Collingwood and Area Real Estate Barometer May 13-19, 2016

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®. Previous week(s) will in brackets.

Single Family ResidentialMarket Report Icon

New Listings:  85 (70, 84, 70)
Average List Price: $581,216
Range of List Prices: $164,900 – $2,200,000
Number of Sales:  54 (48, 45, 52)
Range of Sale Prices:  $100,000 – $2,500,000

Condominiums
New Listings:  17 (16, 19, 12)
Average List Price:  $379,641
Range of List Prices: $137,500 – $929,000
Number of Sales:  12 (13, 8, 13)
Range of Sale Prices: $144,000 – $565,000

Vacant Land
New Listings:  14 (17, 14, 10)
Number of Sales: 15 (8, 6, 10)
Range of Sale Prices: $35,000 – $900,000

Price Changes this week: 24

Notables this week:  

  • 9 Single Family residences sold for more than their asking prices
  • 1 single family residences sold at it’s asking price
  • 3 condo listings sold for more than their asking prices
  • 2 condo listings sold at their asking price
  • 4 vacant land listings sold at their asking prices
  • 2 vacant land listings sold for more than their asking prices.

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Why I Don’t Believe Open Houses Are A Good Idea

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Thief Many years ago, I was attacked in an open house and it’s the last one I ever did.

As a seller, I think you also need to consider very carefully if you want an Open House.  Many people think visits during such an event are equal to showings but they are not at all.  What they are is an invitation to every stranger out there that says, “Hey, come on in and look around.”

You and we have no idea if they are qualified buyers, nosy neighbours or potential thieves casing your home. Just this month, we received a notice from our real estate board that reads,

over $5,000 of possessions were stolen from an open house in Collingwood on Saturday between 1:00-3:00 p.m. The OPP has been advised.

If a buyer is truly serious about buying a home, they will arrange a private showing with their agent to have a good look around and get professional advice.  Yes, they might come to an open house too but if there isn’t one, they will still arrange to see your home if they are serious.

My sellers are all provided with a list of security precautions they should take when they list their homes for sale with me.  While 99.9% of the time we have no problems, there is always that chance as we saw last week and so, I want to ensure my clients interests and homes are always protected.

Collingwood and Area Real Estate Barometer May 6-12, 2016

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®. Previous week(s) will in brackets.

Single Family ResidentialMarket Report Icon

New Listings:  70 ( 84, 70, 65)
Average List Price: $529,099
Range of List Prices: $79,900 – 1,999,000
Number of Sales:  48 (45, 52, 55)
Range of Sale Prices:  $166,000 – $1,130,000

Condominiums
New Listings:  16 (19, 12, 9)
Average List Price:  $242,807
Range of List Prices: $99,000  – $449,000
Number of Sales:  13 ( 8, 13, 13)
Range of Sale Prices: $174,900 -$899,000

Vacant Land
New Listings:  17 (14, 10, 18 )
Number of Sales: 8 (6, 10, 4)
Range of Sale Prices: $24,500 – $185,000

Price Changes this week: 15

Notables this week:  

  • 8 Single Family residences sold for more than their asking prices
  • 2 single family residences sold at their asking prices
  • 2 condo listings sold for more than their asking prices
  • 2 condo listings sold at their asking price
  • 3 vacant land listings sold at their asking prices

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Hey Marg… there’s a little crazy on your face!

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Me on a sane day. Remember them?

Hi everyone, It’s Chris here.

This post is titled what I said to Marg today, when we were navigating 5 competing offers on one of our listings.  So…what topic should we discuss today – how about this crazy HOT (never mind chili pepper, it’s more like GHOST PEPPER hot) market.

Told ya – crazy on her face

Let’s look at this from our Buyer’s perspective.  This is an unbelievably frustrating time, when it seems like EVERY SINGLE house for sale sells within hours and with multiple, competing offers, often way above the list price.  It’s like trying to rip a band-aid off the Tasmanian Devil:  maddening, must be done at breakneck speed, and fraught with danger if you don’t have professional help.  (Ahem…this is where we come in.)  Buyers are confused, frustrated and disappointed.  We are sympathetic to their plight and are doing everything we can to find a win-win solution for every one of them!

You might think it’s a wonderful time for sellers, being a busy BUSY Seller’s market.  Well, you’d be right in many ways (multiple offers driving the price up, minimal time where they’re inconvenienced with showings), however during the time they are listed – the showings don’t stop!  The upside is the smorgasbord of offers to choose from, many with no conditions and at premium prices.

Back at our office, that’s where the fun is at!  We REALTORS® are trying to keep everyone sane!  Marg and I have given up wasting the time it takes to say or type our full names – we are now M and C.  Our desks are a sea of multi-coloured file folders and sticky notes.  We usually say goodnight to each other electronically around 11 pm because we haven’t been able to catch up on our days until then!  I find that my iPad makes a lovely pillow and M has found meals taste just great when eaten at her desk with a computer mouse in her hand.

Although this heated market is shortening both time on market and tempers, proudly we’ve kept our clients safe, happy and housed.  How long will this melee last?  Who can say?  In the meantime, we are here when you need us, and, we do like snacks (hint, hint).  Meals take too long to eat.

Collingwood and Area Real Estate Barometer April 29-May 5, 2016

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®. Previous week(s) will in brackets.

Single Family ResidentialMarket Report Icon

New Listings:  84 (70, 65, 57)
Average List Price: $581,354
Range of List Prices: $129,900 – $3,995,000
Number of Sales:  45 (52, 55, 33)
Range of Sale Prices:  $122,000 – $619,000

Condominiums
New Listings:  19 (12, 9, 13)
Average List Price:  $277,915
Range of List Prices: $129,900 – $649,000
Number of Sales:  8 (13, 13, 6)
Range of Sale Prices: $177,000 – $398,000

Vacant Land
New Listings:  14 (10, 18, 7)
Number of Sales: 6 (10, 4, 12)
Range of Sale Prices: $48,000 – $240,000

Price Changes this week: 21

Notables this week:  

  • 6 Single Family residences sold for more than their asking prices
  • 3 single family residences sold at their asking prices
  • 3 condo listings sold for more than their asking prices
  • 2 condo listing sold at it’s asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

The Anex Offers 18 New Homes in Collingwood

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The AnexAfter more than a decade of delays, the old Victoria Annex school site on Maple Street between Fifth and Sixth streets in Collingwood is finally ready to go.

The lovely old school building which was erected in 1884, still sits on the site and has been boarded up for years.  The development plan calls for a total of 18 upscale homes on the site including 5 in the former school and 13 semi’s and townhomes surrounding it.  The units in the school building and the associated “coach houses” will be condos while the balance of the homes will be freehold ownership.

According to the sales office, the condo fee for the 5 units in the building will be $0.30 per square foot. The 13 homes that surround them are freehold but will be part of a common element condominium to cover the private grounds and internal road.  Those will have a set maintenance fee of $199.00 per month that covers the maintenance and reserve fund for the road.Anex site planThe developer has made it a priority to preserve the architectural integrity of the old school house and has achieved a heritage designation on the site.

Prices start at $500,000 for a 1270 sq ft, condominium coach house and climb to $770,000 for a 2540 sq ft semi detached home. Plans include luxury finishes with granite or quartz counters, hardwood floors, 9 foot ceiling as you would expect at these price points and there are also options for things like elevators.

The Grand Opening is planned for May 7th although they have been taking reservations for a long time already.  Last I heard, 4 units were sold and given the current market conditions, I would expect this may sell out well despite what I think was a premature sales launch. They have it in hand now and if you are interested in learning more or in having my assistance in considering this project, contact me today.

Collingwood and Area Real Estate Barometer April 22-28, 2016

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®. Previous week(s) will in brackets.

Single Family ResidentialMarket Report Icon

New Listings:  70 (65, 57, 29)
Average List Price: $493,476
Range of List Prices: $99,900 – $2,650,000
Number of Sales:  52 (55, 33, 18 )
Range of Sale Prices:  $134,900 – $1,285,000

Condominiums
New Listings:  12 (9, 13, 7 )
Average List Price:  $262,342
Range of List Prices: $135,000 – $389,900
Number of Sales:  13 (13, 6, 10)
Range of Sale Prices: $130,400 – $535,000

Vacant Land
New Listings:  10 (18, 7, 6)
Number of Sales: 10 (4, 12, 2)
Range of Sale Prices: $44,444 – $200,000

Price Changes this week: 55

Notables this week:  

  • 12 Single Family residences sold for more than their asking prices
  • 3 single family residences sold at their asking prices
  • 1 vacant land  listing sold at it’s asking price
  • 3 condo listings sold for more than their asking prices
  • 1 condo listing sold at it’s asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Balmoral Development in Collingwood to Offer Age-In-Place, Adult Lifestyle Community

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Balmoral Site PlanThe new Balmoral development in Collingwood’s west end has broken ground as the site is prepared for servicing.  The development is billed as an “age-in-place” lifestyle community for those adults who are 55 and over. The master plan for the community includes five different aspects of housing choices as well as an 8000 Sq. Ft. recreation centre and, a future medical/wellness and commercial centre for the development.

The first phase will include 35 semis and townhomes with prices starting from $299,990 and the Grand Opening is this Saturday, April 30th at 10 am.

They recently sent out the following information about their of their upcoming plans:

  1. Website and New Brochure:  We have updated our website and you can view our housing choices at www.balmoralvillage.ca  
  2. Phase I by Royalton Homes: This initial phase of semi-detached bungalows and bungalow townhomes can be seen on our website Site Plan.  We are excited about the great home designs offered by Royalton Homes.  You can review more details re floor plans and renderings at www.royaltonhomes.com
  3.  Retirement Block:  This Block consists of a 127 Suite Retirement Residence, the Recreation Centre and Clubhouse and a block of 49 one and two bedroom rental apartments.  Footings for the Retirement Block buildings will be going in this month and we expect the rental apartment building will be completed by late Fall of 2016.  The MTCO Seniors Group is building and operating this block and they have extensive experience in the Retirement Segment.
  4. Condominium Block: We have planned this Block to include two five storey buildings with 53 and 56 one and two bedroom condominium units, with underground parking.  We have tentative floor plans for the 53 unit North Building.  The one bedroom units are approximately 900 sq. ft and the two bedroom units 1200 sq. ft.  We will not have information finalized on the condo block for a few months, but you can put a fully refundable reservations deposit on a unit type and floor choice at the Balmoral Sales Centre.
  5.  Medical/Wellness Commercial Centre:  This Block, which is situated parallel to Harbour Street, is planned for 2017.  All the proposed medical services are outlined on our website and in our new brochure.

Based on the number of enquiries I’ve had about this development over the past 18 months, I suspect it will be a big success as it’s the right product at the right time in our marketplace.

Collingwood and Area Real Estate Barometer April 15-21, 2016

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®. Previous week(s) will in brackets.

Single Family ResidentialMarket Report Icon

New Listings:  65 (57, 29, 49)
Average List Price: $562,855
Range of List Prices: $119,900 – $2,800,000
Number of Sales:  55 (33, 18, 38 )
Range of Sale Prices:  $103,000 – $730,000

Condominiums
New Listings:  9 (13, 7, 8 )
Average List Price:  $301,844
Range of List Prices: $124,900 – $645,000
Number of Sales:  13 (6, 10, 3)
Range of Sale Prices: $132,500 –  $750,000

Vacant Land
New Listings:  18 (7, 6, 34)
Number of Sales: 4 (12, 2, 3)
Range of Sale Prices: $63,500 – $229,000

Price Changes this week: 12

Notables this week:

  • 7 Single Family residences sold for more than their asking prices
  • 5 single family residences sold at their asking prices
  • 1 vacant land  listing sold at it’s asking price
  • 2 condo listings sold for more than their asking prices
  • 1 condo listing sold at it’s asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

How to Use An RRSP to Buy a Home (and maybe get some free money from the government too!)

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WorkingHow to Use An RRSP to Buy a Home (and maybe get some free money from the government too!)

In some cases, this is a great idea and even better, you may get some free money from the government to help! Read on.

How Does It Work? For qualifying home purchases, and if certain conditions are met, you are permitted to withdraw up to $25,000.00 from your RRSP towards your downpayment on a home. Each spouse or common law partner can withdraw this amount under the Home Buyers’ Plan (HBP) if they are the annuitant, INCLUDING spousal RRSPs. The limit is $25,000 each, or $50,000 in total if you’re purchasing the property together, jointly.

Who Qualifies? First time homebuyers are able to participate in this federal Home Buyers’ Plan. (You are deemed to be eligible as a first-time buyer if during the 4 years previous to the year of withdrawal of the funds from the RRSP, and up to 30 days prior to the withdrawal, neither you nor your spouse nor common-law partner owned a home in which either of you lived.   You must provide a signed agreement to purchase or to build a qualifying home.

Other details: You must pay back the withdrawal from the RRSP over 15 years. The payments start in the second year following the year you take the money out of the RRSP. (If you don’t make the required repayment, an amount must be added to your income in the year of the shortfall.)

The withdrawal remains non-taxable as long as you repay it within the 15 year time period. So, each year, you must repay at least 1/15th of the amount you with withdrew from your RRSP.

Note: You cannot make a withdrawal under this Home Buyers’ Plan within 90 days of a contribution, or your ability to claim a deduction for that contribution may be restricted. So, you should make the RRSP contribution more than 90 days before the date you plan to make the withdrawal. (After 90+ days, your deduction may generate a refund and just think – you could add that to your downpayment, or use the tax refund amount to help with moving expenses.)

Here’s the part about free money. That’s right, tax refund (amount depends on your marginal tax rate!) Let’s say you’ve been saving cash for a downpayment, and you’re not buying for at least 91 days. It may be a good idea to put your downpayment funds into your RRSP, providing you have contribution room to do so, and then withdraw your downpayment through the Home Buyers’ Plan. The advantages are two-fold:

  1. You are making a contribution to an RRSP and will likely receive a tax refund because you did. Just think what that refund could help pay!
  2. You repay 1/15th of the amount you withdrew yearly into your RRSP, resulting in a nest egg at the end of the 15 years, that you might not have had, had you not utilized this HBP.

By the Way, Second Time’s a Charm! Even if you’ve used the HBP before, there are certain situations where you may be able to participate again. You have to have repaid any previous withdrawals in full back into the RRSP before the beginning of the year in which you’re hoping to participate in the HBP again. You must also qualify to be a first-time homebuyer once again.

Things to Consider: 1. Is it the right time to withdraw out of your RRSP (ie. what investments are you currently in/rates, etc) 2. Are you likely to discipline yourself to repay 1/15th of the withdrawal amount to your RRSP each year (note: most on-line banking have ways to set up an automatic payment with a future date…)

As with any tax strategy, you should run your plans by your tax advisor.

 

RE/MAX four seasons realty limited, brokerage  ♦  67 First Street Collingwood, ON L9Y 1A2  ♦  705-445-8500