Tag Archives: barrie

Happy Holidays!

December 24, 2012

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Just a quick post to wish everyone that follows along with the BarrieRealEstateTalk blogHAPPY HOLIDAYS!  We’re looking forward to continuing the discussion on a variety of real estate topics in Barrie in the coming year.  If you have any topics you’d like any of us to cover – let us know by leaving a comment below!

We’re going to take a couple of weeks off (let’s be honest: there are not many real estate  transactions going on between Christmas and New Years), but we’ll be back in 2013 with some more great talk about what’s going on in Barrie in the world of real estate.

Tim

Tim is a mortgage agent in Barrie who specializes in helping first-time home buyers. He works with a variety of lenders and can help customize a mortgage with the best rates & options that fit the needs of each customer.

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Lazy Days of Summer… Creating a Balanced Barrie Housing Market

July 13, 2012

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This is a guest post by Caroline Doherty of Century 21 B.J. Roth Realty.  Information provided courtesy of CMHC.

 

Summer is now in full force. With the increase in temperatures be sure to hydrate regularly and stay cool. Remember not to leave children and/or pets in your vehicle unattended.

You may think that with this heat no one would be interested in buying/selling real estate but you’d be wrong. Local real estate has been going through many changes so far this year. Due to the strengthening US recovery our local employment has been greatly impacted. Stronger employment and income growth will provide support for our housing demand by 2013.

The increase in buyers coming from Toronto explains the decrease in choice and supply in the Barrie resale market. A widening gap between prices in Barrie and Toronto gave buyers in the GTA an incentive to consider the Barrie market.

Stronger new listings growth in the back half of 2011 will push total new listings higher in 2012 from the final tally in 2011.

Given the strong sales and easing listings in the first quarter of 2012, the sales-to–new listing ratio indicated the market had tightened to the point that conditions were favoring sellers. By the second quarter conditions were easing and, on average, the market will be in balance in 2012. In 2013, conditions will ease slightly, but the market will remain balanced.

The average price of an existing home in Barrie will come in higher in 2012 compared to 2011 due to increased demand and compositional effects in the early part of the year. In 2013, cooling demand and more supply will lead to slower price growth than in 2012.

Low mortgage rates make single family dwellings more attractive. On average, single starts will be up nearly eight percent in 2012 but then fall back somewhat in 2013.

Land constraints and demand for more affordable housing options will support growth in starts of higher-density housing types. Apartment starts were unusually high in 2011 and will fall back from that level. However, in both 2012 and 2013 they will be well above the average of the previous ten years.

The average price has been trending up at a rate of over three percent since 2010. This pace will slow over the course of 2012 and into 2013. Most of the increase will be due to rising costs, particularly the price of land.

I hope that you have found this informative… stay tuned for more!

Guest Authors

BarrieRealEstateTalk.ca occasionally features guest posts from a variety of real estate professionals around Simcoe County. This is one of those posts (check out the top of the article to find out who contributed this article!).

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April Showers Love on Barrie’s Real Estate Market

May 11, 2012

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April in Barrie and the area has been another blockbuster month for the real estate market. We’ve broken the record in Barrie for 2012 with a stellar 271 sold residential properties. The average selling price is up once again at $301,390 which is a 6.25% increase from this time last year. The average days on the market are at 32 with a list-to-sale price ratio of 97.9% (which means sellers are getting almost 98% of asking price) indicating that the sellers market continues.

This doesn’t mean that buyers shouldn’t be out looking! In Barrie alone, 421 new homes came on the market (802 new listings on the entire Barrie board). There is definitely something out there for everyone. The bonus being a buyer right now is that the mortgage rates have remained stable…for the time being. You probably read Tim’s “Mortgage Monday Rate Update” this week that talks about great 5-year, and even 10-year rates!

Another aspect to keep in mind is that every neighbourhood has its own market conditions. If you have a question about a specific neighbourhood, or how your own house might fare on the market, talk to your favourite REALTOR to get the best advice.

Stay tuned for more real estate statistics every month!

Laura

Laura Keller of Century 21 B.J. Roth Realty is a real estate agent with a business philosophy of nurturing relationships with her clients. She will walk you through the process of buying, selling, or investing step-by-step so there are no surprises at the end of your transaction.

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Mortgage Fraud Warning

May 4, 2012

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Courtesy of RECO’s “For the RECOrd” magazine

 

RECO investigators are all too familiar with mortgage fraud and the turmoil it causes for the victims who are left fighting to get their homes back. Unfortunately, in most cases, RECO only becomes aware of the mortgage fraud after the fact when a homeowner realizes they have been victimized. But on one recent afternoon, a tip from a brokerage helped RECO stop a fraudster in his tracks and save a senior from heartache.

“It had many signs of a mortgage fraud including someone misrepresenting themselves as a registrant in order to create the illusion of a legitimate transaction,” says RECO’s Deputy Registrar, Bruce Matthews. “But in this instance, we realized that we had an opportunity to act quickly and prevent a fraud from happening.”

It all started when a legal assistant at the Toronto law firm representing the supposed seller noticed irregularities in the real estate transaction. She inquired with Sutton Group All Po Realty, the brokerage that supposedly represented the seller. But Gail Fulton and Doug Lytle, staff members of the brokerage, were shocked to find that they had no record of such a deal. The pair quickly recognized the seriousness of the matter and immediately contacted RECO.

Within a few hours, the urgency of the investigation became clear as RECO’s Manager of Inspections & Investigations, Brian Prendergast, determined that the transaction was fraudulent and put a face to the fraud’s victim: an elderly minister who had no idea that a fraudster was trying to sell his house without his knowledge.

“Naturally he was shocked and alarmed,” says Prendergast. “We realized that this kind man could have his life turned upside down if he was forced to go through the exhaustive process of rectifying the title to the home he had lived in for over 30 years. Knowing what was at stake left us even more determined to do everything we could.”

Fortunately, it was not too late. Prendergast worked with representatives from Service Ontario’s Policy and Regulatory Services Branch to determine that the Land Transfer Office had indeed received and processed an application to transfer the title of the house and to register a $600,000 mortgage against the property. But, crucially, they had not yet certified the transfer. Once RECO informed them of the fraud they halted the transfer process immediately.

With RECO’s help, the homeowner returned the title to his name. He can now rest easy knowing his home is safe.

“I was surprised and shocked, but even in that first call Brian said everything would be okay,” says the homeowner, who has asked to keep his identity private. “Just an hour and a half later he phoned again to say everything was straightened out.”

While RECO’s quick work played a key role in preventing the fraud, numerous individuals from the brokerage, law firm and Service Ontario also deserve kudos for the roles they played.

“We owe a great deal of thanks to these individuals,” says Matthews. “They paid attention to their instincts and reacted quickly, allowing us to protect this gentleman from fraud.”

This potential fraud has a happy ending, exemplifying one of the ways RECO fulfills its mission to uphold the integrity of real estate transactions.

While RECO’s efforts prevented the fraudsters from making off with over half a million dollars, they remain at large. York Regional Police continue to investigate.

Tips to Avoid Mortgage Fraud:

Avoid being an unwitting participant in mortgage fraud. Be suspicious of situations where you are:

  • Asked to inflate (overstate) your income on a mortgage application, indicate you plan to live in a property being purchased as a rental property or provide other false statements.
  • Asked to sign documents that contain blanks or asked not to complete certain sections of a form or document.
  • Offered a fee for the use of your name and credit information.
  • Discouraged from visiting the property, having the property appraised or inspecting the property you are purchasing.

IF IT SOUNDS TOO GOOD TO BE TRUE, IT PROBABLY IS!

Laura

Laura Keller of Century 21 B.J. Roth Realty is a real estate agent with a business philosophy of nurturing relationships with her clients. She will walk you through the process of buying, selling, or investing step-by-step so there are no surprises at the end of your transaction.

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5 Tips to Sell Your Home

April 27, 2012

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It’s a big decision to sell your house. Here are some easy tips to make the process go as smoothly as possible!

  1. Interview a few different agents before making a decision. Despite what you may think, we’re not all the same! We offer different services for different commission rates. Make sure you’re comfortable with the person you hire and know exactly what you’re getting for what you pay.
  2. Know your rights and obligations. There are so many contracts you have to sign from the listing agreement to the offer you accept. Have your REALTOR explain everything in detail before you sign anything, or have your lawyer go over it with you.
  3. Price it right. Base the price of your home on current market information instead of what you think it’s worth. Even if you put $20,000 into a renovation doesn’t necessarily mean you will get it back when you sell.
  4. Take your agent’s advice. If he or she suggests your home needs some TLC or de-cluttering, do it! It’s not an insult, we’re only trying to help. The better your home looks, the more money you’ll get in the end.
  5. Take the first offer seriously. It’s true what they say; it’s often the best one that comes across the table. Also consider that after your home has been on the market for 45 days (or whatever it has been) the market conditions may have changed from when you originally picked the price. Make sure your agent brings current comparables when you look at the offers.

These are just a few things you can do during the process of selling your home. Ask advice from your agent and other real estate professionals; they know what they’re doing!

Good luck!

Laura

Laura Keller of Century 21 B.J. Roth Realty is a real estate agent with a business philosophy of nurturing relationships with her clients. She will walk you through the process of buying, selling, or investing step-by-step so there are no surprises at the end of your transaction.

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