Hello 2012!

With the dawn of the new year, I'm filled with optimism as we look ahead at our real estate market. I want to take a moment to encourage everyone to dig deep down and dust off those ideas of your dream property.  Have those ambitious ideas taken a back seat over the last year? Well, the gloomy world news of 2011 is behind us — so let's move forward!  Turn the TV off and  explore the possibilities owning a property where you can take full advatge of our beautiful province.

In most of our areas real estate prices have remained stable for the year and there are even some pockets that enjoyed a 10  to 15 percent increase (including waterfront and land). The cost of borrowing is extremely low  right now and there is a  good chunk of inventory to choose from.  Our real estate investments can be economical with great returns —  bundled with the emotional benefit of having a place to relax and share with family and friends. I know it sounds cliche, but there is something for everyone.

This might be the year to buy that piece of recreational property, whether it's a cabin nestled in the woods, a trailer on a rural plot of land or a beachfront home on the river. Having lived in the Greater Saint John Area my entire life,  I know first hand that we often forget to take a moment to take in the beauty that New Brunswick has to offer. Our hills, valleys, lakes and rivers are some of the finest in the country — there really are some hidden gems just beyond our everday commute!

I'm confident 2012 is going to be a great journey. It's never too early to start asking questions and sharing your real estate ideas. Please don't hesitate to get in touch with me, I would love to hear them!

Take care,

Pam DeCourcey
REMAX Professionals Saint John
Email: pam@decourceyandcompany.com
Twitter: @pamdecourcey
Facebook: fb.me/pamdecourcey

www.decourceyandcompany.com

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Mississauga, ON (December 6, 2011) - Canadian residential real estate defied conventional logic and outperformed expectations in 2011, posting another solid year of housing activity virtually across the board. The trend is expected to carry forward into 2012 as Canadians continue to demonstrate their faith in homeownership, despite concerns over the European debt crisis and its impact on the global economy, according to a report released by RE/MAX.

The RE/MAX Housing Market Outlook 2012 examined trends and developments in 26 major markets across the country. Eighty-eight per cent (23/26) anticipated average price increases by year-end 2011 - with percentage hikes ranging from one to 16 per cent. The forecast for 2012 shows the upward trend moderating, but still ahead of 2011 figures. Overall home sales are expected to remain on par or ahead of last year's levels in 85 per cent (22/26) of markets in 2011 - including Saskatoon with a year-over-year percentage increase of 13 per cent and an eight per cent uptick in Calgary, Winnipeg, Hamilton-Burlington and Sudbury. Almost half of Canadian markets will match the 2011 performance, while the remainder should post increases ranging from one to five per cent next year.

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Pam DeCourcey, of REMAX Professionals Saint John, discusses the latest MLS Market Stats released from the Saint John Real Estate Board. Contact us at DeCourcey and Company today for more information, questions or commments.

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The money raised on Miracle Treat Day here in the Saint John Area will directly support sick and injured children at our local CMN Hospital, The IWK Health Center in Halifax. Our office will be stopping by our local  Dairey Queen in Rothesay tomorrow for some cool treats. We fully support The Dewar Family, owners of our local Dairy Queens, for all of their contributions to the IWK and our community!

Since 1992 RE/MAX Agents have raised over $40 million in Canada alone for the Childrens Miracle Network. We are proud to make a contribution with every home we sell here at DeCourcey and Company.

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View the full MLS Trends Report for the Greater Saint John Area here. (PDF)

Here is a breakdown of our Greater Saint John MLS stats as interpreted by CMHC, Canada Mortgage and Housing Corporation.  These numbers are representative of the first half of 2011, January to June.  It's interesting to note that the Kennebecasis Valley area has not only the highest sale price in the Saint John Real Estate Board, but also the province.  Grand Bay seems to be the hardest hit with a decline of over 13% in sales, but from my experience it is due to the lack of inventory of homes in Grand Bay, ie not a varied selection.

As with everything, our economy is tied into the world markets and the repercussions are still felt here on the East Coast, albeit a little softer.  We have been fortunate that our market did not see abnormally large increases that needed major market adjustments.  Yes, our market is a bit flat at the moment but taking into consideration our Western counterparts, we will weather the turbulence.

- Kelly

Kelly DeCourcey
Realtor
REMAX Professionals Saint John
www.decourceyandcompany.com
twitter.com/kellydecourcey
kelly (at) decourceyandcompany.com

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Kelly DeCourcey reviews the market numbers for the month of June from the Saint John Real Estate Board.

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It's hard to believe you can drive 5 - 10 minutes off the beaten path and you can come upon some pretty incredible vacation and recreational property. With our huge geographical location and an abundance of lakes, rivers and the ocean, there truly is something for every body. I wanted to share with you the recently released 2011 RE/MAX Recreational Property Report. Feel free to contact me today with any questions about exploring the possibilities in the greater Saint John area.

- Pam

Greater affordability, increased selection, and pent-up demand also key factors in 2011 season

Canada’s recreational property market is gaining serious traction as savvy purchasers take advantage of ideal conditions, setting the stage for what is expected to be the best market in recent years, according to a report released today by RE/MAX.

The 2011 RE/MAX Recreational Property Report, examining sales and trends in 46 markets across the country, found that substantial equity gains and recovering stock portfolios in major centres have contributed to an upswing in demand from coast to coast.  Demand rose in 78 per cent of markets, while sales were up or on par in 41 per cent of recreational centres.   Inclement weather, including a late thaw and an abundance of precipitation, resulted in a slow start in many areas, but should be offset by stronger peak season activity.  While starting prices have remained relatively stable across the board, there are deals to be had in virtually every region – especially at the top end. Luxury sales, as a result, have climbed in almost half of the markets examined.  Inventory levels are healthy throughout the country,  although there has been some tightening reported at entry-level price points in about one-third of markets.  Some of the best selection of product in recent years is now available. 

Buyers who held off during the recession are back in recreational property markets from coast-to-coast.  Their patience has been rewarded with more affordable recreational values and greater inventory levels.   It’s the perfect storm, as ideal market conditions dovetail with wealth recovery.
 
The report also found that Americans are cashing out—especially in Ontario and Atlantic Canada.  For many, the timing has never been better.  The vast majority purchased in Canadian markets when the dollar fell to 65 cents.  These sellers are now taking advantage of price appreciation and the currency exchange.

In British Columbia, the recreational property report identified prices at or near bottom.  Astute purchasers—many of whom were scooping up product south of the border—are starting to cherry pick in markets where oceanfront prices are down from peak, pre-recession levels.  Softer values have driven up sales in Western Canada, with transactions up or on par in 58 per cent of markets, well ahead of the national average. 

Opportunities that haven’t been seen in years are now presenting themselves, especially on the West Coast.  Prices are down as much as 20 per cent from peak levels reported in 2006-2007, bringing ownership within reach to many potential purchasers.  The strengthening oil sector has also brought Albertans back into mix, driving demand for both local and coastal B.C. properties.  2011 could be the turning point.

In markets in Ontario, Quebec, and Atlantic Canada, the supply of recreational property has tightened considerably at the lower end, with potential price increases in store by year-end if momentum continues at the current pace.  

At present, 50 per cent of markets offer recreational product at $350,000 or less, including most Ontario markets, Atlantic Canada, the Laurentians and three markets in the West—Lake Winnipeg, Canmore and Harrison Lake.   Yet, even greater value exists for those willing to compromise on lot, location or type of access, such as riverfront, view properties, condominiums, fractional ownership or boat access options.

With overall economic performance improving daily and consumer confidence rising, the resurgence of Canadian recreational property markets is a natural progression.  An upswing in discretionary spending is once again drawing purchasers to what is, without question, an innate Canadian pastime.

The report noted that the composition of the country’s recreational destinations continues to evolve.  Fewer traditional cottages are available for sale than in years past.  As the desire for the year-round lifestyle continues to drive renovation and new construction activity, these waterfront properties are disappearing from the landscape.   Meanwhile, today’s average recreational getaways are truly earning the distinction as the “home away from home,” with many of the bells, whistles and comforts of their residential counterparts.  The movement is challenging local municipalities to manage the delicate balance between regional growth and natural preservation—in some instances, changing recreational migration patterns in the process.

Download the 2011 RE/MAX Recreational Property Report PDF

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We wanted to share a post from  Sylvie Anne Messer of Key Mortgage Solutions Inc explaining mortgage penalties. This is a question that we get frequently from clients and Sylvie's post is one of the best explanations we have read on the topic. If you are wondering about what your mortgage penalty would be if you choose to sell this year, read on.

IRD Penalty Comparison Rates

IRD-Mortgage-Penalty

The much-unloved Interest rate differential (IRD) penalty is a mystery to most of the natural born population. People loathe it, largely because they don't understand it. We continually come across folks who read their entire mortgage contract and are still confused by the IRD calculation.

Fortunately, federal disclosure guidelines are on their way later this year. These guidelines are supposed to standardize the explanations of IRD penalties to make them more comprehensible. There is one element of the IRD calculation, in particular, that gets people all tied in knots. It's called the "comparison rate."

Here's a real-life example of how the comparison rate can spoil your day:  Customer fee to pay out mortgage doubles (CBC News). The story features a regular guy (Mohsen Movahed) who learned how to calculate an IRD penalty...the hard way. It seems Movahed relied on a penalty quote, only to find some months later that his penalty had doubled.The culprit, says his bank, was the comparison rate used in the IRD calculation.

Comparison-Rate-IRD-Penalty

A comparison rate is the rate a lender compares to your current contract rate in order to calculate the IRD penalty on a fixed-rate mortgage. The comparison rate is usually the lender's rate for the term that most closely matches your remaining term.

For example, if you have 22 months remaining on your fixed mortgage, a lender will typically (there are exceptions) use a 2-year term as your comparison rate.
The kicker is that banks often subtract the discount you received at origination from their posted (comparison) rate--which makes the interest rate differential and penalty even worse! Some lenders use bond yields for their comparison rates (example). This method can sometimes be far more costly depending on yields and mortgage spreads.

Conversely, some non-bank lenders use regular discounted rates for their IRD calculations, which can be more favourable for the customer.

In any case, Mr. Movahed discovered that the comparison rate can drop considerably as time goes by. That drop can boost the interest rate differential and cost you thousands more.

As a sample test, we ran a quick penalty calculation for breaking a hypothetical $250,000 mortgage. Our example was based on actual historical and current bank rates. It assumed the customer had about 2.5 years remaining on their term and had received a 1.50% discount off posted rates.

Depending on the effective date of the penalty calculation, a bank could quote the penalty based on either a 2-year or 3-year comparison rate. That's relevant because the penalty difference between these two comparison rates (as of today March 24, 2011) is more than $3,700!

In other words, if our hypothetical customer waited until she had slightly less than 2.5 years remaining in her term, the bank could apply the lower 2-year comparison rate (instead of a 3-year) and her penalty would increase 28%.  (A lower comparison rate makes the IRD bigger.)

The moral is that timing matters when calculating an IRD penalty. A good mortgage advisor can help you plan properly to minimize the IRD, if and when you have to pay it.

Sylvie Ann Messer AMP
Accredited Mortgage Professional
Key Mortgage Solutions Inc - DLC Capstan
Tel: 506-206-3672
www.sylvieannmesser.ca
www.keyms.ca 

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Pam was recently on Greater Saint John Today discussing the local real estate market.  You can listen to the interview above, courtesy of 103.5 Saint John Radio (95.1 in the KV).

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Here at DeCourcey & Company we are pumped to introduce the new Text to View Listing signs, part of the RE/MAX Curbside Marketing program.  Look for the  blue cell phone shaped signs that have an ID number on them.  You can text the unique number on the sign to 58888 for instant  property information. On web enabled smart phones you can view the mobile version of the listing with full property details and photos, with the ability to share by email, Facebook or Twitter.  You can also email us or call us directly-it's hot linked in your smartphone.  This is just another tool we can use to provide instant information to our clients through the latest technology.

Stay on the lookout for other cool new features we are working on!

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Market stats are in for the month of March from the Saint John Real Estate board. Pam gives us a quick update on the market.

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Mississauga, ON (April 5, 2011) - Driven by the threat of higher interest rates down the road, first-time buyers are contributing to strong upward momentum in residential housing markets across the country, according to a report released by RE/MAX.

The The RE/MAX First-Time Buyers Report , highlighting trends and developments in nineteen major Canadian centres, found that low interest rates and balanced market conditions have provided significant impetus in 2011, particularly at lower price points. Just over 30 per cent of markets are reporting sales in excess of 2010 levels as a result, while almost 70 per cent have experienced an upswing in average price. Leading the country in terms of percentage increases in the number of homes sold are Western Canadian markets, including Saskatoon (up close to 15 per cent), Greater Vancouver (up close to 12 per cent), and Winnipeg (up just over 11 per cent). With an average price hike of close to 20 per cent year-to-date (February), Greater Vancouver continues to show unprecedented strength, followed by Hamilton-Burlington (eight per cent), Quebec City (seven per cent), Winnipeg (close to seven per cent), Greater Toronto (five per cent), and Greater Montreal (five per cent).

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Wow.. being bombarded with "housing stats?"

Blogs ,forecasts, bankers, financial gurus... government, building permits registrars....who is right?

- Pam

Save

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At DeCourcey & Company we have a special place in our hearts for children, especially sick kids.  We are proud to tell everyone that we are part of the Miracle Home Program benefiting the IWK for our maritime children.  This means that for every house we list AND sell, a donation is made to the IWK on our client's behalf.

WE NEED YOUR HELP.....for today, Valentines Day-February 14th, 2011...we are raising more funds by donating $1 for every "LIKE" on our Facebook page  www.facebook.com/decourceyandcompany    Spread the word, tell your friends! Let's get this rocking!!

In Canada, RE/MAX continues to be a strong corporate contributor to Children's Miracle Network - $3.7million was raised in 2010. With funds contributed by national sponsors like RE/MAX, affiliated hospitals are able to provide needed medical care and equipment for more than 2.6 million Canadian children each year.

RE/MAX chose the Children's Miracle Network as its international charity because...

• The Mission Statement of Children's Miracle Network, an international non-profit organization, is to "Generate funds and awareness programs for the benefit of children served by its associated hospitals". An outstanding cause!
• RE/MAX lists and sells homes with the very families whose  children have been served, or may one day be served, by a Children's Miracle Network hospital. One in four Canadian children will be treated in a Children's Miracle Network hospital this year.
• RE/MAX stands for quality service and for caring about the communities where its Associates live and work. RE/MAX makes the world a better place to live through Premiere Community Citizenship.

Thanks for helping us, help the children!

Pam, Kelly, Stephanie & Ian

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 As we ring in the new year, January brings a time of renewal and change. If 2011 has you thinking of making a move, I'd love to be your trusted real estate advisor.  This new development, Cambridge Estates, located in Millidgeville is an awesome area for families. Located just off the Boars Head Road by Chateau du Champlain you'll find this sidewalk and lamp-lit subdivision. Prices start at $239,500 and styles include 2 & 3 bedroom single family and semi detached.

- Pam

3 bedroom Detached

2 Bedroom Semi Detached

2 Bedroom Single Family

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Have a look at this video from our Executive VP of RE/MAX Ontario-Atlantic, Michael Polzler. I too agree that 2011 will bring a balanced stable market.  I'm excited to see this,  as it benefits us all - from buying and selling real estate to the spin-off businesses it creates.  I think it's safe to say that a balanced market is healthier in the long term than the pendulum swings that other markets across the country have experienced.

-Pam

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Grab a quick cup of coffee and listen to Pam's quick recap of the Saint John real estate market for the month of November that just passed. Mortgages rates are at an all time low and inventory is back to normal levels. Stay up to date with your local market with Saint John's Leading Realtor®!

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Kelly

Performing routine checks and maintenance on your hot water tank, whether it is gas, oil or electric, is vital to extending the life and efficiency of the tank and ensuring your safety. The normal life expectancy of a tank is 8 – 12 years. Older tanks have the manufacture date as part of the serial number; however newer tanks have stickers with the date of manufacture clearly stated.

Completely check the tank for any signs of leaks, corrosion, damage and deterioration. Check water lines on top of the unit for leaks and corrosion; also check that the bottom drain valve is not leaking. You should routinely drain the tank and flush out any silt and debris on the bottom of the tank. This will greatly increase the life and efficiency of your tank, especially if you are on a well system.

The area around the tank should be kept clear of debris and combustibles. Air flow is required to help with combustion and the performance of your tank. Visually check the tank’s main components. Check the burner and pilot-light burn pattern and look for signs of corrosion and deterioration and ensure that the flame shields are in place. Air flow to the burner area should not be obstructed.

Next, take a look at the temperature pressure relief valve (TPRV) located on the side of the tank. The TPRV is designed to release any build-up of pressure or temperature. There should be no signs of leakage or corrosion. The TPRV should also be equipped with a down-tube to safely direct any release of hot water and/or steam from hitting you.  The TPRV should never be capped. Without the ability to release pressure, your tank will essentially become a ticking bomb.

The vent connector/exhaust pipe on top of the tank should be securely attached with no holes or corrosion. If the vent is not in good condition it could lead to the off gassing of Carbon Monoxide, which can make you ill or at high levels, lead to fatality.

You should consult a professional plumber if any of the above issues exist or if you have any questions or concerns.

**Please note:  When draining a hot water tank you must turn off the power to the unit. This is very important especially with an electric hot water heater. If you don’t turn off the power, you will burn out your elements!

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Thanks for checking in here on our blog.  I truly believe that now is a great time to be a buyer here in our local market.  Although you hear a lot of negative information about recessions, busts and economy, here in Saint John our market is healthy. There really isn't a better time to buy than today. Interest rates are at a fantastic low, inventory is balancing out and the weather is perfect for finding the home of your dreams. Have a quick look at this video for some more in depth numbers in our market.

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Smartphones have revolutionized the way we share and communicate on a daily basis. We are addicted to our our iphones at the office. Below are 5 iphone that may help you when looking for a home.

Home Tracker
HomeTracker allows you to document each property in detail as you visit it. Properties are grouped into a Tour, which is a set of homes you visited with your real estate agent, or homes in a specific area. In addition to storing property information, HomeTracker can easily take Photos, Map a property, E-mail property information, and perform a Google search!

Home Buying Power
Do you wonder how falling interest rates affect your buying power for your next house? Home Buying Power is a tool that helps you quickly determine how much house you can afford.  This app also includes a mortgage payment calculator with a "Detail" view that includes fields for the properties MLS® number and address. The detail view also has fields to enter the most significant fees due at closing and estimates an amount due at closing.

Evernote
Awesome note taking app. You can create to do lists via voice and text plus send photos.  Pens and paper are now a distant memory with this very cool App.

RECalc - Real Estate Mortgage Loan Calculator
RECalc is a Real Estate Mortgage Loan Calculator. You can use RECalc to calculate the Monthly Payment, Term, Interest Rate or Loan Amount for a loan. Once you modify any of the Calculation variables you can re-calculate any of the other values. You can also figure in Annual Property Tax, Homeowner's Insurance and Mortgage Insurance, as well as a Down Payment amount/percentage. RECalc supports semi-annual compounding (Canadian Amortization) in addition to normal monthly compounding.

Dictionary of Real Estate Terms
A good app for first time home buyers that explains all the lingo that you'll be reading and hearing when you choose to buy or sell a home.

Do you have any apps that have helped your Real Estate experience? Are there any Blackberry or Android users out there that have real estate apps to share?

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