Total # of Sales [Jun] = 476

Number of Active Listings in the NLAR MLS System = 2580

Listings are almost on par for the same time for 2007 but the sales are up 12% year to date.

There were a good number of new listings for the St. John’s, Mount Pearl and surrounding areas in June. Buyers still out number the sellers as noted from the number of sales which is up again this month.  Two apartment homes and investment properties are in high demand.  Single Family homes in East End St. John’s are short in supply.

Most of the new sub divisions for St. John’s (Clovelly Trails, Roncolli Estates, East Point Landing) are in building demand.  Pine Ridge Creek in Torbay will soon open up the new phase.

Here is a break down by area for the month of June for single family homes

St. John’s Real Estate: Listings = 173 Sales = 103 Sales/Listings Ratio = 60%

Average Sale Price: $191,024 ($184,730 for April)

Mount Pearl Real Estate: Listings = 23 Sales = 26 Sales/Listings Ratio = 113%

Average Sale Price: $202,627

Paradise Real Estate: Listings =35 Sales = 37 Sales/Listings Ratio = 106%

Average Sale Price: $216,424

East Extern Real Estate: Listings = 32 Sales = 21 Sales/Listings Ratio = 66%

Average Sale Price: $192,465

Conception Bay Real Estate: Listings = 49 Sales = 28 Sales/Listings Ratio = 57%

Average Sale Price: $198,352

Airport Heights, St. John’s

5 year old registered two apartment in East End St. John’s. Three bedrooms on main plus family room and laundry in basement. Main floor has hardwood in living room and hallway. Eat-in country kitchen with oak cabinets. Master bedroom has ensuite and walk-in closet. Basement apartment has two bedrooms. Each unit has individual laundry rooms. Income presently $1400 per month and potential for more.  Asking price is $229,900.  Call Fraser or Stephen Winters for more information.

Under the new regulations, Realtors will have to collect personal information from property sellers and buyers, such as their name, address, date of birth and occupation, backed up by identification such as a driver’s licence or passport.

When dealing with foreign buyers, agents in Canada will now have to hire local agents who can vouch for the identity of the buyer.

The agents will be required to hang onto that information for five years and have it available for the Financial Transaction and Reports Analysis Centre of Canada (FINTRAC), if needed. Otherwise, the information will remain confidential.

The centre was established by the federal government in an effort to track suspicious property deals and prevent shady buyers from dumping large amounts of cash into property purchases.

Bill C-25, which was passed in 2007, demands several industries do their part to help put a stop to terrorist financing and money laundering.

It is estimated that nearly 63 per cent of money laundering is done through real estate.

ReMax reported having $2.6 billion in sales in 2007 in 67,000 transactions.

“Real estate agents have had legal obligations under the federal government’s push to prevent criminal activity and terrorism since 2001,” says Calvin Lindberg, president of The Canadian Real Estate Association. “In the first phase of compliance, real estate agents were required to report only suspicious transactions, or transactions involving more than $10,000 in cash,” he said in a news release issued Monday.

Now, real estate agents have to complete a report on the receipts of all funds received during the transaction, not just for $10,000 or more.

If an agent is dealing with the corporation, they must collect corporate documentation and the names of the corporation’s directors.

In cases where only one of the parties involved in the transaction is represented by the agent, identification must still be collected.

“Those buying or selling privately will be asked by the agent representing the other party involved in the transaction to provide proof of identity as well, and that record must be kept by the real estate agent involved in the transaction,” the news release said.

Bob Linney, CREA spokesperson, said there are also ways to keep track of buyers and sellers who choose to complete the transaction without the help of an agent.

“Sales involving private sellers only are not covered by the real estate regulations,” he told CTV.ca. “FINTRAC assumes they will be captured by regulations governing the banking industry now, and in addition by the legal profession when their compliance requirements kick in later.”

The new regulations will be non-negotiable and buyers who are unable or unwilling to provide the required information will not be able to complete property purchases. Additionally, the agent would be required to walk away from the deal or report the buyer to FINTRAC.

In Ontario alone, 47,000 realtors will be subject to the new rules.

Over the next six months, the government will perform random spot checks on real estate transactions. But once that window closes, agents will face fines, or even jail time, if they fail to comply with the regulations.

The new requirements for realtors are part of regulatory changes that Finance Minister Jim Flaherty announced in December of last year to strengthen Canada’s anti-money laundering and anti-terrorist financing regulations.

“The new regulations bring Canada’s anti-money laundering and anti-terrorist financing regime in line with the international standards set by the Financial Action Task Force, a G8 created body,” states a news release from FINTRAC.

- Realtor sign–We have “lots” to be thankful for.

- I listed a maintenance free house. In the last 25 years there hasn’t been any maintenance.

- (Q) Did you hear about Robin Hood’s house? (A) It has a little John.

Fraser and Stephen Winters just listed 24 Spruce Hill Estates. Absolute private country setting on a large lot with view of ocean. Vaulted ceiling with 2nd floor overlooking living area. Large eat in country kitchen with ceramic floors. Separate formal dining room. Family room with wood stove. Hardwood floors in family room & formal dining room. Large detached garage. Fully landscaped. For country living only minutes from the city,this is it!! Call Fraser or Stephen Winters 682-9245 or 682-9045 for more details.  Asking Price $239,900

Fantastic two bedroom condo with plenty of upgrades. Mostly hardwood & ceramic floors. White kitchen cabinets. Spacious living room with patio door to balcony overlooking Quidi Vidi Lake and Signal Hill. Laundry room inside condo. Great location in St. John’s Pleasantville area. Near downtown St. John’s. Asking price is $137,900. Call Fraser or Stephen Winters for more details.

Year-todate, there have been 471 new homes started across the province versus last year’s total of 395 homes during the same period. A total of 456 of these starts occurred within St. John’s metro, for a year-to-date increase of 33 per cent.

“With pent-up demand for newly built homes within the local housing market, May’s notable increase in housing starts is an example of the impact that a limited supply of current listings available for sale can have on residential construction activity,” said Chris Janes, Senior Market Analyst with CMHC in Newfoundland and Labrador. “With a buoyant sellers market, the current supply of active listings is approximately 50 per cent lower than a year ago, so buyers are shifting to new homes, simply because they cannot find a suitable existing home in the resale market,” added Janes.

Did you know that after furnaces and water heaters, household appliances are the biggest energy users in the average Canadian home?

Major electrical appliances (think kitchen and laundry room) consume on average up to 14 percent of the total energy used in the home.

Although the upfront costs can be a little more expensive, over the long haul you will save. Compare a $1 old fashioned 100w light bulb to a $7.50 23watt fluorescent bulb. Times that by 15 bulbs and the price difference is quite significant.

Not only will you save in the long haul, there are government incentives to help reduce the upfront costs.

ecoENERGY Retrofit provides federal grants and incentives to homeowners and small and medium-sized businesses, industry and public institutions to help them invest in energy and pollution-saving upgrades. In addition to the grants available under ecoENERGY Retrofit – Homes, selected provincial, territorial and municipal entities also offer grants and incentives to homeowners who conduct energy saving upgrades.

When you get a mortgage on your home check out CMHC’s Mortgage Loan Insurance Rebate for energy efficient homes. If you use CMHC insured financing to buy an energy efficiency home, purchase a home and make energy-saving renovations or renovate your existing home, a 10% refund on the mortgage loan insurance premium may be available.

Newfoundland Light and Power has a Wrap Up for Savings Rebates & Financing. If you upgrade the insulation in your basement, attic or crawl space, you may be eligible for a cash rebate.

As I mentioned in a previous post, RE/MAX offices in St. John’s were answering phones and volunteering for the Janeway Telethon. RE/MAX believes in giving back to the community and in doing so we donate a portion of each home sale to the Janeway.

This year RE/MAX presented a cheque during the Telethon for a total of $53,938.