By: Marilyn Rogers

Peterborough Region Residents Optimistic About Local Real Estate Market

Peterborough Region Residents Optimistic About Local Real Estate Market

The Ontario Real Estate Association is revealing more in-depth information garnered from its semi-annual Ontario Home Ownership Index, finding that Central Ontario is one of the few Ontario regions where residents have a positive outlook on their local real estate markets. “Regional perceptions are more aligned on the question of economic conditions,” said Sean Simpson, the vice president of Ipsos Public Affairs. “Across all the regions surveyed, fewer Ontarians this year described the current state of the economy in Ontario and their city as ‘good’.” The Index surveyed most regions in Ontario, including Central Ontario and the Peterborough region. In C...Read More

By: Marilyn Rogers

Peterborough Cottage Sales See Highest December Of All Time

Peterborough Cottage Sales See Highest December Of All Time

A mild winter paired with the fast-growing popularity of the Peterborough and Kawartha region as “The New Muskokas” has resulted in the highest Cottage/Recreational property sales ever in the month of December, 21 of the total 145 sales. The scheduled extension of Highway 407 is also potentially having an impact on sales, because this will make it much easier to get into the city. “This could be attributed to the warm weather we’ve been having this winter,” said President of the Peterborough and the Kawarthas Association of Realtors, Mike Heffernan, in a release. “The lack of snow made it possible to travel to cottages during the time of year when the sno...Read More

By: Marilyn Rogers

Land Transfer Taxes Will Not Be Extended In Cities Across Ontario

Land Transfer Taxes Will Not Be Extended In Cities Across Ontario

The Ontario government has announced that it will not extend the ability to implement a municipal land transfer tax to cities outside of Toronto.  At the end of October, the government had said it was considering allowing other cities in Ontario implement their own land transfer taxes like the one in Toronto. Almost immediately, the Ontario Real Estate Association launched a campaign warning that this would negatively impact the real estate market in the province and price many Ontario home buyers out of the market. The land transfer tax has been in place for several years in Toronto, and combined with the existing provincial land transfer tax, it can add as much as $10,000 to the cos...Read More

By: Marilyn Rogers

Land Transfer Taxes Could Double Across Ontario

Land Transfer Taxes Could Double Across Ontario

In Ontario when someone buys a home, they have to pay a provincial land transfer tax. In the city of Toronto, there is an additional municipal land transfer tax that adds another few thousand dollars onto the cost of an average priced home. Now, the government of Ontario is thinking about making it so municipalities across the province can enact their own municipal land transfer taxes if they want to. “The Ontario Liberals wrote to us in May 2014, during the election, stating they had no plans to extend these powers to municipalities,” said Patricia Verge, the president of the Ontario Real Estate Association, in a press release. “On behalf of home buyers, we want them to ...Read More

By: Marilyn Rogers

Be Sure To Do Your Research Before Building A Dock or Boathouse

Be Sure To Do Your Research Before Building A Dock or Boathouse

Ontario Real Estate lawyer Bob Aaron writes informative columns for home buyers and sellers in the Toronto Star. However, one of his most recent columns touches on problems surrounding cottage ownership. The issue described in the column stems from the fact that the Ontario Crown technically owns the bottoms of most rivers and lakes in the province. In most cases, a cottage owner is not allowed to erect a large boathouse or a dock the foundation of which would be sitting on the bottom of the body of water. The case in the column, however, deals with both a large dock and boathouse that aren’t resting on the bottom, but that were attached to the shore using a steel cable. The neighbou...Read More

By: Marilyn Rogers

Home Sales Up In Peterborough And Kawarthas Region

Home Sales Up In Peterborough And Kawarthas Region

Home sales across Canada increased in July, as did the prices. Nationally, home sales increased by 0.4 per cent from June to July, while the average home price increased by 8.9 per cent. However, if Toronto and Vancouver are removed from the equation, national sales increased by 4.1 per cent. In July of this year there were a total of 331 real estate sales in the Peterborough and Kawarthas region, with 261 of those sales being residential properties and 37 of those sales being cottage or recreational properties. “Our July sales of 331 are consistent with that of July 2014, and we are ahead year-to-date by 17.2% over last year. Interestingly, this July has seen the best vacant land sa...Read More

By: Marilyn Rogers

Most Canadians Would Rather Head To The Cottage Than Have A Big City Getaway

Most Canadians Would Rather Head To The Cottage Than Have A Big City Getaway

According to the 2015 Remax Recreational Property Report, most Canadians (68%) would rather spend a long weekend at the cottage or cabin rather than spend it in the big city, even on a getaway. Not only that, but Canadians in every region and of all ages are excited about cottage time. Some other highlights of the report include: 21 per cent of Canadians would consider downsizing their main home in order to be able to buy a cottage or other type of recreational property. Brokers and agents in almost half of the regions across Canada are seeing an increase in buyers who intend to rent out their recreational properties, which is also becoming very common in Ontario. Most buyers of recrea...Read More

By: Marilyn Rogers

Peterborough and the Kawarthas Featured In Remax Recreational Property Report

Peterborough and the Kawarthas Featured In Remax Recreational Property Report

Peterborough and the Kawarthas have been featured in Remax’s recent Recreational Property Report as a prime location for those who are looking to buy and sell recreational properties in Ontario. The report states, “Buyers are attracted to the Kawarthas for the region’s classic Ontario cottage country feel, and relative affordability compared to the Muskokas. Many recreational properties in this area are winterized, allowing cottagers to enjoy year-round activities, including swimming, boating and hiking in the summer, and skiing, snowmobiling and ice fishing in the winter. A recent recreational property report from a different major Canadian real estate corporation says t...Read More

By: Marilyn Rogers

Electronic Signatures Allowed On Ontario Real Estate Documents

Electronic Signatures Allowed On Ontario Real Estate Documents

Happy Canada Day! As of July 1st, the Government of Ontario is permitting electronic signatures to be used on real estate agreements of purchase and sale. This means that important real estate documents will be able to be filled out on a computer or tablet, eliminating the need for printing, faxing and a whole lot of waiting. It’s expected that this will make the home buying and selling process much quicker and more efficient. “Buying or selling a home is one of the most complex, time-consuming transactions that most people make – it’s also one of the most important,” said Madeleine Meilleur, Attorney General. “I hope that this change will open the door ...Read More

By: Marilyn Rogers

The Government of Ontario Takes Action To Stop Phantom Bids

The Government of Ontario Takes Action To Stop Phantom Bids

With the Ontario Real Estate Market hotter than ever, the Government of Ontario and the Real Estate council of Ontario have announced new rules governing how offers are presented. In a multiple offer situation where more than one buyer is competing for a house, some agents might tell buyers that there are other offers waiting in order to drive up the price – sometimes, these offers aren’t real. The new rules require that proof of these offers, so agents will have to keep records of the offers if they want to mention them to buyers.  Of course, agents are supposed to act ethically anyway, and sellers working with a reputable agent shouldn’t have to worry about these k...Read More