We hope you’ve enjoyed the wonderful fall!
With cooler days and the change of season, so have we seen a change in the real estate market.
According to statistics provided by the MLS® System of the Guelph and District Association of REALTORS®, for the Guelph area, home sales numbered 211 units in September 2017. This was down 23.6% from the record in September 2016.
New residential listings numbered 412 in September, rising 24.8% on a year-over-year basis. This was the highest September on record. While the market is steady, buyer traffic has reduced and properties are staying on the market longer. We are now experiencing many price reductions. Another “push and pull” as we make our way to a more balanced market.
What’s Happening At Planet Realty?
Planet Realty has been busy working on existing listings and assisting buyers in their search for a new home or condominium. We are always looking to add more! Planet is a boutique brokerage with professional and talented real estate brokers. Our high level of knowledge and expertise in condominium living has served our clients well. Personal service is paramount and is an attribute that we hold with high regard. We also dedicate our time and hold a wealth of experience marketing and listing homes and properties throughout the Guelph and surrounding areas. We are never too busy to provide you with a competitive market analysis or assist you with your real estate needs.
Changes to the Condominium Act
We continually educate ourselves and look for ways to improve the many services that we offer to our clients. We recently attended a conference outlining changes to the Condominium Act, 1998. Many key provisions are being implemented. A few highlights to note are:
- All Property Managers must be licensed under the Condominium Management Regulatory Authority of Ontario (CMSA)
- An Owner’s Information Guide is to be published by the Ministry of Government Service, providing purchasers with information about their rights and obligations as owners, as well as their role on a Condominium Board.
- Mandatory training for all Board Members.
- More accountability by the developers will be addressed when they are establishing the Proposed First Year Budget, which may or may not result in an increase in common expenses following the actual first year.
In Disclosure documents, the definition of “Material Change” will be re-defined with further clarity. In purchase agreements this clause allows a purchaser to rescind their Agreement if there is a material change. CLICK HERE to learn more about the entirety of the upcoming Condominium Act changes for 2018.