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Thursday, June 6th, 2013
Archive for the ‘Uncategorized’ Category
HOME SALES HEAT UP IN MAY
Wednesday, June 5th, 2013By Kitchener-Waterloo Association of REALTORS® (KWAR) admin •June 5th, 2013
KITCHENER-WATERLOO, ON (June 4, 2013) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were up 16.1 per cent compared to the same time last year. Led by strong sales of single detached homes, it’s the first time sales have surpassed the 700 unit mark in the Month of May since 2007.
A total of 765 residential properties were sold in the month of May compared to 659 the same time last year. Comparing the 5-year average for the month of May shows a 16.3 per cent jump in activity this past month. Year-to-date sales are practically on par with the same time last year nudging up by six residential sales.
“Waterloo region’s residential real estate market was alive and well in May, says Dietmar Sommerfeld, President of KWAR. “On a year-to-date basis, we are seeing sales activity that is right in line with last year’s results and a little above the 5 year average.”
May’s sales included 528 single detached homes (up 17.9 % from last year) 122 condominium units (up 2.5 %), 59 semi-detached (up 20.4 %) and 45 freehold townhouses (up 18.4 %). Year-to-date residential sales were 3.5 per cent above the 5-year average with a total of 2,860 units to date.
The average sale price of all residential sales through the KWAR’s MLS
® System increased 6.9 percent last month to $333,288 compared with May 2012. Single detached homes sold for an average price of $378,473 an increase of 7.4 per cent compared to last year. The average sale price for a condominium was $212,638, an increase of 3.8 percent compared to May 2012.
“The spring home buying season was in full swing in May,” says President Sommerfeld. “This was reflected in the strong price gains and is a sign of the confidence that homebuyers have in the local housing market and Waterloo region as a great place to live and invest.
The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.
The Signs of Mortgage Fraud
Friday, April 19th, 2013If you’re unsure, remind yourself that “if it sounds too good to be true, it probably is.
Joe Richer • Sat. Mar. 2, 2013 • Toronto Star
Q: What are the warning signs of mortgage fraud? What can I do to protect myself?
A: Mortgage fraud is a complicated criminal act that is an ongoing concern for the real estate profession.
As the regulator responsible for upholding the integrity of the profession, RECO works in partnership with all parties involved in real estate transactions to investigate complaints to make sure real estate professionals are compliant with the law and impose disciplinary action on those found to have knowingly participated in fraud. As Registrar, my position is that any registrant proven to have knowingly participated in mortgage fraud faces losing their registration.
You can protect yourself from being an unwitting participant in mortgage fraud by being suspicious of situations where you are:
-Asked to overstate your income or make other false statements on a mortgage application.
-Asked not to complete certain sections of a form or sign documents that contain blanks.
-Are discouraged from visiting the property you’re purchasing or having it appraised or inspected.
If you’re unsure, remind yourself that “if it sounds too good to be true, it probably is.” If you suspect fraudulent activity, report it to the police.
If you have a question for Joe, email askjoe@reco.on.ca. Joseph Richer is RECO’s registrar and is in charge of the administration and enforcement of all rules under the Real Estate and Business Brokers Act. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/recohelps.
May the luck of the Irish be with you Happy St. Patrick’s Day from The Riz Team!
Friday, March 15th, 2013
Home Sales In Kitchener-Waterloo Steady In 2012
Monday, January 7th, 2013By Kitchener-Waterloo Association of REALTORS® (KWAR) admin •January 4th, 2013
KITCHENER-WATERLOO, ON (January 4, 2013) –– There were a total of 6,212 residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2012, a slight decline of 0.7 percent compared to 2011’s year-end results.
Coming off two consecutive months of strong housing activity in October and November, fourth quarter home sales were practically on par with last year’s results. A total of 1,268 homes sold through the last 3 months of 2012, 6 transactions more than the same period in 2011.
Dollar volume of all residential real estate sold last year increased 2.6 percent to $ 1,931,345,147 compared with 2011, reflecting the steady price gains realized in 2012.
The average sale price of all homes sold in 2012 increased 3.3 percent to $311,006. Single detached homes sold for an average price of $353,888 in 2012, an increase of 3.2 percent. In the condominium market the average sale price in 2012 was $213,520, a 4 percent increase compared to the previous year.
“Residential sales activity remained fairly steady throughout 2012,” says Dietmar Sommerfeld, president of the KWAR. “In July the government put in place tighter mortgage lending rules, which is perhaps partly responsible for the slight easing of demand we saw, but overall the Kitchener-Waterloo housing market continues to show its stability.”
Home sales in 2012 included 4,070 detached homes (down 1.2 percent from 2011), 1,200 condos (down 0.1 percent) 486 semis (down 2.4 percent), and 400 townhouses (up 7.8 percent).
Sommerfeld says that Waterloo region benefits from a very diverse and dynamic economy that will continue to support a healthy housing market and consumer appetite for home ownership in 2012.
The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold.
Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.
Merry Christmas From The Riz Team
Friday, December 21st, 2012
HOME for the Holidays
Monday, November 26th, 2012
19th Annual Christmas Movie Event
Thursday, November 22nd, 2012Wreck-It Ralph!
Come celebrate Christmas featuring a private screening of Wreck-It Ralph with a special visit from Santa Claus, face painters and goody bags. Admission is a non-perishable food item or cash donations. All proceeds go to the Food Bank of Waterloo Region in time for the Holiday Season. Come support a great cause. Tickets are limited. RSVP is required and tickets are going fast!
Canada need not fear U.S.-style housing crash: CIBC
Tuesday, October 30th, 2012National Post CIBC says the U.S. market bubble was partially fuelled by speculative buying — something that has been less of an issue in Canada
Canadian Press, National Post Wire Services | Oct 30, 2012 10:16 AM ET | Last Updated: Oct 30, 2012 12:14 PM ET
TORONTO — The news out of Canada’s real estate market isn’t good, but the country will avoid a U.S.-style real estate meltdown, CIBC said Tuesday.
Economist Benjamin Tal said in a report that even recently released data about high levels of Canadian consumer debt aren’t proof that there were be a sudden, big drop in home prices.
“To be sure, house prices in Canada will probably fall in the coming year or two, but any comparison to the American market of 2006 reflects deep misunderstanding of the credit landscapes of the pre-crash environment in the U.S. and today’s Canadian market,” he wrote.
Tal noted that Canada’s debt-to-income ratio has just broken the U.S. record set in 2006, but said other countries have had even higher levels without a crash.’
Statistics Canada, in revising how it estimates household credit market debt, earlier this month reported record household debt of 163% of disposable income in the second quarter.
However, Tal said the U.S. market bubble saw U.S. homeowners with little or no equity value in their homes making them vulnerable when prices fell.
As well, many buyers in the U.S. benefited from low introductory teaser rates on their mortgages only to be caught short when rates increased and they were faced with increased monthly payments.
“The introduction of the teaser rate, a low introductory rate for a period of two or three years that would adjust upward at the end of the initial period, worked to effectively neutralize U.S. monetary policy,” Tal wrote.
“The practical implication of that was that when the teaser period expired, millions of Americans felt the full impact of two years’ worth of monetary tightening virtually overnight.”
Home sales in Canada have been falling amid uncertainty about the economy and Ottawa’s tightened mortgage lending rules.
According to the Canadian Real Estate Association, September home sales fell 15.1% from a year ago, while the national average price was up 1.1% to $355,777 in September from a year earlier.
The association said excluding Vancouver, the country’s most expensive market, the average price was up 3.4% from a year ago.
Tal said home prices in large cities like Vancouver and Toronto are overshooting their fundamentals and will likely slip as sales fall.
“But the Canada of today is very different than a pre-recession U.S., namely as far as borrower profiles are concerned,” he wrote.
“Therefore, when it comes to jitters regarding a U.S.-type meltdown here at home, the only thing we have to fear is fear itself.”
The Canadian Press
Pumpkin soup
Friday, October 19th, 2012- Beat fall’s chill with a bowl of creamy pumpkin soup that is bursting with autumn flavour
Pumpkin soup
Serves 8
Ingredients
- 2 tbsp extra-virgin olive oil
- 1 cup chopped onions
- 1 tsp minced garlic
- 1 tbsp grated ginger
- 2 tbsp curry powder
- 3 tbsp all-purpose flour
- 4 cups chicken broth
- 3½ cups fresh pumpkin purée
- 1½ cups unsweetened condensed milk or cream
- 2 tbsp soy sauce
- 1 tbsp honey
- Salt and freshly ground pepper
- Roasted pumpkin seeds and sour cream for garnish
Directions
1. Heat the olive oil in a large stockpot over medium heat. Add the onions
and garlic and cook until the onions begin to soften, about 3 minutes.
2. Add the ginger and cook for 30 seconds. Add the curry powder and the flour and stir until smooth. Cook until the mixture bubbles, stirring frequently.
3. Gradually whisk in the broth and cook until the liquid has thickened. Stir in the pumpkin and the condensed milk. Season the soup with the soy sauce, honey and salt and pepper.
4. Bring the soup to a boil; remove from the heat. Transfer to bowls, garnish with the pumpkin seeds and sour cream and serve.
Serves 8
- 2 tbsp extra-virgin olive oil
- 1 cup chopped onions
- 1 tsp minced garlic
- 1 tbsp grated ginger
- 2 tbsp curry powder
- 3 tbsp all-purpose flour
- 4 cups chicken broth
- 3½ cups fresh pumpkin purée
- 1½ cups unsweetened condensed milk or cream
- 2 tbsp soy sauce
- 1 tbsp honey
- Salt and freshly ground pepper
- Roasted pumpkin seeds and sour cream for garnish
Directions
1. Heat the olive oil in a large stockpot over medium heat. Add the onions
and garlic and cook until the onions begin to soften, about 3 minutes.
2. Add the ginger and cook for 30 seconds. Add the curry powder and the flour and stir until smooth. Cook until the mixture bubbles, stirring frequently.
3. Gradually whisk in the broth and cook until the liquid has thickened. Stir in the pumpkin and the condensed milk. Season the soup with the soy sauce, honey and salt and pepper.
4. Bring the soup to a boil; remove from the heat. Transfer to bowls, garnish with the pumpkin seeds and sour cream and serve.
