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Place & Space: Providing full service real estate throughout Southwestern Ontario

I am a Real Estate Broker providing full service real estate to clients throughout Southwestern Ontario.  I specialize in helping you find the ideal community and a home within that city, small town or quiet rural corner.  My twenty years of experience and advanced training in marketing, negotiation and contract management make me the ideal person to list your property and attract the perfect buyer. 
Recent posts

More families are choosing multigenerational living amid Canada’s housing crisis.....

The Globe and Mail: More families are choosing multigenerational living amid Canada’s housing crisis   "Multigenerational living won’t solve Canada’s housing crisis. Indeed, critics have for years emphasized that millions of new homes must be built to address affordability. The Canada Mortgage and Housing Corporation (CMHC) recently  joined that chorus . But if governments make it easier for extended family members to live together, through zoning, tax breaks or municipal deregulation, this way of life could help to address the  country’s housing shortage  and save Canadians money, experts say."

More about the mortgage stress test.....

Moneysense Magazine: Mortgage Stress Test   "First off, it’s not a test like the kind you encounter in school. Rather, it’s a set of rules major banks must use to determine if you qualify for a mortgage. Because mortgage rates can fluctuate, as they have in recent months, the Canadian government has set a minimum qualifying rate to reduce the risk involved in mortgage lending. This helps to ensure you’ll still be able to afford your mortgage payments if interest rates increase beyond the rate originally stated in your contract. In other words, it’s not you but your finances that are put to the test."

"What Should Buyers Know About Bidding Wars"

"Competing offers — also referred to as bidding wars — are very common occurrences in hot real estate markets. I know it can be very frustrating for buyers to bid and repeatedly lose out on properties that are getting five, 10, 20 or more offers. Low housing supply, or inventory, is often a significant contributing factor and low supply is the current situation in many markets across Ontario. First-time buyers may find it especially hard to come out as the “winners” during these home competitions, and may need to expand the parameters of their searches. My advice is to take a long view, be patient and continue to save your money until the right property comes along."  Joe Richer, Registrar, RECO  Click the link to read the full article from the Real Estate Council of Ontario  What Should Buyers Know About Bidding Wars  

How does credit card debt affect a mortgage application?

 Link to Article: Moneysense Magazine "If you’re shopping around for a mortgage, you probably already know that lenders ask for a ton of financial information before determining how much you can borrow. That list includes your household income, down payment amount and how much you owe—including credit card debt, car payments and unsecured personal." 

Are Canadians dreaming of owning a home? It’s complicated: RBC Poll

Article: RBC website   36% of non-homeowners under 40 have given up on the dream of owning a home 62% of Canadians say most people will be priced out of the housing market in the next decade 60% of Canadians likely to buy in the next two years are saving $789/month on average "When it comes to purchase intention, despite 54% of Canadians polled saying it is a sellers’ market (up from 41% last year, highest since 2009), there is a large increase in Canadians who are considering buying a home in the next two years (30%, up 8% from 2020). This rises to 49% for those respondents under 40 years of age and 66% for new Canadians who have been in the country less than five years. Many factors are on the minds of Canadians when thinking about whether to buy now or buy later. According to the poll results, interest rates and concerns that homes will become less affordable are key reasons why many Canadians are considering buying sooner. In fact, 41% of Canadians surveyed are thinking about

What I expect of the Spring 2021 Real Estate Market .....

We are starting to hear that the big banks and other financial institutions are calling for government intervention in the very active Ontario real estate market. This last year has seen multiple offers and record pricing although under the rules of Covid no one is to engage in visiting listed properties unless a move is essential.  What is driving the activity? The most obvious reason is the low-interest rates but there is also a mass rethinking, driven by Covid, about how and where we want to live our lives.  And, also, activity drives activity - potential sellers see the price their neighbour got and they too jump into the market.   Does the market require an intervention?  I worry about affordability and I think of what an increase in mortgage rates will do to homeowners who stretched a bit too much to make that purchase.  I think a move to taxing capital gains on residential properties will only penalize seniors who have already been hurt by low-interest rates on their retirement