Expert advice, market reports, and tips from the Niagara Region real estate professionals.
Numbers don’t lie. At least that’s what they say. But they don’t always tell the whole story. According to the stats provided by the local board, the Niagara Association of Realtors, the number of sales that came in in January was 335. That’s down marginally from December (348) and actually up 11 from the 324 registered in January one year ago.
The Money Machine espouses a plan whereby an investor is encouraged to acquire 10 rental properties. Generally, a mixture of single-family, duplex and triplex. And, of course, that can branch to encompass condos and even commercial and industrial. But there are reasons for a minimum of 10. The first, obviously, is an adequate income upon retirement. Suppose, for example, you bought one investment property. A duplex, perhaps. That’s great! But suppose you stopped there. You simply can’t retire comfortably on two rents. Suppose they produce a gross monthly income of $3,600. After taxes and expenses, that might net you $2,900/month. A real help, but not enough to support a lavish lifestyle.
I know! It’s a bit late to be talking about Christmas here in the middle of February, but with only one e-newsletter a month, and with last month’s Nuggets dedicated to our Christmas Gala, here we are. This event was unique enough that I thought it was worth sharing.
Non residents in Canada are generally prohibited from purchasing residential property in most circumstances, but several key exemptions exist for temporary residents and others who meet specific criteria outlined in the Regulations to the Prohibition on the Purchase of Residential Property by Non Canadians Act (the “Act”).
In many ways December sales figures held no real surprises. Ever since the end of Covid, we have seen the market numbers gain momentum in the first half of the year and then trail off over the last half. And here we are talking both unit sales and average sale price. What is surprising however, is the severity of the drop in average sale price in December.
Although some things stay the same, the housing market isn’t one of them. If you’re in the thick of things with your adult children, trying to buy a property, could you imagine paying the average 2025 Canadian home price of $678,331?
A lot of holidays and special events run for only one day. Not so with Christmas. At least not at RE/MAX Garden City Realty. Things actually start to ramp up in mid-November. That’s when the announcement goes out to our agents and staff reminding them of Christmas Caring and Sharing, and that’s when the donations begin. Then about that time, tree trimming in our offices begins and especially in our Grimsby office, where we also enjoy the annual Christmas Pot Luck. Always an amazing event
Warren Buffett, one of the richest people on the planet, celebrated his 95th birthday recently. Celebrating that event, he quipped, “I’m one of the richest people in the world. I can buy anything I want. But I can’t buy time.”. How true. As a young man, he set out in life with lots of time but very little money. Over the years, with clear goals and vision along with shrewd investing skills, his wealth grew and grew. And during the process, the grains of sand trickled down through the hourglass. He amassed vast amounts of wealth, but it took time.
Looking at the sale figures for November we see the average residential sale price is down not only regionally, but in 8 of the 10 municipalities we follow. That is not particularly surprising. It’s a trend that repeats itself year after year. Prices build in the first half of the year, and slide in the second half. Not every month of course. Last year for example prices spiked in October for some reason. This year there was a $5,205 bump up in September over August. But overall, the pattern holds.
In some ways, Christmas can be bittersweet. Sweet because it is an enchanting time. For so many little ones, it’s a time where memories are forged that will last a lifetime. Think back over your life. Review some of your most cherished memories, and I’ll bet Christmas factors in there somewhere. Going with Mom and Dad to pick out a Christmas tree. On a corner lot or out at a farm. The forest smell as it climatizes to the indoors. Decorating the house inside and out. And the food. Golden turkey with all the trimmings. Apple or even mincemeat pie. Eggnog. Plum pudding with warm caramel sauce. On and on it goes.
When thinking about contracts, it is important to identify the rights you have, as well as the consequences for those who break the deal. A contract for a home purchase agreement is the largest transaction an individual will likely ever sign. For this reason, a real estate contract is unlike other consumer contracts. The agreement will identify one or more pieces of land and will include the rights and responsibilities associated with ownership over that piece of land. The agreement will also consider fixtures and chattels, and representations about the state of the property and leases affecting the property. Since the contracts can involve so many layers, getting the right team involved can make the world of difference when it comes to closing your home purchase.
