Tuesday 21 August 2012

City of Windsor Community Improvement Plan

I recently attended a WECAR Commercial Forum and several interesting recent City development incentive programs were described. I have enclosed the presentations for your information.

 The two main items were:

1.       The entire City of Windsor is now designated as a Community Improvement Plan, so all properties being developed in the City may benefit from future property tax rebates  if they are being developed for the Target Sectors (industries).

2.       Brownfield Sites have a number of incentives being offered for redevelopment, including environmental assessment, tax rebates, and development charge rebates

I beleive the City of Windsor is one of the first City's in Canada to do a City wide Community Improvement Plan.


City of Windsor Community Improvemtne Plan CIP Presention
Target Sector: Eligible Use Definitions


Compliments of www.cameronpaine.com

Monday 13 August 2012

Windsor Essex Market Watch August 2012

Link to full Report

The average residential  sale price year to date is up 2.8% compared to 2011, with the number of sales year to date up 7.71%.

Sales were up 5.71% in July 2012 compared to July 2011, which is in line with the steady demand we are seeing in the Windsor-Essex market. 

We continue to see inventory fall, Listings are down 1.7% year to date.  The decline in inventory to 2,938 active residential listings for July 2012 is really the main trend which is effecting the market.  With steady demand and declining inventory, Buyers are finding it more difficult to find their dream home. We are also seeing much more instances of multiple offers for properly priced homes.

One of the key indicators in the market is the Listing Sales Ratio. The Listing Sales ratio year to date was 53% which is up from 48% year to date 1 year ago.  While still fairly balanced, a listing sales ratio of above 50% is an indication that we are now in a Sellers market, and we can continue to expect prices to rise.

With rising prices, it is essential to use up date sales comparable data  and get the advice of someone that knows the local market.  If you are thinking of buying or selling locally, choose a local realtor. Buckingham Realty is a locally owned and operated real estate brokerage, we have been proudly serving Windsor and Essex County since 1968.

INFRASTRUCTURE SPENDING: As mentioned in last months report, we feel Windsor continues to be poised for a strong recovery over the next several years.  Infrastructure spending continues to be substantial in the area.  July saw the announcement of a new HMCS Hunter site on Windsor Port Authority land on Mill street. HMCS has been located in an older out dated building on Ouellette for many years, and this move was long over due. While the $1.4 billion dollar new bridge is the largest investment by far in the area, the number of smaller $30 million to $70 million infrastructure projects will also help employment and housing demand over the next several years.

EMPLOYMENT: The current strong auto sector is helping employment in the area, which in turn helps housing demand.  However, contract negotiations between the Ontario Government and teachers in the province may be having a negative effect on demand, as  many teacher’s decision to buy or sell  may be delayed until contracts are settled.


Monday 9 July 2012

Kytec Plumbing and the Windsor Home

Compliments of www.cameronpaine.com

http://www.kitecsettlement.com/kitecphotos.cfm
http://www.kitecsettlement.com/index.cfm
http://www.kitecsettlement.com/completingform.cfm

Source: The Windsor Star - June 29, 2011

A family rocked by a $13,000 plumbing bill is warning people to beware of potentially faulty plumbing lurking behind the walls of homes built or renovated in the last two decades.
Frank and Annette Cappellino built their dream home in LaSalle, near Windsor, Ont., about 10 years ago. Last fall, the Cappellinos came home to a flood in their basement.
"Water was just spewing out like a waterfall," said Frank Cappellino. "A pipe had totally burst."
Cappellino said after a home inspection by a plumbing distributor and a representative of the Canadian manufacturer IPEX, the rep told him the cause of the leak was defective pipes branded under the name Kitec — pipes that were running throughout the house.
"He said he had to take a part of it back to his company to get it tested but indicated that if it was his pipe, basically he would have it replaced," Cappellino said.
The Cappellinos contacted the company to find out the testing results, but said they were told they couldn't have a copy of the report because a class action lawsuit was underway. IPEX provided the Cappellinos with the name of the Windsor law firm leading the suit. Cappellino said they joined the legal fight shortly thereafter.
On Tuesday, lawyers for IPEX Inc. and IPEX USA LLC announced they had reached an agreement in the lawsuit, and that a $125-million US settlement fund has been proposed.

Product used extensively


Another family, whose home was built the same year as the Cappellinos, also ended up replacing all the pipes in their home at their own expense, after finding issues with their Kitec pipes, manufactured by IPEX.
Plumbers in the region have been getting more and more calls about the Kitec brand of pipe, also known as PEX.
According to Kyle Fowler, co-owner of Fowler Plumbing in Windsor, if you built or remodelled your home in the last decade or so, it's likely Kitec pipes were used. He said he gets at least one call a week that turns out to be Kitec-related, and he said the plumbing system was used in most of the newer subdivisions.
"I even have some in my house," Fowler said. "Because we didn't know. We thought it was good."
Cappellino shows the Kitec hot water pipe that burst last fall. Cappellino shows the Kitec hot water pipe that burst last fall. Karen Brady/CBCThe Kitec plumbing system consists of blue and orange flexible piping and brass fittings, used to carry cold and hot water through a home. Kitec products were also used in radiant heating systems.
The pipes were made from polyethylene and a thin inner layer of aluminum, and plumbers considered them to be an excellent product because they were cheaper than copper and their flexible nature made the product easy to install.
The class action lawsuits in Canada and the U.S. allege that the product was negligently manufactured, which caused the pipes to disintegrate prematurely.
The pipes were sold from 1995 to 2007, and potential claims have been filed by residents of Alberta, B.C., Ontario, Quebec, and the Maritimes, according to Dave Robins, the lawyer representing Canadians in the class action lawsuit.
Kitec was sold under various brand names, including Kitec, PlumbBetter, IPEX, AQUA, WARMRITE, Kitec XPA, AmbioComfort, XPA, KERR Controls and Plomberie Amelioree.

Fittings recalled in 1990s


In 1995, IPEX recalled brass compression fittings from Canadian and U.S. distributors. The Canadian statement of claim alleged the fittings were faulty causing pipes to disintegrate. Plumbers say the brass reacted with the chemical composition of the pipe, causing it to corrode, or "dezincify," and fail.
Tim Tiegs, a faculty co-ordinator for the skilled trades programs at St. Clair College in Windsor, said the only way for homeowners to make sure the allegedly faulty pipes don't turn into costly water damage claims is to have them replaced.
"Most of what I've read and heard is the fact that if you have it, you need to replace it ... that it's gone from whether or not it will fail, to when it will fail," said Tiegs.
Fowler said replacing pipes usually means cutting open walls — a costly repair.
"It's the only way to absolutely guarantee that you're not going to have any trouble, because you can fix leaks but that's just the start. It will go through the whole house eventually," he said.
Tiegs said at the very least, homeowners with Kitec plumbing systems should have a trusted plumber check out the condition of the pipes and fittings.
Property owners and those looking to buy a home should also be aware of the possibility of problems insuring homes if the plumbing is found to be faulty, he said.

Settlement agreement reached


Nicholas Rosati of Windsor and Anthony Bellissimo of Toronto initiated the Canadian class action lawsuit, which was certified in February. There are two suits in Canada — one for Quebec and one covering the rest of the country. A multi-district class action suit was initiated against IPEX in the U.S. as well.
A settlement agreement was reached Tuesday.
A statement issued jointly by the lawyers of the Canadian and American plaintiffs said:
"IPEX denies these allegations and asserts that the Kitec system is not defective and that the vast majority of the systems will last throughout the warranty period [30 years]. The parties have agreed to the settlement to avoid the expense, inconvenience and distraction of further protracted litigation and to fully resolve this matter."
IPEX Inc., which has offices in Toronto and Verdun, Que., refused to comment on the allegations about the company's products or the lawsuit when contacted by CBC News.
Canadian lawyer Robins said the settlement fund will be open to claims for eight years "because the prospect of the product failing could materialize over some time."
The settlement agreement still has to be approved in court, he said. None of the allegations against IPEX have been proven in court.

Windsor Essex is becoming a Retirement Destination

Compliments of www.cameronpaine.com

Windsor Essex Capitalizing on their recent news confirming 855 new retiree residents have relocated to the region and invested $228 million in housing, Krista Del Gatto, President of WEARCI and Executive Officer of The Windsor-Essex County Real Estate Board announced today WEARCI will host their first RetireHere Show and Seminar in Toronto, September 28, 29.

In pre-show advertising that invites the age 50-plus consumer to 'Discover Your Nest Egg Potential,' WEARCI is targeting a select number of homeowners in the GTA owning real estate valued at $500,000 or more with household incomes of at least $175,000.

"We're planning a show that focuses exclusively on the 100 Mile Peninsula's unique lifestyle and amenities, affordable prime real estate options and the growing trend to relocate to our region," emphasized Ms. Del Gatto. "Our goal is to bring twenty partners together and showcase all nine municipalities, retirement communities, new housing developments and health care services. Information that affluent boomers, ready to cash out of the GTA, need before they'll visit our region," added Del Gatto.

Attendance at the RetireHere Show will be limited to 1,000 guests daily, in order to provide visitors identified as high-relocation prospects, access to wealth-planning seminars small business opportunities and one-on-one conversations with recent new residents who will share testimonials about the WindsorEssex lifestyle.

Partners in the show to date include the WindsorEssex Development Corporation, Tourism WindsorEssex Pelee Island, Windsor Family Credit Union, BK Cornerstone Design / Coopers Mill Retirement Community, Bob Lo Developments, the towns of Leamington and Kingsville, The Windsor-Essex County Real Estate Board and WEARCI.

Highlighting the show and adding an experiential flair to the event will be a daily wine and food pairing featuring Essex County wines and local foods.

"We've been conducting pre-show surveys through our data base of respondents in the GTA to determine interest in WindsorEssex and the show," said Ms. Del Gatto. "The response has been very positive with 90% indicating they will attend and several adding comments that this type of show is needed in their area," she added.

WEARCI will host the RetireHere Show in the 6,000 sq.ft. Commonwealth Ballroom at the Toronto Don Valley Hotel and Suites located on Eglinton near the Don Valley Parkway.


Source: WECRB

Thursday 21 June 2012

Bank of Canada Change Lending Rules in Canada June 21, 2012


Source Globe and Mail

Compliments http://www.cameronpaine.com/

The country’s biggest banks were caught off guard on Wednesday night as the Department of Finance prepared to clamp down on mortgages by reducing the maximum amortization for a government-insured mortgage to 25 years from 30.

Ottawa will also limit the amount of equity that can be borrowed against a home to 80 per cent of the property’s value, down from 85 per cent.

The moves are designed to cool the housing market and limit the record levels of personal debt Canadians have amassed in recent years. Figures from Statistics Canada show the average ratio of debt-to-disposable income climbed to 152 per cent, up from 150.6 per cent at the end of 2011. A rise in interest rates or further job losses could put some households at financial risk, endangering any economic recovery.

The Bank of Canada is expected to keep interest rates low for some time because the economy shows little sign of a strong recovery, so tightening mortgage rules is one way to ensure Canadians don’t get in over their heads during a prolonged period of ultra-low interest rates.

Reducing the maximum amortization on government-backed mortgages will eliminate the 30-year mortgage for most borrowers in Canada. The changes, which are expected to be unveiled at a news conference in Ottawa on Thursday morning, will translate into higher monthly payments, but result in the loan being paid off sooner.

Ottawa will announce two other changes, according to a source. It will no longer allow high-ratio mortgages over $1-million, and it will cap the gross debt service (which looks at a consumer’s total debt payments as a percentage of their income) at 39 per cent. While many banks tend not to allow mortgages over 40 per cent, there had been no official rule in place.

It is the fourth time in four years that Ottawa has moved to cool the housing market by tightening mortgage rules. In early 2011, Finance Minister Jim Flaherty reduced maximum insured amortizations to 30 years, and limited borrowing to 85 per cent of the property value.

CIBC economist Benjamin Tal described the changes as a “gentle push,” since the government didn’t make alterations to the minimum downpayment required on mortgages, which stands at 5 per cent.

“The fact that they didn’t change downpayments is a realization that doing so would probably be too severe given that the market is slowing down,” he said.

However, there remain concerns the changes could cause too abrupt a shift in the market. “All of these things might precipitate the housing market downturn that the government wants to avoid,” Jim Murphy, CEO of the Canadian Association of Accredited Mortgage Professionals, said in an interview.

Monday 11 June 2012

June 2012 Market Watch Windsor Real Estate


Compliments of www.cameronpaine.com

View Complete Market Watch Here
 
Year to date MLS residential sales totaled 2,083 at the end of May for all of Windsor Essex, this sales number was up 10.97% from one year ago.  
The average sale price for the first 5 month of the year totaled $171,896 compared to $162,563 for the same period last year. This marks an increase of 5.7%.
May’s Average Residential Sale Price was up 1.08% compared to one year ago. The May average sale price for residential came in at $177,789. This is highest average price for the month of May on record.
While other areas in Canada have seen significant inflation, Windsor continues to have average home prices of less than half the national average.  With the current strong auto-sector, and the enormous amount of infrastructure spending in the area, consumer confidence in the area is returning. With prices on the rise, now more than ever is a good time to invest in the Windsor Essex area.
Listing Inventory continues to remain low with only 904 new listings in May. May’s total listing residential inventory of  3,071 Units the lowest level for the month of May since 2003.
10 of the last 12 months had lower new listing inventory compared to the year before, and May of this year was no exception.  With continued low levels of inventory, the market is seeing more multiple offer situations for properties that are priced close to market value. We predict prices will continue to rise as they have for the past 2 years.
The increase in sales combined with low levels of inventory continues to push prices up. With rising prices, it is essential to use the services of a realtor, to ensure you have the latest up-to-date data, and receive professional advise when buying or selling a home. 




Thursday 17 May 2012

Home Improvement Costs Windsor Real Estate




Home Improvement Costs

Compliments www.cameronpaine.com


ROOFING/FLASHINGS/CHIMNEYS




The following costs are intended as ball park

estimates for repairs and/or improvements

to a typical three bedroom home. The costs

are based on information obtained in the

Southern Ontario area. Our experience has

shown that actual contractor quotations

can vary by as much as 300%. Naturally,

the quality of workmanship and materials

will influence costs. The complexity of

the job, accessibility, and even economic

conditions can also alter actual costs.




Install conventional asphalt shingles over existing shingles ..............$ 2.

00 - $ 4.00 per sq. ft.




Strip and reshingle with conventional asphalt shin g l e s .......................$ 2.

75 - $ 5.50per sq. ft.




Strip and reshingle with premium quality asphalt s h i n g l e s . . . . . . ..........$ 5.

00 - $ 10.00per sq. ft.




Strip and re-roof with cedar shingles .......................................................$ 9.

00 - $ 18.00 per sq. ft.




Strip and replace built-up tar and gravel roof.........................................$ 10.

00 - $ 20.00 per sq. ft. (min. $ 1000)




Strip and install single-ply roof membrane..............................................$ 10.

00 - $ 20.00




00




per sq. ft. (min. $ 1000)

Reflash typical skylight or chimney...........................................................$ 500.

00 - $ 1000.




Repoint typical chimney above roof line..................................................$ 25.

00 - $ 50.00 per row of bricks (min. $ 400)




Rebuild typical single flue chimney above roof line ..............................$ 200.

00 - $ 400.00 per lin. ft. (min. $ 500)




EXTERIOR

Install galvanized or aluminum gutters and downspouts.....................$ 5.

00 - $ 10.00 per lin.ft. (min. $ 500)




Install aluminum soffits and fascia ............................................................$ 8.

00 - $ 16.00 per lin. ft.




Install aluminum or vinyl siding..................................................................$ 6.

00 - $ 12.00 per sq. ft.




Repoint exterior wall: soft mortar ..............................................................$ 3.

00 - $ 6.00 per sq. ft. (min. $ 500)




hard mortar.............................................................$ 5.

00 - $ 10.00 per sq. ft. (min. $ 500)




Parge foundation walls ................................................................................$ 3.

00 - $ 6.00 per sq. ft.




Dampproof foundation walls and install weeping tiles.........................$ 150.

00 - $ 300.00 per lin. ft. (min. $ 3000)




Install a deck...................................................................................................$ 25.

00 - $ 50.00 per sq. ft. (min. $ 1000)




Resurface existing asphalt driveway........................................................$ 2.

00 - $ 4.00 per sq. ft.




Install interlocking brick driveway.............................................................$ 8.

00 - $ 16.00 per sq. ft.




Rebuild exterior basement stairwell .........................................................$ 5000.

00




Build detached garage: ............................................................................... per sq. ft.

Build retaining wall: wood...........................................................................$ 20.

00 - $ 40.00 per sq. ft. (min. $ 500)




concrete.....................................................................$ 30.

00 - $ 60.00 per sq. ft. (min. $ 500)




Painting: trim only..........................................................................................$ 2000.

00 - $ 4000. 0 0 and up




trim and wall surfaces.................................................................$ 5000.

00 and up




STRUCTURE

Underpin one corner of house....................................................................$ 5000.

00 and up




Underpin or add foundations ......................................................................$ 300.

00 and up per lin. ft. (min. $ 3000)




Lower basement floor by underpinning and/or bench footings .........$ 150.

00 - $ 300.00 per lin. ft. (min. $ 5000)




Replace deteriorating sill beam with concrete ......................................$ 60.

00 and up per lin. ft. (min. $ 200)




Install basement support post with proper footing................................$ 800.

00 - $ 1600.00




Perform chemical treatment for termites ................................................$ 2000.

00 and up




Repair minor crack in poured concrete foundation..............................$ 400.

00 - $ 800.00




ELECTRICAL

Upgrade electrical service to 100-amps (including new panel) .........$ 1500.

00 - $ 3000.00




Upgrade electrical service to 100-amps

(if suitably sized panel already exists)................................................$ 800.

00- $ 1600.00




Upgrade electrical service to 200-amps ..................................................$ 1700.

00 - $ 3500.00




Install new circuit breaker panel ...............................................................$ 700.

00 - $ 1400.00




Replace circuit breaker (20 amp or less) .................................................$ 100.

00 - $ 200.00




Add 120-volt circuit (microwave, freezer, etc.).......................................$ 150.

00 - $ 300.00

Add 240-volt circuit (dryer, stove, etc.).....................................................$ 300.00 - $ 600.00