Multi-Unit Residential Real Estate News - Tuesday, January 08 2013 Mild correction expected for housing market: Royal LePage - Royal LePage - Housing Trends PDF Real estate agency Royal LePage expects Canada’s housing market to go through a mild correction in coming months, but is predicting that the average national home price will be 1 per cent higher by the end of this year. It believes sales in the first half of this year will be slower than last year, tempering the pace at which prices have been rising. Globe and Mail Tue Jan 08 2013 - Financial Post - Toronto Star - Royal LePage Market Report |
RBC says Canadian housing market is solid despite slow down to mortgage lending - Royal Bank - RY-T Royal Bank CEO Gord Nixon says a slowdown in the Canadian real estate market is affecting mortgage lending but the softness is not a crisis since he expects the country's housing market will remain solid. The head of Canada's largest bank told a RBC banking conference Tuesday that he expects the bank's consumer lending growth will slow to mid single digits but it should see an increase in commercial loans. CTV Tue Jan 08 2013 |
Housing prices aren't coming back, a severe correction is coming: Globe analysis - George Athanassakos Increases in home prices in recent years have not been matched by underlying increases in fundamentals suggesting the market is due for a severe correction. One particularly telling statistic is housing investment as a share of GDP. After similar ratios in the 70s and 80s, the housing market crashed within a few years. Globe and Mail Fri Jan 04 2013 |
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Cooling house market could undercut retirement plans - BMO Retirement Institute A report from the Bank of Montreal says almost one in three Canadians, upon finding they do not have enough money set aside to retire, have sold their homes in order to generate more cash — opting for a smaller house, condominium or rental unit. Financial planners warn that selling off real estate is no replacement for more conventional retirement savings, despite Canada's healthy housing market. CBC Tue Jan 08 2013 |
Private sector should take on CMHC's role: C.D. Howe Institute - C.D. Howe Institute When the forerunner of the Canada Mortgage and Housing Corporation opened shop in 1946, its job was to help war veterans find housing. As this baby-boom behemoth contemplates life after 65, it should consider a more modest public role. Globe and Mail Fri Jan 04 2013 - Globe and Mail (Subscribers only) |
Bank of Canada flags lenders' role in consumer debt - Bank of Canada Research has found that “neighbourhoods with more bank branches and payday lenders per capita have looser lending standards and experience greater bankruptcies,” says the presentation, which was given to bank officials in the summer. The disclosure adds a new dimension to the public debate about the factors that have caused Canadians to borrow record amounts of money. Globe and Mail Fri Jan 04 2013 |
Financial considerations for Canada's real estate snowbirds - RBC Wealth Management With the Canadian winter now in full swing, so is the exodus of Canadian snowbirds seeking warmth in the southern U.S. Before heading off this winter for a long stay, there are some things you should do to ensure you take all U.S. tax and real estate issues into account, because failing to adhere to applicable U.S. laws could have some serious implications. Winnipeg Free Press Tue Jan 08 2013 |
| Graphic: A look at Canada's richest cities From rocketing house prices in several Canadian markets to job-rich Alberta oilfields, Maclean's has put together a chart showing Canada's richest cities. And you may be surprised to see the results. Maclean's, January 7, 2013 |
Nova Scotia rental and commercial real estate operation sold for millions - Ron Wallace Realty Ltd. The sale involves more than 600 residential and commercial rental units in Truro, Bible Hill and other parts of Colchester County. The price paid by two investors to take over Ron Wallace Realty Ltd. was not disclosed. An industry insider suggested that at an average market price of $60,000 per unit, the assets would be worth at least $36 million. Truro Daily News Fri Jan 04 2013 |
Delta B.C. approves 37-storey highrise in bid to increase population density - Blexo Developments Delta council has unanimously approved a proposal to build a 37-storey apartment tower on busy Scott Road to increase density in a commercial area it says is well-equipped with amenities. The Blexo Developments’ 114-metre-tall highrise was recommended as a good fit for seniors wanting to downsize, but remain in Delta. Vancouver Sun Fri Jan 04 2013 |
Single-family homes still winners in Vancouver's property price race - B.C. Real Estate Association Single-family homes have been the winners over the long term while apartments have been struggling, an analysis of Metro Vancouver real estate statistics released last week shows. B.C. Assessment released 2013 assessments on Wednesday, while the region's real estate boards released December and year-end information on Thursday. Vancouver Sun Mon Jan 07 2013 - Vancouver Sun - Sun Video - Absurd properties |
| TD's Ed Clark says Canada won't have a U.S.-style housing bust TD chief executive Ed Clark recently sat down with Financial Post reporter John Greenwood to talk about the shaky state of household finances, the frothy housing market and what it all means for the banking sector. Here is an edited version of the interview. Financial Post, January 7, 2013 |
Affordability helping condos in Calgary market - Calgary Real Estate Board Higher prices and lower supply in the detached single-family home market is driving home buyers into the condominium market, says the Calgary Real Estate Board. Condo sales in Calgary are improving, CREB’s December report notes. Monthly fluctuations saw increases and dips in sales month-over-month, while the year-over-year numbers show an overall increase in sales. Calgary Herald Fri Jan 04 2013 |
Winnipeg home sales hit record $3-billion mark in 2012 - WinnipegREALTORS Winnipeggers spent a record $3.2 billion buying 13,007 homes in 2012. That marks just the second time the city’s resale home market topped the $3-billion mark in sales in its 109-year history. Winnipeg Free Press Mon Jan 07 2013 - Winnipeg Free Press |
Toronto housing prices to flatline in 2013: report - Toronto Real Estate Board Toronto house prices are expected to flatline rather than fall in 2013 — with gains averaging just one per cent — with the “cyclical correction” that has taken hold since spring likely to be more short-lived than severe, according to a new report from Royal LePage. The softening in Toronto’s condo market in particular, will have a “significant dampening effect” on Canadian average house prices in 2013. Toronto Star Fri Jan 04 2013 - Financial Post - Marketwire |
Real Estate Forums 2013 - Winter Event Calendar |
Home > Residential > Market Conditions Toronto leads Canadian cities in economic growth, condos: CIBC - CIBC Toronto ranked as the fastest growing economy in the country last year, but a new study from CIBC suggests Canada’s biggest city will be hard pressed to maintain that growth trajectory. The report found Toronto ranked tops amongst its peers, helped by a recovery in manufacturing and a surge in condo sales. Financial Post Fri Jan 04 2013 - Canadian Business - Toronto Star - Global News |
Cultural shift to renting in the UK set to continue in 2013 say rental experts A cultural shift in favour of renting property in the UK rather than buying looks set to continue into 2013 and beyond, it is forecast. An analysis of data from lettings franchise Belvoir’s nationwide offices confirms that there has been a change in cultural attitude towards renting property in the UK and that this change is likely to be permanent. Property Wire Fri Jan 04 2013 |
Ottawa's real estate market cools in December - Ottawa Real Estate Board Home sales in Ottawa dropped 11 per cent in December, which meant the local real estate market finished the year slightly behind 2011 levels, a report released last week shows. But a second housing survey released only days later projected growth for 2013. Ottawa Business Journal Fri Jan 04 2013 - Ottawa Business Journal |
Record year for house building permits in Saskatoon - City of Saskatoon The City of Saskatoon issued building permits valued at more than $1 billion, a record that smashes 2011’s total permit value of $937 million. With a value of $1,082,100,000, a record-total of 5,196 permits were issued, also surpassing 2011’s total of 4,651 permits issued. Saskatoon StarPhoenix Fri Jan 04 2013 |
| Property prices lead Ecuador to be named top destination for retirees With its low cost of living, balmy climate and cheap property prices, Ecuador has been ranked the top foreign retirement destination for North Americans for the fifth consecutive year. The South American nation bordered by Colombia and Peru scored the highest marks in InternationalLiving.com’s annual ranking of the best places to retire. Financial Post, January 7, 2013 |
Home > Residential > Mortgage and Finance Canadians can still buy a house without saving their pennies It would seem that regulators want to dissuade Canadians from buying homes with nothing down. Yet despite all of the recent changes, buyers can still get into the real estate market with little cash on hand. Globe and Mail Mon Jan 07 2013 |
Canada Pension Plan's investments see 'explosive' growth - Canada Pension Plan The odds are also good that many of us will one day reap the benefits of our holdings in Australian shopping malls, toll roads in Chile and the sale of a $964-million stake in Skype, all part of the Canada Pension Plan. The fund was worth just over $170 billion by the end of 2012, up from $152 billion in 2011, partly on the strength of overseas real estate and infrastructure. CBC Mon Jan 07 2013 |
Bank of America reaches multi-billion dollar deal with Fannie Mae - Fannie Mae - FNMA-Q2 Bank of America says it will spend more than $10-billion (U.S.) to settle mortgage claims resulting from the housing meltdown. Under the deal announced Monday, the bank will pay $3.6-billion to Fannie Mae and buy back $6.75-billion in some 30,000 loans that the North Carolina-based bank and its Countrywide banking unit sold to the government agency from 2000 through 2008. Globe and Mail Mon Jan 07 2013 - Housing Wire - Reuters - New York Times |
Home > Residential > Buying and Selling Buying a home? Key is finding a company aligned with customer interests As a condo buyer in 2008, Shayan Hamidi was frustrated: His realtor at the time turned out to be urging him to pay $50,000 over the unit’s true value. The real-estate industry, as he saw it, was shackled by a system in which agents’ interests just weren’t aligned with customers. Globe and Mail Mon Jan 07 2013 |
B.C./Calgary family works and plays in paradise Jon Legg doesn’t need to be tucked away in a downtown office to get his work done. Everything he needs is with him in his personal paradise at a luxury getaway on the tip of Mexico’s Baja Peninsula. Jon and his wife Pam purchased a resort residence in Cabo San Lucas. Calgary Herald Fri Jan 04 2013 |
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