Kingston Real Estate: July 2012 Archives

July 24, 2012 - The average sale price for residential properties in Kingston and the surrounding area has risen by 16 per cent between January 1, 2008 and January 1, 2012, according to the first report on residential sale price trends published by the Municipal Property Assessment Corporation (MPAC).

The average sale price for residential properties in Ontario has risen by 17 per cent during the same time.

NOTE: The blogging of this article should in NO WAY indicate that I agree with anything or anyone at MPAC. I personally think their assessments are inaccurate, and they are incompetent. But that's a blog post for another day. I suggest you Google fight MPAC Assessment and see what comes up.

The full report is here:

http://www.mpac.on.ca/media_centre/news_releases_kingston.asp

It has been eleven years since Ontario's Condominium Act, 1998 came into force. In that time, the condominium market has changed dramatically in both size and complexity. The Ontario government recognizes that a comprehensive review is necessary to modernize the Act so it reflects the current and future needs of owners, residents and other stakeholders in the condominium community.

On June 8, 2012, the government announced that the Ministry of Consumer Services will launch a review of the Act through a public consultation to identify a comprehensive set of issues and long-term solutions.

The consultation involves working in a new way, through an innovative public engagement approach, with people from the condominium community.

The goals of the review are to:

• engage and work directly with all condominium stakeholders, including condominium owners and residents
• build on findings and advice from a broad range of individuals and organizations that have been studying the issues in the condominium sector
• find long-term solutions that will work for everyone in the years to come

More information can be found here:

http://www.sse.gov.on.ca/mcs/en/Pages/condo_review.aspx

This article has come very good advice concerning "Non-Resident" sellers of property in Canada and the tax implications that could delay or void a sale. The article is referring to offshore condo investors, which is not so much a large issue here in Kingston. We do run into this in the Recreation/Cottage property market, and mostly with our American friends.

Kingston-Frontenac Renovates program offers grants and loans for projects

KINGSTON, ONT. /July 3, 2012 - The Kingston-Frontenac Renovates program is offering eligible homeowners grants of up to $3500 to make their homes more accessible or interest-free loans of up to $10,000 toward emergency repairs.

"This assistance will help home-owners afford to keep their homes accessible, safe, healthy and comfortable," says Lanie Hurdle, Commissioner of Community Services.

The funds, being offered through the Consolidated Municipal Service Manager (CMSM) serving the City of Kingston and the County of Frontenac, are being made available to homeowners who:

1. Require accessibility upgrades, such as a ramps or lifts. These applicants may be eligible for a grant of up to $3500.

2. Have homes that are at least ten years old and require emergency repairs that fall into one of the following categories. These applicants may be eligible for interest free forgivable loans up to $10,000:
- Health & Safety renovations to ensure fire safety, get rid of mold, improve water quality, etc
- Accessibility renovations to install a lift or ramp, or make a structural change (these projects may also be eligible for grant).
- Structural repairs to ensure the integrity of a home's roof, foundation or other supports.
- Energy efficiency installations to ensure the cost-effective comfort of a home. This would include furnace, insulation or window replacement.

Eligible applicants include persons with disabilities, seniors and family households with incomes ranging from $26,500 or less (for a one-person household) to $61,500 for households with five or more people. Funding will be allocated on a priority basis to ensure that households with the greatest need of assistance are served first. Some households of more than five people with incomes of $61,500 to $73,500 may be considered if sufficient funding is available.