Lou Wright's Blog

SOURCE: KWAR

KITCHENER-WATERLOO, ON (January 5, 2011) … The 329 residential sales through the Multiple Listing Service® (MLS®)
of the Kitchener-Waterloo Association of REALTORS® (KWAR) in December mirrored sales from the previous year.
December’s results bring the total number of residential homes sold by REALTORS® through the KWAR MLS® System in
2011 to 6,252, a 2.1 percent decrease compared to 2010.

The total dollar volume of all residential properties sold last year increased 1.8 percent to $1,881,532,761, reflecting the
steady price gains, and ongoing demand for homes in the higher price ranges.

The average price of all residential properties sold in 2011 increased 4 percent to $300,949. Single detached homes sold
for an average price of $342,659 in 2011, a 3.9 percent increase relative to 2010. In the condominium market the
average sale price in 2011 was $205,354, a 3.5 percent increase over the previous year.

“2011 was a great year for home buying and selling,” says Sara Hill, president of the KWAR. “Waterloo region continues
to be a desirable place to live with a strong local economy. Low interest rates certainly continued to support buyers
while sellers benefited from steady gains in home prices.”

Home sales in 2011 included 4,118 detached homes (down 0.3 percent from 2010), 1,200 condos (down 1.7 percent
from 2010), 497 semis (down 1.4 percent from 2010), and 372 townhouses (down 21.5 percent from 2010).
Looking back at 2011, the president of the KWAR observed that the beginning of the year started with slower sales
activity and that by June, sales started to gain momentum.

“Moderate demand in early 2011 was likely the result of the many buyers who purchased in the latter part of 2009 and
early 2010 to avoid anticipated higher mortgage rates, and the HST,” says Hill. “Then, when adjustments to the rules for
government-backed insured mortgages were implemented in March of 2011, this may have further impacted the ability
for some to enter the housing market, particularly first-time buyers.” First-time buyers are an important segment of the
KW real estate market, according to the president of the KWAR, “because the population of KW is younger than the
provincial average.”

Media Contact: Tania Benninger, Communications & Government Relations Manager, 519-576-1400 ext. 227
Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®)
and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate
Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code,
and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the
MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain
level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real
estate.

By: Dian Hymer
Source: Inman News®

Think again if you’re considering buying a home without having it inspected. This particularly applies to first-time buyers who have little, if any, experience with home defects and repairs. Even professionals can make mistakes when buying homes without having them thoroughly inspected.

In one example, an experienced contractor bought a home to fix up and resell. The contractor looked over the property carefully before he bought it, but he did not have it inspected by an impartial home inspector.

After the contractor took possession of the property, he discovered that the furnace was shot and required replacement. The cost of a new furnace was not included in his renovation budget.

Homebuying is an emotional experience no matter how hard you try to keep it strictly business. You have high hopes that nothing will go wrong and the transaction will close. The appeal of a home could cloud your objectivity about the real purchase price when you consider the work that needs to be done to repair defects and deferred maintenance.

In some areas, the home-sale market has picked up. One example is California’s Silicon Valley, where job growth is strong. There is far more demand than there are homes for sale, which tends to drive prices up.

In some cases, buyers will waive contingencies in order to outbid the competition. Buying without including an inspection contingency in the purchase contract can be an expensive strategy if you later find defects that are expensive to repair.

The risk is minimized if the sellers provide the buyers with copies of recent presale home inspections done by reputable local home inspectors before they write an offer. However, most home inspection reports recommend further inspections. Diligent sellers take the extra step and have further inspections done, like a roof or furnace inspection. Many do not.

HOUSE HUNTING TIP: A second opinion from a highly regarded home inspector can’t hurt. The reason to have inspections at all is to find out as much as possible about the property’s condition before you go through with the sale. Don’t skip an inspection to save money.

Sometimes, buyers who are satisfied with the report they received from the seller’s home inspector will hire that inspector to do a walk-through inspection based on the seller’s report. This means a second home inspector isn’t involved. But at least the buyers have an opportunity to spend time at the property with the seller’s inspector, ask questions, and find out more about what works and what doesn’t.

Inspection contingencies protect the buyers and, depending on how the clause is written, can allow the buyers to withdraw from the contract without losing their deposit. This is why sellers are often drawn to an offer that doesn’t have an inspection contingency. However, accepting such an offer can create problems.

Inspection contingencies also protect sellers from future legal entanglements with the buyers over items that weren’t discovered before closing. It’s much easier to resolve inspection defect issues before, than after, closing.

Inspection contingencies can create an opportunity for buyers to ask sellers to fix defects, lower the price, or credit money at closing to cover the cost of repair work.

When buyers ask sellers to make concessions after they bought the house “as is” with respect to certain disclosed defects, it can be a deal-breaker. However, reasonable sellers will often attempt to negotiate an acceptable solution regarding newly discovered defects rather than put the house back on the market.

If you’re buying in a competitive market and find you’re losing out because you won’t waive an inspection contingency and others are willing to take the risk, consider having inspections done before making an offer.

THE CLOSING: Make sure to ask permission from the seller through the listing agent.

Source: National Association of Realtors®

1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Contact me today to ensure you are prepared, and don’t make any of the above common mistakes!

Source: KWAR

KITCHENER-WATERLOO, ON (December 5, 2011) –– There were a total of 450 residential sales through the Multiple
Listing Service (MLS®) of the Kitchener?Waterloo Association of REALTORS® (KWAR) in November, with a total dollar
volume of $134,889,762, a decrease of 1.7 percent relative to results in November 2010.

Sales of residential properties to the end of November were down 7.8 percent compared to results one year ago, but on
par with the previous 5-year average for units sold in the month of November.

“November’s home sales were on par with expectations and previous year’s activities, and we are pleased to report that
the residential real estate market continues to demonstrate its stability in Waterloo Region,” said Sara Hill, President of
the KWAR.

Year-to-date, there have been 5,921 residential units sold, a decline of 2.3 percent compared to the same period last
year.

Home sales last month included 292 detached homes (down 3.3 percent from November 2010), 89 condominium units
(down 28.8 percent from November 2010), 37 semis (up 2.8 percent from November 2010), and 26 townhouses (up 18.2
percent from November 2010).

The average price of all homes sold last month increased 6.6 percent to $299,755. Sales of detached homes contributed
the most significant increase with a jump of 7 percent in November to $344,404, relative to one year ago. The next
biggest increase came from the freehold Townhouse category which increased 6.1 percent to $257,142. Decreased
demand for condominium sales in November was reflected by the 0.3 percent decrease in the average price to $207,697
from November 2010.

“The Waterloo Region housing market is on solid footing,” says President Hill, “contrary to some recent international
headlines suggesting a slump in the so-called global housing market. This simply reinforces the importance for
consumers to talk to a local REALTOR® to understand what’s really happening at the local level, as housing markets
often differ from national or even international trends.”

Media Contact: Tania Benninger, Communications – Government Relations Manager, 519-576-1400 ext. 227

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®)
and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate
Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code,
and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the
MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain
level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real
estate.

KITCHENER-WATERLOO, ON (Nov 3rd, 2011) –– The number of residential real estate sales through the Multiple Listing
Service (MLS®) of the Kitchener?Waterloo Association of REALTORS® (KWAR) increased to mark a gain over October
2010 of 4.9 percent.

There were a total of 470 residential sales, with a total dollar volume of $143,058,192, representing a 5.6 percent
increase over results recorded in October 2010.

“Although all marketplaces are subject to month to month fluctuations it is obvious that we have a strong, stable market
in our region,” said George Patton, President of the KWAR. “We are seeing that people have confidence in investing in
the housing market in this area.”

Year-to-date, there have been 5,574 residential units sold, a decline of 2 percent compared to the same period last year.
Home sales last month included 309 detached homes (up 6.6 percent from October 2010), 98 condominium units (up
3.2 percent from October 2010), 31 semis (down 11.4 percent from October 2010), and 26 townhouses (on par with
October 2010).

Price increases were stable in October; the average price for all residential properties last month was $304,379, a 0.7
percent increase compared to a year ago.

Similarly, the average price of a single family detached home sold in October increased a slight 0.9 percent to $332,358.
“Those wishing to enter the housing market can still take advantage of low interest rates,” says Patton. “Buyers can feel
confident that they are purchasing in what is a healthy local housing market.”

The KWAR cautions that 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. The average sale price is calculated
based on the total dollar volume of all properties sold. Those requiring specific information on property values should
contact a REALTOR®.

For Comment: George Patton, President, 519?578?7300
For Background: Tania Benninger, Communication Manager, 519?576?1400 ext. 227

Established in 1937, the Kitchener?Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®)
and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener?
Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate
Association (CREA) who provide real estate brokerage services in compliance with CREA’s By?Laws and Rules, the REALTOR® Code,
and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the
MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain
level of accuracy of information, professionalism and co?operation amongst REALTORS® to affect the purchase and sale of real
estate.

Common Real Estate terminology explained.

Source: CMHC
www.cmhc.ca

Adjustable mortgage interest rate:With an adjustable rate, both the interest rate and the mortgage payment vary, based on market conditions.
Amortization:Length of time over which the debt will be repaid.
Appraisal:Process for estimating the market value of a property.
Appraiser:Certified professional who carries out an appraisal.
Appreciation:The increase in value of something because it is worth more now than when you bought it.
Approved Lender:A lending institution authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate CMHC insured mortgages.
Assumption Agreement:A legal document signed by a homebuyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the previous owner.
Blended Payment:A mortgage payment that includes principal and interest. It is paid regularly during the term of the mortgage. The payment total remains the same, although the principal portion increases over time and the interest portion decreases.
Builder:A person or company that builds homes.
Carriage home:A carriage, or link home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
Certificate of location (or land survey):A document that shows property boundaries and measurements, specifies the location of buildings on the property and states easements or encroachments.
Certificate of status:Also called an Estoppel certificate, it is a certificate that outlines a condominium corporation’s financial and legal state. Fees may vary and may be capped by law (does not apply in Quebec).
Closed mortgage:A closed mortgage cannot be paid off, in whole or in part, before the end of its term. Many closed mortgages limit prepayment options such as increasing your mortgage payment or lump sum prepayment (usually up to 20% of your original principal amount).
Closing costs:Costs in addition to the purchase price of the home, such as legal fees, transfer fees and disbursements, that are payable on closing day. They range from 1.5% to 4% of a home’s selling price.
Closing day:Date on which the sale of the property becomes final and the new owner takes possession of the home.
CMHC:Canada Mortgage and Housing Corporation. A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. CMHC also develops and sells mortgage loan insurance products.
CMHC Insurance Premiums:The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.
Commitment Letter (or Mortgage Approval):Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.
Compound Interest:Interest calculated on both the principal and the accrued interest.
Conditional offer:An Offer to Purchase that is subject to specified conditions, for example, the arrangement of a mortgage. There is usually a stipulated time limit within which the specified conditions must be met.
Condominium (or strata):A unit, usually in a highrise or lowrise, or a townhouse that can be owned. You own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Condominium owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.
Contractor:A person responsible for overall construction of a home, including buying, scheduling, workmanship, and management of subcontractors and suppliers.
Conventional mortgage:A mortgage loan up to a maximum of 80% of the lending value of the property. Typically, the lending value is the lesser of the purchase price and market value of the property. Mortgage insurance is usually not required for this type of mortgage.
Counteroffer:If your original offer to the vendor is not accepted, the vendor may counteroffer. This means that the vendor has amended something from your original offer, such as the price or closing date. If a counteroffer is presented, the individual has a specified amount of time to accept or reject.
Credit bureau:A company that collects information from various sources and provides credit information on a person’s borrowing and bill paying habits to help lenders assess whether or not to lend money to the person.
Credit history or Credit Report:The main report a lender uses to determine your creditworthiness. It includes information about your ability to handle your debt obligations and your current outstanding obligations.
Curb appeal:How attractive the home looks from the street. A home with good curb appeal will have attractive landscaping and a well-maintained exterior.
Deed:A legal document that is signed by both vendor and purchaser, transferring ownership. This document is registered as evidence of ownership.
Default on payment:Failure to make a mortgage payment.
Delinquency:Failing to make a mortgage payment on time.
Deposit:Money placed in trust by the purchaser when an Offer to Purchase is made. The sum is held by the real estate representative or lawyer/notary until the sale is closed and then it is paid to the vendor.
Depreciation:The decrease in value of something because it is now worth less than when you bought it.
Down payment:The portion of the home price that is not financed by the mortgage loan. The buyer must pay the down payment from his/her own funds or other eligible sources before securing a mortgage.
Duplex:A duplex is a building containing two single-family homes, located one above the other.
Easement:This is where someone else has the right for access to or over another person’s land for a specific purpose, such as a driveway or public utilities.
Equity:The difference between the price for which a home could be sold and the total debts registered against it. Equity usually increases as the mortgage is reduced through regular payments. Market values and improvements to the property may also affect equity.
Estoppel Certificate:Also called a certificate of status, it is a certificate that outlines a condominium corporation’s financial and legal state. Fees may vary and may be capped by law (does not apply in Quebec).
Fixed mortgage interest rate:A locked-in rate that will not increase for the term of the mortgage.
FlexHousing™:A housing concept that incorporates, at the design and construction stage, the ability to make future changes easily and with minimum expense, to meet the evolving needs of its occupants.
Foreclosure:The legal process where the lender takes possession of your property and sells it to cover the debts you have failed to pay off. When you default on a loan and the lender feels that you are unable to make payments, you may lose your home to foreclosure.
Freehold:Ownership of land and buildings (house) by one person (or two, such as joint ownership by spouses). Detached and semi-detached homes, duplexes and townhouses are usually owned freehold. Freehold owners can do what they want with their property — up to a point. They must obey municipal bylaws, subdivision agreements, building codes and federal and provincial laws, such as those protecting the environment.
Gross Debt Service Ratio (GDS):The percentage of the borrower’s gross monthly income that will be used for monthly payments of principal, interest, taxes and heating costs (P.I.T.H.) and half of any condominium maintenance fees.
Gross monthly income:Monthly income before taxes and deductions.
High-ratio mortgage:A mortgage loan higher than 80% of the lending value of the property. This type of mortgage may have to be insured — by CMHC, for example — against payment default.
Home inspector:A person who visually inspects a home to tell you if something is not working properly, or is unsafe. He or she will also tell you if repairs are needed, and maybe even where there were problems in the past.
Home warranty:(New Home Warranty Program) A guarantee that if something covered under the warranty needs to be repaired it will be. If the builder doesn’t repair it, the repair will be made by the organization that provided the warranty.
Household budget:A plan that allocates income for household expenses.
Insurance:insurance provides coverage to ensure a loan is paid. See also Mortgage Loan Insurance and Mortgage Life Insurance.
Insurance premium:Payment for insurance.
Interest:The cost of borrowing money. Interest is usually paid to the lender in regular payments along with repayment of the principal (loan amount).
Interest rate:The price paid for the use of money borrowed from a lender.
Land registration:A legal document that records the ownership of a property and land.
Land survey:(Survey or Certificate of Location) : A document that shows property boundaries and measurements, specifies the location of buildings on the property and states easements or encroachments.
Land surveyor:A professional who can survey a property in order to provide a certificate of location.
Lawyer:A legal advisor who assists people by representing them on legal matters.
Lender:A mortgage lender is an institution (bank, trust company, credit union, etc.) that lends money for a mortgage.
Life insurance:See Mortgage life insurance.
Lien:A claim against a property for money owing. A lien may be filed by a supplier or a subcontractor who has provided labour or materials but has not been paid.
Link home:A link, or carriage home, is joined by a garage or carport. The garage or carport gives access to the front and back yards. Builders sometimes join basement walls so that link houses appear to be single-family homes on small lots. These houses can be less expensive than single-family detached homes.
Lump Sum Prepayment:An extra payment, made in lump sum, to reduce the principal balance of your mortgage, with or without penalty. A closed mortgage typically restricts the amount and frequency of the prepayments you can make. With an open mortgage, however, you can make a lump sum prepayment at any time without penalty. Making prepayments can help you pay off your mortgage sooner and ultimately save on interest costs over the life of your mortgage.
Manufactured home:Sometimes called a mobile home is a factory-built, single-family home. It is transported to a chosen location, and placed onto a foundation.
Maturity Date:The last day of the term of the mortgage. On this day, the mortgage loan must either be paid in full or the agreement renewed.
Mobile home:These are built in factories, and then taken to the place where they will be occupied. While these homes are usually placed in one location and left there permanently, they do retain the ability to be moved.
Modular Home:A factory-built, single-family home. The home is typically shipped to a location in two, or more, sections (or modules).
Mortgage:A mortgage is a security for a loan on the property you own. It is repaid in regular mortgage payments, which are usually blended payments. This means that the payment includes the principal (amount borrowed) plus the interest (the charge for borrowing money). The payment may also include a portion of the property taxes.
Mortgage approval:Written notification from the mortgage lender to the borrower that approves the advancement of a specified amount of mortgage funds under specified conditions.
Mortgage broker:The job of the mortgage broker is to find you a lender with the terms and rates that will best suit you.
Mortgage life insurance:Mortgage life insurance gives coverage for your family, if you die before your mortgage is paid off.
Mortgage loan insurance:If you have a nigh-ratio mortgage (more than 80% of the lending value of the property) your lender will probably require mortgage load insurance, which is available from CMHC or a private company.
Mortgage payment:A regular payment to the lender that includes both the interest and the principal.
Mortgage term:Length of time that the agreed-upon mortgage contract conditions, including interest rate, is fixed.
MLS — Multiple Listing Service:A multiple listing service is a real estate agents’ cooperative service that contains descriptions of most of the homes that are for sale. Real estate agents use this computer-based service to keep up with properties they are listing for sale in their area.
Net worth:Your financial worth, calculated by subtracting your total liabilities from your total assets.
New Home Warranty Program:Coverage in the event that an item under the warranty needs to be repaired. If the builder doesn’t repair it, the repair will be made by the organization that provided the warranty.
Notary:In Quebec a notary handles the legal matters related to homebuying.
Offer to purchase:A written contract setting out the terms under which the buyer agrees to buy the home. If the Offer to Purchase is accepted by the seller, it forms a legally binding contract that binds the people who signed to certain terms and conditions.
Open mortgage:A flexible mortgage that allows you to pay part before the end of its term.
Open-house:A period of time during which a house or apartment for sale or rent is held open for public viewing.
Operating Costs:The expenses that a homeowner has each month to operate a home. These include property taxes, property insurance, utilities, telephone and communications charges, maintenance and repairs.
Payment schedule:The monthly, biweekly, or weekly mortgage payments
Premium:See CMHC Insurance Premiums.
Principal:The amount that you borrow for a loan. Each monthly mortgage payment consists of a portion of the principal that must be repaid plus the interest that the lender is charging you on the outstanding loan balance. During the early years of your mortgage, the interest portion is usually larger than the principal portion.
P.I.T.H.:Principal, interest, taxes and heating — costs used to calculate the Gross Debt Service ratio (GDS).
Property Insurance:Insurance that you buy for the building(s) on the land you own. This insurance should be high enough to pay for the building to be re-built if it is destroyed by fire or other hazards listed in the policy.
Property taxes:Taxes charged by the municipality where the home is located based on the value of the home. In some cases the lender will collect a monthly amount to cover your property taxes, which is then paid by the lender to the municipality on your behalf.
Real estate:Property consisting of houses and land.
Realtor or real estate agent:A person who acts as an intermediary between the seller and the buyer of a property.
Reserve Fund:This amount is set aside by the homeowner on a regular basis so that funds are available for emergency or major repairs. Setting aside 5% of your monthly take-home pay will give you a well-funded reserve.
Row house:Also called a townhouse, a row house is one unit of several similar single-family homes, side-by-side, joined by common walls.
Security:Property that can be claimed by a creditor if a loan is not repaid.
Single-family detached home:Free-standing home for one family, not attached to a house on either side.
Single-family semi-detached home: Home for one family, attached to another building on one side.
Stacked townhouse:Two two-story homes are stacked one on top of the other. The buildings are usually attached in groups of four or more. Each unit has direct access from the outside.
Strata (or condominium):a unit, usually in a highrise or lowrise, or a townhouse that can be owned. You own the unit you live in and share ownership rights for the common space of the building. Common space includes areas such as corridors, the grounds around the building, and facilities such as a swimming pool and recreation rooms. Strata owners together control the common areas through an owners’ association. The association makes decisions about using and maintaining the common space.
Survey or Certificate of Location:A document that shows property boundaries and measurements, specifies the location of buildings on the property and states easements or encroachments.
Sustainable neighbourhood:Neighbourhood that meets residents needs while protecting the environment.
Total Debt Service (TDS) ratio:The percentage of gross monthly income required to cover the monthly housing payments and other debts, such as car payments.
Term:Mortgage term is the length of time that the mortgage contract conditions, including interest rate, are fixed.
Title:A freehold title gives the holder full and exclusive ownership of the land and building for an indefinite period. A leasehold title gives the holder the right to use and occupy the land and building for a defined period.
Title Insurance:Insurance against loss or damage caused by a matter affecting the title to immoveable property, in particular by a defect in the title or by the existence of a lien, encumbrance or servitude.
Total Debt Service Ratio (TDS):The percentage of gross monthly income required to cover the monthly housing payments and other debts, such as car payments.
Townhouse:Also called a row house, a townhouse is one unit of several similar single-family homes, side-by-side, joined by common walls.
Variable mortgage interest rate:Fluctuates based on market conditions but the mortgage payment remains unchanged.
Vendor:The seller of a property.
Vendor take-back mortgage (Sometimes called take-back mortgage):The vendor, not a financial institution, finances the mortgage. The title of the property is transferred to the buyer who makes mortgage payments directly to the seller. These types of mortgages, can be helpful if you need a second mortgage to buy a home.
Warranty (New Home Warranty Program):Coverage in the event that an item under the warranty needs to be repaired. If the builder doesn’t repair it, the repair will be made by the organization that provided the warranty. All provinces have New Home Warranty programs for newly built homes. However, there are currently no such programs in the Territories.

Source: KWAR

Kitchener-Waterloo, ON (Oct 5th, 2011) – Residential sales to the end of the third quarter of 2011 are behind last year by 2.9 percent. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLS®) of the Kitchener-Waterloo Association of REALTORS®, compared with 5,126 during the same period last year.

Overall residential sales brought the dollar volume to $1,493,498,796, an increase of 0.8 percent compared to one year ago.

While sales have been slightly behind last year’s results for most dwelling types, the condominium-class property has been the notable exception. There have been 953 condominium sales year-to-date, a 2.8 percent increase compared to a year ago.

“The condominium market not comprises nearly twenty percent of our total residential sales,” says George Patton, President of KWAR. “This continues a growing trend towards condominium style living that’s been developing the last couple of years.”

Stronger demand for condominium type properties has helped push the average price up five percent on a year-to-date basis to $205,434. The average price of a detached home has increased 3.7 percent to $341,222, and the average price of all residential properties to the end of the third quarter was $300,201, an increase of 3.9 percent.

Home sales last month were down 4.7 percent compared to September 2010. There were a total of 487 residential properties sold last month, with an average price of $289,950, compared to $281,261 in September 2010. The average price of a detached home sold last month was $330,608, a 0.9 percent increase relative to September 2010.

Patton says that interest rates continue to be low and it’s a great time for buyers who are entering the market for the first time, or those wishing to transition into a different kind of housing – whether that is trading up, or downsizing into something more convenient.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate.

Tips on looking out for the most fragile plants before frosts and freezes hit

Source: HGTV.com

Once autumn begins, it’s a good time to start thinking about frosts and freezes and the effect they can have on your plants. Most garden plants, assuming they’re hardy in your area, will weather the winter without any problem. An abrupt, early freeze may cause them to drop their leaves prematurely or cause some tissue damage, but most will rebound next spring.

However, there are exceptions. Use the following tips to ensure that your garden is ready when the frost bites.

Protect the roots of potted plants by placing them next to a wall and burying the pots in mulch.

Tender new plant growth may die back during a hard freeze.

SNI.HGTV.ImageEnlarge.init();

SOURCE: Kitchener-Waterloo Association of Realtors (KWAR)

KITCHENER-WATERLOO, ON (Sept. 7th, 2011) “ There were a total of 507 home sales through the Multiple Listing Service (MLS ®) system of the Kitchener-Waterloo Association of REALTORS ® (KWAR) in August. This represents a 7.2 percent increase in residential sales compared to the same month last year. Sales in the month of August included 341 detached homes, 32 semis, 27 townhomes and 100 condominium units.

The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 4.3 percent to $293,149, up from $280,985 one year ago. Condominium units increased 3.2 percent in August compared to last year to $208,238. Similarly, the average sale price of detached homes rose 3.3 percent to $330,561 over August 2010.

Despite this increase in August sales compared to 2010, overall residential sales are down on a year-to-date basis from 4,615 to 4,476 units which signify a 3.0 percent decrease in transactions. Residential sales are also down from the month of July by 2.3percent which recorded 519 residential sales.

œThere were a lot of positive numbers this August compared to the same month last year, said George Patton, President of KWAR. œSales were brisk; we had a good amount of multiple offers reported. The $300 to $350,000 price range was definitely the most popular with buyers in August, representing 14 percent of all sales for the month.

Homes priced above $350,000 also saw significant activity and accounted for another 23 percent of sales in the month of August. œThe cooler weather signifies the beginning of the fall market “ always a busier time for real estate sales, notes Patton.

Consumers uncertain about current market conditions should work with a REALTOR ® to develop an effective selling strategy. If you are buying, a REALTOR ® will negotiate on your behalf and guide you through every step. A REALTOR ® understands the local market and must, by law, look after your best interests.

SOURCE: Kitchener-Waterloo Association of REALTORS ® (KWAR)  ¢ August 4, 2011

KITCHENER-WATERLOO, ON (August 4, 2011) “There were a total of 512 home sales through the Multiple Listing System (MLS ®) of the Kitchener-Waterloo Association of REALTORS ® (KWAR) in July, representing a slight increase of 1.6 percent compared to the same month last year. July™s residential sales included 350 detached homes, 93 condominium units, 35 semis, and 30 townhouses.Driving the residential sales market in July was the sale of detached homes which increased 4.5 percent relative to one year ago. Furthermore, it was the higher price ranges that experienced the biggest increases in activity, notes George Patton, President of the KWAR. “While this time last year we had nineteen percent of the activity happening above the $350,000 price point, this past month saw that proportion jump to twenty-seven percent.”

More sales in the higher price brackets have contributed to the 6.7 percent increase in the average sale price of residential properties to $302,974 in July. Single Detached homes also increased 6.6 percent to $343,020. The average sale price of condominiums increased 7.9 percent to $198,461 over July 2010.

Although July™s sales were only marginally better than last year, Patton is upbeat about the local real estate market. “Consumers value home ownership in this region, and they value the community. A home is still one of the best investments you can make, and this community is one of the best in the Country to call home”it™s a perfect combination.”

Consumers uncertain about current market conditions should work with a REALTOR ® to develop an effective selling strategy. If you are buying, a REALTOR will negotiate on your behalf and guide you through every step. A REALTOR ® understands the local market and must, by law, look after your best interests.