Mike Montague

An audio introduction for new subscribers and links to some valuable websites. Bookmark this page to your favourites for future reference over the course of your home buying journey and start exploring the hundreds of informative posts available at this site .

Mike and Shelley discuss the steps and the details of preparing yourself financially to buy a home.

An OREA delegation appeared before the Standing Committee on General Government  in April to discuss REALTOR® concerns related to the Green Energy Act, and more specifically, mandatory home energy audits. Following our appearance, the Standing Committee conducted a clause by clause review of the bill. During that process the government moved to amend Part 1, Section 2 in a number of areas. For example, the mandatory home energy audits will no longer apply to leases or commercial properties and, in fact, will only apply to single family residences.

Most importantly for REALTORS®, the government added a provision that allows a purchaser to waive their right to receive an energy audit report provided they do so in writing. While the concept of mandatory home energy audits is retained in the amendments, we believe the waiver provision will be used in the majority of residential real estate transactions for a variety of reasons including:

• Importance: The results of an Ipsos Reid poll suggest that energy efficiency is not a very important factor in a purchaser’s decision-making process. Any number of items such as price, location, proximity to public transportation/work and safety of area are vastly more important to consumers than energy efficiency.

• Time: On average it takes a minimum of four to six weeks to obtain a home energy audit report which will have a negative impact on desired closing dates.

• Cost: Home energy audits will become part of the offer process, thus an area of negotiation between the purchaser and seller. As a result, buyers will likely have to bear the cost of the audit and will not be entitled to any rebate.

In addition, there are a number of technical issues that, in our opinion, will mitigate the use of energy audits. For example, there are no clearly defined energy audit standards, there will be a tremendous shortage of qualified energy auditors, the costs of energy audits are likely to rise as a result of that shortage, and it will take a minimum of four to six weeks to obtain an energy audit report in most cases.

In terms of next steps, the government will now draft regulations to implement the home energy audit provisions. We expect that, given some of the difficulties mentioned above, that could well be a lengthy process. That section of the Green Energy Act may therefore not be proclaimed for some time. We believe these amendments are a victory for OREA that is largely due to the thousands of emails individual REALTORS® sent to their MPPs as well as significant support from our member boards.

This is an outstanding example of how REALTORS® can work together to influence legislation affecting our industry. OREA will continue to work to ensure that real estate transactions are not compromised by this new legislation.

I have investment clients looking for 3 or more unit residential buildings to purchase in Barrie. Give me a call if you think you have property to sell that may interest them.

The “Baby Boom” generation is quietly fading into the whispering tranquility of retirement. NOT! This is the same group that branded the 60’s as the decade of peace, love and Rock and Roll, at least until they became distracted with defining the tastes and trends for food, fashion, entertainment and the cars we have driven for the last four decades. No this bunch isn’t likely to quietly fit themselves into the retirement patterns that their parents followed.

The leading edge Boomers turn 65 in 2010. Those around 50 now are finding themselves with no practical need for the 4 or even the 3 bedroom homes that likely sheltered their now gone children. For many that same home has little or no mortgage to pay out and has most certainly appreciated handsomely over time. Most in the 50 to 65 age bracket are reassessing their needs and wants in life and are looking to see what real estate options are out there, best suited to a member of this independent trend setting generation.

Forecasters and developers in the Real Estate industry have been paying attention to this demographic as is evident in a substantial part of new housing growth in Central Ontario. Ads for new Lifestyle communities outside of the GTA are a common site in our print media. These communities continue to sprout up near our ski resorts and golf courses, beaches and marinas and are designed to be low maintenance, providing peace of mind while away on those extended vacations their owners will now find they have time for.

Another popular choice in accommodation I see “empty nesters” opting for is the bungalow. Scaled down living with everything on one level should the time come when stairs become less than manageable. Boomers are opting for bigger family rooms and kitchens over formal living and dining rooms. The “Great Room” combining the kitchen, family room and eat in kitchen area into one interactive living space is popular in bungalow design.

Condominium living is more popular than ever and combines the best of all needs mentioned thus far. Most are communities onto themselves with pools, fitness and recreational facilities. Give the snow blower and lawnmower to the kids. So long as there is a balcony to enjoy evening drinks as the sun sets, some potted plants and a nice view to look out over, many boomers are finding contentment in condominium living.

If this is your time of life, a starting point is to sit down with your financial planner or Mortgage Broker and an up to date appraisal of your current home then find out what options are within your grasp. Memories are portable and follow with you. A change of address is less an end than a new beginning and with so many options and opportunities available to us here in Ontario it is worth the time to investigate just what they are and what they could hold in store for you .