Archive for November, 2008

Commuting is a real issue for many Oakville homeowners. I myself spent years driving over 2 hours a day so I know first-hand the impact that commuting has on quality of life. If you live in the west end (Lakeshore Woods, Bronte Creek, West Oak Trails, etc) or are thinking of moving to the West end of the city, here is some good news.

GO Transit recently announced that they have purchased 10 acres of land by the Bronte GO Station which they will use to create an additional 800 parking spots. Development of the land will be in two phases. The first phase calls for 400 spots to be available sometime in 2010, the remaining 400 additional spots will be developed thereafter. The current capacity at the Bronte GO is 1849 spots.

Interested in knowing the reason behind all the construction work you pass by every day? Here are the details on a few of the major construction projects underway in Oakville:

Project: Expansion of a 3rd rail track line between GO Transit’s Port Credit Station to Kerr Street.
Objective: Allow for future GO Train service increases for Oakville, Burlington and Mississauga. Rush Hour train service is currently maximized with the current two track system.
Timing: Started Spring 2007; expected completion Summer 2009

Project: GO Transit Platform Extension at Port Credit, Clarkson and Oakville Stations
Objective: Increase the number of cars per train to alleviate over-crowding and accommodate growing demand
Timing: Port Credit extension (Complete), Oakville Station (Expected completion Winter 2009), Clarkson Station (Expected completion late 2010)
For more information on GO Transit improvements visit their GO TRIP website at www.gotransit.com/gotrip.

Project: QEW lane widening from 6 to 8 lanes. The new 8 lane extension will start east of Trafalgar Road and run to Burloak Drive. The additional East and West bound lanes will be reserved for High Occupancy Vehicles (HOV) carrying more than one passenger. Approximately 165,000 drivers use this section of the highway daily.
Objective: Reduce congestion, enhance safety, support the local economy and promote carpooling.
Timing: Construction commenced Summer 2007; Expected completion time is Summer 2011.
For more information on the Ministry of Transportations Construction projects, visit their website at http://www.roadinfo.mto.gov.on.ca/

Project: Dundas Street Widening 4 to 6 lanes from Oak Park Blvd to West of Hwy 403
Objective: Decrease traffic congestion in the area
Timing: Start construction in 2009

After much discussion it is nice to see these large transit projects underway. It may not make your commute disappear but it is a whole lot easier to swallow when you are moving faster than 15km/hour.

Happy commuting!

An increasingly competitive housing environment is prompting a significant number of Ontario homeowners to invest in renovation before listing their homes for sale, according to a recent survey by RE/MAX Ontario-Atlantic Canada.

The RE/MAX Survey of Home Buying and Selling Trends in Ontario, conducted by COMPAS Research, in the first half of 2008 found 79 per cent of sellers said they made improvements to their homes two years prior to listing and more than one third (39 per cent) of them did so with selling in mind. Further indicative of how sophisticated sellers and buyers are becoming, 37 per cent of sellers made upgrades to their home after listing their property for sale. Home sellers are typically spending $21,000 on average in renovations; the most popular of which are updating kitchens, hardwood flooring, and new windows.

“Investing in renovation for the purpose of selling a home continues to grow in 2008,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.

“Changing market conditions are largely responsible for the upward momentum in residential investment which is up four per cent to $6.9 billion in Ontario for the first half of this year, compared to last year at the same time.

We are seeing two clear trends emerging with some homeowners looking to boost resale value by renovating and others choosing to bring their home up to today’s standards by upgrading areas that are dated. In either case, the end result is a product that will more likely yield top dollar when it is time to sell.”

Renovations can drastically influence a home’s market value. The RE/MAX Survey found the wealthiest homeowners (those with an income of $150,000 or more) spent the most on renovation at $37,663 on average, while those earning under $30,000 spent the least at $8,263. Renovation costs typically increased with housing values, with the cost of refurbishing a home priced at $500,000 or more topping out at $55,974.

With buyers visiting an average of nine properties before settling on the one they want to call their own, sellers need a distinct advantage over the competition,” says Polzler. “Location is still the primary factor for buyers, but a property’s condition also plays an important role. Our Survey found properties with updated kitchen cabinetry, hardwood flooring, new windows, an open concept and a finished basement appeal most to today’s selective purchaser.”

As your local real estate agent, I understand which renovations attract top dollar for your home. To learn more about my approach to home buying and selling, please contact me at 905.338.9000 or lindsay@remaxaboutowne.com.

All the best,

Lindsay

*Article excerpted from a September 17, 2008 press release by RE/MAX Ontario-Atlantic Canada Inc.

It is only natural to question your home investment during times of economic turbulence.  While newspapers and TV broadcasts report on national and global findings, real estate conditions vary from community to community. We are certainly not experiencing a sub-prime mortgage crisis similar to the U.S. but we also don’t live in a bubble. So how exactly do you determine the impact on your own home? Simply put, you need to be armed with local real estate knowledge.

Like the rest of the GTA, Oakville has enjoyed a sellers market for several years with record housing prices, high turnover and quick sales. Many sellers found themselves in multiple offer situations. What we are now seeing is a return to a more balanced market meaning better buying opportunities, lower demand and longer turnaround times for homes listed for sale.

The softening economy is slowing down real estate sales but underlying market fundamentals remain strong. Historically, Oakville home values have weathered well even in recessionary times. Oakville’s proximity to major urban centres within the Golden Horseshoe make it a desirable location for commuters. Combined with its reputation for great schools, community programs and community feel, Oakville will
remain a desirable place to live for many years to come.

Despite what many believe, Oakville home prices have actually increased on average by 8.18% in 2008. By comparison, in 2007 which is considered by most as an extremely strong year, the average Oakville home rose 4.72%.

The biggest difference in 2008 has been a 15% reduction in the level of housing inventory. Historically low interest rates and positive returns have encouraged many people to buy and sell real estate over the past several years. As the economy softens housing inventories in Oakville are returning to more historical levels.
If you are planning to buy or sell your home the best advice I have is to speak with a local real estate professional. As a RE/MAX sales representative, I live and breath the Oakville real estate market every day. I have access to local market statistics and will advise how best to prepare your home for sale, price your home for maximum dollar and attract qualified buyers. Simple steps make a big difference in the successful purchase or sale of property.

Even in softening markets, homes that are prepared properly, priced correctly and advertised effectively enjoy large returns and quick sales.

The selling process should be both a profitable and rewarding experience. I keep this in mind at all times, measuring my ultimate success on my clients’ satisfaction. If you are interested in selling your home and would like a free market evaluation of your property, please contact me at  905.338.9000  or
lindsay@remaxaboutowne.com.

All the best,
Lindsay

With great schools, safe neighbourhoods, diverse economic opportunities and a great standard of living, it is not surprising that Oakville’s population is expected to grow approximately 40% in the next 15 years. The challenge for the Town of Oakville is to control the growth in a manner that maintains or increases Oakville’s desirability. The recently approved North Oakville Secondary Plan was designed to do just this.

“North Oakville” is the largest (and one of the few remaining) undeveloped stretches of land in Oakville. It is bordered by the area North of Dundas Street, South of Hwy 407 West of Ninth Line and East of Sixteen Mile Creek. It is the largest development plan currently underway in the Province of Ontario.

After more than 5 years of planning, the Town of Oakville approved the North Oakville Secondary Plan in January 2008. Highlighted below are some key facts on the area:

• The area will contain 1500 acres of green space which will create North Oakville’s natural heritage system. To put it in perspective, North Oakville’s green space will be more than twice the size of Manhattan’s Central park and is larger in scale than Vancouver’s Stanley Park. The community’s goal is to be the cornerstone of the most environmentally sensitive new community in North America.
• Trafalgar Road just North of Dundas Street will be developed as a trendy uptown development with restaurants, shops and boutiques similar in style to Oakville’s downtown Lakeshore Road area.
• Development is planned to encourage pedestrian traffic and provide easy access to public transportation. North East Oakville will be comprised of 14 unique neighbourhoods, each with a broad range of housing opportunities ranging from executive housing on large lots to high rise apartment and condominium buildings. An extensive walking trail will link the different neighbourhoods together.
• Area is targeted to attract approximately 50,000 new residents and 25,000 new jobs over the development span of 15+ years. A business park located along Highway 407 will contain prestige office space.
• “North Park”, a state of the art sports park including an arena, soccer fields, cricket pitch, leash free dog zone, skateboard facility, splash pad, playground and other park amenities began construction this summer. It will be located just west of Neyagawa Blvd, North of Dundas Street. Phase 2, scheduled for development in 2015 will include a community centre and library centre. Phase 3, scheduled for development in 2018 will include outdoor sports fields.
• Planning for a new state of the art Hospital at 3^rd Line and Dundas Road is well underway. Construction is anticipated to commence in 2010; occupancy is expected in 2013. A Master Plan is currently in development to confirm hospital size and services however it is expected to take into account future needs and population growth.
• Mattamy Homes is the area’s largest land owner. It is anticipated that the first new homes will be available in 2011/2012. Construction in the area is expected to commence in the next couple of years.
• North Oakville East has been divided into two areas that will be known as “Joshua’s Meadows” and “Glenorchy”. A Plan for North Oakville West is currently under review by the Town of Oakville. This area will be known as “16 Hollow” and “407 West”.

Everything that I have read and heard suggests that protecting Oakville’s spirit and sense of community is at the very heart of North Oakville’s development plans. I am comforted knowing that the Town of Oakville recognized the need to take their time to develop a plan that will benefit existing residents and attract new ones to the area. It is one of the many reasons I love practicing real estate in the area. For more information on the North Oakville Secondary Plan, visit the Town of Oakville’s website at www.oakville.ca or clink on this link for direct access to the plan http://www.oakville.ca/Media_Files/planning08/Final_approved_North_Oakville_East_Secondary_Plan.pdf.

As always, I encourage your feedback. To leave your opinion or ask a question about North Oakville or other real estate opportunities, please contact me at lindsay@remaxaboutowne.com or 905.338.9000.

Calculate the Energy Efficiency of Your Home … and get an edge on your neighbour

Falling victim to rising energy costs? Thanks to a new energy assessment initiative, you can now find out exactly how energy efficient your home is. For a cost of $150 ($300 total cost less $150 Ontario Government Rebate), a licensed or independent energy advisor will perform a residential energy assessment to identify how your home uses energy and where it is being wasted. You will be given a report detailing where your energy dollars are being spent and what you can do to reduce costs. Your home will also receive an energy rating label comparing it to similar homes in your area. This service is brought to you by Natural Resources Canada, Office of Energy Efficiency.

Should you choose to make some or all of the recommended energy retrofits made by the assessor, a new energy label will be applied against your home and you could qualify for a grant of up to $5000 from the Government of Canada. If you are thinking of selling your home or starting a new renovation project, I highly encourage you to take advantage of this program.

You benefit from reduced energy costs and when the time comes to sell, having a lower energy rating label versus your neighbours is a great selling feature for prospective buyers. With rising energy costs and environmental awareness, creating an efficient home will also help create a saleable home.

Please click on the link below to learn more about this great program at the Office of Energy Efficiency of Natural Resources Canada http://oee.nrcan.gc.ca. As always, contact me at lindsay@remaxaboutowne.com or 905.338.9000 to discuss how to get the most of your buying/selling experiences.

Regards,