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National & International Real Estate News - Updated Weekly
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| Canadian home sales sink 30% The Canadian housing market stalled in July, with the average resale price falling 3.5 per cent as sellers found far fewer buyers willing to step into the market. The average resale price nationally was $330,351, according to the Canadian Real Estate Association. In June, the price was $342,662. Meanwhile, the number of sales compared to July, 2009, fell by 30 per cent. Globe & Mail Mon Aug 16 2010 - National Post |
| HST has greater impact than interest rates, says survey A survey conducted by Royal LePage Real Estate Services says that people in Ontario and B. C. have misconceptions about how the Harmonized Sales Tax (HST) affects real estate transactions. When respondents were asked to provide examples of comments heard from buyers and sellers regarding the HST and its effect on the housing market, almost half of the comments indicated that confusion about HST remains more than one month after its introduction. REM Online Mon Aug 16 2010 - Canada News Wire - Globe and Mail - Financial Post |
| Health Canada studies home air quality Health Canada is studying air quality and pollution in homes across Canada, including 50 randomly chosen in Edmonton. With the help of a research team from the University of Alberta, the homes are being checked for a range of indoor pollutants, including dust, smoke and chemical levels. Early results show carbon monoxide levels in the Edmonton homes are within the normal range. CBC Tue Aug 17 2010 - Edmonton Journal |
| Toronto condo market hits down button The developer thought it was a brilliant idea: Build a penthouse on top of an existing condo building in a chic Toronto neighbourhood to take advantage of the city’s insatiable lust for expensive real estate. For $1.8-million, the new owner could walk into a brand new, 1,800-square-foot condo designed to her specifications. That was the idea, anyway. But the listing hit the market in February ... Globe and Mail Mon Aug 16 2010 |
| TD forecasts 10% drop in home prices Canada’s real estate market is due for a “moderate correction” with homes that are anywhere from 10 to 15 per cent overvalued. “The excessive pricing of Canadian housing in relation to fundamentals is now clearly correcting,” TD Bank economist Grant Bishop. The bank is forecasting a “downward correction of 10 per cent in monthly average prices, followed by several years of stagnation of price growth,” according to Bishop. Your Home Tue Aug 17 2010 |
| Bedbug remedy not just hot air As Toronto’s battle of the bedbug intensifies, an unusual extermination technique has emerged: bug baking, or death by heat. And with it, two approaches have developed. On one hand, there are pest control professionals like Dan McCabe. On Monday, he stood in an infested Etobicoke apartment, the room temperature a scorching 50C. Toronto Star Tue Aug 17 2010 |
| Mike Holmes: Goad the building code I often get asked why, when we know how to build things better, we don’t change building code to require it. That’s a good question. Why, when we know certain standard building methods and materials will lead to problems in a home, do we still keeping using them? First, we need to understand building code. Basically, it’s a set of rules that have developed to govern the way houses are built ... National Post Tue Aug 17 2010 |
| U.S. home foreclosures surge The number of U.S. homes taken back by lenders surged in July, foreclosure listing firm RealtyTrac Inc. said Thursday. The firm said lenders repossessed 92,858 properties last month, up nine per cent from June and an increase of six per cent from July 2009. The backlog of U.S. mortgages in default is so great banks are reluctant to add to the glut of foreclosures on the market. CBC Thu Aug 12 2010 - Toronto Star - National Post |
| U.S. targets mortgage market reform With the legislative overhaul of Wall Street finished, the Obama administration is preparing to take on an even greater challenge that it can no longer avoid: finding a new way to underwrite the American dream. Treasury Secretary Timothy Geithner will assemble a dozen specialists this week for a major conference to help determine the future of the government-backed housing enterprises commonly known as Fannie Mae and Freddie Mac. Globe and Mail Mon Aug 16 2010 - National Post |
Market Conditions | Introducing the Plunge-O-Meter tax-defeater Brian Ripley’s “Plunge-O-Meter” records Vancouver’s price peak in April at $818,403. It records the price three months later at $793,193, a decline of $25,210. For Mr. Ripley, CEO of the Vancouver real estate firm Oakes Ripley & Associates, this modest depreciation (3.1 per cent) marks the beginning of a long deleveraging process that could take Vancouver’s SFD price back down to $503,141, the level it was at five short years ago. Globe and Mail Mon Aug 16 2010 |
| Making sense of housing statistics As the old saying goes, there are lies, damned lies, and then there’re statistics. Preparing for a BNN interview earlier this week where I was to provide instant reaction to the monthly release of the housing starts data by Canada Mortgage and Housing Corp., it occurred to me that homebuyers face a continuous barrage of statistical information which can be downright confusing. Your Home Fri Aug 13 2010 |
| Unemployment drives more U.S. home sellers to cut price - Trulia Owners cut prices on one-quarter of U.S. homes listed for sale in July, a fourth straight monthly rise, as job market fallout trumped record low mortgage rates, real estate website Trulia.com said on Wednesday. Sellers in the 50 largest cities slashed $30.1 billion from prices on houses on the market as of August 1, up from $27.3 billion in the prior month. Reuters Wed Aug 11 2010 - Financial Post |
| U.S. Homebuilder Confidence Unexpectedly Drops to Lowest Since March 2009 Builders in the U.S. unexpectedly turned pessimistic in August, a sign the expiration of a government tax credit will keep depressing home construction. The National Association of Home Builders/Wells Fargo confidence index dropped to 13 this month, the lowest level since March 2009, from 14 in July, data from the Washington- based group showed today. Bloomberg Mon Aug 16 2010 |
Mortgage and Finance | Mortgages a tricky, scary business One of the greatest days in my life came a few months ago when I made my final payment and discharged my mortgage, a mere 22 years, three jobs and one career change after buying my house. No matter how you slice or package it, getting a mortgage can be a tricky and scary business. There are multiple mortgage options available, and for most people a mortgage is the single largest piece of debt ... CBC Fri Aug 13 2010 |
Renovation, Repair and Maintenance | Robin's Nest: Reconfiguring the bones of an old house When designing a new addition to an old home, aesthetic considerations are only part of the puzzle. Forcing a contemporary design into an atmosphere of existing traditional architectural details is not my preferred way to approach a renovation. I’d rather take the pulse of the old structure and create a blended style that makes a graceful transition between old and new. Your Home Tue Aug 17 2010 |
| People underestimate the importance of decorating People underestimate the importance of decorating. As modern people, we are perfecting the art of alienation. A troubling fact: In North America and Western Europe, we’re wealthier than we’ve ever been, and yet we have high depression and suicide rates. How can that be? I’d hazard a couple of guesses: In many of our big cities and suburbs, we tend not to know our neighbours; our environments are .... Globe and Mail Fri Aug 13 2010 |
Construction | From foundation to finished in just five days Construction crews raced the clock this week to erect a 2,300-square-foot house in just five days. Halminen Homes president Hannu Halminen and his executive vice president Ryan Holland threw down the challenge to their staff, trades partners and suppliers as a fundraising event for Bowmanville Memorial Hospital’s new $1.3 million new critical care unit. Your Home Mon Aug 16 2010 |
| Ontario retreats for city folks Though I am not one of them – I always opt for holidays in another city, preferably far away – I know that the vacation dream of a great many Torontonians involves having a perfect house in Ontario’s getaway country. But the demand for such places on or near our sparkling northern lakes is high, and the supply is scanty and costly. It’s not surprising, then, that some enterprising entrepreneurs ... Globe and Mail Fri Aug 13 2010 |
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