Wasaga Beach
Starting price for a three-bedroom, winterized recreational
property on a standard-sized waterfront lot: $550,000
Although demand for recreational properties in Wasaga Beach
remains constant, adverse weather conditions earlier this year
hampered sales activity. Th e number of homes sold is down
from level’s reported one year ago, while the average sale price
is up seven per cent to $253,000. Starting price for a typical,
three-bedroom, winterized, recreational/cottage beachfront
property on a 50 ft. lot now hovers at $550,000 while similar
home on the river will sell for $350,000. Baby boomers are the
most active demographic in the market. Empty-nesters are buying
recreational properties before they retire and using them on
weekends and holidays in the interim. Retirees are cashing out
of city homes and opting for waterfront or golf course homes
or new homes in subdivisions like Zancor, Baywood, Fernbrook
and Pine Valley Homes in Wasaga Beach. For purchasers seeking
aff ordability, condominiums or newer modular home parks,
starting at $115,000 plus, represent good value for the dollar.
Homes on back lots and residential areas away from the beach
are also popular, starting at $250,000, with many listings currently
available for sale. Beachfront cottages tend to command
top dollar, although listings are in short supply. New development
continues to advance the beach year-over-year and attract
even more purchasers to the area.
Lake Couchiching,
Lake Simcoe
Orillia,
Starting price for a three-bedroom, winterized recreational
property on a standard-sized waterfront lot: $425,000
Steady demand for recreational properties in recent months
has served to somewhat offset the impact of severe weather
conditions in Orillia earlier in the year. Sales are down 34 per
cent from levels reported one year ago, while average price has
appreciated six per cent over last year. New development in
terms of condominium construction continues unabated, with
high-rise projects such as Panoramic Point on Lake Couchiching,
Elgin Bay Club and Sophie’s Landing—a ranch-style gated
community on Lake Simcoe—attracting a growing number
of retirees to the area. More traditional recreational product
is sought-after by purchasers in their 40s who are looking for
little cottages on larger lakes or renovation projects on smaller
lakes and rivers. The starting price for a three-bedroom, winterized
recreational property on a 50 ft. waterfront lot is $425,000
to $450,000, while a non-winterized home on the same water
frontage will start at $375,000 to $400,000. A good selection
of product is currently listed for sale and multiple off ers are a
rare occurrence in today’s market. Th e influx of new listings
is expected to hold price appreciation in check this year.
Th e upper-end of the market is very active, but prices are starting
to stabilize. Th e most expensive recreational property sale so
far this year was a $2.2 million 7,000 sq. ft. home with 633 ft.
of waterfrontage on Bass Lake. Th e priciest is located on Lake
Simcoe, a 4,100 sq. ft. stone home listed at $2.3 million.
Innisfil and Oro
Starting price for a three-bedroom, winterized recreational
property on a standard-sized waterfront lot: $480,000
More balanced recreational property market conditions are
emerging on Lake Simcoe’s western shoreline between Innisfi l
and Oro. Listings are up marginally over last year, although
many have been on the market for quite some time. Fifty-four
properties are currently listed for sale, with 42 per cent of those
priced over $1 million, and only one under $400,000. Aff ordability
is an issue, as the price of a three-bedroom, winterized
recreational property on a 50 ft. waterfront lot just one hour
north of the Greater Toronto Area now starts at between
$480,000 to $520,000. Back lot properties with deeded access
to the water are a more affordable alternative, but many are
snapped-up and used as rentals, or torn down to make way for
larger, year-round lakehomes. Higher prices have forced many
potential buyers to travel further north to areas like Huntsville
where recreational property prices are more reasonable. Th e top
end of the market is steady, with demand greatest for prop
erties with 200 ft. of shoreline or more. Aging baby boomers are
the behind the push for recreational properties in the area, with
most buying with retirement in mind. Sports celebrities have
also contributed to the overall health of the upper-end. Th e most
expensive property on the market is located in Shanty Bay with
a sticker price of $11.4 million. Teardowns continue unabated,
with new construction and renovation evident along the shoreline.
Wednesday, July 9, 2008
Why Real Estate agents must ask for personal I.D. The times, they are changing.
The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, collects, analyzes and discloses financial information and intelligence on suspected money laundering and terrorist financing activities. It was created as part of a Canadian government initiative to fight money laundering and terrorist financing, both domestically and internationally. Businesses and industries who must report to FINTRAC are required to know their clients and asking for ID is one way to do that.
Can I see some ID please?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires financial institutions and others covered by the legislation to identify customers who conduct financial transactions such as: depositing funds, purchasing a life insurance policy or buying a money order.
The Act also requires them to keep records and identify their clients.
Why do I have to show ID now when I've been a customer here all my life?
The business you are dealing with is required by law to ask you for ID. By providing this information when requested, you will ensure that financial institutions and others can meet their legal obligation, and support the fight against money laundering and terrorist financing.
Money laundering
Money laundering is the process used to disguise the source of money or assets derived from criminal activity. This illegal activity can include drug trafficking, smuggling, fraud, extortion and corruption. Criminals must launder the profits and proceeds from these crimes to be able to enjoy them.
The scope of criminal proceeds is significant; the International Monetary Fund (IMF) estimated that some $500 billion (U.S.) is laundered worldwide each year.
Money laundering occurs worldwide, and the techniques used are numerous and can be very sophisticated. Technological advances in e-commerce, the global diversification of financial markets and new financial products provide further opportunities to launder money and obscure the trail leading back to the underlying crime.
Terrorist financing
Terrorist financing operates somewhat differently from money laundering but no less insidiously. While terrorist groups do generate funds from criminal activities such as drug trafficking and arms smuggling, they also frequently obtain revenue through legal means. Supporters of terrorist causes may, for example, raise funds from their local communities by hosting events or membership drives. In addition, some charity or relief organizations may unwittingly become the conduit through which donors contribute funds that may eventually be used to commit a terrorist act. The funds are then routed to the recipient terrorist organizations through both informal networks and the formal financial system.
Terrorist activities constitute threats to our country's safety and security. An effective response involves, among other things, efforts to detect and curtail the flow of money needed to finance such activities.
What type of ID do I have to provide?
Under the PCMLTFA, you are required to provide valid identification such as a birth certificate, a drivers license, or similar type of document.
What other information may I be asked to provide?
There are other requirements that might prompt the business you are dealing with to ask you for more information about the transaction you are conducting. For instance, you may be asked whether you are acting on behalf of a third party while conducting your transaction.
Where can I get more information?
To find out more about the PCMLTFA, FINTRAC, and the fight against money laundering and terrorist financing, visit FINTRAC's Web site at: www.fintrac-canafe.gc.ca or call toll-free: 1-866-346-8722
Can I see some ID please?
The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) requires financial institutions and others covered by the legislation to identify customers who conduct financial transactions such as: depositing funds, purchasing a life insurance policy or buying a money order.
The Act also requires them to keep records and identify their clients.
Why do I have to show ID now when I've been a customer here all my life?
The business you are dealing with is required by law to ask you for ID. By providing this information when requested, you will ensure that financial institutions and others can meet their legal obligation, and support the fight against money laundering and terrorist financing.
Money laundering
Money laundering is the process used to disguise the source of money or assets derived from criminal activity. This illegal activity can include drug trafficking, smuggling, fraud, extortion and corruption. Criminals must launder the profits and proceeds from these crimes to be able to enjoy them.
The scope of criminal proceeds is significant; the International Monetary Fund (IMF) estimated that some $500 billion (U.S.) is laundered worldwide each year.
Money laundering occurs worldwide, and the techniques used are numerous and can be very sophisticated. Technological advances in e-commerce, the global diversification of financial markets and new financial products provide further opportunities to launder money and obscure the trail leading back to the underlying crime.
Terrorist financing
Terrorist financing operates somewhat differently from money laundering but no less insidiously. While terrorist groups do generate funds from criminal activities such as drug trafficking and arms smuggling, they also frequently obtain revenue through legal means. Supporters of terrorist causes may, for example, raise funds from their local communities by hosting events or membership drives. In addition, some charity or relief organizations may unwittingly become the conduit through which donors contribute funds that may eventually be used to commit a terrorist act. The funds are then routed to the recipient terrorist organizations through both informal networks and the formal financial system.
Terrorist activities constitute threats to our country's safety and security. An effective response involves, among other things, efforts to detect and curtail the flow of money needed to finance such activities.
What type of ID do I have to provide?
Under the PCMLTFA, you are required to provide valid identification such as a birth certificate, a drivers license, or similar type of document.
What other information may I be asked to provide?
There are other requirements that might prompt the business you are dealing with to ask you for more information about the transaction you are conducting. For instance, you may be asked whether you are acting on behalf of a third party while conducting your transaction.
Where can I get more information?
To find out more about the PCMLTFA, FINTRAC, and the fight against money laundering and terrorist financing, visit FINTRAC's Web site at: www.fintrac-canafe.gc.ca or call toll-free: 1-866-346-8722
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