When You Can Expect to Give or Get Possession of Your Property on Closing Day

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moving truckWhat time do I have to be out of my home by on closing day? What time do I get the keys to my new home? These are simple questions without simple answers.

The standard Ontario Real Estate Association Agreement of Purchase and Sale that says the Buyer has until 6:00 pm to close the deal. What this really does is obligate the buyer by requiring them to close a deal by that time. The agreement however confuses the issue as it also goes on to say that vacant possession will be given to the buyer upon closing. That means being out by the time the deed is registered in the registry office. Generally, people assume this means the sellers can remain in place until 6 pm but that is not the case at all.

Sellers are required to deliver VACANT possession when the sale is completed. That means they must be out of their property by the time the transfer of the deed is registered. This is usually early to mid-afternoon but sometimes, we’ve seen it late morning. While many Buyers are accommodating of delayed move outs, in a worst case scenario, a Buyer could actually sue the Seller if they have damages (expenses) as a result of the seller not having vacated by that time.

In regard to Buyers, keys cannot be released until the deal closes. Given that the registry office is open until 5:00pm and then there is time needed to notify all parties and release keys, it could be any time up until 5:30 before you get your keys. This means you shouldn’t have a mover sitting in a truck idling and costing you money by planning to move any earlier.

If you are selling and buying on the same day, you may wish to consider bridge financing in order to get earlier possession of your new home so you can be moved out of your old home a day or more before. If this is not possible, then Sellers should plan to be out of their home by 9 or 10 am to ensure they can deliver vacant possession to the buyer upon closing and registration of the deed.

 Related Posts:

When Is It Time To Get Out

Pre-Closing Inspections Should Always Be Done

Collingwood and Area Barometer Feb. 13-19, 2015

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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) in brackets.

Single Family ResidentialMarket Report Icon
New Listings: 36 (23, 60, 64)
Average List Price: $474,144
Range of List Prices: $183,500 – $2,375,000
Number of Sales:  25 (19, 22, 16)
Range of Sale Prices:  $76,500 – $700,000

Condominiums
New Listings:   9 (9, 19, 22)
Average List Price:  $305,133
Range of List Prices: $91,900 – $799,000
Number of Sales:   9 (9, 5, 7)
Range of Sale Prices:  $105,000 – $300,000

Vacant Land
New Listings:   5 (24, 11, 14)
Number of Sales:  2 (1, 1, 3)
Range of Sale Prices: $85,000 – $95,000

Price Changes  9

Notables this week:

2 Single family listings sold for more than their asking price; 2 single family listings sold at their asking price.

1 condo and 1 vacant land listing sold for more than their respective asking prices.

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

A Very Significant Development Proposal Could Alter Downtown Meaford

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A significant development application in the Town of Meaford could change the face of the downtown core and potentially bring needed revitalization to the area.

The proposal calls for tearing down existing older buildings and redeveloping the site on Sykes St with a five storey building plus construction of three storey building fronting on Nelson St behind the Sykes St buildings. The first phase would include 97 residential condominium units and about 13,000 sq ft of commercial space. A second phase would add another 52 condo units and a further 6700 sq ft of commercial space. Underground parking is proposed for both phases.

Meaford redev

At a public meeting on February 2nd, people came forward both supporting and objecting to the plans. Of key concern is the heritage value of the 130 year old buildings and at very least, preservation of their facades. You can read more here.

This is going to be an interesting project to watch. It feels remarkably similar to the situation Collingwood has struggled with for years over the former Admiral School site at Hume and Hurontario.

Collingwood and Area Real Estate Barometer Feb. 6-12, 2015

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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) in brackets.

Single Family ResidentialMarket Report Icon
New Listings: 23 ( 60, 64, 72)
Average List Price: $448,000
Range of List Prices: $124,900 – $1,750,000
Number of Sales:  19 (22, 16, 19)
Range of Sale Prices:  $190,000 – $1,150,000

Condominiums
New Listings:   9 (19, 22, 18 )
Average List Price:  $350,533
Range of List Prices: $128,900 – $729,000
Number of Sales:   9 (5, 7, 5)
Range of Sale Prices:  $123,000 – $535,000

Vacant Land
New Listings:   24 (11, 14, 16)
Number of Sales:  1 (1, 3, 1)
Range of Sale Prices: $487,500

Price Changes  19

Notables this week:

      1 Condo sold for more than it’s asking price

 

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

New Condo Development Proposed in Collingwood’s West End

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Back in 2006, a property in Collingwood’s west end, on the site of the former Beaconglow Motel, was approved for a hotel/condo development that never happened. In 2012, the 7 acre site was acquired by Harhay Developments and recently, they have brought forward their applications for a residential condominium plan with a commercial component. harhay site

The new plan calls for four, three-storey buildings with a total of 192 condo units made up of 84 one- bedroom units and 108 two- bedroom units. The site plan shows156 apartment units and 36 townhouse units with amenity spaces located in the middle and adjacent to each of the buildings in a “t” style format.

Parking is a combination of 158 underground parking spaces beneath the four buildings with additional surface parking around the site perimeter. The plans call for amenities including an outdoor swimming pool, tennis courts and a playground and in addition, the plan includes a one-storey commercial plaza of about 11,000 sq ft.

Harhay dev

At a public meeting last week, there were mixed reviews. Some area residents are concerned about traffic and noise impacts – especially on units in Lighthouse Point. Others supported the concept as being a better alternative to the currently approved condo/hotel zoning. You can read more about that here.

It will take time for this application to work its way through the planning approval process but developers are currently projecting occupancies in 2019.

The 2015 Collingwood and Area Real Estate Market Came In Like a Lion

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As predicted, the real estate market has come in very strong as we start 2015.

The number of MLS® sales of all property types in our region in January came in 39% above January 2014 levels with 114 units sold; comparable to January 2013. At the same time, the number of new listings were down by 25% compared to the same month last year. You know what that means, right?

Limited supply + high demand = increasing prices.

Looking strictly at residential sales, the number of homes sold in the six key areas of our region being Collingwood, Clearview, Wasaga Beach, Meaford, The Town of the Blue Mountains and Grey Highlands, were up 43% over last year with the largest gains having been in Meaford and the Town of The Blue Mountains.

Market Summary by Area

Interestingly, the biggest increases were in properties price from $500,000 to $799,999.

Jan 2015 Market Summary

The 12 month average sale price for the six key areas averaged $378,290 compared to January 2014 at $338,915.00; a difference of over 11%. The highest prices found in the Town of the Blue Mountains and the lowest in Wasaga Beach.

Collingwood and Area Real Estate Barometer Jan.30-Feb.5, 2015

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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) in brackets.

Single Family ResidentialMarket Report Icon
New Listings:  60 (64, 72, 44)
Average List Price: $510,124
Range of List Prices: $136,500 – $2,100,000
Number of Sales:  22 (16, 19, 15)
Range of Sale Prices: $185,000 – $1,075,000

Condominiums
New Listings:   19 (22, 18, 23)
Average List Price: $274,777
Range of List Prices: $127,000 – $479,000
Number of Sales:   5 (7, 5, 5)
Range of Sale Prices:  $147,000 – $510,000

Vacant Land
New Listings:   11 (14, 16, 24)
Number of Sales: 1 (3, 1, 2)
Range of Sale Prices: $60,000

Price Changes  19

Notables this week:

      1 Condo sold for more than it’s asking price

 

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

Town of Meaford Planning Update: Is This A Town to Watch?

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In December, we attended the annual panel of Planners session which is an opportunity for us to interact with municipal staff and planners about local planning initiatives and developments. Today we present the information provided by Liz Buckton, Senior Planner for the town of Meaford.

I’ve always loved Meaford for a host of reasons such as the outstanding public access to the waterfront, the trail system, the harbour, the quaintness of the town and the beauty found in the surrounding rural landscape. This is a Town that for years has just been waiting to happen but never seems to get off the ground. I think that may eventually change.

Meaford is always busy in the planning department. A few years ago, they developed a Community Improvement Program (CIP) and 2014 was the second year for the grants for upgrading facades program. I think it is the most generous one in the area and provides an incentive for owners to upgrade their downtown commercial buildings. They are looking to update the CIP in 2015 with provisions for brownfields of which there are a few.

They are currently working on putting together a Culture and Recreation Master Plan with public input being sought this spring.

They put together a Heritage Conservation District Study and Plan which has had just one objection filed so, most or all of the plan should be in effect shortly. It’s good to see because Meaford has some wonderful old heritage buildings and an interesting history.

Most exciting, they have developed a Waterfront Strategy which includes a $4.6m Harbour Village concept to bring even more life to that part of town.

Meaford recently updated its zoning by-law and some of the changes are very current to today. They have developed regulations surrounding medical marijuana facilities, they have addressed topics such as Agri-tourism and wineries, accessory and granny suites and, they now allow backyard chickens under certain circumstances. Meaford is also one of the only areas here that recognizes the need for small hobby farms and has developed policies to permit that in certain areas as well.

Some of the more significant developments planned or underway include:

– Meaford Haven: 400 residential units, retirement home, commercial component; draft plan approved and ready to enter into a master development agreement next

– Meaford Highlands Resort 1100-1200 units on the 3rd Line

-Downtown Redevelopment project at corner of Nelson and Sykes – 97 residential units, underground

parking, main floor commercial

– Gates of Kent (Centre/Union St): 4 Blocks of Units Registered

– Golfview (Nelson & Pearson St) – Now Registered

– Pinehurst (Sykes N) – Pre-serviced and Agreement executed.

– Coleman Street (Gordon Cres.) – Registered and Building

– Pre-consultation at former Legion property

Meaford Development Map

Click to enlarge

With the larger scale developments on the books and with the number of new investments being made by private developers as well as with the proactive planning we are seeing in this town, I think it may finally be the time for Meaford to take off in a big way barring any economic downturns or political woes. The real estate market in Meaford has always been very tied to the military base but these new developments will moderate that effect in the long run. Lastly, I can’t say enough what a pleasure it is as a REALTOR® to deal with Liz and the planning department in Meaford who always bend over backwards to assist us.

Related Posts in Planning Series:

Town of Collingwood

Wasaga Beach

Clearview

Collingwood and Area Real Estate Barometer Jan. 23-29, 2015

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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) in brackets.

Single Family ResidentialMarket Report Icon
New Listings:  64, (72, 44, 49)
Average List Price: $409,666
Range of List Prices: $76,500 – $1,295,000
Number of Sales:  16 (19, 15, 11)
Range of Sale Prices: $125,000 – $1,900,000

Condominiums
New Listings:   22 (18, 23, 17)
Average List Price: $253,674
Range of List Prices: $124,900 – $449,900
Number of Sales:   7 (5, 5, 5)
Range of Sale Prices:  $110,000 – $432,500

Vacant Land
New Listings:   14 (16, 24, 12)
Number of Sales: 3 (1, 2)
Range of Sale Prices: $65,000 – $390,000

Price Changes  14

Notables this week:

      3 Single Family homes sold for more than their asking price, and 1 sold at it’s asking price.

 

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

Lower Mortgage Rates on the Horizon? Here’s Why That Could Happen – Monday Morning Interest Rate Update (February 2, 2015)

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Guest Post by Dave Larock

Government of Canada (GoC) bond yields continued their free fall last week, with the most recent plunge being fueled by a disappointing GDP release from Statistics Canada on Friday.

The latest GDP data estimated that our economy contracted by 0.2% in November. The impact of sharply lower oil prices was evident in the detail, which showed a 1.5% decline in the sector defined as mining, quarrying, and oil and gas extraction. Read more…

The Bottom Line: The latest U.S and Canadian GDP data show slowing economic momentum in both countries. While not encouraging on an overall basis, the data do imply that fixed and variable mortgage rates are likely to either remain at current levels, or fall again, in the near future. We’ll call that the silver lining on an otherwise cloudy economic day.

David Larock is an independent full-time mortgage planner and industry insider. Visit his blog for many more interesting articles and some great mortgage advice. 

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