2008 Christmas Appreciation Party
-By Margorie Grime
December 5, 2008
Last night we were pleased to hold our annual Christmas Appreciation Party! We had a lovely evening filled with refreshments, music (thank you to all you kids who sang for us) and crafts for the kids. Santa Claus showed up and that was a huge hit for big and small! Here are some of the photos from the evening.
 Where's the Good News?
-By Dwight Trafford
The Mortgage Centre
519-942-3333
December 3, 2008
TV, radio, CNN, newspapers...BAD NEWS!!
Where is the GOOD NEWS??
Are you a potential home buyer? Have you thought of moving up? After years of sellers' markets, your opportunity is here. Low interest rates, seasonally slow sales, 10 months inventory of listings, incredible choices...A BUYER’S MARKET!!
Banks and mortgage companies are still lending to credit worthy borrowers with the widest variety of products in recent history. The house you want is out there, and it's more affordable than ever. The spring market is right around the corner—beat the rush!
What's Happening in the Market?
-By Margorie Grime
November 13, 2008
The financial meltdown on the stock markets and general doom and gloom outlook portrayed by the media, has had a cooling effect on the real estate market. Translated into numbers: (comparing the last 3 years to 2008) Sales are down and Listings are up (decrease in demand, increase in supply) resulting in downward pressure on prices. In October the Average selling price for homes was down: 5% in Caledon, 9% in Orangeville and 11% in Dufferin. This is somewhat inaccurate as the fewer the sales, the less reliable the ‘average’ is. The 2008 year end figure should be more reliable. Some properties are selling. Interest rates are great. There are some amazing very well-priced properties and motivated Sellers. Please call if you have any questions.
Statistics from Toronto Real Estate Board and Market Watch.
Investing in Real Estate is Always a Good Idea!
-By Dwight Trafford
The Mortgage Centre
519-942-3333
October 29, 2008
Buyer’s market? Borrowers market? Why?
What a great time to be in the market for a home. There are lots of listings, motivated buyers and low interest rates. This is also a unique time because higher rates appear to be on the horizon. A purchase this fall will guarantee low rates for the next 5 years or even 10. Lower oil and fuel prices combined with stiffer competition in the retail sector should help control inflation, at least over the next 18 months. If you are someone tired of losing money in the markets, buy real estate. Always a great investment!
A Realistic Look at the Canadian Market
-By Margorie Grime
October 9, 2008
So, how is everyone? I hope you are weathering the financial storm.
It has been quite a September /early October. People who have never watched the financial news are checking the Dow Jones Industrial Average and the Toronto Stock Exchange! It’s a financial tsunami. In the world financial markets we are in uncharted territory. The word ‘recession’ is being repeated. Although our banks are in good shape, we are still affected by the stock markets and the global economy. Our trading partner to the south consumes 75% of the goods we produce and 68% of our visitors come from the US. When our neighbour is hurting we will have side effects.
How will the real estate market reflect the turmoil?
There will be a softening in prices. For Sellers you will have to be aggressively priced and have your home in tip-top condition. For Buyers it’s your market! There are some very well-priced properties available. You have to be realistic—based on the activity in the market:
Orangeville: 24% of listings sold in September…or 5 out of 20
Caledon: 22% of listings sold in September…or 4 out of 20
Dufferin: 11% of listings sold in September…or 2 out of 20
Is this a good time to make a REAL ESTATE move?
If you are buying and selling in the same market area there will be little overall difference. You may get less for the house you sell and you will pay less for the house you purchase.
Real estate has proven to be a good investment. [See the above chart.] If you plan on selling within the year, it will be unlikely that you will recover your costs. However, if you plan to stay put for 5 or more years, you will enjoy the benefits of home ownership along with some increase in equity.
Mortgage interest rates are still a bargain. In 1975 the rate was around 10% and in August 1981—22%!!
If you are a First Time Buyer, you have the choice of paying rent and someone else’s mortgage, or choosing a home you can enjoy along with the anticipation of increasing your equity as you make your monthly payments. Today’s Buyers are very savvy and shopping the market.
The Canadian Economy is much stronger than the US economy. Canadian home owners have more equity in their homes (70% vs 46% in US). 1 in 6 owners in US owe more mortgage than their home is worth. The US market was inflated with a superficial demand and now an oversupply of homes.
Changes to Canadian Lending!
More Coming Soon!
-By Dwight Trafford
The Mortgage Centre
519-942-3333
September 23, 2008
As most borrowers are aware, the landscape for mortgage lending has completely changed in the past 24 months. Not only has the 100% mortgage and the 40 year amortization gone the way of the dodo bird, but you can look for more changes on tomorrow's horizon.
Mortgages for weak credit applicants, former bankrupts, unverifiable income, and low down payment rental properties will become difficult to place. Clients looking to get into the housing market will be required to protect their credit rating. The days of aggressive lending practices are gone.
This is not bad news. It will protect our way of life here in Canada and prevent the catastrophic financial dilemma now being faced by our American neighbours.
Summer Ends on a Solid Pace!
-By Margorie Grime
September 8, 2008
The Toronto Real Estate Board and Market Watch report that the 2008 summer Real Estate Market is ending on a solid pace. While sales in the GTA were down 22 per cent from the record-breaking August 2007, they were only off 9 per cent from the more typical August 2006 market.
Statistics in Orangeville, Dufferin and Caledon reflect TREB’s report. In Orangeville, while inventory was up over 60 per cent when compared to August 2007, there were only 27 per cent more homes on the market when compared to August 2006. August sales in Orangeville were actually up 4 per cent when compared to that same month in 2006, but were down 7 per cent compared to August of last year.
Dufferin follows this same pattern. August 2008 inventory was up 25 per cent when compared to August 2006 and sales increased 3 per cent. When compared to the August 2007, however, inventory was up over 65 per cent and sales decreased over 26 per cent.
Caledon inventory for August 2008 was up 17 per cent when compared to 2006, but up over 31 per cent compared to 2007. While August sales figures dropped in comparison to both years, they dropped 11 per cent less when comparing August of this year to August 2006 than when comparing them to August 2007.
(Click here for more TREB Market Watch statistics.)
Comparing July 2008 vs. July 2007
-By Margorie Grime
August 20, 2008
The Toronto Real Estate Board (TREB) is realizing a cooling down in the Real Estate Market. TREB reports a 15 per cent decrease in sales from January to July 2008 in comparison to that same time frame in 2007, and a 34 per cent increase in inventory.
The 2 graphs above show the same pattern in Orangeville, Dufferin and Caledon. Orangeville has experienced a 19 per cent decrease in sales from January to July 2008, and a 29 per cent increase in inventory when compared to January to July 2007. While Caledon sales were down only 7 per cent in July of this year, the sales from January to July have decreased 17 per cent. Inventory in Caledon is up 41 per cent. The Dufferin Real Estate Market continues to slow with sales down 35 per cent from January to July 2008 and inventory up 43 per cent.
(Click here for more TREB statistics.)
"Touring for Treasures" 2008
-By Margorie Grime
August 15, 2008
 On July 16, the female members of the Grime Team participated in “Touring for Treasures,” a fabulous event where you “grab your turquoise bag” and visit 12 different shops located throughout the Hills of Headwaters. At each shop, located on the main streets of Alton, Erin, Caledon East, Belfountain and Orangeville, we received a free unique gift. A picnic lunch plus a delicious dessert was included!
Lamoine, Vanessa, Donna, Melanie, May and I had a great time browsing through the various small shops on our map. We toured through the surrounding countryside and shared the captivating history of many of the houses and properties as we passed by.
This year was the second year that “Touring for Treasures” has been held. The feedback from the Grime Team ladies was great—we only wish we had had a camera to capture the memories of the day. What a great way to get to spend a fun day with The Grime Team (less Dave - we couldn’t convince him - he golfed), getting to know each other plus the intimate side of the community and countryside in which we live!
Legislated Changes: Non-Issue?
-By Dwight Trafford
The Mortgage Centre
519-942-3333
August 5, 2008
The Canadian Government has decided to intervene and hopefully prevent a repeat of the US sub-prime mortgage fiasco. As of October 15, zero down mortgages and 40 year amortizations will no longer be available through traditional lenders.
Is this a viable preventative? Probably not! The reason most borrowers took the longer payment option was for more flexibilty. Zero down mortgages are reserved for Canadians with high credit scores who would be unlikely to default.
Options will still exist for borrowers with no down payment outside of the new legislation. Although some major banks have adopted the changes now, borrowers can still find lenders offering under the current lending guidelines.
What is Happening in the Local
Real Estate Market?
-By Margorie Grime
July 23, 2008
The graph above shows the HISTORY OF REAL ESTATE PRICES over the past 27 years. In August of 1981 the mortgage interest rates rose to 22%! The 1989 peak in values declined until ~1997 when prices finally began to rise. It took 13 years, until 2002 that real estate values reached their 1989 peak. These last 10 years have been unprecedented in terms of sustained increases in property values (approximately +6.6% per year for 10 years).
The graphs below of Orangeville, Dufferin and Caledon, depict the Number of Sales January to June 2008 VS 2007. The number of sales in June 2008 is down dramatically in Orangeville and Dufferin. Overall year to date—Orangeville has had 15% fewer sales, Dufferin 53% fewer sales and Caledon 8% fewer sales. Note: Caledon sales have picked up in May and June.
MORE INFORMATION...
Listing inventory (not shown on graphs) is up 23% in Caledon, 21% in Orangeville and 65% in Dufferin. Forty year amortizations mortgages and ZERO down payments have been discontinued. Greater supply and less demand usually signifies softer prices.
Comparing January - May 2008
Vs. January - May 2007
-By Margorie Grime
June 18, 2008
In Orangeville, the number of sales of homes priced under $400,000 has dropped 16 per cent from 273 sales in January – May 2007, to 229 in that same time period this year. However, the number of sales in the $400,000 plus price range only dropped slightly from 27 in 2007 to 24 in 2008.
The real estate market in Dufferin has slowed significantly in both price ranges. Sales under $400,000 have dropped 30 per cent when compared to the first 5 months of last year; sales over $400,000 have dropped 40 per cent.
The number of sales under $400,000 in Caledon has decreased 25 per cent, but the number of sales over $400,000 has increased 6 per cent. Part of the reason for this may be that the total average sale price from January – May 2007 was $436,200, compared to the average sales price of $492,585 this year, an increase of 12.9 per cent.
The Perks of Summer!
-By Dwight Trafford
The Mortgage Centre
519-942-3333
June 6, 2008
The first day of summer weather is finally here—something to be happy about! Boat owners, RV owners, long distance commuters, etc. will have to deal with extreme gas prices, taking some of the fun out of cottage life.
But on the upside, new home buyers can dive into the market with a wide array of perks this summer. Buyer incentives from local municipalities open the door with down payment grants, lower rates, and a 40 year amortization makes affordability less onerous. Additionally, the leveling of house prices will take some of the urgency out of the buying process. Second home, rental property and self-employed enhancements should make this an ideal buyer’s market.
Enjoy your summer and happy house hunting!
The Time to Buy is Now!
-By Dwight Trafford
The Mortgage Centre
519-942-3333
May 8, 2008
All indications are that we are enjoying low rates for 2008, but possibly 1% higher in 2009. The affordability of second homes, rentals and residences could be impacted next year.
The current low prime rate makes variable rate mortgages irresistible. New programs from Canadian mortgage insurers and lenders for non-traditional purchases make the approval process easier than ever. No-money-down options, no-income options for the self employed, and longer amortization periods combine to make dream houses or weekend retreats very affordable. And lots of new listings make this the ultimate buyers market! Don't miss out on this unique situation.
New Developments in Orangeville
-By Margorie Grime
April 25, 2008 Builders are planning more intensive development with a number of projects slated for seniors. The Town of Orangeville has approved 57 condominium apartment units, 156 seniors units and 16 townhouses. Presently in the Site Plan process are 124 condominium apartments/town villas plus an additional 98 Lease Life Apartments (similar to a condominium) and 119 seniors units with common dining, for a total of 570 units (373 geared to seniors). Most developers have slated occupancy mid to late 2009 or early 2010.
60 C-Line: Arbours at Montgomery
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57 high end condominium units
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$269,900 to $449,900; 1012 to 1561 sq ft
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Surface and underground parking
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Site plan approved July 6, 2007
One Elizabeth Street
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98 Life Lease seniors units (similar to condominiums)
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Surface and underground parking
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Site plan application recently submitted
155 Riddell Road: Chartwell
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156 seniors units with kitchenettes and common dining/recreation amenity16 single storey townhouse units with parking
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Zoning in place and site plan finalized and approved on January 14, 2008
60 to 62 First Street: Origin
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119 seniors units with common dining/recreation facilities
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Assisted living rooms on second floor
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52 parking spaces
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Zoning approved on February 11, 2008
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Site plan in process
Broadway Grande
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Commercial on first 3 floors and 16 apartments on the 4th and 5th floors
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5 blocks of row houses containing 108 1-storey and 2-storey units
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Green space court yard; underground parking
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Opening weekend was a frenzy with price increases and almost half of the town villas sold
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Zoning approval on July 16, 2007
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Site plan in process
The Spring Market is Long Over Due!
-By Dwight Trafford
The Mortgage Centre
519-942-3333
April 10, 2008
15 degrees! It's about time!
It's not enough that we have to deal with mortgage uncertainty from the U.S. struggling import/export numbers, the threat of property tax surcharges in Toronto, and the longest, toughest winter since the great depression! I can only imagine there are thousands of home-owners waiting for the snow to melt from their yards so they can put a for sale sign on green grass.
I believe realtors and lenders all over the province are geared up and ready for a long-over-due spring market. Historic low interest rates and new aggressive lending products should get potential Buyers and Sellers outdoors and house-hunting this month. Now...where are my golf clubs?
Looking Back on March 2008
-By Margorie Grime
April 7, 2008
Spring has finally come. The snow is melting, birds are singing and all around new life is growing. With the warm weather, more and more people are taking a growing interest in the real estate market as well. So what has the market been doing in our area?
ORANGEVILLE: Now Is The Perfect Time To Buy Or Sell!
The Orangeville market maintains its balanced state. The number of sales in March 2008 dropped 10 per cent when compared to March 2007. However, the number of new homes that came on the market decreased 19 per cent and the number of active listings dropped 29 per cent, meaning that the average number of active listings that sold increased 10 per cent.
Houses that were on the market sold at a much quicker rate. The average days on market in March 2007 was 53 days. This year in March it dropped to 33 days—a decrease of 38 per cent!
Average sales prices have dropped 4 per cent to $269,580 in 2008, but the year-to-date average has increased 1 per cent (compared to the 2007 final figure) to $282,422.
DUFFERIN: A Great Place To Move To!
Dufferin offers a strong Buyer’s market. The number of homes for sale increased 12 per cent last month when compared to March 2007, while the number of sales decreased 28 per cent. This means that now is a great time to buy in Dufferin County, since there are lots of homes on the market to choose from.
CALEDON: A Wide Variety For The Buyer Who Wants To Pay The Price
There is a high inventory of homes on the market in Caledon. While active listings and new listings decreased slightly, the number of sales decreased 28 per cent when compared to the same month last year. At the close of March 2008 there were 224 homes on the market.
While there is lots of competition on the market, there is good news for sellers as well. The average sale price this month increased 7 per cent to $476,868. The average year-to-date sale price has also risen 7 per cent over the 2007 final figure. Homes are also selling slightly faster, with an average days on market of 34 days this year compared to 36 days in March 2007.
**Statistics from Toronto Real Estate Board and Market Watch
Looking Back on February 2008
-By Margorie Grime
March 20, 2008
The real estate market has continued to thrive throughout February 2008. Average sales prices in Orangeville and Caledon are on the rise. In Orangeville, average sales prices last month was $287,727, an increase of 4.8 per cent compared to February 2007. Caledon sales prices soared 21 per cent to $488,937 in comparison to February 2007’s average sales prices of $403,376.
There is a strong Seller’s market in both Orangeville and Caledon. There are fewer active and new listings on the market, meaning there is less competition for homes that are currently on the market. As a result, homes that are listed for sale are selling faster. The average days on market in Orangeville dropped from 40 days in February 2007 to 30 days in February 2008. In Caledon, the average days on market when compared to this same month last year dropped 9 days to 39 days in February 2008.
The real estate market in Dufferin County remains a steady Buyer’s market. The number of sales for the month of February and the number of sales year-to-date are both lower when compared to 2007. Additionally, there has been a 6 per cent increase in new listings, offering Buyers a wide range of properties to choose from.
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|  | | | *Statistics from Toronto Real Estate Board and Market Watch | |
Gloom and Doomers - Who Needs Them?
-By Dwight Trafford
The Mortgage Centre
519-942-3333
March 14, 2008
Sometimes I think negative media is more the cause of a slowdown than just the reporter of it. The spill over and daily hammering of the U.S. subprime and Real Estate crunch is starting to bring me down.
Fortunately, even though the media has picked up some of the attitude, it has not been felt in Canada's Real Estate numbers. In spite of the worst winter in 70 years, consumers are buying homes and cars. Our dollar stays strong and interest rates continue to fall. Banks are reporting losses, but probably for the first time since the early nineties, I think he can handle it.
Here is a quote from our Governor; "Bank of Canada Governor Mark Carney signaled that he sees a glimmer of hope that financial markets are righting themselves, and cautioned authorities against overreacting with new rules that might ultimately hurt the economy."
The Future of Canada's Market
-By Dwight Trafford
The Mortgage Centre
519-942-3333
February 19, 2008
Where is Canada going? Do we follow the U.S. down the road to mortgage destruction and a Real Estate market collapse? Is our head buried in the sand, thinking it could never happen to us? Are we headed for a recession?
These are questions I hear in most discussions centered on the mortgage industry. In spite of our healthy markets, we are still feeling some of the hurt from our southern boarder. American lenders have either slowed to a crawl or pulled out of Canada entirely. Canadian lenders, notorious for their conservative lending practices, have pulled back from sub-prime loans and aggressive discounting to their best customers.
Economists predict a mild slow-down in our economy this year but contrary to the struggling U.S. job markets, our unemployment numbers are hitting record lows. It is now common knowledge that over-zealous lending practices contributed largely to the recent real estate boom in the U.S., and high arrears have helped create the Real Estate crash. In Canada we have not seen a boom to the same extent, or crazy lending practices, and should not see a crash any time soon. What we should see is another .50% reduction in the prime lending rate and stable mortgage rates for the balance of 2008, with the potential for higher rates in 2009.
The January 2008 Real Estate Market
-By Margorie Grime
February 13, 2008
The first month of 2008 is complete. How did the Real Estate Market fare?
The Market in the Orangeville, Dufferin and Caledon area has changed considerably when compared to January 2007. In Orangeville fewer new and active listings and more sold listings lead to less competition and a better Seller’s market than in 2007. In Dufferin there are more active listings (although fewer new listings) and a decrease in homes sold when compared to January 2007, resulting in a better Buyer’s market. Caledon has seen a slight drop in active listings but a slight rise in new listings. However, sales have dropped, giving buyers lots of homes to choose from and creating a better Buyer’s market. |  | | | **Statistics from Toronto Real Estate Board and Market Watch | |
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The 100-story John Hancock Center in Chicago, Illinois is 1,127 feet high; floors 44 through 92 are residential.
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