Real Estate News
It"s a combination car, pick-up truck, and SUV. You really want it. The features are great, the style is the latest, and it"s affordable -- after the downpayment the cost is only $300 a month.
Question: We bought our house a couple of years ago, when the stock market was high and we thought we were flush with cash. Now, however, I have lost my job, and am a couple of months behind in my mortgage payments. I have started to get "dunning letters" from my mortgage lender, and just do not know what to do -- or where to turn.
As we see the fallout from the World Trade Center and Pentagon bombings, there may be no finality for many of the survivors. Those with homes near Ground Zero will eventually have to deal with the physical damage resulting from the collapsed buildings or possibly even a total loss of the dwelling.
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.
What is the climate of your local economy? Now could be the time to see how your market is faring.
As the annual joust dubbed the Federal Budget Battle looms in the nation"s capital, special interest groups are rushing to flesh out their agendas and shore up support for their political positions. Real estate organizations are no exception, and one such group may have a case for a complete reversal of federal policy over the coming years.
Holy cow! Just when you thought it was safe to go on about your business and stop paying attention to mortgage rates, rates drop. Again.
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.
Real estate appraisers are in Washington demanding new rules to protect both lenders and the public against fraud -- and also to assure a greater role for industry professionals.
If you"re putting your home on the market, better be sure you"re ready to tell all -- good and bad.
The good news -- according to the federal government – is that in the first quarter, outstanding Canadian mortgage debt was up 4.9% compared to the same period last year, having increased at 1% per quarter in 2000-01. Lower mortgage rates, higher house prices, increased building activity and a 1.4% per quarter increase in disposable income in 2000-01 helped support the growth of mortgage debt across Canada. However, the bad news is that while compounding mortgage interest continues to increase returns to lenders, it is building non-deductible debt for individual Canadians.
To lock an interest rate or not lock, that -- with apologies to Shakespeare -- is the question.
I have yet to see a real estate contract folder that is less than a couple inches thick. While the sales contract may only run from 1 to a dozen pages, there are plenty of trees required to fill the rest of the folder for disclosure forms, mortgage application, addenda, notification forms, et.al.
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.
A good friend of mine -- a tad bit older but not by much -- called the other day and said he was thinking about buying a vacation home. More than that, he said it would be considered a second home for now but he would soon retire and then it would be his primary residence.
Question: Our budget process takes place in the fall so we will have an approved budget at least 30 days prior to the start of our fiscal year which begins in January. As it turns out, we hold our annual meeting in January and a new board will be elected then. All of our contracts expire next year. Should the current board review, renew and/or secure new bids for our contracted services as part of the budget process or wait for the new board to build its own budget?
The sellers say "yes" they love your offer and the packing boxes are ready for your move. You"ve already been pre-approved by your lender, so now it"s time to really start mortgage shopping.
Congratulations. Your credit is in good shape for a new mortgage loan. Upon your request, the lender shares your credit score with you -- it"s a respectable 700 points. You close the loan without incident and the home is yours.
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.
Consumers used to be somewhat restricted just a few years ago when it came to finding mortgage lenders, especially when compared with today"s standards. Back then, a borrower would be able to compare interest rates in a newspaper advertisement or spend the day on the phone "dialing for rates."
Here"s a date you need to remember: December 29, 1989.
After being told repeatedly that it"s efforts to portray FHA appraisers as home inspectors were misleading, deceptive, and wrong, HUD is now beginning to pay the price.
Can the mortgage market prevent the nation from falling into a recession?
Interest Rate Activity During The Past Week
Acting to prevent the mortgage industry from "gutting" the only consumer protection laws governing home loan transactions, 13 consumer and community groups have asked the leadership of the Senate Banking Committee to go slowly when it addresses the issue later this year.
Interest Rate Activity During The Past Week
I felt my stomach churn when, while applying for a home loan, the mortgage loan officer uttered those two dreaded words: "credit rating."
Virtually every borrower has to deal with the matter of qualifying for a mortgage, but what if a lender said, "forget it, we"re suspending all qualification requirements today."
From now until 2036, Canada’s population growth is going to slow down, and as Canadians age, fewer new households will be formed. The country’s housing industry is counting on immigrants to pick up the slack.
It took six years and major controversies with Capitol Hill, but last Thursday HUD published final regulations mandating uniform disclosures for all new home mortgages -- plus tougher rules requiring "good faith estimates" from lenders that accurately reflect the line items on consumers" settlement sheets at the end of a home purchase or refinancing.
Two new loan programs -- a unique lease-option deal and a "junior mortgage" program -- are designed to take some of the heat off many struggling first-time home buyers in California and elsewhere and they couldn"t have arrived at a better time.
The 15-year FRM this week averaged 5.81 percent with an average 0.7 point, down from last week when it averaged 5.88 percent. A year ago at this time, the 15-year FRM averaged 5.88 percent.
Higher mortgage interest rates are causing fewer home owners to refinance, but most of those who do refinance cash in on their equity with larger, more expensive 30-year loans.
You are about ready to close your real estate transaction on a home; did you consider a home warranty?
Mortgage rates were relatively unchanged after the
Prepayment penalties are those charges which a lender imposes if you
Peter G. Miller
OurBroker®
OurBroker®
Peter G. Miller
After you have applied for a loan for a particular home, the lender will go
There"s a great way to get away without even leaving the house -- turn your bathroom into an in-home retreat. According to HomeStore.com, spaing at home is becoming increasingly popular. It"s a great option for homeowners who are looking for a reprieve from the chaos of life and for those who have a little more money to spend.
Right now, with interest rates at their lowest levels in decades, most
Even if the Federal Reserve"s quarter percent reduction in short term
Before you start your house hunting in earnest, the real estate professional with whom you are working likely will "pre-qualify" you to determine the price range you can afford. According to Robert Alvarez, ABR®, pre-qualification is a necessary part of the home buying process that helps save you time and money.
Congratulations! You finally found the house of your dreams. You made a bid, had it accepted by the seller, and went through the mortgage application process. It looks like you"ll qualify. The closing is only weeks away, and you are feeling pretty good.
If you"re looking for new kitchen flooring, get ready to choose from more
It may not always make sense to sell your home. If that"s the case, renting it could be a good option. But understanding the rental process and using expert help will alleviate extra stress.
If you"re dreaming about that spacious whirlpool bath, to-die-for tile
Terror Alert Level
Been down to your friendly neighborhood credit union lately?
Transforming your house to meet the specific needs of your family, adding
While the majority of contractors are honest and capable, there are plenty of duds out there, a problem that trade associations acknowledge readily and are always working to correct.
[Note: To follow is an excerpt of an interview with Lori Snider of Creativity for Rent, a professional speaker, author and marketing strategist. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/102208.]
The secret to an effective commission plan for Buyer"s Agents is your ability to calculate the split arrangement from your seven key numbers. You must determine what amount of the net profit you are willing to share after all costs are paid for. The costs must also factor in your time invested to manage, coach, and train to improve performance. And the costs must reflect the amount of time you will personally have to invest in each transaction to guarantee it"s closing for the team and your Buyer"s Agent.
The simple fact that the internet is a part of the returning real estate market is not big news, but with so much information coming out so fast, understanding it can be difficult. This article is the fifth in a series of six that decodes the basics, and even some mild intricacies, of the world of electronic marketing and will show you how to compete and succeed in an area of marketing where you might have previously feared to tread.
If your listing isn"t selling and you"re not sure that a price reduction is the best solution, what else can you look at? Well, it might be really simple. Have you checked access lately? Lockbox still there? Key still in it? Key still work in the lock (sticky locks kill showings)?
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.
I was chatting with a friend of mine last week when he admitted that he had been without health insurance since he got out of college. Given that he"s a real estate agent, that"s not so surprising: as an independent contractor he"s on his own regarding health insurance and many in our industry have simply taken their chances, especially when they are young and healthy like my friend Jack.
How comfy are you with your systems? Specifically, your MLS and your contract software. For me, if I"m not proficient with my tools of my trade, it"s easy for me to shy away from using them. In our trade, shying away from using the MLS or your contract software is pretty much fatal to your chances of bringing in a paycheck.
Agents are always leaving the business no matter if the market is great or rotten. In great markets, they leave because they move or retire. In rotten markets, they leave because they were never trained or they do not have the motivation to find the systems necessary for a tough market.
How do you determine whether a prospect should become a client? What are the criteria of becoming a client? Have you created a series of questions to help you minimize the time invested, to determine if a prospect will meet your standard?
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.
Traditionally, real estate and mortgage professionals have encouraged homeowners to stretch – to shop for homes at the upper end of their affordability range. We wanted them to maximize their investment, and we were seeing property values and incomes rise, especially for homeowners who were first starting out. It all made for a very sound investment in housing.
As a self-professed introvert (and proud of it), articles about the introvert experience frequently catch my eye. Unfortunately, so many of them center around "curing" introversion or "overcoming" introversion or "succeeding in spite of" introversion, especially when the topic in question is a career in sales.
Through the years of research and working with teams and coaching them to the Champion Team level, there is a repeating pattern of what they possess, implement, and do. They are focused on results and actions unlike lower performing teams.
Suppose you"re behind on your house payments. You dial the phone number on your most recent mortgage statement, clear the usual hurdles, and finally reach someone who understands your situation and offers to help.
The number one obstacle between real estate agents and higher production is interruptions. A close second is procrastination.
Plenty of people are concerned about the cost of bailing out Main Street – the people who stand to lose their homes in the midst of the current financial crisis. Many feel that it’s not the job of the federal government to bail out homeowners who cannot afford their monthly mortgage payments. After all, those people took out risky loans. They are the ones who signed the loan documents. They are the irresponsible borrowers running this country into the ground.
Not all homeowners have the luxury of waiting out the recession in the comfort of their homes. Some can no longer afford their monthly mortgage payments. Others are facing foreclosure. Some may even have to relocate to find or retain gainful employment. These people must sell, and they typically have to sell in a hurry. In most housing markets these days, that translates into the painful prospect of selling the home for less than they owe on it. And very few homeowners can afford that option.
There"s a problem with the REO inventory in the United States today. The problem is that the banks make horrendous sellers. I can"t tell you how many REO properties I have personally tried to buy, and transactions that I"ve tried to facilitate on behalf of buyers, and every one seems to be a struggle. For those of you late to the game, REO is short for "real estate owned", which is the title given to post foreclosure homes that are now owned by the bank. Here"s some free advice for the banks -- remember that while you"re a big messy corporate institution, your buyer is an actual live human being.
Despite years of advertising by the National Association of Realtors® and an increasing number of required ethics courses, most recent polls continue to show real estate agents at the bottom of the consumer trust list behind insurance agents and barely beating out stockbrokers. When asked in the most recent Harris Poll "If you were getting professional help or advice from each of the following, how much would you trust them to give you advice which was best for you?", only 20% of respondents indicated that they trusted the advice of real estate agents completely.
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?"
Most relationships, whether they be business or personal, end. Your favorite inspector misses a Big Problem and gets you embroiled into a lawsuit. Your go-to mortgage guy blows a Big Deal for you and doesn"t even apologize. Your business partner has a mid-life crisis and vanishes to the Caribbean without warning. Your romantic partner has a mid-life crisis and vanishes to the Caribbean without warning. Your $1M buyer dumps you for his sister-in-law who just got her license yesterday, after you"ve shuttled him around town for three months.
*SOI = Sphere of Influence = A business-building strategy based on the personal relationships in your life.
During the recent California legislative session a number of bills have been introduced that attempted to deal with various problems associated with the enormous amount of foreclosures taking place in the state. Not all of those bills have passed, of course, and some that did were vetoed by the Governor. One that did survive and was signed into law is Senate Bill 1137 (Perata). It addressed problems experienced by three different groups: homeowners in default, renters of homes that have gone into foreclosure, and communities in which foreclosed properties are located.
These are strange times.
For hundreds of thousands of businesses across North America facing an economy near or in recession (depending on which economist you talk to), developing strategies to "survive the storm" is right up there with breathing in terms of importance.
If you are not yet mad enough about the bailout, allow me to recommend that you read Chain of Blame (Wiley, 308 pp.) by Paul Muolo and Mathew Padilla. In this book the authors describe in extensive detail a myriad of events and decisions, along with many of the central players, that have led to the current financial debacle whose size and impact is only now becoming clear. It"s enough to get you angry.
There is a growing belief that creating a large team of producing agents under you creates the best leverage in the business. There are more agents today trying to create leverage through people than ever before. While I agree this approach is valid, you must ask yourself if now is the right time for you make that play. Are you personally ready to build and use that time? Most importantly, have you used the easiest and greatest form of leverage in real estate before you start exploring people leverage?
Question: I was working with a broker recently on a co-op sale and during a conversation with him I used the word "deal" to describe the transaction in which we were involved. I haven"t received such a tongue lashing over using a four letter word since I inadvertency uttered one in the fifth grade and Miss Baumgartner overhead me. I won"t make that mistake again, but since I"m comparatively new to the profession can you tell me if there are other words I should avoid using in mixed company?
Last time I talked about a commonly made mistake that I think is ravaging the sales of Agents all across the country: Constantly complaining about the tough market conditions we currently find ourselves.
A business philosophy is not just a set of fancy words by which you run your business. It"s much more than that.
With the growing popularity of lofts, flats and condos and many homeowners choosing to downsize, spaces are becoming smaller but that doesn"t mean that people have less stuff. This leaves many folks searching for creative and inexpensive storage solutions for the home.
Have you ever heard the commission-negotiation-avoidance strategy of creating a menu of packages for a seller to choose among? For example (all figures are illustrative only), you might offer a 4 percent package which includes minimal services; a 5 percent package which has a moderate level of service and a 6 percent package that includes a kitchen-sink level of service.
Question: As a rookie, I am getting mixed signals from the old heads in the office. Some tell me not to waste my time with open houses. Others say it"s a great way to market your listings, get exposure, and satisfy your clients. I want to put my time where it"s likely to get the best return. Who is right?
You"re on top of the world. Your agent has just explained that it"s a "seller"s market" meaning that there"s an abundance of buyers for the number of homes listed. Sounds like you"ll have no trouble selling---like shooting fish in a barrel!
When you decide to sell your home you face an interesting dilemma. You have to put yourself into the shoes of a prospective buyer and realize that what looks fantastic to you may look terrible to the person walking through your home with a critical eye. And as we"ve all heard, the "psychology" of first impressions can clinch the sell or cause the prospective buyer to walk out and move on to the next house. Something as seemingly trivial as those pink curtains in your dining room can color the prospective buyer"s entire outlook.
Pets are often so loved by their owners that they are allowed the run of the house. At their worst, doggie and kitty dictators mark their territory with pungent odors and unsightly stains.
In the years when I was actively selling real estate, I
What do you do, if your present home has become too small,
Trying to buy a home in a sellers" market is a little like not having a date
Your house is on the market, and you"re a motivated owner. Translation: you
Real estate markets used to cool off in December, but oil and taxes have heated things up in two locations this year.
Among the significant decisions facing property owners are those that determine everyday convenience.
A new report by economist Derek Holt of RBC Economics has a positive outlook for the Canadian mortgage market, largely thanks to recent mortgage innovations such as 30-and 40-year mortgages.
If you are starting to feel old, perhaps you should blame the buildings in which you live, work and play. They are not the age-free environments that we need to support us as we move through different stages of life.
Do you deserve the community you live in? Individuals like June Callwood, Cathy Crowe and countless local volunteers prove that anthropologist Margaret Mead was right -- an individual can make a
Condominiums are creatures of statute, yet understanding the law that creates a two-bedroom-plus-den unit or a 4-bedroom townhome and enables you to own it may be the last thing on your mind as you shop for a condominium. When a condominium is the right fit, there is no better home ownership for the money. If you don"t understand what you are buying into, you may discover you are living in the wrong place.
Well-designed work space doesn"t just happen.
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.
Recently a list of the Top Ten Scams of 2006 was compiled by the Better Business Bureau of Mainland B.C., with the assistance of the Competition Bureau of Canada and the Business Practices and Consumer Protection Authority of B.C. They are:
"You"re only young once, but you may be immature forever," could be the rallying cry for the numerous nonprofit groups intent on raising awareness for crucial, and costly, community problems surrounding individual habits that range from smoking and poor nutrition to abuses like drugs and alcohol. Many Canadians feel that these and other concerns, could be controlled or eradicated if individual maturity would kick-in on a large scale.
"The gift that keeps on giving" may be still be an understatement in describing what the federal government gave The Royal Canadian Legion and what The Legion is accomplishing with it. This gift benefits not only The Legion and its members, but also many citizens and communities across the country that gain much needed housing as a result.
When Canadians consider a move to another community or region, perhaps they should ask, "How Canadian is it?"
"We have finally found the key to rapidly expanding Abbeyfield," said Dick Stanton, Chair of Abbeyfield Ontario and resident of Abbeyfield Durham.
About 70 per cent of Canadian households own their homes, and on average, more than a third of the net worth of these households is tied up in real estate. Homeowners who are hearing a lot about bubbles, crashes and slowdowns in the real estate industry can take heart from two recent reports issued by major Canadian financial institutions.
Canadians searching for the best place to live may benefit from "insider views" offered by convention centres, particularly those outside major cities. These facilities are ambassadors for the communities they serve and exist to communicate the advantages of their location, location, location.
Shortages and the rising costs of labour and serviced lots are the main concerns of Canadian home builders, says the most recent edition of the Pulse survey, a semi-annual poll conducted for the Canadian Home Builders" Association. The same issues topped the list of concerns last winter, as well as in the summer 2005 issue.
Canadians typically think "back to school" when it comes to September, but most real estate professionals have education on their mind all year long.
There"s been a dramatic change to Toronto"s skyline in the last few years as dozens of new high-rise condominiums have been built to feed the current housing boom. While it appears the market may be cooling, a new survey suggests that the long-term prognosis is good for condo developers in Canada.
Since title insurance was introduced in Canada in the early 1990s, it has been marketed as an inexpensive replacement for a property survey. But land surveyors and some lawyers say that consumers in a real estate transaction are putting themselves at risk by not getting an up-to-date survey, even if they have title insurance.
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.
Amid Canada Mortgage and Housing Corporation projections of continued strong demand for new and existing homes, home buyers are trying to understand whether the 1 per cent reduction in GST will help make the house, semi or condominium of their dreams more affordable.
Overall year-to-date sales at the end of the month were nearly five per cent ahead of 2005"s pace, following a record first-quarter this year.
Earlier this year, Ontario"s Ministry of Municipal Affairs and Housing (MMAH) held a public consultation for proposals aimed at strengthening the energy efficiency standards in Ontario"s residential building code.
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.
Canadians who are frantically completing their 2005 income tax returns in a mad dash to meet the April 30 filing deadline may not realize that they"ll have a day"s grace this year since the traditional date is a Sunday. Monday, May 1, 2006 is the last penalty-free day to send 2005 income tax monies to the Canada Revenue Agency (CRA), but that does not mean all income tax returns need to be filed by that date.
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.
Most Canadians were first introduced to their country as school children through their Atlas of Canada. The big, pale pink land mass that was identified as Canada in printed books has now emerged in digital format with free online access -- and every colour under the sun.
The Olympic battles for gold are behind us, but in the Canadian housing market, the competition for platinum is just heating up.
The Toronto Real Estate Board (TREB) says 2006 began with a bang in the local real estate market, with activity up 10 per cent compared to 2005. In Calgary, January sales are 48 per cent higher than last year. Although national figures are not yet available, it appears Canada"s real estate market still has a lot of strength.
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.
New home construction may be slowing, but a report issued this week by Canada Mortgage and Housing Corp. says 2006 will be the sixth consecutive year that housing starts will exceed 200,000. It"s good news for home builders, but it also puts more strain on the tight construction labour force.
Real estate traditionally takes a back seat to taxes and other investments as the year begins even though real estate represents some of the best investment and tax opportunities the Canadian government provides.
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.
Government regulation of real estate is a hot topic these days.
Canadians live in the midst of a first-time-in-history demographic revolution that"s redefining many things they"ve come to take for granted: home, work, family, old age, retirement, seniors housing ... and the list goes on. Ingrained stereotypes, misconceptions, values and beliefs -- carry-overs from the last two centuries -- may lessen awareness of individual opportunities triggered by this unique time. As we move into the twenty-first century, too many may be unconsciously restricting their choices and limiting future success because their thinking and decision making is stuck in the past.
A survey was released Tuesday that says Canadian consumer confidence is at its lowest level since September 2001. On Wednesday, a senior market analyst stated in a news release that home buyers are feeling confident, because of "very low interest rates."
Canadian real estate experts, authorities and pundits will continue to be the ones asked to decide what housing is needed now and in the future, but you and I will have to live with the results whether they prove to be right or wrong.
Baby Boomers are the first generation to grow up with television and owe many of their images of Canada"s wilderness to this medium. As the demands of Canada"s 9.8 million Boomers drive housing developments into woodlands and intensify cottage construction in most recreational areas, thoughts of animals living in harmony with their environments often give way to new realties that may frustrate landowners.
Canadian developers continue to creatively recycle obsolete non-residential real estate into an ever-expanding array of unit styles and lifestyle choices that has added the most high-profile conversion -- lofts -- to the list of standard Canadian housing options. Conversions are a response to changing demographics, renewed commitment to preserve architectural diversity, and the necessity to reduce construction costs for the benefit of both developers and buyers.
Few Canadians like meetings, especially emotionally charged ones, but one particularly disagreeable Canadian condominium meeting is now credited with inspiring the development of software specifically designed to open the lines of communication in a condominium and head off nightmare meetings.
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.
If you"re still aching over the Bush presidential victory -- all is not lost. There"s plenty of property north of the USA to look at in case you"re considering leaving the country for the next four years.
A series of public meetings about the Ontario government"s controversial Greenbelt Protection Plan begins November 8. The meetings are sure to create fireworks, as environmentalists in favour of the sweeping land controls face off against builders who say the plan is the opposite of what future homebuyers want.
More than half of Canadian adults with an Internet connection have used it to research houses for sale, and surfing for real estate is as popular as online banking and looking at job postings.
Each July 1, Canadians across the country pull out red and white National flags to decorate their homes and businesses in celebration of Canada Day.
Canadian architects from 15 firms were selected by China Enterprise Co. Ltd., one of the largest developers in Shanghai, to participate in an urban planning competition to design a Canadian-style Sustainable Community in China. The goal is to develop a Master Plan, which will demonstrate sustainability, resource efficiency and a Healthy Housing approach, and will serve as a model for future Chinese community development.
On June 4, telecommuters across Canada -- and many "wannabees" -- celebrated National Telework Day, but for some Canadian workers this was a sad day. Technology can move work home -- from offices into houses, condos, cottages and boats -- however, most Canadians must still live where the work is, whether they like it or not.
Landlords who unwittingly allow their houses or condominiums to be used as illegal drug factories will have a tough time selling those properties in British Columbia. Grow homes have been added to the province"s Property Disclosure Statements, which means sellers must declare that the homes have been used to grow marijuana or to manufacture illegal drugs. For new homes and condominiums, home warranties are being suspended for grow-op houses.
[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.]
It"s not the first time that mortgage interest deductibility has been used as an election promise in Canada – Joe Clark"s short-lived government tried it out in 1979 – but this is the closest that Ontario homeowners have been to a mortgage interest tax break in years. The ruling Progressive Conservative party, under Premier Ernie Eves, is proposing that if it"s re-elected on Oct. 2, homeowners will soon be able to deduct part of their mortgage interest payments from their provincial income tax. Up to $5,000 could be deducted by the fifth year of the plan.
If you"re buying real estate, you"re thinking location, location, location. But for vendors and their real estate agents, the mantra is disclose, disclose, disclose.
With more than 500,000 condominium units in Canada and one in four new homes built as condominiums, Canadian buyers need basic condominium buying skills to protect them in any market.
Since the landmark June 10 Ontario Appeal Court ruling and the Canadian federal government"s decision not to appeal that judgement, the city of Toronto has been busy issuing same-sex marriage licenses to gay and lesbian couples who may not have fully evaluated the real estate implications of entering into this legal union.
Canada is celebrating its 136th birthday on July 1st, but there are real estate birthdays to celebrate this year as well.