Residential Real Estate News - Tuesday, May 25 2010 | Cottage inheritance: What could go wrong? As Allison Marshall prepared on Friday for the drive to her parents' cottage, succession planning was on her mind. Ms. Marshall, a Toronto-based financial advisory consultant with RBC Wealth Management Services, was concerned that her parents had not yet made official plans for their retreat on Little Rideau Lake, north of Kingston, and planned to raise the issue with them. Globe and Mail Tue May 25 2010 - Globe and Mail |
| Home ownership costs increase across Canada: RBC Report Owning a home in Canada has become even more expensive - unless you live in Alberta, according to the latest housing report by RBC Economics Research. The report says homeownership costs in Canada rose for the third straight quarter across all housing segments in the first quarter of 2010. A strong real estate market and jacked up housing prices are getting the blame for putting a strain on Canadians' bank accounts. CBC Tue May 25 2010 - Globe and Mail - Financial Post |
| Mortgage holders 'well prepared' for rate hikes - Canadian Accredited Mortgage Professionals A survey by the Canadian Association of Accredited Mortgage Professionals says Canadians appear well prepared to face the new phase of the residential mortgage market, in which interest rates are rising and house activity is expected to ease. The survey found Consumer concern about rising rates is offset by increasing home equity. Many mortgages were renegotiated at lower rates; amortization periods are declining. ... REM Online Tue May 25 2010 |
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| $70 Million Closed, 7 Financing Transactions Since May 1st Firm Capital Corporation is pleased to announce the completion of seven financing transactions that total $70,815,000 since May 1st, 2010: (i) $10,000,000 first mortgage land loan for 384,184 sq. ft. high-rise residential condominium building with 424 units in Toronto (ii) $19,000,000 loan secured by an assignment of a debenture issued by a public REIT (iii) $8,500.000 first mortgage land loan on 160 acres of development lands in Airdrie Alberta .... Firm Capital Corporation News Release, May 20, 2010 |
| New rules cuff some mortgages to banks A headlock would be the wrestling term to describe the hold Canadian banks will have on some consumers because of new, more strict mortgage rules. We are already seeing the impact of the changes that came into effect on April 19, but were put in place well in advance by Canadian financial institutions. Consumers are increasingly selecting fixed-rate mortgages of five years or more because it's easier to qualify for them. Financial Post Tue May 25 2010 |
| Inspection program targeting marijuana grow-ops violates Charter Surrey Mayor Dianne Watts has vowed to press on with a program to shut down grow-ops - even after it lost out in court Thursday. The B.C. Court of Appeal has ruled that the Electrical and Fire Safety Inspection program, which allowed fire officials to enter homes without warrants, violated the Charter of Rights. "We have no intention of stopping the program," Watts told The Province. Province Fri May 21 2010 |
| Real estate group's warning irks private seller A Nova Scotian woman trying to sell her own home says she received a warning letter from real estate agents that was "threatening" in tone. Ruth Copeland decided to sell her home in Amherst privately. She was surprised to get a letter from the Nova Scotia Association of Realtors warning of possible risks, from potential lawsuits to "ill-intended" strangers in her house. CBC Fri May 21 2010 |
| | Canadian Restaurant Investment Summit, Toronto, May 26-27 2010 Founded by GE Capital, the inaugural annual investment conference is targeted to executives of Canadian restaurant franchise systems and their real estate, lending, and advisory partners. A closer look at determining optimal locations and landlord-restaurateur relationships will be on the menu combined with other timely insights by leading financial and economic analysts. Register for only $795 plus GST |
| Mike Holmes: Energize this country We all want to reduce our environmental footprint and be more responsible about how we live. I spec-in sustainable materials in all the houses I design and build, and whenever possible, make the better, greener choice. It was a disappointment to have the federal ecoENERGY Retrofit program cancelled. I'm just a contractor, not a politician, but it seems that was a government program that was working. National Post Tue May 25 2010 |
| Behind the typical facade, this is a green house worthy of 2010 Driving or walking along the leafy streets in the Governor's Bridge district of Rosedale, you might never notice the house I'm writing about this week. It's new, but it fits without a glitch into the quiet urban streetscape of similarly new, stylistically old-fashioned homes. What counts about this 3,400-square-foot dwelling is not its architecture but its exceptional efficiency. Globe and Mail Fri May 21 2010 |
| Strategic Defaults Are Endangering The U.S. Real Estate Market Housing rescue measures like HAMP have failed to address the prevalence of strategic default, viewed increasingly as a valid option that has even spawned its own industry. Negative equity levels play a key role in the decision to abandon ship on underwater mortgages, an epidemic that is mostly contained in a handful of states and reversible only by broader economic and job recovery. NuWire Investor Tue May 25 2010 |
| Real Estate Forums Fall 2010 Events Calendar | RealREIT | Toronto | September 14, 2010 | | Canadian Apartment Investment Conference | Toronto | September 15, 2010 | | RealLeasing | Toronto | September 23, 2010 | | Ottawa Real Estate Forum | Ottawa | October 14, 2010 | | Calgary Real Estate Forum | Calgary | October 20, 2010 | | Calgary Real Estate Leasing Conference | Calgary | October 21, 2010 | | Global Property Market | Toronto | November 30, 2010 | | Green Real Estate Forum | Toronto | December 1, 2010 | | Toronto Real Estate Forum | Toronto | December 1-2, 2010 | |
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| | Home > Residential > Market Conditions | Recreational property market heats up A lakefront summer home in Canada still costs less than it did in pre-recession times but as the days warm up, so does the market. The RE/MAX recreational property report says prices have been rising on increased demand over the past three months. Nearly 80 per cent of recreation areas posted an upswing in market activity this spring with higher prices recorded on 43 per cent of sales. CBC Fri May 21 2010 - Victoria Times Colonist |
| An Olympic pause crimps home sales House prices held steady, but overall sales in B.C. have plummeted since the winter boom months, according to a new study of the provincial residential real estate market . Sales in the first three months of the year fell by as much as 26.7 per cent, says the report by Landcor Data Corporation, which uses all sales figures for the province, not just those reported on the Multiple Listings Service. Globe and Mail Fri May 21 2010 |
| U.S. home sales jump 7.6 per cent U.S. home sales surpassed expectations for April as government incentives provided a temporary boost to the housing market. The National Association of Realtors said Monday that sales of previously owned homes rose 7.6 per cent to a seasonally adjusted annual rate of 5.77 million. That was the best showing in five months and better than the 5.63 million units economists had expected. Globe and Mail Tue May 25 2010 - CBC - National Post | Home > Residential > Mortgage and Finance | CIBC cuts 5-year mortgage rate CIBC is cutting its posted rate for a five-year closed mortgage. The bank says it lower the rate by 0.11 per cent to 5.99 per cent effective Saturday. CIBC left its other rates unchanged. The move follows a similar cut announced by Canada's other big banks on Thursday. It will be the second rate cut this month. Globe and Mail Tue May 25 2010 |
| RBC, TD cut 5-year fixed mortgage rates Canada's largest bank is lowering its five-year fixed mortgage rate, the second reduction this month. RBC Royal Bank says the posted rate for five-year mortgages will be reduced by about one-10th of a percentage point to 5.99 per cent, effective Friday. Later in the day, Toronto-Dominion bank announced it, too, was cutting its benchmark five-year rate to 5.99. CBC Fri May 21 2010 |
| Vacation property best left rented As Baby Boomers near retirement, many may be considering the purchase of a remote cottage to get away from the rat race. The fantasy may even be to retire there, sell the city home and live off the proceeds. But if you think this demographic trend will yield spectacular financial gains, you should reconsider. Most financial planners view a primary residence as an item of consumption. Financial Post Tue May 25 2010 |
| Why flipping is not investing in real estate Building a real estate portfolio can mean working toward financial freedom - or it can mean taking risks that will give you more sleepless nights than days on the golf course. The difference, according to Don Campbell, is cash flow. 'I would never buy a property that didn't have positive cash flow,' says Mr. Campbell, president of the Real Estate Investment Network. Globe and Mail Fri May 21 2010 |
| Mortgage rates head for heights Whichever way you look at it, interest rates have been pretty low of late. However, fixed-rate mortgages have already started to rise and all the signs suggest the Bank of Canada will raise rates again in June --meaning that variable mortgage rate hikes are almost sure to follow. National Post Tue May 25 2010 |
| New rules cuff some mortgagees to banks A headlock would be the wrestling term to describe the hold Canadian banks will have on some consumers because of new, more strict mortgage rules. We are already seeing the impact of the changes that came into effect on April 19, but were put in place well in advance by Canadian financial institutions. Consumers are increasingly selecting fixed-rate mortgages of five years or more because it's easier to qualify for them. Financial Post Tue May 25 2010 |
| Do I pay down my mortgage or invest in RRSPs? Dear Mike: I hate debt and have been aggressively paying down my mortgage. I feel good about it, but I want to make sure I'm doing the right thing. What is your opinion on increasing mortgage payments versus saving more for retirement? Canada.com Tue May 25 2010 | Home > Residential > Renovation, Repair and Maintenance | Mow the driveway If Stefan Barth has his way, homeowners will be mowing their driveways this season, in addition to their lawns. His Ground Solutions company specializes in an interlocking grid system made of partially recycled plastic that allows grass to grow even with vehicles parked over top. Globe and Mail Fri May 21 2010 | Home > Residential > Taxes and Utilities | Dislike of HST could fuel underground economy There is fear in the home renovation industry as the July 1 introduction of the HST looms, and many believe it will lead to more under-the-table cash only work by fly-by-night operators. Renovators were riding a wave of wealth while the Home Renovation Tax Credit was in effect for the year leading up to Feb. 1. Mike Dinchik, the executive officer of the GWHA, said those in the renovation industry across the province are worried. Windsor Star Fri May 21 2010 | Home > Residential > Cities, Towns and Urban Issues | Light, bright and just right In Stratford, Ont., a 19th-century cottage sits amiably on its perch across from the storied Festival Theatre. During the structure's many years as a bed-and-breakfast inn, a loyal clientele would gather on the verandah to watch for the arrival of the trumpeters on the theatre balcony. The fanfare meant the moment had come for the guests to cross the road in time to see the curtain rise on that evening's Shakespeare production. Globe and Mail Fri May 21 2010 | | Market Trends and Research Canadian Housing Trends - 2010 Royal LePage Market Survey Forecast Royal LePage $110-million to study mentally ill on streets |
