August 17, 2013 Issue 77

WHAT’S INSIDE: Golfi Concrete and Drain a True Community Partner PAGE 4

HOMES FOR SALE Grimsby, Lincoln, West Lincoln & Niagara Listings PAGE 5

HOMES FOR SALE Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook Listings PAGE 8

August 19, 2013 - Vol 55b

Rob Golfi Sales Representative

26 Field Road Ancaster

HOME EVALUATION NO COST • NO OBLIGATION

905-575-7700 • 905-945-0188

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.

Married 25 year with four children, Rob understands a family’s wants and needs.

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 the Diamond Club (2010-2012)*, 100% Club (1999-2001)*, Platinum Club (2002)*, Chairmans Club (2003-2009)*, Hall of Fame (Inducted in 2003)*, and the Lifetime Achievement Award (Inducted in 2006)*. Having worked with 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 10 of nearly 2,500 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. *Based on RE/MAX Ontario Atlantic Canada annual commission criteria **Based on The Real Estate Association of Hamilton-Burlington total transactions January 1, 2003 – March 31, 2013.

August 19, 2013

Is seller financing an answer to CMHC restrictions?

A

s a result of further restrictions announced by CMHC regarding the total number of deals available for insurance, lenders may tighten up their qualification process, which may cause a slowdown in the market, if the number of potential buyers for a home is reduced. Is seller financing an option that could create a win-win situation for both home sellers and buyers?

Seller financing is when the seller offers to take back a loan secured by a mortgage for part of the sale price, which can be anywhere from 70 per cent to 90 per cent of the sale price, depending on the deal that is negotiated. Why would a seller do this? The benefits to a seller doing this are as follows: • They will likely get a higher price for their property; • The deal can probably close faster; • The interest rate payable on the mortgage will likely be more than they can earn in any bank investment; • They will attract more potential buyers, as buyers will not have to pay any mortgage fees or the CMHC insurance premium, which can be an additional 2-3 per cent of the mortgage amount.

• If it is an investment property, the seller can likely defer some of any capital gain on the sale into the future, when the mortgage is in fact payable.

Why would a buyer pay more for a property or a higher interest rate?

• They don’t have to go through the same rigorous lender approval process, or pay the additional fees; • They will likely be able to negotiate an open mortgage, with no prepayment penalties when they want to pay the mortgage back It goes without saying that the seller must do a proper credit check on the buyer, to ensure that the buyer can make the mortgage payments. There is also a risk that the buyer will not make the payments. However, if this does happen, the seller will be able to very quickly step in and sell the property if default occurs, under the powers contained in the mortgage.

A further concern against seller financing is that it will likely not be an option if the seller has a mortgage on his property, as this mortgage must be paid off on closing. The seller may not have the extra money available to do this. Real estate agents have the power to negotiate seller financing terms in the real estate contract, on behalf of buyers and sellers, although the lawyers will prepare and register the documents on closing.

I would also advise sellers to be very cautious before accepting a second mortgage on your property. This is where a buyer obtains part of the financing from a third-party lender, for example equal to 70 per cent of the value of your home, and then asks the seller to take back a second mortgage for an additional 20 per cent of the price.

The risks here are much greater. If the buyer stops payments on the first mortgage, then the lender has the right to step in and sell the property. The seller will then have to make all the payments owing under the first mortgage before they can step in and sell the property under their second mortgage.

Some of the important terms to consider when you negotiate a seller take back mortgage are as follows: • Ensure that post dated cheques or preauthorized chequing is obtained for all payments to be made under the mortgage; • Include a penalty if any payment is returned NSF, typically $100-$200; • Insert a provision for payment to provide a mortgage statement for discharge purposes; typically $250 plus HST; • Include a clause that at the option of the seller, the entire principal outstanding becomes due if the buyer sells the property at any time during the term of the mortgage; • Determine whether the seller will accept partial payments of principal at any time during the term of the mortgage, with or without a penalty.

Seller financing can be an effective option for some buyers and sellers, provided that everyone is properly prepared in advance.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com

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August 19, 2013

The Golfi Team Real Estate Market Watch

Page 3

Good Credit versus Bad Credit

W

hen preparing to buy a home, a strong credit rating is an important factor in obtaining financing. Lenders will look at a borrower’s credit record and credit score to evaluate their willingness and ability to pay their debts.

A good credit rating is achieved by paying all bills on time. It’s important that consumers understand this includes

not only their credit card statements, but also all other regular expenses such as taxes, hydro, gas, cable, telephone and so on. Late or missed payments are reflected on a credit report and can lead to longerterm problems that impact an individual’s credit rating. The goal should be to demonstrate a track record of paying all bills on-time and in full.

A borrower’s credit score, along with their credit profile, will be reviewed by individual lenders to establish credit worthiness. A low credit score can affect that individual’s ability to buy a home quite severely because there is a minimum score required. According to Canadian government regulation, 600 is the lowest score you can have to qualify for a mortgage. It’s important to note, however, that many insurers will not even go that low depending on other criteria, such as the amount of the down payment. Going into a home search with a credit score of 650 or higher is a good start.

Encourage your customers to review their own credit report and score before

applying for a loan. This will allow them to uncover any errors or signs of fraud.

For a small fee, a credit bureau (Equifax or TransUnion) will provide an instantaneous online report that details current debts and payment history. The report includes information on what the score level means, how it compares to others and how it can be improved. The report can also be requested by mail for free.

If your customer’s credit rating is scoring on the lower end, you can encourage them to not give up and provide guidance on how to improve their score. By paying down existing debts and making sure future bills are paid on time, they can see their rating improve and still be on their way to achieving their homeownership dreams.

Other advice you can offer is suggesting they avoid major purchases or postpone them until they have saved up enough money. Vacations or other nonessential expenses should also be minimized. In general, anyone who wants to improve their credit profile should live

within their means and control their spending habits if they truly want to become a homeowner.

By Kiki Sauriol-Roode Kiki Sauriol-Roode is VP, strategic alliances for Genworth Canada. For more articles and videos on advice for first-time homebuyers, visit www.homeownership.ca.

FREE HOME EVALUATION

Your home could be worth more than you think!

Call the GOLFI TEAM 905-575-7700 CRoSSWoRD PuzzlE (Solution on Page 7)

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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.

Page 4

The Golfi Team Real Estate Market Watch

August 19, 2013

Golfi Concrete and Drain a True Community Partner Golfi Concrete and Drain helped fulfill the desire to refurbish a Peace Garden at St. Francis Xaiver elementary school in Stoney Creek.

Now students and teachers alike can enjoy the serenity such a space suggests. Earlier this year, a BBQ and Bake Sale was held in Grimsby at The Superstore. Together, funds were raised to help build “Golfi Indoor Playroom of Dreams Campaign” because Every Child deserves to Play’. This indoor playroom located on the 3rd floor at McMaster Children’s Hospital provides a place for patients, their families and caregivers toescape the unfortunate reality of illness and just have fun! Another upcoming fundraiser benefiting the Golfi Indoor Playroom of Dreams Campaign couples two necessities together: a back to school haircut and a delicious BBQ! On August 26, between 11am & 7pm, at Simply Beautiful Salon in Stoney Creek, get ready for school with a haircut and support this worthy cause -- all proceeds go to the Playroom.

A ‘Touch-the-Truck’ fundraiser happens on October 6, at the Binbrook Fairgrounds between 11am & 4pm, again benefiting The Golfi Indoor Playroom of Dreams at McMaster Children’s Hospital. A proud sponsor of Race Car driver

John & Sabrina Melo and their twin daughters Maya and Malia Melo.

Chris Steele, the 2012 Points Champion, Sabrina and John invite you to enjoy the excitement of racing too.

Visit Ohswekenspeedway.com for more information and times when Chris is racing. For more details and dates on any of these initatives, visit this community minded company on Facebook at golficoncrete&drainltd. ‘Like Us’ on Facebook for notifications and regular updates.

Whether it’s the construction of a new home or building, the renovation of a concrete pad or driveway, or the exciting prospect of a new outdoor living area, the profes-

GOLFI

A

good first impression is a lasting impression, this is something worth striving for. Creating that ‘WOW factor begins with a vision, an idea or even a desire for change. For more than 10 years now, Golfi Concrete and Drain owners John and Sabrina Melo have been transforming idea’s and visions into reality with superior quality driveways, stairs, walkways and patio’s for commercial and residential space. With so many options, today’s homeowner strives for unique yet practical applications for outdoor living space. A well designed patio can double your living space by creating an outdoor haven for entertaining & enjoyment in many seasons. At Golfi Concrete and Drain, a solid reputation for high quality workmanship and service finds their clients recommending their services for concrete work within the community, and its a well known fact: referrals are a likely the greatest compliment, they are a strong indicator of a very satisfied customer.

It’s with a sense of gratitude and community pride, plus a HUGE heart, that has motivated John & Sabrina and their twin daughters Maya and Malia Melo, to give back to the community thru various initiatives. By donating concrete and their time, staff at

Golfi Concrete Staff

sionals at Golfi Concrete and Drain are ready, willing and able to fulfill your needs. The scope of work ranges from basement floors, porches, walkways, garage floors and patios to concrete removal, inside sewers, and concrete repairs for both commercial and residential clients. Custom design work to exceed your expectations. Exposed or stamped, regular or colour concrete are only a few of the options available.

Visit Golfi Concrete & Drain at www.golficoncreteanddrain.com for a complete portfolio of projects and let the idea’s begin.

Concrete & Drain Ltd. Specializing in all types of concrete work: • Exposed, stamped & sandblast • Basement floor, garage floor, porch, steps, walkways & patios • Concrete removal & repairs • Installation of inside drains • Custom design for residential & commercial • Fully insured, fully licensed Call for a FREE estimate today

905-662-4022

www.golficoncreteandrain.com

Golfi Concrete and Drain helped fulfill the desire to refurbish a Peace Garden at St. Francis Xaiver elementary school in Stoney Creek.

www.golfiteam.com

August 19, 2013

The Golfi Team Real Estate Market Watch

Grimsby, Lincoln West Lincoln & Niagara

Rob Golfi*

grimsby

Page 5

$559,900

linCOln

$291,900

linCOln

$291,900

west linCOln

$659,900

25 Golf Woods Drive

4080 Cassandra Drive Unit #21

4090 Cassandra Drive, Unit #25

5050 Canborough Rd

This awesome 2600 sq.ft., 4+1 BR all brick beauty features maple kitchen w/granite counters tops, gorgeous hardwood floors, showcase fireplace in family room, new carpeting on second level, finished basement, freshly painted, professionally landscaped, located in prestigious cul-de-sac with neighbourhood park.

3 storey 1900 sq.ft. end unit freehold townhome features 9ft. ceilings, 3 great size bedrooms, master with ensuite and walk-in closet, large eat in kitchen, rear yard backs onto park, double car garage and minutes to all amenities. To be built. Taxes are “not set”.

3 storey, 1900 sq.ft. end unit freehold townhome features 9ft. ceilings, 3 great size bedrooms, master with ensuite and walk-in closet, large eat in kitchen, rear yard backs onto park, double car garage and minutes to all amenities. To be built. Taxes are “not set”.

Waterfront bungalow with loft! 2.2 acre property with all the bells and whistles. Granite, Jatoba Cherry hardwd, massive interlocking patio with hot tub, open concept layout, main floor office. Stunning views of the Welland River complete this one of a kind offering.

$2236 per/mth P&i / O.A.C.

$1166 per/mth P&i / O.A.C.

$1166 per/mth P&i / O.A.C.

$2,636 per/mth P&i / O.A.C.

SOLD smithville

$444,900

55 Las Road Large 2750 sq.ft. 4 bedroom family home located on a quiet street in the prestigious Station Meadows. Features include hardwood flooring on both levels, large dining room, eat in kitchen, family room w/gas fireplace, unfinished basement, main floor laundry, formal living room, & much more.

grimsby

5476 Attema Crescent CUSTOM BUILT HOME –sitting on 1.11 acre lot in prestigious crt, family size kitchen with maple cabinets, granite counters & breakfast bar, gleaming hardwd flrs, showcase fireplace w/overhead space that can hold a 55” flat screen, 9 ft. ceilings, 40 pot lights, & water filtration system.

$389,900 30 Udell Way

ORIGINAL MODEL HOME - Extremely well taken care of 2 bedrm unit in fabulous condition, features gas fireplace in living rm, crown moulding, new flooring, professionally finished basement with large rec-rm & games area. Very desirable adult community and close to all amenities.

CHARMING BUNGALOW IN DORCHESTER ESTATES, Gorgeous home with all the upgrades available, beautiful maple kitch w/granite counters & breakfast bar, four year old stainless steel appliances included, large living & dining room with corner gas fireplace, Berber & hardwd flrs, crown moulding, California shutters, main flr laundry, & 1 ½ car garage. $1,557 per/mth P&i / O.A.C.

$1,138 per/mth P&i / O.A.C.

SOLD $539,900

grimsby

10 Wentworth Drive Unit 9

$1,777 per/mth P&i / O.A.C.

st. Anns

$284,900

ONE R E H ANOT

151 Cole Crescent Fully finished updated 3 bedroom townhouse located in the beautiful Niagara on the Green. Features eat in kitchen, living room, family room with fireplace, 4 baths, finished basement complete with kitchenette, inside entry from garage and more. Nothing to do but move in! $1,034 per/mth P&i / O.A.C.

$2,156 per/mth P&i / O.A.C.

$369,900

6832 Sixteen Rd 48 Acres close to town, 5 acres of bush approx. & 35 acres of worked land. 5 bedrm, large handy mudroom & woodstove in the living room. Outside features an above ground swim pool & a 25x45 drive shed. $1,477 per/mth P&i / O.A.C.

WATERFRONT

ONE R E H ANOT

niAgArA-On-the-lAke $259,000

west linCOln

wAinfleet

$389,900

grimsby

$889,900

40830 Forks Road

391 Nelles Road North

2.8 acres of country living with pond. Updated 2 storey country charmer. This home has it all, 4 bedroom, 2 full baths, large eat-in kitchen, main floor office, laundry and mudroom. Outside features a lovely wrap-around porch and 4 car garage.

WATERFRONT RETREAT! Gated Cape Cod home w/riparian rights on private 163 ft. of shoreline. Oak kitchen cabinets, hardwood & limestone floors, showcase FP, upgraded light fixtures, skylights, large windows, new bath, new shingles, det. garage, across from Nelles beach & close to all amenities. $3,554 per/mth P&i / O.A.C.

$1,557 per/mth P&i / O.A.C.

ONE R E OTH N A D SOL beAmsville

$369,500

2705 Campden Road

beAmsville

$394,500

4359 Tamarac Avenue

grimsby

$269,900

grimsby

$649,900

12 Kidd Avenue

511 Main Street West

One floor family living in serene setting. Home boasts 3+1 bedrooms eat-in kitchen, huge basement rec room with walkout to patio. Large above ground pool & oversized garage. Updated, windows, exterior doors, furnace, roof, pool & cistern.

QUIET COURT LOCATION – This 4 bedrm 2 storey home has everything you’re looking for, open concept, gorgeous hardwood floors in living/ dining room & family room, gas fireplace, 3 tier patio deck in landscaped back yard, new shingles in 2011, updated vinyl windows, & oversized lot.

4 bedroom character home sitting on oversized lot, features Gorgeous original hardwood floors, large foyer with show case banister to upstairs, classy dining room, mostly vinyl windows, shingles recently updated, main floor family room, walking distance to shopping & downtown.

$1,476 per/mth P&i / O.A.C.

$1,576 per/mth P&i / O.A.C.

If quality is important, this house is for you! Custom built home in 2004 sitting on ½ acre features maple kitchen w/granite counters, cove ceilings w/pot lights, Brazilian cherry hardwd flrs, professionally finished basement w/fireplace, oversized dble car garage, concrete drive & back patio.

$1,078 per/mth P&i / O.A.C.

$2,596 per/mth P&i / O.A.C.

SOLD grimsby

ONE R E H ANOT $267,900

grimsby

$324,900

vinelAnd

$229,900

beAmsville

$235,000

3956 Durban Lane

4993 King Street

FABULOUS FULLY FINISHED FREEHOLD- 3 bedrm in fantastic location with 1.5 garage & dble drive, sparkling bright kitchen w/sliding doors to fenced yard and large patio deck, professionally finished basement, ensuite privilege off of Mbed, California shutters, new A/C in July 2012 & new roof in June 2013 & quick access to QEW.

AMAZING IN EVERY RESPECT IN THIS PROPERTY – Bungalow in immaculate condition, features beautiful oak kitch cabinets, gorgeous hardwd flrs, all vinyl windows, professionally finished basement with walk out to back yard, new shingles 2013, close to shopping & quick access to QEW.

Adult Lifestyle custom built home backing onto greenspace.

Open concept, hardwd & fireplace in living room. Walk-out to multi-level deck, custom, extra deep garage with backyard access. Home is on leased land

$1,070 per/mth P&i / O.A.C.

$1,298 per/mth P&i / O.A.C.

$918 per/mth P&i / O.A.C.

Prime location in downtown core. Storefront w/large window, front & back entrances. Can suit 2 businesses or 1 large one. Parking spaces in rear & municipal parking lot.

New furnace & 2pc bath. 1500 sq.ft. of business space w/GC zoning plus 2 BR apt on upper level. Tenant pays hydro. All sizes approx.

101 Tomahawk Drive

26 Brierwood Avenue

Call Today 905-945-0188

$939 per/mth P&i / O.A.C.

Page 6

The Golfi Team Real Estate Market Watch

August 19, 2013

Municipal Year-to-Date Statistics July 2012 vs July 2013 P R E S E N T E D

B Y

T H E

G O L F I

T E A M

Based on sales data on all home sales from July 2012 vs July 2013, REALTORS Association of Hamilton-Burlington

YTD Comparison July 2013 / 2012

AREA

Listed YTD

Expired YTD

Sold YTD

Average Selling Price

Average Days on Market

Selling % of List Price

ANCASTER (DISTRICT 42)

2013 2012

606 508

86 93

389 336

$474,773 $453,637

53 47

98% 98%

BURLINGTON (DIST. 30 to 36 & 38)

2013 2012

2776 2584

216 185

1975 2103

$488,313 $453,342

32 29

98% 99%

DUNDAS (DISTRICT 41)

2013 2012

269 255

17 26

195 230

$382,423 $359,627

46 51

98% 98%

GLANBROOK (DISTRICT 53)

2013 2012

403 338

60 43

268 232

$337,433 $345,076

58 58

98% 98%

GRIMSBY (DISTRICT 54,55)

2013 2012

378 352

50 56

244 267

$348,277 $346,717

50 49

98% 98%

HAMILTON EAST (DIST. 23,24,27,28,29)

2013 2012

663 661

67 93

495 527

$203,346 $197,785

37 44

97% 97%

HAMILTON WEST (DIST. 10, 11, 12)

2013 2012

597 584

57 71

410 469

$319,347 $293,797

38 44

99% 98%

HAMILTON MTN (DIST. 15,16,17,18,25,26)

2013 2012

1456 1433

122 171

1136 1181

$281,085 $265,751

35 40

98% 98%

HAMILTON CTRL (DIST. 13,14,20,21,22)

2013 2012

983 866

139 191

693 678

$174,039 $162,109

42 46

97% 97%

BEAMSVILLE (DISTRICT 981)

2013 2012

164 128

14 27

104 89

$295,106 $275,411

46 48

98% 98%

WEST LINCOLN (DISTRICT 56, 982)

2013 2012

89 69

10 14

44 41

$392,903 $345,478

60 66

97% 96%

SMITHVILLE (DISTRICT 57)

2013 2012

73 75

7 14

41 50

$266,449 $271,278

52 59

97% 97%

STONEY CREEK (DISTRICT 50,51,52)

2013 2012

842 831

105 128

576 640

$326,122 $314,626

40 47

98% 98%

Seller’s Market Persists

T

he REALTORS® Association of Hamilton-Burlington (RAHB) reported 1288 properties sold through the RAHB Multiple Listing Service® (MLS®) in July. This represents a 3.9 per cent increase in the number of sales over July of last year.

The average sale price of $387,108 was an increase of 10.7 per cent over the

Rob Golfi

Sales Representative

Sharon Stafford Sales Representative

previous July.

There were 1852 properties listed in July, an increase of 5.4 per cent over July of last year. End-of-month listing inventory is 3.3 per cent lower than last year.

Seasonally adjusted* sales of residential properties were less than one per cent lower than the same month last year, with the average sale price up 12.5 per cent for the month. Seasonally adjusted numbers of new listings were 1.8 per cent higher than the same month last year.

Actual overall residential sales were 4.5 per cent higher than the previous year at the same time. Residential freehold sales were 5.7 per cent higher than last year while the condominium market saw virtually the same number of sales. The average sale price of freehold properties showed an increase of 11.7 per cent over the same month last year; the condomini-

Heather Reid

Sales Representative

Hans Marcellissen Sales Representative

Wendy Murray-Nicholson Sales Representative

um market saw an increase of 2.9 per cent when compared to the same period last year.

“We are still experiencing a seller’s market in our market area,” said RAHB CEO Ross Godsoe. “We thought earlier in the year we might see a more balanced market by this point, but that hasn’t been the case.”

The average sale price is based on the total dollar volume of all residential properties sold. Average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

Mike McNeil

Sales Representative

Kristina King

Sales Representative

The average days on market decreased from 45 days to 42 days in the freehold market and remained at 45 days for condominiums.

Year to date, listings are down less than one per cent compared to the same period last year, while sales are 2.4 per cent lower. The average sale price for the first half of the year is 8.1 per cent higher than the same period last year.

Every community in RAHB’s market area has their own localized residential market. Please refer to the accompanying chart for residential market activities in select areas of RAHB’s jurisdiction. *Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

John Hellicar

Sales Representative

Outstanding Team. Exceptional Results

Dan Golfi

Sales Representative

Jeff Golfi

Sales Representative

August 19, 2013

The Golfi Team Real Estate Market Watch

Smoking & Life Insurance ???

by Gianni Leonetti, Leonetti Consulting

T

he high cost of smokers’ life insurance has many smokers upset and crying discrimination. It’s one of those situations where only those removed from the situation can understand. Smokers’ life insurance is something that is evaluated routinely and adjusted according to the needs of the industry. Although it may seem unfair to those affected, there really is justification for the price of smokers’ life insurance. The cost of smokers life insurance is based on the fact that smokers develop more life threatening conditions such as asthma, congestive heart failure, stroke, and of course, cancer.

Smokers also lose more time from work, and though that does not affect the cost of smokers’ life insurance, it certainly shows the pattern of illnesses that smoking causes.

On the other end of the spectrum is the fact that it’s easy to avoid the cost of smokers’ life insurance. Since there is no way to prove otherwise, many smokers lie on their applications in order to avoid the high cost of smokers’ life insurance. Although this seems like a minor infraction, they risk losing their insurance coverage due to fraudulent information given.

As a result many non-smokers foot the cost of smokers’ life insurance within their own premiums.

Although there was a time when the need for smokers’ life insurance was non-existent—or at least undefined—

that day has in the past. With an increase in the number of smokers in many areas, it is important to place the cost of smoking-related ailments within that category with smokers’ life insurance.

The extra premiums for smokers’ life insurance are not designed to punish smokers but rather to encourage them to quit and avoid the higher cost of smokers’ life insurance. For anyone that is a smoker life insurance is a necessity. With so many conditions that are caused by smoking, life insurance is a commodity that you do not want to avoid. In spite of the higher costs for smokers life insurance failure to have it creates a much higher cost for the families. This leaves smokers with one alternative: buy smokers life insurance or quit smoking and qualify for regular insurance rates as opposed to a smoker rate. This choice is an individual one and you must make the choice for yourself with no outside influence, this article particularly resonates with me personally. I was a smoker for 13 years and made the decision 3 years ago to quit smoking cold turkey, one of the single best decisions I made for my family and myself.

Contact Leonetti Consulting at 905-690-5052 or visit our website at www.leonetticonsulting.com so we can help you determine which is best suited for you.

Page 7

Could GTA flooding be used as home sale escape hatch?

T

he recent flooding in the GTA raised important legal questions about homes that were supposed to close at the time.

I was recently asked whether a buyer could refuse to close a deal when they suspected the home had been damaged by flooding before closing. The seller refused to let them in, since the agreement did not provide any more home visits or inspections.

Here are the questions: 1. Does a buyer have an automatic right to inspect a home before they close their purchase to find out if there have been damages since the date they signed the offer?

2. Does a buyer have the right to cancel the deal if there has been a flood in the home prior to closing?

The standard Ontario real estate contract says the buyer accepts the condition of the home on the date that they sign the offer, but the seller is responsible for any damage between the date of the offer and final closing. It goes on to say that if substantial damage occurs prior to closing, then the buyer has the right to cancel the contract or take the proceeds of any insurance policy and close the deal.

Many real estate agents will insert an extra clause into the agreement that gives the buyer the right to visit or inspect the property on one or more occasions prior to closing. The purpose could be to do with measurements, bringing in contractors or just to make sure that there has been no damage to the home since the date they signed the offer.

However, what if there is nothing written in your contract permitting you to do a pre-closing inspection? There was a case in 1979 called Harkness vs. Cooney, where a judge ruled that a buyer did have the right to inspect a home before closing. This is even though there was no

additional inspection clause in the agreement.

This is not a full right to completely inspect the home, but it is a limited right to make sure that no major damages had occurred. In my opinion, this case could be used to assist a buyer when a seller refuses to permit them into a home to check to see whether there may have been a flood on the property before closing.

Would a flood be sufficient to permit a buyer to cancel the deal completely?

This is not a simple answer, and would of course depend on the cause of the flood and the resulting damage. Sewage backup was perhaps one of the leading causes of a lot of the flooding that occurred in the GTA. Experts will tell you that even a few inches of water over the baseboard can result in substantial damage to a home, if the sewage touches the drywall above the baseboard or gets under the floor. The costs to remedy the mould damage alone can be thousands of dollars, not to mention the re-construction costs of the entire basement.

If a seller knows about damage to their home before closing, then the buyers should be informed immediately.

Steps should be taken to repair the damages and the buyer should be given the opportunity to inspect the repairs to make sure that they were done properly. Or another solution may be to hold back sufficient money on closing to complete the repairs after closing.

Buyers should always include a clause to give them the right to inspect a home just prior to moving in, to make sure that there has been no damage that occurred since the date you signed your contract.

Mark Weisleder is a Toronto real estate lawyer. Contact him at mark@markweisleder.com .

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Page 8

The Golfi Team Real Estate Market Watch

Rob Golfi*

AnCAster

August 1, 2013

Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook

$514,900

hAmiltOn mtn

$169,900

hAmiltOn eAst

$159,900

34 Norma Crescent

92 East 32nd Street

25 Allan Avenue

Fabulous 2 storey in fantastic location, features gorgeous hardwd in family rm w/wood FP & wet bar, main flr den, upgraded trim on main lvl, new carpeting & under-pad, freshly painted, patterned concrete drive & patio, new shingles ‘09, unspoiled basement w/good ceiling height & access to garage.

Larger than it looks! 2 bed bungalow perfect for first time buyer or retiree. Updates include: new bathroom, updated kitchen, new shingles, insulation, landscaping, new electrical, water line and plumbing all done in 2010. Nice neutral décor throughout.

Everything is done just move in!

ABSOLUTELY PERFECT!! Move in and enjoy this tastefully updated home in a fantastic neighbourhood with amenities in walking distance. Shingles, windows, furnace, kitchen flooring, insulation & bathroom have been updated, place shows 10++.

$2,057 per/mth P&i / O.A.C.

stOney Creek

$389,900

$679 per/mth P&i / O.A.C.

hAmiltOn Ctr

$154,900

$639 per/mth P&i / O.A.C.

hAmiltOn eAst

$169,900

80 Waterford Crescent

19 Edgar Street

117 Fairfield Avenue

Beautiful fully finished Freehold End unit in desirable NewPort Yacht club area. Bright eat in kitch w/granite counters & s/s appliances. Furnace & C/Air ’10. Hardwd flrs & trendy neutral décor throughout. Lrg 21 x22 deck w/premium lot perfect for entertaining. Nothing to do but move in!

Renovated two storey, ready to move in! Three bedroom, all with laminate floor, no carpet in the house. Beautiful new kitchen with new appliances included. Two new bathrooms, upgraded insulation, vinyl windows, interior weeping tile done. Walk to new Center mall and schools.

BUNGALOW WITH FAMILY ROOM ADDITION. Two good sized bedrooms w/a large family room, lots of parking, updated windows, shingles, furnace, C/A, kitchen & wiring. Needs TLC in decorating & cleaning. Great Value. Close to highway access & shopping.

$1,557 per/mth P&i / O.A.C.

stOney Creek

$374,900

$619 per/mth P&i / O.A.C.

stOney Creek

$217,900

$679 per/mth P&i / O.A.C.

hAmiltOn eAst

$139,900

11 Nanaimo Crescent

618 Barton Street

95 Hope Avenue

Beautifully decorated 4 bedroom home within walking distance to the Lake & close to the HWY. Numerous upgrades incl: hardwood flooring, granite counters, back splash, C/A, central vac, flag stone patio front & back, landscaping, wainscotting, fenced yard & more. Nothing to do but move in & enjoy!

CONDO END UNIT –Beautifully maintained 3 bedroom all brick town home only attached at the garage in a fantastic complex. This property features a master bedroom with walk in closet and ensuite bath, new furnace and central air, new windows, finished basement, and quick access to QEW.

Cute one floor plan, and same owners for 24 years!! Front concrete drive, nice fenced in backyard w/sliding doors from kitchen, new windows and doors. Great location, close to new Centre Mall and parks.

$1,497 per/mth P&i / O.A.C.

hAmiltOn mtn

$324,900

$559 per/mth P&i / O.A.C.

$870 per/mth P&i / O.A.C.

stOney Creek

$274,900

hAmiltOn eAst

$359,900

58 Robson Crescent

53 Marina Point Crescent

16-10 Greenbrook Drive

IN-LAW SET-UP! All brick raised ranch, oak kitchen, double concrete drive, rear patio for entertaining, walking distance to schools, easy access to the LINC. Freshly painted, nice view of green space, mostly hardwood and ceramics. Lower level great for in-law or teenagers.

AFORDABLE ADORABLE – Freehold townhome 4yrs new on quiet cul-de-sac, features open & inviting floor plan w/9ft ceiling, bedrm level ldry, lrg master bedrm w/ensuite bath, rich ceramic flrs, & quick access to QEW, $82.00/mth road fee.

2008 built stunning home in quiet court! This 3 BR, 2.5 baths features eat-in kitch w/centre island & dinette. 18” tiles, maple cabinets, flring(’12), oak stairs w/rod iron, pool heater & fence(’12). Concrete Dr. & walkway leads to gas heated inground pool & priv. deck. Condo Rd. fee $67.00/mth.

$1,297 per/mth P&i / O.A.C.

$1,098 per/mth P&i / O.A.C.

$1,438 per/mth P&i / O.A.C.

www.golfiteam.com

August 1, 2013

The Golfi Team Real Estate Market Watch

Page 9

Hamilton, Stoney Creek, Ancaster, Dundas & Glanbrook

Rob Golfi*

hAmiltOn mtn

$279,900

hAmiltOn Ctr

$124,900

AnCAster

$589,900

146 East 23rd Street

214 McAnulty Blvd.

26 Field Road

Beautifully finished 2 storey home in a convenient location. New kitch, baths, flooring, electrical, & plumbing all done in '13. Updated A/C & furnace. Long side drive w/new asphalt ('13) & shed. Park like yard w/rear deck perfect for entertaining. Everything is done, get in before it is too late!

Updated bungalow, cheaper than rent!!! Two bedrooms, w/separate dining room, good sized kitchen, covered front and rear porch, private backyard and loads of street parking, Apply for front yard driveway and add value!!

Picturesque 6.26 Acres, 4 BR family home features an in-ground pool, Quonset building, separate log cabin in the woods, Gazebo, deck, 2 fireplaces, 4 baths, kitch w/vaulted ceilings, dble car garage, new furnace & carpeting, freshly painted, refinished hardwd flrs boarders the Rail trail & more.

$1,118 per/mth P&i / O.A.C.

$499 per/mth P&i / O.A.C.

$2,356 per/mth P&i / O.A.C.

stOney Creek

$349,900

hAmiltOn

$249,900

stOney Creek

$309,900

40 Edgewater Drive

216 Burlington Street East

6 Pleasant Avenue

NEWPORT YACHT CLUB – 2,200 sq.ft. freehold townhome w/a fantastic open floor plan, features beautiful sparkling refaced kitchen, professionally finished basement w/spare bedrm, tiled 20x20 court yard deck off of spacious family room w/fireplace, walk to marina, parks & lake. Quick access to QEW.

Newly built in 2010, 1500sq.ft. 3 bedrm home ready for immediate possession!

Features beautiful plush carpet, ceramics floors, freshly painted, family size kitchen, large family rm w/large bright windows, ensuite bath in master bedrm, walking distance to bayfront park, & quick access to QEW.

$1,398 per/mth P&i / O.A.C.

$998 per/mth P&i / O.A.C.

IN-LAW SUITE W/SEPARATE ENTRANCE! Updated bungalow in prime Stoney Creek location! Updates in the last 5 years include, kitchen, bathroom, windows, doors, lawn, soffit fascia, 100 amp service, new 1.5 garage fully insulated and finished w/hydro. Furnace & C/A in 2005. Back deck with walkout from bedroom.

bUrlingtOn

$799,900

stOney Creek

$439,900

$1,238 per/mth P&i / O.A.C.

stOney Creek

$389,900

243 Plains Rd

24 Drayton Court

68 Mountain Avenue North

Large 3/4 acre lot in the city! Potential development site on bus route and close to all amenities. Renovate existing home or build your dream home on this country like setting w/lots of possibilities. 2700 sq.ft. home with oversized triple car garage, newer windows, furnace and A/C 2011.

Court location, pie shaped lot on quiet cul-del-sac. Features stunning courtyard front entrance to porch, solid oak kitchen with Corian counter tops, showcase stone fireplace in family room, gorgeous hardwd floors, professionally finished basement, & mostly updated vinyl windows.

WHAT A DOLL HOUSE. Beautifully kept home in the heart of Old Stoney Creek, this cozy 4 bedroom home features in-law set up with separate entrance, many updates include shingles 2012, furnace 2008, updated vinyl windows, beautiful wrap around porch, 25x22 dbl garage/workshop.

$3,195 per/mth P&i / O.A.C.

$1,757 per/mth P&i / O.A.C.

$1,557 per/mth P&i / O.A.C.

hAmiltOn mtn

$975,000

hAmiltOn eAst

$319,900

binbrOOk

$384,900

516-526 Concession Street

159 Adeline Avenue

92 Windwood Drive

Become a part of Hamilton arts scene or modify this large space for your own purpose! Total building size: 14,400 sq.ft. 390 seat theatre with an additional 4 residential and 5 commercial units. Projected cap rate of 9.6 % unique property. Do not go direct.

New!! Pick your finishes!! One of a kind 1300 sq.ft. bungalow with double car garage on large 45x107 ft. lot in a neighbourhood friendly East end locale! 3 bedrooms, 2 bathrooms including an ensuite & walk-in closet, 9ft main floor ceilings & main floor laundry.

Amazing space in this fabulous 2100 sq.ft. home, features open main floor plan, formal dining rm, showcase gas fireplace in family rm, family size kitch w/patio doors leading to party size deck & fenced in yard, master bedrm w/walk in closet & ensuite w/relaxing roman tub, & finished basement.

$3,894 per/mth P&i / O.A.C.

$1,278 per/mth P&i / O.A.C.

$1,537 per/mth P&i / O.A.C.

Call Today 905-945-0188

Page 10

The Golfi Team Real Estate Market Watch

August 19, 2013

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