Happy Buyers

So, over the past few years I've taken pics a few times of clients putting their sold stickers up.....or more precisely, my clients' KIDS! Tiffany and Herb are so excited about their new home they asked if they could have the honour of putting up the stickers. How cute are they? ;)

This may just start a new trend guys!

Congratulations!







Too cute!

Awesome moves!

March Update

You don't have to look far this spring to realized the KW real estate market is already picking up. Between the promise of rising interest rates in the fall, the new mortgage rules in the fall, and the lovely HST hitting us all in July, the rush is on. Many buyers and sellers are trying to get their moves out of the way before all of the changes. Certainly the February stat numbers I posted indicate an increase in the market!

2010 so far has been moving at a steady pace. The year began with a great referral from an agent in London to a couple moving to KW from Brampton. H&N were able to find a great backsplit with little to do and a cute little backyard to relax in. Funny how a house can fit a couple like a glove as soon as you walk in.

I've been doing a number of compartive market analysis's for clients who have been debating whether to move now or not. And working with a number of buyers who are looking for that perfect home. T&H were a great referral from good friends who have used me a few times before. T&H found their first home last week and we'll be busy doing the home inspection this week. There were also a few of my previous clients who referred me to E&N who are now looking for a great place to move to as their second home and hopefully a home they can stay in for years to come.

I've been involved in a number of multiple offers this year already. Homes that were priced right in many senses, but because of the sheer lack of inventory, sold for more with multiple buyers interested.

Later this month I'll be meeting with S&R to list their home, J&H to find a new home in a "new-to-them" community here in KW, and A, who is hoping to find another home and sell the one she's got.

Well, the kids are home for march break so this week is a bit of a juggle. Time to keep them occupied for the afternoon!

Thx for reading! If you have any questions or know someone who might need my services, please let mw know!

February Stats

I think I finally learned how to properly link these stats! :) The hot spring market in KW has begun!


KW Real Estate Board Stats for Feb. 2010

New Mortgage Rules

Well, you've probably heard that Canada's Finance Minister, Jim Flaherty announced some new rules for mortgages in Canada. The hope is to slow the real estate market down a bit and keep people from overextending themselves in credit.

Here's the gist of the rules....I'm by no means a mortgage specialist, so it's always good to go to the expert before making any decisions, but here's my take...

*All buyers will now need to qualify for a 5yr fixed mort. rate. Whether you're going to end up with a 3 yr or a variable rate, you'll be required to meet the standards of that higher interest rate. This way you'll be prepared for the higher rate when it comes. Interest rates are expected to start increasing later this year.

*As of Oct. 15th there will be no more opportunity to get a 40 yr nothing down mortgage. There will be a limitation to a 35 year minimum 5% down. If house prices go down (as they're expected to) then this will help limit the number of people walking away from houses that they owe more on than they're worth, which is what was happening in the US market.

*Lowered max amount that Canadians can withdraw in refinancing their mortgage from 95% to 90%. Limiting those who have been taking out almost all of their equity to spend on other things.

*increasing the minimum downpayment on non-owner properties to 20% down. This will affect those who have been thinking about buying rental properties. Now they'll need more money to put in if they'd like to purchase.

Essentially, these new rules are intended to keep Canadians from overextending themselves with credit that they may not be able to afford when interest rates go up and house prices go down.

Personally, I think they're late, but better late than never. I tend to advise my buyers to be sure that they're doing the math themselves and not just going by what the lenders will give them. When buyers are pre-approved they receive a max amount they can borrow. Then I tell people to take a look at the numbers and add in the fact that they may want to vacation, go to the movies, give, .....EAT!!!....and the max number will likely be less. I like it when I hear buyers say that they've been preapproved for $300,000, but want to keep their max at $250,000.

Cautious buyers are wise buyers.

Feel free to email me if you have any questions! Like I said, I'm not a mortgage expert so it's always good to consult with one before making any decisions on your own finances!

HST and you!

As I’m sure you’ve heard by now, come July 2010 the GST and PST will be replaced by the infamous Liberal HST. What do you need to know about how this will affect the real estate world?

For SELLERS the biggest way the HST will affect them will be in real estate commissions. Presently the real estate commissions you pay as the seller of a property have GST added on top of that percentage. Come July, the entire HST will be applied.

So, as an example: on a $300,000 home, using a 6% commission with a closing date prior to July you would pay a total of $18,000 plus GST = $18,000+900= $18900
With a closing date on or after July 1st 2010, the commission would be $18,000 plus HST = $18,000 +2340 = 20340.
An increase of $1440.

Obviously this will be a significant increase owners should be aware of when planning a budget for selling a home.

For BUYERS the biggest way the HST will affect them will be in purchasing a new home. Presently the GST is not applied to resale homes, but does apply to new homes. Most builders include the GST in their purchase price, but this is certainly something that should always be clarified so there are no surprises. Come July 2010, the HST will be applicable to the purchase of new homes, and you can bet this increase will be passed along to the buyer.

So, as an example: Presently on a $300,000 new home, the builder might add on the 5% GST of $15,000 making the price to the buyer $315,000. Come July 2010, if the buyer includes the HST in their price to the buyer, the buyer will be paying a whopping $339,000.
An increase of $24,000!!!
Thankfully the provincial government has recognized the blow this would have for the new home industry. So, homebuyers will be able to claim a rebate of some of the provincial portion of the tax for new homes priced up to $500,000. The rebate for new primary residences under $400,000 will be six percent of the purchase price (or 75 percent of the provincial portion of the tax), with the rebate amount reduced for homes priced between $400,000 and $500,000.
Will still result in an increase but not as much of a blow.

Buyers of new residential rental properties will receive a similar rebate.


Not considering buying or selling, but you are a home owner? How will this affect you?
In reality, the HST will mean that the costs of all services will increase. Hiring a plumber, a roofer, a carpenter will all cost more money. Heat and hydro costs will no longer be exempt and you'll pay the full 13%.
Rental fees and condo fees are exempt, but you can bet that the increase in costs of heat and hyrdo and property managament fees will be passed along to the renters and condo owners eventually.

Certainly if you have any questions as to how the HST will effect you, I'm no tax expert, but pop me an email and I'll find an answer for you!

A new year.....New biz and new beginnings

A new year has begun. Happy New year to all of you!

It's a time for fresh starts and renewed commitments. Looking back on 2009 we saw a tentative year in the housing market in KW....still strong, but tentative. Looking into 2010 I think we will see more of the same but stronger. The economy is not completely out of the woods, yet in the Kitchener Waterloo area we still seem to be moving forward and getting stronger.

The end of 2009 saw C moving into her new condo after a lengthy search to find just the right one. And A choose a new home to move into with East Forest Homes. It will be exciting for her in the next few months to see her home being built.

2010 continues the search for homes for some clients and has already brought on new clients as well. Looking forward to meeting with A&H, an out of town referral, next week as they begin their search for a home in Waterloo.


As you begin this new year, keep me in mind if a new property is on your list for 2010. And because most of my business comes through referrals please pass my name along to others you know who may need the services of a realtor.

Thanks for a great 2009 everyone and here's to a great 2010.

In close, here's a reference from another happy client....

"In the short time we've worked together Krista, it has been a real pleasure! You were always very friendly and helpful and never made me feel like I was an interruption to your day. I plan to stay in my new home for many years, but when it does come time to sell, I will be sure to give you a call. I have already told several people if they need a real estate agent who really takes their best interest at heart, to give you a call." A, purchased new home in Kitchener.

December KWREB News Release

KITCHENER-WATERLOO, ON (December 3, 2009) – A new record for residential sales was set by the Kitchener-Waterloo Real Estate Board (KWREB) in November as MLS® homes sales to the end of November reached 556 units. That’s an 87.8 percent increase from November 2008, and the third consecutive month that sales set a monthly record.

The remarkable jump in residential sales this November is a clear reminder of what was happening this time last year--“not much” says Ted Scharf, the new President of the Kitchener-Waterloo Real Estate Board. “But for the third consecutive month we have seen a significant resurgence from the downturn that started last fall.”

Full media Release: http://www.kwreb.on.ca/Stats/November 2009 Media Release.pdf