Maggie in the Media

BoC interest rate cut expected to stimulate real estate market says WECAR president Read Original Article on AM800 The latest interest rate cut by the Bank of Canada (BoC) on Wednesday is being called great news for both buyers and sellers in Windsor-Essex.  The decision marked the fifth consecutive reduction since June and brought the central bank's key rate down to 3.25 per cent, but signalled a slower pace of rate cuts moving forward.  President of the Windsor-Essex County Association of Realtors (WECAR), Maggie Chen, says this will help buyers and sellers. "The rate cut is expected to stimulate the activity in the Windsor-Essex County real estate market, which means it's going to lead to increased demand, potential price growth and higher transaction volumes." She says there is no doubt in her mind that the rate cut will lead to the banks to cut mortgage rates as well. "With the lower mortgage rates, it means making borrowing more affordable. So this will encourage more first-time home buyers, and investors, to enter the market." Chen…

'Much needed move': WECAR President on Conservative Party proposal to eliminate GST on new homes Read Original Article on AM800 The President of the Windsor-Essex County Association of Realtors (WECAR) says a proposal put forward by the Conservative Party of Canada to cut GST for new homes is a bold and much needed move.  Maggie Chen is reacting to the promise made by Conservative Party Leader Pierre Poilievre to eliminate GST on new homes under $1-million.  Poilievre states that under this proposal it would spark 30,000 extra homes built each year, generating more income for construction workers and businesses, and $2.1-billion of revenue for government. Chen says this would mean that a homebuyer purchasing an $800,000 home, for example, could save $40,000 in taxes.  She says it would be a big save to those purchasing a home.  "Most of the time that what I could see is that people are buying, whoever is buying, brand new construction at $800,000, $850,000, they are selling their existing resale homes to be able to buy a bigger, brand new, higher price range home." Chen…

Windsor homebuilders, realtors welcome Tory proposal to nix GST on new homes Read Original Article on The Windsor Star The presidents of the Windsor Essex Home Builders’ Association (WEHBA) and the Windsor Essex County Association of Realtors (WECAR) welcome the federal Conservatives’ proposal to eliminate the GST on new home construction, but caution it shouldn’t come at the expense of existing programs. “It’s a great idea,” said WEHBA president Brent Klundert, who added it’s something builders across the country have been requesting. Nixing the GST will save local buyers an average of $40,000 to $50,000 and directly improve affordability, they said. “The more we eliminate or minimize taxes on a new home, the more it’ll affect affordability of all homes going forward,” said Klundert. WECAR president Maggie Chen called the plan “great news for Windsor and Essex County buyers and builders.” Chen said the appeal of the program is the immediacy of the impact on buyers it will have if implemented. “The main problem for the home ownership dream…

Mortgage-free ownership becoming 'tougher' in Windsor: Experts Read Original Article on CTV News Despite a high rate of mortgage-free homeowners in the Windsor-Essex region, experts believe higher costs and interest rates will make paid-off homes less of a reality in the coming years. A study released by Casivoo stated Windsor has the fifth highest rate of mortgage-free homeowners amongst 39 Canadian Census Metropolitan Areas. Using data from Statistics Canada, the online gambling expert determined that 42.8 per cent of homeowners are mortgage-free. Michael Brain, a mortgage broker of nearly 30 years, told CTV News, given the region’s previous reputation for affordability, the report “makes sense.” “We've [had] the most affordable priced homes in Canada forever. If you go back to even, 2010, I think the average house price is $153,000,” Brain, the owner of DLC Advantage Mortgages, said. “So, I think people made a good wage when they had a mortgage, and they were able to pay it down and be very disciplined.” However, the Windsor housing…

WECAR forecasting stable real estate market for rest of 2024 Read Original Article on AM800 The Windsor-Essex County Association of Realtors (WECAR) is out with its fall 2024 outlook. The association is forecasting a more stable market driven by the Bank of Canada's recent interest rate cuts.  Speaking on AM800's The Shift, WECAR president Maggie Chen says they hope to see the key interest rate come down to around 3 or 3.25 per cent. "At that time we will see the probably more visible impact in terms of affordability, in terms of more activity in this market. So what we could see now is that a steady, a stable market all the way through the end of 2024 and going in to 2025." She says back in 2021-22, they were seeing homes sell within days of weeks of being listed, but now they have noticed it's taking much longer. "Now a lot more people are getting used to [being] in the market for one month, two months, even up to three months and depends what price point we're at. If the property price is over $1 million, you might…

WECAR president excited about what interest rate cuts will mean for local market Read Original Article on AM800 Many people were cheering the Bank of Canada's decision to decrease its policy interest rate for the second consecutive time on Wednesday, but none more so than those working in the real estate industry. The 25 basis points reduction brings the overnight rate to 4.5 per cent, returning to levels not seen since June 2023.  Last month’s cut from 5 per cent to 4.75 per cent was the first in more than four years, and the Bank of Canada also signalled more cuts are coming if inflation continues to ease. It comes at a time where home sales in Windsor-Essex have dropped for a fourth straight month, but those in the real estate industry said they believed we were feeling a shift before Wednesday's news. The latest report for June showed sales down 17.39% across the region, with the average price down by 1.74% compared to the same time last year. Prices are hovering in the $570,000, and have been sitting around there for the last four or five months. Maggie…

Windsor-Essex County Association of Realtors announces new president Read Original Article on CTV News The Windsor-Essex County Association of Realtors (WECAR) has announced Maggie Chen as its new president. In addition to Chen, who is the Broker of Record for LC Platinum Realty Inc., WECAR will also be guided by its 2024 Board of Directors. Chen has a Bachelor of Arts degree from the University of Xiangtan. She taught English at the Wuhan Institute of Technology before moving from China to Canada. She earned her Master's Degree in Education from the University of Windsor. Following this milestone, Maggie embarked on a career at a mortgage company where she uncovered her passion for real estate, WECAR said. Since obtaining her real estate license in 2004, Maggie has accumulated a wealth of experience within the industry. She initially worked at another real estate firm before founding LC Platinum Realty Inc. in 2011. WECAR represents more than 1,500 members and over 250 subscribers.