Trista Anderson

Mortgage Changes Take Place

Trista Anderson — Thu, 18 Feb 2010 01:31:00 GMT

By PAUL DELEAN, The GazetteFebruary 17, 2010

Finance Minister Jim Flaherty announces three changes to mortgage rules aimed at helping protect the housing market without derailing it. Amendments to mortgage-lending rules announced Tuesday by federal Finance Minister Jim Flaherty are a judicious way of dealing with potential trouble spots in the real-estate market without derailing it, economic and industry commentators said. "It's not a major change, it won't change the nature of the industry, but it will be big enough to have an impact on the risk pockets and that's exactly what you wanted," said Benjamin Tal, senior economist at CIBC World Markets. "He's reminding consumers they must live within their means, but also stating clearly there's no housing bubble here and the market is healthy," added Michel Beauséjour, chief executive of the Greater Montreal Real Estate Board. Amid a growing clamour for some sort of government action to prevent a bubble and dissuade Canadians from taking on too much debt, Flaherty unveiled three changes effective April 19 intended to help prepare borrowers for interest-rate increases widely anticipated for later this year. Those proposing a down payment below 20 per cent now will need to meet the higher lending criteria for a five-year, fixed-rate mortgage even if that's not their mortgage choice or term. Homeowners who refinance will be able to withdraw a maximum of 90 per cent of the property's value, down from 95 per cent. And people looking to buy properties of one to four units they won't be residing in will need a minimum down payment of 20 per cent to get government-backed mortgage insurance. "While some will be unhappy with the new rules, the policies should reduce the risk of a boom/bust cycle in real estate that is in no one's interests," TD Bank Financial Group said in a report on the measures Tuesday. In his statement, Flaherty said that, while there is "no clear evidence of a housing bubble," we're taking "proactive, prudent and cautious steps to help prevent one." He called the Canadian housing market "healthy, stable and supported by our country's solid economic fundamentals." Low mortgage rates have fuelled a spurt in home-buying and rising prices across the nation in the past year and especially the last few months. Greater Montreal Real Estate Board statistics show the median house price in the metropolitan area rose four per cent in 2009, to $235,000, while sales volume increased eight per cent over 2008. But the market got hotter as the year went on, and a new December record was set with 2,819 sales, up 15 per cent from the previous peak in 2006. Some analysts maintain the minimum down payment should be raised to 10 per cent from the current five per cent and amortization periods limited to 30 years, down from the current maximum 35, so people don't overextend themselves in their haste to acquire property. But Tal said requiring a higher down payment for residential properties would have been "too aggressive," directly impacting about 20 per cent to 25 per cent of the market. "It's a fine line he (Flaherty) is walking," Tal said. "You have to act in a responsible way in a hot real-estate market, but you don't want to overdo it and derail it. What he's done is very surgical, directed to where it hurts rather than an umbrella response. "Speculators aren't a big part of the market, and neither are those who refinance just to take advantage of the system." Beauséjour said a one-per-cent increase in mortgage rates on an average house in the Montreal area translates into about $60 extra a month. If potential purchasers were hinging their budgets on rock-bottom mortgage rates that can only go higher, qualifications based on the five-year fixed rate (currently about two percentage points higher than for variable) should establish whether they'll have breathing room when rates increase, Beauséjour said. "If you can't handle it," he said, "you may want to review your needs." Beauséjour said the 20-per-cent requirement for rental properties will have an impact on that segment of the local market, where the minimum down payment currently is 10 per cent, but "there aren't many for sale right now. Inventory is low." Not everyone was happy with the new requirements. Brett Skinner, president of the Fraser Institute and director of its insurance policy research, said the problems in the market are caused by government intervention "and they're trying to solve it with more government intervention," which doesn't address the crucial issue of default risk. Federal law requires mortgage insurance - a one-time premium based on the total amount borrowed - for any mortgage that exceeds 80 per cent of the value of a property, and a crown corporation, Canada Mortgage and Housing Corp. (CMHC), supplies about 75 per cent of that coverage in Canada. It's currently guaranteeing about $480 billion in residential mortgages, almost double the total from five years ago. Taking the risk off the lending institution (which is the beneficiary of the insurance if the buyer defaults) "leads to riskier lending practices" while placing unnecessary exposure on taxpayers, Skinner said. He recommends that government privatize CMHC and withdraw completely from the mortgage-insurance market.

If you have any questions please feel free to email me, trista_anderson@live.ca.

Thank-you!

Trista Anderson

Price Reduced on 1347 LABADIE in Eastside

Trista Anderson — Wed, 10 Feb 2010 00:49:00 GMT

Eastside, East Windsor - Announcing a price reduction on 1347 LABADIE, a 2 bath, 3 bdrm single story. Now MLS® $117,500 - REDUCED - MUST SELL.

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2107 CONCESSION 2 in River Canard is Sold!

Trista Anderson — Wed, 10 Feb 2010 00:48:00 GMT

River Canard, Amherstburg - The 2 story at 2107 CONCESSION 2 has been sold.

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Price Reduced on 1347 LABADIE in Eastside

Trista Anderson — Wed, 30 Dec 2009 19:09:00 GMT

Eastside, East Windsor - Announcing a price reduction on 1347 LABADIE, a 2 bath, 3 bdrm single story. Now MLS® $119,000 - REDUCED - MUST SELL.

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Bi-Level For Sale in Bellewood Estates

Trista Anderson — Tue, 01 Dec 2009 00:24:00 GMT

GREAT FAMILY HOME OR DUPLEX

• 2 bath, 4 bdrm bi-level - MLS® $179,900

Bellewood Estates, Windsor - WELCOME TO BROOKVIEW - A FULLY FINISHED RAISED RANCH IN GREAT CONDITION. 4 BEDROOMS (3 UP AND 1 DOWN), 2 FULL BATHS (ONE WITH SKYLIGHT), BONUS UPPER & LOWER LAUNDRY & 2 KITCHENS. THIS COULD EASILY BE SEPARATED INTO 2 UNITS FOR A MOTHER-IN-LAW SUITE OR USED AS EXTRA INCOME. THE HOME ALSO FEATURES 2 DECKS, AN ABOVE GROUND POOL, FULLY LANDSCAPED AND FENCED REAR YARD WITH GRADE ENTRANCE, ATTACHED GARAGE, PAVED DRIVE & IS IN AN EXCELLENT AREA WITH A PARK AND WALKING TRAILS.

THIS HOME IS IN MOVE IN CONDITION, OFFERS FLEXIBLE POSSESSION.

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Open House in Eastside on Sunday

Trista Anderson — Tue, 03 Nov 2009 19:38:00 GMT

Eastside, East Windsor - We invite everyone to visit our open house at 1347 LABADIE on November 8 from 1:00 PM to 4:00 PM.

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Single Story For Sale in Eastside

Trista Anderson — Thu, 08 Oct 2009 16:34:00 GMT

FULLY FINISHED AND UPDATED

• 2 bath, 3 bdrm single story - MLS® $122,500

Eastside, East Windsor - ONLY IN THIS MARKET WILL YOU FIND A DEAL LIKE THIS! COMPLETELY UPDATED, JUST MOVE RIGHT IN.

THE OPEN CONCEPT HOME WELCOMES YOU IN WITH LARGE LIVING ROOM FEATURING HARDWOOD FLOORS & DECORATIVE FIREPLACE, DINING AREA W/SKYLIGHT & RENOVATED KITCHEN W/OAK CABINETS & MODERN COUNTER. 2 BEDROOMS & A FULL BATH ON THE MAINFLOOR. THE LOWER LEVEL IS FULLY FINISHED W/REC RM, A 3 PC BATH, 3RD BEDROOM & LAUNDRY/STORAGE.

UPDATES INCLUDE C/ENTRAL AIR 2009, ROOF 2003, KITCHEN & BATHS 2004. LANDSCAPED FENCED REAR YARD & ALL REPLACEMENT WINDOWS. LOCATED IN A NICE AREA DIRECTLY ACROSS FROM A PARK.

PLEASE NOTE THE NATURAL FIREPLACE HAS NOT BEEN USED BY THE CURRENT OWNERS AND NO WARRENTIES APPLY.

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1 1/2 Story For Sale in Central

Trista Anderson — Fri, 28 Aug 2009 16:25:00 GMT

PREMIUM LOCATION, COMPLETELY UPDATED

• 2,100 sq. ft., 2 bath, 3 bdrm 1 1/2 story - MLS® $289,900

Central, Kingsville - PREMIUM LOCATION IN KINGSVILLE. APPROX. 2100 SQUARE FOOT 2 STORY HOME COMPLETELY UPDATED. MODERN OPEN CONCEPT AND FULLY UPDATED KITCHEN IS OPEN TO THE FAMILY ROOM W/FIREPLACE & BUILT-IN CABINETS. HUGE MAIN FLOOR LIVING ROOM W/HARDWOOD & BUILT-INS. FORMAL DINING ROOM, ALL LARGE BEDROOMS, THE MASTER FEATURES A WALK-OUT SUN ROOM.

THE COMPLETELY RENOVATED HOME ALSO FEATURES A NEWER ROOF, INSULATION, WINDOWS, DOORS, FURNACE, CENTRAL AIR, HARDWOOD FLOORS, TRIM, KITCHEN, BOTH BATHS, CONCRETE DRIVE & PATIO ETC. HUGE COUNTRY LOT BEAUTIFULLY LANDSCAPED.

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Price Reduced on 2107 CONCESSION 2 in River Canard

Trista Anderson — Wed, 11 Mar 2009 20:10:00 GMT

River Canard, Amherstburg - Announcing a price reduction on 2107 CONCESSION 2, a 3 bath, 4 bdrm 2 story. Now MLS® $320,000 - New Fantastic Price!!.

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Open House in Eastside on Sunday

Trista Anderson — Wed, 28 Jan 2009 20:28:00 GMT

Eastside, East Windsor - We invite everyone to visit our open house at 2652 CARISSA on February 1 from 1:00 PM to 3:00 PM.

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Windsor Home Sale Trends

Trista Anderson — Mon, 19 Jan 2009 18:43:00 GMT

Windsor, Lasalle, Tecumseh Homesale Trends
	Average Sale Price	% Sale Price to listing price ratio	Days on market	# Sales units	% Sell/List Ratio	# of Active Listings
Sep-07	$158,000	94%	98	278	38%	3804
Oct-07	$166,027	93%	87	291	32%	3682
Nov-07	$171,251	none	80	258	34%	3801
Dec-07	$187,941	93%	91	159	39%	3435
Jan-08	$151,208	94%	94	182	28%	2217
Feb-08	$150,084	93%	82	250	45%	2198
Mar-08	$152,320	94%	99	214	40%	2333
Apr-08	$156,266	96%	82	281	35%	2533
May-08	$157,135	95%	76	361	40%	3842
Jun-08	$163,168	93%	94	331	37%	4017
Jul-08	$161,159	93%	84	346	38%	3993
Aug-08	$159,563	93%	84	335	45%	3849
Sep-08	$153,438	93%	94	325	43%	3844
Oct-08	$146,630	93%	87	263	36%	3665
Nov-08	$156,148	92%	86	172	28%	3682
Dec-08	$147,329	90%	86	146	34%	3355

As shown in the graph above, home sales for the Windsor/Essex county area slowed in December with a moderate price decrease. The listing inventory also dropped, a consistant trend for the past few months.

For a detailed analysis or your specific area numbers please email me at trista@remax-preferred-on.com or call me at 519.944.5955.

Open House in Royal Timbers on Saturday

Trista Anderson — Wed, 14 Jan 2009 16:01:00 GMT

Royal Timbers, Windsor - We invite everyone to visit our open house at 2900 MCROBBIE CRES. on January 17 from 1:00 PM to 4:00 PM.

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Price Reduced on 2107 CONCESSION 2 in River Canard

Trista Anderson — Fri, 19 Dec 2008 17:30:00 GMT

River Canard, Amherstburg - Announcing a price reduction on 2107 CONCESSION 2, a 3 bath, 4 bdrm 2 story. Now MLS® $310,000 - New Fantastic Price!!.

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4-Level Split For Sale in Devonshire Heights

Trista Anderson — Thu, 30 Oct 2008 17:15:00 GMT

MODERN, OPEN, CLEAN & STYLISH

• 2 bath, 3 bdrm 4-level split "FULLY FINISHED" - MLS® $159,000

Devonshire Heights, Windsor - MODERN, OPEN, CLEAN & STYLISH BEST DESCRIBE THIS 4 LEVEL BACKSPLIT - WITH NEW DECOR & FLOORING THIS HOME REALLY STANDS OUT.

PICTURE AN OVERSIZED MASTER W/DOUBLE CLOSETS, 2 FULL BATHS, LARGE FLAT PANELLED EAT-IN OAK KITCHEN W/PANTRY-SERVING AREA, FLEXIBLE MAIN FLOOR DINING OR LIVING ROOM, BRIGHT LOWER FAMILY ROOM W/CORNER GAS FIREPLACE & BAR AREA, PLUS A FULLY FENCED YARD W/PATIO & LOCATED IN A GREAT NEIGHBOURHOOD.

FRESHLY PAINTED W/NEW 2007 LAMINATE & CERAMICS. ALL SYSTEMS ARE IN GOOD CONDITION. THIS IS A GREAT HOUSE.

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Open House in Essex Central on Sunday

Trista Anderson — Wed, 29 Oct 2008 18:57:00 GMT

Essex Central, Essex - We invite everyone to visit our open house at 178 WOODVIEW on November 2 from 1:00 AM to 3:00 AM.

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