Mike Montague

A bitter reality of the economic changes we have been going through is the growing number of homes up for sale, repossessed by the lenders and listed under power of sale. At any time in the past ten years the number of power of sale listings registered through the Barrie and District Association of Realtors rarely climbed above three.

As of this afternoon the number of residential properties under power of sale was 42, down slightly from earlier this year. The opportunity for obtaining a property at the lower end of market value or less presents itself as it is in the best financial interest of the lenders in possession to unload the property and eliminate the costs and liabilities associated with having a home sit vacant for a long period of time.

Donald Trump spoke this week on a morning talk show about the opportunities that exist in the current market for those with the cash or leverage to take advantage.

If you would like to be notified of all existing power of sale properties registered through the BDAR as well as be notified instantly by email when new POS properties come onto the market then visit HotBarrieListings.com and enter your personal property preferences and in the comments field indicate “POS properties only”

Barrie has about 2000 homes for sale right now. Imagine sanding in a crowd of 2000 people, what could you possibly do to attract attention (positive attention) to you? Every seller wants their home to sell fast and fetch top dollar. Does that sound good to you? Well, it isn’t luck or chance that will get your home sold in a market saturated with listed properties.

A well thought out plan and some professional know how on sprucing up your home is going to make it stand out from the 8 to 10 other properties a home buyer is likely to view in one weekend afternoon. Here are some good tips and examples of how to prepare a house and turn it into an irresistible and marketable home though the sale of the subject property for $20k over list is wishful thinking today and more reflective of that not long ago boom market..

Canada’s Economic Action Plan addresses something myself and members of the Realtor’s Political Action Committee have been pushing government for for a few year now. The Feds have finally increase the RRSP withdraw amount from $20,000 to $25,000 to purchase a home. Additionally the recent budget adds as much as $750 in tax relief for closing costs.“.The Home Buyers’ Plan introduced by Canada’s government allows first-time home buyers to withdraw from a RRSP to purchase or build a home. Budget 2009 increases the limit to $25,000 from $20,000 for withdrawals after January 27, 2009. As well, first-time home buyers can also benefit from up to $750 in tax relief on closing costs.
For more information please visit: http://www.budget.gc.ca/2009/

To view press conference on Home Buyer's Plan click link:

Canada’s Economic Action Plan

Up to 15% credit back may be had from the federal government to offset the cost of home renovations. The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350. The credit can be claimed on eligible expenditures incurred on one or more of an individual's eligible dwellings. Properties eligible for the HRTC include houses, cottages and condominium units that are owned for personal use.

please click here for more details

Home Renovation Tax Credit

The Federal and Provincial governments have provided the County of Simcoe with $1.026 million funding to provide down payment assistance to a minimum of 118 households under the Homeownership component of the Canada-Ontario Affordable Housing Program. The funding provides down payment assistance to moderate income individuals and families giving them the opportunity to move from rental accommodation to homeownership.

Applicant Eligibility
To be eligible for down payment assistance, the prospective purchaser must meet the following minimum criteria:
• Minimum age of 18 years with a gross household income below $62,800
• Total assets of the household cannot exceed $20,000
• Be a renter household in the County of Simcoe
• Purchase a sole and principal residence within the County of Simcoe
• Cannot own or have an interest in a house or land
• Be able to secure financing on the property
• Must not owe any social housing provider arrears
• Complete a Homeownership Application and provide all necessary documentation.
Unit Eligibility
• Maximum eligible house price of $208,000, located within Simcoe County
• Down payment assistance will be 5% of the cost of an eligible home under the
program to a maximum of $8,695
• Eligible homes include new or re-sale detached, semi-detached, town (condo and
freehold), stacked homes, row houses or apartment. Applicants purchasing re-sale
homes must provide a copy of a home inspection undertaken at the homeowners

for more information please click below

Canada-Ontario Affordable Housing Program