Nov. 5, 2012 Issue 59

P R E S E N T E D B Y T H E G O L F I T E A M

November 5, 2012 - Vol 45

Rob GolfiSales Representative


HOME EVALUATION NO COST • NO OBLIGATION

905-575-7700 • 905-945-0188

Lest We Forget

Page 2 The Golfi Team Real Estate Market Watch November 5, 2012

www.GolfiTeam.com

Since the inception ofhis career in 1997,Rob Golfi has

recognized that understandinghis clients’ needs is essential toproviding excellent service.

As business grew, Robassembled the Golfi Team in aneffort to maintain the samelevel of professionalism clientshave come to expect. Shortlythereafter in 2003, the teamreceived the prestigious honourof being among the top 100Real Estate Teams forRE/MAX Canada, and thisstatus continues to date.

Rob’s experience andaggressive negotiating skillshave earned him every majorhonour awarded by RE/MAX,including President’s Club,100% Club, Platinum Club,Chairman’s Club, Hall of Famein 2003, the Lifetime Achieve -ment Award in 2006, hisSRES® designation in 2009 andthe Diamond Club Award in2010. Having worked with

many of the industry’sprofessionals over the years, hehas the necessary edge to bestnegotiate the sale of your home.

Any agent can list yourhouse, but Rob’s knowledge,extensive marketingbackground and dedicationgives clients peace of mindwhen dealing with the singlemost important investment intheir lives. With years ofcombined experience, the GolfiTeam can provide your homewith a level of exposure thatmost agents cannot. Utilizing ateam approach also means thatthey will likely find a purchaserto buy your home sooner, ratherthan waiting for other agents toapproach you with potentialbuyers.

Ranked in the top 5 of nearly2,000 sales agents in theHamilton-Burlington and Niagaraareas, listing with Rob and theGolfi Team is the right choicewhen choosing someone torepresent your best interest. -Å

About Rob Golfi

The Solution

Fill in the grid above, so that each row of

9 squares, each column of nine and each

section of nine (three squares by three)

contains the numbers 1 through 9 in any

order. There is only one solution for the

puzzle and the numbers shown can

NOT be changed.

4 19 58 5 9 6 4

82 3

5 4 8 69 71 3

43 2 87 9

7 9 1 8

SUDOKUSUDOKU

326741 895

857962 134

419537 286

968273 451

543816 927

172659 348

284195 673

635428 71

791384 562

9

Payback for “Shelling It Out” onthose Leaky Windows

This summer, Mike and I finallybit the bullet. We bought newwindows. We figured it was

time when we noticed that our daughter,Rachel, was wearing a raincoat to bedevery time it rained.

She said the towels she placed allover her bed weren’t cutting it anymorebecause they didn’t stop the rain that wassplashing on her face. I admit we hadbeen putting it off, but who wants to putin new windows? They are expensive($20,000 in our case) and they aren’t funlike a hot tub or an outdoor kitchen. ButMike convinced me that if they weren’tfixed, other damage would occur.

I had to remember that our house isone of our most valuable assets and weneed to take care of it. Mike and I aren’talone. For most of us, our home is ourbiggest investment, so we need to planand prepare for capital improvements.

Sometimes your house will tell youwhat capital improvements need to bemade, like our leaking windows. Beforethis happens, however, it is a good idea tosit down and assess what capital projectsmight be necessary down the road andwhat improvements you might like to addto the top of your wish list.

Before you start dreaming about thehot tub and home theatre, you’ll want toconsider any repair projects that will needto be done to maintain the integrity of thehome. Structural items such as the roof,exterior painting, windows, furnace orelectrical work. These projects need to bedone first. Putting in a home theatre whenyour roof is leaking is like rearrangingdeck chairs on the Titanic.

Ask any lender and they’ll tell youthe improvements they value most arestructural. They know buyers will belooking at the bones of the house. While it

is true that decor might pull at buyers’heartstrings and inspire them to put in anoffer, structural issues will scupper thedeal once the home inspection is com-plete.

While you want to make renovationsthat you’ll enjoy, you want to considerhow they will improve the value of yourhouse when you go to sell it. In otherwords, what is the rate of return on thisrenovation?

The Appraisers Institute of Canadacame up with a list of renovations andtheir rates of return. Here are the top 10.

• Interior painting and decor: 73 per cent

• Kitchen renovation: 72 per cent

• Bathroom renovation: 68 per cent

• Exterior paint: 65 per cent

• Flooring upgrades: 62 per cent

• Window/door replacement: 57 per cent

• Main-floor family-room addition: 51per cent

• Fireplace addition: 50 per cent

• Basement renovation: 49 per cent

• Furnace/heating-system replacement:48 per cent

As you can see from this list, renova-tions do not have to be extensive orexpensive to earn a decent rate of return.Mortgage renewal time is a great time toreview your plan because it is at this timethat you will have access to your homeequity with no extra fees. You can workwith your mortgage agent to crunch thenumbers to see if using your home equityfor that particular reno makes economicsense.

Julie Shea is a mortgage broker withThe Personal Mortgage Group inHamilton and can be reached [email protected].

Call the Golfi Team for aFREE Market Evaluation

Your home could be worthmore than you think!

905-575-7700

November 5, 2012 The Golfi Team Real Estate Market Watch Page 3

Call Today 905-575-7700

Mike McNeilSales Representative

Kristina KingSales Representative

Rosemarie FournierListing Co-ordinator

Vince LazarukSales Representative

Together Delivering More...

Sharon StaffordSales Representative


Heather ReidSales Representative

Hans MarcellissenSales Representative

Wendy Murray-NicholsonSales Representative

*#1 Brokerage in the Realtors Association of Hamilton Burlington MLS from 1994 to 2010 consecutively. **Year End Standings for 2010, based on residential commissions paid. Rankings are compiled from figures submitted by regional offices.

3 Over $60 Million in Sales Annually**

3 #1 Real Estate Office in Hamilton-Burlington*

3 Amongst the Top Sales Reps in Ontario**

3 Ranked Top 50 Teams in Canada for **

3 Ranked Top 100 Teams world wide**

Facts About the GOLFI TEAM…

2003 2006 201020031998Rob GolfiSales Representative

OVER $460 MILLION IN REAL ESTATE SALES

How to Protect Yourself when Buying a Home from a Bank

When a mortgage goesinto default inCanada, the most

likely remedy that the lender willpursue is power of sale.

This is a right contained inevery mortgage and permits thebank to sell the property to recov-er the amount owing.

If there are insufficient fundsfrom the sale to pay the debt, thebank can sue the borrower for thedifference. If the sale yields excessfunds, the bank must send theextra money to the borrower. Forexample, if the mortgage debt is$250,000 and the bank sells theproperty, pays all the expenses andis left with $225,000, the bank cansue the borrower for $25,000. Ifthe bank nets $300,000, the banksends $50,000 to the borrower.

How does a power of salework? In Ontario, once a mortgagehas been in default for a minimumof 15 days, the lender may issue apower of sale notice. This is like awarning and gives the owner 35days to put the mortgage into good

standing. If the owner fails to paythe arrears, the lender has the rightto list and sell the property. Duringthe 35 days, the lender is not per-mitted to take any steps to sell theproperty, including having thehouse appraised, sign any listingagreement or advertise the proper-ty for sale.

Lenders have a legal obliga-tion to act reasonably in obtaininga fair price for the property. Thelaw indicates that on the date thelender signs an unconditionalagreement of purchase and salewith a buyer, the original borrow-er has no further legal right to payoff his mortgage. But the borrow-er’s rights may be extended by thelender in certain circumstances.

If you try to buy a home underpower of sale from a bank, you’llface two difficulties. First, thebank will always include a provi-sion that the home is being sold onan “as is” basis and that theyaccept no responsibility for anydamage or missing items that mayoccur before closing. In addition,if there is a tenant on the property,they give you no guarantees as towhat the lease with the tenant con-tains. Finally, they will usually adda provision stating that if the orig-inal borrower comes up with themoney to pay off the mortgage infull on or before closing, they gettheir house back. You’ll be in avery difficult position if you’vealready sold your current house.

The banks include this finalprovision to protect themselvesagainst a lawsuit from the borrow-

er who may claim that the banksold the property too cheaply.

When you buy from a bankunder power of sale, it is mostimportant to make the transactionconditional on a home inspectionreport and, if possible, an up-to-date survey of the property. That isbecause in most power of saledeals, you’ll receive no real dis-closure. Also include a pre-closingvisit so that you can check the sta-tus of all appliances and systemsright up until closing.

Sometimes a property may belisted by both the borrower’s list-ing agent and the lender’s listingsalesperson. In other words, twodifferent brokerages are trying tosell the same property at the sametime, one on behalf of the ownerand the other on behalf of thebank. If you face this choice, I rec-ommend that you make your offerto the owner, but make it condi-tional on the lender providing itsconsent as well. You won’t have toaccept an “as is” clause, since the

owner can control the propertyuntil closing, and you won’t haveto worry about losing the propertyon the last day if the owner comesup with the arrears.

If you are buying directly froma bank in a power of sale and thebank insists on the clause permit-ting the borrower to pay up themortgage loan up until closing,then I recommend that you closethe transaction as quickly as possi-ble, once you have completed allof your required inspections, toreduce the risk of your losing theproperty just prior to closing.

By understanding what isinvolved in a power of sale trans-action, buyers can safely protectthemselves from unwelcome sur-prises, either just prior to or imme-diately after closing.

Mark Weisleder is a lawyer,author, course developer and pub-lic speaker for the real estateindustry. Visit him online atwww.markweisleder.com.

www.golfiteam.com


FREE HoME EvaluaTionNo Cost or Obligation

Call Rob Golfi Today!

905-575-7700 / 905-945-0188

Performance Mercedes-Benz

371 Ontario Street, St. Catharines

Dealer of the Year 2012

905-685-3838 | 1-800-567-1101performancemercedes.ca

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905-945-0188

Rob Golfi*

Grimsby, Lincoln West Lincoln & Niagara

BeaMSVille $249,900

5143 Connor DriveFabulous end unit freehold Bungalow 1110 sqftavail. for 60-90 day closing. Come & visit ourmodel home. Incl. great size BRs w/4pc ensuite offmaster, kitchen area overlooking family rm,attached to neighbouring unit at the garage only.

SOld

BUNGALOW

GRiMSBY $474,900

53 Sumner CrescentDYNAMITE DEAL IN GRIMSBY! 5 BR home includinglaundry rm, all on second flr. Features gorgeous hardwoodfloors, grand foyer w/oak spiral staircase, maple kitchencabinets, rich hotel style ensuite bath w/glass enclosedshower, & a professionally finished basement w/9ft ceilings.

$1896.83 per/mth P&i / O.a.C.

WeSt linCOln $315,900

9407 Silver StreetAmazing home on 100 x 200ft lot, built in 1953, has an openconcept LR/DR w/hrdwd flrs, huge master suite, newHighEff gas furnance/CA, updated bath, entry doors, &water cond.. Bonus rm over the garage.

$1277.73 per/mth P&i / O.a.C.

St. CatHaRineS $274,900

15 Lakeside Drive, Unit 412 BR townhome w/amazing views of the lake. Resort styleliving. Lrg eat-in kitch, formal DR, LR w/corner gas FP.Hardwd in DR/LR & new hardwd in the master BR.Beautifully decorated, inground pool, lrg courtyard, priv.deck off patio doors, lower level is finished.

SOld

GRiMSBY $459,900

23 Tunbridge Crescent9 year old One Floor Beauty. Open concept home featureshrdwd, cer & carptd bed. Main flr family room withwalkout to fenced in back yard with spacious deck.Basement is professionally finished with oversized recroom,bathroom, bedrooms & office space

1836.92 per/mth P&i / O.a.C.

SMitHVille $469,900

14 Sarah CrescentStation Meadows Beauty. 2600 sq ft, 4 bdrm. Incl mainlaundry, soaring ceilings in the main flr family rm, oversizedeat-in kitc & w/o to deck & pool-sized yard. Basement finw/ rec room & additional rms for bedrms or office

$1876.86 per/mth P&i / O.a.C.

GRiMSBY $479,900

288 Kemp Rd. WUnique property zoned for priv. club recreational use;suitable for many types of organizations on priv. 25 acres ofland w/mutual picnic area. Banquet/dance hall 2500 sq. ftwith 12’ ceilings, FP, full kit facilities, bar area, coat check,bthrms & spacious bsmt for storage.

$1896.83 per/mth P&i / O.a.C.

Vineland $185,000

3933 Durban LaneGet inside to see this lovely home! Generous foyer opens tothe comfortable living room. Eat-in kitchen w/sliding doorsto large deck. Buyer to be approved by Landlord. Landlease fee $328.84/mth. Estimated taxes $160.37/mth.Maintenance plan Gold $162/mth or $105/mth.

$738.92 per/mth P&i / O.a.C.

GRiMSBY $319,900

683 Ridge Road WestBeautifully decorated 3+1 bedroom bungalow. Updatesinclude granite kitchen counters, newer roof, furnace 07,updated windows, entry doors, and patio door. Large 16 x28ft. deck off kitchen. Rec room with wood burningfireplace, office area, great room, laundry, and storage.

$1277.73 per/mth P&i / O.a.C.

Vineland $649,900

3274 King StreetSpectacular, luxurious & Immaculate best describes thisawesome beauty sitting on 1.3 acres on the bench of theescarpment with panoramic views of Lake Ontariosurrounded by vineyards and neighbouring ranch, 4 bedrms,4 car garage, granite, hardwd flrs, + + + shows like a dream.

$2595.81 per/mth P&i / O.a.C.

BeaMSVille $379,900

4495 Frances CrescentPRESTIGIOUS 2 STOREY – Only 4 yrs new, featuresgrand foyer, oak stair case, gleaming hardwd flrs in familyrm w/showcase fireplace, maple kitch w/breakfast bar island,transom windows on main level, professionally finishedbasement, beautifully landscaped yard w/fenced yard.

$1517.38 per/mth P&i / O.a.C.


8729 Twenty RoadJust under 3 acre property beside Twenty Mile Creek. Homehas been renovated with quality finishes. Updates includekitchen, laundry/mudroom, 3 bathrooms, flooring (carpet,hardwood, ceramics), fireplace insert, most windows, majorlandscaping, sump pump (duo), roof, cedar exterior entrance.

$2555.86 per/mth P&i / O.a.C.

GRiMSBY $699,900

253 Ridge Rd Spectacular Stately home sitting on 1.26 acres minutes todowntown Grimsby. Features 3+2 bedrooms, 3 bathrooms,gorgeous, updated, new designer kitchen, all seasonsunroom, professionally finished basement. Nothing hasbeen spared. A must see.

$2795.51 per/mth P&i / O.a.C.

GRiMSBY $329,900

39 Mountain StreetLEGAL DUPLEX – In the core of Grimsby! Rare find, thisbeautifully maintained 2 self-contained: 2 BR & 3 BR units,sitting on 84x106 ft. lot, 2 new furnace & c/air 2006, allupdated vinyl windows 2010, new shingles 2001, & aprofessionally finished basement.

1317.67 per/mth P&i / O.a.C.

jORdan $547,000

2869 Prince William StreetFull of Charm & character – a two-family home with upperfloor fully rented, sitting on large lot in in the heart of JordanStation, features hardwood floors, Cathedral ceilings,includes 3 kitchens and 4 bathrms, quick access to QEW.

$2184.81 per/mth P&i / O.a.C.

BeaMSVille $241,900

4571 Leawood CourtHuge pie-shaped lot! Updated semi on a court location.Walkup from basement to side yard. New driveway (’12),furnace/AC, front windows, 2 exterior doors (’11), laminateflooring (’10), Carpet, and updated downstairs bathroom(’09).

SOld

GRiMSBY $849,900

2 Shoreline CrescentLAVISH TOP TO BOTTOM - Elegant home on LakesideCrescent. The new owner will reap the benefits of this overimproved custom reno’d home w/waterfront views. Featuresentrance w/marble floors, designer kitchen w/oak cabinets,granite counters, stone backsplash, cherry hardwood floors.

$3394.64 per/mth P&i / O.a.C.

Vineland $249,950

3380 Tallman DriveLarge 4+1 BR family home feat. a lrg eat in kitch, LR,beautiful dream bathrm w/jacuzzi tub, glass shower & dblesinks, recrm, ldry, & storage area. Single attached garage &a fully fenced rear yard. Perfect for the growing family.Quick HWY access & along the wine route

$1247.93 per/mth P&i / O.a.C.

SOLD ANOTHER ONE

SOLD ANOTHER ONE

SOLD TO OUR CASH BUYER


www.golfiteam.com

Showcase Homes


8729 Twenty RoadTRANQUILITY! This lovely renovated home nestled beside Twenty Mile Creek sits on just under 3 acres of pureperfection. Close proximity to Grimsby, Stoney Creek and Hamilton with easy access to the highway. The exteriormain entrance has recently been redone in solid cedar. Entering the home you will find the interior has beenupdated with a stylish open concept kitchen/family room. The large mudroom/laundry has been reconfigured toallow for a 2 piece bathroom on the main floor. Picture yourself during winter entertaining in the living room withlarge windows looking out to the creek with the fire burning in your fire place with the new Jotul airtight insert.Basement is finished with in-law potential and separate entrance walk-up. Extensive landscaping includes newretaining wall, interlock patio/walkways and 23x21ft cedar deck. A wonderful family home!

Call Rob Golfi today at 905-945-0188 for a private viewing.

GRiMSBY $699,900

253 Ridge Road WestSPECTACULAR STATELY HOME sitting on 1.26 acres and located minutes from downtown Grimsby!This home features 3+2 bedrooms, 3 updated bathrooms, triple car garage, gorgeous updated designerkitchen with breakfast bar, all season sunroom with cathedral ceilings overlooking private yard withlimestone patio, in-ground pool and hot tub, gorgeous hardwood floors, professionally finished basementwith showcase fireplace and built in book shelves. Other updates include vinyl windows, in-floorheating, shingles 2011, and new central air in 2010. Nothing has been spared. Shows like a dream!

Call Rob Golfi today at 905-945-0188 for a private viewing.


Call Today 905-575-7700

Across

1 Place to change or store clothes (8,4)

9 Cause mirth — distract (5)

10 When night and day are of the samelength (7)

11 Title of respect in central Asia (for adescendant of Genghis?) (4)

12 Printed title of newspaper or magazine(8)

14 Cover for centre of a car's wheel (6)

15 Boxing or soccer manoeuvre (3-3)

18 Corporation (3,5)

20 Unable to speak (4)

22 Part of a chair, perhaps (7)

23 Crusoe's creator (5)

24 Small African antelope — sprig per kiln(anag) (12)

Down

2 Word repeated by actors to simulateconversation (7)

3 Large amount — killed intentionally (4)

4 Cold mass permanently covering thepolar regions or mountain peaks (3,3)

5 A deadly sin (8)

6 Unit of weight (5)

7 Tennis for ladies and gents (5,7)

8 Be forced over the side of a pirate ship(4,3,5)

13 Unidentified — lacking personaldistinction (8)

16 Edible subterranean fungus (7)

17 Overcoat — result (anag) (6)

19 Musical speeds or rhythms (5)

21 Supreme Norse deity (4)

What to do when SeveralStudents Move in Next Door

How would you feel if the day

after you moved into your new home

on what you thought was a quiet

street, you found out that a house

three doors down had been converted

into a student residence?

Ten students are living there and

they have late night parties every

weekend. This issue has caused bat-

tles all over Ontario, as local govern-

ments try to balance the rights of stu-

dents to housing, investors and home-

owners who see their property values

fall as a result of these “rooming

houses.”

A home located in St. Catharines

was renovated into a six-bedroom

student residence. A local homeowner

complained to the building depart-

ment and an inspector visited the

property. He found that it had been

converted from a “dwelling unit” as

defined under the Ontario Building

Code, into a “rooming, lodging or

boarding house.”

This conversion meant the owner

needed more exits, smoke alarms and

mechanical ventilation. These would

not be required if it was occupied by

a family.

A St. Catharines judge decided

that the home did not need any addi-

tional renovations and could be rented

to students as is.

The judge looked at similar cases,

and in particular, a single story home

in Ottawa which was converted into a

three-storey 14 bedroom, four bath-

room student residence. The court

found the conversion was a boarding

house, partly based on the fact that the

owner had done substantial renova-

tions. Each Ottawa tenant had a sepa-

rate lease, there was no sharing of

utilities, one student acted as a super-

intendent and the owner’s son lived

on the third floor in a unit that was not

accessible to the other students.

In the St. Catharines case, the

lease was between the six students

and the landlord. It was a single lease,

rather than six separate ones, for a

total rent of $2,160. Each student paid

$360, but was also responsible for

payment of the entire monthly rent.

Utilities were split equally and each

tenant had access to the entire proper-

ty. The judge found that the house had

not been substantially renovated. He

decided that the owner did not have to

make costly repairs.

But it is still not that simple.

There have been other cases, where

the definition of a “dwelling unit” has

been interpreted differently. In anoth-

er case, complaints were made

against the owners of over 20 homes.

It was alleged that each of these

homes had been converted into a

lodging house, which contravened

zoning bylaws.

A judge found that the intent of

the words “single housekeeping

establishment” in the zoning bylaw

meant a typical family or other simi-

lar basic social unit. But this was held

not to include students who only

shared sleeping quarters and facilities

on a rental basis. The ruling meant the

homes could not be used as strictly

student housing.

In an R1 zone, it is permitted for

an owner to rent units in their home to

a maximum of two students.

Problems occur when more than 2

students are involved, including

major renovations of the home itself.

In Toronto, all rooming houses

need to be licensed by the Municipal

Standards department. In addition, be

aware that any time you rent a unit in

your home for the first time, you must

inform your insurer. If you do not and

a fire or other damage later occurs,

you will probably not be covered.

These cases raise many issues for

Crossword Puzzle (Solution on Page 11)

Our Name Says It AllWe Manufactureand Install

Call Us905-560-3338

Before

After

buyers and sellers

1. Buyers should always research

the area that they are considering

moving into in advance to make sure

that there are no surprises such as

local rooming houses.

2. If you are buying a student

rental property or rooming house,

consult with a private planner in

advance to make sure that the proper-

ty does satisfy all local city zoning

and fire code requirements and that if

a license is required, it has been

issued.

3. Any time you rent additional

space in your home to a student, you

need to inform your insurance com-

pany as this will increase your risk.

Mark Weisleder is a lawyer,author, course developer and publicspeaker for the real estate industry.Visit him online at www.markweisled-er.com.

Everyone may want to win aluxury dream home, butonce the keys are passed

over and reality sets in, most peopleopt for a for-sale sign over a movingvan.

Jean McKay, a nurse in Sudbury,was at work when she learned she hadwon an Oakville show home throughthe Princess Margaret WelcomeHome Sweepstakes. She pretty muchflipped, as would most people if theyfound out their $100 ticket had land-ed them a prize valued at more than$3-million.

The 6,500-square-foot house on aleafy street with wide green lawns intony southeast Oakville was inspiredby vacation homes in the Hamptonsand came fully furnished, decoratedand landscaped, with House & Homemagazine founder and publisherLynda Reeves overseeing everydetail.

Whoever wins the Oakville luxu-ry home in this year’s lottery – whoseprizes also include a Muskoka cot-tage, a Toronto condo, a townhouse inCollingwood, several cars, vacationsand home electronics – will likelyfollow in the footsteps of former win-ners and opt to sell the property.

The dream of owning a multimil-lion dollar home may be a fantasymany people love to indulge in, butmost winners choose otherwise whenfaced with the practicalities of callinga dream house home.

If this year’s winner does sell,perhaps the most important thing toconsider is that winning the housevalued at $4.3-million will likely notmean pocketing a cheque for any-thing near that amount. Over the pastfour years, houses have sold for muchless – sometimes close to half – theirestimated value.

It was fun to entertain the fantasyof calling the house home, butMcKay and her husband Niel, who ispart-owner of a jewellery store, neverseriously considered uprooting theirlives and moving to Oakville.

“You wouldn’t have a mortgagebut you’d have all the other expens-es,” says McKay, 52, who won thehouse in 2010. “We’d both have tofind jobs. Our family is here, ourfriends are here.”

Nor did the McKays want to payproperty taxes that at the current ratewould run you about $27,000. Theyopted to sell the home, becoming mil-lionaires as a result. They are not theonly ones.

Christine Lasky, vice-presidentof strategic initiatives for the PrincessMargaret Cancer Foundation,acknowledges that most of the showhomes end up for sale, but, she says,“I haven’t seen an unhappy winner.”

Once the title is transferred to thelucky ticket holder, the house and allits furnishings – the Michel Zelnikcoffee table in the living room, thedistressed dining table that seatseight, the floor lamps from Crate &Barrel – are theirs to do with as theyplease. The Princess Margaret coversall the land transfer taxes, real estatefees and legal fees. Winners of this

year’s show home will receive$25,000 cash to spend at their discre-tion, whether for moving costs orcovering property taxes while thehome is for sale.

Through its lotteries, the PrincessMargaret has raised $237-million forcancer research since 1966. It isabsolutely vital fund-raising, Laskypoints out. And homes are a com-pelling draw for many people, captur-ing the imagination – and mediaattention – much more than a cashprize would.

“It’s everybody’s dream.Whether it’s a young family startingout or people new to this country,their dream is to own their ownhome,” Lasky says.

So far, 227,500 tickets, or 70 percent of those available, have beensold in this year’s sweepstakes, andapproximately 50,000 people areexpected to tour the grand prize showhome. Some might be ticket holders,others might become ticket holdersafter visiting, although it’s safe to saymost are there to satisfy their curiosi-ty about just what a big-time showhome looks like. Promoting thedream of living in a luxury home iskey to why the Princess Margaretdoes not offer a cash option to win-ners.

“Programs like that have run inother provinces and they were a bust.You don’t get the dream factor andjust the imagination that runs wild,”Lasky says.

But don’t let your imaginationrun too wild, cautions the 2010 win-ner. With the house valued$3,638,000 in the lottery’s marketingmaterials, the McKays decided to putit up for sale with an asking price of$2.6-million.

“We thought, wow, a million dol-lars off, that’s fantastic,” McKaysays.

The house stayed on the marketfor nearly a year, until the McKays,beginning the think they might be“too pie in the sky,” brought in anappraiser, who valued the house at$1.9-million. Shortly afterward, theysold it for $1.87-million.

Other past winners have similarlyseen their homes sell for much lessthan their estimated value. Last year’sOakville home, valued at $3,999,000,was sold in August for $2,150,000.The 2009 home, valued at$3,560,000, sold the next March for$2-million. The home from fall 2008,valued at $3,035,000, sold shortlyafterward for $1,825,000.

“The pricing is basically all themoney we have spent building thesehomes and decorating them and thereal estate,” which usually includesthe cost of buying an older home andtearing it down, Ms. Lasky says.

Of course, not every former win-ner believed they would pocket acheque for the same value estimatedby the foundation, which made theprocess of selling the home signifi-cantly easier than it was for theMcKays.

“It never occurred to me that thestated value would translate dollar to


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Have your ever Fantasized about Winning a Lottery Dream Mansion?

dollar,” says Elizabeth Brooks, ateacher in Toronto who won the drawin 2008. “This was our philosophy: Itcost us $100. If we sold it for $200we got a 100-per-cent return on ourinvestment.”

Moving into the home wouldhave been “too much of an upheavalfor us,” Brooks says, adding, “It’s abeautiful house.” The 5,000-square-foot home featured high ceilings anda basement kitted out with a pooltable and home theatre. “My kids,they loved it,” she says. (They keptthe pool table and most of the furni-ture).

The house was listed in January,2009 – when the market had taken anosedive. Brooks and her husband setthe asking price below that of compa-rable homes at the time. “We didn’tquibble about a lot of things becauseit was essentially free,” she says. A

buyer was found in just a few weeks.“Who could complain? You buy aticket because you want to do some-thing good and then you hit the jack-pot.”

Former winners who sold maynot have got full market value fortheir houses, but they all stress thatwinning made them rich and that theyhave nothing but good things to sayabout the Princess Margaret.

McKay, her husband and theirchildren are “set for life” because ofthe win, she says. They live mort-gage-free in the same house theybought for $135,000 two decadesago.

“We’re going to renovate whenwe get around to it,” she says. “Thekitchen really needs to be done.”

Posted by: RE/MAX EscarpmentRealty Inc.

amoRTiZaTioN CHaRT

Monthly payment per $1,000

Length of Mortgage (Amortization Period)

Example $150,000 at 20yr at 3.0%: 150 x 5.54 = $831.00 /month

InterestRate (%) 5 yr 10 yr 15 yr 20 yr 25 yr 30 yr 35 yr

3.00 17.96 9.65 6.90 5.54 4.73 4.21 3.84

3.50 18.18 9.88 7.14 5.79 4.99 4.48 4.12

4.00 18.40 10.11 7.38 6.04 5.26 4.76 4.41

4.50 18.62 10.34 7.63 6.30 5.53 5.04 4.71

5.00 18.85 10.58 7.88 6.57 5.82 5.34 5.01

5.50 19.07 10.82 8.14 6.84 6.10 5.64 5.33

6.00 19.30 11.07 8.40 7.12 6.40 5.95 5.65

6.50 19.53 11.31 8.66 7.41 6.70 6.26 5.98

7.00 19.75 11.56 8.93 7.69 7.00 6.59 6.32

7.50 19.98 11.81 9.21 7.99 7.32 6.91 6.66

8.00 20.21 12.06 9.48 8.28 7.63 7.25 7.01

8.50 20.45 12.32 9.76 8.59 7.95 7.59 7.36

9.00 20.68 12.58 10.05 8.89 8.28 7.93 7.72

9.50 20.91 12.84 10.33 9.20 8.61 8.28 8.08

10.00 21.15 13.10 10.62 9.52 8.94 8.63 8.44

10.50 21.38 13.37 10.92 9.83 9.28 8.98 8.81

11.00 21.62 13.64 11.21 10.16 9.63 9.34 9.18

11.50 21.86 13.91 11.51 10.48 9.97 9.70 9.55

12.00 22.10 14.18 11.82 10.81 10.32 10.06 9.93

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BinBROOK $249,900

32 Gowland AvenueFabulous 3 bedroom, 2-1/2 bathroom, 2 storey townhousebacking onto parkette in Binbrook. Features master withensuite bathroom. Open concept main floor and fully fencedback yard. Get inside today.

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HaMiltOn CtR $179,900

11 Greenaway AveBeautiful all brick 2.5 storey single family home.Features 5 bedrooms & lots of possibilities! Newerhardwd flrs, updated kitch & baths, clean & fresh décor,nothing to do but move in! Includes single garagew/lots of parking & close to public transit.

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StOneY CReeK $324,900

11 ClydebankPlaceCourt Location! Centrally located 2 storey, 3 bedrms.Updates: most large windows, garden doors, roof, furnace,flooring, refreshed main bath, redone basement with newcarpet and 3pc bath, & backyard deck. Backyard paradisegreat for entertaining with in-ground pool, & composite deck.

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542 Corbett StreetVery large raised ranch with high ceilings in the finishedbasement. 2 full bathrooms and in-law potential! Attachedgarage with inside entry and new 10x12 shed built in 2012.3 bedrooms with hardwood floors. Updated roof, furnace &C/A.

$918.25 per/mth P&i / O.a.C.

HaMiltOn $299,900

29 Marlowe DriveLOCATION ROCKS! This property is located on the WestMountain, close to shopping and a walk to MohawkCollege. Basement is fully finished with a 3 piece bath.Updated windows, kitchen, and shingles. Fully fenced rearyard. Separate entrance for in-law potential. Shows 10+!

$1197.85 per/mth P&i / O.a.C.

HaMiltOn $164,900

36 Poplar Avenue LOCATION, LOCATION! Walk to Juravinski, steps tomountain brow & shopping. Loads of character and perfectfor a young couple! This property features beamed ceilings,private back yard, front and back porch, updated 100 amppanel, and kitchen. Great rental location! Don’t miss out!

$658.64 per/mth P&i / O.a.C.

HaMiltOn Mtn $449,900

84 Onyx DriveIncredible 2600 sq.ft. 2-storey, 4 bedroom home withgorgeous hardwood floors, maple kitchen with granitecounter tops and breakfast island. Spa-like ensuite offmaster bedroom and large walk-in closet. Fantastic sizedining room with showcase fireplace in family room.

$1796.97 per/mth P&i / O.a.C.

HaMiltOn WeSt $329,900

163 Caroline Street SouthFirst time on the market, ever!!! Very unique layoutfeaturing an updated kitchen, boiler, roof, wiring, flooring,electrical panel, windows, doors, bathroom, main floorlaundry & beautiful den/sun room with updated skylightsoverlooking private yard!! Bonus double width driveway.

$1317.67 per/mth P&i / O.a.C.


51 Laurier Ave.Location! Location! Solid brick bungalow beautifully keptin very desirable Buchanan Park Location. Updated kitchw/granite counter tops and back splash, new spa stylebathrm with thousands spent, new vinyl windows & doors,new furnace 2007, shingles 2012, & finished basement.

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107 Teal AvenueBacking Onto Turtle Pond! Great location to buildyour dream home. Value is in the land. Showingsafter 6:30pm during weekday and anytime Saturdayand Sunday.

$1018.11 per/mth P&i / O.a.C

HaMiltOn CtR $169,900

35 Stirton StreetUPDATES GALORE! SHOWS 10++ with loads of roomfor a big family. New kitchen & bathrooms. Owner isdownsizing, house is very clean. 3rd floor can be play areaor family room or 2 more bedrooms. Private rear yard witha fabulous deck, and a big front porch. Appliances included.

$678.61 per/mth P&i / O.a.C.

StOneY CReeK Mtn $385,000

21 Summerfield AvenueGreat Stoney Creek mountain location! 3+1 bedroomsw/spacious rooms, master with ensuite and walk-in closet,updated hardwood flooring in living & dining room, and eat-in kitchen with oak cabinets. Beautifully landscaped lot with15 x 29 in-ground pool and large deck great for entertaining.

$1537.75 per/mth P&i / O.a.C.

anCaSteR $224,900

150 Wilson St. W., Unit #306FABULOUS FIND – This outstanding & immaculate condofeatures updated bathroom with granite counter, oak kitchenwith updated new countertops & backsplash, in-suitelaundry, new windows and sliding doors, covered patiooverlooking trees & manicured grounds.

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HaMiltOn $359,900

90 Strawberry DriveRAVINE LOT! Beautiful all brick 4+2 bedrm w/3.5 bathsfeatures walk-up from basement with in-law potential, mainflr ldry, main flr family rm w/fireplace, eat-in kitchen,separate dining room. New furnace/central air & carpet inbasement. Great location, a walk to shopping & park.

$1497.41 per/mth P&i / O.a.C.


387 East 19th StreetMOVE RIGHT IN! Spacious all brick 3 BR bungalow withmany updates. Shingles & windows 2005, new plumbing,100 amp on breakers, new flooring, freshly painted, finishedrec-room, 2 full bathrooms, and a single detached garage.Close to Hill Park school and a nice walk to Limeridge Mall.

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39 Kilbourn AvenueOUTSTANDING IMMACULATE HOME! Completelyredone top to bottom gorgeous new kitchen w/granitecounters & tumble marble backsplash, updated bathrooms,new trim, pot lights, new gleaming hardwood floors,updated vinyl windows, fin. basement w/new Berber carpet.

$1457.47 per/mth P&i / O.a.C.


79 Spartan Ave.Just listed!!! Large 4 bedroom, 1.5 bathroom backsplit inlower Stoney Creek. Family room with fireplace & walk outto backyard. Updated windows & shingles. Close to schools& buses. Easy access to QEW.

$998.14 per/mth P&i / O.a.C.

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1364 Highway #8CHARMING BUNGALOW TAKES YOU BY SURPRISE– this 2100 sq.ft. home sitting on park like setting countrylot 85x187 ft. backing onto wooded green space, featuresgorgeous oak kitchen cabinets w/granite counters tops,beautiful hardwood floors, and close to all amenities.

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At a crowded hotel in theheart of Toronto, every-one's talking about

Hamilton.Residents from Toronto and

beyond came to the Hyatt RegencyHotel Saturday for the PropertyShow, a conference and investmentseminar geared toward those look-ing to sink some cash into the realestate market.

There, developer Harry Stinson,city urban renewal manager GlenNorton and realtor Mark Loefflertold the crowd why they should settheir sights on Hamilton.

“You can buy a nice home for$200,000, $300,000. Here (inToronto), that will get you a studioapartment,” Stinson said.

Saturday's panel had some of thehighest pre-registration numbers ofthe conference, Norton said — sohigh that the panel was moved fromone of the smaller rooms to a largeballroom.

Much of the discussion at thepanel revolved around thingsHamiltonians already know — thecity's move away from manufactur-ing, the urban art scene on JamesStreet North, the ambitious plans forthe waterfront. The city's affordablereal estate prices also loomed largeover the hour-long panel.

“You've got a market in Toronto

— it's just so expensive and scarynow. People are pausing; $400,000for a studio apartment just doesn'tseem right,” said Stinson. “And thenthey see in Hamilton, for $400,000they can buy two large homes. A lotof times, they start off buyingbecause it's a cheap investment —then they realize ‘You know, this iskind of a cool city.'”

Still, it was clear from thecrowd's questions that many wholive outside Hamilton still see it as asteel town.

Norton said the conference cameat the end of a two-month advertis-ing blitz in the GTA that challengedthat sort of stereotypical idea aboutHamilton.

“We spent over $80,000 inToronto in September and October— we're just winding it to a closenow — to change that perceptionand to make them aware of what weare,” Norton said. “The timing ofthis show is very good — but clear-ly, more needs to be done.”

Several members of the crowdgot the message. Toronto residentMark Dooley said he is planning tobuy property in Hamilton.

“Right now, with my wife, we'vedecided that we're going to attackand buy some investment property.So I wanted to get to know a little bitmore about the city,” he said. “I'm

convinced now, even more so.”Oakville resident Chris Parrish

spent five years in Hamilton as a stu-dent. He and his wife, Jenn, alreadyown property near St. Joseph'sHospital and are now consideringmore.

“It's always good to get somenew perspectives and hear from theexperts,” he said.

Emma Reilly, The Spec

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Selling Hamilton in TorontoSkeptical Torontonians at Property Show listen intently as Hamiltonexplains why they should invest in real estate here


Harry Stinson is pictured here at his desk. Stinson has two high-profile condo develop-ments in the works — the Stinson School and the Hamilton Grand.John Rennison/The Hamilton Spectator

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