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.
Newly Renovated to Create a Wonderful Open Floor Plan with 4 Bedrooms and 3 Bathrooms. Finished Basement Provides Even More Liveable Space for your Family. This Lovely Ranch Style Bungalow is Situated On A Huge Country Size Lot Right in Town. Enjoy Morning Coffees or Wonderful Sunsets on Your Sprawling Front Porch, Reminiscent of Yesteryear! Newly Paved Driveway Leads to a Turn Around Parking Pad and Insulated & Fully Detached 2 Car Garage. Back Deck Provides Plenty of Space for Friends, Family and Entertaining and Don’t Forget About the Huge Fully Fenced Back Yard Where you can Enjoy so Many Outdoor Activities. This Home is located Within Walking Distance To Historic Downtown Port Perry, Public & High Schools and Many More of the Amenities Town Has to Offer. Perfect Timing To Get Settled Into Your New Home Before School Starts!
Other Features and Highlights
Roof to be Replaced end of July 2017
Newly Paved Driveway
Hidden Television in Main Bathroom
New 3 Piece Ensuite in Master bedroom
Detached 2 Car Garage
For Additional information on this wonderful listing please contact either
We go live today !! All the hard work and preparations have been well worth it. We are taking this Fantastic Semi Detached home to market today.
3 Bedrooms + 3 Bathrooms, Open Concept Main Floor, Beautiful Kitchen and Breakfast has walk out to Patio and Back Yard. Main Floor also has a 2 Piece Powder room and Direct Garage Access. Garage has Parking for 1 Car and 2 additional Cars on the Driveway.
Finished Basement has an L Shaped Rec. Room and Unfinished Laundry Room and Storage Area.
Located in one of Whitby’s most desirable Neighbourhoods known as Williamsburg which has great schools, parks and is very close to many public transit options. The recently Completed Highway 407 and 412 provide new alternatives for commuting. You also have access to GO Train Stations (Whitby and Ajax)
Large Back Yard has a Shed and plenty of space for the kids
Don’t miss this opportunity to make this special home you very own. For additional Information or to book your own private showing please contact me:
Scott Roy, Sales Representative
RE/MAX JAZZ Inc Brokerage.
21 Drew Street, Oshawa, Ontario. (905) 728-1600 Offie or (905) 435-7355 Direct
May has come and gone and there was no shortage of buyers here is Durham Region!
DRAR or Durham Region Association has released numbers for may and they are both good if you are looking to sell. The current president of (DRAR), Sandra O’Donohue, has stated in her report that 1,445 residential transactions took place in May 2016. This represents an increase of 8.7 per cent compared to the same period last year. Sandra was quoted as saying “There is no shortage of buyers in the market today,”
In contrast, there were 1,790 new listings in May 2016 compared to 1,851 May 2015; a 3.4 per cent decrease. This is the main reason for why prices have risen and the number of offers on some homes has increased into double digits. “Home prices have shown strong year-over-year increases in the Durham Region,” added O’Donohue.
The average selling price in Durham reached $531,051 last month. In comparison, the average selling price was $449,837 during the same period last year. This represents a 15.3 per cent increase. Similarly to last month, the continued increase in prices has caused homes to sell faster, selling in an average of 11 days compared to 15 days last year.
Buyers are more frequently having to remove conditions prior to making an offer, which in some cases makes the Buyers more prepared. Simply put Buyers have to know exactly what they are qualified for and many are now taking the advice of having a preemptive home inspection completed prior to making an offer. A Preemptive Home Inspection is done in just under an hour and looks at only major components of a home simply to give buyers that extra piece of mind.
Stats and Figures are taken from the DRAR Durham Region Association of Realtors monthly E bulletin for June 2016.
For additional information on the current real estate market please feel free to contact me directly:
This is a Wonderful 4 Bedroom + 4 Bathroom Home located in a Very Family Friendly Neighbourhood of Port Perry.
27 Queensplate Drive is An All Brick 2 Storey 4 Bedroom + 4 Bathroom Home with a Professionally Finished Basement, 2 Car Garage, Huge Eat-in Kitchen with Custom Back-splash. Check Out the Link Below for Additional Information and Walk Through Virtual Tour
OPEN HOUSE SATURDAY AND SUNDAY, August 9th and 10th from 2 – 4 p.m.
Simply Gorgeous Custom Built Home that has Just Over 3100 Sq Ft Of Fantastic Living Space
Join us this weekend and preview a simply gorgeous home in Port Perry at 435 MacDonald (MAP). On Saturday and Sunday we will be hosting an Open House and this will be your opportunity to look around this home and see how inviting the layout is and just how much space there is to raise your family. You will also be amazed by the huge Pool Sized lot See below for a few of the highlights of this home.
4 Large Bedrooms
5 Bathrooms (Each Bedroom has an En-Suite or Shared “Jack and Jill” En-Suite).
Juliette Balcony in Master Bedroom
Large Open Concept Master Bathroom
Separate Shower and
Huge Whirlpool Tub!
Home has Built in speakers throughout – Fill your home with music
Simply Spectacular Home on a Majestic Corner Lot Set In The Wonderful Enclave Of Homes In Castle Harbour. This is an All Brick Ranch Style Bungalow with a an over-sized 2 Car Garage & Direct Access To The Home.
Gourmet Chef Inspired Kitchen With Soapstone Counters And High End Stainless Steel Appliances. 2+2 Bdrms with the option to convert back to 3 Bedrooms upstairs. Exceptional 5Pc Main Bathroom With a Separate Shower And Claw-foot Tub. This Home Has So Many Improvements And Upgrades-Don’t Miss The Opportunity