New Changes Announced Affecting Real Estate Commissions

In recent years, real estate commissions have become a topic of frequent discussion with many consumers of the opinion that commissions charged are too high or perhaps it’s a matter that the perceived value they received from their REALTOR® was not commensurate with the commission or fee charged.

  Contrary to what consumers may have been lead to believe, real estate commissions are and always have been negotiable.  The only real restriction that has been placed on commissions is not the amount that can or cannot be charged but rather the format of how commissions are calculated but that is about to change.

 The real estate profession is governed by Provincial law, specifically the Real Estate and Business Brokers Act (REBBA 2002) Previously as per REBBA 2002; a real estate brokerage could charge either a flat fee to list and sell a property or a percentage of the sale price, but not a combination of the two.  Recent amendments to REBBA 2002 have removed this restriction, allowing brokerages to have the option of developing fee or commission structures that may include a combination of a flat fee and a percentage of the sale price.

  This now gives brokerages the additional flexibility in how they structure pricing to suit their business needs and desires of their specific clients.  Personally I view this as a win win situation for REALTORS® as well as consumers.  Every property and every selling circumstance is different and this change as to how real estate fees/commissions are derived provides greater freedom to address each situation in a manner that will garner the best results for everyone involved.

  Ultimately, market forces will determine which fee structures are attractive to consumers. It is more important than ever for consumers to understand what services their REALTOR® will provide and how or who will pay for those services.

 If you are contemplating the sale of your property and are not certain as to how the new rules affect you, please feel free to contact me and without obligation I would be happy to discuss and clarify the issue for you.

Chinese Buyers Will Continue to Impact the Luxury Home Market in 2014

  It’s no secret that foreign investors from China have made up a large component of the buyers in Canadian cities such as Toronto and Vancouver. This is especially true within the luxury home market  and the prediction for 2014 is that the number of affluent Chinese  will be an even bigger force in the U.S. and Canadian luxury property market.  Already the second largest foreign buyer group in the U.S. (after Canadians), wealthy Chinese are drawn to the U.S. and Canada for several reasons:

Growing numbers of affluent Chinese send their kids to North America for university education.  Major university towns will see growing numbers of Chinese buyers as Mom and Dad look for a condo for the student and perhaps a luxury home for use when they visit.  Sometimes a student in the U.S. or Canada is the first step toward relocation.

Chinese, who are looking to make a favorable currency play, invest where there is economic value and political stability.  Expect them to continue to gravitate to cities where there are Asian population centers.  Cities like San Francisco where I just visited and Vancouver are good examples where a property investment is viewed favourably by Chinese

Look for very wealthy Chinese, who want a degree of status both here and back home,  look to buy what might be considered as “trophy” properties in Manhattan, San Francisco, Los Angeles, Toronto, Vancouver and a few other major cities that offer global recognition.

While we have yet to see a major influx of Chinese buying into the local luxury home market, one only need to visit the Village at Blue Mountain on a busy summer weekend or during the ski season to see that a strong Asian contingent has embraced the Southern Georgian Bay lifestyle.  I suspect in time as the luxury home market in our area matures and expands, it will gain the required notoriety that will attract not only affluent Chinese, but other foreign buyers as well.

What's New & Hot in Counter Tops

When we think of “luxury” real estate two of the first aspects that define a high-end property are the bathrooms and the kitchens.  Sumptuous spa like baths especially the master ensuite that feature things liked heated floors and towel bars, multi spray over-sized elaborately tiled shower stalls,  soaker tubs and large vanities come to mind.  One local property I was in even had a flat screen TV mounted behind the vanity mirror thus allowing you to watch the morning news while shaving.

 In the kitchen its high-end commercial grade appliances such as a Sub Zero fridge/freezer and in some cases refrigerated drawers, multi-burner gas ovens by makers such as Wolf, cappuccino/espresso machines and other high tech gadgets some of which seldom get used as the owners routinely eat out.   All of these are then wrapped in custom cabinets often in exotic finishes to the owner’s specific tastes that will coordinate with the rest of the home. 
 In recent years we have seen a variety of new and different materials used for counter tops.  It started with Corion® a polymer material, created by DuPont.  Then came granite, marble, soapstone even concrete.  What's the current trend in luxury homes?  Click on this link to find out other materials that are being used along with the pros and cons of both.

JUST LISTED - PRIME WATERFRONT CONDOMINIUM in MARINERS HAVEN

Panoramic Georgian Bay View. Secluded in a quiet enclave of upscale residences close to downtown Collingwood, Mariners Haven offers a unique & distinctive year round lifestyle experience. Nowhere on southern Georgian Bay will
you find 4,000 sq. ft. of luxury waterfront living with deep water protected dockage for a 40` boat or floatplane at your  doorstep. This 5 bedroom, 4.5 bath condo offers one of the best views available in the complex and features a customized and renovated floor plan with numerous upgrades features & finishes that will satisfy the most discerning of buyers. Newer windows, geothermal furnace, roof, cedar deck, custom kitchen with granite, master bath, interior flooring, doors & trim plus much more. Double, heated garage, with separate work area. Contact me for a complete list of enhancements or to view & experience this unique waterfront ownership opportunity for yourself.
For more information and pictures see: http://beta.realtor.ca/PropertyDetails.aspx?PropertyId=13905170