Market Watch Condominium Dec 31, 2012

BUCKINGHAM REALTY (WINDSOR) LTD. MARKET WATCH
Windsor-Essex County Condominium Market
For the Period Ending December 31, 2012

• During the twelve month period ending December 31, 2012 there were 442 condominium sales in the market place. This compares to 425 condo sales in the same period of 2011, an increase of 4%.
• As of December 31, 2012 there were 809 condo listings received. This compares to 878 for the same period of 2011, a decrease of 8%.
• The sales to list ratio (Listings sold expressed as a percent of Listings received) for the December 31, 2012 period was 55%. In 2011 it was 48%.
• The inventory of active condo listings as of December 31, 2012 was 206 units. This compares to 227 units in 2011 and is a decrease of 9%.
• The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.6 months. In 2011 it was 6.4 months.
• The average condo selling price was $126,745 for the 12 month period an increase of 4% from 2011.
• The average listing during the period took 83 days to sell. Compared to 101 in 2011 and sold for 96% of the list price.

Market Watch Residential Dec 31, 2012

BUCKINGHAM REALTY (WINDSOR) LTD. MARKET WATCH
Windsor-Essex County Residential Market
For the Period Ending December 31, 2012

• During the twelve month period ending December 31, 2012 there were 4,933 residential sales in the market place this compares to 4,786 residential sales for the same period in 2011, an increase of 3%.
• As of December 31, 2012 there were 9,061 residential listings received this compares to 9,364 in the same period for 2011, this is a decrease of 3% in residential listings received.
• The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 54% in 2011 it was 51%.
• The inventory of the active residential listings as of December 31, 2012 was 2,192, this compares to 2,450 in 2011. This is a decrease of 11% in active residential listings.
• The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.3 months. In December 2011 it was 6.1 months.
• The average residential selling price was $175,515 for the 12 month period ending December 31, 2012. This is an increase of 3% from 2011.
• The average listing during the period took 74 days to sell (76 in 2011) and sold for 95% of the list price.

Buckingham October Market Watch

BUCKINGHAM REALTY (WINDSOR) LTD. MARKET WATCH
Windsor-Essex County Residential Market
For the Period Ending September 30, 2012

• During the nine month period ending September 30, 2012 there were 3,951 residential sales in the market place this compares to 3,795 residential sales for the same period in 2011, an increase of 4%.
• As of September 30, 2012 there were 7,340 residential listings received this compares to 7,605 in the same period for 2011, this is a decrease of 3% in residential listings received.
• The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 54% in 2011 it was 50%.
• The inventory of the active residential listings as of September 30, 2012 was 2,662, this compares to 3,012 in 2011. This is a decrease of 12% in active residential listings.
• The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 6 months. In September 2011 it was 7.3 months.
• The average residential selling price was $176,001 for the 9 month period ending September 30, 2012. This is an increase of 4% from 2011.
• The average listing during the period took 75 days to sell (74 in 2011) and sold for 95% of the list price.

For a similar report of statistics about condominiums sales, contact one of our sales representatives.

Statistics are provided courtesy of the Windsor Essex County Real Estate Board.

Banks Change Lending Rules In Canada June 2012

Source Globe and Mail

The country’s biggest banks were caught off guard on Wednesday night as the Department of Finance prepared to clamp down on mortgages by reducing the maximum amortization for a government-insured mortgage to 25 years from 30.
Ottawa will also limit the amount of equity that can be borrowed against a home to 80 per cent of the property’s value, down from 85 per cent.
The moves are designed to cool the housing market and limit the record levels of personal debt Canadians have amassed in recent years. Figures from Statistics Canada show the average ratio of debt-to-disposable income climbed to 152 per cent, up from 150.6 per cent at the end of 2011. A rise in interest rates or further job losses could put some households at financial risk, endangering any economic recovery.
The Bank of Canada is expected to keep interest rates low for some time because the economy shows little sign of a strong recovery, so tightening mortgage rules is one way to ensure Canadians don’t get in over their heads during a prolonged period of ultra-low interest rates.
Reducing the maximum amortization on government-backed mortgages will eliminate the 30-year mortgage for most borrowers in Canada. The changes, which are expected to be unveiled at a news conference in Ottawa on Thursday morning, will translate into higher monthly payments, but result in the loan being paid off sooner.
Ottawa will announce two other changes, according to a source. It will no longer allow high-ratio mortgages over $1-million, and it will cap the gross debt service (which looks at a consumer’s total debt payments as a percentage of their income) at 39 per cent. While many banks tend not to allow mortgages over 40 per cent, there had been no official rule in place.
It is the fourth time in four years that Ottawa has moved to cool the housing market by tightening mortgage rules. In early 2011, Finance Minister Jim Flaherty reduced maximum insured amortizations to 30 years, and limited borrowing to 85 per cent of the property value.
CIBC economist Benjamin Tal described the changes as a “gentle push,” since the government didn’t make alterations to the minimum downpayment required on mortgages, which stands at 5 per cent.
“The fact that they didn’t change downpayments is a realization that doing so would probably be too severe given that the market is slowing down,” he said.
However, there remain concerns the changes could cause too abrupt a shift in the market. “All of these things might precipitate the housing market downturn that the government wants to avoid,” Jim Murphy, CEO of the Canadian Association of Accredited Mortgage Professionals, said in an interview.

Mortgage Pre Approval - Windsor Essex Real Estate

By Dan Lenhardt - Scotiabank

Compliments www.buckinghamrealty.ca

Two often confused terms in the home buying process are a mortgage loan pre-qualification and a home loan pre-approval. Even some loan officers and real estate agents will use the terms incorrectly, so here's what you really need to know about each one.

Pre-Qualification

A mortgage loan pre-qualification is simply an estimate of how much house you can afford and how much money a lender would be willing to loan you. The best time to get a pre-qualification is right at the beginning of your home buying process, before you even start looking at houses. This involves either sitting down with a lender or talking with one on the phone, and providing information on your income, assets, debts, and a potential down payment amount. The lender would then provide you with a ballpark figure in writing of how much he thinks you could afford to pay for a monthly mortgage. There is no cost involved and there is no commitment on either side. This estimate is just helpful in helping you figure out if buying a home is a viable option, and if so, what your price range would probably be.

Pre-approval

Getting pre-approved means that you have a tentative commitment from a specific lender for mortgage funding. In this case, you provide a home loan lender with actual documentation of your income, assets, and debts. This process typically requires an application fee as well, since the bank will run a credit check and work to verify all your employment and financial information. Once you are approved, the lender will give you a letter of commitment, stating how much money her bank is willing to loan you for a home purchase. With a pre-approval in hand you can start your shopping - real estate agents and sellers will take you much more seriously when they see you have your mortgage funding in place.

It is important to understand, however, that even a pre-approval is not a guarantee that you will be approved for a mortgage loan.  The funding will only be given when the property appraisal, title search, and other verifications check out on the home you have chosen to buy.  Neither is the pre-approval binding; you can still obtain a mortgage from a different lender. If you do stick with the same company that pre-approved you though, the application process will be much shorter once you find the right house.
Call Dan for your pre-approval !

Scotiabank

Dan Lenhardt, AMP
Mortgage Manager
Windsor and Area
off: 519-974-4632
cell: 519-919-2779

Deadline for Request for Reconsideration April 2, 2012

Source MPAC brochure:

If you don’t agree with your Property Assessment from MPAC you can file a Request for Reconsideration.

The deadline to file your RfR is April 2, 2012.

There are two ways to file a RfR:
• The preferred method is to submit a RfR form.
Request For Reconsideration 2012 Form

Forms are available at www.mpac.ca, or call us at 1 866 296-MPAC (6722). You may also choose to file your RfR electronically through AboutMyProperty™ on MPAC’s website. You will be able to attach documents, pictures and reports to accompany your RfR. Your personalized User ID and Password for AboutMyProperty™ are included on your Notice.
1. Write a letter requesting a reconsideration. In your letter, please include the 19-digit roll number on your Notice; your full name, address and phone number; and the reasons why you feel your assessment is not correct, including any information you have to support your claim.
2. File an Appeal with the Assessment Review Board (ARB) You may also choose to file an Appeal with the ARB, an independent tribunal of Ontario’s Ministry of theAttorney General.

Residential, Farm and Managed Forest Properties
If your property, or a portion of it, is classified as residential, farm or managed forests, you must first file a RfR with MPAC before you are eligible to file an Appeal with the ARB. The classification of your property is indicated on your Notice.

If you are required to, or choose to file a RfR first, you have 90 days after MPAC has notified you of its decision on your RfR to file an Appeal with the ARB.
The ARB has its own Appeal process. For more information, please contact the ARB at
1 866 448-2248 or 416 212-6349 or visit their website at www.arb.gov.on.ca.
To request that your property be eligible for the farm or managed forests classes or
conservation land exemption, you must file a RfR with the respective program administrator. For more information, please contact MPAC or visit www.mpac.ca.
Other Property Types
For any other property types, you can choose to file a RfR with MPAC or file an Appeal with the ARB. The deadline to file your RfR and/or Appeal is April 2, 2012.
MPAC’s Role at an ARB Hearing At an ARB hearing, the onus is on MPAC to prove the
accuracy of our assessed value. MPAC will present comparable properties as evidence and will share that information with you prior to the hearing. You will also be asked to provide evidence to support
your position. Ideally, you should select properties that are most similar to yours (for example, neighbourhood, lot dimensions, living area, age of structure(s) and quality of construction). Please contact MPAC if you have any questions.

Understanding Smart Meters - ENWIN

Smart Meters are Here

As part of a provincial initiative to encourage energy conservation and help Ontario consumers manage their electricity costs, ENWIN is now installing Smart Meters throughout Windsor. The Ontario Energy Board (OEB) has directed energy providers, like ENWIN, to install Smart Meters in all Ontario homes and small businesses, encouraging the development of a province-wide "culture of conservation". As Windsor's energy provider, ENWIN is mandated to complete local Smart Meter installations by early 2011.

Everything Stays the Same

It is important for customers to realize that everything will remain the same, following your Smart Meter Installation: An ENWIN employee will still come to read the meter, EnWin bills will still look the same, and electricity charges will still be calculated in the same way as before. Eventually, the province is expected to switch over to a new rate structure called Time-of-Use (TOU) pricing. But for now, only the appearance of the meter will change.

TOU Pricing is NOT in Effect

Smart Meters are here, but Time of Use Pricing isn't. Not yet. You will not automatically move to time-of-use rates once your smart meter has been installed. Provincial legislation requires ENWIN to install Smart Meters as one step towards conserving energy and building for the future. Smart Meters will be installed this fall - but that will NOT have an immediate impact on how you are billed for your electricity. ENWIN customers will be billed differently ONLY after the Province requires us to move to Time of Use billing - likely some time in 2012. When a firm date is set, ENWIN will contact customers directly, and make sure you have all the information you need to benefit from the change. At the present time you will not notice any difference in your billing.

ENWIN Respects and Protects Your Privacy

As we move forward with Smart Meter installations, remember that Time of Use pricing is not yet in effect. In the future, when the Province requires ENWIN to move to this new system, Smart Meters will help customers reduce their energy costs by offering clear information about much energy is used at specific times of day. How and why you consume energy will remain, as always, private. ENWIN will ensure you are aware of all changes before they occur, and we thank you for helping Ontario build a brighter future.

Quick, Efficient Installation

Installation only takes a few minutes. A representative from ENWIN's contractor, Olameter, will knock on your door to inform you that they are there to install your smart meter. Your power will be interrupted briefly, while the old meter is exchanged for a new Smart Meter. If you are not home, the representative will complete the installation and leave a door hanger to inform you that your Smart Meter has been installed. Customers may find they need to reset digital clocks and other electronic devices, following the installation.

Look for the Olameter Logo

ENWIN has contracted with Olameter Utility Solutions to install smart meters in the Windsor area. Customers are asked to look for the Olameter logos on installers' vehicles and ID tags. Olameter representatives will not ask to see your utility bill, and you will not be required to sign anything.

Reliable and Secure

Smart meter installations are now underway, as part of the Ontario government's mandate to create a "culture of conservation", and build a reliable, secure and healthy energy future. When the Province requires ENWIN to move to Time of Use pricing - likely some time in 2012 - EnWin's Smart Meters will record frequent, accurate meter readings. This will allow customers to take advantage of lower energy prices, whenever possible throughout the day. ENWIN is using the knowledge gained by front runners in the Smart Meter installation process, to ensure your Smart Meter is reliable and secure.

The Smart Energy Future

When TOU pricing comes into effect in Windsor, energy providers will be required to vary prices for electricity according to demand levels at the time of use, with higher prices being charged during peak demand periods and lower prices during mid-peak and off-peak periods. This pricing structure is intended to encourage consumers to think more about how and when they use electricity, and move their consumption away from more expensive times of the day.

Smart Meter, Smart Consumer

Electricity bills will be much more precise, based on the hourly readings taken and sent by the Smart Meter. And "smart" energy users will be part of a new program provincial program that will reduce peak demand, and lessen stress on Ontario's electricity system.

Time-of-use (TOU) Prices

Time-of-use pricing is changing effective May 1, 2011. (Prices subject to change every 6 months)

Based on typical residential consumption patterns, the estimated TOU bill impact is an increase of about 3.8% on the total bill, or $3.96 per month, for residential consumers who use 800 kWh of electricity a month.
It is expected there will be approximately 3 million customers on TOU billing by June 2011, with more being switched to TOU billing over the summer and through the fall.

10 Smart Meter Lane

Take a tour of 10 Smart Meter Lane to see how you can better manage your electricity costs when Time-of-Use (TOU) pricing comes into effect. This interactive tool shows how running appliances at different times of the day or week can impact your electricity bill.