THUNDER BAY, ON -----   March 29, 2009 ----  For most Canadians their biggest, long term investment is in their homes. While in many European countries, mortgages take so long to complete that they are often passed on to the children of the mortgager, in Canada most of us look forward to the day when we can tear up the mortgage papers and celebrate. However, as life changes, so do housing needs.

Bonnie and Ted Pollock have a new direction. Their children are now grown and on their own, and plans for the future do not include living in their present home. Realizing fair market value for their home so they can complete their retirement plans is the challenge in the current market. Their home on the shore of Lake Superior is priced in the upper end of the city’s real estate market, and realizing the true value for the home requires finding a buyer with both the lifestyle requirements and the means to purchase their home.

The beauty and solace of lakeside property is highly desirable. The enjoyment of inland smaller lakes compared to living with the majesty and ever changing beauty of “the big lake” is to require no comparison. If this home were located in southern Ontario, the home would undoubtedly compare to a million dollar vista. Buyers pay more for cottages in the Muskoka district, and for many potential cottagers it would be quicker and cheaper to take a flight from Toronto to Thunder Bay for a summer vacation in a beautiful home like Bonnie and Ted’s than to pay their market prices. With the recent announcement that Porter Airlines will now offer even greater options for easier commuting to and from Toronto Porter Air  simple weekend getaways are convenient and attractive. The McKenzie beach area, where the home is located, is only a 25 minute drive from the city centre, and does have a number of residents who have taken advantage of similar opportunities. A modest home in Vancouver, Calgary, or downtown Toronto would also sell for far more than this spacious 4,000 square foot home on its Lake Superior acreage, and not afford the same benefits and savings to an interested buyer looking to relocate or own a vacation property. Last year one Chinese investor recognizing the opportunity purchased a Silver Islet property “sight unseen”. The recently announced marine conservation area east of the city will mean the amount of property available for development on the some of the most scenic portions of Lake Superior will be even more limited, which only further enhances possession of a titled deed this close to the city.

When homes like this come up for sale, success in marketing is a combination of maximizing exposure to capture a broad field of potential buyers, matching dreams, and perhaps thinking “outside the box” to other possibilities, such as a bed and breakfast or a business conference centre/retreat.

This is a wonderful family home, with pride of ownership evident at every turn, perfect for both large gatherings as well as everyday living.

Everyday conversation seems to focus on the difficult economy. Most sectors of the population are affected, and that obviously includes the housing market. Encouragingly the markets will rebound in time. In the meantime we remain fortunate to live in such a beautiful country with so much to make life worthwhile.

One of Thunder Bay’s distinct advantages, aside from its excellent quality of life and safety, is its very affordable cost of living. Canadians buying property in Florida for instance face extra tax rates being out of country. Other countries such as Germany and Great Britain also pay much higher taxes.

Our city is changing, and while traditional manufacturing jobs are becoming scarce, there is a new breed of professional persons coming to the city. We have a Regional Health Science Centre where research and science is flourishing. New centers for medical, forestry, and mining research are being established in the city as well. Quietly, over the last ten years our city has become home to a number of junior mining companies, and many of the players in the new economy are able to afford this type of housing.

For anyone relocating to our great city or simply in the market for a change in their particular situation, this is an opportunity to consider a beautiful home directly on Lake Superior shores in the land of the Sleeping Giant.

 

To learn more about this Year Around home on the Shores of Lake Superior click here.