Mortgage insurance needs to be returned to roots Mortgage insurance is on its way to being mortgage insurance once again.No longer should it be boat-loan insurance, or vacation-funding insurance, backed by the Canadian taxpayer. The package of mortgage reforms unveiled by the federal government Monday goes some lengths to ensuring that’s true, but there’s more that can be done. Globe and Mail2011-01-18 Debt fears overblown, says mortgage industry Faced with new rules from Ottawa, the Canadian mortgage industry has struck back with a report it says shows that Canadians continue to be "highly prudent" when it comes to their loans. The Canadian Association of Accredited Mortgage Professionals said its data shows the vast majority of borrowers have left themselves plenty of room to absorb any interest rate shocks and it wondered about the need for new rules. Financial Post2011-01-19- Globe and MailFlaherty tightens mortgage taps Federal Finance Minister Jim Flaherty unveiled three mortgage rules: The maximum number of years the government will back a mortgage was lowered from 35 to 30. The upper limit that Canadians can borrow against their home equity was lowered to 85 per cent from 90 per cent. Government insurance backing on home equity lines of credit, or HELOCs, has been removed. CBC News2011-01-17- Globe and Mail- Toronto Star Winnipeg set to be hottest housing market Forget Vancouver or Toronto. Winnipeg is poised to be Canada's hottest housing market this year. In fact, 2011 is shaping up to be the year of the mid-sized city with St. John's, Fredericton, Regina and Saskatoon also enjoying some of the strongest price increases in the country. A lot of first-time buyers are already being priced out of large urban centres. Globe and Mail, January 7, 2011 New mortgage rules: how you might lose out Joe is retired, 77 years old, living off small savings and government pensions. Joe also happens to live in a $1-million house with no debt. He and his wife love the house, they have been there 40 years, and don’t want to move. He still remembers paying $100,000 for his house in 1971. Globe and Mail2011-01-21Building permits plunge 11% Statistics CanadaThe value of Canadian building permits unexpectedly tumbled 11.2% in November from October because of a decline in both residential and nonresidential projects, according to Statistics Canada data released on Monday. The sharp drop, the biggest since February 2009, surprised investors. Analysts in a Reuters poll had forecast a 0.5% increase in building permits in the month. Financial Post2011-01-10- Calgary Herald- CBC- ReutersPop goes the housing bubble At a recent dinner party with a group of fellow boomers, the conversation turned to our homes. Most of us live in relatively large ones on big lots, with all the attendant headaches. Our yard is graced with a dozen towering cedars that packed quite an appeal when we first saw them. They’re still beautiful, but also a royal pain. Globe and Mail2011-01-14Home sales down 3.9% in 2010 Existing home sales across the country finished down 3.9% in 2010 from a year ago as December sales continued the losing trend in the market, statistics from the Canadian Real Estate Association show. However, prices for the year remained relatively firm with the average home selling for $339,030 last year, up 5% from 2009. The Ottawa-based group said December 2010 sales were down 14.4% compared with a year ago, emphasizing that in 2009 sales set a record for the month. Financial Post2011-01-17- CBC- Globe and Mail Speaking to Architecture in Your Brand Statement Danish architect Bjarke Ingels recently popped up on a JWT Intelligence’s 100 Things to Watch in 2011, and it got me thinking: With the right market and the right site your architecture becomes much more than the building design of your project. It can be your brand statement. Read Sell the Truth by David Allison Cats now housebound in Oakville — or owners face fine Sylvester and Tweety almost got it right.In their cartoon world, the brainy yellow bird always outsmarts the puddy tat. In the real world, the cat kills the canary — and as many as one million birds daily in North America. This is causing a growing, sometimes violent, rift between animal lovers.The crucial question: Should cats, which are natural hunters, be allowed to freely to roam the streets? Toronto Star2011-01-21The multi-generational home makes a comeback Four-year-old Oliver Metropolis lives in an old Victorian home in Toronto with his mom and dad, his grandparents Susan and David Worts (a.k.a. Sunana and Bumpy), and his Aunt Rebecca. It can be chaotic, but everyone benefits, Ms. Metropolis says. “We have sit-down meals most nights and Ollie does little projects with every member of the household, from planting mustard seeds with Sunana to drawing with Aunt Rebecca.” Globe and Mail2011-01-21MP urges national effort against bedbugs Manitoba MP Pat Martin is asking Ottawa to step in and lead a national effort to wipe out bedbugs. Although nearly eradicated in North America 50 years ago, the growth of international travel and overuse of pesticides have given the pests a new lease on life. They have infested luxury hotels and shut down swanky clothing shops across the United States and are now infesting most major cities in Canada. Ottawa Citizen2011-01-12War on grow-ops in B.C. has unexpected casualties In the war on marijuana grow-ops, municipalities across the Lower Mainland are slapping homeowners – including those with no link to illegal drugs – with a hefty bill for an inspection of their property, saying the fees cover the costs involved.But those cost-recovery fees vary by thousands of dollars. In Mission, the bill for an inspection is $5,200, but Surrey assesses a fee of $3,200. Globe and Mail2011-01-12 Conservation Solutions For Managing Your Electricity Bills Hydro Ottawa has achieved industry leading conservation results over the past 4 years and will continue to work with their residential, commercial, institutional and industrial customers to implement the latest conservation and demand management (CDM) programs. We are honored to have Roger Marsh, Chief Conservation Officer, Hydro Ottawa as the keynote speaker at the Ottawa Better Building Breakfast on January 27th to talk about Hydro Ottawa's Conservation Solutions For Managing Your Electricity Bills. Don't miss it! Register today. U.S. housing starts stuck at 50-year lows Builders began work last year on the second fewest number of homes in more than half a century, as the weak economy kept people from buying houses. Builders broke ground on a total of 587,600 homes in 2010, just barely better than the 554,000 started in 2009. Those are the two worst years on records dating back to 1959.
Decline in U.S. housing now greater than in Depression The meltdown of the U.S. housing market now has the ugly distinction as having eclipsed that of the collapse of the Great Depression. A new report from Zillow.com, a real estate site based in the United States, shows the peak-to-trough plunge in U.S. home values reached 26 per cent in November, down from the June 2006 high. That's a shade more than the 25.9-per-cent drop between 1928 and 1933. Globe and Mail2011-01-11Is it time to buy real estate in upstate New York? When Christine Marie started her search for vacation properties, she knew that buying something closer to her Mississauga home would be a bonus.But she didn’t figure on buying a home in the town of Ellicottville, across the U.S. border in New York state. While Florida and Arizona have gotten the lion’s share of attention from Canadians some buyers are searching much closer to home. Moneyville2011-01-17- Globe and MailU.S. banks repossess 1 million homes in 2010 The bleakest year in foreclosure crisis has only just begun.Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006. About 5 million borrowers are at least two months behind on their mortgages and more will miss payments as they struggle with job losses and loans worth more than their home's value, industry analysts forecast. Globe and Mail2011-01-14 - Barrons BlogAustralians lap up overpriced real estate at auctions Forget tickets to footy or cricket. The hottest spectator sport in Melbourne each weekend is free, and can usually be found on a stroll around the neighbourhood in search of one of the hundreds of real estate auctions being staged across the city. Free, that is, unless you are a bidder. In that case, you could end up paying dearly. Globe and Mail2010-12-28 Market Conditions Phil Soper, Royal LePage: 2010 Ends and 2011 Begins On Positive Note For Canadian Real Estate Thanks to low interest rates, and the knowledge that they can’t stay there forever, 2010 ended well for Canadian Real Estate, and more of the same is expected for 2011, according to the Royal LePage House Price Survey and Market Survey Forecast released today.2010, A Year of Real Estate In Review2010 has been a year that resembled an amusement park roller coaster ride, complete with twists & turns. Property Wire2011-01-07- CTV News- Edmonton JournalWhat's in store for real estate? 2010 was a good year for Canadian residential real estate, with double digit gains early in the year, then tapering to more modest gains in recent months. So whats in store for 2011? BNN speaks to Don Campbell, president, Real Estate Investment Network Globe and Mail2011-01-07Vancouver housing starts in 2010 nearly double Housing starts in the Vancouver Census Metropolitan Area (CMA) totalled 15,217 in 2010, up from 8,339 in 2009 and close to their 10-year average, according to a report released by the Canada Mortgage and Housing Corporation (CMHC) on Tuesday. Carol Frketich, an economist with CMHC, said the uptick in housing starts indicates a strengthening of Vancouver's real estate market and the economy at large. BIV Business2011-01-12Condominiums: Strong Favourite in the Montreal Area in 2010 A record number of condominiums were sold in the Montreal Metropolitan Area in 2010, according to the Greater Montreal Real Estate Board's provincial MLS system. The 12,668 condominium sales transactions represent a 7 per cent increase compared to the previous record set in 2009. Total residential sales in the Montreal area increased by 1 per cent in 2010 compared to 2009, making 2010 the second best year on record in sales. Market Wire2011-01-19Calgary home sales slump worse than national average: StatsCan The pace of growth for total residential MLS sales in Calgary, as well as the average sale price, came in lower than the Canadian average in 2010.Statistics released Friday by the Canadian Real Estate Association showed Calgary's average price, for all residential properties, was $398,764 for the year, up by 3.3 per cent from 2009. Calgary Herald2011-01-14- Calgary HeraldToronto’s poor concentrated in aging highrises They rise up among the postwar bungalows of Toronto's inner suburbs. Towering buildings that house hundreds of thousands of the city's poorest people. These apartments are often the first home for those who came to this country looking for a better life. Once built to house modest-income and middle-class families, these aging highrises have increasingly fallen into disrepair and become rife with problems. Toronto Star2011-01-12 Mortgage and Finance Will mortgage rules add chill to a cooling market? Just a few days ago economists gushed that the Canadian housing market had achieved a soft-landing - cooling off without crashing and returning to relative normalcy after a year of explosive growth.That hasn't stopped the federal government from stepping in to make sure it stays that way. Changes to the mortgage rules - including a move to maximum 30-year amortizations instead of 35 years, and caps on home equity borrowing - will squeeze more marginal buyers out of the market. Globe and Mail2011-01-17Mortgage rules could move up home buying The Canadian Real Estate Association is concerned that changes to mortgage rules will force Canadians to buy homes through the traditionally slow winter market rather than waiting until the spring. The federal government said that in 60 days, Canadians will no longer be able to obtain mortgages that have an amortization period of longer than 30 years. Globe and Mail2011-01-17Why one mortgage broker backs the crackdown on debt Thanks, Jim Flaherty, we needed that.It’s surprising to find positive reviews from mortgage brokers for the federal Finance Minister’s efforts to curb growth in household debt, given that home sales are bound to suffer. But brokers have a close-up view of borrowing patterns and what they’ve been seeing suggests we do, in fact, have a debt problem that requires action. Globe and Mail2011-01-18U.S. lawmakers must reform mortgage subsidy program Could the U.S. government stop subsidizing mortgages altogether? Probably not in real life. But that is where the debate over reforming Fannie Mae and Freddie Mac, as well as righting the public-private sector balance in housing, should begin. This unlikely dream imagines the government out of the business of guaranteeing housing finance within 10 years. Financial Post2011-01-05Judges target bank lawyers in U.S. foreclosure mess With judges looking ever more critically at home foreclosures, they are reaching beyond the bankers to heap some of their most scorching criticism on the lawyers.In numerous opinions, judges have accused lawyers of processing shoddy or even fabricated paperwork in foreclosure actions when representing the banks. Globe and Mail2011-01-11Renovation, Repair and Maintenance Pillar To Post Professional Home Inspections Top Performer Canadian Real Estate Magazine (CRE) announced today that Pillar To Post Professional Home Inspections was the overwhelming choice in its home inspection award. The magazine's Readers Choice Award recognizes real estate professionals in 16 categories, selecting winners based on reader nominations. Canada News Wire2011-01-05Condo reno? Talk about diminishing returns We live in the generation of the renovation. Granite countertop upgrades, hardwood-floor installations, a wall removal here, some feng shui there. There are so many television shows centred on renovations that you might start to feel abnormal if you aren't doing something to your home. Then again, with so many people living at or beyond their means, why would you want to be normal? Globe and Mail2011-01-11Taxes and Utilities Manitoba: Carbon monoxide detector law will only apply to new construction The Manitoba government will not be requiring all existing homeowners to install carbon monoxide detectors.Although several media reports over the past week have suggested the government will pass a new regulation requiring all existing homes to install CO detectors by April 1, Manitoba's provincial fire commissioner confirmed the rule will only apply to new construction or to homes undergoing major renovations. Winnipeg Sun2010-12-29Supreme Court rules hydro usage not protected by Charter rights The Supreme Court of Canada has written the final chapter in a case which raises important issues about the protection of our privacy rights, which are safeguarded by the Charter of Rights and Freedoms. The figure at the centre of the case is Daniel James Gomboc, who owned a home in southwest Calgary. Globe and Mail2011-01-07Only blower test shows if theory holds air Exactly one year from today, the world of homebuilding in Ontario will change dramatically. That’s when new building code legislation comes into effect, and though the intent is to greatly increase the energy efficiency of new homes, the actual outcome depends on your ability as a new homebuyer to ask about and respond to an obscure but crucial technical issue. Your Home2011-01-03Construction Building her way to the top I don’t mean to ruin your holiday cheer, but how much did you spend on Christmas. It can never be said about Linda Mitchell that she took the short, easy road to success. From a starter office gig following high school right up to one of the top jobs in Toronto's development industry, Mitchell has done it all. And done it better than most. Your Home2010-12-28Clouds darken over new home construction The threat of higher interest rates and record levels of household debt have taken a bite out of Canada’s new home construction sector, with a sharp drop in new housing starts foreshadowing an underwhelming year of growth. Canada Mortgage and Housing Corp. said starts fell 13 per cent in December, pulled lower largely by a 45 per cent drop in condo construction in Ontario. Globe and Mail2011-01-12Innovative Canadian hardware brings lumber into view Canadian winters are, typically, over-long and under-lit so it’s natural that we’re drawn to the comforts of the hearth. Fifteen years ago, my family and I had house guests from Switzerland for a few days and the experience helped me realize how little homage Canadian home design usually pays to a resource that’s abundant here, yet rare in most other parts of the world. Your Home2011-01-14Mike Holmes: Solving the solvent problem If you’ve ever lived through a renovation, chances are you’ve seen and smelled some odd stuff being applied to the walls, floors and ceilings in your home. You probably never gave much thought to the adhesives, paints and solvents your contractor uses. And that’s not a big deal, because the products any sensible contractor would use in your home likely have been approved for residential use. National Post2011-01-17Cities, Towns and Urban Issues Condos are city-building by any other name The market may go up, it may go down, but highrise living isn’t going anywhere. In other words, the condo is here to stay. That’s the good news. The bad news is that throughout much of the GTA, massive residential condo complexes are going up in advance of the infrastructure — read transit — needed to support it. But that’s a topic for another day. Your Home2011-01-03Old neighbourhood school has changed Open boundaries and choice: For the past 35 years, those two concepts have been key components of Edmonton’s much lauded public school system. While all children are guaranteed places at their local schools, parents are free to register kids in virtually any school, in any specialized language, sports, arts or faith-based program they wish, regardless of postal code. Edmonton Journal2011-01-10Buying and Selling Twins bring real estate, reno know-how to fixer-uppers on 'Property Brothers' Most people wait until they're secure at work or settling down with a family to buy their first home, but Drew and Jonathan Scott were barely out of high school when they decided to take the plunge. The brothers bought a seven-bedroom house next to the University of Calgary that was hardly a dream home.The unpalatable decor didn't deter the duo. They moved in, got roommates and sold it a year later and made $40,000. Winnipeg Free Press2010-12-28SPIS forms are ticking time bombs Real estate boards and agents across the country continue to promote the use of the Seller Property Information Statement (SPIS), despite the fact that the disclosure form has resulted in an avalanche of litigation resulting from its widespread use and misuse. Proof of the litigation explosion comes in the form of a detailed analysis of every Canadian case on the SPIS, which I have just completed. Your Home2011-01-21Former pot houses growing problem for homebuyers It is a caveat homebuyers in Greater Toronto have become increasingly aware of in recent years. Nestled in among modifiers like "builder's dream" and "prime location," a short phrase informs potential buyers that the property used to house a marijuana grow-up. Legally, real-estate agents must include this information, but as the number of raided grow-ops in the city has climbed, so too has the number of listings with the unfortunate caveat that can dramatically affect the selling price. National Post2011-01-10Condo documents go electronic If you specialize in condo and townhouse sales, your life just got a whole lot easier. Brokers and agents know that the documents required in a condo or townhouse sale can stack up and be time consuming to manage. This documentation, referred to by such names as status certificates, strata documents or estoppel certificates, details the financial health of the building ... REM Online2011-01-17Other Top 10: The hottest real estate stories of 2010 Stories about buying and selling a house and the local housing market are among the best read stories on Moneyville. What interests readers most, are stories that help them understand the buying and selling process and how to avoid common mistakes. They are also interested in stories about buying U.S. sunbelt real estate and the ins and outs of buying a condo. Moneyville2011-01-03What owners can do if one turns out to be a hoarder The recent devastating fire on the 24th floor of a downtown Toronto highrise caused enormous damage and 1,700 people were homeless for days. The fire was apparently attributable to a hoarder of boxes and paper. We have been advised that we have a similar situation in one of our units. Is there anything in the Condominium Act that would assist the board in bringing the dangers to the attention of the unit owner? Your Home2011-01-03Mission homeowner fined $5,200 for growing cucumbers There's no way Len Gratto is paying a $5,200 fine to Mission city hall for growing cucumbers in his basement. Gratto - a 67-year-old who has lived for 30 years with his wife in their Mission home - says he's raring to join an imminent class-action lawsuit attacking the municipality's grow-op bylaw inspections. The Province2011-01-10West coast flavour to FIABCI’s Canadian executive International Real Estate FederationThree high-profile members of the British Columbia real estate profession are the newly elected executive of the Canadian Chapter of the International Real Estate Federation, which held its Annual General Meeting in Oakridge, Vancouver recently. Joining North Vancouver Realtor Dean Lapointe as 2011 chapter president is West Vancouver’s Calvin Lindberg as vice-president and Ursula Morel from Whistler as immediate past-president. REM Online2010-12-29 |