Aug. 18, 2011 Issue 31

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August 18, 2011 - Vol 30b

P R E S E N T E D

B Y

T H E

G O L F I

T E A M

Rob Golfi Sales Representative

Feature Home

SMITHVILLE 146 Rock Street

$399,9O0

Outstanding & immaculate Custom built, 2350 sq.ft., 3 bedroom bungalow with main floor laundry. Facing park, loaded w/upgrades, features maple kitchen with antique finish and granite counters, gleaming hardwood floors, porceline tile, California shutters, luxury ensuite master bedroom with French doors leading to 16x24 ft. covered patio.

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Page 2

The GOLFI TEAM Real Estate Market Watch

About Rob Golfi

S

ince the inception of his career in 1997, Rob Golfi has recognized that understanding his clients’ needs is essential to providing excellent service.

As business grew, Rob assembled the Golfi Team in an effort to maintain the same level of professionalism clients have come to expect. Shortly thereafter in 2003, the team received the prestigious honour of being among the top 100 Real Estate Teams for RE/MAX Canada, and this status continues to date.

Rob’s experience and aggressive negotiating skills have earned him every major honour awarded by RE/MAX, including President’s Club, 100% Club, Platinum Club, Chairman’s Club, Hall of Fame in 2003, the Lifetime Achievement Award in 2006, his SRES® designation in 2009 and the Diamond Club Award in 2010. Having worked with

am mails e T i lf o G e h T

65,000 ly! atch month

many of the industry’s professionals over the years, he has the necessary edge to best negotiate the sale of your home.

Any agent can list your house, but Rob’s knowledge, extensive marketing background and dedication gives clients peace of mind when dealing with the single most important investment in their lives. With years of combined experience, the Golfi Team can provide your home with a level of exposure that most agents cannot. Utilizing a team approach also means that they will likely find a purchaser to buy your home sooner, rather than waiting for other agents to approach you with potential buyers.

Ranked in the top 5 of nearly 2,000 sales agents in the Hamilton-Burlington and Niagara areas, listing with Rob and the Golfi Team is the right choice when choosing someone to represent your best interest. -Å

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August 18, 2011

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Maximum Exposure Sells Your Home Call the Golfi Team to get your Home Sold

905-575-7700 905-945-0188 www.golfiteam.com The GOLFI TEAM is ranked in the Top 100 Re/Max Teams in Canada.

www. GolfiTeam .com

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August 18, 2011

The GOLFI TEAM Real Estate Market Watch

Page 3

July Market Activity Compares Well to Last Year

T

he July, 2011 real estate market in the Greater Hamilton, Burlington and outlying areas* experienced an increase in listings, sales and average sale price compared to July of last year, according to Multiple Listing Service® (MLS®) statistics released today by the REALTORS® Association of Hamilton-Burlington (RAHB).

It was the condominium market that saw the largest gains over the same month last year, with a 23.3 per cent increase in sales and a six per cent increase in average sale price. The residential freehold market wasn’t far behind, with a 21.3% increase in the number of sales over last year and a 5.6% increase in average sale price.

“July certainly compared very well

to last year at this same time,” said RAHB President Ann Forbes Arndt, “but that is something of an unfair comparison, given that last July’s results were adversely affected by the implementation of the HST. What is the more telling comparison is how July stacked up against the average for the month for the last ten years. If you look at those numbers, July was slightly below average in sales and slightly above average for numbers of listings. Only the condominium market showed higher-than-average numbers of sales.”

Overall year to date, residential sales are 2.9 per cent lower than in the same period last year.

“Every community in our marketing area has their own localized residential market with larger swings than we see in

the overall numbers,” said Arndt.

Hamilton West, Hamilton Mountain, Dundas, Grimsby and Glanbrook all saw significant increases in numbers of sales, while Dunnville and Flamborough showed fewer sales compared to July of last year.

Dundas was the only community with a sizeable decrease in average sale price compared to last year. Dunnville and Burlington were the only communities with sizeable increases in average sale price, with Dunnville showing a 13 per cent increase and Burlington a 16.1 per cent increase.

Please refer to the accompanying chart for residential market activities in other parts of RAHB’s jurisdiction.

Figures quoted are for sales and average sale prices of units located in the

jurisdiction* of the REALTORS® Association of Hamilton-Burlington and processed through RAHB’s Multiple Listing Service® (MLS®). Unit sales reflect “all property types” including residential, condominium, commercial property, farm, vacant land and business, unless otherwise specified. *RAHB’s jurisdiction includes Burlington, Waterdown, Flamborough and Dundas in the north; Hamilton, Ancaster, Stoney Creek, and Grimsby along Lake Ontario; and extends down to the shores of Lake Erie, including Glanbrook, West Lincoln, Smithville, Dunnville, Cayuga, Caledonia, and Hagersville.

(August 4, 2011 – Hamilton, Ontario)

289-969-6532 Visit our Website!

View any of the listings in this publication at

www.GolfiTeam.com Extra pictures, More details Check it out!

Your house will get noticed FIRST when listed by the Guy who gets noticed the MOST!

Call Rob Golfi Today!

Call Today 905-945-0188

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Page 4

The GOLFI TEAM Real Estate Market Watch

August 18, 2011

Facts About GOLFI… 3 Over $50 Million in Sales Annually** 3

#1 Real Estate Office in Hamilton-Burlington Region*

3 Amongst the Top

Sales Representatives in Ontario**

3 Golfi Team ranked Top 50 Teams in Canada for

**

3 Golfi Team ranked Top 100 Teams in the World for

1998

Rob Golfi Sales Representative

2003

2003

2006

**

2010

OVER $400 MILLION IN REAL ESTATE SALES *#1 Brokerage in the Realtors Association of Hamilton Burlington MLS from 1994 to 2010 consecutively. **Year End Standings for 2010, based on residential commissions paid. Rankings are compiled from figures submitted by regional offices.

LOOK WHAT WE'VE SOLD! FOR D SOL

T LIS F O 99%

T

FOR D L O S

LIS F O 99.5%

DAYS 0 3 IN

AYS D 7 N1

RS E Y U WN B O T T OF U O TO SOLD

TI

F LIS O % 9 OR 9 F D SOL

BEAMSVILLE $339,900 4846 Northgate Crescent

BEAMSVILLE $349,900 4955 Kennedy Street

GrIMSBy $429,900 29 Stonegate Drive

BEAMSVILLE $299,900 4533 St. Volodymyr Cres.

This 2007 home offers 2050 sqft of Beauty.

Features 3 lrg BRs, 2.5 baths, computer loft, oak staircase, Master bedrm w/double walk in closets, luxury ensuite w/soaker tub & separate shower, california shutters throughout, great room w/hrdwd floors & gas fireplace, & quick access to QEW.

1433 sq.ft., 3 BR all brick bungalow built in 2004 backing onto green space. Features cathedral ceilings in great room w/hardwood floors, large maple kitchen w/island & french doors leading to large deck, spacious master w/hardwood floors & ensuite bath, main floor laundry, & double car garage.

First Class! 2750 sq ft in executive neighbourhood close to the lake. 4 bedroom has loads of updates: carpets, shingles, ensuite with claw tub & glass shower, hi-eff furnace and more! Beautiful hardwoods & gorgeous fireplace.

2 Storey, 3+1 bedroom on a large pie shaped lot.

Features oversized eat-in kitchen & dinette overlooking sunken family room, hardwood in living & dining room, french doors, master bedroom w/ensuite & walk in closet, finished rec room w/bedroom in basement.

S FER F O IPLE T L U HM T I DW SOL STOnEy CrEEk $284,900 11 Clydebank Place Court Location! Centrally located 2 storey, 3 bedrm home. Updates incl. most large windows, garden doors, roof, furnace, redone basement with new carpet & 3 pc bath, & refreshened main bath. Features backyard paradise with inground pool, composite deck & pond.

SOLD

OWN T F UT O O O T

Your house will get noticed FIRST when listed by the Guy who gets noticed the MOST!

Call Rob Golfi Today!

RS E Y U B D IN SOL

GTA O T AYS 20 D

ER BUY

IPLE T L U HM T I DW SOL

ERS OFF

FOR D SOL

T LIS F O 99%

EAST HAMILTOn $279,900 85 Bow Valley Immaculate 3 bedroom with fully finished basement. Spacious living room & dining room.

Eat-in kitchen has been updated and boasts ample counter space & cupboards. Updated vinyl windows, concrete drive & patio in fenced yard.

WATERFRONT CONDO

T LIS F O 7% 9 OR F D SOL

STOnEy CrEEk $289,900 136 Green Road

STOnEy CrEEk $322,900 174 Highland Road West

EAST HAMILTOn $169,900 37 Reid Avenue North

STOnEy CrEEk $249,900 1204-500 Green Road

Incredible home sitting on a beautiful treed lot, most updates in 2002, great big sunny bedrooms with master bedroom on main floor with ensuite, country style kitchen overlookd back yard, finished high & dry basement with 3pc bath, new furnace, concrete drive, Close to all amenities.

Well maintained! This 3+1 bdrm, 4 level backsplit is located in a great family neighbourhood. Features all new carpets, french doors, upgraded light fixtures, oak kitchen cabinets, furnace ’07, fenced & landscaped backyard. Close to schools, shopping & Red Hill.

Nothing to do here, just move right in!

Tastefully renovated 3 bedroom home, in a great neighbourhood only minutes away from the Red Hill Parkway & Hwy. New kitchen, all new interior & exterior doors, & unspoiled basement.

Waterfront luxury unit, 3 BR condo with incredible views of Lake Ontario, approx 1400 sqft. 2 baths, insuite laundry, beautiful oak kitchen cabinets with ceramic floors, new furnace 2002, new carpeting, fabulous amenities.

Call Today 905-945-0188

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August 18, 2011

The GOLFI TEAM Real Estate Market Watch

Page 5

Grimsby, Lincoln & West Lincoln Area

Rob Golfi*

BEAMSVILLE $319,900 5123 Crimson King Way

GrIMSBy

$369,900 3 Hewitt Drive

GrIMSBy

$439,900 383 Lake Street

SMITHVILLE $399,900 146 Rock Street

4 bedroom home in desirable neighbourhood, big kitchen w/island & spacious dinette w/sliding doors leading to back private deck w/fenced yard, cathedral ceilings in living room, mostly new flring through-out, famrm w/gas fireplace, finished rec-rm in basement, & shingles '06.

Escarpment views! Features beautiful maple kitchen w/granite island & breakfast bar, hardwood & ceramics throughout, great room w/cathedral ceilings & gas fireplace, incredible open concept floor plan, fenced yard, & a high energy efficient home.

Lavish 4+1 bedrm, 2000 sq.ft has every upgrade you can imagine! Custom maple kitchen w/granite counter, porcelain flrs, rich hardwd, 2–sided gas fireplace btwn LR/DR, master suite w/luxury ensuite & personal dressing room, & heated & insulated 24x30 garage. Pics tell it all!

Outstanding & immaculate Custom built 2350 sq.ft. Facing park, loaded w/upgrades, features maple kitchen with antique finish and granite counters, gleaming hardwood flrs, porceline tile, California shutters, luxury ensuite master bedrm with French doors leading to 16x24 covered patio.

GrIMSBy $439,900 3 Stonegate Drive

GrIMSBy $389,900 519 Ridge Road East

GrIMSBy $239,900 95 Sumner Crescent

GrIMSBy $319,900 14 Marlow Avenue

Well maintained all brick executive home in lakeside neighbourhood features beautiful hardwood floors, mostly updated vinyl windows, professionally finished basement, fenced & landscaped back, concrete driveway, new shingles '06, new furnace '05, easy hwy access.

1.37 acres on escarpment ravine near Bruce Trail! Features geothermal system Jan ’10, insulated roof, newer windows, amazing low energy costs, large 2.5 car garage, large deck w/above ground solar heated pool, and charming cedar-sided home with large eat-in kitchen.

3 bedroom home beautifully maintained & decorated! Features maple kitchen cabinets w/breakfast bar, hardwood floors, master bedroom with upgraded ensuite, access to backyard through garage, roughed in bath in basement and bedroom level laundry.

Custom-built 3 bedrm bungalow, open & inviting floor plan w/gorgeous hardwood, spacious kitchen w/breakfast bar and sliding doors leading out private fenced back yard, large master bedrm w/ensuite and double garage with 4-car drive.

Near schools, parks and quick access to QEW.

BUNGALOW

WATERFRONT

WEST LInCOLn $328,500 9407 Silver Street

BEAMSVILLE $241,900 5120 Conner Drive

GrIMSBy $1,050,000 238 North Service Road

BEAMSVILLE $236,000 5126 Conner Drive

Amazing updated home on 100 x 200 ft lot, built in 1953, has an open concept living room/dining room with hardwood floors, huge master suite, New high efficiency gas furnance/CA, updated main bath, entry doors, & water conditioner.

Bonus room over the garage.

Fabulous end unit freehold Bungalow 1,110 sqft!

90 day closing avail. Come & visit our model home & be wowed on this Energy Guide & Tested Home. Incl great size bedroomss w/3 pc ensuite off master, kitchen area overlooking family rm, attached to next unit only at garage.

Custom built 2-storey waterfront property with stunning Lakeviews! Gorgeous hardwood floors, master bedroom with walk out to balcony & gas fireplace w/rich hotel style ensuite, soaring 10ft ceilings, large designer kitchen w/granite, great big windows. Shows like a dream.

2 storey freehold town home 1386 sq ft. Similar to be built. 90 day closing avail. Incl. great sized Bedrooms w/3pc ensuite & walk in closet off master, kit w/breakfast area overlooking famrm, attached to neighbouring unit at garage w/access from garage to rear yard, & min to all amenities.

ESCARPMENT

BEAMSVILLE $399,900 5158 King Street West Beautiful century home w/original woodwork, large sun filled porch, country style kitchen, inlaw apartment in basement, finished loft w/bathroom, mostly updated vinyl windows, furnace ’05, private landscaped backyard, & oversized 2 car garage, plus more.

GrIMSBy

$749,900 177 Ridge Road

WATERVIEW

GrIMSBy $269,900 446 Main Street West

GrIMSBy

$599,900 88 Lake Street

5.19 acres nestled onto the Niagara Escarpment, completely redone top to bottom, inside and out, slate & hardwd flring, new designer kitchen with stylish appliances, in flr heating in bathrm, 70 pot lights, patterned concrete porch w/exterior fireplace.

Fabulous ½ acre property backs onto green space. 4 bedrm home & 25x35' oversized garage/workshop, affordable enough to build new or renovate. This home offers new shingles & furnace ‘03, beautiful cast iron fireplace, lots of parking space, and easy access to QEW.

Incredible 2300 sqft home faces Nelles Beach & Lake Ontario. This updated home features a new maple kitchen, granite, travertine tiles, hardwd & bamboo floors, updated bathrms w/designer tiles, family room with fireplace, shingles ‘05, new eaves & facia ’10, furnace & Central air ’07.

GrIMSBy $309,900 35 Victoria Terrace

BEAMSVILLE $339,900 4092 Mountain Street

GrIMSBy $234,900 111 Willow Lane

BEAMSVILLE $649,900 5225 Greenlane

Waterfront with total privacy including pebble beach. Lots of potential & character! Ideal for someone to renovate or tear down for new home.

This home includes bright sunroom w/original tall french doors, living room w/high ceilings & gas fireplace, & vacant lot ideal for an addition.

Want quality, this house is for you! This one flr plan incl. $20,000 in extras, California knock down ceilings, rounded corners, 120 sq.ft. of hrdwd flrs, upgraded trim package, maple kit, asphalt drv & much more! Approx 1445 sq.ft. similar to be built.

END UNIT TOWNHOUSE! 2 BR Losani built townhouse w/ceramics & upgraded carpet. This home offers great views of the escarpment & an open concept floor plan. Garage has inside entry into basement & basement has walk out to backyard.

Hobby farm, 3.27 accre immaculate apple farm could earn $30-$45,000 per year. Close to all conveniences. Home features oak trim, 2 fireplaces, underground sprinkler system, 2 large coolers, sandy soil, close to QEW. Great opportunity!

WATERFRONT

Call Today 905-575-7700

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The GOLFI TEAM Real Estate Market Watch

August 18, 2011

Hamilton & Stoney Creek Rob Golfi*

HAMILTOn MTn $289,900 51 Beaverbrook Avenue

EAST HAMILTOn $149,900 75 Adeline Avenue

EAST HAMILTOn $199,900 154 Rosewood Road

EAST HAMILTOn $229,900 635 Dunn Avenue

Charming 4 level back split in incredible condition!

Features 4 bedrms, 3 full bathrms, gorgeous hardwood floors, stylish & bright kitchen, finished basement with rec rm & wet bar, new shingles ‘09, furnace & c/air ‘09, and a beautifully landscaped yard backing onto green space.

Cute & cozy starter home in prime East Hamilton location! Features 2 good sized bedrms, eat in kitchen, main floor laundry, family room with walk-out to large rear deck & stunning backyard. Cheaper than rent… won't last ! More@ www.Golfi.ca

Cozy & Desirable East Hamilton 2 bedrm doll house! Features hardwd floors under broadloom, finished rec rm in basement, mostly vinyl windows, updated furnace, detached garage, appliances included, close to busses, shopping & parks.

Charming bungalow will surprise you! Features all new carpeting, hardwood flrs, master bedrm w/french doors, updated bathrms, finished basement with in-law & gas fireplace, updated vinyl windows & doors, 18x30 insulated garage w/220 volt, & mostly new weeping tiles.

STOnEy CrEEk MTnº0 $419,900 1889 Rymal Road

STOnEy CrEEk MTn $286,900 129 Slinger Avenue

BInBrOOk $399,900 148 Fowler Drive

Gorgeous raised ranch w/updates w/in the last 2yrs! Incl. shingles, furnace, hardwd, carpet, hot-tub, new pool liner, Cherry wood kit. cabinets w/granite, windows ‘05 , eaves trough & facia, bathrm ‘08, backing onto conservation w/private gate, & a 400 sqft workshop w/power.

Charming raised ranch. Beautifully landscaped, ideal for growing family. Features new stylish kitchen with pantry & breakfast bar, hardwd flrs in front room & hallway. Enjoy lounging in the fully finished basment w/bedroom & bathroom.

Close to amenities & schools.

2500 sqft 2 storey by Empire Homes. Premium lot backs onto greenspace. Features hardwood and ceramics on main floor, central vac w/attachments, 4 large bdrms, large country style kitchen, fenced yrd. Energy star rated home, close to parks and schools.

STOnEy CrEEk $224,900 #6-171 Highbury

HAMILTOn CEnTrAL $159,900 12 Arthur Avenue South

Golfi Team has Maximum Internet Exposure to Get Your Home SOLD!

The

Immaculate 2 storey 3 bedroom end unit w/low condo fees, lrg master bdrm w/walk in closet, lrg eat in kitchen w/ceramic floors, & private deck backing onto school yard. Fantastic location close to Rymal, Linc & Red Hill & all amenities!

Plenty of visitors parking across.

BurLInGTOn $259,900 308-5080 Pinedale Avenue Popular Pinedale Estates, 2 bedroom, approx.

1300 sqft. in great condition! Clean & bright kitchen with plenty of cupboard & counter space, master with walk-in closet & 4pc ensuite, updated furnace, and 24 hr security gatehouse.

Fully renovated, 3+1 bedroom home or 2+1 w/extra main floor room for potential home office/daycare. 2 new bathrms, huge kitchen, updated shingles ('11), windows ('11), furnace & central air (under 5 yrs), 100 amp breakers, double rear drive, and fenced yard.

Call today!

HAMILTOn CEnTrAL $136,900 277 Balmoral Avenue North

EAST HAMILTOn $159,900 196 Weir Street

HAMILTOn MTn $176,900 606 Fennell Ave. East

All brick home features many updates including windows, shingles, soffits, facia & exterior doors updated in the last 5 yrs, country-style pine kitchen with breakfast bar, landscaped fenced yard. 2 bedroom home can easily be converted back to 3. Fantastic value close to all amenities.

Great starter home! This cute bungalow is nicely decorated, with an updated kitchen, newer windows, furnace, c/air and roof. Good sized kitchen, large deck from kitchen, and double parking in rear. Shows well, Act Now!

4 bedroom, 1-1/2 storey home with hardwood floors. Oversized single car garage. Needs some TLC. Great price, great location. Close to all amenities. Immediate possession available. Call us today at 905-575-7700.

What a doll house! This 2 bedrm home is in fantastic condition across from Inch Park.

Features beautiful hardwd & ceramics, finished rec room in basement w/gas fireplace, private fenced yard w/mature trees & lrg deck, mostly updated vinyl windows, & close to amenities.

HAMILTOn $174,900 99 Lottridge Street

STOnEy CrEEk $319,900 1323 Baseline Road

HAMILTOn MOunTAIn $299,900 746 Limeridge Road East

EAST HAMILTOn $439,900 24 Hildegard Drive

Recently updated family home near schools & Ivor Wynne Stadium. Updates Include: kitchen, both bathrooms, roof, furnace, a/c, eaves, rec room, 100 amp on breakers, windows, and ceramics. Original hardwood with chestnut inlay. All appliances included!

Beautiful 3 BR brick bungalow! Oak kitchen cabinets, open concept kit. overlooking LR & DR, circular oak staircase, Mbed w/4 pc ensuite & walkout, spacious bedrms, concrete walkways & patio, fully fenced private yard, rough-in central vac & close to Fifty Point Conservation.

Well kept, all brick home features 3 bedrooms, 2-1/2 baths, large master bedroom with ensuite and walk in closet. New roof (’11), most windows (’10), washroom in (’11), skylight (’04) & more.

Close to schools, parks, shopping & Linc. Fin. basement, ceramic floors, large fenced backyard.

Built on a quiet street w/open & inviting floor plan. Backs onto escarpment. Brazilian cherry hrdwd flrs, porcelain tiles, gas fireplace, oversized rooms, freshly painted, in-law set-up w/2nd kitchen & bath, mostly updated vinyl windows & doors, & upper level balcony.

905-575-7700

HAMILTOn MTn $224,900 211 East 18th Street

Call Today 905-575-7700

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August 18, 2011

The GOLFI TEAM Real Estate Market Watch

Page 7

Hamilton & Stoney Creek Rob Golfi*

EAST HAMILTOn $135,500 40-2700 Barton Street East

STOnEy CrEEk $339,900 179 First Road West

HAMILTOn $159,900 28 Argyle Avenue

BInBrOOk $289,900 266 Fall Fair Way

Nice & bright end unit townhouse in prime area of Hamilton. Fronting Bow valley. 3 BR, 2 storey, offers formal LR w/ bay window, ceramic flring in entrance, kit. & bathrm, laminated flring in LR & DR & hallways orig. hardwd in BR. Close to all amenities & schools.

3 Bedrm with updates! Beautiful hardwood in family rm with gas fireplace, central vacuum, gorgeous oak staircase, finished rec-rm in basement, 3 large bedrms, beautifully landscaped yard, patterned concrete drive, new shingles & furnace & C/A '09, & new windows 2011.

Fully updated 3 bedroom & 3 bathroom home with a detached garage. 1 front & 1 rear parking. Open concept w/high ceilings on main flr. Top flr has master bedroom w/ensuite, large closet & office/nursery.

Updated kitchen & bathrooms, fully fenced yard. New front porch & concrete pad in garage with hydro.

3 bedroom Branthaven townhome on premium corner lot in Binbrook Fairgrounds. Eat-in kitchen w/ceramics, hrdwd in LR/DR w/walkout to deck, beautifully landscaped yard, finished basemt w/soundproofed theatre room completely wired for enhanced surround sound. Just move in!

WATERFRONT LOT

BInBrOOk $434,900 108 Valiant Circle

STOnEy CrEEk $405,000 35 Riviera Ridge

STOnEy CrEEk $449,900 Windemere Road

STOnEy CrEEk $229,900 78-485 Green Road

Amazing 4 bedroom Losani “Woodhaven Traditional’ family home. Large premium lot.

Loads of upgrades including kitchen, windows, wider garage, front door, cabinets, fire place, rounded corners, patio door to rear yard.

4+1 bdrm in prestigious loc’n! Fresh paint & crown mouldings. Plus porcelain tile, kulm hrdwd, main flr. den, lrg eat-in kit, livin rm, sep. dining rm & main flr. laun. New shingles (08) & undergrnd sprinkler system.

The property is private with a Muskoka feel!

Park-like grounds. Substantial breakwall, multilevel decking and tremendous unobstructed waterfront views. Every season a postcard, check it out today and start packing!

3 bedroom, 2 storey townhome features spacious master bedroom with ensuite & walk-in closet, hardwood floors in living room & dining room & gas fireplace. Property backs onto complex park with quick access to QEW. Available for immediate possession! Act now!

Highlights Comparing Canada and U.S. Housing Finance Systems • CMHC does not have a policy goal of increasing the rate of homeownership. Rather, we encourage the availability of housing across a variety of tenure types — homeownership, rental housing, supportive housing and transitional housing. The housing needs of low-income Canadians are addressed through government assistance programs.

• In the U.S., federal policy actively encourages homeownership.

Consistent with this policy, Fannie Mae and Freddie Mac, as government-sponsored enterprises were required to support mortgages to low-income borrowers in specific neighbourhoods and geographic areas, as well as to other highrisk groups. At the same time, as privately owned companies, Fannie Mae and Freddie Mac endeavoured to maximize shareholder returns.

• In Canada, the Bank Act prohibits federally regulated banks from providing residential mortgages without

Sharon Stafford Sales Representative

mortgage loan insurance if the loan is greater than 80 per cent of the purchase price or value of the home. This insurance, which can be purchased from CMHC or private insurers, covers the entire amount of the loan and is for the entire life of the mortgage.

• In the U.S., lenders are not legally required to use mortgage loan insurance. However, because Fannie Mae and Freddie Mac are prohibited from purchasing uninsured mortgages when the borrower makes a down payment of less than 20 per cent, U.S. lenders will often require mortgage loan insurance.

• In Canada, the most common mortgage is the five-year fixed-rate closed mortgage. Historically in the U.S., the most common mortgage has been the 30-year fixed-rate open mortgage.

• In Canada, mortgages are typically “full-recourse” loans, which mean the borrower continues to be responsible for repaying the loan even in the case of

Heather Reid Sales Representative

Hans Marcelissen Sales Representative

foreclosure. Lenders can take legal action to recoup money from the homeowner if a foreclosed home is sold for less than the amount owing on the mortgage plus many of the costs incurred by the lender.

In many U.S. jurisdictions, mortgages are “non-recourse,” which means that borrowers can often walk away from their homes and the associated mortgage debt, leaving lenders with no recourse beyond the property.

• The sub-prime market did not take hold in Canada to the extent that it did in the U.S. During the period leading up to the economic downturn the vast majority of mortgages in the U.S. were originated by third parties and were ultimately packaged and sold to investors who often did not understand the associated risk. Most mortgages in Canada are originated and retained by financial institutions whose goal is to maintain a longterm relationship with the borrower. Even when a mortgage is securitized, the origi-

Wendy Murray-Nicholson Sales Representative

Ashley Sidler Sales Representative

nating lender most often continues to service the mortgage.

• The resilience of Canada’s housing finance system during the recent financial crisis may be linked to a combination of factors, including prudent lending practices, conservative mortgage consumers, careful regulatory oversight, supportive government involvement in mortgage insurance and securitization, and Canada’s broader public policy backdrop, which does not place undue preference on homeownership.

• About 29 per cent of Canadian residential mortgages have been securitized, compared to about 60 per cent in the United States. Almost all securitized Canadian mortgages are funded by mortgage-backed securities (MBSs) guaranteed by CMHC under the National Housing Act. Over half of those MBS were held by the Canada Housing Trust, funded by CMHC-guaranteed Canada Mortgage Bonds (CMBs).

Dena Zlatar Sales Representative

Bonnie Spurrell Sales Representative

www.GolfiTeam.com 905-575-7700 or 905-945-0188

www. GolfiTeam .com

Mike McNeil Sales Representative

MarketWatch August B_MarketWatch_Transfer.qxd 15/08/11 4:10 PM Page 8

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