June stats are in!!!

Home sales have bounced back after a Spring Market delay…The number of homes sold in June is up 57.6% compared to May.  There were 920 new listings last month which is higher than June 2019, however with inventory still extremely low, the market is still a Seller’s market and I expect for the remainder of the year to see home sales continuing to soar.

Happy Sellers…Happy Buyers!!!

Coming Soon! Classic Upper Beechwood 5 bedroom home!

Coming Soon!!!  This elegant 5 bedroom family home sits serenely upon a 150ft deep lot on a mature court in prestigious Upper Beechwood. The home’s blend of high-end classical and contemporary styles creates a sophisticated and warm space. The grand oak staircase greets you upon entrance and expansive principal spaces carry on through the main level. Beveled glass French doors open to the bright, formal living and dining rooms w/artfully hand-plastered ceilings & white wainscoting. The executive office provides a quiet workspace with natural light. The large kitchen with granite island opens to the family room which boasts a gas fireplace; perfect for entertaining & family gatherings. Out the sliding doors from the dinette is the large sunny deck & shady patio in a lush, expertly landscaped fenced yard. On the upper level is the luxurious master suite, w/large windows overlooking the charming mature backyard. Complete with a walk-in closet & large ensuite w/jet tub. Four additional bedrooms, including an ideal guest room & a sleek 5pc bathroom. This spectacular home is located in the heart of Upper Beechwood, a vibrant and uniquely close-knit community of families & young professionals, steps to the highly reputable Mary Johnson Public School. The UB2 Homes Association membership provides unlimited access to a pool w/swimming lessons & lifeguards, remodeled tennis & basketball courts (turned skating rink in winter) & neighbourhood social events. A beautiful home nestled in a wonderful community.

2 Story For Sale in Upper Beechwood, Waterloo

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•  3023 sqft , 3 bath , 1 half bath , 5 bdrm 2 story FOR SALE  CAD959,900 .
MLS® 30819241

Coming Soon!! This elegant 5 bedrm family home sits serenely upon a 150ft deep lot on a mature court in prestigious Upper Beechwood. The home’s blend of high-end classical and contemporary styles creates a sophisticated and warm space. The grand oak staircase greets you upon entrance and expansive principal spaces carry on through the main level. Beveled glass French doors open to the bright, formal living and dining rooms w/artfully hand-plastered ceilings & white wainscoting. The executive office provides a quiet workspace with natural light. The large kitchen with granite island opens to the family room which boasts a gas fireplace; perfect for entertaining & family gatherings. Out the sliding doors from the dinette is the large sunny deck & shady patio in a lush, expertly landscaped fenced yard. On the upper level is the luxurious master suite, w/large windows overlooking the charming mature backyard. Complete with a walk-in closet & large ensuite w/jet tub. Four additional bedrms, including an ideal guest room & a sleek 5pc bathroom. This spectacular home is located in the heart of Upper Beechwood, a vibrant and uniquely close-knit community of families & young professionals, steps to the highly reputable Mary Johnson Public School. The UB2 Homes Association membership provides unlimited access to a pool w/swimming lessons & lifeguards, remodeled tennis & basketball courts (turned skating rink in winter) & neighbourhood social events. A beautiful home nestled in a wonderful community.

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36 Zinkann Crescent in Wellesley, Wellesley is Sold!

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The 2 storey at 36 Zinkann Crescent has been sold.

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2 Storey For Sale in Eastbridge, Waterloo

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•  2476 sqft , 3 bath , 1 half bath , 4 bdrm 2 storey – FOR SALE  CAD $799,900 .


Does 3+ months cooped up indoors have you and your family yearning for a proper yard? Perhaps a private oasis ideal for whiling away ordinary summer nights would fit the bill; a sprawling in-ground pool, plentiful perennial gardens, & a shaded pergola perfect for BBQs, a bottle of wine & good late-night conversation. If this appeals to you, look no further than 627 Bluenose Crescent-a spectacular executive home on one of the highly sought-after Crescents in Eastbridge. While the brilliant summer sun will have you spending much of your time poolside, the spacious interior will leave you wanting for nothing. Tile and hardwoods spread out underfoot on most of the main level, which boasts a full suite of timeless domestic amenities: from the office with its California shutters to the elegant formal dining room, and from the oversized great room with gas fireplace to the entertainer’s kitchen with centre island, oak cabinets, wall pantry & s.s. appliances. Upstairs the Master retreat boasts a luxury ensuite and walk-in closet. All three secondary bedrooms are large & share the full ‘main’ bathroom. The double attached garage and plentiful parking in the private drive make this home ideal for larger families and commuters, too. Less than five minutes to the expressway, walkable to schools and shopping and only 10 minutes via University Avenue from Uptown Waterloo. Call or text today for more details! 519-590-1478

Property information

NEW listing in Eastbridge!!

 

“Coming Soon”
Does 3+ months cooped up indoors have you and your family yearning for a proper yard?  Perhaps a private oasis ideal for whiling away ordinary summer nights would fit the bill; a sprawling in-ground pool, plentiful perennial gardens, & a shaded pergola perfect for BBQs, a bottle of wine & good late-night conversation.  If this appeals to you, look no further than 627 Bluenose Crescent-a spectacular executive home on one of the highly sought-after Crescents in Eastbridge.  While the brilliant summer sun will have you spending much of your time poolside, the spacious interior will leave you wanting for nothing.  Tile and hardwoods spread out underfoot on most of the main level, which boasts a full suite of timeless domestic amenities: from the office with its California shutters to the elegant formal dining room, and from the oversized great room with gas fireplace to the entertainer’s kitchen with centre island, oak cabinets, wall pantry & s.s. appliances.  Upstairs the Master retreat boasts a luxury ensuite and walk-in closet. All three secondary bedrooms are large & share the full ‘main’ bathroom.  The double attached garage and plentiful parking in the private drive make this home ideal for larger families and commuters, too.  Less than five minutes to the expressway, walkable to schools and shopping and only 10 minutes via University Avenue from Uptown Waterloo.  Call or text today for more details! 519-590-1478

CMHC Big Announcement regarding changes in lending

CMHC made a huge announcement last week and they didn’t do a great job explaining what impacts this would have on home buyers. Instead of putting the change in practical terms, they updated the public with ratios, which makes the impact on our industry very difficult to understand. My colleague, Jim Steffler (of TLC Mortgage Group, Dominion Lending Centres), made it much easier to understand…
While CMHC isn’t the only Canadian mortgage insurer, historically the other insurers follow suit with policy, so this will likely have an impact this summer. If the other insurers don’t change, affordability should remain as is.
 
Here’s the news if you missed it: https://www.bnnbloomberg.ca/housing-agency-tightens-canadian-mortgage-rules-amid-downturn-1.1445837
 
What’s changing on an insured mortgage with CMHC as of July 1st?
• Minimum 680 credit score for at least one applicant.
• No more borrowed down payment.
• Ratio’s drop to 35/42% (this is significant!)
Here’s what that drop in ratios does:
• Cuts buying power approximately 10%.
• Currently a purchaser earning $100,000 with 5% down can afford a $480,000 home. This will drop to $430,000 as of July 1st. That’s a $50,000 swing!
Other things you should know:
• Change takes place to applications submitted as of July 1st. Closing date is irrelevant.
• As of now, the other 2 insurers (Genworth and Canada Guaranty) have not announced an underwriting policy change. Historically they do follow CMHC’s lead.
• Don’t be surprised if we see in time 20% down deals and refinances also use these ratios at some point…
• I would expect a red hot entry level market this next month.
CMHC has been overly pessimistic about housing (they seem to want their 9 to 18% price drop to come true), and unfortunately this announcement is going to make it tougher for first time buyers to enter the market.
Now is the time to buy if you have a minimal down payment and are looking for a first home! If you have any questions please reach out to me and I will be happy to discuss your options further.

May 2020 Stats

May sales are down due to COVID-19 with less people buying or selling however prices have increased! It’s still a strong market out there and I don’t anticipate things to change any time soon!

SOLD!!