Although, RBC warns against taking measures to spur the market.
Some highlights as follows;
- Some chatter of late of what Bill Morneau may unveil in the March 19th budget related to housing affordability
- Some possibilities mentioned have been;
o 30 year amortizations for 1st time home buyers
o Relaxing the stress test
o Increasing the tax free RRSP withdrawal limit for 1st time home buyers
- RBC Senior Economist, Robert Hogue, warns against taking such measures as they don’t address concerns such as;
o Gaps in the mix of housing options
o High household debt
o Inventory challenges
o He even warns such measures could inflate prices
- Hogue does not believe Canada has a problem with home ownership;
o On average, more than 40% of Canadian Households headed by those under the age of 35 own their homes
o The proportion of Canadian households who own a home is one of the highest in advanced economies
- Hogue feels that the collective goal should be to remove barriers (regulatory, administrative etc.) inhibiting developers and builders to respond quickly to the demand for new housing
If you would like to know more about the real estate market in your neighbourhood or community i would be happy to create a customized report that will outline the details of the market is performing from both sides of the equation.
Scott Roy, Sales Representative
RE/MAX JAZZ Inc. Brokerage
21 Drew Street, Oshawa ON L1H 4Z7
(905) 728-1600 office or (905) 435-7355 direct / email@example.com
Constantly searching for ways to become your trusted partner prior to you needing that trusted partner in real estate. Click on the fun link below to watch our hustle video.
Hustling To Earn Your Business
For Additional Information Please contact me directly to learn more about the real estate process, myself and the current real estate market in your own neighbourhood.
SCOTT ROY, Sales Representative
RE/MAX JAZZ Inc. Brokerage, 21 Drew Street
(905) 435-7355 Direct / Text
Welcome to Your Waterfront Oasis on Lake Scugog – 3 Bedrooms, 3 Bathrooms and All created and designed with a “Bungalow lifestyle” in mind.
Beautiful Western Views and Vistas that can only be outdone by the absolutely Stunning Sunsets you can take in from the huge deck overlooking Lake Scugog. This home has been designed around a bungalow lifestyle with the Master Bedroom on the main level that features walk through closet to a beautiful 4 Piece Semi Ensuite Bathroom. You will also find the laundry room on the main level and a stunning Open Concept floor plan that is almost completely barrier free.
This custom built 3 Bedroom, 3 Bathroom home has a detached 2 car garage complete with a 2nd Story Loft that is ready to be developed. Generous driveway allows for parking for up to 8 cars. 24 Foot soaring cathedral ceilings provide a sun drenched living space an views across the lake from almost every room. The open concept main floor layout also features a stunning kitchen with Solid Wood Cupboards that are complimented by the rich black granite counter tops and high end appliances, including an induction stove with down draft venting. The Open Concept Living space makes this a a great environment to Entertain with family and friends. The Stunning 24 feature wall is surrounded by glass and makes yet another bold statement in this home. This space is also a place to relax an unwind with a Cozy Fireplace that will warm the space in winter and enhances the visual appeal of the stunning stone feature wall throughout the year.
The Unique Loft area on the second level provides a panoramic view of the first floor and a quiet area for reading, painting, relaxing or possibly a beautiful Home Office space.
The Finished Basement provides a huge area for relaxing and or entertaining with family and friends and features a gas fireplace and 2 walkouts to the gorgeous waterfront yard with a circular patio and campfire area. The basement also features a 2 piece bathroom and storage room.
- Hardwood Floors on 1st and 2nd levels
- Ceramic Tiles in Kitchen and Foyer
- LED lighting throughout the Home
- Rough In for “In Floor” Radiant heating in basement
Dont miss the Opportunity to make this Wonderful Waterfront home your own !!!
Contact me for additional information or to book your own private showing.
SCOTT ROY Sales Representative
RE/MAX JAZZ INC Brokerage
21 Drew Street Oshawa, Ontario L1H 4Z7
(905) 728-1600 (Office) or (905) 435-7355 (Text/Direct)
Start Off 2018 In your New Home in this wonderful Executive Style Bungalow in Beautiful Port Perry – Join us Sunday afternoon @ 32 Castle Harbour Drive in Port Perry between 2 – 4 p.m. and take a tour of this wonderful home.
Just over 2600 square feet on the main floor! This home has so much to offer almost any buyer. There are 3 Generous sized bedrooms on the main level and 1 additional bedroom on the lower level. You will also find 4 Bathrooms throughout the home, 3 on the main level and 1 on the lower level. A couple of the unique features of this home are the dual entrance ways and 2 staircases leading to the finished lower level.
You will also find this home has a unique sitting area with 2 skylights and Large Windows overlooking the back yard. A huge living room you simply wont find anywhere else and will accommodate every family member for those special celebrations and Holidays. The screened in porch is situated along the backside of the home and is overlooking the pool and lush gardens for those more relaxing an quieter moments. A Massive 27′ X 27′ – 2 Car Garage has direct access to the home and plenty of room for each car and additional storage.
The Lower level is completely finished with a combined Recreational Room and Family Room and Wood burning Fireplace. There is an additional kitchen, 1 additional bedroom and Hot Tub located in a Sunroom off the kitchen. Walk Out Basement along with huge windows make this an absolutely wonderful area filled with loads of natural light.
This wonderful home is situated on 1.5 acres and is surrounded by mature trees which create a very private and oasis like setting. There is an in-ground pool and gardens throughout the back yard and walking trails where you can access Lake Scugog.
Article Taken Directly from the Durham Region Association of REALTORS® (DRAR) February 2017 Newsletter
Durham Region Association of REALTORS® (DRAR) President Roger Bouma reported 595 residential transactions in January 2017, a 17 per cent increase from the same time last year. “Strong demand and low inventory are a few key factors in the booming price growth in Durham Region,” stated Bouma. There were 735 new listings in January 2017, a 7 per cent decrease compared to 788 in January 2016. “We’re seeing record highs in average selling price in January,” said Bouma. The average selling price in Durham reached $608,417 last month. In comparison, the average selling price was $446,117 during the same period last year; a 36 per cent increase. Homes have continued to sell quickly in an average of 15 days compared to 23 days last year. “This is a story that will continue to make headlines as strong price growth, short supply, and low interest rates continue in 2017,” said Bouma. In the past 10 years, the Durham Region’s average selling price has more than doubled, from $257,850 in 2006 to $533,828 in 2016. “There is no doubt that the Durham Region will continue to grow as we enter 2017, we’re already seeing a dramatic increase from the same time last year.” “The province-wide news that Durham Region will be receiving more funding from the gas tax program for transportation infrastructure is just another example of the great quality of life for families that live or wish to live in Durham,” said Bouma. Minister of Transportation Steven Del Duca announced on February 1 that Durham Region will be receiving approximately $10 million by 2019. “This news, coupled with the extension of the 407 east to the 115, the expansion of the GO Train, and the affordability of living, makes Durham Region one of the hottest markets in Ontario.
Come and Join us at a wonderful Open House this weekend! We will be at 66 Prout Drive In the Heart of Bowmanville.
Drop by and check out this fantastic 3 Level Back Split located on a quiet Dead End Street in a very family friendly neighbourhood
- 2 Bedrooms on the Upper Level
- 1 Bedroom on the Lower Level
- 2 Bathrooms
- Family Room with Gas Fireplace
- Single Car Garage
- Garden Shed in Backyard with Hydro
Open House Saturday, January 9th & Sunday January 10th from 2 – 4 p.m. both days.
Drop by and talk to Scott on Saturday or Alex on Sunday
SCOTT ROY & ALEX ROY
RE/MAX JAZZ Inc Brokerage
21 Drew Street, Oshawa, Ontario
Don’t Miss your Opportunity this weekend !! Come out and see 66 Prout Drive for yourself.
Open House this Weekend Saturday, January 9th & Sunday, January 10th from 2 – 4 p.m. on both days.
This Sparkling Gem is located in the heart of Bowmanville on 66 Prout Drive. Its a lovely 3 Level Back-Split with 2 Bedrooms on the Upper Level and 1 Bedroom on the lower level. 2 Bathrooms – One is a 4 piece Bathroom on the Upper Level and a recently updated 3 piece Bathroom on the lower Level. Gas Fireplace in lower Family room.
Main Level has a wonderful Kitchen with Eat-In Breakfast Area and walk out to a large side deck. Separate Dining room and Living room provide plenty of space and there is direct garage access from inside the home .
Nice Size fully fenced back yard with large Garden shed complete with hydro. Back Yard can be accessed from either side of the home.
- Single Car Garage
- Remote Garage Door Opener
- Parking for 2 Cars on Driveway
For Additional Information regarding this fantastic property or to book your own private showing please contact:
RE/MAX JAZZ Inc Brokerage
21 Drew Street, Oshawa, Ontario
(905) 728-1600 office (905) 435-7355 direct