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March 1, 2012 - Vol 37
P R E S E N T E D
B Y
T H E
G O L F I
T E A M
Happy St. Patrick’s Day March 17 th
Rob Rob Golfi Golfi Sales Sales Representative Representative
HOME EVALUATION NO COST • NO OBLIGATION
905-575-7700 • 905-945-0188
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The Golfi Team Real Estate Market Watch
Crossword Puzzle
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
March 1, 2012
(Solution on Page 4)
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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Medium-dry sherry (11)
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Forthright – Soviet spy (5)
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Don Quixote's home (2,6)
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Magic word (11)
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Effaced (11)
13 Proverb (5)
10 Bedtime drink (8)
14 French port (2,5)
12 Eastern (anag) (7)
16 Slaughterhouse (8) 17 Ballet dancer's skirt (4)
15 (Temporary) anti-wrinkle treatment (5)
18 With nothing to do (2,1,5,3)
17 At that time (4)
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The Solution Fill in the grid above, so that each row of 9 squares, each column of nine and each section of nine (three squares by three) contains the numbers 1 through 9 in any order. There is only one solution for the puzzle and the numbers shown can NOT be changed.
“It's the perfect home for a couple who can't decide what they want. It's a victorian split level, colonial, ranch, mobile cabin!”
www. GolfiTeam .com
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The Golfi Team Real Estate Market Watch
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Facts About the GOLFI TEAM… 3 Over $60 Million in Sales Annually** 3 #1 Real Estate Office in Hamilton-Burlington* 3 Amongst the Top Sales Reps in Ontario** 3 Ranked Top 50 Teams in Canada for ** 3 Ranked Top 100 Teams world wide**
1998
Rob Golfi Sales Representative
2003
2003
2006
2010
OVER $460 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! T LIS F O 8% 9 FOR D SOL
FOR D SOL
IST L OF % 5 . 99
IN D L SO
AYS D 7
SOLD
YER U B NTO O R O TO T
Hamilton $196,900 37 Ferrie Street West
Stoney Creek $389,900 181 Montreal Circle
Stoney Creek $279,900 34 Regis Court
Stoney Creek $299,900 121 King Street East
Pride of Ownership in this 3 bedroom 2 storey family home. This home offers a large LR & separate DR, newer carpeting & a private back deck. Updates incl. renovated kitchen ('09), Windows ('08), flooring on main level ('09), roof ('10), & updated electrical w/100 amp service.
Gorgeous, all brick, 2250 SqFt classic 2 storey. Features quality upgrades & includes 9ft ceilings, family sized great rm, big formal dining rm, stylish kitchen w/lots of cupboards & granite, gleaming hardwd flrs, extra deep lot all fenced in, & a roughed-in bath in basement.
Great location on quiet court. This charming, fenced 4 lvl back split sitting on 150 ft deep lot. Large country size kitchen overlooking family room with gas fireplace, beautiful hardwd in living & dining room, Master with ensuite, new shingles ’05, close to shopping, schools & buses.
Bring your tool belt and make this your dream home! Fantastic opportunity on large L-shaped 77.83 x 142.60 foot lot! 1.5 Storey all brick home with partially finished basement. Close to all amenities and walking distance to downtown Stoney Creek. Make an offer!
UT OO T D SOL
R UYE B H CAS
Caledonia $249,500 21 Orkney Street West 2 Sty, 3 BR home in a mature neighbourhood. Features lrg DR, LR w/gas FP, lrg eat in kit, Hardwd flrs, 3 good sized BRs & 4pc bathrm, lrg deck. Upgrades incl. a new 14x30 detached garage, new fencing, new driveway, roof ‘07, C/A ‘07, & most windows replaced.
LIST F O % R 98 O F SOLD
DAYS 0 3 IN
GET YOUR HOME SOLD TODAY! 905-575-7700 FOR D L SO
E RIC P L FUL
R UYE B H CAS Y OM T D SOL
AYS D 19 N I D SOL Hamilton mtn $299,900 65 Princeton Drive This all brick, oversized 4 level backsplit in Sherwood heights neighborhood is available for immediate possession! Features updated vinyl windows, updated shingles, beautiful hardwood & ceramic floors, second kitchen in lower level, great in-law potential, sun-room, & fence yard.
AYS D 16 N I D SOL
St. CatHarineS $249,900 61 Croydon Drive
SmitHville $274,900 122 Golden Acres Drive
Stoney Creek mtn $279,000 129 Slinger Avenue
BeamSville $219,900 5455 King Street
Charming home takes you by surprise! Updated birch kitchen w/granite counters, hardwd throughout main flr, mostly updated vinyl windows, new shingles 08, new furnace & C/air 05, finished rec-rm w/new Berber carpeting & showcase gas FP, updated bathrm in basement.
Immaculate, oversized 1350 sq.ft. backsplit! Fin. basement, beautiful hardwood floors, bright kitchen with oak cabinets leads to side yard with 2 tiered deck, spacious family room with fp, master bedroom w/French doors to balcony, fenced yard w/gorgeous perennial gardens.
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.Call 905-575-7700.
Will Not Last. Exciting opportunity with this 3 bed bungalow. New carpet in living room, dining room, hallway and bedrooms. Home features a generous living room and eat-in kitchen. Let the kids run in the oversized backyard.
Call Today 905-575-7700
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The Golfi Team Real Estate Market Watch
Rob Golfi*
March 1, 2012
Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook
Stoney Creek $549,900 132 Millen Road
Hamilton mtn $324,999 31 Normajean Avenue
Hamilton eaSt $152,900 376 Osborne Street
Hamilton eaSt $139,900 520 Rosseau Road
AWESOME BEAUTY. Completely updated, hardwd flrs, kitchen w/maple cabinets, granite counters, bathrms updated, crown moulding, spiral staircase, exterior has all new eaves facia & soffits, new shingles, new siding with stone skirt, fenced yard, undergrd sprinkler system.
Trendy, stylish raised ranch offers beautiful updated oak gourmet kitchen, new bathrm, gorgeous hardwd, completely finished basement w/kit, bathrm, & bedrm ideal for in-law suite. Shingles 4 yrs new, furnace & C/air 1 yr new, vinyl windows, close to busses, shopping & schools.
Great Value in this one floor East Hamilton Beauty! Loads of updates and very well maintained by owner of 35 years. Eat-in kitchen with lots of sunlight, big rec-room with bar, concrete drive, fenced back yard with fruit trees and shed. Close to the Red Hill Pkwy.
ATTENTION INVESTORS! Located in a prime Rosedale location, within walking distance to the arena & golf course. New furnace, new owned hot water tank, new fencing, rec room, bathroom & 100 amp panel & stack. Weeping tiles & backflow preventer done as well.
Stoney Creek $274,900 194 Millen Road
Hamilton mtn $299,900 956 Stone Church Road East
Burlington $398,900 948 Glendale Court
Hamilton eaSt $92,400 399 Fairfield Avenue
Old world charm w/modern conveniences. Beautifully renovated 2-storey with maple hardwood & ceramics on main flr. Family-sized maple kitchen w/tumbled marble backsplash & pot lighting. Large Master w/rich hotel style ensuite & W/I closet. Fresh paint, vinyl windows.
Well maintained home, clean as a whistle and updates galore. Immaculate backsplit, could be used as in-law w/entrance to lower level from garage and side door. Skylight in kitchen, neutral colors throughout. Huge lot. Concrete deck and walkways with interlock driveway.
Convenient Location! Close to Go Train, HWY & shopping. Oversized 4 level backsplit offers plenty of room with parking for 4, wonderful backyard for loads of outdoor fun. Updates include ceramics, main bath, roof & furnace.
Spacious 1 BR bungalow! Incl updated kitchen w/lots of counter space, fenced yard, new roof shingles & high efficiency furnace (gas on equal billing $66.00 month!), 100amp on breakers, big rear deck w/awning, A/C, big bathrm & lots of storage in bsmt. Can be 2 BR if needed. Shows great!
Hamilton Ctr $134,900 86 Rosemont Avenue
Hamilton eaSt $189,900 34 Barons Avenue
Stoney Creek $274,900 326 Jones Road
Hamilton WeSt $339,900 260 Bay Street S., Unit 2
Clean, bright & immaculate 3 bedrm all brick 2.5 storey home avail for immed possession. Features updated kit. cabinets, spacious living & dinning rm w/neutral colour ceramics, 2 pc bath in basement with 2nd kitch, private side drive, fenced in yard, close to busses & shopping
3 or 4 bedroom home w/highway access, schools & shopping nearby. Loads of updates, some newer windows, roof 2011, furnace & tank 1998, main bath remodelled & new bath in basement. Fully fenced yard w/gate at driveway. Rear patio & big shed.
Large duplex on 100 x 150 ft lot. Two 3 bdrm units plus professionally finished 1 bdrm in-law suite in basement. 1.5 car garage & parking for up to 10 cars with multiple street access. Huge private fenced backyard. Great investment opportunity! Incredible income potential!
Gorgeous Durand area condo! Only 3 units in this building, part of 86 Herkimer conversion. Separate garage, locker in bsmt. Access to roof top terrace in 86 Herkimer. Shows 10++ w/upgraded fixtures, cabinets, counters, lighting, window treatments, & appliances.
Hamilton mtn $299,900 292 Delancey Boulevard
Stoney Creek $189,900 518-500 Green Road
Hamilton Ctr $114,900 294 Emerald Street North
Stoney Creek $419,900 35 Ivybridge Drive
Beautiful 4 BR, 2 stry home. Features family rm w/sliding door to yard, separate DR, ceramics in kit, 2.5 baths, master BR w/ensuite, laminated flrs, unspoiled bsmnt, & dble garage & drive for 4 cars. Updates incl. windows & shingles in ‘10. Close to amenities.
Beautifully maintained and upgraded suite with breathtaking views from windows and balcony. Features new furnace & c/air system, new 800 series doors, freshly painted, amenities include pool, gym, sauna, library, work shop, squash courts, locker #14, and a parking spot.
Live mortgage free! With the upstairs apartment rental of $625/mth your mortgage is paid. Freshly painted w/shingles 4 yrs old. Separate entrance to all floors. Parking for up to 6 cars in the back. Owner occupies main floor, with boarder in the basement.
2400 sq ft. home overflowing w/upgrades incl. 9 ft ceilings, hardwood flrs, loaded kitchen w/granite counter tops, formal dining rm, slate floors, crown moulding, spiral staircase, showcase gas fireplace, 4 large sunny bedrms, rich hotel style ensuite bath, main floor den, bedrm level laundry, backing onto green space with pond.
Crossword Solution
Hamilton mtn $379,900 23 Vineberg Drive
Hamilton Ctr $104,500 18 Francis Street
Over 2000 sq ft., 4 level backsplit! Family room w/fireplace, big kitchen w/oak cabinets & island, vaulted ceilings in LR/DR, open from kitchen to family rm, big rooms & walkout to covered patio w/3 year old hot tub. Turner park, shopping, & YMCA all within walking distance.
Big home w/loads of updates, great private yard w/concrete patio, big fully fenced garden with shed, room for a big RV & 3 car parking. Home shows great. Close to General hospital. 100 amp breakers, new shingles in 2009 (stripped), new windows, siding, furnace and central air in 2008.
Hamilton mtn $314,900 202 Winston Place Walk to Mac!! All brick 3+3 bedroom home! Newer shingles, new windows, Hi eff furnace & C/Air (07), oversized water heater (05), newer plumbing & water line. Bsmt waterproofed, smoke detectors handwired, Ethernet/cable in all rooms! $2100 income per month tenants pay utilities.
Call Today 905-575-7700
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The Golfi Team Real Estate Market Watch
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Grimsby, Lincoln West Lincoln & Niagara
Rob Golfi* WATERFRONT
WATERFRONT
IN-LAW SETUP
grimSBy $1,250,000 134 Olive Street
grimSBy
grimSBy $549,900 34 Golf Woods Drive
$1,499,900 143 Lake Street
BeamSville $267,900 5103 Connor Drive
Fabulous waterfront property! Custom built, 3000 sq ft home with lake views from every room. Maple hardwood floors, granite counters, master suite with access to back deck, ensuite and walk-in shower. Handicap adaptable!
Gorgeous 2+2 bedroom bungalow with main flr laundry, in desirable neighbourhood. In-law setup on lower level with private walk-out. Beautiful hardwood floors with cathedral ceilings and gas fireplace. Master bedroom has luxury ensuite and walk-in closet. Shows like a dream!
2 Storey freehold townhome, backing onto park! Home features $20,000 in upgrades, 3pc ensuite, walk in closet, maple cupboards, California shutters, C/Air, C/Vacuum, Alarm, access from garage to rear, yard, minutes to all amenities.
grimSBy $255,000 15 Adelaide Street
St. CatHarineS $147,900 45 McGhie
grimSBy $356,900 519 Ridge Road East
grimSBy $179,900 49 Ontario Street, Unit#14
Fantastic Investment Opportunity, Duplex within the downtown core. 2 bedrm unit on main level & 1 bedroom unit on upper level. Gross income of $1885/mth. Includes large double car garage, shingles approx 4 yrs new, and new furnace 2011. Please allow 24 Hrs for showings.
Move Right in! This 2 bedroom home is in a great location w/easy access to the QEW. Lots of hardwood floors, newer windows, furnace ‘03, updated panel and wiring, covered front porch, and a nice backyard.
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.
Stunning townhome! Quality finishes throughout incl. hardwd flring, kit w/breakfast bar, oversized master BR, walk-in closet, & a main floor bath. Condo fees are $290.00/month & incl. C/Air, & exterior maintenance, building insururance, hydro, parking, & water.
BeamSville $239,900 4181 Fly Road
vineland $310,000 3380 Dustan Street
BeamSville $339,900 4034 Barry Drive
SmitHville $399,900 146 Rock Street
Character home circa 1800’s gracefully set in scenic village of Campden. This 3/4 acre lot is just minutes away from wineries, & features 3 great big bedrms, lrg country size kitchen, main flr laundry, gorgeous plank flooring, triple detached 24 x 24 ft. garage/workshop.
Lakefront community living in comfort and style. This 2 bedroom bungalow features relaxing front porch, 9ft ceilings, 2 full bathrooms, central air conditioning, spacious deck off of kitchen, main floor laundry. Homeowner Assoc. fee $30/mo for use of waterfront clubhouse and beach.
Trendy, stylish raised ranch! This cozy 1100 sqft. features 9-ft ceilings w/bright big windows, hardwd flrs, kit. w/walk out to patio, renovated bathrm, sun filled basement w/family rm, gas FP & spare BR w/full bathrm. Fantastic escarpment neighbourhood w/an extra deep lot
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.
BEAUTIFUL WATERFRONT property in fantastic residential neighbourhood. 75 x 276 ft lot with updated shore protection. Features inlaw setup, nanny suite, 4+2 bedrooms, master with 6 piece ensuite, floor to ceiling windows and quick access to QEW. DUPLEX
BUNGALOW
BUNGALOW
BeamSville $249,900 5120 Connor Drive
BeamSville $339,900 4092 Mountain Street
BeamSville $244,900 5137 Connor Drive
BeamSville $249,900 5143 Connor Drive
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.
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.
2 Storey freehold town home 1386 sq.ft. Similar to be built. Features includes great sized BRs w/3pc ensuite & walk in closet off master, kit w/breakfast area overlooking family room, available for 60 day possession, access from garage to rear yard, & min to all amenities.
Fabulous end unit freehold Bungalow 1110 sqft avail. for 60-90 day closing. Come & visit our model home & wowed on this Energy Guide & Tested home. Incl. great size BRs w/4pc ensuite off master, kitchen area overlooking family rm, attached to neighbouring unit at the garage only.
grimSBy $324,900 24 Red Haven Drive
grimSBy $249,900 41 Kenyon Crescent
grimSBy $172,900 #31-125 Livingston Avenue
St CatHarineS $384,000 40 Glenridge Avenue
Bright and Airy. Lovely one floor semi in a stylish neighbourhood. This home features a lovely eat-in kitchen, spacious living rm/dining rm w/ open staircase to finished basement complete w/ large fin recroom and extra bedrm
Fabulous freehold end unit townhouse! Open concept main flr w/kitchen, dinette & living rm. Patio door overlooks fenced yard & a 2-tiered wooden deck. Lrg master w/full wall closet, plus 2 extra large bedrooms & a 4pc bath. Finished Rec rm w/2pc bath & area for a home office/bar.
Great Value in this lovely 3 bedroom end unit townhome! Amazing escarpment views from your patio door. Freshly painted, hardwood flrs on upper & main levels. Corner gas fireplace in the living room. Plenty of parking, close to amenities and go station.
Stylish Old Glenridge Living. This stunning 1-1/2 storey beauty provides the classic beauty of its age and the updates you would expect. This 3 bedroom home oozes character from the moment your drive up!
www.GolfiTeam.com
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The Golfi Team Real Estate Market Watch
March 1, 2012
10 Home-Maintenance Tips for Spring
A certified home inspector shares 10 home-maintenance tips for spring
A
fter a long, dark winter, spring's bright sun and warm winds are, well, a breath of fresh air. The only downside? All that sunshine spotlights your leaf-filled gutters, cracked sidewalks and the dead plants in last year's flower beds. Dwight Barnett, a certified master inspector with the American Society of Home Inspectors, shared this checklist to help you target the areas that need maintenance so you can get your chores done quickly, leaving you time to go outside and play in the sunshine. 1 Check for loose or leaky gutters. Improper drainage can lead to water in the basement or crawl space. Make sure downspouts drain away from the founda 2 Low areas in the yard or next to the foundation should be filled
with compacted soil. Spring rains can cause yard flooding, which can lead to foundation flooding and damage. Also, when water pools in these low areas in summer, it creates a breeding ground for insects. 3 Use a screwdriver to probe the wood trim around windows, doors, railings and decks. Make repairs now before the spring rains do more damage to the exposed wood. 4 From the ground, examine roof shingles to see if any were lost or damaged during winter. If your home has an older roof covering, you may want to start a budget for replacement. The summer sun can really damage roof shingles. Shingles that are cracked, buckled or loose or are missing granules need to be replaced. Flashing
Sharon Stafford Sales Representative
Ashley Sidler
Sales Representative
Rob Golfi
Sales Representative
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freeze damage. Turn the water on and place your thumb or finger over the opening. If you can stop the flow of water, it is likely the pipe inside the home is damaged and will need to be replaced. While you're at it, check the garden hose for dry rot. 9 Have a qualified heating and cooling contractor clean and service the outside unit of the air conditioning system. Clean coils operate more efficiently, and an annual service call will keep the system working at peak performance levels. Change interior filters on a regular basis. 10 Check your gas- and batterypowered lawn equipment to make sure it is ready for summer use. Clean equipment and sharp cutting blades will make yardwork easier.
around plumbing vents, skylights and chimneys need to be checked and repaired by a qualified roofer. Examine the exterior of the chimney for signs of damage. Have the flue cleaned and inspected by a certified chimney sweep. Inspect concrete slabs for signs of cracks or movement. All exterior slabs except pool decks should drain away from the home's foundation. Fill cracks with a concrete crack filler or silicone caulk. When weather permits, power-wash and then seal the concrete. Remove firewood stored near the home. Firewood should be stored at least 18 inches off the ground at least 2 feet from the structure. Check outside hose faucets for
Heather Reid
Hans Marcellissen
Wendy Murray-Nicholson
Mike McNeil
Jaclyn Ross
Rosemarie Fournier
Sales Representative
Sales Representative
Sales Representative
Office Manager
Sales Representative
Listing Co-ordinator
Together‌ Delivering More!
Home evaluation No Cost or Obligation
Call Rob Golfi today!
905-575-7700 / 905-945-0188 www.golfiteam.com
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Why it’s a good time Is this a Good Time to to buy a home? Refinance your Mortgage? BY Mark Weisleder I believe there has never been a better time to buy a home. I’ve been in the industry for 28 years as a lawyer and I haven’t seen so many positive signs for housing, whether you are thinking or buying or locking in a mortgage. Here’s why: Mortgage rates at historic lows: They can’t get any lower. Four to fiveyear fixed mortgages at 3 per cent are unheard of. It is lower than the variable rate that most Canadians have been paying for years. Rates have nowhere to go but up, either later this year or next. If you are paying a variable interest rate, lock in now. Canada’s appeal: This country has everything going for it — a stable banking and political environment, steady real estate market, the natural resources people want and few social tensions. That makes us a safe haven in a volatile world. Our immigrant draw: Because of the above, we’re a draw for immigrants, often wealthy ones. When they get here, they need a home. So in my view while the real estate market may level off in some areas of Ontario, it should stay strong in most of the GTA and likely Canada’s other large urban centres as well. Mortgage defaults: According to CMHC, over 99 per cent of Canadians pay their mortgages on time. It quite a different picture in the U.S. where 7 million homes are in foreclosure and perhaps another 7 million homeowners are under water. This represents almost 15 per cent of all homes. So while the American housing market will likely be weak for the next few years, this should not occur in Canada. Our banks are not dumping homes onto the market, so there is no downward pressure on prices.
Recourse Mortgages: In many U.S. states, if you can’t pay your mortgage, the only thing the bank can do is foreclose; they cannot sue you for any shortfall. So when homes go under water, owners give the keys back to the bank. In Canada, loans are almost all Recourse, meaning if you don’t pay and there is a shortfall, the lender can sue you for the difference. This is another reason why, in my opinion, even if times do get tough, Canadian homeowners will find a way to make the payments until things improve. Income-to-price ratio: Another misleading statistic is that in major markets, like Toronto, the average price of a home is now 4.6 times the income of the average Canadian. This same statistic was found just before the U.S. and UK markets went into the tank. However, if you look at median incomes of Canadians against the median cost of homes, this average comes down to around 3.5, which is not dangerous. Using averages are wrong. A person receiving social assistance will not buy a home, and should not be included in any relevant statistic. High consumer debt: The warnings about rising debt ratios must be examined carefully. The Governor of the Bank of Canada is worried that the average personal debt ratio is now 156 per cent in Canada. This means a household making $100,000 per year, owes $156,000, two-thirds of which is mortgage debt. Why is this so bad? At an interest rate of 3 or even 5 per cent, the amount needed to service the debt is manageable. Most people do not pay off their mortgages in one year. Still, this is another good reason to consolidate your debt now, at these low interest rates, and lock in. No guarantees: Nobody can predict the future and there’s always the possibility of a major economic shock. Yet, in a U.S. presidential election year, politicians will do whatever is necessary to prevent it. If the economy goes into the tank, so do re-election chances. The U.S. is already showing signs of economic recovery. No matter what, do not take on a monthly payment higher than what you can afford. Meet with your lender or mortgage broker in advance to figure out what you can afford before you start looking for a home. It may be the best time to buy, but you need to buy smart.
Mark Weisleder is a lawyer, columnist, author and speaker to the real estate industry.
Paul Lachine illustration
Is now the time to lock in your mortgage? By Robb Engen The Bank of Montreal made headlines last week, announcing a special 5-year fixed rate of 2.99 per cent. Other banks followed with their own special offers, as the competition for mortgages heats-up across the country. This might be a good time to consider refinancing your mortgage. Here’s why: When interest rates are low, many people refinance in order to save thousands of dollars over the life of their mortgage. However, it’s important to determine what the pre-payment charge will be before refinancing your mortgage. A pre-payment charge is the amount you will need to pay for breaking the terms initially negotiated on your mortgage. This can be a large amount, meaning you won’t actually be saving money in the long run. It doesn’t always make sense to break your mortgage, but a good rule of thumb is if interest rates are at least 0.5 per cent lower than your current mortgage rate, it’s worth looking at refinancing. Consider a scenario where you locked-in at a discounted 5-year fixed mortgage rate of 3.99 percent in January, 2010. The balance on your
mortgage is $250,000. Even though variable rates are lower, you’re still concerned about rising interest rates in the future. Your bank is now offering a 5-year fixed rate of 3.49 per cent. In order to break your current mortgage after two years of payments, and with three years remaining on your term, you will be charged an interest rate differential (IRD) penalty of $3,750*. The penalty sounds pretty stiff, and that’s what scares people and prevents them from taking action. By refinancing with the new interest rate of 3.49 per cent for the remaining 36 months, you will save $128 per month in mortgage payments, and save more than $6,775 in interest. As consumers, we spend a lot of time shopping around for the best grocery prices, or looking for the cheapest gas station, yet we can’t be bothered to review our mortgage at least once a year for the opportunity to save thousands of dollars. Before refinancing, consider how long you plan to stay in your home, how you plan to use any extra cash flow, and how refinancing can support your overall financial goals.
Maximum Exposure Sells Your Home
www.golfiteam.com The Golfi Team is ranked in the Top 100 Re/max Teams in Canada.
Call Today 905-575-7700
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The Golfi Team Real Estate Market Watch
March 1, 2012
Canadian housing is ‘Pricey,’ but far from a Bubble: BMO Economist magazine, are exaggerated or simplistic. Even Toronto’s hot condo market — one of the subjects of many of the warnings — is more likely to cool rather than collapse, the economists say. A comparison of house prices to household incomes shows an increase from a decade ago, but not an excessive one, the report points out. Nor are most Canadians close to an American-style debt wall that preceded the subprime crash in 2007. Nevertheless, the BMO economists say house values are somewhat pricey and expect sales, starts and prices to flatten out this year.
By Dick Loek/Toronto Star
The Bank of Montreal says Canada’s somewhat pricey housing market is likely to cool, not crash. The Bank of Montreal says Canada’s somewhat pricey housing market is likely to cool, not crash. OTTAWA—The Bank of Montreal says Canada’s somewhat pricey housing market is likely to cool, not crash. The bank’s economists say the only real trouble spot is Vancouver, where there are plenty of vacant highpriced condos going begging. The report suggests that alarms about Canada’s housing market by international observers, from the International Monetary Fund to The
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March 1, 2012
The Golfi Team Real Estate Market Watch
Page 9
Never buy a house without a Home Inspection
O
ntario’s hot housing market continues to spark bidding wars and, in many cases, buyers are being advised by agents to make “clean” offers to get the house they want. By “clean”, the agent means an offer without any conditions in order to make it more acceptable to the seller. Big mistake. I constantly hear stories from ‘successful’ home buyers, who bought without an inspection. They later uncovered major problems, many of which could have been identified with a proper inspection. This meant large repair bills and unfortunate lawsuits involving unhappy buyers, sellers and real estate agents. In a column last September, I wrote about the issue and offered a simple 20item home inspection checklist for buyers. The home inspection system is far from perfect, but it is the best way to safeguard your interest. Inspections are imperfect because in most cases the inspector is not permitted to look behind walls or under floors which means many potential problems are hidden. But Andrew Radomski of Pillar to Post, a professional home inspection company, tells me that inspection firms can identify plenty of potential trouble spots. These include: • Obsolete knob and tube wiring. This is found in homes built prior to the 1950s in most of the original City of Toronto.
It is hard to get insurance if your home has knob and tube wiring. • A 60-amp electrical service when the norm today is either 100 or 200. Again this will lead to higher insurance premiums. • Old galvanized plumbing. It rusts, can leak and plug up, slowing water flow. Old lead pipes are a health risk. • Any roof over 20 years old should probably be partially or completely replaced. • Old foundations will gradually deteriorate, causing leaks, and are expensive to repair. • Windows can be expensive to replace, if in poor condition. Some firms use thermal imaging technology and, for an additional fee, can identify problems with the structure, moisture leakage or air leakage in a home. They can also better identify when there is insufficient insulation, plumbing leaks or poor construction, which can lead to problems down the road. In some cases the seller will conduct a pre-listing inspection and make a summary of the results available to any interested buyer. A good idea, but as a buyer, you cannot rely just on this and should still conduct your own inspection. You do not know how thorough the inspection was and, more important, what qualifications the inspector had.
Some sellers try and create the fied. Don’t cover them up or you will face atmosphere for bidding wars by saying a lawsuit after closing. that they will not accept any offers for a Buyers, do not get pressured into four- or five-day period. They hope that making an offer without a home inspecbuyers will come in early, pay for a home tion condition, especially for older homes. inspection in advance and then be in a I know the process can be frustrating, but position to make an offer without any conit is better to be frustrated and lose a bidditions. While this is better than doing no ding war than to win a bidding war and inspection at all, the disadvantage is that pay more for it after closing. you may pay for this inspection but still By Mark Weisleder not win the bidding war. And if you try and buy a home by yourself, without an agent, you had better find a home inspection company first and determine how much time they might need to do an inspection for you. Real estate agents work with many home inspection firms, so they can normally arrange for an inspection for buyers within forty-eight hours. In Ontario, the home inspection industry needs to be licensed, as there are many inspectors today who do not have insurance in the event they make errors. British Columbia and Alberta have licensed inspectors. Sellers, consider getting your home inspected before putting it up for sale and fix In Ontario's hot housing market buyers are being any problems that are identi- advised by agents to make 'clean' offers without home inspections. Don't do it.
www.golfiteam.com
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The Golfi Team Real Estate Market Watch
Crispy Cornflake Chicks
March 1, 2012
Paper Easter Baskets
Yield Makes 7 nests and 14 chicks
These pastel paper bags decorated with construction paper are a whimsical alternative to the traditional woven baskets. Tools and Materials • Colored paper bags and construction paper (both available at craft stores)• • Eyelet kit (available at sewing stores) • Utility knife • Flower and leaf templates • Microhole punch (or awl) • Hammer • 2-foot length of 2-inch-wide wired ribbon
Ingredients • 1 cup unsweetened coconut flakes • 3 tablespoons unsalted butter, plus more for bowls • 3 cups mini marshmallows • 3 1/2 cups finely crushed corn flakes • 1/4 cup black and brown candy-coated chocolate pieces, crushed • 1 cup semisweet chocolate morsels, melted • 2 teaspoons smooth peanut butter • Candies, for decorating Directions 1. Toast coconut in 350 degree oven until lightly browned, about 5 minutes, stirring once. Butter seven 3 1/2-inch bowls; set aside. Melt butter in saucepan. Add marshmallows; stir until melted. Stir in cornflakes. Set aside 1 3/4 cups of the mixture in a medium bowl. 2. Stir 1/2 cup coconut, crushed chocolate pieces, and melted chocolate into mixture in pan. Press into bowls to form nests. Refrigerate 1 hour. 3. Form chicks from reserved mixture (attach 1- and 3/4-inch cereal balls with peanut butter). Decorate with candies. Remove nests from bowls; line with coconut. Add chicks. Cook's Note Tiny Features: Try snipped licorice ropes for eyes, candy-coated chocolates for wings, and candy-coated sunflower seeds for beaks.
How-To 1. Fold down the top of each bag four times, creating a 1 1/2-inch-wide band. 2.
Trace flower and leaf templates onto construction paper (or create your own shapes). Cut them out with a utility knife.
3.
Using a microhole punch or an awl, pierce the center of each flower, the base of each leaf, and the front of the bag, or its band. Arrange flowers and leaves on the bag so that all the holes line up.
4.
Push a metal eyelet through the holes from the outside of the bag in. Insert the eyelet post (included in the kit) into the back of the eyelet; hammer from the back of the eyelet until the eyelet flattens.
5.
Punch holes at each end of the band, and fit with the eyelets. Thread the wired ribbon through the holes; knot to secure, and trim the ends.
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March 1, 2012
The Golfi Team Real Estate Market Watch
Page 11
EASTER COLOURING CONTEST
3 GRAND PRIZES TO BE AWARDED! Name of Artist: Address:
Age: Phone #:
PLEASE MAIL YOUR ENTRIES BY MARCH 23 TO: THE GOLFI TEAM, RE/MAX 664 Fennell Avenue East Hamilton, Ontario L8V 1V1 Winners to be announced in April 1st Edition
www.golfiteam.com
MarketWatch March A 2012_MarketWatch_Transfer.qxd 27/02/12 1:32 PM Page 12
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