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Have Tenant Pay Your Mortgage
• single story "Duplex side by side" -  MLS® $134,900 - Priced Right! Downtown London, London - Good location. Bachelor unit rents for $500 monthly and one bedroom unit rents for $700. Good investment property or live in one apartment and collect rent from the other. Close to downtown, public transportation, parking for 5 and a park near by. Mutual drive.
Loads of upgrades, presently being painted, new lighting, closet , flooring and more. Property information
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Spring market still stable Last month, 864 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 698 detached homes (down 15.4% from May 2008) and 166 condos (down 15.3% from May 2008). Year to date, 2535 detached homes and 579 condos have been sold – down 15.2% and 23.8% respectively compared to the same period in 2008. "May sales have increased by 7.5 per cent over April’s sales," says Joe Hough, LSTAR President. "It’s very encouraging to see sales continue to increase month over month." Hough says the average residential price is also improving. "Year-to-date for May 2009, the total residential average price is down just 1.2% to $209,920, compared with a decline of 1.8% in April, 2.7% in March, 2.4% in February and 2.8% in January." Hough says the federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan to $25,000, and the First Time Buyer Tax Credit, have helped spring sales. "REALTORS® know that several factors have led to this market situation," says Dale Ripplinger, President of The Canadian Real Estate Association. "First, price adjustments in some markets have helped affordability. Second, lenders do have money for people and properties that qualify, although some are being more stringent. The third factor involves consumer confidence, which has risen in the housing market through the Spring." CREA Chief Economist Gregory Klump says: "In the recessions of the early 1980s and 1990s, sales activity bottomed out before the job market or even the economy did. Improved affordability may result in Canadian existing home sales leading the economic recovery this year." The number of sales and average prices year-to-date for May 2009 were: Phone: 519-641-1400 Fax: 519-641-4613 342 Commissioners Road, W. London, Ontario N6J 1Y3 Type | Units Sold | Average Price | $$ Decrease from YTD 2008 | Total Detached | 2535 | $222,600 | -2.1% | Total Condo | 579 | $154,405 | 0.2% | Total Residential | 3114 | $209,920 | -1.2% |
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South London, London - Announcing a price reduction on 3205 Paul Peel Ave, a 2,185 sq. ft., 3 bath, 4 bdrm 2 story "Oakdale Model". Now MLS® $319,900 - Everything is Done. Property information
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Located in a Quiet Safe Neighbourhood
• 3 bath, 3 bdrm ranch "Brick & Vinyl" - MLS® $185,000 - What A Price! Westminister Park, London - Quiet area, mature trees in a well established safe neighbourhood sits this pretty brick ranch home in Westminster area. Easy access to 401 and schools.
Three bedrooms, dining & living room with fireplace- all with hardwood floors, kitchen with dishwasher, fridge and stove.
The lower level has been completely renovated includining a very bright and large family room with new tile, large rec room, cold storage and lower bathroom refinished as well. There is a small kitchen with a fridge & stoveas well. Could be used as a granny suite or a tenant rental apartment with separate entry.
The roof and wiring were replaced in 2001.
This is a very solid home with lots of potential, even has a vegetable garden a garden shed and a patio in the shadow of a cherry tree. Check out the lot size! Homes like these do not last long, act quickly! Property information
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April home sales improve Last month, 804 homes exchanged hands in the jurisdiction of the London and St. Thomas Association of REALTORS® (LSTAR), including 666 detached homes (up 1.8% from April 2008) and 138 condos (down 26.6% from April 2008). Year to date, 1,840 detached homes and 414 condos have been sold – down 15.1% and 26.9% respectively compared to the same period in 2008. April sales have increased by 20% over March .The federal government incentives announced in the last budget, including the increase in the maximum withdrawal allowed under the Home Buyers’ Plan to $25,000, and the First Time Buyer Tax Credit, have certainly influenced April’s sales. Year-to-date for April 2009, the total residential average price is down 1.8% to $207,591, compared with a decline of 2.7% in March, 2.4% in February and 2.8% in January. The number of sales and average prices year-to-date for April 2009 were: Type | Units Sold | Average Price | $$ Decrease from YTD 2008 | Total Detached | 1,840 | $220,438 | -3% | Total Condo | 414 | $150,496 | -0.1% | Total Residential | 2,254 | $207,591 | -1.8% |
The best-selling house style in LSTAR’s jurisdiction for the month of April was the two-storey, followed by the bungalow, the ranch and the townhouse condo: House Style | Units Sold | Average Price | 2 storey | 195 | $282,491 | Bungalow | 132 | $164,790 | Ranches | 93 | $239,448 | Townhouse Condo | 73 | $131,731 | | | | | | |
Homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centres. According to the Canadian Real Estate Association’s Residential MLS Report for March 2009 (the most current available), the average price year-to-date for: London and St. Thomas was $208,632; Calgary was $369,219; Durham Region was $262,374; Edmonton was $310,849; Hamilton-Burlington and District was $264,187; Kitchener-Waterloo was $251,030; Ottawa was $284,118; St. Catharines & District was $202,452; Toronto was $358,036; and Greater Vancouver was $535,552.
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Handicap Access
• 3 bath, 4 bdrm bungalow - MLS® $279,900 - Priced to sell Northridge, London - Nice 3 bedroom bungalow, extra bedroom in professionally finished basement. Beautiful hardwood floor in living room with a natural gas fire place. Enjoy the natural maple kitchen cupboards with lots of counter space & cupboards.Back door to sun deck and back yard with wheel chair access.
Main bathroom designed for wheelchair access and can be converted back. In the basement a complete 4 pc bathroom with a jacuzzi type oval tub,& beautiful ceramic floor. The large family room/den is fully carpeted with lots of lights and large windows. Double car garage and walking distance to Mother Teresa high School & easy access to Masonville Mall for shopping.House might appear crowded, as elderly couple downsized 3 years ago. Please allow 24 hours for showings and respect the age of the owners.
Listing sales representative is related to the vendors. Property information
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Northridge, London - Announcing a price reduction on 979 South Wenige Dr, a 3 bath, 4 bdrm bungalow. Now MLS® $279,900 - Priced to sell. Property information
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Below are some incentives and tax credits offered by various levels of government. As well, the City of London has a first time buyer incentive. RRSP Home Buyers Plan changed
The changes to the RRSP Home Buyers Plan introduced in the new budget is great for potential home buyers. The 2009 budget increases the withdrawal limit for the RRSP Home Buyers Plan to $25,000 from $20,000 providing first-time home buyers with additional access to savings to purchase or build a home. The eligibility and repayment rules remain pretty much the same. The money withdrawn from the RRSP must be repaid over a period of no more than 15 years to retain its tax deferred status. The repayment period starts the second year following the year the first withdrawals were made. If a participant pays less than the scheduled annual payments, the amount that they don’t repay must be reported as income on their tax return for that year. For example, in October 2009 a first time buyer withdraws $24,000 from his or her RRSP to finance the purchase of a home. Their first annual repayment of $1,600 ($24,000 divided by 15 years) is due by December 31, 2011. Buyers get a tax credit
For 2009 and subsequent years; the budget also introduced a new non-refundable tax credit to help first-time home buyers with some of their closing costs. This Home Buyer Tax Credit (HBTC) will provide up to $750 in tax relief on the purchase of a first home. The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750. To qualify for the HBTC, an individual must purchase a qualifying home and neither the homebuyer or the homebuyer’s spouse or common-law partner can have owned and lived in another home in the year of purchase or any of the four preceding years. A qualifying home is a housing unit located in Canada including existing homes and those being constructed. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings, all qualify. A share in a co-operative housing corporation that entitles the individual to possess and gives an equity interest in a housing unit also qualifies. However, a share that only provides a right to tenancy in the housing unit does not qualify. Grants for eco-friendly upgrades
The ecoENERGY Retrofit program provides home and property owners with grants of up to $5,000 to offset the costs of making energy-efficiency improvements. Grants apply to a variety of measures that reduce energy consumption – anything from increasing insulation to upgrading a furnace. Building on the success of the existing program, Budget 2009 provides an additional $300 million over two years to the ecoENERGY Retrofit program to support an estimated 200,000 additional home retrofits. Home Renovation Tax Credit
The proposed Home Renovation Tax Credit (HRTC) will provide a temporary 15 per cent income tax credit on eligible home renovation expenditures for work performed, or goods acquired, after January 27, 2009 and before February 1, 2010. The credit may be claimed for the 2009 taxation year on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, and will provide up to $1,350 in tax relief. For more information on all of the home ownership and housing related stimulus in Budget 2009, go to http://www.budget.gc.ca/2009/plan/bpa5a-eng.asp#Personal or to the Canada Revenue Agency Web site at www.cra-arc.gc.ca and search for “Home Buyers Plan.” What’s eligible and what’s not for the Home Renovation Tax Credit?
The federal government hopes the Home Renovation Tax Credit (HRTC) will get Canadians spending now to help create jobs in industries typically hurt by an economic downturn. Now through January 31, 2010, homeowners can claim a tax credit for 15 per cent of renovation expenses between $1,000 and $10,000. Here’s a sample of what qualifies under the program and what does not. Eligible - renovating a kitchen, bathroom or basement
- new carpet or hardwood floors
- building an addition, deck, fence or retaining wall
- a new furnace or water heater
- painting the interior or exterior of a house
- resurfacing a driveway
- laying new sod
Ineligible - purchase of furniture and appliances (e.g. refrigerator, stove, and couch)
- purchase of tools
- carpet cleaning
- maintenance contracts (e.g. furnace cleaning, snow removal, lawn care, and pool cleaning)
Presented by Envelope Real Estate Brokerage Inc. 478 Waterloo St. London, Ont N6B 2P6 www.enveloperealestate.com If you have any further questions or would like to learn more, feel free to give us a call at 519-435-1600 or email info@enveloperealestate.com
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London City Hall has eased the criteria for the Affordable Homeownership Assistance program!
Funded by the federal & provincial governments, qualified renters who have a gross annual income less than $55,000 and purchase a home for no more than $140,000, will receive a 5% downpayment and 1% of the total cost of the house to cover closing costs!
You must put an offer on a house in London or Middlesex County before March 31,2009 and get a mortgage approval from a financial institution.
Call Ty Lacroix, Broker of Record, Envelope Real Estate Brokerage Inc, at 519-435-1600 for details and move in to your new house this Spring!
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Handicap Access • 3 bath, 4 bdrm bungalow - MLS® $284,900 - Priced to sell Northridge, London - Nice 3 bedroom bungalow, extra bedroom in professionally finished basement. Beautiful hardwood floor in living room with a natural gas fire place. Enjoy the natural maple kitchen cupboards with lots of counter space & cupboards.Back door to sun deck and back yard with wheel chair access.
Main bathroom designed for wheelchair access and can be converted back. In the basement a complete 4 pc bathroom with a jacuzzi type oval tub,& beautiful ceramic floor. The large family room/den is fully carpeted with lots of lights and large windows. Double car garage and walking distance to Mother Teresa high School & easy access to Masonville Mall for shopping.House might appear crowded, as elderly couple downsized 3 years ago. Please allow 24 hours for showings and respect the age of the owners.
Listing sales representative is related to the vendors. Property information
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Solid Building and Investment
• 14,000 sq. ft. 2 story "4 retail and 10 apartments" - MLS® $589,000 - Money Making Opportunity St. Thomas, Elgin County - Rare opportunity for this well maintained, solid building in the centre of main street. 4 Commercial units on the main floor plus 10 apartments including 1 x 2 bedroom, 5 x 1 bedroom and 4 bachelor units upstairs. Tenants pay all utilities. This excellent investment
is almost completly rented out. Audited financial statements, survey and appropriate inspection certificates are available. Don't miss out the chance to invest in this growing community. Contact listing agent for additional information. $25,000 spent on recent roof replacement. Property information
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Very seldom do events like the past 2 months create a wonderful time to take advantage of the real estate market. Why? Low interest rates Abundance of capital to loan Buyers market (with more homes for sale in the market than usual, sellers are lowering their prices, some properties are on the market longer and sellers welcome offers) With properties that need upgrades, retailers of plumbing, electrical, lumber, window and doors are discounting With the downturn, trades people are ready to show up and give a competetive quote
I'm sure you can think of other reasons to buy now, so why not act and save yourself some money?
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Over the past 2 weeks every time I turn to the newspaper, turn on TV or the radio, I read or hear recession, lay-offs, this economist says that, my uncle said this, a friend of a friend who knows someone who should know said_______! No wonder people are scared, nervous and frightened. And perhaps a lot are and for valid reasons. Yet, lets look at some facts instead of opinions. In London, Ontario we have a very diverse economy, our demographics are diverse and our real estate market has not seen the highs and lows of most Canadian cities. Yes, our market has evened out and perhaps leaning towards a seller's market with an increase in listings of re-sale homes and new home sales slumping. As a buyer, you have a great choice of properties, you may not experience multiple offers and you can purchase a home or condo at a fair price. As a seller, if your home is priced correctly, marketed correctly and easy to view, your chances of selling your home within 30 days, receiving 97-99% of asking are great. So what seems to be the problem? For buyers with excellent or less than stellar credit, they must have at least a 5% down payment and 40 year mortgages are no longer available. So true buyers who are qualified can purchase in their price range, have a great selection to choose from and a wealth of information to locate their new residence. For sellers, if your home shows well, is priced well and can be seen by buyers, your home or condo will sell. Ask yourself this: Why do some homes sell within 5-20 days and others take over 60 days, if at all? People are still moving to London, people moving away from London, people getting married, people getting divorced, downsizing, up-sizing or just plain old "Honey, let's move!" So when all is said and done, when is it the best time to plant a tree?
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River and Lake View
• 2,300 sq. ft., 3 bath, 4 bdrm 3-level split "Arts & Crafts Cottage" - MLS® $549,000 - Value,Price and View Lambton County, Ontario - A Period Arts and Crafts Cottage style house. This house features beautiful fieldstone pillars and wood burning fireplace, stucco and mulllioned windows!
The roof at the front of this beautiful home has the distinctive arts and crafts arch. It boasts an architect designed great room with surround windows which enables you to view the Ausable River, boats and majestic Lake Huron.
The owners have meticulously and lovingly refurbished "Buena Vista" to it's orignal style and comes complete with period light fixtures.There are 3 bedrooms upstairs with 2 bathrooms and one has claw foot tub and stained glass windows. Downstairs is a bedroom or a studio or a music room or a rec room that s 30' x 14' that is self contained with a 3 pece bath and separate entrance.
The 2 great rooms feature 17' ceilngs, a magnificent vew from one and a massive natural field stone fireplace in the other.
The upstairs has all dark wood floors.All the wiring,insulation, dry wall, roof,furnace, water heater etc have been replaced over the past 7 years. You will notice the evidence of quality materials and workmanshp right down to the baseboards, central air and high efficiency gas furnace.
Ths 2300 square foot beauty is surrounded wth beautifully designed gardens, fish pond, firepit, garden shed and site specific artist installed sculptures.
You will not be disappointed by viewing this one in a million home, you will experience the warmth and ambiance of all who have visited this abode. If you are unique, an artist, poet or a writer, or,( even different), your creativeness will be reborn! Property information
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Shorter amortization better in the long run
As of October 15th, 40-year mortgages with no money down will no longer be covered through the federal government insurance program administered by Canada Mortgage and Housing (CMHC). Instead, the longest amortization period for a Canadian mortgage insured by CMHC will be 35 years. In addition, a buyer insured by CMHC will have to make a minimum down payment of five per cent of the home's value. The federal government says it is taking this action so Canada’s housing market “remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada.” Mortgage insurer Genworth, and financers like Scotiabank, BMO Bank of Montreal and TD Canada Trust quickly issued statements that they would change their offerings in line with the federal finance minister’s adjustments. While some in the financial world feel the decision could hurt the real estate market, David O’Gorman, President of MortgageLand Inc., doesn’t see this move having a significant impact on the average homebuyer. “In my opinion, the consumer is a winner with this change. While extended amortization periods may have helped some first time buyers afford a home, extending amortizations by an additional five or 10 years does not lower the monthly mortgage payment significantly and the amount of money from each payment that is used to reduce the principal owing is small. On a $300,000 house the difference is only about $240 a month. Most homeowners will find ways to adjust to paying that extra money and will be out of debt that much sooner.” O’Gorman’s biggest concern is that the government uses construction and housing development as a way to stimulate the economy when there is a downturn. “What will government use as a stimulus now?” He adds that building bigger homes is not the answer. “We don’t need any more 2500 square-foot homes,” he says. “What the government should focus on is making smaller homes more affordable.” In the meantime, existing 40-year mortgages will be grandfathered. Although consumers who acquired these mortgages enjoy lower monthly payments, they will also pay out a lot more for their mortgage over its lifetime. For example, the total interest over the life of a 25-year $300,000 mortgage is about $286,161. That number jumps more than $200,000 to $498,416 over a 40-year amortization period. Over all, I do not think we will experience the challenges that the US residential market is facing and in fact, in Ontario the housing market will remain stable and not experience the ups and downs in other markets
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