Wednesday, May 30, 2007

Canadian Real Estate Is Still Flying High

Prices in Canadian Real Estate have continued to rise, even with the dismal market in the US. Home sales in Canada are fueled by booms in the Western Provinces, and of course commodity prices. Real Estate in Saskatchewan is the biggest winner in last months stats with a 24% increase in home price as well as the largest increase in volume sold. While real estate in Alberta continues to make huge gains, nearly 30% over the same time last year, British Columbia Real Estate also remains strong with the highest average price in Canada.
Full Article

On the lighter side of business and real estate a firm in Hawaii is selling real estate that does not yet exist. Land is being sold on a volcano that is likely to produce waterfront in 10,000 years. What!
Full Article

Thursday, May 24, 2007

Saskachewan Real Estate Has Begun To Heat Up

Small rural towns that are within commuting distance to Saskatoon, Regina, and Moose Jaw are experiencing a rise in real estate prices. The drain of population from Saskatchewan has begun to come back. Those who moved out of the province to find work are now returning to a better quality of life. The Leader-Post has the full details.

Real the Full Article or continue below.

Real estate boom hits rural Sask.

David Hutton
Saskatchewan News Network; CanWest News Service
Tuesday, May 22, 2007

SASKATOON -- Dale Arsenault moved back to Rosetown, his childhood home, from British Columbia two years ago to retire peacefully. The real estate agent's plan was to work shorter days and slow the pace down. His wife, Earla, opened a women's fitness centre on Main Street to keep them busy.

"I've been busier than ever," says Arsenault, 63, who opened his real estate office six weeks ago to capitalize on the town's growth. "I'm getting two or three walk-ins per day from Alberta and B.C."

Arsenault now works 14-hour days to keep up with the work, he says. Like many towns just on the edge of commuter distance to Saskatoon, Rosetown and the surrounding area is experiencing growth of its own, fuelled by a good location and a desire for a simpler, less expensive life, Arsenault says.

"Here, it's not all that rush, rush rush," he says. "Some young folks that are living in Calgary and Edmonton find out they can buy a home for $100,000."

It's not just retirees coming back to the town of 2,200 or Alberta businessmen travelling the province looking east to turn a profit. He says homes in the area are being sold to many young couples, some returning to the province, some not, who were turned off by the high prices and fast pace of bigger centres like Saskatoon, Calgary, and Edmonton.

"You don't worry about your kids walking out the door," says Rosetown's Mayor Brian Gerow, making his familiar sounding sales pitch for the town. "There are people that have lived here their whole life that never lock their doors."

In places like Biggar, the story is the same. People from all walks of life are touring the province looking for a quaint town to settle down in. They want services, schools, a short drive to a big city, a bit of industry, and health care. If they sell their homes in a booming centre, they can walk away with a tidy profit and gain a safe place to live.

"Houses are being snapped up very quickly here," says Bob Tyler, Biggar's town administrator. "It's been a pleasant surprise. People really seem to want an acreage and some horses."

Biggar, a town of around 2,000, has been getting much bigger, Tyler says.
Several retailers are considering opening up in the town because of the growth, which he says has been from people of all ages.

Mostly, he says, people are selling their homes in larger centres and buying in the area to "put some cash in their pockets."

Waldheim, which, at 60 kilometres from Saskatoon, was once considered too far away to feel the effects of a boom, has reinvented itself as a commuter town that's "worth the drive." A recent referendum there, fought over green space, has allowed for residential development in an old town park.

"Typically, with people moving from out of province, there is some connection to Saskatchewan," says Waldheim Mayor Kelly Block. "But we're seeing a lot of young couples moving here and commuting to Saskatoon."

Last week, Rosetown even had to call an emergency meeting to deal with several real estate proposals. The biggest proposal was the sale of "Little Banff," a campground and resort area on Hwy. 7. The buyers are three Calgary businessmen who are going to develop a $10-million Husky truck stop, a hotel, and a car wash. They're even thinking about opening a Tim Hortons franchise.

Gerow is also turning the former Fas Gas property into a Robin's Donuts.

Oil workers from Fort McMurray are also zeroing in on Rosetown and Biggar to live and Rosetown is trying to establish a direct flight there from the airport to accommodate.

For years, Rosetown had been in a sort of "depression," Gerow says. An aging and declining population, a tough run for farm life, and an exodus of young people to Alberta combined to cause a tough run for the area.

"We were dealing in a depressed rural bubble," he says. "It's a whole different world now."

The idea that sparked the growth, Gerow says, was selling many town-owned lots for $1 in order to stimulate growth and bring in tax dollars. People who buy the lots have to build on them within a year or lose a $1,000 deposit. The town office is getting two to three inquiries a day from people interested in building on them, he says. The Calgary group purchased five $1 lots and plans to build a four-plex housing unit on another. A new subdivision is also in the works.

"This is probably the most exciting time I've ever seen in Rosetown," Gerow says. "Everybody feels the same. There's an optimism that's just unbelievable."
© The Leader-Post (Regina) 2007

Tuesday, May 15, 2007

High Building Costs Push A Developer To Pull Contracts

A lower mainland home builder has pulled contracts to build homes from the purchasers, and then put them back on the market for $100K more. This of course did not sit well with the would to be home owners, and now the government has stepped in.
Full Article

Developer told to stop marketing Riverbend houses
Canadian Press
May 15, 2007

VICTORIA -- The British Columbia government is stepping in to help would-be home buyers jilted by a developer at a new housing project in Vancouver's eastern suburbs.

The Superintendent of Real Estate issued a cease-marketing order to CB Developments 2000 Ltd. yesterday, after the company cancelled presales contracts to dozens of purchasers at the Riverbend site in Coquitlam and refunded their deposits.

Finance Minister Carole Taylor said those who found themselves suddenly without a home "will at least know that there will be no reselling of their home until various issues under the [Real Estate Development Marketing Act] are followed.

"So it gives everyone breathing room, a chance to see exactly what the situation is [and] exactly what the contracts say."

The developer backed out of the presales agreements for the Coquitlam project by saying there was no way the builder could break even by selling at the original price.

Instead, the single-family homes were being listed again at current market values, a difference the buyers estimated at up to $100,000.

Real Estate Superintendent Alan Clark did not say what issues are being examined, but he did ask people affected by the order to contact his office with their concerns.

The act requires developers to file amendments to disclosure statements when material changes that affect an individual's decision to purchase a unit in the development are made.

The cease-marketing order prevents the sale of any units until the act is fulfilled.

Wednesday, May 09, 2007

Toronto Real Estate News

It looks like Real Estate in Toronto is still a bargain when compared with homes in the rest of the world. Toronto, or any other Canadian city, Vancouver perhaps, do not even make the list of expensive places to buy real estate. The most expensive real estate in the world is in London, England, where $5k per square foot is the going rate. My 2300 sq/ft home would be worth $11.5 million if plunked into downtown London. I would like the cash, but not to live there.

Toronto Not On List Of The Most Expensive Real Estate Cities On Earth
Wednesday May 9, 2007

Looking to buy a home and think
Toronto real estate is out of your league? It turns out, we don't even count when it comes to the really pricey places on the planet. In fact, no Canadian city even shows up on the list of the world's most expensive real estate locations. The number one position belongs to London, England, where prime property costs an average of just over Cdn.$5,000 a square foot. (The city is already home to the most expensive mansion on earth.) Next is the Principality of Monaco, where you'll pay about $4,800 for the same property measurement.

The list is from the aptly named
Wealth Report 2007, an annual publication that measures where the world's money is going. It claims people with lots of dough - roughly more than $11 million - know real estate is generally a good deal and are buying up the best locations. That's pushing some of the sites named in the report to record levels.

So the next time you cringe when you hear what a T.O. home is worth, remember it could be worse. You could just be getting a real bargain for your bucks.

Full Report

Friday, May 04, 2007

What Does A Million Dollar View Look Like?

You may ask you self, 'What does a million dollar view look like?' The answer is not so simple. Some would say that you can not put a price tag on natural beauty, but real estate agents certainly try. The most desirable properties in British Columbia have three things; a gorgeous view, a huge home, and is on the waterfront. Here is a listing from Surrey, Whiterock to be exact, that can give you an idea of what a $7.5 Million view looks like.

Full Listing

Thursday, May 03, 2007

Real Estate Is Still On The Climb

An industry expert from CIBC has predicted that there will be no housing collapse in Canada. In fact, the prediction is that housing values will increase by double in the next 20 years. This is good news for all those Realtors out there, and not so good for people waiting to clean up on the burst real estate bubble. Canada's West (BC, AB, SK, MB) are expected to keep the economy and housing going strong with the rising energy prices.

The impending decline and fall of the Canadian residential real estate market -- as fearlessly forecast by the Baby Boom watchers -- can be summed up in four simple words: "Much ado about nothing."

This wasn't Shakespeare talking, but CIBC World Markets economist Benjamin Tal.

Tal crunched the numbers and found the house price scare when the boomers become empty nesters and downsize as "highly exaggerated."

To the contrary, Tal is predicting that instead of fading "house prices in Canada are more likely to double in the coming 20 years."


With the rise in real estate prices the Catholic Church of Halifax has decided to cash in and sell some very sought after property near the downtown core. The church says the money will be put into church education. FULL ARTICLE