Jonathan J. Knight
Broker
RE/MAX Clearview Inc. Brokerage
202 Montreal St, Stayner L0M 1S0
705 428 4500 - office
705 441 6839 - direct
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877 441 6839 - free
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Date: 28 Jun 2012 19:24:59 -0000
Subject: Mortgage changes too little too late?
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Residential Real Estate News Thursday, June 28 2012
| Mortgage changes too little too late? The federal government's attempt to cool the housing market "may have come too late" to prevent a harsh landing for residential real estate, Moody's Investors Service is warning. After Finance Minister Jim Flaherty announced last week that Ottawa is tightening the rules on government-backed mortgages to keep the housing market from overheating, Moody's said it is concerned the efforts may not be enough. Globe and Mail Tue Jun 26 2012 - Financial Post - CREA News Release |
| 20 Observations on the New Mortgage Rules Three months ago, Finance Minister Jim Flaherty told banks to tighten lending on their own. Now he's doing it for them. The Department of Finance (DoF), in concert with OSFI, released a buffet of mortgage rules. By our count, there are eight salient changes that, when combined, will have a measurable impact on housing. The motivation for these moves is captured in Flaherty's press briefing comment: Canadian Mortgage Trends Thu Jun 28 2012 |
| Here's how the changes may affect you The new mortgage rules are meant to cool off the overheated housing sector and help Canadians tame sky-high household debt levels. If you’re not sure that you can meet the new mortgage criteria, you have a couple of difficult choices to make. You can: pay off your debt first, save more for a larger down payment, or lower your budget for your new home. Moneyville Thu Jun 28 2012 - Globe and Mail |
 | Skyline successfully launches private Commercial REIT Building upon the success of the Skyline Apartment REIT, Skyline and its group of companies recently launched the Skyline Commercial REIT. Investors have been earning a 9% annual distribution paid monthly while enjoying an alternative private investment in commercial real estate. Skyline Commercial REIT is currently raising new equity for upcoming acquisitions. Invest for income and earn for retirement. For more information, contact Skyline Wealth Management Inc. today! at 1.888.977.REIT(7348) or invest@skylineonline.ca Note: This investment is available to Accredited Investors only or to those who are otherwise exempt. Also, past performance is not an indication of future performance. |
| Vancouver sprouting cranes Vancouver is building on its reputation as a city of glass and steel. Look around the skyline and you’ll see it dotted by cranes, and everywhere there seems to be another hole in the ground making way for another apartment building. Sixteen condo towers are under construction, according to a database by Skyscraperpage.com. and another 67 proposed high-rises are in the works. The Province Mon Jun 25 2012 |
| Vancouver condo law changes could help affordability If you’ve lived in Metro Vancouver for any length of time, the topic of housing affordability has likely come up at the dinner table. With the average price of a Vancouver home pegged at more than $1 million, it’s fairly obvious why this issue has captured our attention. Vancouver City Hall released yet another report on how to increase housing affordability in one of the most expensive places to live on Earth. Canoe Thu Jun 28 2012 |
| Condo auction could be start of trend A developer’s auction of more than 20 condo units in a Bow Valley Trail complex produced some interesting results Saturday, and may be a sign of more such sales to come. Vacation accommodation and tourist home units in the Grande Rockies Resort complex went up for grabs in a heavily promoted auction in Calgary. Canoe Wed Jun 27 2012 |
| A condo that pushes theory into the built world Canadian artists have often benefited from being on the margins. But while writers can gain wisdom from being away from the centre of power, architects lose out: When you are making buildings, it helps to have power (or at least money) close by. So how did one of the most prestigious prizes in Canadian design go to a young firm from Winnipeg? Globe and Mail Thu Jun 28 2012 |
 | Legal Responsibilities of Real Estate Agents updated LexisNexis Canada recently released Legal Responsibilities of Real Estate Agents, 3rd Edition by Rosemary Bocska and Martin K.I. Rumack. "This one-of-a-kind reference book has become a staple in real estate and law offices across Canada," says the company. "It's filled with practical, useful information, insights and expert advice that real estate agents need to know in dealing with their legal duties and responsibilities." REM Online, June 22, 2012 |
| Concord Adex is raising a good point (tower) Back in 1997, when Concord Pacific arrived from Vancouver to purchase the vast swath of railway lands that would eventually become its CityPlace community, condos in Toronto looked different than they do today. "They were slablike," says Gabriel Leung, director of development for Concord Adex, a subsidiary established to oversee construction of CityPlace, a 44-acre (18-hectare) site... Toronto Star Mon Jun 25 2012 |
| Ottawa's Little Italy may not be all that little for long - Dalhousie Community Association Multiple plans for condominiums, retail and office developments have cropped up on the previously underused lots in the area surrounding Preston Street. Champagne Avenue is currently as celebratory as its name suggests. Construction workers are building hom, Domicile Developments's urban condos, with the foundation complete and the first of 12 storeys being raised. Ottawa Business Journal Wed Jun 27 2012 |
| Confusion surrounds outdated Ontario condo legislation The first warning sign was water seeping into the basement of Wally Alfred’s condominium townhome whenever it rained. Alarmed, the Guelph resident went straight to his condo board to report the problem and ask if it could do anything to stop the leaks. After a year went by without any action, Alfred complained to the City of Guelph, which inspected his property and ordered... Toronto Star Tue Jun 26 2012 |
| CREA partners with NAR for top level domains CREA has formed a partnership with the National Association of Realtors (NAR) that would allow CREA members to operate websites using the .realtor top level domain (TLD). The Internet Corporation for Assigned Names and Numbers (ICANN), the organization that controls the creation and distribution of domain names globally, has approved a procedure for establishing a new set of TLDs. REM Online Tue Jun 26 2012 |
 | Five ideas that could make any neighbourhood great Urban planning can be bewitching. A come-hither main street, a quicker commute, swaths of new green space: What citizen is immune to these charms? But opinions diverge on how great communities are made. In urban renewal projects where old housing stock is razed and replaced, like Regent Park, the conversation is simpler. But in Mimico, where the "20/20" revitalization plan is underway, city staff and consultants are working around a stable community. Toronto Star, June 26, 2012 |
| Civic engagement linked to planning There is a strong relationship between the way we have allowed our neighbourhoods, town and cities to be planned, designed and developed over the last five or six decades and the decline in civic engagement that is so obvious in our communities. A recent survey of Metro Vancouver residents has started to reveal some of those not-so-obvious relationships. Vancouver Sun Mon Jun 25 2012 |
| Canadians buying up U.S. Sunbelt properties Demand from Canadian investors for vacation and investment properties in the U.S. Sunbelt is rising, even though prices and new housing permits are on the way back up. The same day that BMO Capital Markets Economics put out a report stating the U.S. real estate market continues its recovery, close to 100 high net worth individuals attended a U.S real estate seminar at the Manitoba Club hosted by BMO... Edmonton Journal Mon Jun 25 2012 |
| Giddy about U.S. housing? Slap yourself We pointed out yesterday that rising homebuilding stocks are stoked about recent improvements in the U.S. housing sector. But not everyone is on board with this bullish theme. Brockhouse Cooper argued in a note on Wednesday that the housing market – rather than show any meaningful improvement – will merely bounce along the bottom for some time. Globe and Mail Thu Jun 28 2012 |
| Why anti-foreclosure laws are ruining the U.S. recovery State and federal laws enacted to protect homeowners from eviction in the wake of the 2008 housing crash may be extending the slump, according to a growing number of economists and industry experts. Foreclosures have all but ground to a halt in Nevada, which passed one of the stiffest borrower-protection laws in the country last year. Yet the housing market is further than ever from recovery... Financial Post Thu Jun 28 2012 |
 | Kingston’s singing Realtors Realtors aren't necessarily known for singing the blues, though you may have heard colleagues cry a river about a lousy commission split. This pair of Realtors sings for their supper, quite literally. As a sales team with RealtySource in Kingston, Ont., Chris Morris and Benji Perosin are veteran musicians who will write and perform a custom-made song to accompany the online video tour of each property they market. REM Online, June 26, 2012 |
Home > Residential > Market Conditions
| MLS® HPI trends vary by region in May According to statistics released by The Canadian Real Estate Association (CREA), the MLS® Home Price Index, the leading measure of Canadian home prices, increased in May 2012. Highlights: The Aggregate Composite MLS® Home Price Index rose 5.2% on a year-over-year basis in May 2012. Prices rose further in all five markets and in every Benchmark home category tracked by the index. Canada News Wire Tue Jun 26 2012 |
| Canadian average home prices forecast to contract Average home prices in Canada will likely contract 10 to 15 per cent over the next two years, says a report released by TD Economics. The report said that while new lending rules announced recently are not intended to severely impede household spending and housing demand, their impact will be substantial. "In particular, the previous rule changes had a significant impact on home sales... Calgary Herald Thu Jun 28 2012 |
| People opt for convenience over rustic in resort communities The basic cabins that used to be the norm in Saskatchewan's resort communities are being replaced by higher-end luxury homes as more and more people opt for convenience and comfort at the lake over rustic scenery. At Emma Lake, about 50 kilometres north of Prince Albert, a new, gated condo development is in the works across from the community's golf course. Star Phoenix Mon Jun 25 2012 |
| Elderly Albertans wait for senior housing spots Despite a survey pegging the vacancy rate in seniors housing at nearly nine per cent, many older Albertans are still waiting for a spot in the system. According to a report published by the Canada Mortgage and Housing Corp., the vacancy rate for 9,715 retirement housing spaces in Alberta is 8.9 per cent. But those spaces aren't always where they're most needed and might be sitting empty while seniors elsewhere... Calgary Herald Wed Jun 27 2012 |
Home > Residential > Mortgage and Finance
| Debt levels too high to maintain real estate consumption: Survey Centract Settlement Services, Canada's largest appraisal management company, held the Centract Property Summit 2012 in Toronto where leaders of the Canadian residential real estate community discussed current industry trends and issues. According to an audience participation survey distributed at the event, 65 per cent of those who attended believe that debt levels in Canada are too high... Canada News Wire Thu Jun 28 2012 |
| How to stop the cottage causing headaches after you're gone I have been feeling nostalgic lately about the old family cottage in northern Ontario. It wasn’t really the family cottage as much as it was my grandparents’ home on a beautifully warm, fish-filled oasis near Kirkland Lake. It was a place where their children and grandchildren lovingly mooched every summer. Globe and Mail Tue Jun 26 2012 |
Home > Residential > Buying and Selling
| Buying in the burbs When Barry Welch and Nicole Levesque-Welch moved to the northwest community of EvansRidge last May, it was the final step in their quest for the perfect home and, as it turned out, the perfect community. Like many homebuyers, the couple had a preference for a certain quadrant of the city, and did most of their searching in northwest Calgary. Calgary Herald Tue Jun 26 2012 |
| Buying a house is our risk It’s quite a trick to hurt the investment of existing homeowners and make it tougher for prospective homeowners to afford a house, all in one move, but Finance Minister Jim Flaherty pulled it off. The government is shortening the amortization period for mortgages and reducing the percentage of your income it will allow you to spend on housing. Ottawa Citizen Mon Jun 25 2012 |
| Real Estate agents, services get new advertising outlet Realtors can now attract new clients through business columns. The Canadian in cooperation with AdvertorialAgency.com now offers real estate services the ability to further market through business columns. Are you seeking to attract more clients to use your real estate-related services? Simply maintain your own daily or weekly real estate-oriented related column in The Canadian. The Canadian Wed Jun 27 2012 |
| The pros and cons of using the Home Buyers' Plan Coming up with a down payment can be a challenge for first-time home buyers. The average price for a home in Toronto reached $516,787 in May 2012, meaning would-be home buyers need a minimum of $25,000 for a down payment. One option to consider is the Home Buyers’ Plan, which allows you to withdraw up to $25,000 tax free from your RRSP to put towards your first home. Moneyville Thu Jun 28 2012 |
Home > Residential > Construction
| Inner-city Calgary tower to make its Mark A developer has marked its return to the Calgary condo market with plans for a new tower in the city’s downtown. Vancouver-based Qualex-Landmark latest project is called Mark on Tenth, which is planned for a site at 10th Avenue and 8th Street S.W. that once belonged to West Canadian Graphics. The project features 270 units in a 34-storey skyscraper. The mixed-use residential highrise will be... Calgary Herald Mon Jun 25 2012 |
| Lakeside condos a major boom in Lac du Bonnet The highest building you expect to see along Canadian Shield waters is maybe a double-decker boathouse. Not a four-storey condo with underground parking. Novashelter Inc. is billing its new 23-unit condominium in Lac du Bonnet, overlooking the Winnipeg River, as a chance to get on the ground floor of the next Gimli. The $6-million highrise is coloured in earth tones: a "beach sand yellow" base... Winnipeg Free Press Mon Jun 25 2012 |
| Condo tower brings Modern look to Vancouver's West End The long-established West End corner of Burrard and Harwood streets is getting Modern: a new glass and concrete tower from developer Amacon. The 17-storey tower will feature colourful blue glass accents and a contemporary design, and be anchored by 5,500 square feet of retail space facing Burrard. Modern homes will range from 482 square feet to 1,755 square feet, starting at $349,900, with occupancy slated for May 2014. Vancouver Sun Mon Jun 25 2012 |
| Take the dive at Nottawasaga More than 1,500 families have signed up for the privilege of a sneak preview of a new lowrise development just outside the GTA. The enthusiastic response to Treetops, a project with almost 2,000 units to be built adjacent to the Nottawasaga Inn Resort & Conference Centre, underscores the hunger for affordable single-family homes, says Moira Morris-Emslie, director of marketing and sales for Orchard Ridge Homes, one of two builders on the site. Your Home Fri Jun 22 2012 |
Home > Residential > Cities, Towns and Urban Issues
| Pane of glass falls from 10th-floor balcony of 23-storey downtown Ottawa condo Glass rained down from a downtown condo tower Thursday afternoon on the same day the province announced new rules to prevent such occurrences. The glass fell from a balcony pane on the 10th floor of the 23-storey Mondrian condo tower at 318 Laurier Ave. It shattered onto the sidewalk, the street and a vehicle on Laurier Avenue near Bank Street. Calgary Herald Fri Jun 22 2012 |
| Condo corporation sues over Dartmouth building leaks A condominium corporation is seeking more than $1 million in a lawsuit over leaks at two Dartmouth buildings. Halifax County Condominium Corp. No. 239 is suing Portland Hills Condominiums Ltd. and Kiel Developments Ltd., which are both headed by Victor Kielbratowski. In early 2004, owners of three condos in a 50-unit building at 621 Portland Hills Dr. "reported significant water damage," says a statement of claim... Chronicle Herald Tue Jun 26 2012 |
| Condo design not 'cool,' says councillor Mourning filled a committee room at City Hall over the loss of a curvy design for a landmark condo in Little Italy. One councillor on the planning committee hated the new concept for Soho Italia so much, he wouldn't support the entire planning application for the 30-storey tower at Preston and Sydney streets. Cumberland Coun. Stephen Blais skewered the new design before voting against the development application... Ottawa Sun Wed Jun 27 2012 |
| Sudbury Hospital condo plan has first hearing at city council The passion of those who want the former St. Joseph's Health Centre to become part of Bell Park was in evidence June 27 at the first of two public meetings on a proposed condominium development at the site. Speaker after speaker railed against the proposal, which would see the former hospital turned into a 190-unit condo development with a multi-storey parking garage, a wellness centre and restaurant. Northern Life Thu Jun 28 2012 |
Home > Residential > Condominium Management
| Property managers require patience and people skills "We operate with a common purpose to create better places to inspire life," says Patricia DeGasperis. She is sitting in her small office at 620 Martin Grove Rd., the Minto Group’s recently-opened flagship rental building in Richgrove Village, a complex of three multi-storey towers in a residential neighbourhood at Martin Grove and Eglinton Ave. W. Your Home Fri Jun 22 2012 |
| Condo Smarts: Watch warranty dates Q Our strata corporation was built in September 2010. At the time, we were told that we had a warranty covering two years on operational items, five years on the building envelope and 10 years on the structure of the building. We were told by the warranty provider and the developer that the developer was responsible for all those items that were covered under the first two years. The Province Mon Jun 25 2012 |
| Condo Culture: Can I repaint my peeling townhouse exterior? Q We own a condo townhouse that has serious flaking of paint on the exterior. You cannot help but notice the poor appearance, and I am embarrassed when friends come to visit. This defect was reported two years ago to the management/board and still no repair. What recourse do I have? Can I hire a contractor myself and submit the receipts to the board or deduct the expense from my monthly... National Post Tue Jun 26 2012 |
| Condo Security: Old-fashioned surveillance Condo-security expert Frank Fourchalk shares his tips weekly. Condo security can be confusing. You have the option of installing elaborate alarm systems, multi-camera units, high-security locks and even virtual=reality concierges. These are all layers of building security; the more layers you have, the more protection. National Post Tue Jun 26 2012 |
Home > Residential > Renovation, Repair and Maintenance
| Serial bad Toronto contractor sentenced to 90 days in jail Six years ago, Ann Alves hired a contractor to renovate the kitchen and bathroom in her Ajax home. She gave Charlesworth K. Carter nearly $6,000, about half the total, as a deposit. For that she received a partially finished bathroom and an uninstalled shelf and vanity dropped off in the garage. Now the bathroom remains unfinished, save for the tiling that another contractor completed... Toronto Star Tue Jun 26 2012 |
| Hanging artwork doesn’t have to be complicated Although we don't talk about it as much, one of the biggest dilemmas when decorating a home isn’t what colour to paint the walls, it’s what to hang on them. Choosing art is an intimidating business. It's so personal we tend to get a bit paranoid about what those pictures say about us. Is it too loud, too mundane, too flowery? Is it any good? If you aren’t an art critic, how can you tell? Your Home Tue Jun 26 2012 |
| Renovating? Start planning now Much like buying a new home, renovating is a process that requires careful planning. "When buying a home, naturally you would sit down and research the different builders and neighbourhoods before deciding to act further," said Stu Niebergall, executive director of the Regina & Region Home Builders' Association (RRHBA). "Likewise," Niebergall said, "a similar practice should be applied before undergoing a home renovation." Leader Post Tue Jun 26 2012 |
Home > Residential > Other
| RE/MAX Ontario-Atlantic Canada Co-Founder and President awarded Queen's Diamond Jubilee Medal In recognition of contributions made to the True Patriot Love Foundation—in support of Canada's military families—through the Schneider Family Foundation, RE/MAX Ontario-Atlantic Canada Co-Founder and President, Walter Schneider, was decorated with the Queen Elizabeth II Diamond Jubilee Medal. The medal honours Canadians who have made a significant contribution to their fellow countrymen... Canada News Wire Tue Jun 26 2012 |
| Haskayne School of Business launching real estate studies program The University of Calgary’s Haskayne School of Business is launching this fall its Real Estate and Entrepreneurship Studies program as the industry continues to develop into a significant component of the local economy. Jim Dewald, Haskayne’s current associate dean, will become the program’s director July 1. aaaa |
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