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St. John's Newfoundland is one of North America’s oldest cities. Spectacular coastlines, panoramic views, outdoor adventure, rich history and culture await all who live here.
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Since Chevron signed the multibillion-dollar memorandum of understanding to develop the Hebron offshore oilfield project back in August 2007, St. John's real estate and surrounding areas have gained favorable optimism and increases in residential homes. Looking to sell you home for TOP DOLLAR? Contact Fraser and Stephen Winters for your free, confidential Home Market Evaluation
This real estate blog is written by Fraser & Stephen Winters. We both are full time successful top producing RE/MAX Realtors in St. John's, Newfoundland. The information contained on this website is from sources believed to be reliable. However, it may be incorrect. This information should not be relied upon without personal verification. We assume no responsibility for its accuracy. This information is not intended to solicit clients already under contract. For more information about us visit our website.
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Hebron: the after effect
Well, it’s almost a week since the big Hebron deal was signed. Lots of talk, hype and rumors about the real estate market has surfaced. I’ve “heard” houses being jacked up 40k to 50k the day after and keep getting questions from my past clients….are they true? Remember the quote, “Believe half of what you see and none of what you hear.” There have been a fair number of listings this past week. None to me seem 40 to 50k over where they should be. Does this mean that people will not be cashing in on the positive news? Of course they will. If I personally had my house to sell I would “try” it as well.
I was interviewed by CBC Radio last week, the same day that Hebron was signed, and asked my opinion on the effect of the news. Here is a clip of the interview. (Click here for the full article NL housing prices jump as Hebron signed)
Steve Winters, a realtor with Remax, said he noticed the trend begin in the spring, as speculation swirled of a coming Hebron deal.
“We’re starting to see the prices jump, and what $150,000 could get you last year is not going to get you near this year,” Winters said, adding that people from Western Canada, in places such as Fort McMurray and Vancouver, are buying homes on the northeast Avalon sight unseen.
Winters said some people in Newfoundland may get pushed out of the market because of the sudden increase, and that home buyers may not be able to buy the house for which they just received mortgage approval from a bank.
Personally, my thoughts for the rest of this year: gains will be fairly consistant in an upward trend. Maybe another 5% gain til the end of 2008. Remember we have already seen at least a 20% increase from the beginning of the year from current stats.
CHMC is stating that the next 3 - 5 years look VERY promising for Newfoundland Real Estate. A 15% - 20% increase per year. Quite possible to double the cost of a property in St. John’s in 5 years in a good area.
Newfoundland Real Estate Market Share
RE/MAX is once again top of the leader board for real estate market share in St. John’s and surrounding areas. Boasting slighty over 40% over all other competitors for the first half of 2008.
New federal rules force Realtors to seek IDs
New laws that kick in today will trigger major changes to real-estate transactions, as part of federal efforts to battle money laundering.
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.
RE/MAX Newfoundland gives $53,938 to Janeway
It was another very successful Janeway Children’s Miracle Network Telethon this year with the final total coming in at over 2.3 million dollars fetching a new record in donations.
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.
The Janeway Children’s Miracle Network Telethon
This weekend (May 31 and June 1) the Janeway Children’s Hospital Foundation is holding the 24th Annual Janeway Children’s Miracle Network Telethon. This year’s theme The Heroes Among Us highlights the patients, the physicians and the medical staff of the Janeway Children’s Health and Rehabilitation Centre and the men and women who work so hard to support our province’s only hospital dedicated entirely to pediatric health care.
On Sunday, June 1 RE/MAX offices in St. John’s will be answering phones and volunteering for the Telethon. As well, each year we provide a donation check to this wonderful cause. RE/MAX believes in giving back to the community and in doing so we donate a portion of each home sale to the Janeway.
Since 1992 RE/MAX Sales Associates have raised in excess of $50 million for CMN, $21 million of that in Canada alone, in contributions through RE/MAX’s Miracle Program in Canada.
Together we can make miracles happen for children in your neighbourhood. Please donate this weekend.
Alberta prosperity boosts residential real estate markets
Alberta’s red-hot economy is fueling demand for residential real estate in Nova Scotia, PEI, New Brunswick, and Newfoundland this year, according to a report released today by RE/MAX Ontario-Atlantic Canada.
“Strong economic performance in Western Canada continues to spillover into other parts of the country,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “A serious influx of Western Canadian purchasers has bolstered housing sales in every Atlantic province. Tremendous job opportunities available in Alberta that allow commuting to and from the East Coast have served to further strengthen home-buying activity in the region. Last, but certainly not least, after living in Western Canada for many years, more and more Maritimers are returning home.”
Newfoundland-Labrador (St. John’s, Corner Brook, Grand Falls) currently leads the region overall in terms of percentage increases in both unit sales and average price, with the number of homes sold up close to 18 per cent year-to-date and average price up almost 15 per cent, compared to the same period one year ago. Two thousand and seven was the first and only year since Newfoundland joined Confederation in 1949 that the province led the country in economic performance. GDP growth soared to 13.4 per cent due to mining and oil development, according to Statistics Canada.
“Housing performance in Newfoundland has been nothing short of remarkable,” says Polzler. “There are $10 billion in capital works projects on the table and the pressure in the real estate market is only starting to build. By year-end 2008, housing sales and values are expected to climb by double-digits, leading not only the region, but the country, in terms of percentage increase.”
Remax presents Home Show at Mile One
The 25th Eastern Newfoundland Canadian Home builders Association Annual Home Show will be held May 2nd to 4th at the Mile One Centre. Once again RE/MAX will be headlining the show - this year with a wine tasting event. In order to receive a ticket to the wine tasting you must speak with a RE/MAX Realtor.
Again this year will be the popular Ugliest Patio Contest and Room make over Contest.
Each admission ticket gives you a chance to win a free fishing trip for two to Labrador Salmon Lodge in Forteau, Labrador as well as over $10,000 in door prizes.
May 2nd - 4th, 2008
Mile One Centre
Presented by RE/MAX
Recommended Real Estate Links
- Fraser and Stephen Winters
- Remax St.John's
- Terry Kelly
- St. John's MLS Listings
- Carter Home Designs
- St. John's Newspaper
- VOCM Local News
- CBC Newfoundland
- Eastern School District
- St. John's Weather
- St. John's Board of Trade
Real Estate Sites
- Search MLS.ca
- St. John's Listings
- Globe & Mail Real Estate
- Real Estate Blogs Directory
- Home Builders Association
- Atlantic Home Warranty
- Homeplus Online
Recent Entries
- New Subdivision in Pleasantville
- Vacancy Rate in St. John’s Decreases
- St. John’s Fall Housing Market
- Canada Real Estate News Roundup #2
- October Newfoundland Real Estate MLS Stats
- Are we seeing a slow down in the Newfoundland real estate market?
- St. John’s Housing Starts Increase in September
- New listing in Paradise - 154 Elizabeth Drive
- Canadian Real Estate News Roundup
- Sellers Market in St. John’s Keeps Active Listings Down
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