Real Estate News
It must have seemed like a good idea at the time: Not only could you get 100 percent financing for your home, you could do better -- 110 percent, 125 percent, and sometimes even more. If you bought or refinanced a $200,000 home you could borrow $220,000, $250,000, or perhaps a higher figure.
I just looked at some mortgage charts, data going back to August, 1998. I did this because the "Refinance Activity Index" maintained by the Mortgage Bankers Association reached its second-highest level ever. My thought was not "oh wow" but rather "oh when" did we see the highest level of refinance applications. It was weird. The date turned out to be October 9, 1998. Almost to the day three years ago, we saw a similar volume.
The Mortgage Bankers Association of America is expected to unveil a far-reaching, $58 billion real estate "economic stimulus" package at its annual convention tomorrow in Toronto.
You just got that phone call from your loan officer a few moments ago and you"re heartsick. You didn"t qualify for the house you really wanted.
A year ago at the New England Mortgage Banking Conference in Newport, R.I., Mark Bellenger predicted that by the end of the year, his firm would do its first true electronic closing. Not only has that seminal event not taken place, the president of Vested Technologies in Rocky Hill, CT, now says its "not even close to happening."
The last recession seen in the U.S. was in 1991, a decade ago. As a nation we"ve done so well for so long it"s sometimes hard to remember that prices can fall, people who don"t work for dot-coms can get laid-off, and the world is a dangerous place.
With the recent certification of the Elk Basin Federal Credit Union in Powell, WY, the little known Community Development Financial Institutions Fund has become a truly national program. It now has members in all 50 states as well as the District of Columbia, Puerto Rico and the U.S. Virgin Islands.
As economists and financial experts attempt to forecast what terrorists" attacks portend for the national economy, housing agencies and mortgage lenders were lining up to help preserve a bright economic future for home owning families.
Question: I plan on buying my first home sometime this fall and want to begin the process the right way. I have a friend who works for a bank who pre-qualified me for a mortgage of up to $350,000. He told me the total monthly payment would be somewhere near $2,800.
As if finding a mortgage isn"t difficult enough, imagine if your faith forbade purchasing a house with an interest-bearing loan? For Muslims, this is the quandary in which they find themselves if they desire to finance or refinance a house.
Searching for a mortgage is a complex process. As a borrower you want the lowest rate and best terms, but attaining such results is not easy. Do you go for a low rate and more points? No points and a somewhat higher rate? How about a loan with a higher rate but no costs at closing? And do you lock-in today or hope rates decline and "float" with the market?
For investors looking to pick up and rehab houses for quick resales, the rules in today"s tough market are very different from a few years back.
Residents in the rural areas may appreciate homeownership more than big- city counterparts. The U.S. Department of Agriculture reports that while America overall celebrates an all-time high 67 percent homeownership rate, in rural America, it stands at a whopping 75 percent.
The Federal Trade Commission has nabbed another web site operator who sold lousy credit repair advice and illegally promised "perfect credit...instantly."
A series of research papers by Canada Mortgage and Housing Corp. suggest that while housing demand and house prices will stay strong during the next two decades, demand for mortgage credit will show a substantial decline.
To help more moderate-income families become home owners, former HUD Secretary Henry Cisneros has called for higher FHA loan limits in high cost markets.
If the experts have said it once, they"ve said it a thousand times, but they can"t say it enough.
If you"re a wanna-be home owner who"s been waiting patiently for mortgage rates to slide just a little bit more, there"s bad news: Rates are not going down any further, says David Berson, chief economist at Fannie Mae.
With home buying and refinancing at high levels, checking credit reports should be on everyone"s list of financial obligations. Good credit can lead to a magical world of cheap rates and good terms, while erroneous credit reports can unfairly raise the cost of borrowing.
Could Fannie Mae"s controversial decision to allow some lenders to check just one credit bureau file on mortgage applicants -- instead of the current, mandatory three -- affect your ability to qualify for a home loan?
Your kids have been wonderful to you. Not much trouble, always did their chores and never fought. Much. But now they"re all grown up and are ready to take the next big step, buying a home. And they need your help.
The Federal Housing Administration is making it easier for home owners to refinance their government-insured mortgages.
I hear this often when discussing loan programs with clients, "David, there"s no prepayment penalty on this loan is there?" Usually, no, but there may be times when a prepayment penalty makes sense.
While the emerging softer economy suggests prudent financial behavior, more and more consumers from college students to home owners are giving in to easy credit, piling on debt and putting their homes in the line of fire.
Builders who penalize their buyers for not obtaining financing from their builder-operated mortgage affiliates are now on the radar screen at the Department of Housing and Urban Development, according to a top enforcement official.
With the holidays just around the corner, you better get busy shopping. Here"s a short wish-list of this years must-have gadgets and gizmos for the home. These modern gifts are sure to get your motor running while also enhancing the functionality and livability of your household.
In last week"s column, you read about the benefits and risks of owner-financed transactions from the seller"s point of view. This week we"ll examine how to structure an owner-finance offer from a buyer"s perspective and some tips on successful lease-purchase arrangements.
Can the mortgage market prevent the nation from falling into a recession?
Interest Rate Activity During The Past Week
A group of federal agencies says that while sub- prime loans -- financing to risky borrowers with high rates -- can be a "sound and profitable business," the same is not true with predatory loans, another form of high-cost finance that is often confused with sub-prime loans. And, say the federal agencies, they are going to try and stop sub-prime lending with new regulations.
The Federal Housing Administration"s main insurance fund is in the best financial condition ever, according to an audit by a respected accounting firm. But the Department of Housing and Urban Development"s own inspector general says otherwise.
I felt my stomach churn when, while applying for a home loan, the mortgage loan officer uttered those two dreaded words: "credit rating."
By the time you read this sentence of my column, another baby boomer will have turned 50 years old—it happens every seven seconds. The Baby Boomer generation makes up about 28 percent of the population and has some interesting statistics. According to BabyBoomerMagazine.com, this group has greater wealth than any other, controls 70 percent of the total net worth of American households, and accounts for 40 percent of total consumer demand.
Dallas/Ft. Worth, Texas Realtors are so up on their market that they even created a web site about it: www.DFWHousingFacts.org. The web site touts all the reasons the 4th largest metropolitan area in the U.S. is a great place to buy in today’s economic environment.
The real estate market is good. Rates are affordable. But what could happen in the marketplace if recession hit? In specific, what impact could the plethora of low down payment loans, some made to high-risk buyers have on the number of foreclosures?
It"s credit called by many names ranging from sub-prime, it"s technical name to damaged, it"s operative name. But in essence it means that even though a buyer has less-than-perfect credit, he can still obtain a less-than “A” grade loan---about the only type of risk-level mortgage available until a decade ago.
"Manage the Mortgage Monster Before It Mangles You”
"Manage the Mortgage Monster Before It Mangles You”
SAN JOSE, CA -- There"s a hard and time-worn lesson to be learned from a recent court settlement with an Irvine, CA-based mortgage company charged with failing to disclose excessive fees.
Shopping for a home purchase mortgage on the Internet is a lot like Web shopping for a new car.
Reverse mortgages can throw a financial life saver to equity-rich, but cash poor older homeowners, provided stiffer regulations are put in place to prevent more homeowners from being sunk by predatory, shark-like tactics from a segment of the industry.
The NAR, which has been forecasting interest rates as low as 6.0 percent by the end of 1999, has begun acknowledging the federal reserve"s upward push and now concedes it is possible that rates will hover above 7 percent until the end of the year. NAR economists, however, are not unanimous in that view.
It was a defining moment for US Capital Holdings Group who, a short time ago, received the green light to develop an $800 million project in the heart of Plantation, Florida. With approval of the master plan by the City Council, coupled with overwhelming support of the community, US Capital Holdings Group will begin redeveloping 321 North, the former Plantation Fashion Mall, and build 550,000 square feet of gross retail, 613,000 square feet of office, and up to 590 residential units. The existing office building is scheduled to be complete in 2009, the retail component is slated to open in 2011, and the new office towers are expected to be complete by 2012.
If you haven"t already found a seat on the low-rate mortgage gravy train, you"d better hurry up and get on board.
Don"t over look a 15-year old tax break if affordability becomes an
Let"s assume first that you have a fixed-rate mortgage,
With the advent of computers, and especially of the
On-line mortgage centers have become one of the most successful phenomena"s on the Internet. For all practical purposes on-line loans are less than two years old, yet by the end of 1997, more than $482 million in loans were generated. Forrester Research predicts that the industry will reach $40.5 billion in 2001, and another research group, Tower Group, is even more aggressive in its estimates - $100 billion by the year 2001.
Difference?
Mortgage rates usually track rates on intermediate Treasury notes --
Given the growing volume of mortgage information on the Internet, how many lenders do we really need? A lot less than we have today, say two Texas university professors.
The 15-year FRM this week averaged 5.88 percent with an average 0.7 point, down from last week when it averaged 6.19 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.
Today"s market is an ideal time for first-time homebuyers to buy a home. Economic indicators such as low unemployment, low inflation, and higher salaries are contributing to a favorable homebuying climate as illustrated by the current interest rates -- the lowest in almost 30 years.
DVD, DTV, TiVo, MP3. No, it"s not a foreign language, but it is one of the
The decision to replace or repair your aging refrigerator, stove or washer is about to take center stage in your household.
It seems that every winter while we"re trying to stay warm and cozy, so are
What household gadgets will we be buying this year? For starters, bathroom
Been down to your friendly neighborhood credit union lately?
With the thick of winter here, you may be experiencing leaking or drafty
As you trim your tree, hang the lights, and wrap your gifts, you"ll want to
Solar powered and earth-bermed homes had all the trappings of the future when I was a kid. Forty-plus years ago, there was talk, studies, journals all extolling the 21st Century as a time of alternative energy sources that were plentiful, clean and cheap.
You spend money and time on taking care of your home, so it"s important to
"Bad facts make bad law", they say, and the recent case of Robbins v. Davi, heard by California"s Second Appellate District Court of Appeal, drives that point home for real estate licensees.
The two A"s of success are Actions and Attitudes. You have to have both to achieve sustainable success in life. Having one without the other will only allow you to achieve a mild level of success. Having both will enable you to accomplish anything!
New agents are always nervous before their first listing appointment. Probably before their second, third, tenth & twelve, too. It does get easier, but here are some tips for getting through those nerve-wracking firsts.
Buying your first home can be a nervous-making experience under the best of circumstances. These days, though, there are extra reasons to be concerned about one’s abilities to make the payments. Just look at the unemployment numbers.
A lot of times people ask me what they can do to be a better salesperson and more effectively grow their business. And while I certainly don"t have a silver bullet, one size fits all answer, I will bring up something Realtors™ can do right now that can have a significant impact on their business.
As we all know, many rookie agents are woefully unprepared for the realities of their new career. They’re told to “fake it ‘til you make it” and sent out into the world to generate business for themselves before they even spell “MLS!”
Want a real easy way to get more exposure for your business without spending a whole lot of cash? Try publishing an online newsletter to prospects and existing clients.
Like a train, a transaction can get derailed at any point on the track. A closing can be hit by a clouded title, a home not appraising for value, a rapid change in interest rates, an undisclosed credit or income issue, or one of countless other unanticipated issues.
Recently we considered the difference between social norms and market norms as described by Dan Ariely in the book Predictably Irrational. In a previous column it was shown how those differences applied to relationships between brokerages and agents. Today we consider their implications for the relationships between agents and their clients.
You"ve heard at least some of the reasons agents use in order to avoid adopting sound prospecting techniques. "My market is different" or "You don"t understand how we do things here in Mayberry" are among the many. Truth is there are techniques that work in every market area, everywhere in the world, at any point in time. So, bury the myths, starting with the ones that follow.
In the book Shift: How Top Real Estate Agents Tackle Tough Times, author Gary Keller discusses the notion of "pricing ahead of the market." Would-be sellers and their agents would do well to pay attention to his ideas.
It is common knowledge that many California real estate companies and agents are feeling a serious pinch as a result of the downturn in the real estate market. Less well known is the fact that the state agency which regulates those companies and agents is having a similar experience. Directors of the California Association of Realtors® learned about this at their recent meetings in Monterey when they were addressed by Real Estate Commissioner Jeff Davi.
For many years in real estate, more money was made off agents that the homes we purchased and sold. We all looked for the real estate elixir in “Fountain of Youth!” We all feverishly searched for tools that would enhance our careers, and create more closings. Every real estate agent and broker wanted nothing more than to grow their sales and their business exponentially year after year, and money was no object when times were good.
To be successful in life we have to have a standard or system for decisions. Most of us are faced with more decisions in a day than we care to make. We often are hurried in making decisions because we feel pressure to make them. We also have a "get it done and move on" mentality.
Last year at this time, the 30-year FRM averaged 5.19 percent. The 15-year FRM this week averaged 4.38 percent with an average 0.6 point, up from last week when it averaged 4.32 percent. A year ago at this time, the 15-year FRM averaged 4.92 percent.
While the daily headlines announce the latest corporate and Wall Street bailouts, homeowners are wondering whether anything is being done to bail out Main Street. The good news is that many distressed homeowners are writing their own bailout programs via loan modifications. For qualifying homeowners, lenders can (and often must) modify the mortgage loan to accomplish the following:
I have been in real estate long enough to become cynical, and that may be a good or a bad thing. I like many others in the real estate industry take a lot of claims from other agents with a grain of salt. Our reputation amongst our peers in our industry is one that based partially on fact, but mostly on puffing and ego. Clients and the public will use still another standard; it is called "Performance!"
As Old Fogie real estate agents know, one of the best sources of business IN this business is what I call "SPC"s" or Satisfied Past Clients. If you did a heck of a job for the buyers and sellers you"ve served in the past (and you stay in touch with them), they can be a significant source of future business and referrals for you. In fact, if you have enough of them, you can be set for life. It"s a beautiful thing.
With the market being the way that it is, a lot of people are asking me, "What can I do to be more successful in 2009?"
There"s an old Girl Scout campfire song that begins with, "Make new friends but keep the old; one is silver and the other gold."
Question: I"m pretty good at remembering faces, but I have always been terrible at remembering names. Since I worked in a retail store in my previous occupation it was not much of a problem. However, it is starting to be a definite source of difficulty for me now in my fledgling real estate career. Any suggestions on how I might improve?
The solar energy revolution has come to central Florida, and will be coming to more commercial buildings throughout the nation, especially with the passage of the recent $700 billion bailout plan that includes financial incentives and an eight-year tax credit program for installing solar power systems. The 6/10 Corporation, a Florida-based commercial building developer, and Rob Krieger, the owner of Krieger Electric, Inc. and Florida Telecom Construction, recently announced that their new company, QuickBeam Energy, LLC, which will specialize in the sale and installation of photo-voltaic solar energy systems for commercial and large residential buildings, has started to do business.
San Diego real estate is very scarce. Most of San Diego open space is owned by the military, Government, and parks. So, San Diego real estate can never really go down much in value. If you don"t buy a home in San Diego now, the rising prices will never let you purchase as good a value.
Are you burning bright or heading for burnout? Many people are heading fast toward burnout or just recovering from burnout. Burnout is a real happening for many REALTORS®. Daily we get calls from Agents who are struggling with this dilemma. Burnout occurs when reality and our expectations don"t align over time. Burnout can also trigger anger. The anger is seeded in the feeling that life is not working out the way we had thought it would. We also feel powerless to make the changes needed, or we don"t know the changes that we need to implement.
Not surprisingly, this year so far has featured more negative media coverage of real estate than last year when the financial world was coming to an end. At this point, things are a bit slower than some thought, busier than others thought but in the end all those predictions are just that, predictions. If you are tired of peering into your crystal ball looking for answers, how about this thought: Who cares what the media thinks!
As a real estate agent, you are expected to create a marketing plan for your seller. When seeking the listing, you present the seller with your strategies about what you’ll do to promote the home. When was the last time you included Public Relations as part of your marketing matrix? Probably not lately and that’s likely because you don’t understand the public relations process and how the media works. This column will help change that.
Do you ever wonder what is holding you back? Do you ever wonder what is stopping you from having all the clients, all the money, and all the transactions that you desire? Chances are that you have all the skills and knowledge you need.
You"ve done it. You"ve found a buyer to purchase your home. In fact, he"s even signed the purchase agreement. All should be grand. Then it hits---a major case of seller"s remorse. What should you do now? Call the buyer to back out of the sale?
According to a recent fourth quarter survey by HomeGain.com, 72 percent of Realtors believe that home prices will either stay the same (48 percent) or increase (24 percent) in the next six months. Despite that news, the study found that an increasing number of homeowners (41 percent) think that their homes should be listed 10 to 20 percent higher than what is being recommended by Realtors. In the third quarter of this year that figure was down to 38 percent and in the second quarter it was at 36 percent.
Here"s a question for you? What type of pipe carries gas into your home? This isn"t Trivial Pursuit; it"s actually an important question that many homeowners and interested buyers can"t answer. But they ought to know for safety reasons.
In a perfect world, real estate closings would occur over night, sellers would keep every promise made, and both buyers and sellers would negotiate openly and fairly.
There are few real estate questions that can"t be answered with "Do the math."
Home inspections aren"t just for old homes. New home buyers who don"t bother to have a professional inspector give their new home a thorough going over could risk their largest single
Fair housing laws, intended to provide a level playing
What do you do, if your present home has become too small,
The only constant beside taxes and death is change...an oxymoron if ever
One thing is always true - you never get a second chance to make a first
Trying to buy a home in a sellers" market is a little like not having a date
"OPEN MOUTH, INSERT FOOT ..."
Is there anyone who doesn"t want to dine in an exclusive restaurant, shop at an exclusive boutique or vacation at an exclusive resort? Just the sound of the word "exclusive" generates images of rubbing shoulders with celebrities, wearing designer clothes, and feelings of excitement. But if you are selling your home, and you agree to list your home on an "exclusive-to- one-company" agreement, you may be excluding the most important thing a home seller needs - buyers.
Real estate markets used to cool off in December, but oil and taxes have heated things up in two locations this year.
It’s the hottest summer on record for new home activity in the Greater Toronto Area. Total sales are up almost 60 per cent compared to 2006, and sales are running 15 per cent ahead of last year’s pace.
"What remains the greatest source of weakness in today"s U.S. economy is a continued source of strength in Canada," says Warren Lovely of CIBC World Markets in a recent report. "While the U.S. housing market is mired in deep recession, Canada"s own housing market has demonstrated extraordinary resilience."
The Internet has progressed from fad to fixture as far as Canadians are concerned. In turn, online communities and e-transactions have shifted from madness to mainstream.
The thorny issue of allowing Canadian homeowners to deduct mortgage interest payments from their income tax is back in the news, after the Canadian Institute of Actuaries suggested it would help people save for retirement. And that"s important because a recent study commissioned by the group says that two-thirds of Canadians expecting to retire in 2030 are not saving enough money to avoid financial hardship.
Canada needs to develop a remediation standard for dealing with houses that have been used as marijuana grow operations, says a new report from Canada Mortgage and Housing Corp. (CMHC).
A study by the Sauder School of Business at the University of British Columbia concludes that on average, Canadians who own their homes become wealthier over time than renters.
"This is very solid performance in line with some of the strongest results we"ve had, especially given the record January we just experienced," Mrs. Mason said. "Consumers are showing that the colder months are a great time to get in to the market or make a switch to a different home."
The term "trend spotting" has come to describe teasing out identifiable patterns from statistics created by consumer and business behaviour -- like they always know what"s best for them and do what"s best for them. Urban sprawl is one example of a trend based on patterns of development and home buying that converged to create what is now an acknowledged problem for society on many levels.
Now that January 1 and the resolution hype are behind us, take time to set SMART GOALS for 2007 and guarantee that you have a terrific real estate year -- a year in which dreams turn into reality for yourself and your family.
When it"s time to set the list price on a property, the roles are clear. Real estate professionals provide detailed data and selling strategies relevant to the specific property and market. Property owners decide on the list price. One Canadian researcher wondered what trade-off between time-on-the-market and sale price is reflected in the choice of list price.
The time it takes to renovate a home, the inconvenience involved, and the cost of the work are all cited as "headaches" in a recent survey of Canadian homeowners. Even so, 80 per cent of Canadians would rather renovate than move to a different house.
Canadians, caught in the oil frenzy that grips the industrialized world, are beginning to accept that alternative renewable energy sources are essential to sustain communities and to foster individual
Canadians typically think "back to school" when it comes to September, but most real estate professionals have education on their mind all year long.
With all the attention real estate receives, you"d think that someone really does know what"s going to happen next. However, the best forecasters are the first to admit that no one knows for sure what lies months and years ahead for the real estate market or interest rates. That"s why savvy Canadians should prepare their own "what if" strategies for the properties they own or rent and the real estate they plan to buy.
From June 19 to 23, 2006, Vancouver, British Columbia, is the centre of the world -- at least the centre of the urban world. More than 15,000 from around the globe are attending the Third Session of the World Urban Forum, UN-HABITAT"s "premier international meeting on the state of the world"s growing cities."
While eastern Canada"s real estate market may be cooling off, the booming Western Provinces are more than making up for it. The Canadian Real Estate Association (CREA) reports that house prices were up 12.9 per cent in April compared to last year. The average home sold in Canada through the MLS system cost $280,740 in April.
Canadians should act as if May, not April, is "Income Tax Month" and give themselves 12 months head start on return filing by acting on tax benefits offered to Canada"s tax payers.
Only six per cent of Canadian greenhouse gas emissions come from residences. A new report from Statistics Canada says that thanks to improved home heating equipment and cleaner fuel sources, residential emissions remained fairly constant between 1990 and 2002. While the emission rate remained steady, almost 22 per cent more Canadian households were formed.
Even Canadians who live in areas favoured by mild winter weather will benefit from asking whether their furnace is friend or foe in today"s climate of soaring energy costs.
Canadians busy with Boxing Day/Week sales and returning presents may be pleased to learn there is a gift from the federal housing agency that they will not have to line up to receive and that they will not have to pay for (except with their tax dollars). In one publication, you can read "a comprehensive statistical portrait of how well Canadians are housed" which outlines key developments affecting this vital sector of Canada"s economy.
Whether you celebrate Christmas or not, it may be difficult to ignore the pressure to spend, spend, spend that assails Canadians from every quarter during December. Since the pattern of overspending, uncontrolled spending and unnecessary spending can only be broken by conscious effort, we"re supplying a few ideas to help redirect some of that discretional spending to achieve long- and short-term real estate goals that may make 2006 an even better year for you, your family and your community.
Pensacola, Florida, is known for its beaches and colorful history, and these days the market should be catching buyers" attention. Some experts report that prices dropped in the last few years, leaving sellers and investors both holding onto properties they wanted to get rid of.
Across Canada, it"s time to develop "outside the box" to achieve truly sustainable communities.
While we all believe in and tend to the laws of the red, white and blue, America"s 50 biggest cities are thinking green, according to the definitive ranking of city sustainability released by sustainlane.com, the largest online community dedicated to healthy, sustainable living. The 2008 SustainLane U.S. City Rankings, topped by Portland, Oregon, reveal which cities are increasingly self-sufficient, prepared for the unexpected and taking steps toward preserving and enhancing their quality of life.
Now that Canada"s economic future is irrevocably-linked to global politics, international trends and foreign crises, buying and selling real estate in local Canadian markets takes on more challenge. Canadian consumers need to see "the big picture" to make informed real estate decisions in this potentially-volatile economy.
The Canadian economy gained momentum in 2004 that promises to roll on through 2005. Reports from Canadian real estate sectors reveal their activity during last year should be reflected in solid performance this year even though local variations may occur.
In almost all Canadian metropolitan areas, home ownership rates rose throughout the 1990s, particularly between 1996 and 2001. This improvement was a response to factors that include accelerating income levels and low interest rates. Although the move towards home ownership promises to continue through 2005, not all Canadian families can join this trend whatever their dreams.
The latest study from the National Association of Home Builders shows that encouraging new development may be key in local governments creating new jobs and stabilizing property values.
The last few years have been a great time to be in the housing industry in Canada. Sales of new and existing homes are setting all-time records. The construction industry is having trouble finding skilled labour. For homeowners wanting to hire a contractor to do renovation work, forget about getting three quotes -- just try getting a quality contractor to call you back! And despite tougher licensing requirements for real estate agents in many parts of the country, the number of new agents continues to grow.
Canadians who want their gift-buying loonies and twonies to do more than feed corporate coffers should search out previously-overlooked shopping opportunities in their own neighbourhood. For gifts that are a bit different, strikingly unusual or that are one-of-a-kind wonders, local home-based artisan businesses and studios are the answer.
Torontonians like to think of their city as number one, but there"s one annual published list on which many citizens dislike seeing Toronto rank first. The survey, commissioned by the Canadian Institute of Public and Private Real Estate Companies (CIPPREC), analyzes property tax rates and assessment data from 20 major Canadian cities. Again, it revealed that property taxes paid by businesses in Toronto are still the highest in Canada.
Over 1.3 million Canadians have dipped into their RRSPs to purchase homes through the federal Home Buyers" Plan (HBP) since its creation in 1992. Usually, sidetracking savings targeted for retirement is discouraged, but the more than C$13 billion in RRSP funds involved bought dream homes and fueled the real estate industry without jeopardizing individual retirement plans -- thanks to the federal government.
A $1 billion project to expand Quebec"s Mont Tremblant Resort will make the area one of the most popular four-season tourism destinations in North America, "second perhaps only to what"s happening in Orlando", says the developer"s chief executive. Intrawest"s Joe Houssian says the project, which includes $95 million in government funding, will take place over 10 years.
Canadians will suffer loss of life and property to forest fires as residential developments continue to encroach on forested areas unless builders and municipalities adopt FireSmart designs. Interface fires, which occur in places where forests and wild areas meet urban development, were at an all-time record high in British Columbia last year and the threat continues.
After moving out of her new home because she says it makes her sick, an Ottawa woman has launched a consumer advocacy group for new home buyers and consumers who are renovating their houses.
For many years, Canada"s real estate professionals have been warned that emerging technology will dramatically change the way they do business. This is the year that could happen as regulatory and legal decisions, prompted by emerging technology, could hit Realtors where it hurts -- in the pocketbook.
A few short weeks ago, the 95% of Canadians who gave gifts went on a holiday spending spree that might limit individual opportunities for owning real estate in 2004. Those who spent cash may be ahead since they start the new year without holiday debt. Canadians who used credit cards may benefit from a behaviour-modifying post mortem of their spending habits to reduce debts and increase saving.
As Canada"s professionals plan for their futures, licensing mobility has become an issue in many industries, including finance and real estate. The Canadian Institute of Mortgage Brokers and Lenders (CIMBL), the 5000 member organization that represents major mortgage industry stakeholders, joins the trend by promoting national certification and registration for its members.
As 2003 rolls to a strong real estate close, Canadian financial forecasters predict affordability will decline in 2004.
[Note: To follow is an excerpt of an interview with Dr. Aric Krause, Ph.D., a faculty member in the Bill and Vieve Gore School of Business at Westminster College in Salt Lake City, and RealSource Consulting Economist. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/092408.]
A recently-released report from the Vancouver-based Suzuki Foundation warns Canadians that the ever-expanding sprawl of Canada"s cities must be one of the first issues addressed by all levels of government because it is seriously affecting the health of Canadians.
A new report from the David Suzuki Foundation says urban sprawl is "seriously affecting the health of Canadians", and offers a "citizen"s toolkit" to help local communities stop the sprawl.
Canada"s economic future depends on support provided by the small business sector during periods of slower job creation, according to Scotiabank"s recent small business economic report, Small Business ... Supporting National Employment as Job Creation Slows. Companies in the construction and real estate industries, and related service areas, play a major role in small business growth.
Canadians who improve the energy efficiency of their homes could get as much as $1,000 from the federal government, under a new program announced Tuesday by Prime Minister Jean Chretien. "Canada"s approach to reducing greenhouse gas emissions is to think long-term and act short-term," says Chretien. The money is part of Canada"s plan to reduce greenhouse gas emissions to an average of six per cent below 1990 levels during the period 2008-2112.
Canada is celebrating its 136th birthday on July 1st, but there are real estate birthdays to celebrate this year as well.