Canada Housing Market - Royal LePage Predicts

Royal LePage announced yesterday that the Canadian housing market will see a modest price increase of 3.5% across the board raising the average price to $317,288. The primary reason for the lower increase is that affordability is becoming an issue, especially with first-time Buyers, which in turn will result in less demand in 2008.

I think if interest rates take another drop in the new year and employment stays strong then home prices next year will exceed this 3.5% forecasted increase. Although inflation crept up in November to 2.5% annually (up from 2.4%), the core inflation rate which most economists are concerned about fell to 1.6% annually from 1.8% in October. If the core inflation rate continues to hold steady or even decrease there will be pressure on the Bank of Canada to continue to reduce interest rates.

When you look at houses prices nationally, Quinte Real Estate seems relatively inexpensive with an average house price of  $197,561. With house prices 1/3 less than the national average, it's no wonder there has been increasing interest for Quinte Real Estate from the larger urban areas in Ontario and beyond.

As the aging baby-boomers prepare for retirement, many are deciding to retire to smaller centres. Prince Edward County and other Quinte Real Estate has become popular with this age group as a place to retire to and the lower house prices make it even more attractive. 

Proudly selling Quinte Real Estate. 

Just saw "Sicko" by Michael Moore

I sat down and watched Michael Moore's film "Sicko" and it really made me stop and think. I know that he's giving his side of the story and sensationalizing parts for the benefit of the movie. I realize that more than 80% of Americans have health insurance but do the HMOs and medical insurance companies really treat their clients this way? Do they try to find loopholes so they won't have to pay?

I consider myself and my family very luck to be living in Canada where we have universal healthcare. I know we pay more taxes than our American neighbours but I will gladly pay it if helps provide free medical services. As indicated in the film, we as Canadians love to complain about our healthcare system - long waits for services, not enough doctors, etc. - but when all is said and done I wouldn't trade it. It's not something which we give much thought to in our everyday lives but when the need arises you get a whole new appreciation for it.

Recently my eldest son was diagnosed with Stage 4 Hodgkins Lymphoma and had to go through many painful and elaborate tests to determine the type of cancer as well as its extent. At no point did we have to wait more than 2 days for tests to be done including cat-scans, MRIs, as well as biopsies. The medical staff has been extremely caring and compassionate to my son. I couldn't imagine the costs involved in treating him including the chemo but it would far exceed anything that my wife and I could afford. At no time has anything regarding his treatment not been done because of the cost. Even the drugs he must take at home are fully covered by our system. 

Granted the waits can be much longer for some people who do not have life threatening illnesses but when it comes to the very sick the system works. Our system is far from perfect but I'm glad that Tommy Douglas had the vision and the passion to push the Government of the day to implement our universal healthcare system. 

Proudly selling Quinte Real Estate. 

Quinte Real Estate - November 2007 Statistics

The sales figures for November are out and one figure is quite surprising. The average residential price for Quinte Real Estate in November 2007 was $204,900 up 17.1% over November 2006 and exceeding the year to date average of $197,561. That said, the Quinte Real Estate market which has been primarily a Sellers one has softened slightly since the highs seen in the Spring and Summer. Overall the average residential price for the year is $197,561 up 10.6% when compared to the same period last year ($178,625).

For the first time this year the total number of listings (6,546) is greater than the same period last year (6,457). Prior to November the yearly total of listings had been running a couple of percentage points behind last year creating additional upward pressure on home prices. Now that things have slowed down a bit the Quinte Real Estate market seems to be more stable with less urgency among Buyers. In Belleville Real Estate the average market time for a residential property (Belleville Ward) is 59 days.

Proudly selling Belleville Real Estate. 

Quinte Real Estate Market - Where is it going in 2008

Here we are near the end of 2007 and I'm trying to figure out where the Quinte Real Estate market will be heading next year. In order to see the future I pulled out the old crystal ball from storage, dusted it off, tied the scarf onto my head, and focused intently on the the large orb (What? You thought I was going to pull the predictions out of a hat?)

As many who sell Belleville Ontario Real Estate know, 2007 has been a banner year in the Quinte Region. Total number of sales to October 31st was 3,334, up 11.5% over the same period in 2006 - not bad at all. Using year to date figures, the average residential price in the Quinte Real Estate region increased 7.8% to $196,830. Can this continue?

So what is going to happen in 2008? Well, according to all the "expert" opinions that I have read, 2008 should be another good year for Quinte Real Estate. Nationally, the number of sales is predicted to drop about 5% - somewhere around 500,000 sales. Now, contrary to what you might expect with a reduction in the number of sales, house prices are likely to rise another 5-6% next year. So that means that the average price of a Quinte Real Estate property should rise above $200,000 - somewhat inexpensive when compared to other regions of Ontario as well as larger urban centres in Canada.

Of course this is all dependent on economic fundamentals holding steady. This includes interest rates remaining low, strong employment, increasing incomes, and strong consumer confidence. The Bank of Canada just lowered it's overnight rate to 4.25% and if inflation continues to remain low then I feel we can expect further reductions in the new year especially if the US Federal Reserve continues to lower rates south of the border.

I feel all the signs are there for 2008 to be good year for the Quinte Real Estate market. Although the Ontario manufacturing base has been weakened by the strong Loonie resulting in the lost of several thousand jobs, the overall local economy should remain strong. Many local businesses are expanding while others, like Kellogg's, are setting up brand new plants. This should result in strong demand for Belleville Real Estate and increased Quinte Real Estate prices.

Ok. I'm going to take the scarf off and put the crystal ball back in the closet - done for another year. Should I be proven wrong come this time next year, I'll blame it on faulty batteries in the base of the ball or that scarf was tied on too tight. 

Proudly selling Belleville Real Estate. 

Quinte Real Estate - October 2007 Sales Statistics

The stats for October 2007 home sales on the Quinte & District Real Estate Board have been released showing that  the number of sales is on par with the same month last year. The number of sales for the month including commercial and investment was 257 units compared with 256 for October 2006. Contrary to what some real estate professionals feel is a slower fall market, the numbers show that it is steady on a year to year basis.

The average residential price for Quinte Real Estate in October 2007 was $196,866. and increase of 7.8% over October 2006 ($182,525).

Here in the Quinte Real Estate market there have been 3334 sales this year compared to 2991 for the first 10 months of last year, an increase 11.5%. Although the demand has slowed down compared to the hot market earlier in the year, it seems to be typical when compared to previous years.

Today, the Bank of Canada cut it's key lending rate by a quarter-point to 4.25 per cent. This was expected by many analysts as the Bank is concerned about the slowdown in the U.S. economy and it's effect on Canada, in particular Ontario. Many experts expect a further reduction in lending rates over the next few months as long as inflation remains low. Although they have not changed yet, mortgage rates are expected to drop as well. It will be interesting to see if the reductions in interest rates will create an increase in demand for Belleville Real Estate come the new year. I'll keep you posted.

Quinte Real Estate - Open House 102 Yeomans St. Belleville

                Looking for a great starter home under $140,000? This might be the Quinte Real Estate for you. Come visit us at:

                                                                102 Yeomans St. Belleville

                                                          Sunday, September 23, 1-3pm

Nice 3 bedroom home in West end. Many upgrades made within the last year - 100 amp electrical panel, copper plumbing, carport roof replaced, lower level vinyl siding, laminate flooring in living room, dining room & kitchen, oil tank replaced in 2003. All appliances are less than 5 years old. Worth seeing.

Directions: Moira St. to Yeomans St, south on Yeomans to the corner of Graham St 

Proudly selling Quinte Real Estate. 

Quinte Real Estate - August 2007 Statistics

The stats for August 2007 home sales on the Quinte & District Real Estate Board have just recently been released and it appears the market is continuing to be strong with some impressive increases over last year.

The average residential price for Quinte Real Estate in August 2007 was $204,586. and increase of 8.2% over August 2006 ($181,084). The number of residential sales was 318 compared to 315 in August 2006.

One of the reasons for the increase in value is directly related to the laws of supply and demand. There has been an overall drop of 4.4% in the total number of listings on the board so far this year when compared to 2006. With the strong demand for homes across all price ranges and a smaller supply of homes (in the number of listings) has result in significant price increases. This, along with a strong economy has helped push prices up. Here in the Quinte Real Estate market the total number of sales so far this year is 2,791 , up 12.8% over the same period in 2006.

Back in June and July of this year many analysts believed there would be a further 1/4% increase in the Bank of Canada's overnight rate resulting in higher mortgage rates but with the economic problems being experienced in the United States as well as a possible interest rate drop down there, analysts now believe that the rate here in Canada will hold steady over the short term.

If the Fall market continues like the rest of the year, we could be in for some amazing annual figures come December 31st. It will be interesting to see if the econmic problems south of the border will start to effect us up here in Canada and what the impact will be on the housing market. 

Proudly selling Quinte Real Estate. 

My 100th Post - A Dedication To My Wife

100 posts, it's been a long time coming. While many of you have far surpassed this mark, I for one have been much slower. So after completing my 99th post I felt I had to come up with something creative to mark the milestone. I tried starting a few times but nothing seemed to come together. But then the light bulb went off above my head. I decided it had to be something that I was passionate about and it also had to be easy for me to discuss. The answer was then quite simple, I decided to write about my beautiful wife, Lori, and dedicate this 100th post to her.

I met Lori 26 years ago when we both worked in the IT group of a major Canadian bank. We didn't work together but our paths crossed occasionally. As a group some of the us would get together after work and through this I got to know her. I still remember the time when Lori and I were sitting in our cars talking through the open windows and she told me she "needed a hug". Who was I to turn that down. Well needless to say that was the beginning of our lives together.

We married Nov 19, 1983 and it' been amazing ever since. We have 3 terrific children, the youngest of which is going off to college next month. We have moved a total of 7 times in 23+ years although we have remained put for the past 10 here in the Quinte Region. We've gone through the highs and the lows like any other family but I wouldn't change it for anything.

I almost lost Lori 21 years ago in a major car accident. She was critically injured and had to be taken by air ambulance from the local hospital in Whitby to the trauma unit at Sunnybrook Hospital in Toronto. One of the most difficult things for me at  the time was to see her lying on a trauma unit bed, unconscious and not responding to me. I thought our lives together was going to end but thanks to the amazing surgeons and other doctors at Sunnybrook, she recovered over time.

So here it is in 2007 and I'm totally in love with this woman. She is not only my wife, the mother of our children but she is also my best friend. I look forward to being with her each and every day and I know she feels the same way about me. Lori is dedicated to our children and me, providing encouragement, support and love without conditions. She is thoughtful in her choice of words, diplomatic with family matters and never demanding. We have had our differences of opinion but she gets her point across effectively in a caring and gentle manner. Lori has encouraged me in all aspect of my working life, from leaving the bank and going out on my own, not once but twice. She was the one who felt I should get my real estate license because she knew I would enjoy it and be good at it. Of course she was right.

I am so looking forward to the rest of our lives together and truly hope that each day will be as full as past ones.

Finally, I would like to quote a poem by Elizabeth Barrett Browning titled How Do I Love Thee as it says so well what is in my heart.

How Do I Love Thee

How do I love thee? Let me count the ways.
I love thee to the depth and breadth and height
My soul can reach, when feeling out of sight
For the ends of Being and ideal Grace.
I love thee to the level of every day's
Most quiet need, by sun and candlelight.
I love thee freely, as men strive for Right;
I love thee purely, as they turn from Praise.
I love with a passion put to use
In my old griefs, and with my childhood's faith.
I love thee with a love I seemed to lose
With my lost saints, I love thee with the breath,
Smiles, tears, of all my life! and, if God choose,
I shall but love thee better after death.
                                  Elizabeth Barrett Browning

The Trent Severn Waterway - A National Historic Site

Stretching 386 kilometres from the Bay of Quinte off Lake Ontario to Georgian Bay, the Trent Severn Waterway has been called one of the best interconnected waterways in the world. The system is a national historic site administered by Parks Canada. It's a true wonder. 

The system is comprised of 36 conventional locks, 2 sets of flight locks, 2 of the worlds largest lift locks as well as a marine railway. It takes an average of 7 to 10 days to navigate the system depending on how quick you wish to travel and the number of stops you make along the way. It rises to a maximum height in Balsam Lake at 253 metres above sea level.

One of the most fascinating points of the system is the marine railway at Big Chute which is
a large railway which carries boats over land nestled in a very large cradle. The Kirkfield lock just east of Lake Simcoe lifts and lowers boats 14.9 metres while the lift lock in Peterborough raises and lowers boats 19.8 metres, the highest in the world. 

If you are ever thinking about taking a boat cruise, whether for a week or just a day, the Trent-Severn Waterway is sure to thrill everyone on board.

Proudly selling Quinte Real Estate 

Brighton Ontario Real Estate - MLs #2074935

Welcome to 15 Timber Ridge Drive in the beautiful community of Brighton, Ontario. Just a short one and a half hour drive east of Toronto leads to this terrific community on the shores of Lake Ontario and Presqu'ile Bay.

This 2 year old executive home overlooks the first fairway of Timber Ridge Golf Course. It offers all the features you would expect to find in a luxury home along with superior craftsmanship throughout including an amazing finished walk-out basement to the back yard.

The home boast 10.5 foot ceilings in most of the main floor rooms, accented with custom cove mouldings. The Great Room provides access to the large 500 square foot deck as well as terrific views of the golf course through over-sized palladium windows. There's a propane fireplace with granite surround to take the chill out of the air on those cold winter days.

The Kitchen has magnificent hand-made cherry cabinets with top of the line built-in appliances. There's a Sub Zero Fridge as well as a dual zone Sub Zero wine cooler. There's a Dacor ceramic cooktop along with Dacor wall oven, convection microwave and warming drawer. To clean all those dirty dishes is a Miele Incognito dish washer. The counter-tops are granite with a solid mahogany breakfast bar.  A large walk-in pantry for all your kitchen storage needs and a Butler's Desk complete this chef's delight.

The Master Bedroom is located in a separate wing and boasts full length windows overlooking the back and side yards as well as a separate entrance to the back deck. There's large walk-in closet with plenty of built-in racking. The master ensuite features double sinks set in a granite top with cherry cabinetry. Theres' a two-person luxury jet tub and a separate over-sized shower with two shower heads. The toilet and bidet are located in a private enclosure within the ensuite itself.

Finishing out the main floor is a formal dining room, two secondary bedrooms along with a main bathroom, a two piece powder room and separate laundry room. From the foyer a custom designed staircase leads to the lower level where you will find a 39 foot recreation room, exercise room, den, hobby room, media room, and a large fourth bedroom. Also on the lower level is a full four piece bathroom. There are large windows in several of the lower level rooms which look out onto the back yard and patio.

The floors on the main level are hardwood except those in the bathrooms. In the master Bedroom ensuite as well as the main bathroom the floors are marble while the powder room flooring is ceramic. On the lower level there is ceramic flooring throughout.

If you are looking for the very best then this home is it. Everything was thoughtfully planned to ensure the most discerning homeowner would not be disappointed. You will not be disappointed!

Price: $995,000. (CDN)

Wayne McMullan
Sales Representative
Royal LePage ProAlliance Realty, Brokerage
Independently Owned & Operated

Office; 613-966-6060
Cell:   613-969-7650

Proudly selling Quinte Real Estate