| BANK OF CANADA INTEREST RATES + NIAGARA MARKET STATS
 The Bank of Canada, along with the U.S. Federal Reserve, European Central Bank and others, announced an interest rate cut of 50 basis points Oct 8th. The Bank of Canada's benchmark lending rate now stands at 2.5 per cent.
The U.S. Fed cut its benchmark rate by a half point to 1.5 per cent, while the European Central Bank and central banks in the U.K., Sweden and Switzerland are also reducing rates.
The Bank of Canada said deteriorating credit conditions, weaker demand and the drop in commodity prices will "significantly" ease inflation pressures in Canada. "The intensification of the global financial crisis is having a marked impact on all countries," the bank said in a statement, saying credit conditions in Canada have tightened significantly in recent weeks, and that slowing consumer spending and business investment will pull economic growth lower.
The Bank of Canada's governors are scheduled to release their next interest rate decision on Oct. 21
Niagara Conditions:
- Resale House Prices are up 3.1% over 2007 in Niagara
- Average sale price in Niagara Region is $212,815 in 2008 compared with $206,437 for 2007
- Unit Sales are down 8% across Niagara Region from 2007
- Average House Prices Expected to increase 3.5% nationally by years end
- Royal LePage Niagara outpaced the competition in 2008 with a 33% market share and average sale price of $219,000.
From CMHC
Preliminary housing starts data for September 2008 released today by
Canada Mortgage and Housing Corporation (CMHC) for the St. Catharines-Niagara Census Metropolitan Area (CMA) report 19 per cent growth from the same month last year to 136 units.
Total starts in the St. Catharines-Niagara CMA for January-September 2008 grew nine per cent over the same period a year ago. Starts of single-detached homes on a year-to-date basis declined 14 per cent to 505 homes, but the drop was more than offset by strong expansion in starts of row houses (63 per cent) and apartments (87 per cent).
"Land supply constraints and demographic trends both support the construction of higher-density homes, adding more row houses and apartment units into the housing stock," said Ashot Karapetyan, Market
Analyst with CMHC. "The current trend to more starts of apartments and townhouses and fewer single detached home starts is expected to continue."
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| 8 ENERGY SAVING RENOVATIONS FOR YOUR HOME
 As I mentioned earlier in the newsletter, I am continuing my education with "Green Real Estate" courses from National Association of Green Agents and Brokers (NAGAB). With an eye towards the future, I plan to spread the word of environmentally concious living, and plan to show my friends, family and clients how easy it can be to moderately adjust our lifestyle and homes to save money and create a smaller carbon footprint. The smallest changes can make the biggest differences.
Save money, energy and the environment with tips from CMHC, Canada's national housing agency.
Improving the energy efficiency of your home can do more than reduce energy consumption and help protect the environment. It can also help you reduce drafts and noise, fix moisture and condensation problems, improve your indoor air quality and comfort level - and help save your family money year round.
Step number 1 is to have an Eco-energy audit. There are MANY rebates and incentives right now to help you afford to upgrade your homes' energy efficiency. I had my home energy audited this summer and am receiving over $2,000 back from the programs. Call or email me (905) 937-6000 or dollar@royallepage.ca for an Eco-energy package with contact information and a list of rebates available.
Regardless of where you live or the type of house your family calls home, Canada Mortgage and Housing Corporation (CMHC) has a number of energy-saving tips you can use to help you save money, save the environment - and reduce your energy use by as much as 47 percent:
· 1. Draftproof everywhere, including foundation walls, attic hatches and doors, around window and door frames, at ceiling penetrations, around light fixtures and wiring, and around service penetrations through exterior walls. Plus, seal the joint between the window frame and wall, and keep weather stripping and storm windows in good repair.
· 2. Consider upgrading to more energy-efficient windows to prevent heat loss, greatly improve comfort levels and reduce maintenance needs.
· 3. Consider upgrading your furnace or boiler to a new high-efficiency unit.
· 4. Cover hot water pipes within three meters (nine feet) of the hot water tank with pipe insulation, and if possible, insulate all accessible hot water pipes.
· 5. Install a programmable thermostat to lower the temperature at night and during the day when your home is unoccupied.
· 6. Replace and recycle older refrigerators, freezers, electric ranges and dishwashers with newer Energy Star rated models, and switch to energy-saving fluorescent, compact fluorescent and task lighting where possible.
· 7. If you own a fireplace or woodstove, replace any leaky dampers and repair chimney flues. Also consider switching to more energy-efficient options such as an electric fireplace insert, EPA-rated insert unit or direct-vent natural gas fireplace insert.
• 8. Save energy and water by installing low-flush or dual-flush toilets, low flow faucets and shower heads, and front-loading clothes washers that reduce water heating loads, water consumption and clothes dryer operation.CMHC also offers a new series of fact sheets, Renovating for Energy Efficiency which describe ways of saving energy in houses of all types and ages, including pre-World War II houses, post-War 1 1/2-storey homes, post-60s two-storey homes, 1960s or 70s one-storey homes, split-level and split entry homes, mobile homes, duplexes and triplexes, row houses, homes with walkout basements and common additions.
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This is a new thing for my website, but instead of typing out the Things to Do each month, and grabbing them from all sorts of sites to send in a monthly newsletter that will likely be deleted in the next day or so, I have created a new web page with a calendar of Niagara events that will be updated and kept on my site continuously. So if you have a weekend with no plans, check out the site! REMINDER: Please vote on Tuesday!!!! I appreciate any comments or feedback on events that I recommended or that you attended. Dont over do the turkey this weekend! See you soon!
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