July 31 2017
Kitchener Waterloo Real Estate News Update
July 31 2017. In today’s news: Dull, Boring and Bland, condos not crashing, average home prices down, pre-constructions charges, driverless motorhomes and rising rates
I feel so boring
The town of Dull in Scotland has been twinned with the town of Boring, Oregon since 2012. In 2013 the town of Bland, Australia joined them in what has become known as the ‘Trinity of Tedium’.
Just when you thought it was safe to get back into the real estate market
Is telling a client the market is “crashing”, then telling them to pay 50% more the new “the market always goes up”? Toronto real estate enters two distinct markets. Detached homes are soft, but condos are fetching up to 50% more in some neighbourhoods. Weird.
Average Canadian house down 10% since April
Changes to Ontario housing policy made in late April have clearly prompted many home buyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes. Average prices are expected to cool slightly into next year.
Charting the course
Why hasn’t Toronto’s condo market been impacted like the rest of the housing market? Rents, resilience, relative prices…
What’s the charge?
Pre-construction development charges can add as much as $10,000 to your condo purchase, a surprise and substantial addition to your closing costs. Know your costs before you sign on the line. Development levies are collected by the municipality to pay for various services, including sidewalks, parks, sewers, and subway extensions – as well as improvements to nearby police, fire, and health services. Know how your developer will be dealing with these costs.
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When legend becomes reality
There used to be an urban legend about a guy who bought a RV that had cruise control. Out on the highway, he set the cruise control and went in the back to make himself a cup of coffee. The RV drove straight off the road. I guess he needed a driverless motor home of the future.
Will rates go up again?
The Bank’s next rate announcement is set for September 6th. If the economy continues to do well, we could see the rate get hiked again. However, I wouldn’t expect another rate hike until early 2018.