Trish & Cheryl Niagara Real Estate Agents Niagara on the Lake Realty

Office 905-262-6996 | EMAIL info@homesnotl.ca |

 

MARKET STATISTICS


Niagara-on-the-Lake Statistics


December 11th, 2017 Niagara- The Niagara Association of REALTORS reported 584 property sales processed through the Multiple Listing Service (MLS) system in NOVEMBER.  This represents a 16.93% decrease in sales over NOVEMBER of last year.

 

 

 

The residential average sale price of $385,360 was 13.92% per cent higher than last NOVEMBER. The average days on market INCREASED from 36 to 40 days on market in the residential freehold market, and DECREASED from 56 to 36 in the condominium market. These figures are taken from the following areas; Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colbourne/Wainfleet, St. Catharines, Thorold and Welland.  Please contact us if you would like more specifics from these regions.

 

Market Activity for Niagara-on-the-Lake

 

Niagara-on-the-Lake homes listed and sold

 

# of sales in NOVEMBER 2016 - 41

 

# of sales in NOVEMBER 2017 - 26

 

Average sale price 2016 - $673,007

 

Average sale price 2017 - $816,663

 

Average days on market 2016 - 72

 

Average days on market 2017 - 61

 

 

***The most popular (trendy) streets to live on in Niagara-on-the-Lake are Bay Berry, James Drive, Lucia Court, Harmony and Gage Street.


*Please contact Trish & Cheryl Niagara-on-the-Lake Realty

Sales Representatives, for more information for current

homes for sale in Niagara-on-the-Lake!

 

 

 

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Here is some food for thought for those sellers looking to put there home on the market and reduce some stress from the get go.  What if you got a home inspection done before your home hits the market?  I think this is a great idea for those clients who would like to get a jump start on any problems that may come out during a home inspection with a buyer.

 

Most home owners prep their homes by typically stagging and de-cluttering which is a good start but what if you took this one step further?  A home inspection could prove beneficial to the home owner to take care of a few things before the sign goes onto the front lawn by fixing a few select things on the report such as shingles on the roof, a few rotten deck boards and redirecting downspouts away from the home.

 

Yes, the inspection will cost you some money but it will be money well spent especially if the buyers are first time home buyers.  They can become overwhelmed with the list of repairs needed even if they are small ones they all add up.  If you can tick off some of these items before hand you are ahead of the game and feel confident that when the home inspection does happen you have done your part and have listed your property accurately.

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November 2017

 

As a realtor we get this question all the time and my answer depends on variables such as condition of competing inventory, whether it's hot, cold or neutral and the seller's return on investment.  Many sellers put way too much money into fixing up their homes for sale.  Some of these repairs a buyer will never notice.  Some buyers want a fixer upper but these are people who generally want to repaint, replace a faucet and maybe repaint or replace the kitchen cabinet doors and hardware.  Flippers and contractors will want the homes where they can take it down to the studs and make a profit when completed.  

 

Here is a list of 10 minimum improvements to make before selling your home:

 

1. Patch holes and cracks in walls and ceilings.

2. Fix all broken appliances and HVAC systems.

3. Repair leaky faucets.

4. Replace worn or stained carpet.

5. Repaint dark or maked walls with neutral paint.

6. Replace broken window glass.

7. Repair the roof.

8. Change out any dated light fixtures and ceiling fans.

9. Fix any code violations

10. Replace old drapes and window coverings.

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What is your home worth? A wide range of factors go into that question…

 

What is fair market value? Fair market value is the price a home will sell for, if put on the market for a reasonable amount of time. Buyers, sellers, and financers must all agree that the home is worth this selling price. The fair market value is also used by the tax assessor to calculate property taxes and by insurance agencies to set premiums.  There is no simple calculation in determining what a home is worth but there are factors you can use to arrive at an educated guess.

 

Here are several factors that play into determining home value:

 

 

LOCATION: What is the neighbourhood like, school districts, traffic, is there any new development going to be happening, any properties going to be rezoned?

 

FEATURES: Upgrades in a home add value but if you are putting on granite to a home that is in a not soo good area you maybe throwing good money after bad!  Upscale finishes and fixtures — high-quality wood floors, stone countertops, premium appliance brands —It’s still about location, location, location.

 

SIZE AND LAYOUT: Homes that are all similar in terms of size may vary by square footage price. In general, buyers place a premium on open-concept layouts, which tend to make a place feel bigger, as do high ceilings. In terms of pure square footage, giant is not always better. Buyers nearing retirement are less likely to want a gargantuan place or a second story — so an area’s demographics play an important role in a home’s worth in its particular location.

 

CONDITION AND AGE: Like people, some houses age better than others — due in no small part to how well they’re maintained. The older the home, the more important that it clearly show signs of proper, ongoing care. If the homeowner has kept records of services and repairs, all the better. A poorly kept house may be cheap to buy but expensive to own — and even difficult to insure.

 

CHARM: Again, like people, some houses are just easy to like. But bargain hunters should note that charm can be easy to fix. A well-built and maintained house with a cluttered interior, off-putting décor or an ugly front door can be a buyer’s best friend. It pays to look past the surface to a structure’s true value.

 

Professionals Are the Best

 

Both professional real estate appraisers and real estate agents can provide reliable estimates of fair market value. Note that appraisers charge for this service, but real estate agents don’t.

Real estate agents and appraisers who are familiar with the areas where you are buying or selling know more about properties in the area.

 

Note that even when these professionals give their opinions of value, there are no guarantees. Unforeseen factors can affect the ultimate selling price, such as when a neighbor suddenly decides to put three cars up on blocks in his front yard or a neighboring property falls into foreclosure.

 

#realestateinniagara #buyingandselling

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November 8th, 2017 Niagara- The Niagara Association of REALTORS reported 577 property sales processed through the Multiple Listing Service (MLS) system in OCTOBER.  This represents a 23.17% decrease in sales over OCTOBER of last year.

 

 

 

The residential average sale price of $387,001 was 9.97% per cent higher than last OCTOBER. The average days on market INCREASED from 34 to 39 days on market in the residential freehold market, and from 51 to 46 in the condominium market. These figures are taken from the following areas; Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colbourne/Wainfleet, St. Catharines, Thorold and Welland.  Please contact us if you would like more specifics from these regions.

 

Market Activity for Niagara-on-the-Lake

 

Niagara-on-the-Lake homes listed and sold

 

# of sales in OCTOBER 2016 - 37

 

# of sales in OCTOBER 2017 - 26

 

Average sale price 2016 - $748,783

 

Average sale price 2017 - $881,417

 

Average days on market 2016 - 71

 

Average days on market 2017 - 43

 

 

***The most popular (trendy) streets to live on in Niagara-on-the-Lake are Bay Berry, James Drive, Lucia Court, Harmony and Gage Street.


*Please contact Trish & Cheryl Niagara-on-the-Lake Realty

Sales Representatives, for more information for current

homes for sale in Niagara-on-the-Lake!

 

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October 12th, 2017 Niagara- The Niagara Association of REALTORS reported 547 property sales processed through the Multiple Listing Service (MLS) system in SEPTEMBER.  This represents a 35.95% decrease in sales over SEPTEMBER of last year.

 

 

The residential average sale price of $405,480 was 12.42% per cent higher than last SEPTEMBER. The average days on market DECREASED from 47 to 42 days on market in the residential freehold market, and from 73 to 28 in the condominium market. These figures are taken from the following areas; Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colbourne/Wainfleet, St. Catharines, Thorold and Welland.  Please contact us if you would like more specifics from these regions.

 

Market Activity for Niagara-on-the-Lake

 

Niagara-on-the-Lake homes listed and sold

 

# of sales in SEPTEMBER 2016 - 41

 

# of sales in SEPTEMBER 2017 - 54

 

Average sale price 2016 - $801,457

 

Average sale price 2017 - $1, 257,000

 

Average days on market 2016 - 88

 

Average days on market 2017 - 52

 

 

***The most popular (trendy) streets to live on in Niagara-on-the-Lake are Bay Berry, James Drive, Lucia Court, Harmony and Gage Street.


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Zooming to Retirement

 

The Retirement years are in sight! You are almost there, the kids are slowly moving out, you are thinking about how you wish to spend the next stage of your life. You are more focused on activities for you, whether that be a hobby, traveling or volunteer activities.  Your needs start to change, whether that is the size of house, location where you wish to live and your needs /concerns about your financial future. One of those decisions is do you sell your family home and if so where do you wish to live.  Although full retirement might still be several years off, moving to a more suitable and affordable residence today may be the best move for the long term. Here are some factors to consider when evaluating your future lifestyle and residence.

 

Your Budget

When deciding the pros and cons of staying in your present home, there are many issues to consider, one is the cost of the home. Long-term budget planning should take into account not only standard day-to-day expenses, but also the cost of home improvements/renovations, repairs or replacement of aging appliances or home heating/cooling systems.  In addition, there are practical considerations such as the style of home and the possible physical or financial burden of property management in later years.

 

As you approach retirement you may prefer to free up some of the equity that has built up over the years in your present house. Many people use this equity to supplement their retirement savings, help their children with education costs or to purchase another home. Whatever the reason, it’s important to seek solid real estate and financial advice before making a decision.

 

Things to Consider before Choosing a New Residence for Retirement


Location of a new residence should encompass all you imagine for your future retirement lifestyle. You will finally have the time to participate in all the activities you’ve never managed to squeeze in before; therefore, it is important to take into account proximity to family, friends and the facilities that house your favourite recreational or social activities. This may include golf courses, church, recreational facilities, social clubs or the local theatre.

 

The other thing you need to consider if you are moving is access to medical support.  Many locations across Canada have a lack of Doctors and waiting lists for a family physician. 

 

 You also need to consider what you need inside your new residence, you may desire an additional bedroom for visits from grandchildren or an easy-access bathroom with improved shower, bath and toilet for greater comfort in the future. In addition, wide, shallow steps and an easy front walk-up will be important inclusions for less limber bodies. Sufficient outdoor lighting is a necessity for home security and personal safety. Although you may be moving to a smaller residence overall, your personal space will likely be greater due to innovative designs created with the retirement lifestyle in mind, perhaps in the form of a dressing room, art studio or office.

 

Before making a decision to move out of town to a vacation home or any type of residence, imagine yourself living day-to-day further away from family and friends and try to explore potential ramifications of the increased distance. You may consider building a guestroom so that you can entertain friends and family on a regular basis, while still enjoying your quiet, country retreat.

Whether you choose to stay in the family home, build, move to a recreational property or condominium, consider the activities you currently enjoy and reflect on your evolving interests and the new priorities of your future.

 

 

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January 5th, 2017 Niagara- The Niagara Association of REALTORS reported 476 property sales processed through the Multiple Listing Service (MLS) system in DECEMBER.  This represents a 19.6% increase in sales over DECEMBER of last year.

 

 

The residential average sale price of $319,223 was 13.9 per cent higher than last DECEMBER. The average days on market DECREASED from 61 to 39 days on market in the residential freehold market, and from 77 to 72 in the condominium market. These figures are taken from the following areas; Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colbourne/Wainfleet, St. Catharines, Thorold and Welland.  Please contact us if you would like more specifics from these regions.

 

Market Activity for Niagara-on-the-Lake

 

Niagara-on-the-Lake homes listed and sold

 

# of sales in DECEMBER 2015 - 20

 

# of sales in DECEMBER 2016 - 21

 

Average sale price 2015 - $546,200

 

Average sale price 2016 - $523,143

 

Average days on market 2015 - 115

 

Average days on market 2016 - 35

 


*Please contact Trish & Cheryl Niagara-on-the-Lake Realty

Sales Representatives, for more information for current

homes for sale in Niagara-on-the-Lake!

 

 

 

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March 7th, 2016 Niagara- The Niagara Association of REALTORS reported 605 property sales processed through the Multiple Listing Service (MLS) system in FEBRUARY.  This represents a 12.6% increase in sales over FEBRUARY of last year.

 

 

The residential average sale price of $289,841 was 12.6 per cent higher than last FEBRUARY. The average days on market DECREASED from 65 to 54 days on market in the residential freehold market, and from 103 to 86 in the condominium market. These figures are taken from the following areas; Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colbourne/Wainfleet, St. Catharines, Thorold and Welland.  Please contact us if you would like more specifics from these regions.

 

Market Activity for Niagara-on-the-Lake

 

Niagara-on-the-Lake homes listed and sold

 

# of sales in FEBRUARY 2015 - 22

 

# of sales in FEBRUARY 2016 - 35

 

Average sale price 2015 - $498,522

 

Average sale price 2016 - $599,153

 

Average days on market 2015 - 177

 

Average days on market 2016 - 75

 

 

***The most popular (trendy) streets to live on in Niagara-on-the-Lake are Bay Berry, James Drive, Lucia Court, Harmony and Gage Street.


*Please contact Trish & Cheryl Niagara-on-the-Lake Realty

Sales Representatives, for more information for current

homes for sale in Niagara-on-the-Lake!

 

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Overall Market Activity in

Niagara-on-the-Lake 2015



Niagara-on-the-Lake:

 

2014- 705 Listings available

2015- 656 Listing available

 

# of Sales:

 

2014- 352

2015- 417

 

Average Price:

 

2014- $470,141

2015- $504,954

 

Average Days on Market:

 

2014- 95

2015- 97


 

**Niagara-on-the-Lake consists of the townships of VirgilQueenston and St.Davids.

 


 

Feel free to contact Trish and Cheryl Niagara-on-the-Lake Realty

 

Sales Representatives for more information on

 

homes for sale in Niagara-on-the-Lake!

 

 

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MARKET STATISTICS


Niagara-on-the-Lake Statistics


June 12, 2015, Niagara- The Niagara Association of REALTORS reported 862 property sales processed through the Multiple Listing Service (MLS) system in MAY.  This represents a 20.1% increase in sales over MAY of last year.

 

 

 

The residential average sale price of $273,661 was 7.6 per cent higher than last MAY. The average days on market DECREASED from 56-53 days on market in the residential freehold market, and from 59-65 in the condominium market. These figures are taken from the following areas; Fort Erie, Fonthill/Pelham, Lincoln, Niagara Falls, Niagara-on-the-Lake, Port Colbourne/Wainfleet, St. Catharines, Thorold and Welland.  Please contact us if you would like more specifics from these regions.

 

Market Activity for Niagara-on-the-Lake

 

Niagara-on-the-Lake homes listed and sold

 

# of sales in MAY 2014 - 34

 

# of sales in MAY 2015 - 49

 

Average sale price 2014 - $470,842

 

Average sale price 2015 - $485,406

 

Average days on market 2014 - 156

 

Average days on market 2015 - 108


*Therefore there was approximately a 30% increase in selling price and 44% more homes sold this MAY as compared to those that sold in 2014. And the average days on market decreased by 44%.

  

 

***The most popular (trendy) streets to live on in Niagara-on-the-Lake are Bay Berry, James Drive, Lucia Court, Harmony and Gage Street.


 

 

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Durable Flooring Types Good For Any Home

 

Floor with hardwood and tile

1 Tile

If you want your floor to look like new 10 years from now, a hard tile is your best bet. Ceramic is good, but porcelain is denser and more durable. Natural granite and slate tiles are also sturdy options.

2 Vinyl

This tried and true floor covering is flexible underfoot and cushions falls. For superior durability, choose a sheet with a thick urethane topcoat that resists scratches and scuffs.

3 Wood

Like tile, not all wood floors are alike. In a home filled with kids and pets, shop for wood planks with a rating higher than 2,000 on the Janka scale. The Janka scale measures a wood’s resistance to denting, marring and wear. The higher the Janka number, the harder the species and the tougher the floor.

4 Laminate

As with vinyl, look for a laminate with a tough, thick topcoat. This top layer is scored for durability via an abrasion coefficient (AC) rating from AC1 to AC5, with AC5 being the most durable. The rating should be noted on the packaging. Don’t go lower than AC3 for rooms with children and choose AC4 or AC5 for pets.

While carpet may be prone to stains and tears, a newly introduced yard named Triexta makes for a very durable carpet.

5 Carpet

Carpet has its advantages, especially in rooms where kids will be sprawling on the floor to watch TV or play video games. A newly introduced yarn called triexta can stand up to most anything two- and four-legged creatures can dish out. Look for this durable, soft yarn under the trade names Sorona or SmartStrand. Because of this new durability, several manufacturers are offering lifetime warranties.


Radiant heat coils under floor

Radiant heat is administered by coils directly under the floor surface.

Give your room radiant heat

Controlled by a thermostat, radiant heat coils warm the floor to a temperature that feels comfortable to bare feet. The coils can be used underneath many materials, including stone, tile, vinyl, and even wood and laminate, providing care is taken during installation to allow for expansion and contraction.

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A source of pride in our community are the many beautifully maintained parks.  They are available to the public at no charge.  No reservations are accepted at our parks, however facilities within the parks (soccer fields in Memorial and Centennial Parks, ball diamonds in Memorial & Centennial Parks, gazebo in Queen's Royal Park and the bandshell in Simcoe Park, etc) can be reserved by calling the Parks & Recreation office at 905-468-4261.

 

notl gazebo

Centennial Park
Located at 1565 Four Mile Creek Road in Virgil, Centennial Park provides 2 arenas, (Meridian  Credit Union and Centennial Arenas) 3 lit ball diamonds, 4 soccer mini-fields, 2 lit asphalt tennis courts, playground equipment, skate park, picnic pavilion, concession and washrooms.


Chautauqua Park
A small (.9 acres) neighbourhood park on Oak Drive provides park benches and open space.


Garrison Village Park
A 2.3 acre park on Upper Canada Drive with 1 tennis court, 1 basketball court and playground equipment.


Homestead Park
Located by Frontier Drive in Virgil, the park offers playground equipment and open space.


Lowrey Park
Lowrey Park is a passive park on York Road in St. Davids offering open space and park benches.


Memorial Park
Located at 370 King Street in Niagara-on-the-Lake, Memorial Park offers an outdoor pool, 4 lit synthetic surfaced tennis courts, an outdoor volleyball court, 1 lit ball diamond, 2 regulation size and 2 mini sized soccer fields, playground equipment, pavilion and public washrooms.
Memorial Park Pool (seasonal - June to September) 905-468-2804


Nelson Park
Nelson Park, off Ricardo Street on the Niagara River, is the start of the Waterfront Trail.  Parking and a gazebo are at the parksite.


Newark Park
Newark Park is located at Niven and Lakeshore Road and is a large park providing ample parking space (24 acres) but does not offer any services.


Niagara-on-the-Green Park
Located in phase 2 of the Niagara-on-the-Green subdivision near Wright and Young Crescents.  The park offers playground equipment, sports court, seating areas and open space.


Niagara Shores Park
Niagara Shores Park on Lakeshore Road is owned by Parks Canada and maintained by the Town’s Parks & Recreation division.  The park provides open space and beach access but has no amenities.


Queen’s Royal Park
Located at the end of King Street at the Niagara River, the park has a gazebo which accommodates small weddings (12 maximum).  Picnic tables and washrooms are also located in the park.


Rye Heritage Park
Located on Rye Street, this 7 acres park includes 2 asphalt tennis courts, basketball pad, playground equipment and one soccer field.


Ryerson Park
Ryerson Park on Niagara Blvd is a small passive park with benches.


Simcoe Park
Located at the corner of Queen and King Street, Simcoe Park offers a wading pool, bandshell, picnic tables, washrooms and playground equipment.


St. Davids Lions Park
St. Davids Lions Park at 1446 York Road houses the St. Davids Lions Pool, two asphalt tennis courts, pavilion, picnic tables and limited playground equipment.
St. Davids Pool (seasonal) 905-262-5120


Villages Park
Villages Park located on Regional Road 55 is 1.83 acres of open space with no park amenities.


William Nassau Park
This park is 4 acres in size and is located on the corner of William and Nassau Streets and includes a playground structure, open space and a Memorial Garden maintained by the Niagara-on-the-Lake Horticultural Society

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Bridge Loans – one way to reduce the stress of moving!

 

Bridge loans have become a very popular way to take possession of that new home without the stress of packing, moving and unpacking all on one day.  The stress of waiting for the deal to close before being able to get procession and if there is a domino happening (more than one house closing for the deal to happen) it may not happen to late on the day.  People are closing 2 or 3 weeks ahead of time to allow for renovations.

 

Bridge loans are short-term loans that bridge the gap between two different closing dates, more commonly used when an existing homeowner sells their home, and buys another home, with two different closing dates.   Best of all, it’s really inexpensive!

More buyers are taking a more relaxed approach.   Bridge Loans are gaining in popularity.. It allows for a more relaxed move over a 2 or 3 day period… or in the case of renovations, maybe 2 or 3 weeks.    It’s certainly less stressful and could even save you money if you are doing a bigger renovation (contractors could end up charging you a little more if they have to deal with a family living in the house during the renovations or if they are rushed).

 

One example on how much Bridge Financing works and what it costs…

 

In this example we’ll use a couple that sold property for $400k with a closing on November 1.   There is an existing mortgage of $250k.    They bought another house for $600k.   Closing is November 22.  They will spend $50k in renovations for a new kitchen and bathroom.   They want a $450k mortgage to cover renovations closing costs and take out some money for personal use. 

  Here’s how the Bridge loan works:

 

•Bridge loan amount would be $150k… we calculate this by taking the Purchase price ($600k) less the new mortgage amount ($450k).

•Rate of interest will vary but it’s around Prime plus 2.00% (today’s prime rate is 3.00%).

•Lender admin fees range from $250 to $500.

•Legal fees vary depending on Lender and Lawyer… $200 to $400.

•Interest costs are $20.55 per day.  Total interest would be $287.70.

•Overall total cost of the Bridge Loan would be between $737 and $1200 depending on your lawyer’s legal fees and Lender admin fees.

 

Some qualification, limitations and risks when getting a Bridge Loan

•Bridge Loans are only offered by the mortgage provider for your new home.  It’s a product most Banks don’t like to offer as there is really no profit for them.  They get nervous about the possibility of your existing home not closing.   There is some exposure and risk to the Bank… it’s limited but it’s there.

•Your lawyer will be required to provide an undertaking to register a mortgage if the sale of your existing home collapses (that’s not a common occurrence but it can happen).

•Speaking of sales… you must have entered into a firm sale on your current home to qualify for a Bridge Loan.

•Lenders will only offer a Bridge Loan equal to the down payment required for your new home.  This amount cannot be greater than the equity remaining in your current home.

•There is also the option of obtaining Private Lender bridge financing but this is more expensive and should only be considered as a last alternative.

 

Standing back and looking at the big picture, I think most of us would be happy to pay $700 to $2,000 for sake of being able to have an empty house for 2 to 4 weeks to do a clean up or reno, etc.

 

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Niagara-on-the-Lake has best value for visitors: Trivago

 

According to Trivago.ca Niagara-on-the-Lake has been chosen the city with the best value.  The town has been named the best value city in Canada for 2015.

Hotel search trivago.ca analyzed cities across Canada based on hotels average price and the detinations' overall hotel reputation on more that 200 booking sites, and has announced the top 15 cities offering the best value in hotels, wtih Niagara-on-the-Lake at the top of the list. This ranking was based on 140 million user reviews, assigning each city a rating out of 100.

Niagara-on-the-Lake's average room price was listed at $203, with overall hotel rating at 88.5/100.  Kamloops, BC was second, with an average hotel price of $119 per night with an average hotel rating of 76.46/100.  Toronto came in at number 15, rated 77.7/100 with an average room rate of $179.

This shows that Niagara-on-the-Lake is considered a standalone, unique destination with a very strong brand recognition.  It is one of the greatest places to visit with a strond level of customer service and amenities.

 

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How to get the most from a home inspection

 

Getting a home inspection is a smart thing to do when buying a home as it could save your bank account some serious woo’s down the line.  Take a look at some questions you may want to ask.

 

Include an inspection contingency in the sales contract.

 

As a real estate representative we always insist on a home inspection clause in a purchase and sale agreement.  The buyer can then choose to do one or not.

 

Choose a qualified inspector

 

The best home inspectors have experience in the building industry and understand local building codes and requirements.

 

Ask what will be inspected and how long it will take.

 

The inspection should include a complete assessment of the interior and exterior of the house, from roof to foundation, as well as a thorough analysis of the electrical, plumbing, heating and air-conditioning systems. Ask to be filled in on any areas that were missed because they were too small or difficult to reach. On average, a home inspection should take two or three hours to perform. Larger and older homes may take a full day.

 

Be realistic.

 

An inspector can’t uncover everything, such as wiring issues covered by drywall or mold that can’t be seen beneath shower tiles. An inspector can tell you that the air conditioning system is 11 years old and has a life expectancy of 12, but he or she can’t tell you when it will fail. Also realize that most older homes have some deficiencies or areas of concern — be prepared to decide what you can live with and what you can’t.

 

Ask what kind of report will be provided.

 

Request a sample copy before hiring the inspector. If the report is little more than a checklist, choose a different inspector. A complete report should be several pages long (20 or more is not uncommon) and should describe what was inspected and what problems, if any, were uncovered. If there are serious issues or problems the inspector can’t diagnose, the report should recommend further examination by a structural engineer or other specialist.

 

Plan to attend the inspection.

 

The best way to understand what the inspector is reporting is to see exactly what he is talking about. If it is unclear to you whether something uncovered is a major or minor issue, ask.

 

Follow up on the inspector’s recommendations.

 

Don’t wait until after closing to get estimates for repairs, as some issues can turn out to be more expensive than anticipated.

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How much does it cost to move...

 

 

 

Atricle by Globe & Mail

Dated: March 25, 2015

 

Click the link below on a video of what it costs to move.

 

 

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/drawing-conclusions-how-much-does-it-cost-to-move-its-expensive/article23589758/

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The life of a roof which battles the elements day to day and year to year, keeps you warm and dry in the winter and cool in the summer needs a little of your attention each year. 

 

The Elements

 

Here’s a factor for every roof, no matter where it is. The sun’s baking rays slowly degrade roofing materials, while wind, rain and hail sometimes cause immediate injury. Snowy climates offer special challenges, from the sheer weight of snow buildup to ice dams that break gutters and foster leaks. The more extreme conditions are in an area, generally or in any given year, the more need for constant vigilance to spot small problems that could easily become large ones later on.

 

Condensation

 

If the temperature in an attic is not close enough to the temperature outside, condensation can occur, promoting rot of the sheathing underneath shingles and of rafters. Proper attic ventilation often solves the problem.

 

Moss and Algae

 

In many regions, too much shade and too little sun promote the growth of moss and staining algae. Left alone, moss creates a perfect environment for moisture buildup under shingles, according to roofing specialists, and trapped moisture increases the chance of wood rot. Meanwhile, algae’s dark stains can affect a roof’s reflective.

 

Trees

 

A much-loved source of shade and beauty in most contexts, trees over a roof can be problematic — dumping leaves in gutters, dropping heavy branches and, if not properly trimmed, scratching away at a roof’s surface. Trees also offer little critters a way up and onto a home. Once they’re up, an attic looks awfully inviting.

 

Inattention

 

Overhead shouldn’t mean out of sight and out of mind. Regular inspections and quick attention to problems will help any roof live a long and useful life.

 

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What is your home worth? A wide range of factors go into that question…

 

What is fair market value? Fair market value is the price a home will sell for, if put on the market for a reasonable amount of time. Buyers, sellers, and financers must all agree that the home is worth this selling price. The fair market value is also used by the tax assessor to calculate property taxes and by insurance agencies to set premiums.  There is no simple calculation in determining what a home is worth but there are factors you can use to arrive at an educated guess.

 

Here are several factors that play into determining home value:

 

 

LOCATION: What is the neighbourhood like, school districts, traffic, is there any new development going to be happening, any properties going to be rezoned?

 

FEATURES: Upgrades in a home add value but if you are putting on granite to a home that is in a not soo good area you maybe throwing good money after bad!  Upscale finishes and fixtures — high-quality wood floors, stone countertops, premium appliance brands —It’s still about location, location, location.

 

SIZE AND LAYOUT: Homes that are all similar in terms of size may vary by square footage price. In general, buyers place a premium on open-concept layouts, which tend to make a place feel bigger, as do high ceilings. In terms of pure square footage, giant is not always better. Buyers nearing retirement are less likely to want a gargantuan place or a second story — so an area’s demographics play an important role in a home’s worth in its particular location.

 

CONDITION AND AGE: Like people, some houses age better than others — due in no small part to how well they’re maintained. The older the home, the more important that it clearly show signs of proper, ongoing care. If the homeowner has kept records of services and repairs, all the better. A poorly kept house may be cheap to buy but expensive to own — and even difficult to insure.

 

CHARM: Again, like people, some houses are just easy to like. But bargain hunters should note that charm can be easy to fix. A well-built and maintained house with a cluttered interior, off-putting décor or an ugly front door can be a buyer’s best friend. It pays to look past the surface to a structure’s true value.

 

Professionals Are the Best

 

Both professional real estate appraisers and real estate agents can provide reliable estimates of fair market value. Note that appraisers charge for this service, but real estate agents don’t.

Real estate agents and appraisers who are familiar with the areas where you are buying or selling know more about properties in the area.

 

Note that even when these professionals give their opinions of value, there are no guarantees. Unforeseen factors can affect the ultimate selling price, such as when a neighbor suddenly decides to put three cars up on blocks in his front yard or a neighboring property falls into foreclosure.

 

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How much will you owe if you break your mortgage?

 

Article by The Globe and Mail

Published April 20, 2015


Click on the link below:

 

 

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/drawing-conclusions-the-cost-of-breaking-a-mortgage-can-vary-wildly/article24030002/

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