Real Estate Watch

With the spring deciding to hold off for a few more weeks and everyone one I know suffering from cabin fever, I thought it would be a good idea to write about a few things that may affect the Barrie market in the coming year.

1) CMHC premiums will rise on May 1st by an estimated 15% for all loan-to-value ranges. This move will not affect current mortgages insured by the CMHC.

What does this mean for you? According to the CMHC, "for the average Canadian home buyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. Keep this in mind if you are in the market to buy a home this spring.

2) There has been much talk about a policy that restricts second suites ( in-law, basement apartments) with-in the City of Barrie. This could all change if a city proposal gets the green light.

With a vacancy rate fluctuating around 2 per cent — far below a healthy rate of 5 per cent — rents in Barrie are the sixth-highest among Canadian metropolitan areas. For a two-bedroom apartment here, the average rent is $1,037 per month.

Meanwhile, the average annual household income required to purchase an “affordable” home — based on mortgage, taxes and utility costs — is $82,600.

There are approximately 770 registered two-unit properties. Many are in the Georgian College neighbourhood, as well as in multi-residential areas such as Daphne Crescent  and Charlboook Avenue.

Investors and home owners looking to maximize their investment will be following this proposal very closely. 

No date has been set for a public meeting on the subject as of yet.

                                                                                                                                                                Source :Barrie Advance

 

A few Great events not to be missed this month:

Spring Garden & Home Show

Event Start Date:03/08/2014 10:00 AM
Event End Date:03/09/2014 4:00 PM

Date: March 8 & 9, 2014
Location: Bradford Greenhouses Garden Gallery, Hwy 90 at Hwy 27, Barrie
Contact: (705) 725-9913; www.greenhausproductions.com,www.bradfordgreenhouses.com

Description:
From home renovation, to landscaping, and interior design, this is a show that you DON’T want to miss. Whether you are an exhibitor looking to showcase your product, or a consumer looking for inspiration and ideas to improve your home and garden; this is the show for you!

Event Time: Saturday 10am - 5pm; Sunday 10am - 4pm
Admission: Free

Spring Home Show

Event Start Date:03/08/2014 10:00 AM
Event End Date:03/09/2014 4:00 PM

Date: March 8 - 9, 2014
Location: Barrie Molson Centre, 555 Bayview Drive, Barrie
Contact: (705) 734-1728; www.mbmshows.com 

Description:
Exhibitors will include home renovation ideas, new kitchens, fall gardening tips, update your floors, hot bathroom trends, energy efficient windows, home décor, colour consultations and more.

Event Time: Saturday: 10am - 5pm; Sunday: 10am - 4pm
Admission: 16 and over - $2.00

 

Spring will eventulally be upon us, flowers blooming, birds chirping, cool breezes coming in threw the windows.

Feel free to contact me about all of your real estate needs.

Corby Hannam

Corby Hannam

Sales Representative
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
Contact Me

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