Windsor Essex Market Watch August 2012

Link to full Report The average residential  sale price year to date is up 2.8% compared to 2011, with the number of sales year to date up 7.71%. Sales were up 5.71% in July 2012 compared to July 2011, which is in line with the steady demand we are seeing in the Windsor-Essex market.  We continue to see inventory fall, Listings are down 1.7% year to date.  The decline in inventory to 2,938 active residential listings for July 2012 is really the main trend which is effecting the market.  With steady demand and declining inventory, Buyers are finding it more difficult to find their dream home. We are also seeing much more instances of multiple offers for properly priced homes. One of the key indicators in the market is the Listing Sales Ratio. The Listing Sales ratio year to date was 53% which is up from 48% year to date 1 year ago.  While still fairly balanced, a listing sales ratio of above 50% is an indication that we are now in a Sellers market, and we can continue to expect prices to rise. With rising prices, it is essential to use up date sales comparable data  and get the advice of someone that knows the local market.  If you are thinking of buying or selling locally, choose a local realtor. Buckingham Realty is a locally owned and operated real estate brokerage, we have been proudly serving Windsor and Essex County since 1968. INFRASTRUCTURE SPENDING: As mentioned in last months report, we feel Windsor continues to be poised for a strong recovery over the next several years.  Infrastructure spending continues to be substantial in the area.  July saw the announcement of a new HMCS Hunter site on Windsor Port Authority land on Mill street. HMCS has been located in an older out dated building on Ouellette for many years, and this move was long over due. While the $1.4 billion dollar new bridge is the largest investment by far...

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Kytec Plumbing and the Windsor Home

Compliments of www.cameronpaine.com http://www.kitecsettlement.com/kitecphotos.cfm http://www.kitecsettlement.com/index.cfm http://www.kitecsettlement.com/completingform.cfm Source: The Windsor Star – June 29, 2011 A family rocked by a $13,000 plumbing bill is warning people to beware of potentially faulty plumbing lurking behind the walls of homes built or renovated in the last two decades. Frank and Annette Cappellino built their dream home in LaSalle, near Windsor, Ont., about 10 years ago. Last fall, the Cappellinos came home to a flood in their basement. “Water was just spewing out like a waterfall,” said Frank Cappellino. “A pipe had totally burst.” Cappellino said after a home inspection by a plumbing distributor and a representative of the Canadian manufacturer IPEX, the rep told him the cause of the leak was defective pipes branded under the name Kitec — pipes that were running throughout the house. “He said he had to take a part of it back to his company to get it tested but indicated that if it was his pipe, basically he would have it replaced,” Cappellino said. The Cappellinos contacted the company to find out the testing results, but said they were told they couldn’t have a copy of the report because a class action lawsuit was underway. IPEX provided the Cappellinos with the name of the Windsor law firm leading the suit. Cappellino said they joined the legal fight shortly thereafter. On Tuesday, lawyers for IPEX Inc. and IPEX USA LLC announced they had reached an agreement in the lawsuit, and that a $125-million US settlement fund has been proposed. Product used extensively Another family, whose home was built the same year as the Cappellinos, also ended up replacing all the pipes in their home at their own expense, after finding issues with their Kitec pipes, manufactured by IPEX. Plumbers in the region have been getting more and more calls about the Kitec brand of pipe, also known as PEX. According to Kyle Fowler, co-owner of Fowler Plumbing in Windsor, if you built or remodelled your home in...

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What to Do if You dont Agree with your Property Asssessment in Windsor Real Estate

http://www.mpac.ca/pages_english/pdf/request_for_reconsideration.pdf Compliments of www.cameronpaine.com If you don’t agree withyour Assessment Please review your Notice carefully to make sure the information is correct. If a factual error has been made, we will correct it. 1. Ask MPAC to Review your Assessment through a Request for Reconsideration (RfR) If you feel your assessed value as of the legislated valuation date or property classification is not correct, we will review it free of charge. The deadline to file your RfR is April 2, 2012. There are two ways to file a RfR: • The preferred method is to submit a RfR form. Forms are available at www.mpac.ca, or call us at 1 866 296-MPAC (6722). You may also choose to file your RfR electronically through AboutMyProperty™ on MPAC’s website. You will be able to attach documents, pictures and reports to accompany your RfR. Your personalized User ID and Password for AboutMyProperty™ are included on your Notice. • Write a letter requesting a reconsideration. In your letter, please include the 19-digit roll number on your Notice; your full name, address and phone number; and the reasons why you feel your assessment is not correct, including any information you have to support your claim. 2. File an Appeal with the Assessment Review Board (ARB) You may also choose to file an Appeal with the ARB, an independent tribunal of Ontario’s Ministry of the Attorney General. Residential, Farm and Managed Forest Properties If your property, or a portion of it, is classified as residential, farm or managed forests, you must first file a RfR with MPAC before you are eligible to file an Appeal with the ARB. The classification of your property is indicated on your Notice. If you are required to, or choose to file a RfR first, you have 90 days after MPAC has notified you of its decision on your RfR to file an Appeal with the ARB. The ARB has its own Appeal process. For more information, please contact the ARB...

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Mold and Water Damage in Homes – Windsor Essex Real Estate

Compliments of www.cameronpaine.com Homebuyers often have concerns about mould, but are their fears justified? Although thousands of types of mould exist, only a few are actually harmful to people. Toxic varieties, such as moulds from the genus Stachybotrys, can produce chemicals linked to various health problems including sinus infections, asthma and certain respiratory infections. However, mould must generally be present in large quantities to have a noticeable effect on most people. Mould eats wood cellulose and can potentially affect the structural integrity of wood. Some insurance companies have excluded mould damage from both first party and third party coverage. Property owners may be able to obtain costly site-specific environmental insurance that specifically includes mould coverage. Mould is caused by water damage or excessive humidity, poor ventilation systems, wet construction materials or poor construction or design. Mould travels on air currents and is all around us, and so it is difficult to find a house that is completely mould-free. The smell should be the first red flag. Just because a house is nicely renovated and freshly painted doesn’t make it mold free, if there’s a musty, mouldy smell, and lots of plug-ins and potpourri, you should investigate further. The best advse is use common sense. During a home inspection, the inspector cannot open walls. Therefore, you may need to rely on your sense of smell. If moisture damage has built up in the basement over the years, the smell will reveal it right away, regardless of how nice it looks If there’s mould in their home, it can be a minor issue involving lack of circulation in the basement, or it could be a serious case of black mould coming through the drywall or baseboard, which probably needs to be ripped out. You can’t just wipe it off.  Either way, the issue causing the mould must be solved and the area has to dry out. Whether inspecting a home you should always look for signs of water damage. You should...

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Tips for Showing a Home Windsor Real Estate

6 Tips to a Great Home Showings Compliments of www.cameronpaine.com When it comes to showing your home to potential home buyers, you want to make sure that they are focused on the home’s potential to become theirs rather than constantly distracting them with outside issues. The following tips will help showings . Home Showing Tip  #1 Dont have Family and friends just hanging outWhen you decide to sell your home, you really do need to consider how you will show your home. It is definitely unsettling for home buyers to walk through a home only to find that there are kids sleeping in the rooms or someone is frying up a steak as they arrive. A home showing must be treated like a business transaction and in order to drive a sale, you must behave in a professional manner. Ask family members to look after your kids and make sure that the only people in the home are the ones who will be showing it. Home Showing Tip #2 Being Present for Showings You have right to be excited about showing your home to potential hom buyers and you may want to gauge their opinion about your home. But  best if the home owner is not present during showings. If the home owner is home, people often feel rushed and do not give the home enough time. By letting the Realtor handle the showing, it gives the buyer time to look around and discuss the home with their Realtor. Home Showing Tip #3 Knowing  your homes strengths and weaknesses From the moment home buyers walk toward your home, they are searching for flaws and drawbacks, as most skeptics tend to do. I often find it helpful to do a summary of the strengths of a home and show the value of improvements, as well I can often do a cost analysis of any potential weaknesses ie. cost of a new roof or windows.  If a home needs a major repair, it will be obvious...

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Making a Room Feel Bigger – Windsor Essex Real Estate

Compliments of www.cameronpaine.com Most of us can’t afford a home with massive rooms – not just because the square footage is costly, but also because it would cost an arm and a leg to keep that home heated and comfortable. There are, however, a vast array of tricks and methods that lend themselves to creating an illusion and will help you make a room feel bigger. That said, here are seven ways to make a room feel bigger: Ways to make a room feel bigger #1 Get Roman blinds Window treatment are an important part of making a room feel bigger and using roman blinds instead of curtains takes away that cluttered feeling and the look of extra and unwanted material draped over the living room floor, getting in your way and causing more problems than it’s worth. Ways to make a room feel bigger #2 Use color In terms of illusion, light colors will always make a room seem larger, so try and avoid darker colors when painting the walls, opting instead for a light shade of blue or white. This method will make rooms appear open and airy, and they are also naturally reflective colors, which leads me on to the next point. Ways to make a room feel bigger #3 Opt for natural lighting Letting natural light stream into the room will really open it up, making it feel larger. Make as much use of natural light as possible; add skylights, windows, anything that will open your house up. If this is not possible, then ensure the room is adequately lit as shadows can make a space seem smaller and cramped. Ways to make a room feel bigger #4 Hang mirrors Perhaps an odd choice, the use of mirrors is recommended by experts due to the way it gives the illusion of depth. Place it at a specific point in the room, angle it in a way that is going to ensure maximum depth and it...

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What to do when your assessment is too high, Windsor Real Estate

Compliments of www.cameronpaine.com Source MPAC brochure: If you don’t agree with your Property Assessment from MPAC you can file a Request for Reconsideration. The deadline to file your RfR is April 2, 2012. There are two ways to file a RfR: • The preferred method is to submit a RfR form. Request For Reconsideration 2012 Form Forms are available at www.mpac.ca, or call us at 1 866 296-MPAC (6722). You may also choose to file your RfR electronically through AboutMyProperty™ on MPAC’s website. You will be able to attach documents, pictures and reports to accompany your RfR. Your personalized User ID and Password for AboutMyProperty™ are included on your Notice. 1. Write a letter requesting a reconsideration. In your letter, please include the 19-digit roll number on your Notice; your full name, address and phone number; and the reasons why you feel your assessment is not correct, including any information you have to support your claim. 2. File an Appeal with the Assessment Review Board (ARB) You may also choose to file an Appeal with the ARB, an independent tribunal of Ontario’s Ministry of theAttorney General. Residential, Farm and Managed Forest Properties If your property, or a portion of it, is classified as residential, farm or managed forests, you must first file a RfR with MPAC before you are eligible to file an Appeal with the ARB. The classification of your property is indicated on your Notice. If you are required to, or choose to file a RfR first, you have 90 days after MPAC has notified you of its decision on your RfR to file an Appeal with the ARB. The ARB has its own Appeal process. For more information, please contact the ARB at 1 866 448-2248 or 416 212-6349 or visit their website at www.arb.gov.on.ca. To request that your property be eligible for the farm or managed forests classes or conservation land exemption, you must file a RfR with the respective program administrator. For more information, please...

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Understanding Smart Meters – ENWIN

Compliments of www.cameronpaine.com Smart Meters are Here As part of a provincial initiative to encourage energy conservation and help Ontario consumers manage their electricity costs, ENWIN is now installing Smart Meters throughout Windsor. The Ontario Energy Board (OEB) has directed energy providers, like ENWIN, to install Smart Meters in all Ontario homes and small businesses, encouraging the development of a province-wide “culture of conservation”. As Windsor’s energy provider, ENWIN is mandated to complete local Smart Meter installations by early 2011. Everything Stays the Same It is important for customers to realize that everything will remain the same, following your Smart Meter Installation: An ENWIN employee will still come to read the meter, EnWin bills will still look the same, and electricity charges will still be calculated in the same way as before. Eventually, the province is expected to switch over to a new rate structure called Time-of-Use (TOU) pricing. But for now, only the appearance of the meter will change. TOU Pricing is NOT in Effect Smart Meters are here, but Time of Use Pricing isn’t. Not yet. You will not automatically move to time-of-use rates once your smart meter has been installed. Provincial legislation requires ENWIN to install Smart Meters as one step towards conserving energy and building for the future. Smart Meters will be installed this fall – but that will NOT have an immediate impact on how you are billed for your electricity. ENWIN customers will be billed differently ONLY after the Province requires us to move to Time of Use billing – likely some time in 2012. When a firm date is set, ENWIN will contact customers directly, and make sure you have all the information you need to benefit from the change. At the present time you will not notice any difference in your billing. ENWIN Respects and Protects Your Privacy As we move forward with Smart Meter installations, remember that Time of Use pricing is not yet in effect. In the future, when...

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New Home Buyer Tarion Protection

New Home Buyers Page Content If you’re considering purchasing a new home, congratulations! It’s an exciting and rewarding process. A new home may also be the most significant purchase you ever make. In addition to the financial commitment, there are a number of lifestyle and home design options you may need to consider. That’s why it’s so important to do your homework and gather as much information as possible about your potential new home before you sign the Agreement of Purchase and Sale. To help prepare you for your purchase, we’ve created Top Ten Tips for New Home Buyers. It’s a step-by-step list that provides research ideas, financial and legal resources, as well as practical maintenance advice. Together these tips will go a long way to ensuring that you’re very happy with your new home. Tarion provides important protection before and after your new home purchase When you buy a new home or condominium in Ontario, you enjoy the benefits of a comprehensive builder warranty. To learn more about this warranty, you can preview or print a copy of our concise, easy-to-read brochure entitled “Warranty Coverage for New Homes in Ontario“. You can also order a copy of this brochure. Your new home warranty begins before you even move in. Once you provide the down payment for your new home, it’s protected. You also have a right to compensation if your builder delays the closing of the sale without giving you proper notice. See Understanding Deposit Protection and Understanding Delayed Closings and Occupancies to learn more. Before you take possession of your new home or condominium, your builder will walk you through a pre-delivery inspection (PDI). Tarion provides a PDI Checklist to help you ensure that this critical inspection is thorough and complete. After moving in, you’re entitled to a 1 Year, 2 Year and 7 Year warranty against defects in work and materials. This warranty comes with certain obligations, so it’s important to understand the statutory warranty process....

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Understanding Delayed Closings and Occupancies Windsor Real Estate

Understanding Delayed Closings and Occupancies for Freehold Homes and Condominiums Compliments of www.cameronpaine.com Page Content Under the delayed closing and delayed occupancy warranty, your builder guarantees that your home will be ready for you to move in either by a date specified in the purchase agreement or by a date that has been properly extended if circumstances occur that delay the home’s completion. In many cases, your builder will be required to compensate you if a delay occurs. For more information about delayed closings and occupancies, including Addendums and Statement of Critical Dates calculators, please see below. Freehold Buyers Delayed Closing Protection To learn more about Delayed Closing protection, click on the link below that corresponds to the signing date of your purchase agreement: • Your purchase agreement was signed on or before June 30, 2008 • Your purchase agreement was signed on or after July 1, 2008 Delayed Closing Addendums If your new freehold home’s purchase agreement was signed on or after July 1, 2008, click on the link below that corresponds to your type of closing to download an addendum: • Freehold Firm Closing Date – Statement of Critical Dates and Addendum • Freehold Tentative Closing Date – Statement of Critical Dates and Addendum However, if project viability conditions are permitted and included in your purchase agreement or the deal is conditional on the sale of the purchaser’s existing home, you must use one of the forms below: • Freehold Firm Closing Date – Statement of Critical Dates and Addendum – Econonic Conditions • Freehold Tentative Closing Date – Statement of Critical Dates and Addendum – Economic Conditions Statement of Critical Dates calculator To create an Addendum with a Statement of Critical Dates, click on the link below: • Statement of Critical Dates calculator for freehold homes To view or download a Statement of Critical Dates paper calendar, click on the link below: • Freehold Tentative Critical Dates Paper Calculator – July 2010 to Dec. 2016 Condominium...

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