10 Pieces of Information to Gather BEFORE Selling Your Home

The real estate process is chock full of information. I feel like more information is exchanged in a real estate transaction than on a national security background check.

But before you even put that “for sale” sign in the front yard, there’s some information you need to put together that will help you get that home ready to be sold.

1. Gather your receipts for improvements and repairs – This is an excellent opportunity to show buyers the extensive improvements that have been made to your home.
2. HOA rules and regulations – Have a copy of your Home Owner’s Association Rules and Regs so this can easily be shared with interested buyers or provide buyers and their agents with a link to the HOA website for up to date info.
3. Mortgage documentation and info about any Home Equity Line of Credit (HELOC) – Your Realtor and Lawyer will need all of the information about your mortgage and any additional loans on the property (mortgage company name, loan #s, etc.).
4. A 1-page home “brag sheet” – List any improvements you have made to your home whether major or minor including redesigns of rooms, new flooring, bathroom updates or anything else that you can “brag” about your home.
5. Warranty information – If any major improvements have warranties this could be very desirable to a buyer.  For example windows with lifetime warranty or a roof with a 25 year warranty.
6. Provide your Realtor with details about outdoor features – Pool, landscaping, irrigation systems, outdoor kitchens, fireplace, etc. These items have become very important to buyers and the more information they are given, the more excited they get about your home.
7. Tell the story of your neighborhood – The neighborhood website, walking trails, etc. Everyone wants to live in an area because of the lifestyle it affords, so make sure tell the story of your street.
8. Remember how it felt when you first bought your home – You wanted as much information about the home as possible.  Put yourself in the buyer’s shoes and try to provide as much documentation as possible.
9. If you are having trouble remembering any issues or repairs made to your home, walk through each room – A tour of each room and the exterior will help you remember any changes and repairs or issues that have come up while you lived there. If you have had any Homeowner’s Insurance claims, be sure and provide all documentation to your Realtor.
10. Always remember:  disclose, disclose, disclose – Be sure not to withhold any reports or information about your home. What may seem minimal to you may seem major to a buyer. 

Please contact me today for a complimentary Home Value Report of if you have any real estate questions!

Things You Should Never Reveal at an Open House or Showing if You are a Seller

When it comes to home selling, most Canadians opt to hold an open house to offer home buyers the opportunity to see their home and get information that may not be available on the listing. When showing your home to potential home buyers, however, there are things you shouldn’t reveal during an open house.

The Buyer’s REALTOR  represents only their Buyer and their Buyer’s best interests alone and can and will use information gleaned at a showing to their advantage.That said, here’s the information you want to keep to yourself to ensure a good sale that works to your advantage.

1- Motivation for selling

No matter if you’re moving because you bought a place in Florida or you need to move as soon as possible because a family member is sick, divulging information about why you’re choosing to sell may give buyers the impression that you are desperate to unload your property. Even if that’s true, you don’t want that information to end up in the hands of those making an offer.

When asked why you are selling your home, provide a vague response like “I (or we) think it’s time for a change.” That way, there is no sense of urgency on your part and they won’t feel like they can lowball you because you’re desperate to sell immediately.

2- Things you planned to do but never did

Perhaps you wanted to renovate the kitchen five years ago or you always wanted to gut the fireplace and rebuild it, but this isn’t the kind of information you should be sharing with homebuyers.

When you reveal all the things you wanted to do but never got around to, buyers might think it’s because there are so many things wrong with the home, or worse, you might plant the idea that your home isn’t great just the way it is and it will be so expensive to renovate.

3- The number of showings you’ve had

Whether you’ve had one or 100 people coming to your home, this is a question that gets asked as a way to figure out how many potentially interested buyers have come through your doors. Although it might be tempting to give a high number, I suggest that you venture into vague territory instead and maintain that you’ve had a few.

The reasoning behind remaining vague about the traffic your home has garnered is that the number doesn’t matter and shouldn’t affect a homebuyer’s decision.

4- Number of interested buyers

Unless you have a formal offer, you are not obligated to talk about how many buyers showed interest in your home. And while it may be incredibly tempting to talk about a host of interest, your best bet, once again, would be to remain vague.

Saying that there are many buyers may make a potential buyer feel like he or she shouldn’t bother because the competition is too high. Saying that there have been none may make a potential buyer wonder what is wrong with the home and, again, may not make an offer.

5- Verbally negotiating price

My mother always told me to get everything in writing, and the same goes for negotiating the sale of your home. Verbal promises won’t get you very far when it comes to selling your home; you need to get everything in writing or it’s useless.

They may ask if you’re willing to negotiate, to which you can reply honestly, but when it comes to facts and figures, get it all down in writing.

6- Fear or trepidation about selling

Perhaps this is the first time you’re selling a home and two weeks have gone by without an offer and you are getting nervous. If Dry Idea deodorant commercials taught us anything, it’s that you should never let them see you sweat.

To start, the fact that you have visitors at your home is a good thing. It’s true that not everyone will fall in love with your home, but keep your head up and maintain your confidence, and the right buyer will come along soon enough.

Contact me today for a complimentary Home Value Report or a Home Buyer's Toolkit!

9 Things For Sale By Owner Companies Don't Tell You!

1. They charge upfront (in most cases thousands). Agents don’t.
When it comes down to it, listing with an agent shouldn’t cost you a cent. I know you probably read that a few times. Agents don’t charge upfront, we only charge when results are provided. This gives you an advantage in more than one way. On the other hand I have heard of individuals paying upwards of $2,000 upfront just for a sign and a spot on a website, only to end up having their house listed and sold by an agent.

2. They aren’t held to any code of ethics.
Real estate agents across Canada are held to a strict code of ethics by CREA. They take the liability if something goes wrong. They are also held to higher standards in advertising and they have duties to you as a client.

3. Just because you’re a real estate professional does not mean you’re rich or overpaid.
This has been the fuel for many slanderous ad campaigns released by popular for sale by owner websites over the years. The truth of the matter is, if it was that easy and they got paid a “small fortune” to sell a house, everyone would get into the business. Selling homes is hard work. Agents often find themselves working for free and hoping to receive a commission.

Consider this situation: A buyer has his agent show him 30 houses over the course a month. The agent spends hours of his time to assist the buyer. The buyer decides not to buy. The agent has worked for free and lost money on expenses. This is a common situation.

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4. They can’t put your home on the MLS system.
This system was built by Realtors for Realtors. No one is allowed to list a property on it unless they have a license to trade in real estate. These websites will just refer you to an agent (how ironic), often one from the other side of the country, to put your home on the MLS and nothing else. In most cases the listing won’t even be on your local MLS board, making it sometimes hard to find.

5. They actually petition agents to sell their houses.
After years of bashing the profession, certain for sale by owner websites are now calling on agents to come to their rescue, so they can take credit for selling homes. Tell me another business model where you ask your competition to do the work for you. This is really an admission of one thing – serious buyers go to an agent. Why? Because it will cost you nothing to buy through an agent.

6. They don’t have a real estate license.
This is something a lot of people do not realize. These so called “private sale” websites are just that. They are not licensed to trade in real estate or to give you real estate advice. They can’t even advise you on how to price your property because doing this would fall under an agency relationship and would be considered trading in real estate. That requires a license. These parameters are set in place to protect you, the consumer.

7. You pay them so you can do all the work.
Since these companies are not licensed to trade in real estate they are not permitted to represent you in a real estate transaction. This means they can’t answer buyer inquiries for you, show your home, host open houses, handle paper work, mediate negotiations, advise you on market conditions…and the list goes on and on.

8. Privates sales carry a stigma and uncertainties that make buyers uncomfortable.
Ever gone to view a private sale as a buyer? Then you know it can be extremely uncomfortable and limiting to view someone’s house with them in it. It can be even more uncomfortable to negotiate with them. On top of all this, private sales beg the question, why didn’t they use an agent? Is there something wrong with the house? If they are trying to cut costs now, did they cut costs/corners with repairs?

9. Agents don’t hate for sale by owners.
These companies would have you believe that agents think FSBOs are ignorant. This isn’t the case. We get why you would want to go this route. It can be done, but just because you can do something doesn’t mean you should. Like many DIY projects you are putting yourself at risk. In this case you are taking a risk with the biggest investment of your life. It will not be an easy process.

In the end, in today’s  markets you need an agent who will work tirelessly for you to get your home noticed above the thousands of others on the market.  Just remember that limited service will always equal limited results and if it seems too good to be true, it is more times than not.

How to Stage Your Kitchen When Selling Your Home

 

If you plan on selling your home, you will want to ensure that you set the tone for it in the right manner.

The kitchen is one of the most important rooms in a home for sale.

67% of 380 respondents to a recent poll agree that the kitchen is the focal point of a home for sale and can essentially make or break their decision to buy a home.

So how should you stage your kitchen for a home sale? Well, without reinventing the wheel, do the best you can with what you have and make your kitchen stand out when selling your home (and perhaps even if you’re not).

Clean it

This pretty much applies to the entire home, but making sure your kitchen is spic and span is of essential importance. I’m talking getting into the nooks and crannies here. You need to get into the corners of the kitchen and on top of cabinets, and ensure that everything sparkles.

The last thing a homebuyer wants is to imagine him or herself having to clean when they move in – you want to be that turnkey home that makes their eyes light up because it is clean and ready to go. “Homebuyers don’t want to think about the work they will have to do upon moving into a new home. They want to imagine themselves moving in, putting their feet up and living,” says Weese.

Clear the counters

Maybe you love your Vitamix and enjoy showcasing it on the counter, and perhaps you love to display that you’re an avid juicer as well, but when it comes to staging your kitchen for a home sale, you’re objective is to show off just how much counter space you have.

Clear off the counters and wipe them clean because you want potential homebuyers to see that there is a vast amount of counter space where they can place all of their own appliances.

Create a welcoming aroma

If you’re an avid cook, that’s wonderful, but when you plan on selling your home, you do not want it to smell of onions and garlic. Rather, you want to give off an inviting aroma and what better way to do that than with cinnamon?

Put some water in a pot with some cinnamon, bring to a boil and then let simmer when you know that homebuyers are going to visit your home. That way, your homebuyers could easily focus on the beautiful kitchen and not what you had for supper the night before.

Add some decor

So while we don’t want to clutter the counters with myriad appliances and food, we also don’t want the kitchen to seem cold and unused – unnatural if you will. So a clever way of adding a homey touch to your kitchen is by add a bowl full of (real) colorful fruit to the island or counter.
As well, a nice wall painting could also lend itself to a welcoming touch in the kitchen and give off a nice comforting feel. “You want to give the kitchen some character,” says Reese. “You want to give it an inviting yet neutral touch.”

Mind your appliances

 

Whether or not your appliances are included with the sale of your home, you want to ensure that they are spectacular. That is not to say that you have to run out and purchase new, top-of-the-line appliances to improve the look of your home; rather, you need to ensure that your appliances look clean and fresh, both inside and out.

You need to clean your oven, dishwasher and fridge thoroughly even if they don’t come with the house. Why? Because if you take such good care of your appliances and they don’t come with the home, then the entire home must follow suit. That’s the impression you want to give.

Let in the light

Natural Light is an essential part of your home sale, and having natural light coming into the kitchen is an important aspect of your home sale.  So open up those shades and the light shine on in!

“Natural light can make a kitchen seem bigger,” Weese admits. “A window or glass door that allows natural light to come in can give the illusion of space to an otherwise small room.”

Add table and chairs

If you have the space to do so, adding a table with as little as two chairs is a great idea. This demonstrates that the kitchen is spacious enough for dining as well as cooking.

If you already have a dining area in the kitchen, great, but if not, don’t worry about it too much. It’s a “nice to have” but not a mandatory part of the kitchen.

Stage your kitchen and prepare for the sale

If you want to ensure your best chances of selling your home quickly, your best bet is to take your product (home) and put its best foot forward (clean and stage).

What's Open and Closed on Easter Weekend in Kitchener - Waterloo and a List of Fun Activites!

Here's a list of what's open and closed in Kitchener- Waterloo on Easter Weekend, 2014.  Also, there is a list of activities in the area.



Here's what's open and closed on Good Friday and Easter Sunday: 
                           

Grand River Transit will operate on a Sunday service schedule on Good Friday.

                               

GO Train Kitchener line trains and buses will operate on a Sunday schedule on Good Friday.

 

Detailed trip times online at www.gotransit.com/schedules

                                                            

Public libraries in Kitchener and Waterloo are closed Good Friday, Easter Sunday and Easter Monday. Cambridge libraries are closed Good Friday and Easter Sunday.                            

                               

Canada Post will not deliver/pick up mail on Good Friday and Easter Monday.

                               

LCBO locations are closed on Good Friday and Easter Sunday; select stores are open on Easter Monday with modified hours.

                               

The Beer Store locations will be closed Good Friday and Easter Sunday; regular hours on Easter Monday.

                               

Grocery stores are closed Good Friday and Easter Sunday.                            

                               

Fairview Park Mall, Conestoga Mall and Cambridge Centre mall are closed on Good Friday and Easter Sunday.

                               

The Village of St. Jacobs is open on Good Friday and Easter Sunday. The St. Jacobs Outlets mall is open Good Friday and Easter Sunday.

 

The Southworks mall in Cambridge is open Good Friday and Easter Sunday.

Easter Traditions

Friday, 18 Apr 2014 10:00 AM

The Schneiders are making Easter cheese, onion-dyeing Easter Eggs and scratch-decorating them Pennsylvania-German style all weekend! Friday 10 a.m....

Joseph Schneider Haus  |  Arts,Family,Seasonal  |  Kitchener  |  Add Comment

National Service Dogs' Easter Egg Hunt for Dogs

Friday, 18 Apr 2014 10:00 AM

Thousands of treat-filled eggs waiting to be found; bring the kids and the pooch for this event supporting National Service Dogs (NSD); register...

Bingemans  |  Community,Family  |  Kitchener  |  Add Comment

Easter Traditions

Friday, 18 Apr 2014 1:00 PM

Friday: McDougall staff will be baking hot cross buns, a Scottish tradition, free sample and recipe; Saturday and Sunday: Try your hand at egg dyeing...

McDougall Cottage  |  Family  |  Cambridge  |  Add Comment

His Holy Passion

Friday, 18 Apr 2014 4:00 PM

Choral presentation by Soul Purpose, a mass choir from New Apostolic Churches on Ontario; this musical event moving from Palm Sunday Passion to Easter

Wesley United Church  |  Community,Family,Music  |  Cambridge  |  Add Comment

Easter Egg Hunt

Saturday, 19 Apr 2014 10:00 AM

The popular Easter Egg Hunt at Joseph Schneider Haus is for children ages eight and younger. Bring your Easter basket and be prepared to line up...

Joseph Schneider Haus  |  Family  |  Kitchener  |  Add Comment

So How Much is Your Planned Renovation Going to Add to the Value of Your Home?

Remodeling projects make life more pleasant and more beautiful. But you're not likely to get your investment back when you sell. Lower-cost projects, like enhancing curb appeal, are more likely to pay for themselves

Other projects that provide a good return, according to The Wall Street Journal:

Replacing siding with fiber-cement panels can return 79.3 percent of project cost.

Replacing a garage door recoups 75.2 percent of costs, on average.

Master bedrooms, gourmet kitchens and fancy bathrooms generally recoup less than 60 percent of their costs.

A National Association of Realtors survey of more than 3,900 appraisers, sales agents and brokers provides these other estimates:

Installing insulated vinyl windows earns back 71.2 percent.

A deck addition brings back 59.7 percent of costs.

A new roof will return 56.7 percent of costs, while building a garage brings about 54.7 percent of costs at selling time.

Expensive master-suite additions pay off with only a 52.1 percent return.

3 Decorating Ideas to Liven Up Your Home...

Is there a room in your new home that needs…something? But you aren’t quite ready for the thrills and spills of a bigger renovation project?  It’s time to unleash your inner designer and try one of these 3 quick and inexpensive spring décor trends in your new pad. Best of all? Not a paint brush in sight!

The colour: Indigo blue flows off the runway and into the home  

This rich blue works with almost any palette. Fabric is one of the easiest ways to introduce indigo—and with so many pattern variations, you’re sure to find something you love. Try the look with:

• Throw pillows; sew them yourself (there’s dozens of “how-to” videos online) or buy inexpensive versions at a local home store.
• A wall piece made by attaching indigo print fabric to canvas stretchers from a craft store.
• Mood-friendly sheer curtains in indigo—choose Nordic stripes, lacey florals, or high-fashion animal prints. Make them yourself in an afternoon; all you need is fabric, scissors, an iron, and a no-sew tape like HEM.

The visual anchor: A garage sale find

Thanks to BBC hit Downton Abbey, the rich glow of pre-war furniture is beginning to show up in carefully chosen feature pieces. Perhaps a vintage chair or glass fronted cabinet will provide a classical contrast to bring your living room alive? Take advantage of the spring garage sale season to find the perfect bargain. Look for a battered Persian carpet to pair it with. Pre-war furniture is in its infancy as a design trend, which means that there are great deals out there!

The feature wall: Self-adhesive wallpaper delivers gain with no pain

Create a dramatic feature wall without the hassle of painting, thanks to DIY-friendly wallpapers that are self-adhesive and even reusable—just peel and stick. Choose from striking arrays of patterns at online specialty companies or even design your own custom wallpaper at sites like Spoonflower. Pick just one wall and get adventurous with wallpaper whose colour, pattern and style pulls your unique sense of style into a harmonious whole.


Tip. You can re-use the “colour, anchor, and feature” concept every few years to refresh your home’s décor without needing to commit much money or time.

Contact me today for a complimentary Home Market Value Report!

Leaks from a Ceiling May Not be the Roof! Do you have a plumbing problem?

Leaks occur without a warning sign. We often find a leak in the morning as we are off to work or later that night when we return which sometimes leads to us putting off the problem. It is important to realize leaks get worse with time and only increase your agony, stress and of course your expenditure on repairs.

Whether you need a plumber or not, depends on the severity of the leak. Here are some things that you need to look out for and that most often requires assistance from a plumber:

1. You can’t identify the source of the leak
When you identify a leak, the first thing you need to check is find out its origin. Whether its coming from outside, or inside of the house, you need to know to be able to solve the plumbing issue. In case you can’t find the source of the leaking ceiling, get in touch with a plumber before you have a puddle of water in your bathroom or kitchen.

2. The leak is due to a burst pipe
The moment you find that the ceiling leak is due to a burst pipe, call a plumber immediately. A burst pipe can be dangerous and could cause a lot of flooding indoors. Turn off the water supply from the main valve to prevent an even more dangerous situation.

3. There are multiple leaks in your home
If you see a ceiling leak in multiple areas of your home such as kitchen, and bathrooms, it is important that you call a plumber on an urgent basis. Multiple leaks are a sign of a major plumbing problem especially if there hasn’t been a storm or rain recently. To avoid leaking roofs in a stormy season, get a seasonal evaluation from a plumber.

Remember, water can find a way out from a variety of places; direct from the tap or from a roof. It is important to keep a regular check in your home for leaks, and other plumbing problems. Even though some plumbing problems may not be as big initially,  they can turn into a major problem if they are ignored for a long period.

17 Ways to Improve Your Home's Curb Appeal

Even if you are not planning to sell your home anytime soon, a fresh and welcoming exterior is a wonderful thing to come home to each day. From front doors, house numbers and porch furnishings to color schemes, landscaping and basic repairs, this smorgasbord of ideas will hopefully inspire a few changes around your own home.

Ana Williamson Architect

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1. Add big, bold house numbers. It's so easy to swap out house numbers, and this one thing can make a huge impact. Echo your house style in the numbers you choose — a clean sans serif font for a modern house, hand-painted tiles for a cottage, aged copper for a Prairie-style home etc.


2. Paint the front door. A front door that pops can be hugely cheering. Read up on all of the options in Houzz's series on choosing a front-door color.

 

3. Add fresh porch furniture. A pair of matching rockers, Adirondack chairs or a cozy glider is a must when you have a front porch that is visible from the street.

4. Swap out porch lighting. Try replacing tiny sconces with a big, statement-making pendant light, add recessed lighting beneath the eaves or install solar lights along the front walk.

 

5. Add a hot-red accent. Red has such vibrancy; a little goes a very long way. Try a bright red bench, planter or mailbox to add zing that can be seen from across the street.

 

6. Do some hardscaping. Built-in concrete planters, a low stone wall or new paths are all great ways to add structure to your front yard that will last for many years to come.

 

7. Spruce up the side yard. Camouflage an eyesore with attractive fencing, clear out weeds and lay out a neat path to the backyard.

 

8. Add depth with a fence. A low fence around a property not only adds a welcome boundary between a hectic street and a private space, but it also makes the front yard seem larger.

 

9. Replace a lawn with flowers. Dig up part or all of your front lawn and plant perennials instead for a lush landscape that sets your house apart.

10. Repair the driveway and paths. Cement, stone and pavement all can split and crack over time. Repairing or replacing damaged areas can do wonders to freshen up your home's street view.

 

11. Paint the garage door. The garage takes up a lot of visual space, so it pays to make sure it looks its best.

12. Refinish the porch floor. If your porch floor has seen better days, renew it by stripping off old layers of paint and finish, and brushing on stain or paint.

 

13. Add a shiny new door knocker. Gorgeous hardware (plus a glossy paint job) can make even the plainest door look very classy.

 

14. Try a unique front door. A really eye-catching front door can be just the thing to give a plain exterior a big dose of personality. Whether it's supersleek and modern steel or a beautifully detailed Craftsman-style door, it can set the tone for the entire house.

15. Match plantings to your house style. Let the plants and pots you choose reflect the style of your house for a cohesive look. Accent a modern home with succulents and spiky-leafed plants in simple round pots, or surround your cottage with lush beds of flowers.

 

16. Echo the architecture with paths. Another way to accent the style of your home is by repeating the lines of the architecture in the paths and landscaping surrounding it. Wide, angular paths echo the geometry of the modern home here.

 

17. Create curb appeal even in the city. When you live in the city, it can be hard to personalize your home's exterior. Work with what you have by adding neat window planters, glossy black shutters, good lighting and clearly visible house numbers.

Professional painters can rejuvenate the outside of your home

Has your home lost a little of its curb appeal as the paint has faded and started to flake? Do you cringe a little as you look at the window trim, garage, front door and other paintwork that have battled the elements over the years and begun to show their age? Then it's time to invest in a professional paint job that will revitalize your home and bring back your pride of ownership.                             

 

Sun, rain, wind and snow can do a lot of damage to a home over time. Wooden trim and doors can peel and lose their lustre while metal hoods over windows or railings can rust and white stucco can become dingy. It's not just about appearances either as left untouched damage can increase and you might end up having to spend a lot more on replacing doors, windows, railings and trim than you would on paint and repairs.

                            

Balancing on a ladder two-storeys up or walking on a roof to reach window trim might not be the way you'd want to spend a weekend. Not everyone feels comfortable working at such heights and that's a big part of the reason that homeowners often don't get around to painting the outside of their homes. The other is time. When the weather is nice you'd probably much rather enjoy it on the ground, playing sports and spending time with family and friends.

                            

Hiring a professional painter is an investment in your home that you won't regret. Painting your home is about more than heading to the local hardware store, picking up a can of paint and slapping it on. It takes skill and the proper tools to do it right. A professional painter knows how to prep your home, the right materials to use and the precision to apply paint for a job that will take years off the appearance of your home.

 

Contact me today for a Free Home Value Report and staging advice.

Average Price of a Single Detached Home in Kitchener - Waterloo Increased by 3.4% Over Last Year

Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener‐Waterloo Association of REALTORS®(KWAR), were down 12 percent last month, compared to March 2013. There were 536 residential sales reported during the month of March, 23 percent more than in February.

Looking at the first quarter of 2013, there were a total of 1,293 residential sales, a decrease of 7.3 percent compared to last year’s 1,395 sales.

“As everyone knows, we’ve just come off of one of the harshest winters on record”, says Lynn Bebenek, president of the KWAR. “Anecdotally speaking I’ve heard from several business operators who say they’ve experienced a slowdown this winter because of extreme cold and snow, and our residential real estate market was no different.”

Bebenek adds, “On the bright side, everyone has buyers waiting and hopes are resting on a busy spring.”

Home sales in March 2013 included 347 detached homes (down 13 percent), 98 condominium units (down 4.9percent), 44 semi‐detached (down 24.1 percent), and 43 townhomes (on par).

The dollar volume of residential sales in the first quarter of 2014 came in at $423,915,584, a 5.9 percent decline compared to the same period last year.

Single detached homes sold through the KWAR’s MLS®System in March went for an average price of $368,896, virtually unchanged from the same month last year when the average price was $368,706. On a year‐to‐date basis, the average price of a single detached home sold for $377,711, a 3.4 percent increase.

The average sale price of all residential sales also increased a negligible 0.1 percent to $322,833 last month compared to the same month last year. On a year‐to‐date basis, the average price edged up a little higher to

$327,854, representing a 1.6% increase over 2013.

Light Rail Transit is One Step Closer to a Reality!

Here is a media release from the Light Rail Transit group.   Preferred Team   A significant milestone was reached this month when Council approved GrandLinq as the preferred team to design, build, finance, operate and maintain (DBFOM) ION Stage 1 light rail transit (LRT). Council's decision followed a comprehensive evaluation of the proposals submitted from the three short-listed teams in the running to build LRT between Kitchener and Waterloo.   Speaking after the decision, Councillor Jim Wideman, Chair of the Planning and Works Committee, said it was a great day for the Region. "Council and staff have worked hard to get to this stage and we're now one giant step closer to starting construction this summer," he said. "We're also delighted to partner with GrandLinq and we look forward to working closely with them to deliver ION on-time and on-budget."   Highlights of the GrandLinq proposal include:   The capital cost of the proposal is consistent with the capital cost estimate, and can be accommodated within the ION project capital budget of $818 million. Projected operating, maintenance, lifecycle and financing costs can all be accommodated within the Region's approved funding strategy. Based on the GrandLinq proposal, the rapid transit project remains on-time, on budget and the costs remain affordable based on the Region's approved funding strategy.   GrandLinq Costs   There are two components to the overall cost of ION: capital costs, and operations and maintenance costs.   GrandLinq's total capital cost is $593 million, including net HST. This includes $532 million funded from the LRT project budget of $818 million and $61 million from intersecting Public Infrastructure Works projects.   These projects are being completed as part of the GrandLinq proposal, but are being funded from sources other than ION. They were planned and budgeted for and would have been implemented regardless of ION.   They include: King Street and Northfield Drive rehabilitation and reconstruction; the underpass on King Street and the railway crossing near Victoria; rehabilitation and reconstruction of King Street (Victoria Street to Union Street).   GrandLinq's annual operations and maintenance cost for 30 years includes:   Operations ($4 million, plus HST and inflation); Maintenance ($4.5 million, plus HST and inflation); Lifecycle (average $8.7 million, plus HST and inflation); Financing ($11 million, plus HST); Insurance ($1.7 million, plus applicable taxes).   Operations and maintenance, financing, lifecycle and Region costs (such as electricity) will be funded by transit fare revenue and an annual 1.2 per cent tax increase (for seven years, starting 2012) as approved by Council in 2011. This 1.2 per cent property tax increase is being offset by other property tax reductions. As a result, the annual net property tax increase for ION will be an average of 0.7 per cent, or approximately $11 per year on the average household.   Next Steps:  Final Project Agreement   The Final Project Agreement with GrandLinq is expected to be signed by early May, with ION Stage 1 LRT construction set to begin shortly thereafter. The agreement is structured to ensure that the Region's interests are protected throughout the entire period, from the start of construction to the end of the operations and maintenance terms.   As part of the Project Agreement, the Region will own the ION LRT system, set fares and the frequency of the service, be responsible for customer service and system-wide integration, collect all fare revenue and monitor the performance of GrandLinq to ensure all service requirements are being met.   GrandLinq will take ION Stage 1 LRT to final design, build ION Stage 1 LRT and operate and maintain the service between Kitchener and Waterloo, consistent with the Region's performance requirements.