Follow the Code February 17, 2015 Almost poetic passage that we find was truly inspiring. Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. Through the REALTOR®, the land resource of the nation reaches its highest use and private land ownership its widest distribution. The REALTOR® is instrumental in moulding the form of his or her community and the living and working conditions of its people. Such functions impose grave social responsibilities which REALTORS® can meet only by diligent preparation, and considering it a civic duty to dedicate themselves to the fulfillment of a REALTOR®’s obligations to society. http://www.crea.ca/code From: The REALTOR(R) Code © Copyright The Canadian Real Estate Association 2011 Get your Ultimate Service® Guarantee July 1, 2014 There’s been a lot of attention in the media recently regarding the Canadian real estate industry. As consumers, you all want – and expect – quality service. That kind of service is at its best when it’s delivered within a sound and lasting business relationship. At Coldwell Banker M B Green Realty, we understand that business reality, and we have the outstanding people and resources to achieve it. Coldwell Banker Real Estate has a very powerful service platform to offer the Canadian consumer. It begins with a unique concept called Ultimate Service®. Ultimate Service is far more than just a marketing program, or a slogan dreamed up in some corporate ‘ivory tower’. It is a tangible ‘real world’ customer satisfaction process that includes a signed pledge to quality service. It is the cornerstone of our business philosophy of listening to the customer, determining their specific needs, and delivering a value proposition to meet those needs. When you work with Coldwell Banker M B Green Realty, you get two assurances that outstanding service will be delivered. First, we offer a personal commitment to your satisfaction – in writing. Secondly, you have the validation of what real, live customers all across Canada had to say about the service delivered by their local Coldwell Banker professional. That’s why I’m so pleased to announce that, based on the survey results of over 70,000 Canadian home buyers and sellers, and tabulated by an independent third-party service, Coldwell Banker Real Estate has achieved a 98% overall customer satisfaction rating. And perhaps even more importantly, we’ve now achieved that 98% satisfaction rating for 13 years in a row! No other real estate brand in Canada can make that claim. If you want to know about the quality of service that Coldwell Banker agents deliver, don’t take our word for it – just ask our customers! There are many reasons why Coldwell Banker real estate professionals deliver outstanding service. At a time when the real estate landscape is changing, Coldwell Banker sets the standard for excellence in Education. Coldwell Banker was ranked highest among all real estate companies by Training magazine in their Top 125 ranking. Our sales representatives benefit from a world class Education platform, and use their knowledge and skills in the service of their customers. Coldwell Banker Real Estate has a proud history of over 100 years of providing quality service, and we continue to build upon that legacy. You don’t get to be a leader in this industry for more than a century without having something of value to offer that sets you apart from all the rest. If you’d like to know more about the quality of service delivered by Coldwell Banker real estate professionals across Canada, just have a chat with us today. Sincerely, Susan L Green Broker, Coldwell Banker M B Green Realty GET A GOOD ONE by Susan L. Green May 29, 2013 In my opinion, your most important key to success in three situations - putting your home on the market for sale, accepting an offer on your home, or making an offer on your next home, is to get a good, targeted Comparative Market Analysis, known as a CMA. This document, prepared by your REALTOR®, is customized to your specific needs. A CMA helps you decide what price to ask when you put your home on the real estate market, what price you should consider accepting once you receive an offer on your home, or what price to offer on a home you are considering buying. Your REALTOR® will select homes to compare to yours based on many factors including location, style, size, condition, updates, and, in the case of the SOLD selections, the date the sales occurred. Wise selection is critical. The ACTIVE listings they will choose are the homes available to buy that are most like the home you are buying or selling. They are the other choices available in the marketplace, also known as the competition. It is the SOLD listings, however, that are considered to be the most reliable indicator of your home’s value. These are usually the three or four homes that are most similar to yours which have already attracted accepted offers and have closed successfully. Homes that have offers on them currently, but have not yet closed, will also be taken into consideration. Your REALTOR® may even include some EXPIRED listings to show you homes that tried to find a buyer, but either the owners weren’t successful or they decided to stop trying to sell. It is important to note that a CMA is not to be confused with having an appraisal done on your property. A formal appraisal is usually prepared for a fee by a qualified appraiser. They are considered a much more detailed document than a CMA and involve more in depth analysis. Some buyers and sellers, or their bank, hire an appraiser to do an appraisal on a home they are interested in buying or selling. Many more ask their REALTOR® for a well prepared and well-defended CMA. Keep in mind that real estate markets change from month to month, sometimes even from week to week. Don’t assume a CMA your REALTOR® shared with you a few months ago is still up to date. A review of recent real estate activity will insure you have the current information you deserve to help you make a good buying or selling decision. Selecting the best properties to use for your CMA is a skill your REALTOR® has learned while working in your real estate neighbourhood. They become familiar with the many transactions that occur and the variables affecting individual sales. Your REALTOR® may have even inspected several of the properties included in your CMA. They will sit down and discuss the properties with you and will answer any questions you may have. They will also explain how the DOM (days on market) and the list to sell ratio may relate to your property. This information is critical to help you select a price, because it is accepted fact that recent real estate market performance is one important indicator of current real estate performance. In my opinion, a well selected and well prepared Comparative Market Analysis is one of the most valuable services your REALTOR® can provide for you. It puts you on the right path to a successful closing. My advice is that you take the time to discuss it with them. Susan L. Green is the Broker/ Owner at Coldwell Banker M B Green Realty and holds a CRA Retired designation with the Appraisal Institute of Canada PASSING ON HOME HOME INSPECTION JUNE 29, 2012 The Chronicle Herald Q) My friends just bought their first house and, against advice, choose not to use a home inspector. What are they missing out on by not having a home inspection? A) As a home inspector, there is no question that I am going to be biased toward people using the services of a competent home inspector, whenever they are in the process of buying or selling a property. However, people don’t have to take the word of a Registered Home Inspector; all they need to do is ask their REALTOR®, their mortgage broker, their lawyer or even Mike Holmes. All of these professionals will come back with the same clear recommendation — you should always have your home inspected by a qualified home inspector! If you do a quick search on the Internet for “common mistakes by first-time home buyers,” you will find that not having a home inspection is always near the top of this list. Without knowing the circumstances as to why your friends would have made this unwise decision, I do hope that nothing too serious has been overlooked and their experience with purchasing their first home remains positive. Sadly, it’s not unusual to see first time home buyers get overwhelmed with all of the various costs associated with purchasing their first home. Some will even look for creative ways to stretch their limited home-purchasing budget and choose not to hire a home inspector to try to save money. But that old saying, penny wise, pound foolish, certainly comes to mind. Another important point to consider as to why home buyer’s should hire the services of a professional home inspector is the simple fact that people tend to fall in love or have made an emotional connection with the home they are about to purchase. That is not necessarily a bad thing. Unfortunately, when someone makes an emotional purchase, they can easily be blinded to seeing exactly what they are getting themselves into. This reminds me of a line from a movie — “the brain sees what the heart want it to feel.” That would definitely apply to buying a home. Homeownership certainly has its rewards, but it also comes with many risks. That is why it is so important to be an informed buyer and to try to manage some of these risks. Always have a home inspection done and then carefully review the results, so you can objectively decide on how you would then like to proceed with the purchase of this property. Remember, the cost of a home inspection is very small in comparison to the purchase price of the home or the potential risk of the some unknown or hidden deficiency. A properly-trained home inspector will view the home in a way that very few people do. In an effort to minimize unpleasant surprises and unexpected repairs, the home inspection should provide an unbiased and objective visual examination of the physical structure and systems of the home. Their judgement is not clouded by emotions; they will review your house as a system, looking at how one component of the house might affect the operation or lifespan of another. The inspector evaluates and reports on the condition of the structure, roof, basement, drainage, electrical, plumbing, heating system, visible insulation, walls, windows and doors. Components that are not performing properly will be identified, as well as items that are beyond their useful life or are unsafe. The purpose of the home inspection is to provide the client with a better understanding of the property conditions, as observed at the time of the inspection. It is extremely important to note that not all home inspectors are equally trained and/or qualified, so look for home inspectors who belong to a provincial association such as CAHPI (Canadian Home & Property Inspectors), as these professionals are typically bound by a strict code of ethics and must adhere to specific standards of practice. It is also important to note that only CAHPI members have the legal right to use the CAHPI logo and the term RHI (Registered Home Inspector). Using a CAHPI Registered Home Inspector (RHI) is your assurance that you are working with the highest quality and trained home inspectors in Nova Scotia. This verification can be easily found at www.cahpi-atl.com. New Mortgage Rules June 21st, 2012 Flaherty moves on mortgages The Canadian government continues to move aggressively to cool down the mortgage market amid fears in some quarters of a bubble in the making, at the same time deterring homeowners from using their properties "as ATMs." As The Globe and Mail's Bill Curry, Grant Robertson and Tara Perkins report today, Finance Minister Jim Flaherty is acting for the fourth time, reducing the maximum amortization for a government-insured mortgage to 25 years from 30 years. He's also reducing the amount of equity homeowners can take out of their homes in a refinancing to 80 per cent from 85 per cent. The changes take effect July 9. Canada's bank regulator, the Office of the Superintendent of Financial Institutions, has also acted already, and unveiled the final guidelines today. This comes amid concerns that the market is overheated, notably in major cities like Vancouver and Toronto, and as Canadian consumers carry ever higher debt burdens, even though loan growth is slowing. Mr. Flaherty is "prudently taking out some insurance" with today's move, said chief economist Craig Alexander of Toronto-Dominion Bank, by gently tapping the brakes. Debt growth in Canada has slowed, but is still eclipsing income growth, a threat to the economy should it continue. The ratio of debt to personal disposable income among Canadian households has climbed to a startling 152 per cent. Had steps not already been taken, TD believes, that would have climbed already to 160 per cent, the level that sparked troubles in the United States and Britain. Mr. Alexander says the cumulative impact of both of today's moves by Mr. Flaherty and OSFI should be to reduce house prices by five percentage points from where they otherwise would have been, and sales by 10 percentage points. That takes more than a year to filter through, Mr. Alexander said, and is based on all else being equal. What he means is that the move could, for example, lead to lower sales listings, in turn tempering a price decline. Bank of Canada Governor Mark Carney has warned repeatedly of the threat to consumers should there be another financial shock and rising unemployment. Some observers had believed that the run-up in debt could force him to hike rates, but, with Mr. Flaherty's action today, the central bank chief now has more wiggle room to hold rates as he sees fit amid the mounting global uncertainty. "These latest steps to tighten mortgage rules are part of efforts to avoid one of the negative side effects of having very low interest rates for a long time," said chief economist Avery Shenfeld of CIBC World Markets, which believes Mr. Carney won't hike his benchmark lending rate until 2014. "With the economy not strong enough overall to deal with a significant ramp-up in rates, it make sense to use alternative targetted measures to address one of those issues, the risks of a bubble in home prices and associated mortgage debt," Mr. Shenfeld said. "These latest moves are just some further fine tuning, but we are already seeing a cooling in house price inflation, and a slower pace to consumer debt. If these measures add to the cooling in housing, it will take the pressure off Carney to use the blunter instrument of interest rate hikes to meet that objective, leaving other parts of the economy, including business capital spending, still getting a much needed boost." In Halifax, Mr. Carney said the move will support the "long-term stability" of real estate and help guard against the risks associated with swollen debt levels. Robert Kavcic of BMO Nesbitt Burns says the reduction in the maximum amortization period is equivalent to an increase in mortgage rates of about 0.9 of a percentage point. (That assumes a five-year fixed mortgage rate of 3.3 per cent on a $290,000 mortgage, after a 20-per-cent down payment on an average home.) "Notably, the impact is bigger than the switch from 35- to 30-year mortgages, which at current mortgage rates, would be equivalent to about 0.6 percentage points of tightening," Mr. Kavcic said. "It’s also important to keep in mind that the amortization change won’t impact affordability across the entire market, but rather those that would be taking a 30-year amortization," he added. "As we’ve observed around prior mortgage rule changes, some housing market activity will likely be pulled forward ahead of the implementation date ... with a subsequent payback thereafter. After the 35-year amortization was eliminated last March, for example, existing home sales fell by more than 3 per cent over the subsequent two months." As for lowering the levels on refinancing, "this is designed to modestly deter homeowners from using their homes as ATMs," said senior economist Michael Gregory of BMO Nesbitt Burns. "It should result in lower average mortgage balances and higher home equity positions than would otherwise be the case, both of which should help promote financial stability," he said. Mr. Alexander described Mr. Flaherty's action as a "very constructive step." It shows, he added, that the Canadian government agrees with the Bank of Canada that real estate valuations and debt loads are out of hand. The combined moves, equivalent to hiking mortgage rates by between 1.5 and 2 percentage points, should cut between one-third and one-half of the overvaluation in the Canadian real estate market, Mr. Alexander said. "With respect to recent indicators and the need for such measures, resale house sales activity through the first five months of the year is 7.5 per cent higher than over the same period last year," said Mark Chandler, chief of fixed income and currency research at RBC Dominion Securities. "However, price pressures have abated considerably, with weighted residential prices up just 1.1 per cent on a year-ago basis ... Mortgage credit growth has slowed somewhat as well, though still remains above the pace of personal disposable income (BoC estimates growth at 6.9 per cent on a year-ago basis as of April, the annualized three-month trend is at 6.3 per cent)." All in all, said senior economist Robert Hogue of Royal Bank of Canada, Ottawa has, since the fall of 2008, reversed the looser rules that came into being between 2004 and 2006. "This latest move by the federal government - its fourth since 2008 - effectively turns back the clock to the pre-2004 state of affairs, resetting mortgage lending rules to more prudent, if conservative, standards," he said. Today's move, said Adrienne Warren of Bank of Nova Scotia, could spark an initial burst of activity. "I see it as another move by Ottawa to reinforce cautious lending practices in response to high household debt levels and high home valuations," she said. "The change is significant enough to dampen housing demand and credit growth, though we could see a rush to lock in a 30-year amortization while they are still available." Stay or go? `Reno vs. Relocate' May 25, 2012 TORONTO - The dream of home ownership can go awry as time wears on when a house that once was a perfect fit suddenly falls short of meeting your evolving needs. Whether coping with increasingly cramped quarters as families expand or simply tiring of dwelling in outdated surroundings, many homeowners grow keen to scratch the itch to shape up their property or ship out. So should you stay or should you go? Designer Robin Lewis and real estate agent Vanessa Roman seek to help befuddled homeowners find the solution in "Reno vs. Relocate" which premieres with back-to-back episodes Monday at 9 p.m. ET on HGTV. "The first thing that we do is take an assessment of exactly what it is that they need in the space, how the space functions, but more importantly, how it's not functioning for them," Lewis said in a recent interview. Homeowners are able to see a graphic simulation of a renovated home from Lewis, while Roman offers a tour of a new home better equipped to meet their needs. After seeing both options, a choice is made to either opt for a makeover or move. One of the debut episodes features Sarah and Marc with a tiny kitchen and constant congestion on their home's main floor, coupled with limited work space. After eight years in the home, and now with two kids, Marc is ready for more spacious surroundings closer to his office. Sarah favours going the reno route, preferring to stay closer to friends, school and her work. The couple is willing to shell out $40,000 for a potential renovation or $600,000 for a new home. In a hot, expensive market, it may not be possible to afford to remain in your current neighbourhood in a bigger property or to move to a better area, said Roman. In that case, renovation becomes your lone option. However, in markets where housing is more affordable, it's very easy to pick up and move versus staying and undergoing a massive reno, she noted. "Renovations are fantastic, especially because people these days really are trying to find a home — not just a shell to live in," said Roman. "They want to stay in the same property because they develop a network of friends in the neighbourhood, their children are going to school, they have amenities that are close by. "Sometimes, as much as you love a property, short of knocking the house down and building something new, it's not going to work. So moving then becomes a very viable option." For those primed for a new property, Roman said the old adage of "location, location, location" still holds firm as the No. 1 consideration. But she also encourages homeowners to imagine how the property will be amenable to their needs in the short and longer terms. "You have to imagine the space three years from now, five years from now, 10 years from now," she said. "Robin and I could buy a house together and 1,100 square feet is great. Six children later? A little small. And you don't necessarily want to move." While weighing the decision to renovate, Lewis said the parameters of your budget should set the course of action — and you shouldn't deviate from it. He also suggests a itemizing a top-down, to-do list. Whether you're sprucing up a home for sale or staying put, Lewis and Roman say there are simple, affordable ways to make changes. Both agree paint is a quick, cost-efficient option, but Lewis cautions against splashing any old colour on the wall. "When you're considering how to paint a room, people look at the paint colours in isolation, by themselves. Look at what's going to be in that room," he said. "Look at what's going to be outside the window, look at how you're going to want to use that room, how you want it to feel, and then make the decision on the paint from there." That includes factoring in furniture and other complementary colours in palette, he noted. There are also tricks you can use to carve out a little extra wiggle room. One of the basements renovated in the series needed to double as a play space and bedroom for out-of-town guests. Lewis came up with the idea of installing a wall bed that folds away when not in use. "Another thing is just simple trays underneath your bed or underneath your couch gives you the ability to store smaller items," said Lewis. "It's all pretty straightforward if you just use your noggin." The Canadian Press© FIRST TIME HOME BUYERS' PLAN FEBRUARY 15, 2012 I'm looking to buy my first home. What is the First-Time Homebuyers Plan? Courier-Islander February 15, 2012 The First Time Homebuyer's Plan gives potential buyers an opportunity to purchase a home by using monies in their RRSP without immediate withholding taxes. A first-time homebuyer is considered a Canadian resident that has never owned a home or whom has not owned a home in the last four calendar years. Those divorced may be eligible as a first-time homebuyer if their name was not on title of the home. The program allows individuals to borrow up to $25,000 from your RRSPs to be paid back over a 15 year period or by the end of the year in which you turn 71. You can participate in the plan more than once if you meet the eligibility and provided that all monies to the former plan have been paid back and you wait until the next calendar year. Wishing to buy a home and need to make a RRSP contribution? A proven strategy is to make a final (or large first) contribution to your RRSP and then withdraw the funds for the down payment on the home. This gives the contributor both access to funds and a tax receipt that can be applied towards the year's income. The rules of the plan require that the contribution is only deductible if the proceeds have been in the plan for 90 days but this seems to be only a small impediment upon an otherwise prudent move. For those building a home or planning on making a purchase in the future the program is flexible enough to accommodate but certain restrictions are in place to curb abuse. While it would be nice to have monies available so as to not have to raid retirement savings, the reality is for many it is their largest and most accessible option to get them into the housing market and begin building equity in a principal residence. Talk to your mortgage professional about whether the plan makes sense for you. The foregoing is for general, financial planning information only. It should not be considered as advice. Consult your own advisor or contact Murray at mcallaghan@crwealthmanagement.ca or 250-286-9968 for more information. © Copyright (c) Postmedia News WHAT DIFFERENCE DOES IT MAKE? LOTS! January 6, 2012 As I write this, I am thinking of two REALTORS® in our office who travelled to Truro recently to attend one of our yearly mandatory courses, put on by our professional organization, the Nova Scotia Association of REALTORS® known as NSAR. This time the course was on clause writing, proper home size calculation review and professional etiquette. In order to continue membership with NSAR and to continue to hold a real estate license, all REALTORS® must fulfill annual continuing educational requirements. On November 8th REALTORS® in our office attended a day long event in Halifax, put on by Coldwell Banker, to help them enhance their skills in listing and selling real estate. On November 9th two of them took a negotiating course, their last course requirement before becoming members of the internationally recognized Accredited Buyers Representative program known as ABR®. In December the Nova Scotia Real Estate Commission, who determines who is qualified to trade in real estate in Nova Scotia, visited our office to conduct a successful annual annual audit. They checked that our trust accounts are in order. The Commission also schedules audits to scrutinize brokerages policies and procedures and to review property files to ensure that strict professional standards are being met when preparing listing agreements and agreements of purchase and sale. As members of the Canadian Real Estate Association known as CREA, all REALTORS® must also comply with a strict Code of Ethics. Our office has REALTORS® with over thirty years of experience in representing buyers and sellers in listing and selling real estate. The experience they have gained is put to work daily to help families make wise real estate decisions and to protect their equity in their investment. In spite of their proven competency, it is as important for them to constantly upgrade their skills and comply with our industries strict standards of service, as it is for a newly licensed REALTOR®. I am proud to be a REALTOR® and I am proud of the personal, professional service Coldwell Banker M B Green Realty has been providing to Pictou County families for more than thirty-five years. When you choose to buy or sell real estate, what difference does it make to have a REALTOR® as a part of your professional team? Lots! MARKET TRENDS YOU NEED TO KNOW October 2011 County wide more home owners put their houses up for sale from January to September 2011, compared to January to September 2010, a 13% increase in properties available for home buyers to view. However, although the number of properties to choose from increased, fewer homeowners were successful in selling their homes in the same time period. There were fewer home sales county wide, a 7% decline year to date. One bright spot for the number of homes sold was New Glasgow/Stellarton, where the number of homeowners who successfully negotiated a sale increased by just under 5 %, reversing a trend that had shown up at the end of September in 2010. However, it was offset by a modest decline in the average selling price to $135213. This was 2% less than the average selling price in New Glasgow/Stellarton for the twelve months from October 2010 to September 2011 compared to the previous twelve months period of October 2009 to September 2010. In rural Pictou County the reverse happened during the same time period. The average selling price did increase by over 4% to $142734, as of September 2011, compared to the price for the previous twelve months ending in September 2010, but the number of homes sold declined significantly year to date from January 2011 to September 2011, compared to year to date from January 2010 to September 2010, by just over 20%. The Westville/Trenton/ Pictou sector of the county enjoyed a 16% increase in selling price, to $96086 in the past twelve months, compared to the previous twelve, and the number of home sales has remained stable, with 78 sales year to date from January 2010 to September 2011, compared to 80 sales year to date from January 2010 to September 2010. What does all this mean for you as a home buyer or home seller? What will happen in the next quarter? How do you analyze the market and position yourself to make the best decisions for yourself and your family? Buying or selling a home can be a challenging and potentially rewarding event in your life. Your experienced REALTORS® at Coldwell Banker M B Green Realty can help guide you to a happy ending. Data from Nova Scotia Association of REALTORS® MLS ® Statistic Report Residential (single family) Activity by Area [SEPTEMBER 2011] CANADIAN HOUSING STARTS RISE IN JUNE JULY 11, 2011 CMHC's June housing starts figures strong showing by Ontario cities pushed Canada's new homes starts up in June, according to new figures released Monday. Canada Housing and Mortgage Corporation (CMHC) said Canada saw housing starts rise by 1.7 per cent in June compared to May, driven by increased activity in the country's most populous province. "Housing starts increased in June due to an increase in single and multiple starts in Ontario,” said Bob Dugan, CMHC's chief economist, in a news release. Home builders began 197,400 units — adjusted for seasonal variations and calculated on an annual basis — in the sixth month of the year. Many economic and industry organizations re-calculate monthly figures to show what the number means in terms of a full year's worth of activity to make comparisons between months and different years more meaningful. The June figures represented an improvement of more than 3,000 homes compared to May's figures and more than 5,000 higher than the results for June 2010. Leading the charge was a large rise in new home sales in Ontario which experienced a rise of 24 per cent, or 6,390 units, in June. When you calculate Ontario's results over an entire year, the province's industry broke ground on 69,000 new homes in June. Higher Canadian sales Canada has continued to enjoy higher home sales and rising prices even as the threat of increased interest rates looms in the coming winter months. In recent months, the Bank of Canada has warned about Canadians borrowing too much money especially to purchase new homes and mused about the need to slow growth in that sector. As well, earlier in 2011, the federal government brought in new restrictions on mortgage lending as a way of cooling the national home market. Still, the average Canadian house sold for $376,817 in May, 8.5 per cent higher than May 2010. U.S. housing woes By contrast, U.S. home prices were down 4.6 per cent in May compared to the same month one year earlier. American homebuyers faced widespread foreclosures during the recession of 2008-09 as their mortgage rates rose even as their ability to cover these higher payments fell. That resulted in a housing market that has remained in the doldrums two years after the overall economy began to turn around. Indeed, a recent survey has a number of American economists predicting a bottom for the U.S. housing market in mid-2012. CMHC's Dugan said the moves by Ottawa to slow down the housing market and prevent a U.S.-style sector crash should take hold toward the end of 2011. "The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term,” he noted. CANADIAN HOUSING STARTS RISE IN JUNE JULY 11, 2011 CMHC's June housing starts figures strong showing by Ontario cities pushed Canada's new homes starts up in June, according to new figures released Monday. Canada Housing and Mortgage Corporation (CMHC) said Canada saw housing starts rise by 1.7 per cent in June compared to May, driven by increased activity in the country's most populous province. "Housing starts increased in June due to an increase in single and multiple starts in Ontario,” said Bob Dugan, CMHC's chief economist, in a news release. Home builders began 197,400 units — adjusted for seasonal variations and calculated on an annual basis — in the sixth month of the year. Many economic and industry organizations re-calculate monthly figures to show what the number means in terms of a full year's worth of activity to make comparisons between months and different years more meaningful. The June figures represented an improvement of more than 3,000 homes compared to May's figures and more than 5,000 higher than the results for June 2010. Leading the charge was a large rise in new home sales in Ontario which experienced a rise of 24 per cent, or 6,390 units, in June. When you calculate Ontario's results over an entire year, the province's industry broke ground on 69,000 new homes in June. Higher Canadian sales Canada has continued to enjoy higher home sales and rising prices even as the threat of increased interest rates looms in the coming winter months. In recent months, the Bank of Canada has warned about Canadians borrowing too much money especially to purchase new homes and mused about the need to slow growth in that sector. As well, earlier in 2011, the federal government brought in new restrictions on mortgage lending as a way of cooling the national home market. Still, the average Canadian house sold for $376,817 in May, 8.5 per cent higher than May 2010. U.S. housing woes By contrast, U.S. home prices were down 4.6 per cent in May compared to the same month one year earlier. American homebuyers faced widespread foreclosures during the recession of 2008-09 as their mortgage rates rose even as their ability to cover these higher payments fell. That resulted in a housing market that has remained in the doldrums two years after the overall economy began to turn around. Indeed, a recent survey has a number of American economists predicting a bottom for the U.S. housing market in mid-2012. CMHC's Dugan said the moves by Ottawa to slow down the housing market and prevent a U.S.-style sector crash should take hold toward the end of 2011. "The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term,” he noted. 98% CUSTOMER SATISFACTION July 1, 2014 Re: Ultimate Service® There’s been a lot of attention in the media recently regarding the Canadian real estate industry. As consumers, you all want – and expect – quality service. That kind of service is at its best when it’s delivered within a sound and lasting business relationship. At Coldwell Banker M B Green Realty, we understand that business reality, and we have the outstanding people and resources to achieve it. Coldwell Banker Real Estate has a very powerful service platform to offer the Canadian consumer. It begins with a unique concept called Ultimate Service®. Ultimate Service is far more than just a marketing program, or a slogan dreamed up in some corporate ‘ivory tower’. It is a tangible ‘real world’ customer satisfaction process that includes a signed pledge to quality service. It is the cornerstone of our business philosophy of listening to the customer, determining their specific needs, and delivering a value proposition to meet those needs. When you work with Coldwell Banker M B Green Realty, you get two assurances that outstanding service will be delivered. First, we offer a personal commitment to your satisfaction – in writing. Secondly, you have the validation of what real, live customers all across Canada had to say about the service delivered by their local Coldwell Banker professional. That’s why I’m so pleased to announce that, based on the survey results of over 70,000 Canadian home buyers and sellers, and tabulated by an independent third-party service, Coldwell Banker Real Estate has achieved a 98% overall customer satisfaction rating. And perhaps even more importantly, we’ve now achieved that 98% satisfaction rating for 13 years in a row! No other real estate brand in Canada can make that claim. If you want to know about the quality of service that Coldwell Banker agents deliver, don’t take our word for it – just ask our customers! There are many reasons why Coldwell Banker real estate professionals deliver outstanding service. At a time when the real estate landscape is changing, Coldwell Banker sets the standard for excellence in Education. Coldwell Banker was ranked highest among all real estate companies by Training magazine in their Top 125 ranking. Our sales representatives benefit from a world class Education platform, and use their knowledge and skills in the service of their customers. Coldwell Banker Real Estate has a proud history of over 100 years of providing quality service, and we continue to build upon that legacy. You don’t get to be a leader in this industry for more than a century without having something of value to offer that sets you apart from all the rest. If you’d like to know more about the quality of service delivered by Coldwell Banker real estate professionals across Canada, just have a chat with us today. Sincerely, Susan L Green Broker, Coldwell Banker M B Green Realty Where are Buyers Moving to in Pictou County? January 15, 2011 2010 was an interesting year for home sales in Pictou County. In spite of the fact that fewer homes sold in Pictou County in 2010 compared to 2009, the average sale price rose, both in the towns and in the county. This is encouraging news. Average sale prices rose as follows: New Glasgow / Stellarton rose by $12,529 to $137,435. Westville / Trenton / Pictou rose by $7,188 to $88,858. Rural Pictou County rose by $6,322 to $138,571. Overall the number of homes sold only declined from 384 to 364, less than a 5% drop. However, when it comes to where buyers chose to buy, rural Pictou County was the clear winner, enjoying a net gain of 18 homes purchased, for a total of 139 sales in 2010. The New Glasgow/ Stellarton area suffered the biggest loss of buyers, a 20% decline in the number of homes sold. There were 32 fewer sales in New Glasgow, a drop from 159 homes sold in 2009 to 127 homes sold in 2010. The Westville / Trenton / Pictou region remained relatively stable, declining by only six fewer sales, from 104 sales in 2009 to 98 sales in 2010. What will 2011 bring? We should be concerned that fewer home buyers entered the market in 2010 in spite of continuing low interest rates. An exemption from the new deed transfer tax for first time home buyers may be one way to stimulate buying activity in the lower end of the market. This would allow move up buyers to sell their properties and invest in higher priced homes. More home sales stimulate our local economy with the many spin off dollars a home purchase generates. It also increases property tax revenue by re-setting the cap on property assessments at a higher amount when a home transfers to the new owner. We will be watching the trends closely, but at Coldwell Banker M B Green Realty we are anticipating a strong market in 2011, with prices holding and possibly even continuing to increase. IS IT PROPERTY TAXES? NOVEMBER 2010 TOWNS LOSE, COUNTY WINS - WHY YOU SHOULD CARE A trend to watch has shown up in Pictou County real estate sales over the first three quarters of 2010. Rural Pictou County is hot. 37% of all home sales occurred in rural Pictou County in the first three quarters of 2010 compared to only 28% of home sales there in the first three quarters of 2009. Also, the number of homes sold dropped in the five towns overall by approximately 11.5%, while our rural area has enjoyed a whopping increase of approximately 38% in homes sold over the same period, compared to the first three quarters of 2009. It would appear that the number of homes available to buy in each community does not account for the large difference in the number of sales. The number of homes available to buy in the county increased by only three homes, from 228 homes to 231 homes, while there was a drop of only 21 homes listed for sale in the five towns overall, from 359 homes to 338 homes. One has to wonder if the move to the county is the result of property tax fatigue. It is certainly not because of lower sale prices in the rural area. The difference in the average selling price of homes in the county, at $136795, compared to an average price of $138163 in New Glasgow / Stellarton, is barely noticeable. Are home owners seeking the relief of the much lower property tax rate in the county in greater numbers? Should home owners who live in the five towns care? Yes they should. The number of homes sold increases tax revenue for the municipality it is in. When a home sells, not only does the municipality collect the new one per cent deed transfer tax on the sale, they likely also get a significant lift in the property taxes that get paid by the new home owner. This is because, in addition to the deed transfer tax, the new owner must pay his taxes on the market value assessment of the property, which is usually higher than the capped assessment on which the previous owner paid taxes. When a home sells in a community it benefits all home owners by increasing the community’s tax revenue, thereby insulating all home owners from future jumps in their own property tax rate. Based on Nova Scotia Association of REALTORS® MLS® Statistic Report – Residential (single family) Activity (September 2010) U.S.-Style Home Price Correction Unlikely in Canada OTTAWA - May 26, 2010 The Canadian Real Estate Association (CREA) released a new report today indicating that home prices will stabilize, and will remain stable for some time. This means that Canadian homeowners are unlikely to experience a U.S.-style decline in the value of their homes. “The relationship between average price and income has recently been cited as portending a U.S.-style correction in Canadian home prices,” said Gregory Klump, Chief Economist, CREA. “However, such warnings ignore the longer-term relationship between prices and income, and disregard typical Canadian housing market cycle dynamics.” Home prices tend to rise in cycles, characterized by periods of sharp growth and periods of stability. By contrast, income generally follows an orderly upward trend over time. For home prices to keep pace with incomes, they must rise faster during housing booms to make up for periods of little or no price growth. Canadian home prices were stagnant throughout most of the 1990s, while incomes continued rising, making housing more affordable. Over the past decade, home prices have climbed sharply as mortgage interest rates declined. Klump adds: “The Canadian housing market is now widely thought to be at, or very near, the top of a cycle, and the ratio of home prices to incomes is currently high. This ratio will revert to its long-term average as it always does as part of a normal housing market cycle. History suggests, however, that it will not do so by means of a significant correction in home prices. The more likely scenario is that home prices will stabilize, giving incomes a chance to catch up again.” The correction in U.S. home prices has sparked fears that Canadian home prices may share a similar fate. However, according to Klump, “warnings to this effect ignore solid Canadian mortgage market trends.” Conservative lending practices in the mortgage industry combined with prudent borrowing and accelerated payments among Canadian mortgage holders have been seen throughout the recent housing market cycle. Accelerated accumulation of home equity will provide options for the small proportion of homeowners who may face financial difficulty when their mortgage is renewed at a higher interest rate. These trends are expected to help Canada avoid a U.S.-style housing crisis. The correction in U.S. home prices is set against a massive oversupply of homes due to distress sales, combined with a drop in housing demand due to unemployment. The unwinding of the housing boom in Canada will be more orderly, characterized by softening sales activity and stable prices. To view the full report please visit: http://www.crea.ca/public/news_stats/pdfs/housing_report_2010.pdf Interest Rates News May 16, 2010 Bank of Canada maintains interest rates As was widely expected, the Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on April 20, 2010. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent. With the Bank having dropped its commitment to stay on hold until at least the second half of the year conditional on the outlook for inflation, financial markets now expect the Bank to raise rates at its next at its next fixed announcement date on June 1st. The Bank raised its forecast for economic growth this year from 2.9 per cent in the January Monetary Policy Report to 3.7 per cent, attributing the more “front-loaded” profile for growth to “stronger near-term global growth” and “very strong housing activity”. However, the Bank also cut its forecast for Canadian economic growth, based in part on an expected decline in housing investment “over the remainder of 2010 and well into 2011.” The Bank noted that the economy still faces headwinds from the strength of the Canadian dollar, weak U.S. demand, and “Canada’s relatively poor relative productivity performance”. The Bank moved the goalposts forward as to when it expects the economy to return to full potential, now forecasting the second quarter of 2011. The Bank had previously forecast a return to potential by the third quarter of 2011. This is another signal that rates will have climb sooner in order to fight inflation. The Bank said core inflation had been somewhat firmer than projected in January, but noted that this was due to temporary factors. The core rate is expected to ease slightly in the second quarter of 2010 and to remain near 2 per cent throughout the rest of the projection period. Total CPI inflation is expected to be slightly higher than 2 per cent over the coming year, before returning to the target in the second half of 2011. In previous announcements, the Bank had noted that it believed the balance of risks to the outlook to be tilted to the downside. At its last announcement, the Bank judged those risks to be balanced. In its Monetary Policy Report released on April 22, 1010, the Bank judged risks to the inflation outlook as remaining elevated but “roughly balanced over the projection horizon.” “The April interest rate announcement all but guarantees the Bank will raise rates in June,” said CREA’s Chief Economist Gregory Klump. As of April 19th, the advertised five-year conventional mortgage rate stood at 5.85 per cent. This is up 0.4 per cent from one year earlier, and stands 0.46 per cent above where it stood when the Bank made its previous interest rate announcement on March 2, 2010. Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of about one percentage point can be negotiated, depending on lender-client relationship. http://creastats.crea.ca/natl/interest_rate_trends.htm (CREA) 2009 An Interesting Year in Real Estate January 14, 2010 Nova Scotia: Nova Scotia’s real estate market in 2009 ended with single digit decreases in both sales and listings, while average price showed an increase of 3.9% when compared to 2008. The Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold through the Multiple Listing Service® (MLS®) was down 7.7% in 2009. “At the end of 2008, buyers were clearly nervous whether to enter the real estate market based on the economy,” says Linda Smardon, NSAR President. “Towards the middle of 2009, consumer confidence began to build again and the recovery from double-digit decreases in sales and dollar volume indicates a brighter 2010 for the market than some previously thought.” With listings down, the market seems to be working to achieve more balance. “A balanced market is a healthy market,” commented Smardon. “It means that there are opportunities for buyers and sellers and what’s good for the real estate market is good for our economy”. Representing more than 1,600 REALTORS® across the province, the Nova Scotia Association of REALTORS® continued to keep Nova Scotians up-to-date on regional and provincial market activity to help sellers and buyers make informed decisions and promote the benefits of a healthy, active market. According to a study by Altus group, the real estate industry generates $338 million and creates more than 4,100 jobs annually in Nova Scotia. The benefits of a healthy real estate market in a community can be felt by all its residents. Because the real estate industry impacts the province economically, environmentally, and socially, REALTORS® are committed to helping to improve the quality of life for Nova Scotians by ensuring economic vitality, providing housing opportunities, preserving our environment, protecting property owners and building better communities. It is these principles that help to guide the activities of the Association and its members. In 2009, REALTORS® were involved in several provincial initiatives including providing input into and feedback on the New Home Construction Rebate, the Condo Act, the Wetland Conservation Policy and the Homeowner Protection Act. REALTORS® were also very involved at the federal government level, meeting with MPs on Parliament Hill, including Prime Minister Stephen Harper and Finance Minister Hon. Jim Flaherty to discuss federal initiatives that would help stimulate the economy. 2009 residential sales and listings Average Price: 2009 compared to 2008 Northern Region $116,504 + 2.9% Provincial $194,398 + 3.9% Residential sales and listings 2009 compared to 2008 % Change Northern Region 1100/1253 -12.2% 2776/3200 -13.3% Provincial 10081/10925 -7.7% 24406 26524 -8.0% SALES / LISTINGS % Change Oct - Dec 2009 from Oct - Dec 2008 Northern Region 246/237 3.8% 523/ 563 -7.1% Provincial 2115/1780 18.8% 4290/ 4745 -9.6% Average prices from October to December 2009 compared to October to December 2008 Northern Region $118,353 6.6% Provincial $191,119 7.9% Important information Please note that effective June 1, 2009, data for this report is now provided on a three-month basis and includes only single family residential listings. The average price information quoted can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas. The Nova Scotia Association of REALTORS® represents over 1,600 brokers, salespeople and affiliate (e.g. solicitors, appraisers, banks) members throughout the province. NSAR serves its members through a wide variety of educational programs, publications and special services. The association, through an agreement with the Nova Scotia Real Estate Commission, provides all real estate licensing courses in the province. REALTOR® is a trademark, which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and to a strict code of ethics. For additional information, please contact: Christy Wentzell Communications Officer Nova Scotia Association of REALTORS® 7 Scarfe Court Dartmouth NS B3B 1W4 Telephone: 902-468-2515 or 1-800-344-2001 Fax: 902-468-2533 or 1-877-220-2533 E-mail: cwentzell@nsar.ns.ca GET IT SOLD - CHRONICLE HERALD Fri. Jan 15 - 4:46 AM Get it sold - Dispelling some home-selling myths debra wells-hopey... With an effective strategy and a qualified real estate agent, you should feel confident listing your home at any time of year. In this age of fast, if sometimes unsubstantiated, information (available online, on the airwaves and on our lunch breaks as we chat with coworkers and friends) it may be high time to dispel some myths about an always hot topic — real estate — and in particular, the agents that assist us in these all important purchases and sales. What better way to bust some real estate myths than by going to the source. I solicited the Nova Scotia Association of REALTORS® for the down and dirty truths about some of those issues we have assumed to be true, but as it turns out, may actually fall under the category of myth. Myth: Winter is not a good time to list your property. Fact: "People buy homes at any time of year. Of course, spring tends to bring out more buyers and there are usually less homes listed during the winter, but that also means less competition for the buyers and for the seller," explains Linda Smardon, president of the Nova Scotia Association of REALTORS®. "A Realtor will help you prepare your home for sale and set an effective pricing and marketing strategy to make your house appealing to buyers regardless of the weather or time of year." Smardon suggests sellers take photos of their property in the spring and summer and provide them to the Realtor if they are listing in the winter. This will give buyers an idea of what the property looks like in the other seasons. In short, explains Smardon, "with an effective strategy and a qualified real estate agent, you should feel confident listing your home at any time of year." Myth: It’s just as easy to sell your home yourself as to use a Realtor. Fact: "Selling your home yourself can expose you to huge liability risks," says Smardon. "Realtors undergo ongoing education to learn how to reduce the sellers’ risk of liability in the listing and sale process. Poor choices of wording on listing descriptions or a lack of understanding in completing legal documents can mean a lengthy and expensive lawsuit for a seller." There are so many things Realtors look into behind the scenes as part of their requirements that you may never see or take into account. A private seller without a comfortable understanding of the information or documentation that needs to completed on both ends can cause a delay in closing or even a failure to close, which can open them up to a potential lawsuit. Selling a home to move is often noted as one of life’s most stressful events. The last thing you need is the stress of a potential legal battle, not to mention those other things Realtors do such as designing the listing, taking the photos, finding the best marketing channels, booking appointments, organizing open houses and completing the paperwork. Myself? No thanks! Myth: It’s less expensive to sell your home yourself. Fact: "Realtors have access to tools and resources to help you get the most from your home," says Smardon. "Realtors help determine your asking price based on very detailed information about similar properties in your area — information to which the general public does not have access." A good Realtor will also take the time to talk with the seller to get an understanding of the urgency to sell and/or financial requirements and help price your home accordingly. "Realtors can give you ideas to sell your home more quickly and for more money," explains Smardon. "They understand what adds to or takes away from the value of your home and can make suggestions on what you can do to increase the value (and therefore the price) before you even list it." I’m all about saving a buck, believe me, but in short, a Realtor will want to get you the best price for your property in the least amount of time and with the least amount of negotiations. Myth: If the average price in Nova Scotia went up four per cent from 2008, you could sell your home for four per cent more than you could have last year. Fact: "It’s really not that predictable," says Smardon. "Nova Scotia is made up of widely divergent communities and therefore widely divergent housing markets. Even in single communities houses can have a massive range in price." Although average price information can be useful in establishing trends over time, neighbourhoods vary in a lot of different ways. In smaller areas where fewer homes are sold, the sale of even a few low end or high end properties can skew numbers greatly for the entire area and even for the province. Statistics should only be used as a guide over time to help show trends in the market. INTEREST RATES HOLD OCTOBER 26, 2009 Bank of Canada maintains interest rates The Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on October 20th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent. The Bank acknowledged that recent indicators point to the start of a global recovery, and that economic and financial developments have turned more favourable than it had previously expected. While recognizing that the Canadian economy is rebounding, it expects the recovery to be weak by historical standards. The Bank downgraded its forecast for Canadian economic growth this year, while keeping its forecast unchanged for 2010. It also lowered its forecast for economic growth in 2011. In its September announcement to hold interest rates steady, the Bank forecast that inflation would return to its two per cent target in the second quarter of 2011. The Bank has now moved that date out to the third quarter of 2011. The Bank’s commitment to keep interest rates on hold until the second half of next year is conditional on the outlook for inflation. Since inflation is not expected to pick up sooner than it previously expected, the Bank repeated its commitment to keep interest rates on hold. “Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target.” The Bank pointed to the rapid rise in the Canadian dollar in recent weeks as a risk to the Canadian economic recovery, saying “Heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation pressures.” The Bank now expects that the domestic economy will be a greater source for economic growth, at the expense of weaker net exports. The Bank expects the output gap to close in the third quarter of 2011, one quarter later than it had projected in July when it said production would reach capacity in mid-2011. “The Bank threw cold water on recent speculation that it may raise interest sooner rather than later,” said CREA Chief Economist Gregory Klump. “By highlighting the recent rapid rise in the Canadian dollar while intentionally failing to mention the rebound in the Canadian housing market as sources for concern, the Bank aimed to end recent speculation that it will hike rates before its repeated pledge of not doing so until at least July 2010.” As of October 20th, the advertised five-year conventional mortgage rate stood at 5.84 per cent. This is down 1.36 per cent from one year earlier, but stands 0.35 per cent above where it stood when the Bank made its previous interest rate announcement on September 10th. Improving credit market conditions have enabled lenders to reintroduce discounts off posted mortgage interest rates. Discounts of up to a percentage point can be negotiated, depending on lender-client relationship. http://creastats.crea.ca/natl/interest_rate_trends.htm (CREA 10/20/2009) Created: 10/22/2009 THE GOOD AND THE BAD SEPTEMBER 23, 2009 First the bad news for home buyers and sellers – as of September 1st there is a new cost attached to buying a home in Pictou County. The towns and municipality of Pictou County have voted in a Deed Transfer Tax. This means that from now on, when you buy a new home, you will be required to give 1% of the purchase price to your local government, and no, you can’t get it financed into your mortgage. This is in addition to your minimum 5 % downpayment and your closing costs. On a purchase price of $100000.00 the tax will add another $1000.00 to the amount of savings you must accumulate to buy a home. Now the good news – partly because healthy home sales stimulate many jobs, the provincial and federal levels of government have several programs in place that can save you money. We recommend you take advantage of as many of these programs as you qualify for, to help make home ownership more affordable. Here are a few to check out: 1. The federal ECO Energy Retrofit Home program and the Nova Scotia Energuide for Homes Program can collectively provide up to $6500 toward making your home more energy efficient. You start by booking an energy assessment on your home to find out where energy efficiency can be improved. 2. The Home Renovation Tax Credit can provide up to $1350 in tax relief on eligible home renovation expenditures. 3. Our provincial government has introduced a new home construction rebate. Up to 1,500 people who build or purchase a new home will qualify for this one-time rebate, equivalent to 50 per cent of the provincial portion of the HST, to a maximum of $7,000. 4. There is also the federal Home Buyers Plan, a program that allows first time home buyers to withdraw up to $20000 from their RRSP to buy or build a qualifying home for themselves or for a related person with a disability. It is important to check out all the terms, conditions and timelines for these programs before spending any money, so get googling and start saving today. Just call us at 902 752 1999 if you require more information. NEW HOME REBATE AUGUST 24, 2009 Applications for the province's new home construction rebate are now available at Access Nova Scotia Centres and online. "The new home construction rebate will help to keep skilled tradespeople at home and boost the home-building industry," said Premier Darrell Dexter. Up to 1,500 people who build or purchase a new home will qualify for this one-time rebate. The rebate is equivalent to 50 per cent of the provincial portion of the HST, to a maximum of $7,000. Following consultations with industry, the province has moved the municipal building permit eligibility date to Jan. 1, 2009. This balances industry concerns while keeping the goal of the program to stimulate the economy. In addition to meeting the municipal building permit criteria, applicants must demonstrate that the home will be a primary residence for themselves or a relative. Applicants must have completed construction or closed the sale by March 31, 2010. "The Nova Scotia Homebuilders Association is very pleased to partner with the government on this important initiative," said association president Andrew Holley,. "Hammer-ready projects are a key step in keeping our tradespeople working here at home to strengthen Nova Scotia's economy." The program applies to homes constructed by the owners, homes purchased from a contractor and manufactured homes on leased property. "We know that the housing market is going to pick up again," said Linda Smardon, president of the Nova Scotia Association of REALTORS. "We need to keep our workers here and working to ensure we have the resources readily available to accommodate future growth." The application is a two-stage process. The first or preliminary application form is now available. This establishes that applicants have the basic documentation, and the home construction falls within the right time lines to be considered. It does not guarantee that the applicant will receive the rebate, just a place on the eligibility list. Final application forms will be sent to the first 1,500 applicants whose projects meet the preliminary criteria. The second phase will determine if all of the program requirements have been met in order to be eligible to receive the appropriate rebate amount. There is only one rebate per homeowner, and the rebate cannot be paid to the builder. "We are pleased to be moving forward on our commitment and improving the life of today's families," said Premier Dexter. More information on the rebate is available online at www.getyourrebate.ca, or by calling 902-424-5200 (Halifax region) or 1-800-670-4357 toll-free. PICTOU COUNTY SALES - up, down and all around! July 15, 2009 Pictou County home owners and home buyers are experiencing a mixed market as we finish the first half of 2009. Recent property statistics from the Nova Scotia Association of REALTORS®, based on MLS® residential sales, show fewer residential properties available for sale and fewer residential properties sold in Pictou County compared to the first half of 2008. The bright side for sellers is that the average selling price at the end of June 2009, compared to June 2008 is now showing an upward trend in both the New Glasgow/Stellarton and the rural county markets. According to the report, the total number of residential properties available to buy in the Pictou County area was 365 at the end of June 2009, down from 404 at the end of June 2008. The numbers sold also declined by approximately the same percentage to 175 sales, down from 194 sales at the end of June 2008. The twelve month average sale price in the New Glasgow/Stellarton region is up over 7 % as of June 30th, 2009, compared with the end of June, 2008. The number of residential properties available to buy remained stable in New Glasgow, but the number of units sold was down by just under 5%. The average sale price was down just over six percent in the Westville / Trenton / Pictou region for the past twelve month period. The number of residential properties available to buy is dramatically lower, being down approximately 34% as of the end of June, from 120 units to 79. Hopefully the decline in inventory will stabilize prices, since the number of residential properties sold was very similar to year to date 2009 compared to year to date in 2008. In rural Pictou County the number of residential properties available to buy is up slightly by just over 3%, but the number sold is down significantly, by just over 26% year to date, compared to year to date in 2008. The good news here is that even though there has been a significant drop in the number of units sold, the average sale price increased in rural Pictou County by approximately 6.5% for the most recent twelve months, compared to the previous twelve. The average residential price over the past twelve months, according to the Nova Scotia Association of REALTORS® MLS ® Statistic Report Residential (single family) Activity by Area [MAY 2009] was $122319 in New Glasgow / Stellarton, $84841 in Westville / Trenton / Pictou and $136980 in rural Pictou County. It is interesting to compare June, 2009 to May 2009, just one month ago. The number of residential properties sold the end of May 2009 was down approximately 13% compared to the number sold by the end of May 2008. When we look at end of June 2009, the number of properties sold year to date is still down compared to year to date in 2008, but by just under 10% compared to year to date in 2008. A ten percent decline in units sold is still certainly cause for concern, but it has been a busy June. Hopefully the market is catching up. It will be interesting to watch the summer sales numbers. Bank of Canada holds interest rates steady June 4, 2009 The Bank of Canada held its benchmark overnight lending rate steady at 0.25 per cent at its setting on June 4th, 2009. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, remains at 0.5 per cent. The Bank indicated that economic and inflation outlooks are unfolding largely as it expected when it last cut its benchmark interest rate on April 21st, 2009. At that time, it forecast the Canadian economy would continue contracting until the fourth quarter of 2009. It also forecast that inflation would to climb back to the two per cent midpoint of its target range between one and three per cent in the third quarter of 2011. The Bank also reiterated its pledge to hold interest rates at current levels until the end of the second quarter of 2010, conditional on its inflation outlook. In April, the Bank assessed the overall risks to its inflation projection as tilted slightly to the downside. It reiterated this assessment in its interest rate announcement on June 4th. The Bank acknowledged significant improvements in financial conditions and commodity prices, and modest recoveries for consumer and business. However, it expressed concern that these positive economic factors could be fully offset if "unprecedentedly rapid rise in the Canadian dollar proves persistent." The Bank's benchmark overnight lending rate was dropped in April to what it described as "the effective lower bound for that rate." If it needs to boost economic growth now that interest rates are as low as they can go, the Bank reiterated that it may resort to unconventional means of loosening monetary policy conditions. The Bank's Monetary Policy Report published on April 23rd included information about additional monetary policy tools it may use to further inject liquidity into the financial system in its ongoing attack against the continuing credit crunch. When the Bank cut interest rates on June 4th, the advertised five-year conventional mortgage rate stood at 5.45 per cent. This is down 1.2 per cent from one year earlier, and unchanged from where it stood when the Bank made its previous interest rate announcement on April 21st. The ongoing credit crunch has led mortgage lenders to reduce discounts on advertised mortgage interest rates, and in some cases these have been completely eliminated. "The Bank has signaled it is prepared to use unconventional tools at its disposal to nurture budding green shoots of economic improvement in Canada," said CREA Chief Economist Gregory Klump. "Among these green shoots is the rebound in recent months of national resale housing activity and average prices." (CREA 04/06/2009)