Real Estate News

Update to Canada's Mortgage Qualifying Rules Expla…
21 Jul - Earlier this summer, new changes were announced for the federal mortgage stress test, shifting the ground again in terms of how much house new and seasoned home buyers are qualified to purchase.  In April, Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), proposed an increase for the stress test’s minimum qualifying rate on uninsured mortgages. This raised the previous rate from 4.79% to its current value of 5.25%. As of June 1, 2021, the new qualifying rate for the stress test is applicable to all federally regulated mortgages, including both uninsured and insured mortgages. Insured mortgages apply to borrowers who have a downpayment that’s less than 20% of their home purchase, while uninsured mortgages are available to borrowers who have a downpayment worth 20% or more. The stress test’s minimum qualifying rate helps ensure borrowers can still make mortgage payments in the event of a change in circumstances, such as a job…

Selling Your Home Solo to Save Money? You’ll Actua…
17 Aug - Some homeowners opt to sell their residence without a real estate agent to get around paying a commission and make more of the profit. Forty-eight percent of people who sell without a real estate agent think that if they sell themselves, they’ll end up doing a little extra work in exchange for not paying a commission or closing fee. According to the research, however, what they actually get is a lot of time spent hustling to make the sale and a final selling price that is less than what the market can bear. Do you have a lot of extra time to market your home and do all the work to meet and greet properly? Are you versed in local trends on the housing market and know the latest regulations for closing a sale? Do you have a list of potential buyers ready to view your home? Eighty-nine percent of all homes sold in 2015 were sold with the assistance of an experienced real estate professional, according to the 2015 Home Buyers and Sellers Profile. Most leave it to the professionals, yet there…

“Amherstburg, You’ll Love it Here” movement aims f…
1 Jun - A movement to promote Amherstburg that was started by a local real estate agent and a committee he has formed looked to gain some movement last Thursday night. Norm Mickle and his committee – which includes Anne Rota, Monica Bunde and Peggy Thompson – hosted a meeting at the Libro Centre where 50 members of the local business community accepted the invitation to attend. Bunde, the Amherstburg Chamber of Commerce general manager, said they hope to see the slogan “Amherstburg, You’ll Love it Here” become more widely used and spread throughout the town. “We hope to use the logo in advertisements, social media, e-mail signatures and any promotional materials,” said Mickle. “You are welcome to use the new slogan.” Noting the idea came from a Mayor’s Breakfast held with local realtors in January, Mickle said if everyone uses it, it will encourage people to come to town to work, shop and play. Mickle referred to a recent letter to the editor from Rusty Brown that appeared…

NATIONAL REALTORS DAY!
26 May - In 2008, Mayor Eddie Francis proclaimed May 22 as REALTOR® Day. In recognition of this honourable day of achievement, we would like to shine some light on how much REALTORS® really do care! Spring cleaning helps Windsor kids attend summer camp April 9, 2016 REALTORS® in the Windsor, Ont., area contributed in a big way to a fundraising gala held at Cooper’s Hawk Vineyards on April 9 benefiting the Kiwanis Sunshine Point Camp. Members of the Dan Gemus Real Estate Team held a yard sale prior to the gala which allowed them to donate $9,000 towards the $45,000 raised during the event. The Kiwanis Club has a rich history of serving the children of Windsor/Essex County. It is the second branch of a worldwide organization and was established in 1919. Its Point Camp program is a six-night residential program put on throughout the summer for boys and girls aged 7-14. Norm Langlois, president of the Windsor-Essex County Association of REALTORS® also presented a cheque in the amount…

Windsor Area Real Estate Market "Feeding Frenzy"
1 Apr - Windsor’s hot real estate market is experiencing the kind of “feeding frenzy” common in such high-priced locales as Toronto and Vancouver, say local agents. Earlier this week, a five-bedroom, four-bathroom home on Victoria Boulevard in South Windsor sold for $630,000 — more than $100,000 above the asking price of $528,800. “The market is going crazy,” Tim Campbell, Remax real estate broker who negotiated the sale, said Thursday. “Thirty-eight years in this business and I have never seen a market like this; I’ve never seen a deal like this.” Campbell said the property, which was listed March 23, drew 15 showings and multiple offers. “Needless to say, the sellers are very pleased.” Bob Peters, sales representative at Remo Valente Real Estate, said housing selling 10 to 20 per cent above the asking price is becoming the norm.  While multiple offers are common for listings in South Windsor and parts of Riverside, the entire Windsor area is a seller’s market, said…

Windsor, London Fertile Ground for Investors
24 Mar - London and Windsor drew a lot of attention from national investors last year — and this year is looking good to build on that trend, a commercial real estate conference heard Tuesday. Between the two cities, $567 million was spent in the retail, residential and office sectors in 2015 compared to $367 million in 2014. “Southwestern Ontario is getting a second look from investors. We are considered fertile ground for high-quality assets,” Kevin MacDougall, an associate vice-president in London of CBRE, a commercial realty company, said at the CBRE-sponsored conference at the Lamplighter Inn. The region is benefiting from trouble elsewhere in Canada’s economy, such as in the resource-based West, with investment directed here as the region boasts “higher returns than major markets,” he said. Last year’s regional investment was driven largely by two major transactions in Windsor, including the purchase of Devonshire Mall, as a health-care pension plan bought the remaining shares…