Dragon's Den star believes Real Estate Investment is a valuable asset

While he is becoming more of a household name as one of the dragons on TV’s Dragon’s Den and has a venture capital firm helping smaller entrepreneurs, you might not necessarily think of Bruce Croxon as a real estate investor. And yet, while living in Whistler, BC in the late 1990s, Croxon took it upon himself to get into the real estate game after having realized the value real estate can bring.

The bug actually bit Croxon earlier in his life. As a university student in London, Ontario, Croxon, along with friends, bought, renovated and sold a house in the Southern Ontario town. But it wasn’t until later in his career that he made it more of a conscious effort and part of his investing philosophy.

“I’ve been in and out of three properties in Whistler since 2001 and that market has been very good to me, because I’m very bullish, in real estate in general, and more specifically on the resort real estate market,” he says.

Croxon is an avid skier and while living in Whistler for about two years he decided to educate himself about the real estate market there. “I learned the market well enough so I thought I could be safe in terms of buying a place to stay and so I added a couple of more places just as pure investment. It turned out to be right for a period of time.”

The first purchase was a personal residence. But with the growth in confidence of the local market, Croxon added on to his holdings with a so-called “ski-in, ski-out” condo. He rented that out to a business he owned in the area.

“The third was more for speculation but I ended up renting it out, and at the end of the day, when I was back in Toronto, I decided to sell that one as well – that was a single family residence on a very nice piece of land,” he recalls.

Croxon explains that the resort market is of interest to him because of the limited supply of land and development potential for areas that people are interested in visiting. For example, he says Canada, specifically Whistler, has some of the best skiing opportunities in the world. “I think there is limited supply and if you want that terrain you’ve got to go there and there is a limit on how much you can build. So it was the right combinations to have an asset grow.”

With all the asset classes that have made their way in and out of Croxon’s portfolio over the years, real estate has served an important niche, especially given his investment strategy.

Says Croxon: “I’m an operator and have not been an investor until recently. [Real estate] was a way to be passively involved in an investment I developed some confidence in. You really don’t have to work that asset too much,” he explains.

“It will either go up or down on its own. For me that’s the attractive part of it. In general, I just think real estate, over a long period of time, has performed quite well. People need a place to live and it seems to be one of those asset classes that survive,” he adds.

Despite having sold those Whistler properties, Croxon remains passively invested in real estate, albeit in the commercial sector. He was approached by some high school friends who started a fund called the Evton Real Estate Fund based in Toronto. The company invests in Class-B commercial office space mainly in Toronto. According to their website, Evton has earned a seven-year compound return of approximately 15.5 per cent.

“I have a theory that entrepreneurs are made in the first seven to 10 years of your life or they are not made at all,” he says. He points to his father who came from England with £40 in his pocket and made a life in Canada. “I’ve always been inspired by the guys that had nothing and built something and I looked up to them. I knew early that this is what I would be doing.”

By taking a “Best of Toronto” advertising poster business plastered around the city, Croxon was put in touch with people who attempted to convert that print-based product into dial-in advertisements which were the precursor to voicemail. While it was thought that would be the “killer app” of the 1980s, instead, the voicemail application led other uses such as tele-personals.

He got into and grew that business through the 1990s in Canada and Australia and re-branded into Lavalife in 2001 when the internet was still in its infancy.

And while he is what you would consider a 25-year overnight success, Croxon remains grounded about what starting a business is all about.

“If you are working for yourself there is a lot that can go wrong. I call it the 51/49 rule. At the end of the month, 51 per cent of the things you’ve done right, versus the inevitable 49 per cent where you take it in the teeth – the net two per cent is what you need every month times 12 months to grow a business.”

“It’s really how you deal with the inevitable down times and be on top of what’s going on.” He says that if you are not thinking of your business on a Sunday, than someone else is, and you must be on top of things at all times.

Of course real estate is very much a people business. Tenants and landlords are in a constant contact with each other and relationships can make or break the arrangement. Croxon says when he is thinking about tenants, new business partners or hiring someone on, it is important to do an assessment and screen people thoroughly.

“The number of times I’ve hired people, for example, that didn’t fit the criteria I had made up before, has come back to burn me every single time,” he stresses. “People’s character is not going to change. You’re not going to get a bad tenant, and because you are the landlord, make them change. Your job as a landlord is to find out who they really are.”

He says he has often been too optimistic with people he has hired and knows he shouldn’t have held on to them. “If you know the answer, don’t put off the conflict or unpleasantness. It will cause you a lot more pain in the long-term if you don’t.”

Overall, Croxon says make sure you know who you are first and if you are looking for partners, ego and personality should be kept out of it. The same, he says, will be true of your real estate relationships.

“There are a lot of people competing these days on the same thing and I think it’s important to do one or two things well rather than a whole variety of things. That would be my main piece of advice for people starting out. Also, be prepared to work really hard.”

Bruce Coxon’s tips
Understand what you are giving up by tying up capital

Some markets might be better to rent than to buy depending on what you can earn by buying bricks and mortar

Alternative investments (banks or stock market) to real estate today might lead you to want to invest into real estate

The above article is from Canadian Real Estate Wealth Magazine.

From Canadian Real Estate Wealth Magazine, a monthly publication focused on building value through property investment, covering topics such as values and trends, mortgages, investment strategies, surveys of regional markets and general tips for buyers and sellers.

The ins and outs of mortgages and mortgage terms...Do you know what a "portable" mortgage means?

While working with both buyers and sellers in Kitchener-Waterloo, I sometimes find that there are misunderstandings of the terminology used when discussing mortgages.  What follows is a brief explanation of different types of mortgages, options and terms.


What is a mortgage?A mortgage is a common way of getting money to buy a house. It’s a contract that gives a moneylender some assurance that a borrower will repay the borrowed money. When you get a mortgage to buy a house, you borrow money from a person or company and you promise to pay back that money, usually with interest and in regular payments. The lender makes sure you’ll repay the loan with a “charge” against your house. That charge means that if you don’t make your mortgage payments, the lender has the right, eventually, to take the property or to sue you for what you owe.

If your equity in the house is not more than what you owe, the lender will take the property. Equity is the amount that your house value exceeds your mortgage loan and any other debts, judgments, or liens registered against your house. This legal action is called foreclosure. Another way to finance a house purchase, called an agreement for sale, is described near the end of this script.

Who is the mortgagor and who is the mortgagee?The person who borrows the money is the mortgagor. The person or company lending the money is the mortgagee. The lender may be a bank, a trust company, credit union, or a person, for example, the seller of the house.

What is the amortization period?The amortization period is the total time it would take to pay off the mortgage if you made regular payments at the same interest rate. Most mortgages for a first home are amortized over 25 years, to keep the payments affordable, although this can vary. On the other hand, if you have a 3-year amortization period, the monthly payments are likely to be very high. The shorter the amortization period, the less total interest you pay in the long run.

What is the term of the mortgage?The term is the time the mortgage lasts. Because interest rates are always changing, most lenders won’t lend their money at the same interest rate for as long as the usual amortization period. Instead, lenders first calculate the regular payments as if they were lending the money for the full amortization period at the same interest rate. But then they lend you the money for a shorter time, or term. You can usually choose terms between six months and ten years. Longer terms often have higher interest rates. At the end of the term, you have the pay the remaining amount of the mortgage to the lender. If there are no problems, you can normally do this by just renewing your mortgage for another term, at the current interest rate.

What if you want to pay your mortgage off quickly, before the term ends?Many mortgages let you do this. It’s called a “prepayment privilege” and there are many types. You may have the right to prepay any amount any time (an “open mortgage”), or the right to prepay up to 10% of the mortgage loan each year (a “closed mortgage”). But if a mortgage does not have a prepayment privilege, many lenders charge a prepayment penalty if you want to fully pay it off before the mortgage term ends. Usually the penalty is three months’ interest. This is an extra expense if you want to sell your house before your mortgage term ends. If this is your case, you should get a prepayment privilege in the mortgage.

If your mortgage lets you prepay, it’s good to do so if you can. Over the whole term of the mortgage, you’ll probably pay several times the principal amount of the mortgage. So anything you prepay to reduce the amount of the mortgage, called the principal, will save you a lot of money in the long run. That’s especially true in the first years of the mortgage, when more of each payment goes to pay interest than to pay off the principal.

What is an “assumable” mortgage?An assumable mortgage means that if you sell your house, a purchaser can take over your mortgage. If interest rates have gone up since you got your mortgage, the lower interest rate of your assumable mortgage will be a good selling point. If a mortgage can be assumed “with qualification”, it means your lender must approve the purchaser before allowing the purchaser to assume the mortgage.

If the purchaser can assume your mortgage, it’s very important to make sure that you won’t still be responsible if the purchaser later stops paying the mortgage. Your name stays on the mortgage and you are still responsible, unless your mortgage lets you apply to the lender to approve a purchaser under Section 24 of the Property Law Act. Once the lender approves the purchaser under this section, you are no longer responsible for paying the mortgage.

What is a “portable” mortgage?A portable mortgage is one that you can transfer to a new property. It is useful if you get a very good mortgage rate for a long term and move before the term ends. Then you can transfer the mortgage to the new property without a penalty. You should clarify that all of the parts of the mortgage are transferable with the current amount still owing.

What does “cash to mortgage” mean?This means that you will assume, or take over, the seller’s existing mortgage. You pay the seller the balance of the purchase price in cash, and then make the regular payments on the mortgage.

What is a “vendor-take-back mortgage”?This means that the seller (or vendor) of the house is willing to lend you some of the purchase price. As security for the loan, you give the seller a mortgage on the property.

How do you get the best mortgage?Shop around and compare, just as you do for other goods and services. Mortgage brokers and real estate agents can be helpful when you’re looking for financing. They have useful contacts with mortgage companies and they know current interest rates and market trends. Banks and other mortgage companies are usually willing to give you a lower rate than they advertise, but you have to ask for it – they won’t just offer it automatically. Mortgage brokers can also shop around and negotiate rates for you.

Another way to finance a house purchase – an “agreement for sale”An agreement for sale, also called a right to purchase, means that you make a down payment, and then make regular monthly payments to the seller. But the seller remains the registered owner of the property until you have paid the full purchase price. You protect your interest in the property by registering a “right to purchase” in the Land Title Office. Sometimes, an agreement for sale may be better than a mortgage, because banks and other mortgage companies have mortgage contracts that are to their advantage. But if you want to use an agreement for sale, you should negotiate the terms very carefully.

This is only for informational purposes.  Please contact me today if you are considering a real estate purchase or sale and I will connect you with a competent, professional financial advisor to make sure you have all the information and advice you need to make a sound and profitable real estate decision.

When will the new highway 7 between Kitchener and Guelph be built?

This article from the Record on July 21st outlines the issues surrounding the delay of the new approved Highway 7 between Kitchener and Guelph.

WATERLOO REGION — Frustrated business leaders plan to raise a fuss about Highway 7 delays during the upcoming Kitchener-Waterloo byelection.

Their message to politicians: Replace the highway as promised between Kitchener and Guelph — and do it now.

“Saying yes with no follow through is not a yes,” said Ian McLean, president of the Greater Kitchener Waterloo Chamber of Commerce. “The local candidates have to know that they’re going to be on the hot seat.”

Ontario’s Liberal government approved a divided, four-lane freeway in 2007, but delayed construction until some time after 2015, with no date to begin.

“It’s getting to a crisis point,” McLean said. “The amount of traffic and the amount of economic activity that travels that road screams out for it to be a priority for the province of Ontario.”
Elizabeth Wharton is glad to see the new highway stalled.

“It’s still a bad idea,” said Wharton, of the Westmount Environment Group. She dislikes the cost, the loss of farmland and the wetland disruption associated with a new Highway 7.

Her group asked Premier Dalton McGuinty to widen the current highway by adding intermittent passing lanes in places where new lanes would not disrupt businesses.

“Why can’t they do the compromise?” she said. “This is something that can be implemented right away.”

Ontario says it intends to replace the highway, but Transportation Minister Bob Chiarelli would not commit to a construction date.

“As we review our budgets and our highways, this is very close to the top of the list,” he told The Record. “With the current budget constraints, it may take a little bit longer than not, but the highway will be built.”

In 2007, Ontario cited economics and safety in approving the 18-kilometre replacement highway, north of the current two-lane road. It was estimated to cost $300 million.

The current highway, derided as a parking lot in its busiest hours, handles an estimated 22,000 commuters a day. Other drivers flee to overwhelmed country roads to escape it.

Traffic planners rejected calls to widen the highway, saying businesses would be disrupted and that a wider highway would be a short-term fix quickly overwhelmed by traffic.

Congestion has a safety impact. The Record analyzed 10 years of Highway 7 collisions to find that someone is hurt every three weeks on average. Half of all crashes are due to rear-end collisions, common where there are traffic jams and traffic signals.

Between 2000 and 2009, seven people died and 288 people were injured on Highway 7. Fatal collisions were most often head-on crashes or turning movements. These kinds of collisions are less frequent on divided freeways.

The Ontario Chamber of Commerce is calling on the province to “immediately commence construction, as promised in 2007, on a new Highway 7 between Kitchener and Guelph with completion by 2016.”

Provincial business leaders endorsed the resolution in May at the urging of three chambers of commerce in Waterloo Region and Guelph. They stated: “Ongoing delays on the start of a new four-lane Highway 7 between Waterloo Region and Guelph/Wellington County are limiting economic development opportunities in both municipalities.”

The Tri-Cities Transport Action Group wants the province to abandon a new highway and pursue alternatives such as transit between the cities and upgrades to the current highway.

“We don’t believe (a new highway) is the right solution,” said Tim Mollison, of the grassroots lobby group. “There are better ways to spend that money.”

Mollison points out motorists will get a new route between the cities later this year when regional government opens a Grand River bridge linking Fairway Road in east Kitchener to Kossuth Road in north Cambridge.

Ontario continues to refine the design of a new highway, shifting ramps, realigning side roads and reconfiguring accesses. It budgeted $40 million for land and purchased 13 properties to make way for a new freeway. The government has not committed construction funding or listed the freeway among works it plans to launch by 2015.

“It’s definitely a highway that we’re committed to building,” Chiarelli said, denying his government stalled it to fund transit instead. The cash-strapped Liberal government is putting $300 million into rail transit that launches in 2017 in Waterloo Region.

No date has been set for the byelection to replace Elizabeth Witmer, who quit her Kitchener-Waterloo seat.

Seven killed, 288 injured over decade
Upon request the Ministry of Transportation released 10 years of collision statistics (2000 to 2009) for Highway 7 between Fountain Street in Breslau and the Hanlon Parkway in Guelph. The Record analyzed the traffic data to answer these questions.

How often do people crash? Highway 7 saw 614 collisions over a decade. That’s an average of 61 collisions a year, one every six days.

Collisions have been relatively stable, peaking in 2003 at 82, edging down to 54 in 2009. In two-thirds of collisions no one was hurt.

Seven people were killed and 288 were injured. On average the highway sees 29 people hurt each year with a fatal collision every 20 months. Every three weeks a collision hurts someone, on average.

How are people crashing? Half of crashes (50 per cent) are rear-end collisions. This points to traffic lights and also suggests congestion. Other common crashes are single-vehicle collisions (25 per cent) and turning movements (10 per cent).

How did seven people die? Three were killed in turning movements, two were killed in head-on crashes, one was killed in a side-swipe and one was killed in a single-vehicle crash. There was another Highway 7 fatality in 2011.

What are drivers doing wrong? Half of drivers involved in collisions (53 per cent) are driving properly. The most common mistakes are driving too closely (19 per cent) and driving too fast (eight per cent). Lesser mistakes include failing to yield, losing control and making an improper turn.

Would a freeway be safer? On average in Ontario, a divided highway that limits access to interchanges sees 14 per cent fewer collisions than other provincial highways, per kilometre travelled.

Light Rail Transit in Kitchener - Waterloo Continues Forward

The Central Transit Corridor Community Building Strategy will provide a framework for how our community will be built around rapid transit. Over the past several months, a great deal of effort has gone into understanding the context of the corridor and the direction it will take as it develops through dozens of stakeholder interviews, workshops, open houses, speaker events, and regular storefront hours. Through discussing and exploring new opportunities for mobility, place-making and strengthening the community, we have a solid foundation for drafting the vision and strategies for the corridor which will include enhancing mobility, encouraging healthy communities, fostering a green corridor, creating great places, strengthening the economy, and enhancing learning.   If you didn't get a chance to participate, it's certainly not too late! Here are some other ways to provide your input:    Summer Events: It's summer! But that doesn't mean the Community Building Strategy is on vacation. They want to meet you where you're at, so   they've arranged to be at some of Waterloo Region's favourite summer events and festivals. Check out the summer events flyer. Storefront: Their storefront, located at 220 King St. W. in Kitchener, will continue to be open during the summer months. Please drop in, chat with staff and provide your comments. They're open Tuesday 9 a.m. to 1 p.m., Thursday noon to 5 p.m. and Friday noon to 4 p.m.   Fall Public Meetings and Events: Plans are being made for a series of open houses this September for you to see the draft Community Building Strategy and provide your input. Sept. 17, 4-7 p.m. at Cambridge Centre for the Arts Sept. 18, 4-7 p.m. at Knox Presbyterian in Waterloo Sept. 20, 4-7 p.m. at the Storefront, 220 King St. W. in Kitchener Mark your calendar for guest speaker Karina Ricks, a planner with Nelson Nygaard whose work has helped demonstrate that the decisions we make today in Waterloo Region will shape and drive our communities, economy, and environment for the next century or more. She will speak at 7p.m. on September 18 at the Knox Church directly following the open house.

Fun Events in Kitchener-Waterloo

Kitchener-Waterloo offers many fun events throughout the summer!  I thought I would list a couple of my favourites along with links to their websites.....Enjoy!

This weekend is the Craft Beer and Rib Fest at the recently upgraded Victoria Park from July 20th to the 22nd..   Be sure to check out the Boathouse for some live music as they are now open again.

Craft Beef and Rib Fest:http://www.kitchenerribandbeerfest.com/main2.cfm

On the same weekend of July 20th to the 22nd is the Uptown Waterloo Jazz Festival.

Waterloo Jazz Festival: http://www.uptownwaterloojazz.ca/

Quickly becoming one of the biggest and best Blues Festivals in North America is
the Kitchener Blues Fest from August 9th to the 12th.

Kitchener Blues Fest: http://www.kitchenerbluesfestival.com/2012-schedule

Have a great Summer everyone, and remember, if you know someone who is thinking of buying and selling real estate this year, please let me know....I'd really appreciate it! :)

Home Buying Process in Kitchener-Waterloo

For First-time buyers, or those who haven't purchased a home in a long time, the process of buying or selling a home can be a little daunting. Having a general understanding of what to expect can help.  This is a brief synopsis of my buyer counselling session I provide to all my buyer clients.

This is an outline of the typical home buying process. Emphasis on process -- because it's not an event , it's a process that can take weeks to months, depending on a lot of variables. I also can emphasize typical, because the process can be different, depending on what type of purchase you have,  whether it's an investment purchase or a home for your family, and it can differ depending on your your of loan or your conditions.

I've broken the process down into 8 general steps:

1. Pre-qualifiying. Whether you've begun searching online for a home, like 90% of today's buyers do, or whether you've contacted a Realtor or not, you're real first step should be to get in touch with a lender and get pre-qualified. This way you'll know how much you can afford and you won't waste time looking in the wrong price range. You'll also have that all important pre-qualification letter when you do find a home that you want to make an offer on. Otherwise, a seller won't take you seriously.

When looking for a lender, it's really important to get a recommendation. Either from family or friends, or from your Realtor. As Realtors, we're going to recommend someone with a good track record, someone we rust to do a good job for our buyers. We're interested in a successful outcome for our buyers, and we are interested in their satisfaction as much as we can control that. If they are happy with the home buying experience and with our service to them, they are more likely to refer us to their friends and family.

2. Home Search. This is where an experienced buyer's agent comes in handy. Someone who knows the neighborhoods and the values, and someone who knows how to listen and help the buyers hone in on what they really want. Knowledge of home types, amenities and market trends is invaluable.

3. Making an Offer. There are several things to consider when you make an offer, not just price, although that is the most important consideration. There is time frame -- it helps to know the sellers motivation. Maybe they need time to find another home themselves, or maybe they've already moved out and would like to settle as soon as possible.

Another issue is closing costs. Does the buyer have necessary funds? Does the seller have enough room to pay out the loan so that the seller's lender will allow the property transfer?

And if there are competing offers the buyers have to find ways to make their offer more desirable.

4. Negotiations. Many times the negotiation might go back and forth several times before the buyers and sellers come to "a meeting of the minds". That's why your agent should have good negotiating skills. [Not the "beat-you-to-a-bloody-pulp" kind of negotiating, but the "win-win" kind of negotiating.]

 Both parties have to be a little flexible; the best kind of negotiation is when both the buyers and the sellers come away feeling like they've gotten what is most important to them. There can be several times during the process that require more negotiating.

5. Loan Application. The offer of purchase and sale will usually stipulate a certain number of days for the buyer to waive their "financing condition." Both parties must remember  that "Time is of the essence". Somewhere along the process the lender will usually order an appraisal to determine the value of the house.

6. Home Inspection. The buyer has a right to a home inspection and there may be other inspections that the lender will want. After the inspections there are more negotiations that take place as to how to address repairs if any are needed. A home inspection is a good idea, in case any material defects are uncovered; the seller will have to deal with them before settlement.

7. Underwriting. Once the buyer has loan approval, the repairs, if any are done, and all contingencies are met and signed off... then the file goes to underwriting. Once the underwriter signs gives the OK, then the purchase contract moves forward to closing.

8. Closing.  Signing of the closing documents usually takes an hour and lots of papers are signed. Keys are handed over and the buyers can move into their new home.

The typical process can take between 30 to 90 days from contract to close. If there are difficulties, like with an appraisal, or longer than anticipated repairs, the buyers and sellers can sign an amendment to extend time lines.

So, if buyers have a move-in date in mind, its best to start the process 3 or 4 months before that.

Sellers need to consider the average time on market in their area, and contact an agent who comes with a recommendation.

If you have any questions regarding any homes you see for sale, would like a full buyer counselling session to see if buying a home is right for you, or would like to discuss the local real estate market please contact me today.

5 Inexpensive Ways to Make a Home Safer for Seniors

I just received news last night that my mother suffered a fall and fractured her hip.  This is probably the worst thing that can happen to an elderly person as it reduces their mobility and can affect their morale, aside from the obvious discomfort.

This is a common problem, so I thought I would post a blog regarding elder-proofing a home to help reduce the number of incidents.

America’s largest generation is approaching its twilight years. The oldest baby boomer turned 65 on Jan.1, and every day for the next 19 years, another 10,000 boomers will enter into the traditional retirement age bracket, according to data from the Pew Research Center.

The country’s largest cohort will be faced with a number of later-life planning issues: When to give up driving? Should I try to remain in my home or transition to assisted living? If you’re a boomer concerned with aging in place, it’s time to make your home safe for seniors.

Planning for your golden years now, before an accident happens, will likely allow for more independence as you age. One-in-three adults aged 65 and older falls every year, making falls the leading cause of injury death among seniors, according to research published by the Center for Disease Control.

 You have to be proactive and think ahead.

Retrofitting will not only make your home safer, but it may save you money over the long haul compared to assisted-living communities or a nursing home. The up-front cost may be a lot of money but that has to be weighed against what would it cost if you had to go into an assisted-living facility, which may cost $4,000 to $5,000 a month. If the cost of retrofitting a house is $10,000, that might just represent two months in an assisted living facility.”

Living on a fixed income and concerned about financing a major overhaul to your home? If a senior is covered by long-term care insurance and files a claim due to such conditions as a stroke, accident or old-age frailty, the cost of retrofitting a home may be reimbursed by their policy.

If major renovations aren’t necessary, or affordable, here are some tips on how to make your home senior-safe without breaking the bank.

Railings and bars
Bathroom safety is crucial for seniors. The combination of water and slippery surfaces can spell a world of hurt. If a person needs support on their balance or they find themselves losing their balance, they might well reach for the towel bar which will come off the wall with them as they fall down.  Replace the towel bar in your bathroom with a weight-bearing handrail or a grab bar, which can be purchased for under $20 a piece.

Watch for trip hazards
Remove all area rugs and foot stools from your home to keep trip hazards to a minimum. Keep items off the floor in hallways and entryways to ensure smooth room-to-room transitions. Be sure to tuck away electrical cords. Threshold ramps are very important because bumpy thresholds can make people trip. They run the gamut in terms of price. Check out discount suppliers like discountramps.com if you want to keep costs low.

Remove locks
Remove doorknobs with built-in locking mechanisms, commonly found in bathrooms and bedrooms, to ensure you won’t be inadvertently trapped. Instead, install lever-style door handles, which can be purchased for as low as $7.95.

Revamp slippery surfacesBathroom and kitchen floors can be as slippery as a skating rink when traipsing through your home in sock feet. Iinstalling no-skid treatments in high-traffic areas to ensure stable footing. And don’t forget about the bathtub or shower. Some non-skid shower mats can be purchased for as low as $15.85.

Stay fit!Sure, being an active ager has nothing to do with your home, but the more on-the-move you are, the better your chances of reducing injury. Sign up for a senior yoga class, spearhead a walking group in your neighborhood or join a local gym that specializes in keeping seniors active. Not only will you look great and feel physically fit, there is no denying the mood-lifting benefits of endorphins.

Kitchener Waterloo Residential Real Estate Values Continue to Rise

“Overall, the Kitchener-Waterloo real estate market continues to show long-term strength and
stability”, says Sara Hill, president of KWAR. “While June’s numbers were down somewhat from last year, the number of sales was plenty to bring us right on track with last year.”

 Sales in the first half of 2012 included 2,278 detached homes (up 0.8 percent), 267 semi-detached down 8.9 percent), 217 townhouses (up 2.4 percent), and 668 condominium units (up 2.3 percent).

 On a year-to-date basis, the average sale price of all residential sales increased 3.4 percent to $312,661, compared to 2011. Detached homes sold for an average price of $356,596, an increase of 3.5 percent compared to last year. The average price of condominium units sold during the first half of the year was $209,563, an increase of 1.9 percent over 2011.

The president of the KWAR says that Kitchener –Waterloo’s high degree of market stability is supported by an extremely diverse local economy and consumer confidence in the value real estate as both a wise investment and lifestyle choice.

Ms. Hill cites a recent report from the Conference Board of Canada that says the region of Waterloo will experience the highest economic growth in Canada for medium sized cities in 2012, as additional confirmation that both buyers and sellers should feel very confident in the local real estate market.

Contact me for information on your neighbourhoood.

New Development Project Wins Praise in Kitchener-Waterloo

I am very proud to be part of this new development project that has cleaned up a 16-acre site in the heart of Kitchener and made it safe and available for a residential project!

Here is the Record article below.

Cleanup It has cost more than $9 million to cleanup an old industrial site at the end of Adam Street in Kitchener. The 16 acre site will see more than $250 million invested to build townhouses and apartment-condo buildings.

Record staff

KITCHENER — The deep pockets and commitment needed to clean up contaminated-industrial sites for redevelopment were on full display in recent months where thousands of big trucks were loaded with dirty soil and fill at the end of Adam Street in the Breithaupt Park neighbourhood.

Queensgate Developments (Kitchener Inc.) spent more than $9 million to clean up the site where the Panill Veneer furniture factory was once located, and before that, the Breithaupt Leather Co. had a tannery. It is the most expensive brownfield cleanup in the city’s history.

“The costs were several multiples more than was originally guesstimated by our environmental consultants,” Sam DeCaria, the vice-president of Queensgate Developments (Kitchener Inc.), says in a telephone interview from Toronto.

It’s exactly this scenario that scares developers away from these sites.

“Once you get on a site that size you have to chase the contamination until it is out and gone, a big dig-and-dump kind of process,” DeCaria says.

The empty lot was a target for vandals and the site of a spectacular fire about six years ago that destroyed the remains of the veneer plant. Surrounding property owners had to look at the blight that depressed the value of their houses. The land was producing little or no property taxes.
The 6.4 hectares (16 acres) sat empty for years until Queensgate Developments took it on last year. They have only recently finished the cleanup and city councillors have approved the plans for building about 958 residential units on the land.

Queensgate will spend about $250 million to build 667 apartment-condos in several buildings and 230 townhomes. The townhomes will be on Louisa Street and Blucher Street. In between will be the apartment-condos. A large pedestrian walkway and park will run into the centre of the site from Louisa Street.

Long before they can even start construction on the first buildings, Queensgate spent millions to have 2,200 tractor trailers loaded with contaminated soils and hauled to special dumpsites in Sarnia and Chatham. They had to pay about $50-a-cubic metre to get rid of the contaminated soil. In all, the big trucks hauled away 90,000-cubic-metres of dirty fill.

“The dumping portion of this is a big number,” Bruno Suppa, of Queensgate, says in a telephone interview from Toronto.

This cleanup never would have happened without a special program that sees the Region of Waterloo and the City of Kitchener help developers pay the cleanup costs. When the land is fully developed and worth much more, the property taxes will be far higher.

Under the program the developers will continue paying property taxes at the old, lower rate until the cleanup is paid for, or for 10 years, whichever comes first.

The program was started in Kitchener in 2006 and later picked up by the Region of Waterloo. The province, which is responsible for about 40 per cent of property taxes, which are earmarked for school boards, does not take part in the program.

If the province took part, and agreed to reduced-education taxes until the cleanup is paid for, it would help with the redevelopment of old industrial sites that are contaminated. In short, the developers would recover the cleanup costs sooner.

“You have all those dollars out there that are not returned for some time down the road,” DeCaria says.

“Although the program is well-intentioned and has made a difference, I think that would probably be the single most important amendment,” DeCaria says of speeding up the pay back.

It could take up to seven or eight years to complete the redevelopment. That will be shortened to as little as four years if the developer can interest investors in buying units to be rented out. Work starts on model suites this fall and on the first buildings next spring.

“In Kitchener the vacancy rate is below two per cent so there is a demand for good quality, new units,” DeCaria says.

Queensgate took on the large brownfield site when there is nothing but bad news from the region’s largest employer — RIM. The BlackBerry maker says 5,000 people will be laid off during the next six months or so, the launch of BlackBerry 10 is delayed until next year and the stock price has dropped 90 per cent from its peak.

“In the past four months the Kitchener-Waterloo areas has produced 14,000 new jobs,” Suppa says. “You are the guys that have the economy of the future. That’s what we see, that’s what our group saw right away.”

Added DeCaria: “It is one of the few cities in Canada, and possibly all of North America that has reinvented itself from its very successful industrial background to a knowledge-based economy.”

Tips on Harmonious Home-Hunting for Couples

Despit working a lot with sellers in helping them market their properties, I still enjoy helping buyers find that perfect home.

According to a 2012 survey from Coldwell Banker Real Estate of 1,000 men and women, they both rely on how they feel and how their lifestyle fits into a home when looking for a place to live.  

The survey found 28 percent of women and 25 percent of men put more emphasis on their feelings about a home than they do on the layout, square footage, or even price.

But despite the differences between men and women, there’s at least one thing they agree on when it comes to buying a home -- the majority of women (62 percent) and men (61 percent) know within the first visit if the home is right for them.

For couples entering the home-buying process, here are some tips for harmonious house-hunting:

·         Each person should come up with a list of a few things that are most important to them.  Then, they should come together as a couple to decide on a list of the top three to five things that are important for their home together. 

·         When looking for a home, communication is key.  Consider designating a point person for different aspects of the home-buying process, so that information is not delayed or communicated to just one part of the couple.

·         Don’t get too many people involved; typically more people means more stress and what is most important is that the couple is happy with the decisions being made.

·         Don’t forget to have fun! Remember that this home will be the place to build memories and a life together.

Following these simple, common-sense guidelines can help couples keep the home-buying process fun.  For more helpful advice on the home buying process, contact me today!