Majority of Nova Scotia Sees Increased Real Estate Activity this Winter

March 2, 2010 – Nova Scotia: The real estate market in many parts of the province saw increased sales activity over this time last year, with the South Shore and Halifax-Dartmouth regions experiencing the largest increases in sales.

The Nova Scotia Association of REALTORS® reported that the number of residential units sold across the Province through the Multiple Listing Service® System (MLS®) from November to January was up 27.5% compared to the same three months last year.

Average prices from November 2009 to January 2010 in regions across the Province:

http://www.panoramio.com/map/#lt=44.670089&ln=-63.577491&z=4

“WELCOME TO THE NEW DARTMOUTH. The neglected city is in for a transformation…” Thus read the headline in the February 24 edition of The Coast. There has been a lot of excitement around two proposed developments in the area I have been calling Old Dartmouth for the past twenty plus years; one project is slated for the old Marine Slips site and the other is proposed for the vacant land near the former Starr Manufacturing lands.

While the idea of increasing the population base in Old Dartmouth is indeed exciting, we can only hope that it is done properly and is not approved on a “development at all costs” basis. In other words, we hope that the scale and quality of these developments is in tune with the surrounding neighbourhood. As citizens we pay a lot of money to maintain a professional planning department and we can only hope that they will advise Council in a manner that will help us capitalize on the amazing opportunity to enhance what is already a great place to live and work.

As it stands, the Kings Wharf project has been approved as a mixed use development – commercial, office and residential – and is going forward. The focus is now on the lands behind the Greenvale School and straddling what is now called

called Irishtown Road (formerly the Pine Street Extension). There is a proposal for three buildings of 7, 23 and 27 storeys. It is clear from listening to the speakers at a recent public meeting on the subject that the majority of the home and business owners in the area want development, but they feel that the proposed building heights are not compatible with, nor complimentary to the surrounding neighbourhood. The planners and Council should take note of the very popular and beautifully executed Dexel redevelopment of the Greenvale School. Quite simply, Dexel has created a benchmark that should be considered when approving any development on those lands.

February 16, 2010

Finance Minister Jim Flaherty has just announced a change in the way CMHC will deal with insured mortgages. “There is no evidence of a housing bubble, but we are taking prudent steps today to prevent one,” he said at a news conference in Ottawa. “If some lenders aren’t willing to act themselves, we will act.

The Minister’s plan has three main components: First, Canada Mortgage and Housing will require that all borrowers meet the qualifying standards for a five year mortgage, even if they choose a variable rate or a shorter term. Secondly, the rules would lower the maximum people can borrow on a re-finance to 90% from the current 95% and finally, CMHC will now require a minimum down payment of 20% to qualify for an insured mortgage on an income property.

These new rules will come into effect on April 19 of this year and should have a significant effect on the real estate market. In the short term there may be a rush by some buyers to purchase before the new rules are in place. After April 19 it is likely that the market may cool a bit as some buyers may have trouble qualifying for a mortgage or they will be forced to look at less expensive homes. This would slow the pace of price increases in the market and may even cause price decreases in some markets – Toronto and Vancouver in particular.

As usual this should have the least effect in Atlantic Canada where buyers are generally more conservative and less likely to stretch themselves to buy the most house possible.

Buying or Refinancing? I have been preaching the same thing for over a year; seriously consider getting a mortgage with a 7 year or even a 10 year term. Today’s rates are going to look very good in years to come.

http://www.innovativerealestate.ca

Trevor and Innovative Real Estate are pleased to be your Old Dartmouth Experts.

For the past 20 years, Trevor has been promoting the advantages to living in this historical, charming, well located, and well serviced neighbourhood.

And guess what? There is an definite buzz happening around the Halifax region as more and more cafe’s, spas, salons, and restaurants open up and new homes and condominium buildings are popping up.

Hate to say it, but …we told you so!

http://homes.point2.com/Neighborhood/CA/Nova-Scotia/Halifax-County/Dartmouth/Old-Dartmouth-Real-Estate-Agent.aspx

Creative Advertising is an important element in marketing your property.

At Innovative Real Estate our creative team is always on the cutting edge of marketing strategies that bring attention to your home.

Our ads are unique, attractive, memorable, informative, persuasive and placed in high profile publications and numerous internet venues.

Trevor Can Help With That© – Just one of the reasons Innovative Real Estate should be your Real Estate company.

Designs by Jamie Sinclair Creative

Visit our Innovative Advertising Page for examples of our creativity:

http://www.innovativerealestate.ca/custom2.php

February 4, 2010

Mortgage Update. Well the lenders still want your mortgage business. Here are some samples of Rod MacInnis’s best mortgage rates.  1 yr. closed – 2.35%, 3 yr. – 3.25%, 5 yr. – 3.79%, 10 yr. – 5.40%. For more information, you can contact Rod MacInnis at the Mortgage Centre at         422-6707 or by e-mail at macinnis.r@mortgagecentre.com

Celebrating 30 Years
the Dartmouth Farmers’ Market

January 29, 2010

Want a great night out for the whole family? I know this is totally off topic, but The Halifax Rainmen franchise is a local enterprise that is worth supporting. The Rainmen are part of the continent wide Premier Basketball League and they have been playing their home games at the Metro Centre against teams from as far away as Puerto Rico for the past three years. And the crowds are growing steadily. This year they have been averaging well over 3,000 fans per night. As well as great basketball the Rainmen organization has been putting on a super show. And the kids love it. Check it out this Sunday at 2:00 for the game against the Rochester Razor Sharks. If you want to be among the most rabid fans, look for seats in sections 22 and 23.  More information at www.rainmenbasketball.ca

January 29, 2010

Posted Mortgage Rate vs. Discounted Rate.  If you don’t know the difference, please read on because knowing the difference could save you money. The posted rate is what you will see on all the bank web sites or on the business page of the local newspaper. These are the official mortgage rates that you can get when you walk into your local bank branch and ask for a mortgage. The discounted rate is the rate you will get if you shop around and talk to bank mortgage officers or mortgage brokers. Looking at today’s rates you can see by these examples that the difference in rates can be quite substantial:  1yr. fixed – posted rate – 3%, discount rate -2.35%, 5yr. -posted – 5.39%, discount – 3.89%, 10 yr. – posted – 6.70%, discount – 5.4%.

If you compare monthly payments for a 5 year mortgage for $ 200,000 you could save $ 168 per month by shopping for the best discounted rate. Over the life of the mortgage, that’s a lot of money. Even if you like the bank you are with it is still worthwhile to go comparison shopping and then go back to your bank for a bit of negotiating.

Alderney 5 Energy Project – Innovative Technology – First time this particular Geothermal technology has been used anywhere in the world!

STATE OF THE ART COOLING TECHNOLOGY

The GeoEnergy Vault is the the heart of a revolutionary geothermal cold storage system. Below are titanium heat exchangers used to extract cold energy from the Halifax harbour in the wintertime. This cold energy is stored for 7 months in a geothermal borehole field underneath the adjacent parking lot. This seawater cooling and cold storage system is used to provide 100% renewable energy for the air conditioning of five major buildings on the Dartmouth waterfront.

The geothermal energy storage system has 85 boreholes. Each has a diameter of 4 ½  inches and is 500 feet deep. The geothermal energy storage system uses a new design of borehole that is 300% more efficient than traditional U-tube boreholes. This breakthrough borehole design is the key that enables cold energy to be stored in the rock mass, and then used directly for air conditioning without using heat pumps.

HOW DOES IT WORK?

The seawater cooling and geothermal energy storage system is a fairly simple concept. In essence the geothermal energy system acts as a battery, but instead of electricity cold energy is stored. This geothermal cold ‘battery’ uses a volume of rock the size of a 40 storey building and over 30 km of piping underground!  .

 Visit Halifax Regional Municipality’s web site for more information:

http://www.halifax.ca/facilities/Alderney5HowDoesitWork.html