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Michael Bosveld

 Direct: 519 701-1506
 Office: 519 438-5478
 Fax: 519 438-7355
 Email: mbosveld@nuvistarealty.ca

Anthony Roach

 Direct: 519 701-1260
 Office: 519 438-5482
 Fax: 519 438-7355
 Email: troach@nuvistarealty.ca

Featured Listings

About Bosveld & Roach

 

Michael Bosveld and Anthony Roach are the brokers of record, and founders of NuVista Realty located in London, Ontario.

 

With their combined experience of 25+ years, Mike and Tony are leaders in the London, Ontario real estate field, as well as within the London community. Together, they will bring a wealth of knowledge to your biggest financial endeavor, along with a very unique personal touch. They believe that service is one of the best commodities in the market.

 

At Bosveld & Roach, we uphold an ongoing commitment to providing an elevated level of personal service. We make sure that our clients come first and because of this they are able to achieve more than they have ever dreamed of with their real estate investment. You can expect more from us when it comes to the sale or purchase of property in the London, Ontario real estate market.

 

We will work hard to provide you with the most efficient and responsive service possible, using the various tools, techniques, technology and knowledge. As they are seasoned veterans of the London, Ontario real estate market, they pride themselves on being some of the best real estate agents in London, Ontario.

 

Mike and Tony have unmatched local knowledge of the London, Ontario real estate market, as well as the surrounding areas and from this you will truly get personalized service.

 

Together, through their relentless pursuit of excellence in service, people skills, work ethic, innovation, personal development, technology, training, teamwork, integrity and organizational skills, they will continue to be leaders in the London, Ontario real estate market.


Contact us today! Because buying or selling your home is serious business.

  • What is land assembly?

    What is Land Assembly?
    and Assembly is when several properties that are adjacent to each other are being sold by the same agent together to make way for a bigger plot of land and sold to developers, this is called land assembly. If you are curious about the process or have a giant lot of land you are looking to sell, this land assembly blog post is for you.

    Begin with the right Evaluation
    So, when it comes to the biggest question: how much is my home worth under the Official Development Plan? A big plot of land is worth more than a smaller plot and thus has more space and options. There are a variety of ways to figure out the cost, but the best way is to work with a realtor who has experience and training in land assembly. When you are looking for potential realtors, make sure you are asking them questions like: Have you done this before? What’s your land assembly history? What’s your understanding of contracts and contract law? What developers do you work with? Like any real estate deal, it is best to work with a knowledgeable agent that has your best interests in mind.

    Zoning of your land
    London has a variety of zoning for different spaces and land size - some areas are only zoned for single family homes, while others can have townhouses or small high rises. When it comes to the zoning and what the developer can build on your land will have a major impact on what your land is worth. Knowing the zoning for your home can make a huge difference in what a developer might offer you for your land.

    Raise your Concerns
    When it comes to selling your home for land assembly versus a residential sale, will it matter that you just got some renovations done to your house? When it comes down to it, it is best to look at the money you spent on your renovation versus the money you will make through land assembly (you are more than likely going to make that money back on land assembly rather than selling the home as an individual unit).

    What’s Your Next Move?
    Once you have finally inked that deal and sold your home, you’ll need somewhere else to stay. When it comes to moving, you might not have to move as soon as you think. Some people get their money three months after the deal and can stay in their home for as long as they need to. The process can easily take a year from the initial conversation through to you receiving the funds, but the payout is worth it since you’re getting more than you would in a regular sale. Lastly you aren’t directly involved in the process and with the proper real estate representation, you won’t have to put that much effort to get the process completed, even though it sounds like a tedious process. When it comes to land assembly let our team help you and hold your hand during the process.

  • Home Staging Tips

    When you are getting your house ready for sale, preparation and presentation are the biggest keys to selling your house faster and for a better price. The interior of a house is always the best selling point. When you are putting your house online, you want to put high quality staging photos and videos, these help boost your virtual presence and help it stand out in the market. When it comes to staging your home, it doesn’t have to be a timely and costly process - especially if your home is already in good shape. Below are some helpful tips for staging your home:

    Light!
    Lighting plays a vital role in getting your property ready and is too often overlooked. You should address dark hallways, rooms with little natural light, basements, and bathrooms.

    Add Mirrors
    By adding a mirrorit’s reflective quality can help open up a room, by making it brighter and seemed less cramped. If you have a room that lacks artwork, picking up a mirror and adding it to a room can make your space feel curated and designed.

    Replace Window Treatments
    If your home has old drapes, it is best to toss them and replace them with new modern drapes.

    Buy Crisp White Towels
    Adding white towels can make your bathroom feel like a spa and make your bathrooms feel like they are fresh and clean.

    Reorganize Bookcases
    Adding ambient lighting is essential in areas, especially in areas where there is no overhead lights.

  • Helpful tips for investing in Real Estate

    Why are you buying this property?

    There are three main reasons to invest in real estate in the Vancouver area: owning a property as an investment, generating a source of income and speculating for a quick win. Timing is everything when it comes to speculation. If you are lucky to catch the market in an upswing you’ll make some easy cash, however invest at the wrong time and you are more than likely going to lose some money. Properties are a little different when it comes time to getting out, you might have to wait for the market to settle before you are able to sell your home. Over the past 5 years, prices for detached homes have risen by 39% in the Vancouver area. While the price growth is good, it might be hard to catch the market in a low and only sit on the property for a short term gain. Rather it is best to focus on a long term cash flow, especially when it comes to renting your property. Being an investor can be one of the smarter ways to benefit from owning a property.

    Be Financially Ready

    Buying a rental property isn’t like shopping for your principal residency. Rental properties require at least a 20 percent down payment. Rental properties are also considered to be riskier properties, so you might have a higher borrowing rate and stricter qualifications, compared to buying a home. You must also think about the other monthly expenses related to owning a rental property. When you are thinking about getting a rental property, do you have enough to stay in it? Would you be able to keep the property if a major repair were to occur or if interest rates were to rise? Ideally you should have resources set aside in advance for any bumps along the way you may encounter.

    Positive Cash Flow is Key

    Once you know what you can purchase, it’s time to determine what income your rental property can produce. Look at the local markets, as this will help you determine how much rent you can charge. areas like Metro Vancouver, the potential for regular rent increases gives your income a good chance of keeping up with inflation. Areas like Vancouver, Richmond and the North Shore have traditionally seen low vacancy rates which makes these areas some of the tightest rental markets in the province. When you are looking, start with your expected annual income then deduct all the expenses related to that rental property. By the end of it you should have a positive cashflow and this should be a sufficient amount to make the rental property worth it.

    Determine How Interactive You Will Be

    How willing will you be when it comes to hands on activities, like dealing with paperwork or the tenants themselves. You can always choose to hire a property manager, of course doing this will cut into your profits, so choose wisely.

    Do Your Research

    Look at economic factors and determine if it is worth it to buy a rental property. Next look at the infrastructure of the areas and if they would be appealing to tenants. If you plan on managing the property, can you get to it easily? Just like any other investments, it is always best to do your research, determine the amount of risk you are willing to take on and finally understand all the costs involved.

  • London & St. Thomas Home Sales Remain Strong

    The London and St. Thomas Association of REALTORS® (LSTAR) announced that 776 homes* were sold in September of 2018, this is down 6.1% over the same month last year. However, the number of home resales are above the 10-year average, despite low housing inventory in the marketplace.  "All year we’ve been managing the challenges of low supply and it continues to impact home resales," said Jeff Nethercott, 2018 LSTAR President. The area did experience a large increase in the average price for resale activity. In September of this year, the average sales price was $386,520, this is up 21.0% compared to a year ago, and up 57.9%, compared to just five years ago.

    All major London centres saw jumps in their average sales price in September. Making the biggest gain was London North, where the average sales price was $498,138, up 28.1% from 2017 and up 70.5% compared to five years ago. In London South (which also includes data from the west side of the city) had an average sales price of $385,635, up 18.0% from 2017 and up 48.8% compared to five years ago.  London East saw an average sales price of $302,452, up 10% from last September and up 51.4% compared to five years ago. It’s only the second time in the last 10 years that London East had an average sales price above $300,000.

    While the average price for home resales may be on the rise, inventory (what is called active listings) continues to decline, Nethercott said.  Last month, there were 1,640 active listings in LSTAR’s jurisdiction, marking the lowest level of September inventory in the past 10 years! The sales-to-new listings ratio was 64.5%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market).  Breaking it down further by geography, London East had a sales-to-new listings ratio of 76.8%."

     

  • Bank of Canada Raises Key Interest Rates to 1.75%

    The Bank of Canada has raised its benchmark interest rate by a quarter of a point. This is the fifth time since last summer that the Bank of Canada has pushed up the cost of borrowing for Canadians.

     

    The bank's current rate is now at 1.75 per cent. That's the highest it's been in almost a decade, dating back to December 2008.

     

    The cost of loans linked to the big bank prime rates are headed higher in the wake of the Bank of Canada's decision to raise its key interest rate target by a quarter of a percentage point. The Canadian banks each raised their prime lending rates to 3.95 per cent from 3.70 per cent, effective Thursday, October 25, 2018.

     

    The increase followed governor Stephen Poloz’s first policy meeting since Canada agreed with the United States and Mexico earlier this month on an updated North American free trade deal. The bank said the new trade agreement will reduce uncertainty, which it described as “an important curb” on business confidence and investment.

     

    So far, the Bank of Canada has stated that Canadians have been making spending adjustments in response to earlier rate hikes and stricter mortgage policies — and credit growth continues to moderate. Household vulnerabilities — while still elevated — have edged down as a result.

     

    Consumer spending is expected to continue expanding at a “healthy pace,” thanks in large part to the steady rise of incomes and the strength of consumer confidence. It projects exports to keep growing at a moderate clip, even though they will face limitations from several factors — including transportation capacity constraints, global trade uncertainty and stiff competition, particularly from the U.S.

     

    Known as the target for the overnight rate, the benchmark is what Canada's big banks charge each other for short-term loans. It filters down to consumers, because it affects the rates the banks offer their customers for things like variable rate mortgages and savings accounts.

     

    The Bank of Canada indicated that we could see continued rate hikes in the future, but it will consider how the economy is adjusting to higher interest rates “given the elevated level of household debt.”

     


     

  • Yes, You Can Sell Your Pool Property in The Off Season

    Selling a property with a pool attached to it does not have to be a total loss, you also don’t need to wait until May to put the property on the market to accompany the gorgeous spring and summer weather.

     

    There are a few ways to maximize the emotional value of your summer backyard and playground, even if there are leaves covering the pool or it is covered by a layer of snow and ice.

     

    Plan Well in Advance (if it is possible)

     

    1. Shoot a live video during the summer months or put the pool to use during the early fall, so you can fully showcase your property. This will help to show how stunning the pool and your property is during the peak summer season, if you do have to sell the property during the mid-winter season. If you can hire a professional videographer to do this, the better the response will be to your property.

     

    2. If you are unable to get a professional live video of the pool, the next best thing is using professional photography during the prime pool season, that uses a wide-angle lens showing context.

     

    3. Sometimes the need to sell your home or move may come on very short notice. Should you find yourself choosing to sell after you have closed the pool for the season look through your personal photos to see what photos you can use to help showcase your pool and property.

     

    4. As a last resort, if you are unable to find any pictures of the pool during the summer months, hire a professional photographer to get a picture of the backyard on a sunny day with blue skies. Along with this make sure to help fill the picture with remarks that will create a beautiful narrative to help highlight your property.

     

     

  • 5 Helpful Financial Tips

    You’re not a kid anymore, you know how to act responsible, and your life is getting a little more complicated. You could be on the verge of getting married and having kids or moving up in your career, buying a home. These are all things that are in the transition process and can be overwhelming at times. Here are five helpful tips to help your wealth grow.

     

    Live Below Your Means

    So, what does this mean? It means if you are bringing in $5,000 a month and spending $4,999 of it, you’re not being wealthy, you’re just doing ok. This isn’t a bad thing, but the bigger of a gap you can make between what you earn and what you spend means the faster you can reach your financial goals.

     

    Focus on the percent of income you put away, not the amount

    Going back to the example above with your $5,000 a month income, let’s say you put $1000 of that away into a savings account. This a good chunk of money to put away. Let’s say someone then gets a promotion and you are still putting away that $1,000 but spending the extra amount. This is called lifestyle inflation and will kill your financial situation. In the end it isn’t about the amount of money you put away, it is about the percentage of money.

     

    Be proactive not reactive

    You might have already hit that point where you have had to give yourself a financial reality check. Did you learn from that experience? One thing is that you shouldn’t take the money you have in your bank for granted. You should spend time looking over your finances each month and see where this spending is leading you.

     

    Spend money on what you value

    Most people think that the more money they have coming in the more they can spend it on. Spending money on things that provide you with fulfillment and happiness are more important than spending it just for the sake of spending it. If you’re spending money like everyone else just for the sake of it, you’re missing the point. Spend it on what you value.

     

    Don’t complicate things

    When it comes down to it, the best thing to do is to just keep it simple. All it takes is a little discipline and some small and simple actions. You won’t see immediate results but keeping going and over time you’ll reach your financial goals. One of the biggest keys is consistency.

     

  • What You Need to Know Before Making an Offer

    Just when you thought you have found your dream home, you might be tempted to immediately make an offer or sign on the dotted line - but you should beware of doing this.

     

    Once you make an offer, you can’t change it. The seller can accept it, decline it, let it lapse by doing nothing or sign it back with changes, as a counter-offer. Then it’s your turn to accept it, decline it, do nothing or sign it back. An offer can be signed back several times. Even if your offer is accepted with conditions, you can’t change it unilaterally.

     

    Here are steps to ensure that your purchase as smoothly as possible

     

    Make sure your finances are in order

    Most offer prices are based on what comparable properties in the same area have sold for, considering the property’s condition, location and any extras included; a realtor can help you prepare a reasonable offer.  When you are ready to make an offer, it is important to make sure that you have already obtained financing pre-approval in the price range that you’re talking about. Also, ensure that the funds you need to set aside for your down payment will be ready by closing day.

     

    Understand what you are signing

    Make sure to read the agreement of purchase and sale carefully to see what you’ve agreed to buy. It is important to pay special attention to the section in every agreement that lists fixtures (attached to the property, such as ceiling fans) that are excluded and chattels (not permanently attached, such as appliances) that are included.

     

    Research

    Home inspections and searches by a lawyer are important. Lawyers conduct title searches through the registry office to discover things such as easements, restrictions and mortgages held by the current owner that could prevent the property from becoming yours, free and clear, or restrict your use of it. They also do off-title searches for things like outstanding bills for municipal taxes or utilities. While lawyers help guides buyers through the process in all provinces, they are also required to complete a purchase in Ontario – only a lawyer is legally allowed to register a land transfer there.

     

    Buying a property can be exciting, it can also be risky to get emotionally attached before you have a lawyer conduct searches, conduct an inspection, and make sure your finances are in order. So, make sure that before you sign you’re sure and you’re not just getting caught up in the excitement.

     


     

  • Mould & Your Home: What You Should Look For

    Once mould has taken root in a home it can be a destructive force within your home. Homeowners should know the signs of mould and know where to look for it, so they can catch it before it gets worse. However, some people don’t notice mould until it is too late, and their home is already on the market for sale. To prevent that, here are what all homeowner should be looking for and why finding mould before it can spread is so important.

     

    Identifying Mould

     

    Identifying mould in a home can be tricky because it can take on so many different appearances that can often look like small, benign messes. For instance, here are some of the different shapes mould can have:

    • Dirt

    • Sugar

    • Salt

    • Thread

    • Dust

     

    And the colour it can take on can also vary widely. Black, grey, brown, green, and white are all common and can help mould disguise itself even better when paired with it appearing in one of the previously mentioned shapes.

     

    Where Mould Grows

     

    Above all, mould loves moisture and will usually be found growing in an area that has access to it, these areas could include water pipes, on windowsills, and in basements and crawlspaces. Mould typically won’t grow in highly visible locations, instead preferring dark areas that are left alone. So, if a homeowner does see mould growing out in the open, this is a bad sign. If mould has started growing in a visible spot, it can mean that there’s already a large infestation of the same mould in another location in the home, so the homeowner needs to try to find it or hire an inspector to find it.

     

    Affects of Mould

     

    mould is dangerous because of the many negative affects it can have on human health. Some of the affects are like seasonal allergies Here are some of the other common symptoms of mould exposure:

    • Headaches

    • Irritated skin

    • Dry or watery eyes

    • Sore throat

    • Coughing and sneezing

    • Congestion

     

    Prolonged exposure to mould can lead to much worse disease including asthma, cancer, liver failure, neurotoxicity, and more.

     

    Mould Testing & Removal

     

    Most hardware stores will sell mould testing kits, if you do happen to think that you may have found mould in your home. Not all mould is malignant, so it can give homeowners some peace of mind to know if the mould they find in their home needs immediate removal or not.

     

    it’s important to take care of it as soon as possible. By looking for these signs of mould growth, homeowners can help make sure everyone in their home is safe from its dangers.

  • Multiple Offers and Tips for Buyers & Sellers

    When London’s real estate market is sizzling, and real estate is moving quickly, how can you effectively deal with multiple offers?

     

    London’s real estate is still sizzling and there is an overall desire to live in many areas of London, however some areas have low inventory. With this, often buyers will begin a bidding war on certain properties. Receiving multiple offers as a seller is a great position for negotiating terms and often gives them the upper hand. In situations like these, all the parties will be informed about how many offers have been submitted.  All registered offers must be submitted and retained by a Brokerage, ensuring that all offers are real, and not falsely instigating a competition. All offer situations should be handled with care, but extra considerations come into play when competition is steep.

     

    Tips for Buyers:

    • Time is of the essence, so the sooner you can decide to make an offer the better, there is a higher likelihood you can work towards negotiating an offer before someone else beats you to it.

    • Inquire about seller’s preferences. Maybe you can accommodate the seller and their moving date or leave an appliance out of the deal, as these will put your offer at an advantage.

    • Keep your terms competitive. By having a competent team of professionals working with you, you can help make your offer appealing and competitive.

    • Be realistic when it comes to making an offer. Don’t throw them a lowball offer, as this may drive up competition and lead to higher prices down. If the property is listed at a reasonable price and you want a fair shot, trust the strategy your realtor has put in place.

    • Instill confidence in the seller that you are qualified. More deals nowadays are falling apart due to financing. If a seller knows you are preapproved, this will help with your offer. Typically, your lender can draft a letter to prove this information.

    • Remember your goals. Sometimes it is easy to get caught up in offers, it is sometimes worth it to pay a little extra to get the house of your dreams, but sometimes it may be better to just walk away and wait for another opportunity.

     

    Tips for Sellers:

    • Review the offers carefully. The purchase price is important, but so are other factors like closing date and conditions.

    • Make sure to do your homework. It is important to ensure that prospective buyers are qualified, and that preapproved financing is in place. It is a giant set back to have an offer fall through due to unapproved financing.

    • You will be faced with several offers. You may choose to send all offers back for revision (just in case anyone wants to make an update to their offer to make it more appealing), you could sign one offer back with some revisions in hopes of acceptance or accept one offer as-is.

    • You may NOT sign back more than one offer as this could put you in a precarious legal position should both Buyers accept your revised terms.  Under this circumstance, you would have sold your property twice (subject to conditions in each offer).

    • Keep the terms of your agreement confidential until all notices and waivers have been submitted to lock in the deal.  If you end up with a fall-through, you may not want other parties aware of what terms were negotiated.

     

    There are many elements to deal with when it comes to a multiple offer situation. Each situation may require a unique approach to ensure that you are represented in the best way. So, make sure you are putting your best foot forward when competing on the purchase of a property!

  • What is land assembly?

    What is Land Assembly?
    and Assembly is when several properties that are adjacent to each other are being sold by the same agent together to make way for a bigger plot of land and sold to developers, this is called land assembly. If you are curious about the process or have a giant lot of land you are looking to sell, this land assembly blog post is for you.

    Begin with the right Evaluation
    So, when it comes to the biggest question: how much is my home worth under the Official Development Plan? A big plot of land is worth more than a smaller plot and thus has more space and options. There are a variety of ways to figure out the cost, but the best way is to work with a realtor who has experience and training in land assembly. When you are looking for potential realtors, make sure you are asking them questions like: Have you done this before? What’s your land assembly history? What’s your understanding of contracts and contract law? What developers do you work with? Like any real estate deal, it is best to work with a knowledgeable agent that has your best interests in mind.

    Zoning of your land
    London has a variety of zoning for different spaces and land size - some areas are only zoned for single family homes, while others can have townhouses or small high rises. When it comes to the zoning and what the developer can build on your land will have a major impact on what your land is worth. Knowing the zoning for your home can make a huge difference in what a developer might offer you for your land.

    Raise your Concerns
    When it comes to selling your home for land assembly versus a residential sale, will it matter that you just got some renovations done to your house? When it comes down to it, it is best to look at the money you spent on your renovation versus the money you will make through land assembly (you are more than likely going to make that money back on land assembly rather than selling the home as an individual unit).

    What’s Your Next Move?
    Once you have finally inked that deal and sold your home, you’ll need somewhere else to stay. When it comes to moving, you might not have to move as soon as you think. Some people get their money three months after the deal and can stay in their home for as long as they need to. The process can easily take a year from the initial conversation through to you receiving the funds, but the payout is worth it since you’re getting more than you would in a regular sale. Lastly you aren’t directly involved in the process and with the proper real estate representation, you won’t have to put that much effort to get the process completed, even though it sounds like a tedious process. When it comes to land assembly let our team help you and hold your hand during the process.

  • Home Staging Tips

    When you are getting your house ready for sale, preparation and presentation are the biggest keys to selling your house faster and for a better price. The interior of a house is always the best selling point. When you are putting your house online, you want to put high quality staging photos and videos, these help boost your virtual presence and help it stand out in the market. When it comes to staging your home, it doesn’t have to be a timely and costly process - especially if your home is already in good shape. Below are some helpful tips for staging your home:

    Light!
    Lighting plays a vital role in getting your property ready and is too often overlooked. You should address dark hallways, rooms with little natural light, basements, and bathrooms.

    Add Mirrors
    By adding a mirrorit’s reflective quality can help open up a room, by making it brighter and seemed less cramped. If you have a room that lacks artwork, picking up a mirror and adding it to a room can make your space feel curated and designed.

    Replace Window Treatments
    If your home has old drapes, it is best to toss them and replace them with new modern drapes.

    Buy Crisp White Towels
    Adding white towels can make your bathroom feel like a spa and make your bathrooms feel like they are fresh and clean.

    Reorganize Bookcases
    Adding ambient lighting is essential in areas, especially in areas where there is no overhead lights.

  • Helpful tips for investing in Real Estate

    Why are you buying this property?

    There are three main reasons to invest in real estate in the Vancouver area: owning a property as an investment, generating a source of income and speculating for a quick win. Timing is everything when it comes to speculation. If you are lucky to catch the market in an upswing you’ll make some easy cash, however invest at the wrong time and you are more than likely going to lose some money. Properties are a little different when it comes time to getting out, you might have to wait for the market to settle before you are able to sell your home. Over the past 5 years, prices for detached homes have risen by 39% in the Vancouver area. While the price growth is good, it might be hard to catch the market in a low and only sit on the property for a short term gain. Rather it is best to focus on a long term cash flow, especially when it comes to renting your property. Being an investor can be one of the smarter ways to benefit from owning a property.

    Be Financially Ready

    Buying a rental property isn’t like shopping for your principal residency. Rental properties require at least a 20 percent down payment. Rental properties are also considered to be riskier properties, so you might have a higher borrowing rate and stricter qualifications, compared to buying a home. You must also think about the other monthly expenses related to owning a rental property. When you are thinking about getting a rental property, do you have enough to stay in it? Would you be able to keep the property if a major repair were to occur or if interest rates were to rise? Ideally you should have resources set aside in advance for any bumps along the way you may encounter.

    Positive Cash Flow is Key

    Once you know what you can purchase, it’s time to determine what income your rental property can produce. Look at the local markets, as this will help you determine how much rent you can charge. areas like Metro Vancouver, the potential for regular rent increases gives your income a good chance of keeping up with inflation. Areas like Vancouver, Richmond and the North Shore have traditionally seen low vacancy rates which makes these areas some of the tightest rental markets in the province. When you are looking, start with your expected annual income then deduct all the expenses related to that rental property. By the end of it you should have a positive cashflow and this should be a sufficient amount to make the rental property worth it.

    Determine How Interactive You Will Be

    How willing will you be when it comes to hands on activities, like dealing with paperwork or the tenants themselves. You can always choose to hire a property manager, of course doing this will cut into your profits, so choose wisely.

    Do Your Research

    Look at economic factors and determine if it is worth it to buy a rental property. Next look at the infrastructure of the areas and if they would be appealing to tenants. If you plan on managing the property, can you get to it easily? Just like any other investments, it is always best to do your research, determine the amount of risk you are willing to take on and finally understand all the costs involved.

  • London & St. Thomas Home Sales Remain Strong

    The London and St. Thomas Association of REALTORS® (LSTAR) announced that 776 homes* were sold in September of 2018, this is down 6.1% over the same month last year. However, the number of home resales are above the 10-year average, despite low housing inventory in the marketplace.  "All year we’ve been managing the challenges of low supply and it continues to impact home resales," said Jeff Nethercott, 2018 LSTAR President. The area did experience a large increase in the average price for resale activity. In September of this year, the average sales price was $386,520, this is up 21.0% compared to a year ago, and up 57.9%, compared to just five years ago.

    All major London centres saw jumps in their average sales price in September. Making the biggest gain was London North, where the average sales price was $498,138, up 28.1% from 2017 and up 70.5% compared to five years ago. In London South (which also includes data from the west side of the city) had an average sales price of $385,635, up 18.0% from 2017 and up 48.8% compared to five years ago.  London East saw an average sales price of $302,452, up 10% from last September and up 51.4% compared to five years ago. It’s only the second time in the last 10 years that London East had an average sales price above $300,000.

    While the average price for home resales may be on the rise, inventory (what is called active listings) continues to decline, Nethercott said.  Last month, there were 1,640 active listings in LSTAR’s jurisdiction, marking the lowest level of September inventory in the past 10 years! The sales-to-new listings ratio was 64.5%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market).  Breaking it down further by geography, London East had a sales-to-new listings ratio of 76.8%."

     

  • Bank of Canada Raises Key Interest Rates to 1.75%

    The Bank of Canada has raised its benchmark interest rate by a quarter of a point. This is the fifth time since last summer that the Bank of Canada has pushed up the cost of borrowing for Canadians.

     

    The bank's current rate is now at 1.75 per cent. That's the highest it's been in almost a decade, dating back to December 2008.

     

    The cost of loans linked to the big bank prime rates are headed higher in the wake of the Bank of Canada's decision to raise its key interest rate target by a quarter of a percentage point. The Canadian banks each raised their prime lending rates to 3.95 per cent from 3.70 per cent, effective Thursday, October 25, 2018.

     

    The increase followed governor Stephen Poloz’s first policy meeting since Canada agreed with the United States and Mexico earlier this month on an updated North American free trade deal. The bank said the new trade agreement will reduce uncertainty, which it described as “an important curb” on business confidence and investment.

     

    So far, the Bank of Canada has stated that Canadians have been making spending adjustments in response to earlier rate hikes and stricter mortgage policies — and credit growth continues to moderate. Household vulnerabilities — while still elevated — have edged down as a result.

     

    Consumer spending is expected to continue expanding at a “healthy pace,” thanks in large part to the steady rise of incomes and the strength of consumer confidence. It projects exports to keep growing at a moderate clip, even though they will face limitations from several factors — including transportation capacity constraints, global trade uncertainty and stiff competition, particularly from the U.S.

     

    Known as the target for the overnight rate, the benchmark is what Canada's big banks charge each other for short-term loans. It filters down to consumers, because it affects the rates the banks offer their customers for things like variable rate mortgages and savings accounts.

     

    The Bank of Canada indicated that we could see continued rate hikes in the future, but it will consider how the economy is adjusting to higher interest rates “given the elevated level of household debt.”

     


     

  • Yes, You Can Sell Your Pool Property in The Off Season

    Selling a property with a pool attached to it does not have to be a total loss, you also don’t need to wait until May to put the property on the market to accompany the gorgeous spring and summer weather.

     

    There are a few ways to maximize the emotional value of your summer backyard and playground, even if there are leaves covering the pool or it is covered by a layer of snow and ice.

     

    Plan Well in Advance (if it is possible)

     

    1. Shoot a live video during the summer months or put the pool to use during the early fall, so you can fully showcase your property. This will help to show how stunning the pool and your property is during the peak summer season, if you do have to sell the property during the mid-winter season. If you can hire a professional videographer to do this, the better the response will be to your property.

     

    2. If you are unable to get a professional live video of the pool, the next best thing is using professional photography during the prime pool season, that uses a wide-angle lens showing context.

     

    3. Sometimes the need to sell your home or move may come on very short notice. Should you find yourself choosing to sell after you have closed the pool for the season look through your personal photos to see what photos you can use to help showcase your pool and property.

     

    4. As a last resort, if you are unable to find any pictures of the pool during the summer months, hire a professional photographer to get a picture of the backyard on a sunny day with blue skies. Along with this make sure to help fill the picture with remarks that will create a beautiful narrative to help highlight your property.

     

     

  • 5 Helpful Financial Tips

    You’re not a kid anymore, you know how to act responsible, and your life is getting a little more complicated. You could be on the verge of getting married and having kids or moving up in your career, buying a home. These are all things that are in the transition process and can be overwhelming at times. Here are five helpful tips to help your wealth grow.

     

    Live Below Your Means

    So, what does this mean? It means if you are bringing in $5,000 a month and spending $4,999 of it, you’re not being wealthy, you’re just doing ok. This isn’t a bad thing, but the bigger of a gap you can make between what you earn and what you spend means the faster you can reach your financial goals.

     

    Focus on the percent of income you put away, not the amount

    Going back to the example above with your $5,000 a month income, let’s say you put $1000 of that away into a savings account. This a good chunk of money to put away. Let’s say someone then gets a promotion and you are still putting away that $1,000 but spending the extra amount. This is called lifestyle inflation and will kill your financial situation. In the end it isn’t about the amount of money you put away, it is about the percentage of money.

     

    Be proactive not reactive

    You might have already hit that point where you have had to give yourself a financial reality check. Did you learn from that experience? One thing is that you shouldn’t take the money you have in your bank for granted. You should spend time looking over your finances each month and see where this spending is leading you.

     

    Spend money on what you value

    Most people think that the more money they have coming in the more they can spend it on. Spending money on things that provide you with fulfillment and happiness are more important than spending it just for the sake of spending it. If you’re spending money like everyone else just for the sake of it, you’re missing the point. Spend it on what you value.

     

    Don’t complicate things

    When it comes down to it, the best thing to do is to just keep it simple. All it takes is a little discipline and some small and simple actions. You won’t see immediate results but keeping going and over time you’ll reach your financial goals. One of the biggest keys is consistency.

     

  • What You Need to Know Before Making an Offer

    Just when you thought you have found your dream home, you might be tempted to immediately make an offer or sign on the dotted line - but you should beware of doing this.

     

    Once you make an offer, you can’t change it. The seller can accept it, decline it, let it lapse by doing nothing or sign it back with changes, as a counter-offer. Then it’s your turn to accept it, decline it, do nothing or sign it back. An offer can be signed back several times. Even if your offer is accepted with conditions, you can’t change it unilaterally.

     

    Here are steps to ensure that your purchase as smoothly as possible

     

    Make sure your finances are in order

    Most offer prices are based on what comparable properties in the same area have sold for, considering the property’s condition, location and any extras included; a realtor can help you prepare a reasonable offer.  When you are ready to make an offer, it is important to make sure that you have already obtained financing pre-approval in the price range that you’re talking about. Also, ensure that the funds you need to set aside for your down payment will be ready by closing day.

     

    Understand what you are signing

    Make sure to read the agreement of purchase and sale carefully to see what you’ve agreed to buy. It is important to pay special attention to the section in every agreement that lists fixtures (attached to the property, such as ceiling fans) that are excluded and chattels (not permanently attached, such as appliances) that are included.

     

    Research

    Home inspections and searches by a lawyer are important. Lawyers conduct title searches through the registry office to discover things such as easements, restrictions and mortgages held by the current owner that could prevent the property from becoming yours, free and clear, or restrict your use of it. They also do off-title searches for things like outstanding bills for municipal taxes or utilities. While lawyers help guides buyers through the process in all provinces, they are also required to complete a purchase in Ontario – only a lawyer is legally allowed to register a land transfer there.

     

    Buying a property can be exciting, it can also be risky to get emotionally attached before you have a lawyer conduct searches, conduct an inspection, and make sure your finances are in order. So, make sure that before you sign you’re sure and you’re not just getting caught up in the excitement.

     


     

  • Mould & Your Home: What You Should Look For

    Once mould has taken root in a home it can be a destructive force within your home. Homeowners should know the signs of mould and know where to look for it, so they can catch it before it gets worse. However, some people don’t notice mould until it is too late, and their home is already on the market for sale. To prevent that, here are what all homeowner should be looking for and why finding mould before it can spread is so important.

     

    Identifying Mould

     

    Identifying mould in a home can be tricky because it can take on so many different appearances that can often look like small, benign messes. For instance, here are some of the different shapes mould can have:

    • Dirt

    • Sugar

    • Salt

    • Thread

    • Dust

     

    And the colour it can take on can also vary widely. Black, grey, brown, green, and white are all common and can help mould disguise itself even better when paired with it appearing in one of the previously mentioned shapes.

     

    Where Mould Grows

     

    Above all, mould loves moisture and will usually be found growing in an area that has access to it, these areas could include water pipes, on windowsills, and in basements and crawlspaces. Mould typically won’t grow in highly visible locations, instead preferring dark areas that are left alone. So, if a homeowner does see mould growing out in the open, this is a bad sign. If mould has started growing in a visible spot, it can mean that there’s already a large infestation of the same mould in another location in the home, so the homeowner needs to try to find it or hire an inspector to find it.

     

    Affects of Mould

     

    mould is dangerous because of the many negative affects it can have on human health. Some of the affects are like seasonal allergies Here are some of the other common symptoms of mould exposure:

    • Headaches

    • Irritated skin

    • Dry or watery eyes

    • Sore throat

    • Coughing and sneezing

    • Congestion

     

    Prolonged exposure to mould can lead to much worse disease including asthma, cancer, liver failure, neurotoxicity, and more.

     

    Mould Testing & Removal

     

    Most hardware stores will sell mould testing kits, if you do happen to think that you may have found mould in your home. Not all mould is malignant, so it can give homeowners some peace of mind to know if the mould they find in their home needs immediate removal or not.

     

    it’s important to take care of it as soon as possible. By looking for these signs of mould growth, homeowners can help make sure everyone in their home is safe from its dangers.

  • Multiple Offers and Tips for Buyers & Sellers

    When London’s real estate market is sizzling, and real estate is moving quickly, how can you effectively deal with multiple offers?

     

    London’s real estate is still sizzling and there is an overall desire to live in many areas of London, however some areas have low inventory. With this, often buyers will begin a bidding war on certain properties. Receiving multiple offers as a seller is a great position for negotiating terms and often gives them the upper hand. In situations like these, all the parties will be informed about how many offers have been submitted.  All registered offers must be submitted and retained by a Brokerage, ensuring that all offers are real, and not falsely instigating a competition. All offer situations should be handled with care, but extra considerations come into play when competition is steep.

     

    Tips for Buyers:

    • Time is of the essence, so the sooner you can decide to make an offer the better, there is a higher likelihood you can work towards negotiating an offer before someone else beats you to it.

    • Inquire about seller’s preferences. Maybe you can accommodate the seller and their moving date or leave an appliance out of the deal, as these will put your offer at an advantage.

    • Keep your terms competitive. By having a competent team of professionals working with you, you can help make your offer appealing and competitive.

    • Be realistic when it comes to making an offer. Don’t throw them a lowball offer, as this may drive up competition and lead to higher prices down. If the property is listed at a reasonable price and you want a fair shot, trust the strategy your realtor has put in place.

    • Instill confidence in the seller that you are qualified. More deals nowadays are falling apart due to financing. If a seller knows you are preapproved, this will help with your offer. Typically, your lender can draft a letter to prove this information.

    • Remember your goals. Sometimes it is easy to get caught up in offers, it is sometimes worth it to pay a little extra to get the house of your dreams, but sometimes it may be better to just walk away and wait for another opportunity.

     

    Tips for Sellers:

    • Review the offers carefully. The purchase price is important, but so are other factors like closing date and conditions.

    • Make sure to do your homework. It is important to ensure that prospective buyers are qualified, and that preapproved financing is in place. It is a giant set back to have an offer fall through due to unapproved financing.

    • You will be faced with several offers. You may choose to send all offers back for revision (just in case anyone wants to make an update to their offer to make it more appealing), you could sign one offer back with some revisions in hopes of acceptance or accept one offer as-is.

    • You may NOT sign back more than one offer as this could put you in a precarious legal position should both Buyers accept your revised terms.  Under this circumstance, you would have sold your property twice (subject to conditions in each offer).

    • Keep the terms of your agreement confidential until all notices and waivers have been submitted to lock in the deal.  If you end up with a fall-through, you may not want other parties aware of what terms were negotiated.

     

    There are many elements to deal with when it comes to a multiple offer situation. Each situation may require a unique approach to ensure that you are represented in the best way. So, make sure you are putting your best foot forward when competing on the purchase of a property!

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