Wednesday, April 30, 2008

Canada Has Become Infected With The Recession From The South

Canada has become infected with the recession from the south. The price of oil is at all time highs, and the economy is stagnant. The next 24 months could be a very bumpy ride for the Canadian economy hurt by the loss of manufacturing jobs.

The economy has sharply deteriorated to near recessionary levels and the cost of filling the tank and putting bread on the table is going to go sharply higher, Canadians were told Thursday.

A bleak economic assessment came from the Bank of Canada's quarterly monetary report, which warned that Canadian exports, particularly from manufacturers in central Canada, will be hard hit this year by the U.S. slump and tight money in the credit markets.

Wednesday, April 23, 2008

Saskatchewan Real Estate Is Red Hot, And Sees No Cooling Trend In Sight

Saskatchewan real estate is red hot, and sees no cooling trend in sight. But, don not despair, decent homes with decent prices can still be found.

In a city where the average selling price of houses is now $265,000, the report says first-time buyers looking for something affordable in Saskatoon are still finding bungalows in good condition for under $200,000 in west-end neighbourhoods such as Confederation Park, Fairhaven, Meadow Green, Mayfair and Westmount.

There are also condos to be had in apartment conversions in neighbourhoods such as Hudson Bay Park.

Should a first-time buyer look at going into a $200,000 detached house in the Saskatoon real estate market, carrying costs for a $180,000 mortgage would sit at about $1,150 a month for a conventional 25-year mortgage or about $976 for a 40-year mortgage. Those numbers were calculated by Re/Max using TD Canada Trust financing at 5.75 per cent for a five-year term. The mortgage rate payments were calculated before Tuesday's Bank of Canada half-point rate cut.

Tuesday, April 08, 2008

Canadian Real Estate News

The loss of jobs in Ontario is dragging down the Ontario real estate market. Not only are building permits down, but Ontario is pulling down the permit averages for the rest of Canada.

Ontario dragged down the rest of the country, with municipalities issuing $5.8 billion worth of building permits, down 1% from January, after peaking at $7 billion last spring. Take out Ontario, and the total value of building permits nationally would have jumped 9.8%. Article.

Permits for new structures are also shifting to multi-family dwellings.

Nationally, the value of non-residential permits fell 25.6% to $1.9 billion due to double-digit decreases in permits for all three components: institutional, commercial and industrial. Ontario construction intentions fell 16% to $2 billion, the lowest value since April 2007. Non-residential intentions in the province fell 44.9% while residential intentions were up 21.3%. Meanwhile, residential permits were up 21.3%. Article.

The Star has launched a new "website created to serve home buyers, sellers, owners and renters throughout the Greater Toronto Area." The site is

Thursday, April 03, 2008

Real Estate In Canada Is The Same As Always

You may think that real estate prices are too high, and no one can afford a home any more, but that is what people thought 10 years ago, and will ten years from now.

Yes, these are troubled times, we also may be getting closer to the end of this particular cycle but long term we will be just fine.

To buy real estate in 2008 will feel as troublesome as it did in 1966 or 1975 or 1983 or 1988 or 1991 or 2001 when we had all these troubled events (stock crashes, crisis, troubles) the previous year. And aren't you happy you bought then?

For all the 38 years I have been in this business there are the same stories every year.

There are too many Realtors in the business.
No young couple can afford to buy anymore.
I wish I bought 5 years ago.
Every Year!


Tuesday, April 01, 2008

Spring Real Estate Sales To Rise

Spring means that it is time for real estate prices to rise and the people to start buying and selling property. Canadian real estate enjoys the spring rush due the change in seasons, and winter restlessness. Try some of these recent additions to Snap Up Real Estate listings: four bedrooms in a great neighborhood in Calgary, Alberta for only $329K, a newer 4 bedroom home with a 2 car garage in Halifax, Nova Scotia for only $255K, or try a renovated bungalow in Toronto for only $406K.