Robert Morrow

It should be considered common sense but apparently some Sellers need to be told point blank that the same economy that is affecting their house value when selling is affecting the Sellers of the new home they want also.

Here's a sample from RE/MAX sales representative, Amil Paul of Toronto:

"The reason this trend has seemed to take on steam as of late is because many of these same Torontonians {people who bought condos as a first home in 2003-2005} have begun to really understand what this buyer's market is all about. Take Amy and David for instance, who currently own a condo in the downtown core. Originally they were quite disheartened to realize that the recent economic troubles have dropped the value of their condo from $300,000 to $285,000. Selling for $15,000 less was, at first, a very good reason to put their lives on hold. What Amy and David both soon realized, however, was that while the price of their condo has in fact tailed off, so too has the price of that dream home of theirs, in Oakville. What really put them into a happy frenzy was when they realized that while their modest $300,000 condo had dropped only $15,000, that gorgeous Oakville home had dropped from $550,000 closer to $500,000. So they're actually in a better position to make the move now than they had been previously. This same realization has been revealing itself to many of Toronto's condo owners."

This is not unique to Toronto. And despite the economy forcing a stabilization of housing prices, it is affecting everyone. So if you are upgrading, you will most likely see a higher reduction in the home you are seeking to buy than the reduction you are being forced to make to sell yours. And unlike the US and the media's comments on banks tightening up on lending, mortgage brokers are doing a booming business.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

If you've been paying any attention at all, you'll have heard about the Canadian government's latest savings scheme. For once, it seems to have few, if any flaws.

in a nutshell, you can contribute $5000 per year into the account and then take it out again whenever you like...tax free. Once you take it out you can still put it back again later.

Here's the link to the official information site, that for once, is informational:

http://www.budget.gc.ca/2008/pamphlet-depliant/pamphlet-depliant2-eng.asp

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

The city of Hamilton unveiled plans Saturday, Jan 10/09 for the new Farmers' Market and Central Library.

According to attendees, the architect, David Premi, a Hamilton native, has done an amazing job of understanding the current problems in the market and has come up with a vision for the downtown that is inspiring.

The $7 million project will start this March and is due for completion by 2010. Councillor Bob Bratina said the new market will have a wow factor and "help recapture the fun that was there 40 or 50 years ago."

Jennifer Gautrey, chair of the Hamilton Public Library board said there had been little change to the library since it opened in 1980. But users now demand more computer access, multimedia materials and public space...all needs that will be met in the renovation.

A glass curtain wall will run along York Boulevard, along with new glass walls inside.
"The entire space will be filled with light," said Premi. Colour changing LED lights will also create an indoor walkway and caf connecting the library and the market. Sliding glass panels will open the market to a widened sidewalk in the summer.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

It used to be that when you renovated some portion of your home, the home's value would increase.

Things aren't quite the same now.

A recent survey by Remodeling Magazine, a periodical for builders, publishes an annual survey of the value of home improvements.

The depressing results include the following examples: An upscale bathroom remodel cost about $51,000 in 2007 but homeowners could expect to recover only about $35,000 or 68% of the cost. Spend $220,000 on a new master bedroom suite, recoup just $141,000 (64%). Drop $109,000 on a new kitchen, make back just $81,000 (74%).

Most remodeling has gone far off the scale of being reasonable, especially if the primary purpose is financial. Custom built kitchen cabinets, granite counters and top-of-the-line restauarnt-style appliances look fantastic, but there are plenty of more modest and affordable alternative. And they will still sell your home if that's the intention.

Don't try to keep up with the neighbours. Unless you are remodelling to put it up for immediate sale, there is no valid financial argument for remodeling just to keep on par with The Jones'. In fact, if you're not moving out anytime soon, save the expensive reno's for when you do plan to sell. Then, at least, they will new. There's nothing worse than viewing a home that was "renovated" only to find the reno's are a decade old. To most buyers, a "renovated home" means a modern home...modern at the time of viewing.

excerpted from "The Wall Street Journal Complete Home Owner's Guidebook" by David Crook

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.

Last month I posted an entry about Tim Hortons and mentioned I was a former employee. It garnered such response via email that I thought some other info was merited. Actually, a friend honed me into this article which I missed from The Hamilton Spectator last summer.

It's the story of Ron Joyce's newest toy, the 161 foot Destination Fox Harb'r Too that is his home for the next few years as he plys his way around the Caribbean and Mediterranean Seas.

Here's the link which includes a slide show tour of what must be the most famous yacht ever to come to Hamilton Harbour (other than the HAIDA):

http://www.thehamiltonspectator.com/News/Local/article/390303

I also recently reviewed Ron Joyce's autobiography, "Always Fresh" for Amazon. If you're interested in the Horton legacy, I recommend reading it. Click here for the review.

Robert J. Morrow is editor of www.HamiltonHomeReview.com, an online real estate magazine serving Greater Hamilton, Ontario. Click here for a FREE SUBSCRIPTION sent to your email monthly. Click here to receive new Hamilton area listings in your email daily.