We Need Good Supply and an Equal Level of Demand.

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 / scott@lifeindurham.com

 

 

Oshawa Open House Today from 2-4 p.m.

IMG_2127 copyWelcome to 954 Townline Road South in Oshawa where We will hosting anotherOpenHouse today, Sunday February 16th from 2-4 p.m. 

Drop by and check out this Charming 3 Bedroom, 3 Bathroom Home with So Much To Offer a young family or a couple looking to downsize and maintain a location that is convenient to so many amenities. Check out the virtual tour below  
This wonderful home backs onto a park, features a walk out basement and a spectacular view of Lake Ontario. There is convenient access to highway 401, and Go Transit. and Durham Public Transit. Shopping and Restaurants are only a few minutes down the road.  
  • Quartz Counter
  • Stainless Steel Appliances
  • Brand New Flooring In The Bedrooms,
  • Fresh Paint Throughout,
  • Gas Fireplace
  • Master Bedroom Features a 4 Piece Ensuite,
  • Second 4 Piece Bath On The Upper Level, 

For Additional information about the upcoming Open house or details of this home contact me directly;

Scott Roy, Sales Representative

REMAX JAZZ Inc. Brokerage, 21 Drew St., Oshawa

(905) 728-1600 Office

(905) 435-7355 Direct / Text

 

Saturday OPEN HOUSE in Port Perry from 1-4 p.m. @ 48 Chimney Hill Way !!

REMAX Logo NewJoin Us this Saturday April 7th from 1-4 p.m. at 48 Chimney Hill Way in historic Port Perry for an extended Open House. Drop in and check out this wonderful 4 Bedroom and 4 Bathroom home with just over 2900 square Feet.

 

IMG_3582Welcome to 48 Chimney Hill Way, a Queens Gate built home (Balfour Model) and one of the Largest Homes in the neighbourhood known as the Ravines of Cawkers Creek . With Just over 2900 Square Feet, this home has more than enough space for the entire family. This Home has a nice open and spacious feel to it and features 4 generous bedrooms on the second level. 2 Bedrooms feature en-suite bathrooms and the Master features a double walk in Closet and  5 piece en-suite bathroom. The Second largest bedroom also has a 4-piece en-suite. Both other bedrooms feature large closets, and each have a generous amount of space to accommodate a queen size bed.

Main Floor Features and Open Concept Family Overlooking the Large Kitchen and separate breakfast area. The Main Floor also features a huge Living Room and Formal Dining Room. There is also an attractive 3-Sided Gas Fireplaces that provides a unique divide between the Living Room & Family Room. 2 Story Grand entrance & Circular Stair Case Leading up to Bonus Media Room with W/O to Deck on 2nd Level.

 

Features and Highlights Include:

  • Large 2 Tier Deck in Back Yard
  • Southern Exposure on Back Yard
  • 2 Car Garage with Direct Access to Home
  • 2 Ensuite Bathrooms (5 Piece & 4 Piece)
  • Main Floor Powder Room
  • Main Floor Laundry
  • 2nd Level Deck off Media Room
  • Circular Staircaise
  • Upgraded Kitchen Cabinets
  • 3 Sided Fireplace

 

For Additional Information please CONTACT:

SCOTT ROY Sales Representative

RE/MAX JAZZ Inc. Brokerage

21 Drew Street, Oshawa Ontario L1H 4Z7

(905) 728-1600 or (905) 435-7355

scott@lifeindurham.com