Whenever you purchase a new condo, there is a period of time between when you take occupancy of your unit and when you take ownership of your unit. This is known as the ‘occupancy period' or ‘interim occupancy'. During this period you will be requested by the developer to pay occupancy fees or ‘phantom rent' as it is also known. The Condominium Act requires condo developments to be constructed to a substantial level prior to registration of the condominium plan. Title to a unit cannot be transferred until the condominium is registered. Thus, with newly built condominium apartments, there are two "closings". The "interim closing", occurs at the time of occupancy and the "final closing", occurs at the time of final registration. The process works something like this; the developer underta... 07/23/2010

A few years back some wines and bubbly in North America were restricted in using certain names on its labels.Now the European Union are negotiating with Canadian cheese producers or is it the other way around? Regardless, committees and time are being spent arguing(they call it negotiating, they should have a REALTOR® with them, that is what we do best, but I am digressing) about the names on cheese labels. Parma is one and Camembert is another. For free, I offer the following name changes: Blue Cheese: That coloured cheese with a strong smell. Goats Cheese: 4 legged mound of something. Cheese Slices: Orange Plastic Cheesewiz: Cholesterol in a bottle: Have to go now, going to have some Canadian Cheddar and a glass of a nice red Cabernet and if the cheese police want to find me, I'll be ... 07/23/2010

Did you know that we are programmed to resist change, even when it's in our best interest? Chip Heath, a Stanford business professor, an author of 2 great books "Made to Stick: Why Some Ideas Survive And Others Die" and "Switch: How to Change Things When Change is Hard", covers change and why we resist change.He states that our analytical, rational side may say" I want a better beach body", but our emotional side says "I want the Oreo cookie". So at work, we may want to change how we treat our customers and clients, but our emotional side is in love with the comfort of routine. Heath writes that we need to align those two conflicting sides of ourselves.How? You have to convince your emotional side of yourself  to go along with the change and not just motivate the rational, analytical si... 07/23/2010

In a recent study at the University of Texas at Arlington, though brainstorming is a common practice, it may not get the results we think. Brainstorming is not only inefficient, it can actually impede creativity. People have a false assumption that they are more productive working as a group than individually, even though all evidence shows it's the opposite. People in groups examine a less limited range of suggestions because of fixation, That means that as soon as one member of the group offers an idea, the others get stuck on it and conform their own thinking to that suggestion. And most are not even aware that fixation is occurring.Also it was learned that some participants tend to engage in "social loafing", meaning they put in less effort because responsibility is shared with othe... 07/23/2010

Agency: What is it and why is it important? So you have seen a property that you are interested in and you call the listing Agent to view the property. After viewing the property you decide to make an offer, but wait, who is the Agent working for? We know he is working for the Seller, but who is representing your interest? If you think the listing Agent is, you might be very wrong. Unless you have signed a Buyers Agency Agreement with him, he has no fiduciary duty to you.  So how do you get an Agent to represent your interest? Well first you must sign a Buyers Agency Agreement. There are three types of Agency relationships: Sellers AgencyBuyers AgencyMultiple AgencySellers Agency is established when a seller signs a listing agreement with a brokerage. The brokerage represents the intere... 07/16/2010

 Houses in Old South and Wortley Village neighbourhood that are listed for sale are selling briskly! 126 have sold from January 2010 to June 30, 2010 and on average homes were on the market for 23 days and averaging 99% of asking price of $249, 210!    At presnt there are 44 houses in Old South/Wortley Village listed for sale from as low as $179,000 up to $800,000 +. Because of the ambience and ecletic range of homes you can see why this is a sought after London Ontario neighbourhood! Regardless if you are buying a home or selling a home, quality representation and a keen knowledge of the market will ensure a smooth transaction, and in particular, the neighbourhood. For up to date information about real estate in Old South or details on what is available in Wortley Village you now know ... 07/14/2010

Summerside House & Condo Sales in London are Hot and Not Because It is Summer! Sales of 2 storey homes in Summerside in south east London have been very active year to date with 59 houses selling. The average selling price of a 2 storey house was $265,657 being 98. % of the asking price of $270,900! There were 12 condos that sold at an average sale price of $215,517 which was 99% of the asking price. Houses such as 2 storey and bungalows were on the market an average of 76 days while condos took an average of 26 days to sell! At present there are 19 resale 2 storey houses for sale in Summerside starting from $220,000 - $340,000 and 9 condos for sale starting from $165,900 - $263,900. Summerside as well offers new homes as well, some alreay near or completed or lots where you can have yo... 07/14/2010

Lately everywhere I turn I am seeing eco this, green that which I respect and in my own way , practice. I wonder however, what is the long term cost going to be with some of the plans that have been implemented? A Futuristic Real Estate Office Listing Presentation practiced by I.M. Green, sales person and part time 8 track repairman: "Good afternoon, Mr. & Mrs. Wanting, I am I.M. Green, I know, that's a mouthful, but really, you have got to trust me. I am I.M.Green. " "Do you have the $5,000 cash I asked for? I should say green backs, ha, ha, ha! As I mentioned to you I practice a truly green and eco friendly way of selling your house. The $5,000 saves you writing a cheque, a listing agreement and all that other tree killing use of paper." "Of course there will be no sign on your lawn, ... 07/14/2010

June 2010 sees MLS sales volume decreasing as price increases slightly. The London and area real estate market, while slowing is still healthy. June 2010 had lowers sales volume than a year ago but prices were up. Despite June's dip in sales, year to date sales figures are still well ahead of this time last year. Our market is considered to be "balanced". Balanced Market: In a balanced market, the number of homes for sale satisfies the demand.Characteristics of this market include houses selling within a reasonable time period, sellers accepting reasonable offers and stabilized prices.The atmosphere is usually more relaxed. See how this year compares to previous years. 07/13/2010

Houses in Sunningdale, a neighbourhood in North London and close to UWO & Masonville , were sought after with 29 sales since January  and with 11 condos selling as well. The average sale price for a home in Sunningdale was $539,424 which was 97% of the asking price and for condos in Sunningdale, the average sale price was $287,786 which was 98% of the asking price. In the Sunningdale neighbourhood at present, there are 2 storey homes for sale from as low as $425,000 to $895,000 and condos available starting from $259,500 . When you require information about Sunningdale, be it the amenities, the schools, the golf courses or even real estate you now know who to call. Let me prove to you that I put the real into real estate in London! 07/13/2010

Houses have been selling extremely well in Riverbend, a neighbourhood in west London off of Oxford Street West and nestled between the Hunt Club and The Riverbend Golf Community.  There have been 32  houses sold in Riverbend since the new year with the average sale price of $435,397 which was 97% of the asking price of $447,647. Two storey homes led the way followed by one floor cottages and ranches. There were 6 sales of one floor condos, detached and attached with an average sale price of $333,992 which was 101% of the asking price.  As with both condos and houses, the average days on the market were 67 days. At July 13 there are 17 re-sale homes for sale in Riverbend & Riverbend West and 6 condos all under 4 years old and ranging in price from as low as $359,000 up to $749,000. There... 07/13/2010

It's Tax Season. Your first year as a business for self professional. You are dreading the inevitable bill from the Tax Man. You know there are hundreds of loop holes to save you a ton of cash. But what are they? And how will you ever have the time to find them all? You won't. So you leave it to the Experts! You call your accountant, hand over your mountain of paperwork and sigh with relief when your tax bill isn't 6 figures. You're being sued. You rear ended a lady in the grocery store parking lot. She is claiming to have severe trauma and is suing you for big bucks! Now you must plead your case in front of a judge or pay up. Will you do this alone? Of course not. You'll call a lawyer. Someone who deals with this type of thing on a day to day basis. IN the end you save yourself from a ... 07/12/2010

A few months ago the Canadian Real Estate Association (CREA) forecasted that national housing activity would decrease over the second half of 2010 and into 2011 as the pent‐up demand created by the Great Recession (their words, not mine) was exhausted. June 2010 saw the beginning of that trend in the London CMA - a tempering of the market that CMHC described as, "an orderly transition supported as it will be by improving job markets, historically low interest rates and further gains in household incomes."  A total of 816 homes sold in June of 2010, more in line with June of 2002 and 2003 than with recent years. "We are very satisfied with these numbers," says Richard Thyssen, President of the London and St. Thomas Association of REALTORS®. "2003 and 2004 were strong years and recent eve... 07/12/2010

It was announced this week that Canada is proposing to sell our country's publicly owned nuclear agency or parts of. As a Broker of Record and licensed in Ontario only to sell real estate, if you are looking to buy a nuclear plant, give me a call. I should point out, however, that I have no experience with nuclear energy sales, don't have a price yet or a signed listing agreement. From pictures I know what a nuclear plant looks like so how difficult could it be? Please be aware that there are a few countries that I cannot sell to, check with your local spy agency for details.  I have not been able to find any real estate training courses in the sale of nuclear energy or facilities so if it appears I have no idea what I am talking about, you are correct!Please also note that this could b... 07/10/2010

The residential real estate market in London Ontario has seen sales volume rise by 14.9& over 2009. Even though June sales of 816 homes were the lowest since 2002, our London market remains viable and stable. As we are in the summer months I predict that sales will continue at a steady pace as the London economy is quite vibrant, unemployment is down and with new companies moving here, demand is steady. One thing that is quite noticeable of late is that buyers are quite educated in pricing and value, so home sellers who are testing the water, or who are unrealistically pricing their homes, those homes are staying on the market longer and as history consistently repeats itself, the longer on the market, the less the sale price. For buyers, you have a great choice of homes to choose from ... 07/10/2010

White Oaks MLS Statistics for June 2010 June 2010 is in the books and the year is half over. How did the White Oaks real estate market fare in June? The number of detached and semi-detached homes sold in June fell compared to the previous two months , but....MORE 07/09/2010

Condos in Byron sold quite well so far this year. There were 11 sales in this comfortable neighbourhood of London with a blend of young and old and a bevy of conveniences. Condos in Byron were on the market an average of 28 days and sold for 98% of the average asking price of $176,709. Keep in mind that averages are not the best indicator of trends or activity. For example, a townhome in one complex sold for $112,000 while in another area of Byron, one sold for $329,900. I can take the confusion out of pricing, condition and safety with knowledge and experience in Byron. Don't spend money foolishly, seek great advise and live your life. 07/06/2010

97 houses have sold in Byron, a neighbourhood in south west London from January 1 to June 31, 2010. Byron is proving again to be a sought after neighbourhood with a blend of 60's to the 90's style homes  giving the area a pleasant mix of style and it's own ambiance.Shopping, schools, parks and greenery allow a wide range of families to live comfortable and a feeling of pride and safety that Byron offers. The average asking price was $ 345,026 and they sold for 99% of asking for $340,888 and were on the market for an average 50 days. I should caution you that averages can be deceiving at times. For instance, I know of some Byron homes that sold for 105% of asking in 1 day and of course, the overpriced house that sat around for 136 days. Buying or selling in Byron should not be left by ch... 07/06/2010

One of the slowest yet quickest ways to achieve financial freedom is to have someone else make most of your mortgage payments for you. I see so many young couples struggle with the 'Jones's' to have that large home, or live in that neighbourhood or that side of town. Most call it house poor. Unfortunately, most think that in 20, 25 or 30 years from now their home will be paid for. Well, it may be but do you know(or care to know) how much that cost you? I work with a lot of buyers and sellers and it amazes me to see two schools of thinking. Buy a duplex or triplex, live in one unit and rent out the other. With appreciation, applying excess payments towards the mortgage, in 10-15 years the duplex is free and clear. Where would you be if you were mortgage free today? Buy a home every 4-6 y... 07/06/2010

The majority of new and upcoming home buyerswho participated in a nation wide poll (TD's Home Buyers' Report) said they expect to pay less than the asking price and they prefer newer and detached homes to older and semi-detached homes or condos. First time home buyers are savvy when it comes to shopping for a home, but are their aspirations too high? The three most important factors were: 99% price 96% features 95% layout Some other interesting numbers 93% learn about mortgage options before buying 85% estimate utility costs before buying 75% want a new home 93% are making a down payment of less than 20% 93% are worried about being able to afford their home if interest rates rise Being a first time buyer or buying your 5th is a process and should not be an ordeal. Who you get advice fro... 07/06/2010