Results for first half of 2017 announced by WIDREB

After an amazing 2016 . . . this year on pace to surpass it

Average home price is now $350,368, which is a 27% increase over 12 months  

By Mark Schadenberg

Even 6 months later, it truly is difficult to understand (realize) that 1,545 transactions set a new WIDREB record in 2016 . . . and this year is topping that pace overall.

The previous best annual number for the Woodstock – Ingersoll District Real Estate Board was 1,473 transactions in 2005.

In June of 2017, the numbers cooled down a tad as 155 units were sold and that was about a 2% decrease from June of 2016.

Six months on the calendar have already passed and the total number of transactions is nearing 1,000.

Last year, there were 800 sales in the first 6 months versus 980 this year.

More great news if you have a home to sell is the average price is as noted below in the WIDREB press release graphic -- a 27% increase over the past dozen months.

Graphic produced by Royal LePage Triland Realty

indicating the number of accepted offers 

which are higher than the 'asking price'.

LONDON / ST THOMAS

The LSTAR region has reported 6 consecutive record months, including 1,245 transactions in June for a 6-month total topping the pace of 2016 by 23 per cent in overall volume. (See the Free Press story below)

The real estate board reported 998 detached homers selling for an 8.6 % increase over June of 2016. The sales of condominiums were more than 15% higher in overall total than June of 2016.

At the same time – good news for buyers is that the number of new listings were also higher than June of last year.

TILLSONBURG

If records were made to be broken as the adage says, then the Tillsonburg area is noted to have set a new record last June which could not be reached this June. The Tillsonburg district did top both the 5-year and 10-year averages for reported sales.

The Canadian Real Estate Association (CREA) website is a great place to search for press releases from the various regional real estate boards.

“Not much has changed in the last few months, with sales still running at above average levels similar to March, April and May. The big year-over-year decline in June simply reflects the fact that activity jumped unexpectedly to set an all-time record last June – a very different story compared to what’s going on in and around Toronto at the moment,” said Gary Paret, president of the Tillsonburg District Real Estate Board. “While overall supply has popped up slightly from all-time lows a couple of months ago, the market remains about as tight as it’s ever been.”

Overall supply is running near record low levels, indicates the CREA posted press release specifically for the Tillsonburg area. Active residential listings on the Board’s MLS® System numbered 126 units at the end of June, down 28% from June 2016.

Read the below links for more details, including updates from the Brantford region.

LINKS:

http://markroyallepage.blogspot.ca/2016/07/in-6-months-800-homes-are-sold-in.html

http://www.widreb.ca/assets/pdf/media/2017JunePressRelease.pdf

http://www.lfpress.com/2017/07/04/london-and-area-home-sales-continue-to-boom

http://www.lfpress.com/2017/07/18/home-sales-while-londons-market-is-hot-national-figures-show-a-seven-year-low-especially-in-toronto

http://www.lfpress.com/2017/07/11/2017-new-home-construction-in-london-st-thomas-is-up-almost-30-over-the-same-period-last-year-new-figures-show

http://www.lfpress.com/2017/07/10/rygar-proposes-200-unit-highrise-in-londons-core-to-serve-new-fanshawe-campus

http://creastats.crea.ca/till/

http://www.brantfordexpositor.ca/2017/07/07/citys-housing-market-still-strong

http://www.repmag.ca/news/home-sales-fall-once-again-228259.aspx

 OXFORD COUNTY Mural

 Items on this blog are compiled by:

Mark Schadenberg, Sales Representative

Senior Real Estate Specialist (SRES designation)

Royal LePage Triland Realty

Independently Owned & Operated, Brokerage

757 Dundas St, Woodstock

www.royallepagetriland.com

(519) 537-1553, cell or text

Email: mschadenberg@rogers.com

Twitter: markroyallepage

Facebook: Mark Schadenberg, Royal LePage Triland

Discussion . . . Direction . . . Determination . . . Destination

Action photo of me milking a cow at Cowapooloza 3 years ago;

Cowapooloza is Aug 18-19 in Woodstock's Southside Park

Bank Of Canada increases benchmark rate to 0.75%

Bank Governor Stephen Poloz explains decision by commenting on strength of economy

It is possible for rate to change again in early September 

By Mark Schadenberg

There are many indicators tracked by economists to know exactly where monetary trends are going. Important gauges include interest rates, unemployment percentages, stock market fluctuations, dollar versus dollar analysis, inflation numbers, exports compared to imports, and even the price of crude oil.

Interest rates have been almost chiseled in stone for the past 6 years as the Bank Of Canada (BOC) hasn’t increased its 0.50% figure since 2010. However, that changed this past week as BOC governor Stephen Poloz pushed the federal interest number up to 0.75%.

Read the link attached as Poloz points out many good news items in the economy which translated into the timing of this decision.

Stephen Poloz

Does it make a big difference to someone with a fixed rate mortgage on their home? No

Does it make a difference to someone with a flexible variable rate mortgage which they’ve been paying for more than a 1 year? Yes, but not a large difference.

An amortization calculator will note that if your mortgage rate was 2.9% on a $300,000 mortgage with 20 years remaining, your monthly payment would be $1,646.

If your interest rate suddenly climbed to 3.15%, your monthly payment would be $1,668. The difference is $22.

Since prices in the Woodstock area have shifted upward by 25% in the past 12 months, you are still the tortoise who is way ahead of the hare in this race.  

However, if your interest rate became 4.5%, your monthly commitment becomes $1,891.

Anyone qualifying for a mortgage currently must qualify for the 5-year fixed rate as a ‘stress test’ on your ability to pay back your borrowing power. 

The actual costs of purchasing a home were increased significantly – in my opinion – when the CMHC (Canadian Mortgage & Housing Corporation – a federal government body) insurance fees were increased recently (4.0% premium paid on your mortgage of 5% down). In other words the purchaser had compiled a stellar beacon score on their credit record, had a job which paid enough to carry the mortgage they wanted under any debt service ratio calculator, the buyer had their total committed debts for car payments and student loans under control, but they were still forced to purchase an insurance policy to ensure their lender would never lose a nickel if the buyer was unable to meet their monetary obligation.

I believe this increase was due to the idea there is a prediction home values will decrease slightly in the GTA, Vancouver and elsewhere over the next 2 years. If you paid $900,000 for a home and lost it to you bank, would it be worth only $850,000 (or less) in 2018?

CMHC fees assist home buyers in an ability to purchase a home with a high-ratio mortgage and sometimes as little as 5% down payment, but the advantage is strictly to the banks (Credit unions and other established lenders).

INTEREST RATES

The Poloz press conference talked about “stronger than expected growth” in the economy.

His optimism included signs that our national picture for manufacturing is very strong as: “Growth is broadening across industries and regions and therefore becoming more sustainable. As the adjustment to lower oil prices is largely complete, both the goods and services sectors are expanding.”

Twice in 2015 interest rates were lowered at a time when crude oil prices had dropped significantly and the economy required a boost.

The overall picture is now much better.

 “The economy can handle very well this move we have today and of course you need to preface that with an acknowledgment that of course interest rates are still very low,” Poloz told a news conference in Ottawa.

In my opinion, the best news about the increase to 0.75 is that almost immediately the Canadian dollar started to rise. You don’t need a degree from Western’s Ivey Business school to know that our dollar must be higher than 75 cents versus the U.S. buck for overall business success on our side of the border. I’m guessing between 84 – 88 is a target, but again I’m not a financial analyst, but rather an innocent bystander of the ‘bus rapid transit system’ we call an economy.

Without an interest rate increase for borrowing, one news item noted that lending institutions were feeling pressure about possibly lowering interest rates paid out on savings accounts to below 0. Could you imagine having a banking system where your money would shrink and not accrue if kept quietly under a bank’s mattress? I realize that versus inflation, that is already the scenario we live by.

The next time the BOC will consider any further modifications to the so-called overnight interest rate is Sept. 6.

One economist with the Bank Of Montreal suggests there could be another increase this year, but not until October.

LINKS:
http://www.bankofcanada.ca/2017/07/fad-press-release-2017-07-12/

https://www.cmhc-schl.gc.ca/en/index.cfm

https://www.thestar.com/business/2017/07/12/bank-of-canada-hikes-interest-rate-to-075-for-first-time-in-7-years.html

http://www.torontosun.com/2017/07/12/bank-of-canada-hikes-interest-rate-to-075-first-increase-in-seven-years

http://www.torontosun.com/2017/07/12/interest-rate-hike-premature-investment-advisor

http://www.tillsonburgnews.com/2017/07/12/bank-of-canada-hikes-rate-for-first-time-in-7-years-read-the-official-statement

https://www.theglobeandmail.com/report-on-business/economy/interest-rates/bank-of-canada-holds-rates-steady/article29099379/

http://globalnews.ca/news/3592433/bank-of-canada-key-interest-at-0-75-per-cent/

http://www.repmag.ca/news/home-sales-fall-once-again-228259.aspx

 ^ Link To New Stories Above ^

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Mark Schadenberg, Sales Representative

Senior Real Estate Specialist (SRES designation)

Royal LePage Triland Realty

Independently Owned & Operated, Brokerage

757 Dundas St, Woodstock

(519) 537-1553, cell or text

Former newspaper column compiled into Oxford trivia book

Quizzical Oxford provides questions and answers about local history

Keepsake book is for sale at Woodstock Museum 

By Mark Schadenberg

Whether it be Admiral VanSittart, Tip O’Neill, Bernadette Smith, Klondike Joe Boyle, Effie Nesbitt or Andrew Pattullo the city of Woodstock has a rich history of people, places and things.

For more than a century The Woodstock Sentinel-Review would be your destination to read about both current events and municipal history.

Many of those items have now been compiled into 1 book.

I already owned copies of Bits & Pieces by Williams & Baker, Old Oxford Is Wide Awake from Brian Dawe, and 3 Doug Symons books -- Village That Straddled A Swamp, Memories Of Yore and Giants Of Oxford.

The newest book to that collection is now Quizzical History – a compilation of old columns written for The Sentinel-Review (Oxford Review) and other condensed pieces of Woodstock history.

Read the story attached as there is a link about the book, which is for sale at the Woodstock Museum for $20. I acquired my copy last Thursday afternoon at the BIA Downtown farm market. 

The Woodstock Museum itself could be the answer to several trivia questions about local facts, including the idea that it was built in 1853 to be City Hall.

The Oxford Historical Society has created the Quizzical History book and to assist in its promotion the Woodstock Museum is featuring a display until September 9 to provide artifacts, newspaper clippings and so much more in an exhibit.

The story related to the book in The Sentinel-Review features a picture of Chris Packman from the historical society. Packman has been a key figure in the past few decades in archiving local history, which comprises old noteworthy items, but you must also collect today’s headlines to assist in writing our history for the next generations.

The S-R entry notes that Sheila Johnson, who was a previous museum curator in Woodstock was also instrumental in creating a weekly column in the weekend edition of the daily newspaper. Johnson, by the way, would next be curator at Fanshawe Pioneer Village in London.

Current curator of the Woodstock Museum is Karen Houston, and the local museum at 466 Dundas Street has a great staff including Adam Pollard and Kerrie Gill.

Wall mural in Museum Square

One panel at the current museum exhibit

The Quizzical History book is dedicated to Ed Bennett, who was a prisoner of war during the Second World War after battles at Dieppe. Bennett passed away at 97 on Remembrance Day in 2010, and among his efforts to research and preserve local history was to be a key member of a committee that returned the body of Klondike Joe Boyle to be re-buried in Woodstock in 1983.

As you may deduce, I love local history and believe Woodstock has a vibrant past and a promising future.

You should buy a few copies of Quizzical History. You will require one copy for the best position on your library shelf at home, but others for family and friends. As a Realtor, I can think of 20 past clients who would likely admire this book as an important local keepsake.

Effie Nesbitt display board at museum 

LINKS:
http://www.woodstocksentinelreview.com/2017/07/04/full-of-fascinating-trivia-quizzical-history-is-dedicated-to-the-memory-of-second-word-war-vet-ed-bennett-and-can-be-purchased-at-the-woodstock-museum-for-20

www.woodstockmuseum.ca

http://woodstockmuseum.pastperfectonline.com/

https://www.cityofwoodstock.ca/en/woodstock-museum/old-town-hall-history.asp

www.oxfordhistoricalsociety.ca

http://www.museumsontario.ca/museum/Woodstock-Museum-N-H-S

http://www.woodstocksentinelreview.com/2010/11/16/tell-them-im-a-good-guy

http://www.woodstocksentinelreview.com/2012/05/09/boyle-will-be-remembered-on-kings-day

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Mark Schadenberg, Sales Representative

Senior Real Estate Specialist (SRES designation)

Royal LePage Triland Realty

Independently Owned & Operated, Brokerage

757 Dundas St, Woodstock

www.royallepagetriland.com

(519) 537-1553, cell or text

Email: mschadenberg@rogers.com

Twitter: markroyallepage

Facebook: Mark Schadenberg, Royal LePage Triland

Discussion . . . Direction . . . Determination . . . Destination

Canterbury Folk Festival is Ingersoll's gem July 7-9

Ian Thomas, Valdy, Tia McGraff and many others to appear at 'free' festival

Committee earns accolades for its waste-free initiative

By MARK SCHADENBERG

If you ask me, Ian Thomas is the most talented performer in the Thomas family.

Dave Thomas became famous in SCTV comedy skits and through his role in the movie Strange Brew and as half of the Bob & Doug duo. Doug MacKenzie and Bob (Rick Moranis) sang The Great White North, Take Off and Twelve Days Of Christmas songs into Canada’s Top 20 of the music charts as novelty hits, but it’s Ian Thomas who created an impressive library of albums and hit songs.

Ian Thomas performs Saturday at 8 p.m. at the Canterbury Folk Festival in Ingersoll.

IAN THOMAS

Ian Thomas has a string of hits including Pilot, Hold On, The Runner, Painted Ladies, Time Is The Keeper, Coming Home, Right Before Your Eyes, Liars, Long Long Way, I Really Love You, and Strange Brew for his brother’s movie soundtrack.

I have about 25 of his songs on my IPod.

Thomas was also a member of The Boomers, which received lots of airplay with You’ve Got To Know and I Feel A Change.

More recently, Thomas has been a member of a Canadian quartet along with the amazing Murray McLaughlin, plus alongside Cindy Church and Marc Jordan. The touring group called Lunch At Allen’s would create a stage of musical story tellers. Marc Jordan's biggest solo hit was called Survival.

At the Canterbury Folk Festival, Ian Thomas will perform as a solo artist after two legendary Canadian folk singers in Valdy and Gary Fjellgaard.

Since I grew up on Canadian radio hits, Ian Thomas is most certainly one of my favourite male recording artists along with Burton Cummings, Gordon Lightfoot and Roch Voisine.

The Thomas family is also practically local as they grew up in the Dundas / Hamilton area.

Ian Thomas, who is certainly also a Juno Awards winner, has made money also a songwriter as many of his tracks have been recorded by the likes of Chicago, America, Santana and even Bette Midler.

Look for me sitting in a lawn chair in Ingersoll on Saturday night.   

By the way, Dave Thomas and many of the Second City (SCTV) troupe were also stars of a Toronto production of Godspell along with Victor Garber in the mid-1970s. The TV show Grace Under Fire, plus movies like Coneheads, Stripes and Beethoven’s Fifth all featured Dave Thomas.

TIA MCGRAFF

CANTERBURY FOLK FESTIVAL

The annual Canterbury Folk Festival has 5 or 6 great attributes – its lineup of performers, its setting, its free admission, its craft collection, its food court and its zero waste policy. All the food you purchase is served on plastic plates and everything is cleaned for a strict policy of zero waste.

Check the website for further details on performance times as the roster also includes Tia McGraff, Coig, Lennie Gallant, Red Moon Road, Dan Stacey, Kiley Joe Masson, The Once, and certainly also Ingersoll mayor Ted Comiskey and his acoustic guitar.

The three-day festival includes a Friday pig roast, a Saturday breakfast, dancers like the Sim School from Embro of Highland Dancing, Saturday performance workshops, and a beer garden.

RED MOON ROAD

LINKS:

www.canterburyfolkfestival.on.ca

http://www.canterburyfolkfestival.on.ca/vendors.html

http://www.ingersolltimes.com/2017/03/10/canterbury-recognized-with-innovation-award

http://tvo.org/article/current-affairs/the-next-ontario/why-one-ontario-music-festival-thinks-it-can-go-garbage-free

www.ingersoll.ca

http://www.tourismoxford.ca/events/detail/articleid/3927

www.ianthomas.ca

www.redmoonroad.com

www.coig.ca

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For real estate in Oxford County contact:

Mark Schadenberg

Sales Rep.

Royal LePage Triland Realty 

(519) 537-1553

Email: mschadenberg@rogers.com

Twitter: @markroyallepage

Brilliant Bungalow on Woodstock's Sydenham Street

Ontario Cottage style house on a quiet street

Current owners added walk-in closet and ensuite 

By Mark Schadenberg

My listing at 161 Sydenham in Woodstock is an Ontario Cottage, but truthfully it's a brilliant 2-bedroom bungalow ideal for any empty nester.

In the past 14 years many improvements have taken place in this home. The eat-in kitchen now has an island with a double sink, bright white cabinets, and a gas stove which will stay. The kitchen is open to the living - dining rooms aw well.

At the time of the renovations – ALL the plumbing in the home was upgraded.

DINING & LIVING ROOMS

A couple generations ago, a previous owner added a dining room addition which provides a ton of natural light with its windows on three sides.

The dining room is completely open to the formal living room, so you could say this combination room is about 28 feet by 12 feet.

The house has a sunroom at the side door and another large sunroom at the back of the house.

The side sunroom would be your usual entrance as it’s along the driveway to the detached garage.

From this side door is a hallway with a main-floor laundry and also a 4-piece modern bathroom.

\

161 Sydenham Street, Woodstock

MLS: 79847

List Price: $279,900

Lot: 66 x 132

Taxes: $2858 (2017)

Bedrooms: 2

Bathrooms: 2

Another real estate term heard often is ‘highest-and-best use’, which translates into the idea that this property is best designed with 2 bedrooms for an empty-nester scenario. Therefore, a smallish third bedroom was replaced with a 3-piece ensuite and convenient walk-in closet to the master bedroom. The current owners smartly closed off a doorway from the living room to create a large master bedroom area.

There is a second bedroom on the main floor with impeccable hardwood flooring.

Modification number four by the current owners was to move the staircase to the basement as this improvement created a larger kitchen. The basement is essentially unfinished, but the ceilings are tall enough for a future rec room.

The furnace is less than 2 years old and the hydro panel box is breakers. The home’s water softener would also be included in the sale.

OPEN HOUSE

Sunday, July 23, 2-4 p.m.

See you then!

With a 66 x 132 level lot, this home can simply be described as a brilliant choice versus moving to a bungalow townhouse condo. Why? The 161 Sydenham home provides a large lot for kids (Likely the grand-kids) and gardens for your green thumb.

The garage is built for 1 car, but it's extra deep, so it includes a workshop. A storage shed is found behind this large garage. 

The front covered porch is great to read the morning newspaper.

Found on a quiet street, the house is near parks and shopping, and in the Winchester Street school zone.

Call me today for your private viewing.

LINKS:

https://www.realtor.ca/Residential/Single-Family/18289890/161-SYDENHAM-Street-WOODSTOCK-Ontario-N4S7B7

www.royallepagetriland.com

www.royallepage.ca

www.cometothecrossroads.com