First Time Buyers
Mortgage changes for first time buyers considered modest. The condition to qualify on a 5 year fixed rate instead of a 3 year results in an approximate $50 difference in a typical payment, since there is not much difference between a 5 and 3 year rate.
City of Waterloo - Rental Housing Licensing Review
Rental housing licensing in Waterloo is currently under review by city staff. The review proposes licensing of rental properties be restricted to certain areas or become city wide. The purpose of the proposed licensing program is to protect the health, safety and welfare of residents in rental units as well as minimizing the impacts on residential neighborhoods in terms of property standards, lot maintenance, numbers and scale of rental units, according to a June 16, 2009 report. The City's concerns with the current system are: too many rental properties concentrated in certain areas, poor upkeep of properties, parking concerns, safety when building are not maintained and do not comply with Codes, behavioral issues, and the ability to apply the Lodging House by-law to other forms of rental housing.
The City's proposal would require all rental properties be licensed, fees estimated at $275.00 per year would apply. Minimum distance of 150 m between rental properties would apply. A cap on the number of bedrooms to a maximum of 3. The City would have increased powers to enter a property for inspection and enforcment purposes. New penalties for non compliance.
The costs of the program are estimated at approximately $821, 577 per year.
The proposed program will have a negative effect in certain circumstances. Out of town families wishing to purchase a property for children attending university with the intention of renting to fellow students will become difficult, if not impossible to do. First time home buyers hoping to rent to help offset mortgage costs as well as individuals aquiring investment properties will also be adversely affected.
When applying property owners will be required to provide various inspection reports, proof of tenancy, proof of insurance, and parking, floor property maintenance and waste management plans.
City staff recommends that Council receive and review the new proposal.
Multiple Offers
January has been an active market in Kitchener Waterloo real estate! We are increasingly seeing a return to multiple offers on attractive listings. For sellers this is good news. The listing often sells for a higher than list price. For buyers, it can be stressful. Only one can win.
Lance recently attended a presentation by Bill Johnston M.A., LL.B., President-Elect of the Toronto Real Estate Board to better serve our client's interests.
There are many more options than accepting or procuring the highest offer. Consult a Realtor! Call us for your real estate needs.
What's happening on Ira Needles Boulevard?
West side Waterloo will soon have much anticipated new shopping and services available on Ira Needles Blvd. Boston Pizza has finished construction and is now open as well as Starbucks at the Canadian Tire plaza. A little further south on Ira Needles the land is being prepared for the largest shopping center in Waterloo Region. This spring will see the construction begin with the area's first Lowes Home Improvement Warehouse. The development will also see a Walmart, Empire Theater, Kelsy's, Milestones, & Montana's restaurants, a fitness center, fashion shopping and services as well as new office space. Construction will be in phases over 5 years. Stay tuned!
HST
Possession of new homes must be on or before June 30 2010 to avoid HST. The new tax will also affect resale homes as it will be applicable to legal fees, chattels, high ratio insurance premiums, home inspection fees, real estate commissions, title insurance, moving costs, appraisal fees, surveys and more. Why wait?!
Record home sales kick off the New Year!
The Kitchener Waterloo Real Estate Board reports the best January ever! Home sales jumped 64 percent compared to January 2009. Total dollar volume was also up from January 2009 by 84 percent. The average price of a single detached home rose to $316,913, up 13.6 percent over last year. Great activity for the start of the New Year!
