Federal crackdown could spark housing sales - The real estate industry is bracing for a surge in home purchases, betting buyers will rush to get ahead of tighter federal government standards for the mortgage industry. The Finance Department will stop guaranteeing 40-year and zero-down-payment mortgage loans starting Oct. 15. That has set off speculation that a surge of buyers, particularly those in pricier regions who have little money saved, could try to push into the market before the new rules take effect.
Globe and Mail, Jul 11, 2008
Ottawa tightens mortgage insurance rules - The federal government said Wednesday that it is tightening the rules relating to government-guaranteed mortgages, even though there is no evidence that the Canadian market is facing the kind of turmoil that has disrupted the United States. The new rules, set to take effect Oct. 15, are a "responsible and measured approach … to reduce the risk of a U.S.-style housing bubble developing in Canada," the Department of Finance said in a news release.
CBC.ca, Jul 10, 2008 Report on Business, Jul 10, 2008 Vancouver Sun, Jul 10, 2008 Reuters.com, Jul 10, 2008
Say goodbye to 40-year mortgages - The 40-year mortgage, launched just over two years ago, will probably expire in October. Back in April 2006, Genworth Financial Canada was the first to insure residential mortgages in Ontario that were paid back over 40 years. Soon, all of Canada's mortgage insurers will have to underwrite mortgages paid back over 35 years at most. Ottawa is not killing the long-payback loan because it sees a U.S.-style housing bust coming to Canada.
Toronto Star, Jul 11, 2008 Toronto Star, Jul 11, 2008
Leaky condo crisis far from over - Coastal B.C.'s leaky condo crisis is far from over, a recent report prepared for the provincial government shows. The report acknowledges for the first time that thousands more strata-owned apartment units suffered water damage than the government has been estimating. By 2012, when the leaky condo era enters its fourth decade, as many as one-third of the defective units will remain unrepaired, said the report, prepared for the province's Homeowner Protection Office (HPO) by private consultants.
Vancouver Sun, Jul 09, 2008 Globe and Mail, Jul 09, 2008
Moderation bodes well for cottage-hunters - Why all the fancy cars zipping around cottage country? That's because young professionals make up the single largest group of those planning or considering a cottage purchase (19%), according to a 2008 Royal LePage Recreational survey released this week. And what a hot time to purchase. Echoing the trend in Canadian cities this year, the recreational property market is returning to a more normal state, with price increases moderating compared with the frenetic pace of 2007.
Canada.com, Jul 10, 2008
Real estate deals open to more scrutiny - Since Sept. 11, 2001, the world and our civil liberties have never been the same, and now Realtors and their clients are being targeted. After years of national and international deliberation, a new bureaucracy has been born: the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Its mandate is to prevent money laundering and terrorist financing by tracking the flow of money; by snooping on what FINTRAC refers to as "high-risk industries," including real estate.
Prince George Citizen, Jul 09, 2008
Baker Real Estate Partners with Peerage Realty - Baker Real Estate Corporation has partnered with Peerage Realty of Toronto, as part of an innovative new national real estate industry partnership. Chestnut Park Real Estate was the first to partner with Peerage in 2007. Baker, as the second major firm to partner with Peerage, is the marketing and sales company of choice in the new condo and home market, with such prestige properties as 1 Bloor in Toronto, the Toronto International Film Festival Tower condominium and the Ritz-Carlton.
Canada News Wire, Jul 10, 2008
Canada's housing market continues to cool - New house prices rose in May at their slowest pace in almost six years, a further sign that Canada's real estate market is cooling, particularly in Alberta and British Columbia. Prices rose 4.1 per cent in May from a year earlier, down from 5.2 per cent in April and the weakest since the 4 per cent registered in July, 2002, Statistics Canada said Friday. On a monthly basis, prices remained unchanged between April and May.
Globe and Mail, Jul 11, 2008
U.S. foreclosure filings up 53% in June - U.S. foreclosure filings increased 53% in June from a year earlier and bank seizures rose the most on record as deteriorating property values and higher rates on adjustable mortgages forced more people to give up their homes. More than 252,000 properties, or one in 501 U.S. households, entered a stage of the foreclosure process, RealtyTrac Inc. said yesterday in a statement. Bank seizures rose 171%, the most since the company began tracking statistics on default notices.
Globe and Mail, Jul 11, 2008
Calm urged as U.S. home lenders spiral - Top U.S. government officials rushed to reassure investors yesterday that mortgage giants Fannie Mae and Freddie Mac are financially sound amid persistent fears that another major financial institution may soon go bust. U.S. Treasury Secretary Henry Paulson acknowledged that Fannie Mae and Freddie Mac – the two largest mortgage finance companies in the United States – are going through “challenging times.”
Globe and Mail, Jul 11, 2008 Globe and Mail, Jul 11, 2008 Wall St. Journal, Jul 11, 2008 Commercial Property News, Jul 11, 2008
30-year mortgage rates drop to 6.35 per cent - Rates on 30-year mortgages, which had been rising for five straight weeks, posted a decline this week as signals from the Federal Reserve eased worries about imminent rate increases. Freddie Mac, the mortgage company, reported yesterday that 30-year fixed-rate mortgages averaged 6.35% this week. That was down from 6.45% last week, which had been the highest level since last September. The decline pushed the rate to its lowest level in three weeks but it remained above 6%.
Toronto Star, Jul 04, 2008
Which is best investment — Sunbelt condo or vacation fund? - When America’s housing crisis began to take shape, Warren Hope wondered how it could help his golf game. Mr. Hope, a Saskatchewan-based financial planner for Rice Financial, knew his friends were jumping into the Arizona real estate market to take advantage of depressed prices to snap up vacation properties. But it all sounded too easy, so he took a sideways look at his alternatives. His conclusion? You’re better off putting your boring old mortgage money into a fancy vacation fund.
Globe and Mail, Jul 07, 2008
Single mom should refinance mortgage - In Ottawa, a health care administrator we'll call Karen, 52, has been separated for a year. Her job pays her $79,457 before taxes, a good salary, but not a lot with which to help two children ages 16 and 21 with their university educations and to plan her own retirement. Facelift asked certified financial planner Frank Wiginton of TriDelta Financial Partners in Toronto to work with Karen to develop savings and investment plans that will add to her income and security.
Globe and Mail, Jul 07, 2008
Paulson says some blame lies with U.S. borrowers - U.S. Treasury Secretary Henry Paulson said yesterday that home foreclosure starts may hit 2.5 million this year, many of them the borrowers' own fault for taking out loans they couldn't afford. He said flatter sales of existing homes in recent months implied some stabilizing in home-buying demand but warned foreclosures stemming from a housing correction that began in 2006 likely will continue for some time.
Globe and Mail, Jul 09, 2008
Mortgage wisdom - During the continuing drama of the U.S. subprime mortgage meltdown, CMHC has appeared oblivious to its lessons. It insures mortgages where home-buyers borrow the entire purchase price. It insures mortgages that are amortized over as long as 40 years. And when former Bank of Canada governor David Dodge chastised CMHC for this approach, arguing that interest-only mortgages drive up prices and inflation, its officials disregarded his warnings.
Globe and Mail, Jul 11, 2008
ING pulls plug on 40-year products - ING Direct Canada has become the first domestic lender to officially pull the plug on controversial 40-year mortgages following the federal government's surprising decision to tighten mortgage rules. The online bank – owned by Dutch financial services giant ING Groep NV – said yesterday it is scrapping without delay its 40-year amortization product as a matter of principle.
Toronto Star, Jul 11, 2008
Glut of listings chills torrid Sask. housing market - crea.ca - The mercury might be rising in Saskatchewan lately, but the housing market is showing distinct signs of cooling down, industry observers say. Amid a booming economy, house prices in Saskatchewan grew about 32% last year and are projected to grow another 20% this year. That's expected to be the biggest rise in Canada. However, there has been an "unprecedented" number of houses going on the market in Saskatchewan in recent weeks.
CBC.ca, Jul 04, 2008
Condos drive building starts in June - Home prices in Canada are no longer soaring, but somebody had better tell the builders that the market has cooled off. Housing starts scheduled for release today are forecast at an annual rate of 217,000 in June, compared with 221,300 in May, according to a survey of economists by Bloomberg. The strength is entirely attributable to condominium developments, as single-family starts are down 11 per cent so far this year.
Globe and Mail, Jul 09, 2008 Report on Business, Jul 09, 2008 Market Wire, Jul 09, 2008 Financial Post, Jul 09, 2008
Sales figures may be warning signs of slowdown - With the state of the U.S. economy steadily growing more desperate, market analysts and economists are increasingly contemplating the possibility of Southern Ontario's economy being dragged into a recession. The recession south of the border has been caused primarily by the suicidal dispensation of billions of dollars worth of mortgages to people with no hope of paying them back — known as "subprime" lendees for their lack of down payments, stable incomes or decent credit ratings.
Globe and Mail, Jul 04, 2008 Toronto Star, Jul 04, 2008 CBC.ca, Jul 04, 2008
Ottawa housing prices up 7% - The average price of a home in Ottawa is inching closer to $300,000. According to the Ottawa Real Estate Board, the average price of residential properties, including condominiums, was $298,484 last month, an increase of seven per cent over June 2007. The average price is calculated based on the total dollar volume of all properties sold. The average cost of a bungalow last month was $281,171, compared to $265,032 the same month last year.
Ottawa Citizen, Jul 09, 2008
GTA Resale Housing More Balanced in June - The trend toward more balanced market conditions continued in June with 8,600 properties changing hands. It is important to note that in this release you will also find market numbers specific to the resale housing activity in 2006 and 2007. This comparison is provided to help present a more accurate perspective of the resale housing market of 2008. At $395,866, the Greater Toronto Area average price for last month increased by four per cent compared to June 2007 when it was $381,963.
Market Wire Canada, Jul 09, 2008
Barratt says UK private home sales down - Barratt Developments PLC on Thursday reported a 43 per cent drop in sales of private homes in the first half of the calendar year, and said it expects to lay off 1,200 employees amid Britain's contracting housing market. Barratt, the fifth major British home builder this month to report a drastic drop in demand, said total completions fell 13.8 per cent in the year ending June 30 on a like-for-like basis, with private completions down 18.4 per cent.
Globe and Mail, Jul 10, 2008
|
Renovation, Repair and Maintenance |
|
Consider new products for that new deck - Now that summer's here, many homeowners are thinking about new decks, which are great additions to any living space. Before you start looking for a contractor, however, you need to make a call to your local building authority. There's a good possibility you will need a permit for your deck — especially if it's attached to your house or above a certain height. And, obviously, you don't want to put out the money for a new deck and then have to take it down.
Globe and Mail, Jul 04, 2008
Breathing life into cottage country - Rowney and his wife, Win, live just around the corner on Georgian Bay from the renowned Killbear Provincial Park near Parry Sound. They are part of a wave of cottagers who have moved, or are moving, from city life to become permanent residents of their cottage property. These retirees, still active and energetic, are bringing with them expertise, leadership and even investment potential to offer to the communities which are becoming their new homes.
Toronto Star, Jul 07, 2008
Home office write-off? - If you're concerned about spending too much to turn your den into a home office, remember that some of the expense can be written off. But make sure you have all the facts. Chartered accountant Jasmine Rauh-Munch cautions about crossing the taxman's fine line: "If the renovation improves the value of your home, then you can't deduct the costs. But if it's creating a home office out of existing space, and painting, adding furniture, but not improving the value of the house, that's deductible."
Toronto Star, Jul 07, 2008
How to find good help with reno - DIY television shows, magazines and books have gone a long way toward teaching the average homeowner how to fix and fluff the home – and that's a good thing. Sometimes, though, the average homeowner just doesn't have the time, energy or skill to tackle certain home improvement jobs. Fortunately, good home help isn't hard to find, either online, in-store or in the old-fashioned form of a skilled specialist who will come to your home.
Toronto Star, Jul 07, 2008
Small space? Dare to pare - When we bought our sweet little handyman special 13 years ago in the Beach area, one tiny main floor room defied definition. It was supposed to be a breakfast nook, but a fair-sized dining room eliminated that need; and it was too far from the pint-size living room or the strangely narrow kitchen to benefit either room by incorporation. Since we didn't have the budget – or the desire – to blow out the entire main floor, I was left with the problem of the "den."
Toronto Star, Jul 07, 2008
The hard facts of wall care - There are reasons your contractor may have to rebuild a brick wall — maybe there's been a problem and the exterior brick has had to be removed for the repair, or if you've done an addition and you want to match it to the existing brick house. Sometimes, if a brick wall is weakening you'll see signs that it is uneven or pulling away from the framing behind it. If that's the case, it will have to be rebuilt. I can't say it often enough: make sure you check references.
Globe and Mail, Jul 11, 2008
Coming back from an icy deluge - They had called their Georgina Island cottage their "tropical island." It was where Calvin Liu and Mark Oliver retreated every summer to leave the worries of the city behind. But then the ice hit, destroying their lakeside idyll — and all thoughts of escape. It happened one night in April, and with startling speed, according to neighbour Bill Linders, who with his wife, Charlotte, witnessed the destruction from the safety of their home next door.
Globe and Mail, Jul 11, 2008
'Pink bucks' not the only benefit of energy audit - Our national currency is multihued, of course, but I predict that it's only a matter of time before the hot pink of batt insulation becomes synonymous with government grant money. On Jan. 1, the government, through Natural Resources Canada (NRCan), began handing out grants to homeowners who, as well as implementing other retrofits, bump up their homes' insulation. When I learned of this initiative, I envisioned an orgy of pink insulation getting stuffed into homes across the land.
Globe and Mail, Jul 04, 2008
Not all buildings as green as they look - Just because your building is new, it doesn't mean it's energy efficient. Buildings that are constructed to hit current code standards often fall short environmentally. Builders aren't inclined to invest this extra money, and they don't feel they can pass that cost on to buyers. This is why the Toronto Atmospheric Fund developed the Green Condo Loan, a specialized loan paid back by the condo board, not the builder.
Toronto Star, Jul 07, 2008
Be green around the house this summer - Ah, summer. The gentle season of swimming pools and sunburns, cool salads and salmonella, patios and insect repellent. Though these are fantastic months to lounge around at barbecues and to escape the heat inside an air-conditioned refuge, there's a downside: it's high season for energy and water use. With the spike in oil prices, it's time for consumers to pay a little extra attention to how and when they use resources around the house.
Globe and Mail, Jul 11, 2008
You can make 'em like they used to - When Todd Hanson began dreaming of building a cottage, two things soon became certain: the place would be next to a sparkling lake in Muskoka and it would be sturdy timber frame construction. That was 2 years ago, and Hanson, a 39-year-old chartered accountant, has yet to find the perfect spot for the bungalow-style cottage he hopes to erect for his wife, Sandra, and their two sons. However, Hanson feels he now has the skills to build his dream home after taking hands-on training this spring in timber framing.
Toronto Star, Jul 09, 2008
A feast for the feet - Walkability. Sometimes it's planned in cities but more often than not it's something that evolves organically over time. These days, it's always on the lips of urban planners and aficionados. Most North American cities have walkable neighbourhoods in their cores; a few lucky ones have suburban areas fit for the flâneur. I've always thought that our own Don Mills, planned by Macklin Hancock as a "new town" in the early 1950s, is as flâneur-friendly as the Annex or Cabbagetown.
Globe and Mail, Jul 04, 2008
Toronto's eastern suburbs tout affordability - By any measure, Durham Region remains the last bastion of affordable new detached homes in Greater Toronto. Beginning 2006, it appeared that the sprawling tract communities of Whitby, Ajax, Pickering, Oshawa and Clarington were rapidly catching up with the more desirable suburban developments of Markham, Richmond Hill and Oakville. Once thought of as locations of last resort for buyers who wanted to obtain a decent-sized house at a 15% discount from those in more established communities.
Globe and Mail, Jul 11, 2008
Farmhouse in Cevennes mountains built around old sheep fold - Recalling the days when shepherds roamed the area, this historic farm in the south of France sits at an altitude of about 2,600 feet on the edge of the Cevennes mountains, and includes a main house that's a restored sheep fold. Located in Alzon, 80 kilometres north of Montpellier, the 29-hectare estate is now being used as a horse farm. The main house is 2,900 square feet and was restored using just wood and stone to maintain authenticity.
Globe and Mail, Jul 04, 2008
Closing dates you can take to the bank - tarion.com - On July 1, Tarion Warranty Corp. introduced a completely new set of rules and procedures for delayed closings of freehold homes and condominiums purchased from builders. According to Howard Bogach, Tarion's recently appointed president and CEO, the updated warranty is intended to protect new-home buyers from the impact of delays in the closing of their purchases.
Toronto Star, Jul 07, 2008
Water damage from shower a simple fix - Q: How should water damage be repaired in our brand new home? Lack of caulking in the shower led to a leak, causing a couple of five-centimetre by five-centimetre stains on the ceiling below. Our builder says that repainting will solve the problem. Should I go to Tarion about this? A: Sorry to hear about your trouble, though I think it can be fixed simply. Small flaws of the sort you're experiencing are not unusual in new homes.
Toronto Star, Jul 07, 2008
Cottage country woes: B.C. - Jim Williamson is getting too wet to chat for long. He is aboard his newly acquired 61-foot yacht, casting off from the Washington coast for Port McNeill, where he owns a 3,400-square-foot mansion on a secluded north Vancouver Island property. His house there looks out on some of the world's best salmon-fishing waters, but this may be one of his last trips to a place he calls paradise. Mr. Williamson recently put his house on the market for a cool $1.95-million.
National Post, Jul 07, 2008
Stars not immune to real-estate meltdown - Tabloid magazines like to reassure us that celebrities are just like us - they go grocery shopping, take their dogs for a stroll around the neighbourhood, even pump their own gas. These days, that can also hold true when it comes to the plummeting real-estate market. Several celebrities have dealt with foreclosure troubles on their luxurious estates and many more have had to drop their asking prices, putting some high-profile faces on a growing problem.
Globe and Mail, Jul 10, 2008
Free car with your new home - Forget slashing the asking price, offer a free car instead. This is the approach that a developer in Newquay is hoping will help him to beat the sales slump as he tries to sell 65 flats. Another developer is simply threatening to sue buyers who pull out of purchasing luxury flats in a £25 million development in Plymouth. The increasingly desperate measures being employed by housebuilders to sell their properties reflect the dire state of the housing market.
London Free Press, Jul 10, 2008
The anti-Kits draws an eager buyer - Of all the streets in Vancouver, none draws young hipsters and heritage home-seeking yuppies like Main Street. At one time, it was a neglected and rundown east-side neighbourhood. Today, it has become the place to buy. Depending on condition and lot size, the average cost for a family home is in the $700,000 range, says Ms. Hill. "And we're now seeing prices over $1-million. I remember when we were floored, not so long ago, when a house sold for $500,000."
Globe and Mail, Jul 11, 2008
Luxurious digs in a blue-collar context - Several years ago, I paid a call on theatrical producer David Mirvish, son of Toronto entrepreneur Ed Mirvish, at his loft on King St. W. Mr. Mirvish was then using this industrial space, atop one of his enterprises, to display some of the large abstract paintings he had gathered during his years as one of Toronto's leading art dealers. The canvases were interesting, but what really impressed me was the loft. It was the kind of place that artists and many other downtown-dwellers dream of having.
Globe and Mail, Jul 11, 2008
Brotherly love lost in bitter battle over island - When Gordon Brandon bought a six-acre island in Georgian Bay, north of Barrie, Ont., in 1946, he hoped it would remain in the family forever.But today Brandy's Island, near the resort area of Honey Harbour, has been locked in a feud between Mr. Brandon's sons, Gordon and Jim, that has turned into a legal quagmire and put control of the island in doubt. The brothers live a few metres from each other on the island, and each has a business there.
Globe and Mail, Jul 04, 2008
A gardener's paradise lost on Vancouver Island - The immaculate garden that Luanne and Don Palmer spent 40 years creating was so picturesque that tour buses often stopped outside their home, in the village of Lake Cowichan on Vancouver Island, so tourists could take snapshots. But when Mrs. Palmer looked out her window yesterday, it wasn't to admire the sweeping green lawn her husband manicured, or the carefully pruned row of 20 poplars that in bloom seemed like giant white ice cream cones.
Globe and Mail, Jul 04, 2008
Reason expected to trump passion this summer - Real estate broker Anita Latner has a five-bedroom log cottage for sale on the south shore of Lake Muskoka. With five acres of land, 217 feet of shoreline and "sun all day," it's listed at $2.1-million. But it seems plenty of potential cottage buyers are worried about the price at the pump — along with increasing traffic congestion, a slumping real estate market in Toronto and other cities, and the general health of Canada's economy.
Globe and Mail, Jul 04, 2008
The backyard as holiday getaway - A North Toronto couple with a yen for Zen didn't have a crystal ball when they spent $250,000 to turn their backyard into a Japanese paradise almost 20 years ago. They didn't divine today's snarled weekend traffic and high gas prices — they just worked long hours and had no time to travel to cottage country. But looking back on it, they may have been onto something. Indeed, investing in the backyard has become a very viable alternative to owning a summer vacation property.
Globe and Mail, Jul 04, 2008
Development needs to reflect new social fabric - The poor suburbs! For generations, Hollywood and the "snobocracy" have portrayed North American suburbia as so much mass-produced alienation and white-bread conformism. A newer fable, reinforced by lurid news reports in the media, has it that whole swatches of suburbia are infested by violent gangs. Though these visions are obviously at odds with one another, they have nevertheless combined to give rise to a popular notion of suburbia as toxic and inhuman.
Globe and Mail, Jul 04, 2008
Requisition must state reason for removal - Q: Directors are required under the Condominium Act to act honestly and in good faith. Does failure to do so or any other breach of the act constitute reason for removal? A: Owners of 15% of the units are entitled to requisition an owners' meeting to vote on the removal of one or more directors. The requisition must state the reason for removal, but the Act does not give any guidance in that regard.
Toronto Star, Jul 07, 2008
Reason expected to trump passion this summer - Real estate broker Anita Latner has a five-bedroom log cottage for sale on the south shore of Lake Muskoka. With five acres of land, 217 feet of shoreline and "sun all day," it's listed at $2.1-million. But it seems plenty of potential cottage buyers are worried about the price at the pump — along with increasing traffic congestion, a slumping real estate market in Toronto and other cities, and the general health of Canada's economy.
Globe and Mail, Jul 07, 2008
Adequate housing a human right, report states - Focusing on housing as a human right, the Ontario Human Rights Commission released an exhaustive report to address and deal with issues of discrimination faced by tenants in rental housing across the province. The report entitled “Right at Home” was developed after a year of public meetings and written submissions from hundreds of individuals and organizations. Throughout the consultative process, which spanned across four cities.
Toronto Star, Jul 09, 2008
The backyard as holiday getaway - A North Toronto couple with a yen for Zen didn't have a crystal ball when they spent $250,000 to turn their backyard into a Japanese paradise almost 20 years ago. They didn't divine today's snarled weekend traffic and high gas prices — they just worked long hours and had no time to travel to cottage country. But looking back on it, they may have been onto something. Indeed, investing in the backyard has become a very viable alternative to owning a summer vacation property.
Globe and Mail, Jul 10, 2008