KEEP IN TOUCH FOR OUR NEXT RELEASE OF SINGLE DETACHED AND TOWN HOMES AT VICTORIAN VILLAGE COMMUNITY IN ALLISTON, BY PREVIN COURT HOMES. COMING SOON!

From the Globe and Mail Canada’s housing market had one of its strongest Julys on record, with national home prices rising 2 per cent.

It was the second-largest jump in July since Teranet-National Bank began tracking the market through its house price index in 1999, helping to push overall home prices up nearly 11 per cent from the same period last year.

In a trend that has dominated much of the year, prices soared in Toronto and Vancouver, along with neighbouring Hamilton and Victoria, while sinking in Alberta, Quebec and the Atlantic provinces.

Month over month, home prices rose 3.8 per cent in Victoria, 3.1 per cent in Toronto, 2.4 per cent in Hamilton and 2.3 per cent in Vancouver.

The Vancouver region booked its 18th straight month of price gains, with the housing market breaking new records every month. The strong sustained growth pushed prices up 24.3 per cent in Vancouver from July last year.

Prices have surged in Vancouver in July even as sales fell 19 per cent in the region from the same period last year. Some have pointed to the slowdown in home sales as evidence that the B.C. government’s July announcement of a new 15-per-cent property tax on sales to foreign buyers in Metro Vancouver will spark a price correction in a market that was already starting to level off. The new tax took effect this month.

National Bank senior economist Marc Pinsonneault isn’t so sure, pointing to a lack of available listings to meet demand, along with strong employment growth in the region as two factors that will continue to push prices higher. “The story is not solely about alleged foreign capital flows,” he wrote.

Beyond Vancouver, the red-hot July housing market also helped push up prices 14.7 per cent in Victoria from the same period last year and more than 13 per cent in Toronto and Hamilton. It was the third straight month of strong price growth for Hamilton. “Such a rate of growth in prices had not been observed before in that region,” Mr. Pinsonneault wrote.

Outside of Canada’s hottest housing markets, prices have been largely been flat for the past 12 months.

Monthly prices rose 1.7 per cent in Ottawa and 1.6 per cent in Winnipeg. In Montreal, a 0.6-per-cent monthly jump helped push prices above their previous peak in July, 2014.

It was a different story in Alberta and Atlantic Canada. Home prices fell 0.1 per cent in Calgary, and fell 0.4 per cent in Halifax. Prices also fell 1.6 per cent in Quebec City.

WHAT’S WRONG? STUCK IN A VINYL SIDED HOME OR COMMUNITY?!

VICTORIAN VILLAGE , BY PREVIN COURT HOMES, IN ALLISTON IS THE ONLY EXCLUSIVE BRICK AND STONE  COMMUNITY IN NEW TECUMSETH. 

NOT ONLY DOES IT LOOK BEAUTIFUL  FOR YEARS TO COME, BUT YOU HAVE TO ASK YOURSELF ABOUT THE ADDED VALUE OF BRICK AND STONE, NOT TOO MENTION THE ADDED VALUE OF A WHOLE COMMUNITY BRICK AND STONE.

PLUS OUR VIBRANT COMMUNITY IS SURROUNDED BY AMENITIES WITH: SCHOOLS, DAYCARES, PARK/SPLASH PAD/POOL, RESTAURANTS, CINEMA, WALKING  /DOGTRAILS, HOSPITAL…ALL LOCATED CONVENIENTLY WITHIN WALKING DISTANCE.

YOUR HOME IS A HUGE INVESTMENT WE THINK THE CHOICE IS CLEAR.

Kristen and John Large were expecting multiple offers on their semi-detached home, but they were shocked at the intense competition that followed. After a six-person bidding war, the couple sold to a buyer who had lost out on two other homes and was willing to pay $53,000 above their $518,000 asking price. That offer that came with no conditions, not even a home inspection.

The couple, who were looking for a bigger home, were thrilled at the deal – and nervous of what was to come. “All I kept thinking about was: ‘I’m going to be on the other side of this table in a little while,’” Mr. Large says.

Sure enough, two months later, the couple found themselves in competition with six other buyers for a four-bedroom detached house that had been priced well below market value, a popular tactic among agents looking to spark a bidding war.

They won on the second round of bidding. Now it was their turn to waive all conditions.

“You take a bit of a gamble,” Mr. Large says. “But that’s probably what it takes to win out in this market.”

Such scenes have become commonplace in Toronto’s overheated housing market. Except that the Larges’ home buying and selling frenzy was playing out in Aurora, Ont., a suburb roughly an hour’s drive from the city.

Toronto’s sizzling market may get all the attention, with the average price of a detached house topping $1.2-million last month. But it’s in the suburbs where the most intense housing battles are being waged.

Last month, the volume of home resales soared an annualized 23 per cent in the Toronto suburbs (known by their area codes as the “905”). That volume was nearly double the 12-per-cent increase in the city itself. And the benchmark price of a detached house in the suburbs jumped nearly 15 per cent from a year earlier, the Toronto Real Estate Board reported.

In Milton, northwest of the city, the benchmark detached-home price surged an annualized 42 per cent. By comparison, the benchmark price for a detached house in Toronto rose 10.5 per cent from a year earlier.

Greater competition for suburban homes has meant the previously staid 905 housing market is starting to see the aggressive tactics more common in Toronto.

Richmond Hill real estate agent Shawn Zigelstein began noticing a change in the market last fall, when it seemed that every home that came up for sale in the community was involved in a bidding war. It caught many local agents off guard, he says.

“It used to be rare that in the 905 we would see multiple offers and product going for over asking price, firm deals with no conditions,” he says. Now, “offers with eight, 10, 12 other agents are almost normal.”

Some of the factors driving the suburban housing market are similar to those driving home prices in the city: low interest rates, strong employment and immigration. The economic factors are even more important in the suburbs, which are home to nearly half of all job growth and 75 per cent of immigration to the Greater Toronto Area.

Foreign investors are also becoming an increasingly potent force in the suburbs, in some cases paying well over asking price to purchase the home with its existing furniture.

Clients now sometimes ask if their listings can be advertised in Chinese-language newspapers in hopes of attracting top dollar for their properties, says Caroline Baile, the Large’s real estate agent.

“They see our market as a safe market to put funds in and they’re coming in and they’re putting their money into homes,” Mr. Zigelstein says. “At the end of the day, they’re not looking at the prices as much as maybe they should if they were doing their research properly.”

The suburbs have also been changing, with newly constructed or renovated homes aimed at a wealthier buyer than in the past, which is also helping to drive up average prices. “Most families or couples in the old days weren’t really buying $1-million properties,” Ms. Baile says. “But it’s almost like that is the price point for a lot of people now.”

But the biggest driver of the hot suburban market has been provincial policy, says Frank Clayton, senior research fellow at Ryerson University’s Centre for Urban Research and Land Development.

Ontario’s decade-old legislation aimed at curbing sprawl has predominately affected the 905, which is home to 90 per cent of the developable land in the GTA. The sweeping overhaul to the land-use planning rules has restricted the amount of land available for building single-family homes in the GTA in favour of condos. That has helped to dramatically slow development.

Despite steadily rising demand for suburban homes, the number of housing starts for what Mr. Clayton calls ground-related homes – detached and semi-detached houses, along with townhouses – has actually declined in the 905 over the past decade. “It’s very odd because demand is extremely strong but supply is going down,” he says.

The end result of booming suburban prices is that many local first-time buyers have been pushed out of the suburban market into farther-flung reaches of the region. Ms. Baile has clients who have been priced out of Aurora and Newmarket and bought homes in communities like Keswick and Bradford instead.

Few expect the conditions that are driving the hot suburban market to change any time soon. “If people want lower-density housing and we’re not producing enough of it, prices are going to be high,” Mr. Clayton says. “They’re going to stay high and probably go even higher.”

Average House Prices to Edge Higher in 2016: CREA

The national average price is forecast to edge higher by 1.4 per cent to $448,700 in 2016. Price gains in 2016 are forecast to be strongest in Ontario (+2.9 per cent) due to an ongoing shortage of listings for single family homes coupled with strong demand for them in and around the GTA.

One of the best places to live outside of Toronto is Alliston. We have all the amenities plus a close knit community needed to raise a family, retire or to start out. If you’re ready to move, we at Previn Court can build a home for you. With over 40 years of experience, we have built homes for over a thousand families, including detached, townhome, and unique attached single units, and we can help you find the perfect home for you.

Come take a tour of our award winning Oxford model home.  Let us help you choose your home according to your budget and needs.

 WHEN SHOPPING FOR A HOME YOUR COMMUNITY CHECK LIST SHOULD INCLUDE:

• SCHOOLS/LIBRARY WITHIN STEPS

• SHOPPING WITHIN STEPS

• RECREATION WITHIN STEPS

• TRAILS WITHIN STEPS

• RESTAURANTS WITH STEPS

• PARKS/POOLS WITHIN STEPS

• HOSPITAL/POLICE WITHIN STEPS

• ENTERTAINMENT WITHIN STEPS…

          …VICTORIAN VILLAGE  BY PREVIN COURT HOMES OFFER ALL THE ABOVE AMENITIES CONVENIENTLY LOACATED FOR YOU WITHIN STEPS OF YOUR HOME! call today to purchase and become a part of our Victorian Village Community 1-855-777-3846

Established as a city in 1853, Barrie is the 34^th largest city in Canada, sitting on Lake Simcoe. It’s historic downtown and waterfront are at the heart of its tourist industry, and hosts hundreds of festivals, including a Jazz and Blues festival, Ribfest, Kampenfest and Barrie Film Festival.

Here’s a glance at what’s coming up this fall.

Ardagh Bluffs

In the Fall, many tourists and locals flock to Ardagh Bluffs to see the Fall colours. You get 17 km of trails over 524 acres. Since motorised vehicles are banned on the trails, the trail system is used by walkers and hikers. The trails run through the wooded area of County Rd. 27 and Ardagh Road in the south west end of Barrie.

Barrie International Comedy Festival

Running from September 15^th to 20^th, the Barrie International Comedy Festival is a project of the Talk is Free Theatre that is entering its third year this year. Some of this year’s performers include Brent Butt (Corner Gas), Andrea Martin (My Big Fat Greek Wedding) and Chris Gibbs (Howie Do It). Other events include Q&A sessions, quizzes and a selection of comedic short films.

Chappelle Farms Pumpkin Festival

’Tis the season to get spooky at Chappelle Farms. Running from September 21^st to October 31^st, you can pick your own pumpkins, a themed “Haunted Adventure,” and attend magic shows. The farm also features hay mazes, a craft barn and a petting zoo. Tickets range from $6 (on weekdays) to $11 (on weekends). Children under 2 enter for free.

Screen One Monthly Film Series

Running on the Wednesday and Thursday of the month, the Screen One film series plays a showcase of international gems all year. October will host Learning to Drive, a comedy with Patricia Clarkson and Ben Kingsley who bond over driving lessons. Tickets cost $10 for adults, and $8 for students and seniors.

Autumn Harvest

On October 3^rd, you can enjoy a fresh autumn afternoon at Memorial Square in downtown Barrie. With free face painting, wagon rides and games, as well as free apple cider between 10am and 2pm. It’s fun for the whole family.

18^th Annual Barrie Film Festival

Now in its 18^th year, the Barrie Film Festival runs for 10 days, from the 16^th to the 25^th of October. Featuring more than 20 of the finest films from Canada and around the world, with an opening Night Party on October 16, a Short Film Competition showcase/awards presentation the 17^th with Q&As with special guests. They have yet to release the full schedule, so be sure to check back.

Think About Moving to Barrie, Ontario

Simply pick up the phone and call the experts at Previn Court Homes.

Scheduling an appointment is the best way to get all of your questions about the real estate market answered. It’s the first step to purchasing the home of your dreams. Why not get started today?

We all know and have probably experienced the “phantom bid.” “I know you need to think about it, but I’ve already got a lot of interest from different people.” “You really should buy now, it probably won’t be here next week.” Even though it can be easy to spot the scam artists, proving it’s a scam was a different story. Until now.

Under new Ontario legislation, it is illegal to imply any kind of offer has been made, unless the offer is in writing and is signed. No offer is valid until it is signed, regardless of individual circumstances. Agents will also be required to keep record of every offer on file for 12 months, so that any customers who suspect they were duped can make sure one way or another.

New Laws for the “Phantom Bid”

The Real Estate Council of Ontario (RECO) have been tasked with enforcing these new rules and protecting customers from unscrupulous real estate agents. Prior to this, they did receive complaints about phantom bids, but very few: “We don’t believe that it’s a rampant practice. But if it happens, it’s very serious and we would take it very seriously,” according to Joseph Richer, RECO registrar.

The current chaos in the Toronto housing market is being credited with creating the surplus of phantom bids by using the surplus of buyers and dearth of properties on the market to cover their tracks. Under this new legislation, anyone caught can be fined up to $50,000 or face two years in jail. On the other hand, they could simply face a disciplinary committee, who can order them into educational courses or fine them $25000. These are very harsh punishments for an agent to potentially face.

Protecting Home Buyers

President and chief executive of Royal LePage, Phil Soper, believes other provinces will introduce similar laws. “What tends to happen is that one province will put something in place . . . and it’ll spread to other provinces,” said Soper. “The regulators in the provinces tend to keep in pretty tight step with each other in terms of how legislation is developing.” Despite this, officials across the other provinces have been quick to point out that they haven’t received that many complaints, and do not believe that their real estate agencies are in need of tighter regulations.

So far, the pre-existing legislative tools have proven sufficient to police the world of real estate in other provinces, and there is no sign of further interference from provincial governments.

Looking for a New Home?

At Previn Court Homes, we know that home buyers are looking for a residence that will make them feel both physically and financially comfortable.  Learn more about our beautiful affordable new homes to buy, or contact us to register for priority updates and special offers, and find the perfect home for your budget.

Race to the Bottom

There isn’t a single buyer who benefits from a bidding war. When two or more purchasers enter into a bidding war for a home, only the sellers win. Real estate markets with intense competition, in particular big cities like Toronto, can result in a difficult buying process that ends up inflating the cost of real estate.

The economics are simple: demand for a limited resource always ends up in a price spike, regardless of whether or not the commodity is worth the price. In order to get the best bang for your buck when buying a home, avoiding competing buyers helps to reduce the cost of your investment.

Have Your Own Home Built

Get a new home built just for you, without the need to worry about other people bidding it out of your clutches. You can lock up your dream home in nearly developed areas, such as the ones we offer.

These types of homes are built strategically to provide fantastic quality and a neighbourhood plan ideal for families. Since many of these projects take place on parcels of underdeveloped land, builders choose locations that are far enough from hectic locations, but close enough to enjoy the conveniences of the big city.

Previn Court has been creating custom homes and building neighbourhoods from scratch since the 1970s.

Avoid Hot Markets

For several years, Canadian real estate has been in a continuous boom, with prices and demand for homes rising on a consistent basis. Toronto, Vancouver and Calgary have witnessed some of the strongest gains, which have resulted in skyrocketing prices, restricted availability and frantic development of condos to help cater to rising demand.

As a whole, over the past decade, the Canadian real estate market has accelerated rapidly, party due to Canada’s reputation as a steady economic performer during times of international economical strife. The influx of foreign investment attracted by Canadian economic stability, especially in Vancouver and Toronto, has resulted in massive quantities of real estate inventory snapped up in expectation of profit.

When you attempt to enter incandescent markets, you increase the risk of being burned by the intensity of the competition for limited housing stock. Finding areas that are adjacent to hot markets can result in a solid investment, particularly when buying a newly constructed home that guarantees you don’t have to worry about previous occupants.

Are You Interested in Buying a Home in Alliston?

Are you tired of living in downtown Toronto? Are you considering buying a home in Alliston? We can help. With over 35 years of experience, we have built homes for over a thousand families, including detached, townhome, and unique attached single units, and we can help you find the perfect home for you.

Contact us to let us know your desired number of bathrooms and bedrooms, as well as your budget, and we’ll send you priority updates and special offers on our beautiful new homes.

Are you planning on buying a home this year?

Buying a home is an exciting prospect, but it can also be overwhelming. There’s quite a bit you need to know as a home buyer, especially if you’re buying a home this year. We’ve gathered important facts for you about the housing market in 2015.

Canadian Homes Are Expensive

If you’ve spent any time browsing ads for homes, this fact isn’t news to you. But, were you aware that over 40% of first-time home buyers can’t afford a house without their family’s help? In a report published by BMO in April 2015, nearly half of the respondents said that they would not be able to purchase a home without their family’s assistance. A significant factor in the unaffordability of Canadian homes is their rising prices. The cost of buying a Canadian home has risen since 2009.

Home Buyers Have Higher Incomes

In spite of rising home prices, the situation isn’t so grim for Canadians seeking to buy homes. A survey conducted by private mortgage insurer Genworth Canada showed that first time home buyers are wealthier than average. The survey showed that almost a third of Canadians buying their home for the first time had an income above $100,000. The number of first time home buyers with that income in Toronto was 40%, while it was 39% in Calgary. Twenty four percent of first time home buyers in Montreal and 21% of first time home buyers in Atlantic Canada fall into that category.

Down Payments Aren’t Always So High

Many first time home buyers are intimidated by the cost of a high down payment. The good news is, down payments aren’t high in every part of the country. According to a study by Genworth Canada, 63% of first time home buyers paid a down payment of less than 20% of the cost of their home.The median down payment across Canada was less than 12% of the home cost. There’s bad news for people in Vancouver and Toronto, though. The median down payment in Vancouver was 20% of the home cost, while it was 21% in Toronto. Toronto and Vancouver are Canada’s most expensive cities in which to buy properties, so people planning on buying a home in those two markets should save up.

Make the right choice, right away

Whether your buying new homes in Alliston or further out, keep your eyes open and make the decision that best suits your needs before your wants.

At Previn Court Homes, we know that house hunting is extremely important, and we strive to create beautiful homes that will provide long term value.  Since our inception over 40 years ago, we have constructed in excess of 1500 homes in Canada, and in the process made the dreams of 1500 families come true.

Take a tour of our incredible models, or contact us today for more to let us know your needs in terms of bathrooms, bedrooms and budget.