The Canadian Real Estate Blog

New Calgary Real Estate in Meadowlark Park

2009-06-07T19:10:00.000-07:00

This three bedroom, two bathroom home is located in the Meadowlark Park area of Calgary, Alberta. For $518,360, you will be located ten minutes away from downtown Calgary in this impressive home. It features a new kitchen with granite counters, hardwood floors, high end appliances, wood burning fireplace, and a multi level deck.

You can check out this Calgary real estate property listing at Snap Up Real Estate Canada.

Kamloops Real Estate Activity in May, 2009

2009-06-06T18:36:00.000-07:00

Real estate property listings in the Kamloops and district real estate association (KADREA) went from 2865 in April to 1850 in May. This shows the sales-to-active listings are getting closer to a balanced market. In the KADREA, residential home listings decreased from 950 to 642 and condo townhouse listings decreased from 266 to 187.

The residential median price in Kamloops real estate in May dropped from $332,000 to $328,000. There were 20 sales in the $400 - $439,000 range. There was an overall increase in sales between the $360 - $519,000 price range. The $240 - $279,000 price range only had 26 sales in May compared to 31 sales in April.

In Kamloops, Brock and Westsyde had the largest increase in sales. Both areas combined for 47 sales. Sahali and Aberdeen combined had 49 sales. Most of those sales were in the $320 - $359,000 price range. Pineview Valley only had 19 sales compared to 26 in April.

New Halifax Real Estate Property Listing - Waterfront Home at Snap Up Real Estate Canada

2009-05-31T17:45:00.000-07:00

If you are looking for real estate in Halifax, you should check out the new four bedroom and four bathroom waterfront home that was just added to Snap Up Real Estate.

This three level home has just been recently decorated with hardwood floors, granite powder room, custom built in desk in the office, and built in wall units. You will be able to enjoy walks to the lake in the evening or play a round of golf with two memberships to Glen Arbour Golf Country Club that's included in the price.

This home is priced at $675,000. Check out the real estate on Glen Abour Way to find out more details.

Optimism in the Kamloops Real Estate Market for April 2009

2009-05-05T16:16:00.000-07:00

Sales in the Kamloops real estate market increased by 30% in April. In the $300 - $399,000 range, sales increased from 11 to 27. The $240 - $279,000 real estate range had 31 sales compared to 8 in March. Even the $600,000 and above price range had 6 sales.

The median price for KADREA real estate also increased to $307,000. The actual real estate median price in Kamloops increased from $315,000 to $332,000.

Sahali had the largest increase in sales from 14 to 24. Bachelor Heights, Aberdeen, Brocklehurst, the North Shore, and Barnhartvale contributed to the overall sales increase in the Kamloops area.

Apartment real estate property listings doubled to 102 in April.

Canadian Real Estate Review - Kamloops Real Estate - March 2009 Review

2009-05-05T16:13:00.000-07:00

Real estate sales in Kamloops did increase by 76% in March compared to February. The median prices in the Kamloops area increased to $304,250. That’s an $8,250 increase.

Sales were up in the $360 - $399,000 range, doubling to 19 sales in March. In the $400 - $439,000 range, sales increased by 5 times the amount in February. These two real estate price ranges are generally the first to be affected by a slower economy. Constant sales in the $200 - $319,000 range were achieved. That price range represented more than 50% of the overall sales in March.

The largest increase in Kamloops real estate sales came from the Aberdeen area, increasing from 5 to 18. Other areas in Kamloops including South Kamloops and Westsyde increased to 17 sales, while the North Shore and Brocklehurst areas also contributed.

Sales for residential homes in Kamloops increased by 60% while sales for townhouses and apartments doubled.

Kamloops, BC Real Estate February Review at Snap Up Real Estate Canada

2009-04-04T13:19:00.000-07:00

Real estate sales are going up while the prices are going down. This is a good time for home buyers looking for a new home. The average price of homes in the Kamloops area has decreased from $322,500 in January 2009 to $294,000 in March 2009.

The price of homes dropped due to an increase in sales between the $240,000 - $319,000 range. Sales also increased in the $520,000 - $559,000 price range.

Overall, real estate sales in Kamloops increased by 46% to a total of 92 homes sold. Compared to 2008, that’s still much lower when 229 homes were sold in the same month. 8% more homes have been listed for sale in the Kamloops area in February. More lots for new homes have also increased to 370.

The top area in Kamloops for sales in February was Sahali with 12 homes sold. Find homes for sale on the Kamloops real estate page on Snap Up Real Estate Canada.

New Kamsack Real Estate at Snap Up Real Estate Canada

2009-03-09T15:59:00.000-07:00

Check out the new Kamsack real estate city page for more details about the area and property listings for sale. You can even add your own Kamsack real estate property listings for free on Snap Up Real Estate Canada. If you would like to sell real estate in other areas around Saskatchewan, feel free to post them for free as well.

If you have a company and would like an opportunity to advertise on the Kamsack real estate city page, please feel free to contact Snap Up Real Estate Canada for more details. We offer an affordable, measurable, and effective advertising solution for your business.

Wainwright Real Estate City Page Added to Snap Up Real Estate Canada

2009-03-08T11:02:00.000-07:00

If you are looking for real estate in Wainwright, AB, you are in luck. Snap Up Real Estate Canada has just expanded to include a new Wainwright, AB city page. You can check out the new Wainwright real estate city page to find out more details about the city, view available properties for sale, and even post your own real estate property listing for free.

Advertising is available on the new Wainwright, Alberta page. If you are interested, you can contact Snap Up Real Estate Canada for more details.

White Rock Real Estate for Sale on Snap Up Real Estate Canada

2009-03-07T15:46:00.000-08:00

Snap Up Real Estate Canada has expanded the website to include a new White Rock real estate city page. You can find out more information about White Rock, view the available properties for sale, and list your property for free!

You can find properties for sale all across Canada at Snap Up Real Estate. Let us know what you think of the new White Rock, BC real estate page. Please post a comment.

Real Estate For The Well To Do Is On The Slide

2008-09-28T15:53:00.000-07:00

Experts involved in the Calgary Real Estate market say that the selling of high end homes is down drastically. The market downturn in Calgary and area does not have professionals spooked though, they say conditions are still strong.

"Cautious, price-sensitive purchasers are now weighing their options, waiting as long as six months for the right property to come along," the report says. "Properties that are priced well will sell, while those that are priced too high will linger."
Although people who buy an upscale house generally have deeper pockets than those buying an average home, factors that influence their decision are largely the same, said Lowell Martens, a realtor with Re/Max Mountain View. Article.

Free Real Estate Listings.

Real Estate In Canada Is About To Take A Plunge

2008-09-09T13:57:00.000-07:00

Real estate experts across Canada have concluded that the decade long real estate jump is about to run off a cliff. Prices reaching of half a million for homes in Kelowna and Calgary are about to drop off significantly.

To analyze whether housing prices are overvalued, the researchers looked at current house prices in nine major Canadian cities. They compared these prices to their own calculation of what a balanced market price should be, derived from the relationship between house prices, rents and the cost of investing in housing in each market.
The study warned that the potential for price declines is greatest in cities that have a large supply of unsold inventory or a mismatch between the number of units and the number of households ready to occupy them.
Somerville concluded that only in Toronto are prices in balance with rents. In Halifax, Montreal, Ottawa, Regina and Winnipeg prices would need to drop by at least 20 per cent to be in balance, while Calgary and Vancouver would require a 7 to 11 per cent drop in prices to reach the study's equilibrium level. But the study found in Edmonton prices are actually below equilibrium, by 8 per cent... Article.

US Bargain Real Estate

2008-07-21T10:23:00.000-07:00

Some experts area sating that USA real estate is going to get even cheaper.

Attention, real estate shoppers: the entire U.S. sunbelt is now officially on sale. Prices in many areas of Florida, Arizona, Nevada and California have dropped 40 per cent from their peaks of a couple of years ago, to the point where the deals seem nearly too good to be true. In Naples, Fla., a three-bedroom, two-bathroom home that sold for $350,000 in 2007 is on the market for only $200,000. A starter home in Sacramento, Calif., that sold for $215,000 in 2004, is on offer for a mere $129,000. And remember: these aren't sale prices. They're asking prices. Article.

This means that in a couple of years your average Albertan can sell there home in Edmonton or Calgary for $500K, then move to sunny California and buy a home for $100K. This is an exaggeration of course, but if the trend continues any longer that 2012 it will be the reality.

Real Estate In Canada Is Continuing Its Cooling Trend

2008-07-15T12:56:00.000-07:00

Canadian Real Estate is not in the same state as prices to the south of the border, but concern is mounting. Prices are still increasing in Canada, but softer markets in Alberta and British Columbia are blamed for the slowdown in increases.

New house prices rose in May at their slowest pace in almost six years, a further sign that Canada's real estate market is cooling, particularly in Alberta and British Columbia.

Prices rose 4.1 per cent in May from a year earlier, down from 5.2 per cent in April and the weakest since the 4 per cent registered in July, 2002, Statistics Canada said Friday.

On a monthly basis, prices remained unchanged between April and May.

Statscan said the May showing continued “a deceleration that started in September, 2006, due mainly to the softening market in Alberta and British Columbia.”

Saskatchewan continued to see the biggest increases. In Regina, for example, home prices rose 30.4 per cent, and in Saskatoon 30.2 per cent. Still, Statscan noted, Regina's showing slipped from 34 per cent in April and Saskatoon's from February's record 58.3 per cent.

In Alberta and British Columbia, the impact was noticeable. Article.

The Price Of Thunder Bay, ON Real Estate Is On The Rise

2008-07-15T12:51:00.000-07:00

The price of Thunder Bay real estate is on the rise. Traditionally the city was home to some of the most affordable homes in the country, but market conditions have changed and prices are climbing.

The president of the Thunder Bay Real Estate Board says home prices in the city are up four to five percent from last year and the shortage of homes on the market is largely responsible.

John Litt says the average price for a house in Thunder Bay right now is in the $120,000 range and people who already have houses seem to be content with what they have and are sitting tight.

So it's the best of times of times and the worst of times depending on whether you are trying to buy or trying to sell a home.

Thunder Bay's housing market has become a major seller's marketplace and those looking to buy a house are finding a lack of good, affordable homes or are encountering an all-out bidding war or must rush to close a deal. And with market analysts predicting current trends to continue, that's forcing prospective buyers to think later or be left in the dust. Article

Real Estate In Canada Has Been Taking A Bit Of A Hit Lately

2008-06-24T13:19:00.000-07:00

Real estate in Canada has been taking a bit of a hit lately, with the mortgage and housing mess down south. Recently MoneySense put out a list of good places to buy in Canada based on affordability, strength of local economy, and momentum.

To help us gain an even better sense of a city's Value, we looked at local wages and figured out the number of years of average household income that it would take to purchase the typical local home. We downgraded communities where local residents couldn't afford to buy homes easily; we gave highest marks to cities where they could. Our reasoning was that places where homes are affordable are places where real estate prices are solidly rooted in economic fundamentals and are therefore unlikely to plunge. The differences between communities can be huge. In Regina, a typical family needs two-and-a-half years of income to buy a home; in Vancouver, a typical family needs nearly eight years of income. Talking strictly in terms of bang for buck, Regina is a much better place to buy. Full Article.

Some of the top performers were: Regina, Saskatoon, Winnipeg, Edmonton and Vancouver.

Snap Up Real Estate Canada Is Growing

2008-06-24T13:08:00.000-07:00

Snap Up Real Estate has added new city pages.

Niagara Falls, Thunder Bay, Windsor, and Langley are all new additions to our city page index. If you have any comments of suggestions for the pages feel free to let us know.

Real Estate Is Falling Off In Most Of Canada, But Saskatchewan Is Still Flying

2008-06-05T21:23:00.000-07:00

Real Estate is falling off in most of Canada, but Saskatchewan is still flying. Property that was once hard to give away is now being sold to the highest bidder, and the bids are high. Great deals can still be found on vacation property in Saskatchewan if you look. Try these building lots for sale near Esterhazy, SK at $50K a pop.

...view of Round Lake and a north view of the Qu'Appelle Valley hills. A Lilac hedge borders the south side of each parcel and the north side is bordered by Ash. Frontages range from 240 ft, to 325 ft. with depths of 150 to 250 ft. The parcels are flat, accessed by pavement, have access to power, natural gas, telephone, septic tanks and private well. View the original listing with pictures.

If the BC coast is more your flavour check out this condo in Sechelt. It has all the space you will need, plus views of the ocean and a place for your boat.

Canada Has Become Infected With The Recession From The South

2008-04-30T16:43:00.000-07:00

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. Article.

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

2008-04-23T11:39:00.000-07:00

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. Article

Canadian Real Estate News

2008-04-08T15:21:00.000-07:00

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 Yourhome.ca.

Real Estate In Canada Is The Same As Always

2008-04-03T13:37:00.000-07:00

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!
Article.

Spring Real Estate Sales To Rise

2008-04-01T16:08:00.000-07:00

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.

Real Estate Property Listings Are Piling Up Quickly On Snap Up Real Estate

2008-03-26T14:14:00.000-07:00

Real estate property listings are piling up quickly on Snap Up Real Estate. Check out some of this week's newest additions to the real estate game. A vacation home in Sorrento, BC is just what the doctor order for rest and relaxation. For the budget conscious try these three bargains: A mobile home in Nelson, BC, an eight year old vacation home in Nakina, ON, or a half duplex in Dartmouth, NS.

For investors we also have a great selection of properties. You can purchase a commercial building in Hamilton, ON for only $327K. Also, you could buy 143 Acres of development property in Revelstoke, BC, or a huge condo in downtown Montreal. Lastly there is a cabin on Kamloops Lake with two residences for only $385K.

Snap Up Real Estate Has Some Great Bargains

2008-03-25T15:47:00.000-07:00

Snap Up Real Estate has some great bargains. Check out this week's newest properties:
- A small home on Brier Island
- try this great mobile home in Edmonton, Alberta
- or recreational or investment property in Field, Ontario
- how about a huge near new home in Brampton, Ontario
- a condo in North York
- maybe a renovated Calgary home for $260K
- or a really cheap home in Meteghan, Nova Scotia
- lastly, why not live in Massey Drive, Newfoundland?

Always list real estate for free with Snap Up Real Estate.

Snap Up Real Estate Has A New Real Estate Property Listing In Ottawa, Ontario

2008-03-18T15:19:00.000-07:00

Snap Up Real Estate has a new listing in Ottawa, Ontario. This home has 4 bedrooms, 3 bathrooms, and a huge yard. This home also features a 3 car garage. The location of the home is Aylmer, QC and is priced to sell.

In real estate news the unsteady markets and continuing housing crunch south of the border is effecting Canadian markets:

The impact on Canada from the deepening crisis was sudden and unequivocal. Panic from the south spilled over to the Toronto Stock Exchange on Monday as investors worldwide cashed in their valuable resource stocks to cover losses and ensure quick access to their money. Canada will undoubtedly suffer from more shudders as the crisis runs its course. Article.

Also Revelstoke, BC is now the hottest real estate market in Canada. Yeah, that's right. The city's new ski resort is off to a great start.

Within hours launching its latest real estate endeavour, more than $ 35-million worth of property was snapped up by eager Revelstoke Mountain Resort investors on March 1, bringing the total sales to more than $100 million.Currently North America’s hottest destination, Revelstoke Mountain Resort is expected to be completed over 15 years and will include over 5,000 new housing units (1,500 apartments, 2,000 hotel suites, 850 town houses and 550 private plots), as well as more than 500,000 square feet of commercial and retail space, and a signature golf course.However skiers and boarders are more likely to be excited by the news that additional gondolas and chairlifts are expected to be completed in the winter of 2008/09. Revelstoke will then boast North America’s longest lift-serviced vertical descent.Since its opening less than three months ago in December 2007 with an eight-person, $16-million gondola and a high-speed quad chairlift, Revelstoke Mountain Resort has received rave international reviews. Article.

Check Out The Newest Properties Available On Snap Up Real Estate

2008-03-12T16:04:00.000-07:00

Check out the newest properties available on Snap Up Real Estate:
$40K for a Saskatchewan Church
$389K for almost 5 acres and two dwellings on Christina Lake
$205K for 10 acres and a great home in Annapolis Royal, NS
$429K for 2 acres of river frontage in Saint John, NB
$120K for a 3 Bedroom Townhouse in Prince George
$80K for 100 acres of nature in Chipman, NB

These and other great deals on Canadian real estate can be found at with Snap Up Real Estate.

Don't Forget you can list your real estate for free with Snap Up Real Estate.

Snap Up Real Estate Has Some Great New Real Estate Property Listings For Sale In Canada

2008-02-27T12:45:00.000-08:00

Snap Up Real Estate has some great new real estate property for sale in Canada.

Year round resort in Bobcaygeon, Ontario. Live and play in the great outdoors.

A cheap house and huge lot in Wakaw, Saskatchewan. It is in the middle of nowhere, but it is cheap.

A great house in Truro, Nova Scotia. Huge lot, Huge house, great deal.

40 Acres in St. Peters, Prince Edward Island. 40 Acres on the ocean. Unbelievable.

These properties are truly great deals, and great locations.

Canada Has A Vast Array Of Landscapes, Climates, And Cultures

2008-02-19T16:11:00.000-08:00

Canada has a vast array of landscapes, climates and cultures. These factors make real estate in Canada a very interesting and intriguing venture. Check out some of the latest additions to Snap Up Real Estate's Listings.

Custom built home in Cocagne, New Brunswick.
Affordable Condo in Port Coquitlam, British Columbia.
Waterview property in LaHave, Nova Scotia.

Remember to list your home for free with Snap Up Real Estate.

Edmonton Journal Reports, Ignorance Is A Pitfall In Real Estate. Really?

2008-02-13T16:41:00.000-08:00

The latest Canadian real estate news:

Edmonton Journal Reports, ignorance is a pitfall in real estate. Really?

When you line up around a block with 200 people to buy the condo in the sky that doesn't exist yet, put $20,000 down and plan to sell it as soon as it's built, look in the lineup and tell me how many people have the exact same mentality. Then all you need is for one guy to panic and drop his price to get out, and the average price in the whole building goes down, and you're completely at the whim of somebody else. You should only line up for U2 tickets. Article.

BMO reports slower housing growth, thus more afforability.

While new home prices should remain strong in 2008, the pace of growth will continue to moderate to about 2% to 3%. Article.

More Great Bargains On Canadian Real Estate

2008-01-29T16:03:00.000-08:00

More great bargains on Canadian Real Estate.

An 18 unit motel in Rainy River Ontario is for sale. You can live and work in paradise for the rock bottom price of $450K. This is a great deal for a money pumping commercial property, but you will have to live in a out of the way town.

Also available is a large home in Georgetown Prince Edward Island. This home has been renovated and is such a low price you would barely have to work, or you could just retire here.

Keep checking back for more great deals.

Check Out Our Latest Deals On Canadian Real Estate At Snap Up Real Estate

2008-01-29T15:10:00.000-08:00

Check Out our latest deals on Canadian Real Estate at Snap Up Real Estate.

Vacation property in Southern British Columbia, a 5 acre paradise. Christina Lake.

A Lower mainland condo that you can afford to live in. Vancouver.

Remember that you can always list your home for free on Snap Up Real Estate.

Moody's Reports That All Sectors Of The Canadian Real Estate Market Are 'Green' Or Strong

2008-01-27T22:22:00.000-08:00

All signs point to a strong Canadian real estate market. Moody's reports that all sectors of the Canadian real estate market are 'green' or strong.

In its latest Red-Yellow-Green (RYG) report for Canada, the ratings agency said each of the five market sectors in the country is 'green', that is strong, and shows greater strength than its US counterpart, with the sole exception of the commercial retail sector. Article.

Strong dollar, strong markets, low unemployment, Canada is staying strong during 'recession' woes of the US.

Canadian Real Estate Is Not On The Same Path As The US

2008-01-23T14:47:00.000-08:00

Do not be afraid of what is happening in the US with regards to real estate, Canada is not the same economic environment. Canadian real estate can expect to stay much stronger than the faltering US sector.

Canada's real estate sector fundamentals are stronger than those in the U.S., said Ed Boomer, managing director of Canadian operations for U.S.-based shopping centre owner and operator Kimco Realty Corp.

"I don't think we're becoming anxious about the Canadian real estate market," he said. "If you're a well-placed, cash-based opportunistic player I think you can do very well."
Some areas of weakness include hard-hit manufacturing centres, where industrial and retail properties may not be the best assets to invest in, Mr. Boomer said. Article.

US real estate is being hit hard with problems in the financial sector. In the next 36 months the US is going to see a very high mortgage default rate, making many properties available for cheap, this will not be the case in Canada.

The Stats Are In For Snap Up Real Estate In 2007

2008-01-04T11:57:00.000-08:00

Over 116000 unique visits in 2007. That is up from 10,000 in 2006. Almost a 12 fold increase in traffic. At this pace we will compete will Google in a few years. Dreams.

The first week of 2008 has seen search engines and directories increasing the amount of traffic sent to our websites. Real Estate in 2008 is expected to be a hot topic, which is great for us.

Canadian Real Estate Sets Another Record

2007-12-18T16:33:00.000-08:00

Real Estate in Canada has set new levels for sales ina year by sales volume and dollar amount.

Canadian real-estate markets clinch early record

Derek Abma, CanWest News Service Published: Monday, December 17, 2007
OTTAWA -- With one month's activity still unaccounted for, the Canadian Real Estate Association said Monday that listed residential real-estate transactions in most major markets are already at record levels.

Data from the country's 25 biggest markets show 345,577 sales of existing homes in November through the Multiple Listing Service (MLS), which is 2.7% ahead of the previous record of 336,646 sales in 2005.

There was a seasonally adjusted level of 29,992 sales last month, up 3.2% from October. This was driven by increased activity in Vancouver, Toronto, Edmonton, Calgary and Saskatoon, CREA said. On an unadjusted basis, November sales were up 7.6% from a year earlier.

A monthly record for sales was reached in Newfoundland and Labrador, the second-highest number of monthly sales was recorded in Saskatoon and Regina, and Vancouver and Toronto both had their third-most sales ever in November.

"Sales activity continues to run strong, even if it is off its peak set earlier this year in nearly all major markets," CREA chief economist Gregory Klump said in a statement. "Demand remains strong due to continuing job and income growth, and upbeat consumer confidence. That is helping retain a seller's market in most major markets."

The average sale price was $332,807 last month, up 11.6% from a year earlier. That marked the seventh-straight month that prices were up more than 10%. Average-price records were set in Montreal, Quebec City, Victoria and Kitchener-Waterloo, Ont.

BMO Capital Markets Economics said these numbers "show that resale activity barely blinked in the face of the severe credit squalls in the fall." Financial Post Article.

Go Canada.

A Nation Wide FSBO Company Is Expanding Efforts In Western Canada

2007-11-28T14:40:00.000-08:00

A nation wide FSBO company is expanding efforts in Western Canada, at twice the price of Snap Up Real Estate. Canadian real estate is currently home to many 'for sale by owner' companies, DuProprio is one of the largest.

DuProprio has representatives in the Maritimes, Manitoba and B.C., but is waiting before jumping into Alberta, where two competitors are already active. Online services WeList.com and comfree.com are active in several Canadian provinces. For sellers, the website works like this: they pay a flat fee up front that varies according to location and type of property. The average fee is $400. (This will rise to $500 next year.) That fee buys sellers a website listing of six months to one year, depending on the type of property, and photos taken by a professional.Sellers get a customized poster for their lawn and online tools to help them write a description, prepare their home for sale and negotiate. A DuProprio sales representative visits about 90 per cent of clients to help set up a listing. Bouchard and his team talk to clients and the public through their blog. Article.

The expansion of 'For Sale By Owner' real estate transactions is growing, which is good for economic diversity.

By All Accounts Real Estate In Canada Will Not Follow The Dismal Path Of US Real Estate

2007-11-16T14:29:00.000-08:00

By all accounts real estate in Canada will not follow the dismal path of US Real Estate. Financial analysts at TD have projected healthy growth in Canadian real estate for the next 25 years. As well the same firm reports Canada in unlikely to have mortgage trouble like the US.

Zillow.com, a huge, but newer, US real estate website has inked deals with several newspapers on advertising ventures. Full article.

Snap Up Real Estate Has A New Premium Listing In Nova Scotia

2007-11-16T14:21:00.000-08:00

Snap Up Real Estate has a new premium listing in Nova Scotia. Real Estate in Nova Scotia is some of the most affordable in Canada, and this property is no different. Nova Scotia is one of the oldest settled areas of Canada, communities are well established and locals are renowned for their friendliness. Check out the full property details --> Nine Mile River Real Estate For Sale.

Real Estate In Canada Is Slowing Down, But We Will Not See The Crash Some Regional Markets In The US Experienced

2007-11-07T14:30:00.000-08:00

Real estate in Canada is slowing down, but we will not see the crash some regional markets in the US experienced.

Industry insiders are reporting that Canadian real estate will not be adversely affected by the high dollar or the poor US real estate market. Also check the Canadian market update by CNW Group News.

Condo high rises are still a big hit with Vancouver real estate investors. A recent high rise in Surrey sold out in 30 hours, setting a new record.

Condo buyers have set a new speed record in real estate sales in the Lower Mainland by snapping up all 901 units in a Surrey high-rise development in just 30 hours.

A record 545 units in the Sky Towers development were sold last Saturday, beating the previous one-day sale record of 536 sold at the Woodward's development in Vancouver's Downtown Eastside in April, 2006.

The final 356 condos sold on Sunday for prices starting at $179,900, half the cost of similar units in Vancouver, with total sales for the weekend reaching $280-million.

Sky Towers, which includes two high-rises of 36- and 40-storeys, will be the tallest of their type between Vancouver and Calgary. The project is being built by Korean developer Hee Yong Yang and is his second complex in the area. Mr. Yang, the founder of a 2,000-outlet fried-chicken franchise in South Korea, moved to Vancouver with his family in 2002.

Globe and mail has the story.

The Victoria, BC Real Estate Market Has Been Compared To Calgary's For It's Upward Trends

2007-10-30T16:27:00.000-07:00

It seems as though Real Estate in Canada has not been changed by the slowdown in the US housing market, or the rise in the CDN dollar. The Victoria, BC real estate market has been compared to Calgary's for it's upward trends. Article.

People are willing to pay extra for 'green' homes. Good on you real estate buyers, but is it really greener? Article.

Pro athletes have tonnes of money, so real estate investing is easy for them right. Article.

The change in US real estate trends has made for a buyers market in many states and regions. One great place to invest would be Florida. They are overstocked, but not under priced. Yet.

Real Estate In Canada Will Not Follow The Same Path As The US

2007-10-24T22:50:00.000-07:00

Real Estate in Canada will not follow the same path as the US. Good for us and bad for us. The downturn in US real estate means we have no market for our now expensive exports of lumber, yet our economy is okay, for now. Article from Globe and Mail.

How To Stage Your Home For Potential Buyers

2007-10-17T10:37:00.000-07:00

Check out this blog that is giving tips on how to stage your home for potential buyers. There is a multitude of tips, plus examples in the form of photographs to show you the concepts. You can use these tips to sell your home FSBO.

Realtors Feel It Is In The Best Interests Of Canadians To Own More Homes

2007-10-17T10:08:00.000-07:00

Wow, Realtors feel it is in the best interests of Canadians to own more homes. And who would benefit from such a thing. Surely not real estate agents? Although home ownership is positive economically the CREA is pushing the federal government to fight homelessness. Read on Below.

OTTAWA, Oct. 16 /CNW Telbec/ - The Canadian Real Estate Association will
be paying close attention to the Harper government's unveiling of its new
priorities, which are to be outlined in the upcoming Speech from the Throne.
"We hope to see this federal government recognize and assume its shared
responsibility in the development of sound policies for Canada's housing
sector," said Pierre Beauchamp, Chief Executive Officer for The Canadian Real Estate Association. "This Throne Speech represents a great opportunity to address the needs of this important segment of our economy."

REALTORS(R) have been advocating for the development of a national
housing policy where important concerns such as homelessness and the need for radical changes for First Nations housing would be dealt with at the federal
level.

REALTORS(R) have also called for the implementation of much needed fiscal
policies aimed at encouraging investment in real property and an increase in
homeownership for Canadians. Such measures include a capital gains tax
rollover for real property investments and a loan limit increase for Canada's
Homebuyers' Plan loan, which targets first-time homebuyers.

The Canadian Real Estate Association (CREA) is one of Canada's largest
single-industry trade Associations, and represents more than 92,000
REALTORS (R) across Canada. CREA's primary mission is to represent its members at the federal level of government. CREA also works to defend the public's right to own and enjoy property.

Please note representatives of The Canadian Real Estate Association will
be available for comment following the Throne Speech October 16th.

Snap Up Real Estate Has Added A New Real Estate Site

2007-10-03T14:21:00.000-07:00

Snap Up Real Estate has added a new site. http://www.SNAPUPREALESTATE.COM/.
That is correct we now cover The US and Canada.
Real Estate has never been so easy.

Real Estate In Northern Washington State Has Not Seen The Same Downturn The Rest Of The US Has

2007-09-21T14:13:00.000-07:00

Real Estate in Northern Washington State has not seen the same downturn the rest of the US has. The reason, Canadian buyers. With the Canadian Dollar at record highs people looking for real estate from the lower mainland and Alberta have turned to cheaper vacation homes in the States. People are buying now for future retirement, as there is no guarantee on the dollar staying strong.
Full Article.

Boomers look south for retirement homesWashington market seeing growing interest

By Monte Stewart - Business EdgePublished: 09/21/2007 - Vol. 7, No. 19
As the loonie remains strong, Canadian homebuyers are flocking south of the border to purchase future retirement homes.

U.S. real estate industry professionals in border locales - particularly in the West - say sales to Canadians are on the rise in recent months as Canuck Baby Boomers buy weekend and summer getaways and investment properties that they will use more during retirement.

Meanwhile, American developers are seeing higher interest from Canadians on projects that are in the works.

"About 70 per cent of our buyers, for the last three, four months have been from Canada - Vancouver in particular," says Mike Kent, a realtor who focuses on Birch Bay, Wash., just south of Vancouver.

Kent, a Birch Bay resident who sells for Blaine, Wash.-based Windermere Real Estate, says Canadian buyers follow a general trend in the U.S., where buyers are purchasing retirement homes now before they get beyond their reach and using the homes as rental properties to offset the cost before they stop working.

"It's made Whatcom County the exception to the downturn in (U.S.) real estate overall," says Kent. "We're experiencing about a four- to five-per-cent increase in average price, versus most areas that are experiencing either flat (numbers) or a decline."

Birch Bay, a popular haven for Vancouverites, was predominantly under Canadian ownership during the 1960s and '70s, but Canadians stayed home in the 1980s and 1990s as the Canuck buck faltered.

Kent, who was born in Portland, Ore., but spent his school-age years in North Vancouver and West Vancouver, says current times are reminiscent of when his family and others took advantage of a Canadian dollar that was then higher than its U.S. counterpart.

"Two things have happened," said Kent. "Your dollar has strengthened against our U.S. dollar. And second-home property options in British Columbia have become so expensive - Kelowna, Victoria and the like - that (buyers) realize they can find houses across the border for typically one-third to one-half of the price of a comparable property there.

"They've learned how to work with the border better, whether it be with a Nexus card (which allows for fast passes through customs) or schedules."

He says the development in which he lives has been able to maintain the same number of sales in a market that has more inventory because of increased Canadian demand. Most deals result from referrals from other Canadians who have lived there.

"It gives them the confidence level that they're looking for," he says. "They're not the first chicken through the fence. That helps a great deal."

Most of the Canadians he deals with are from Vancouver or other parts of B.C. He has had some inquiries from Albertans, but no sales yet.

The increased Canadian interest in homes has also sparked an increase in retail and commercial developments, he adds.

Fred Bovenkamp and Craig Anderson, who are marketing and developing the 200-acre single- and multi-family Horizon project near Birch Bay, say Canadian interest in their project has exceeded their expectations. They base their comments on pre-sale registrations from prospective buyers in advance of sales that launch in October.

"Initially, we didn't think we'd probably see 20 per cent (Canadian ownership)," says Bovenkamp, owner of Bellingham-based FW Bovenkamp Ventures.

"As we see the Canadian dollar strengthening, we see that number changing a little bit. (Because of) the initial feedback that we're getting from people, we hope to get maybe 30 to 40 per cent, if it's possible."

Like Kent, Bovenkamp attributes the higher Canadian interest to lower prices in Washington than B.C. Quarter- and half-acre lot prices in the first phase at Horizon ranged from $288,500 to $538,500.

He says Whatcom County realtors and developers have made "a real marketing push" into Vancouver and other parts of the Lower Mainland and those efforts are now starting to bear results, although it's likely Seattle-area residents will make up the bulk of buyers.

Anderson, marketing director for Pilothouse Real Estate Inc., based in the Vancouver suburb of New Westminster, expects the development to appeal to high income-earning Canadians, such as National Hockey League players, who live in the U.S. for tax reasons and must meet minimum annual-residency requirements.

"The border has become less of an issue for people," says Anderson.

Meanwhile, Albertans are also starting to show more interest in Montana, says Peggy Sue Amelon, a realtor with Re/Max of Whitefish.

"I'm noticing a lot more Internet leads coming in from Canada from your 403," says Amelon, referring to the telephone area code for southern Alberta. "I've been getting a lot of that within the last two or three months."

Since Internet leads usually take about a year to carry out, she says not many new Alberta buyers have actually moved into homes in Whitefish yet.

"There's still a bit of a sense that we have a slowdown," she says. "But I do believe that that dollar change is huge as far as bringing Canadians to this area. I've been here 22 years and I know they were kind of a driving force for a lot of the properties here.

"A lot of these older subdivisions in Whitefish were created, in a lot of cases, for vacation properties ... It was typically Canadians who were going to be down here for the summer or winter."

Amelon is waiting to see what effect the stronger loonie will have over the long term.
"The general market is a little nervous right now," says Amelon. "Buyers don't know what they should pay and sellers don't know what they should sell for.

"There's not a lot of confidence in what to do with real estate right now whereas, about three years ago, everybody was buying whatever."

Snap Up Real Estate Has So Much To Offer

2007-09-12T16:26:00.000-07:00

Snap Up Real Estate now has 13 province pages and 22 city pages. With each new page added the website grows the available content for the user. The latest additions to the city pages index have been Halifax, Vernon, and Moose Jaw. The current projection is that by the end of 2007 Snap Up Real Estate will have 50 cities available to users.

Also newsworthy is that SnapUpRealEstate.com will soon be launched. The US is a huge market, and we are looking forward to servicing American clients.

Calgary Real Estate Market May Be In Trouble

2007-09-11T17:00:00.000-07:00

The Calgary real estate may be in trouble. In the last few month the inventory in the city has been rising at a steady rate, will purchases of real estate have dropped off. The Calgary Herald reports that house prices have plummeted in just one month, and good luck in selling with a growing inventory. Read the Herald article below.

House prices plunge $20,000
Red-hot market chills in August

Mario Toneguzzi
Calgary Herald

Calgary's resale housing market, which has set a scorching pace for the past two years, has dramatically cooled, with the average price for single-family homes plunging by about $20,000 in August, according to a local realtor.

The average sale price dropped primarily because of a decline in the sales of luxury homes, those over a million dollars.

According to preliminary figures from Calgary realtor Bob Truman, of First Place Realty, the average sale price of a single-family home in August was $485,566 -- down from the record high of $505,920 set in July.

The median price dropped in August to $430,000 from $435,000 in July. It was $439,000 in June.

Truman said Wednesday that the average sale price in August was affected by the number of sales in the million-dollar-plus category.

In August, he said, 38 homes sold for more than $1 million at an average sale price of $1.5 million.

This compares with 61 sales in the upper-end market in July with an average sale price of $1.7 million.

Official Multiple Listing Service data for the month of August is expected to be released today by the Calgary Real Estate Board.

"If you get rid of the million-dollar sales . . . and compare them month to month, well August was down $2,000 compared to July," Truman said of the average sale prices for single-family homes.

There were fewer million-dollar sales in August and that skewed the average price, he said.
"But if you look at the median price, it was only down by $5,000 and that means the same thing: there were fewer million-dollar sales."

For August, there were 1,318 sales in the single-family home category while there were 598 sales of condominiums. In August, the average sale price of condos was $320,790 -- a slight increase from the $318,582 in July.

"My guess is that when people see the average price go down so much, they're going to hold off probably on buying until they see it stop, right, and then the floodgates will open again when they see it turn around," said Truman.

According to Truman's website, the average sale price of a single-family home in the past seven days, as of Tuesday, was $480,766 and the average sale price on Sept. 30, 2006, was $426,690.

In Edmonton, where real estate had also been climbing fast, the same sag in the market is being seen.

Edmonton-area home prices fell almost $10,000 in August -- the deepest drop in the city's history.

The $344,792 average, for all forms of housing, was down 2.8 per cent from July.

Real Estate Problems Are Getting Worse In The United States

2007-09-07T10:21:00.000-07:00

Real estate problems are getting worse in the United States. Mortgages are being defaulted at a rate never seen before, the this is still the first wave of sub-prime mortgages. The real problems will occur when the meat and potatoes of the sub-prime renewals hit in mid 2008. Hold on for the recession south of the border. Full details.

Mortgage woes push foreclosures to record high
Subprime loan problems seen hitting homeowners

The Associated Press

WASHINGTON - Homeowners, struggling to deal with sharp increases in their adjustable mortgage payments, got hit with a record number of foreclosure notices in the spring as the crisis in subprime lending intensified.

The problem was the most severe in the industrial Midwest and former housing boom areas such as California and Florida, but economists warned the situation will get worse in coming months as an estimated 2 million adjustable rate mortgages taken out with low introductory interest rates reset to much higher rates.

The crisis is most severe in subprime mortgages, loans provided to borrowers with weak credit, but it is now spreading to other types of mortgages, according to a quarterly report released Thursday by the Mortgage Bankers Association.

That report showed the number of homeowners who got foreclosure notices in the April-June quarter hit an all-time high of 0.65 percent, up from 0.58 percent in the first three months of the year. It marked the third consecutive quarter that a new record has been set.

The rising defaults in subprime mortgages have roiled global financial markets in recent weeks, sending stock prices on a roller-coaster ride as investors wonder which big bank or hedge fund will be the next to report huge losses from subprime mortgages that were bundled into securities and resold to investors.

Both President Bush and Federal Reserve Chairman Ben Bernanke tried to calm fears late last week. Bernanke pledged the central bank would “act as needed” to limit any adverse economic effects from the market turmoil.

Bush announced changes in the Federal Home Administration insured-loan program to help combat the expected wave of foreclosures and also answer attacks from Democrats that his administration has been slow to respond to a growing crisis in mortgage foreclosures.

Democrats criticized Bush for not going far enough and vowed to push more aggressive legislation through Congress, not only to help homeowners facing foreclosure but also to attack predatory lending practices they contend led to the crisis.

Sen. Charles Schumer, the chairman of the Joint Economic Committee, said the new mortgage delinquency numbers should serve as a wake-up call to Congress and the administration that urgent help is needed. Schumer is seeking $300 million in federal support for nonprofit mortgage counseling groups which he said were “the best defense against the coming storm of foreclosures throughout the country.”

Private economists warned the worst slump in housing in 16 years and the turbulence in financial markets from a resulting serious credit squeeze could push the economy into a recession as more borrowers fall into default, dumping even more homes onto an already glutted market.

“You have a lethal combination of higher mortgage payments, lower house prices, a weaker job market and more cautious lenders,” said Mark Zandi, chief economist at Moody’s Economy.com. “That is a very noxious mix and it is the reason for this surge in foreclosures.”

Zandi put the possibility of a recession at 40 percent, almost four times the possibility he had estimated in July, before the current credit crisis hit.

He said defaults will not peak until next year, reflecting a wave of introductory mortgages that are just now resetting from low “teaser” rates. Those resets can in many cases mean an extra $250 to $300 in higher monthly payments on the typical $1,200 monthly mortgage.
The MBA survey found that the delinquency rate, which tracks the number of people who are behind in their payments but have not yet entered the foreclosure process, was also up sharply during the spring. It rose to 5.12 percent of all loans, the highest level in five years and up from 4.84 percent in the first quarter.

The delinquency rate for subprime loans increased more sharply to 14.82 percent — up from 13.77 percent — in the first quarter. That marked the second-highest subprime delinquency rate on record after a 14.96 percent rate in the spring of 2002.

The delinquency rate for prime loans, offered to borrowers with good credit histories, also increased, but by a much smaller amount. It rose to 2.73 percent, up 2.58 percent in the first quarter.

Doug Duncan, the MBA’s chief economist, said the worsening performance was the result of two major factors — heavy job losses in the Midwest states of Ohio, Michigan and Indiana, a region hard hit by heavy losses in the auto industry and other manufacturing industries, and the collapse of previously booming housing markets in California, Florida, Nevada and Arizona.

“The percent of mortgages in Ohio that are 90 days or more past due or in foreclosure is still more than twice the national average and 1 percent of all the mortgages in Michigan had foreclosure actions started on them during the last quarter,” Duncan said.

He said there were also significant problems in the neighboring states of Indiana, Illinois, Kentucky, Tennessee and Pennsylvania.

Analysts said the problems in the formerly red-hot housing markets of California, Florida, Nevada and Arizona reflected, in part, speculators walking away from mortgages they can no longer afford. They had jumped into the market during the boom, hoping to take advantage of rapidly rising prices by quickly reselling.

But now with the inventory of unsold homes at record levels, many speculators are defaulting on their mortgages. Those defaults are dumping more homes on an already glutted market.

“With so much supply out there to compete against, borrowers who can’t pay their mortgages are behind the eight-ball,” said Mike Larson, a real estate analyst at Weiss Research. “They can’t sell to get out from under their obligations. As a result, more end up tumbling into foreclosure.”

During the five-year housing boom, which ended last year, prices in the hottest areas surged as investors bid up the price of homes hoping to quickly resell them for a profit. Now with home sales falling, the inventory of unsold homes rising and prices stagnant, some speculators are choosing to default on their mortgages.

Democrats on Wednesday blamed predatory lending practices for a large part of the current problems and said they planned to introduce bills aimed at halting such practices as aggressive marketing of subprime loans to unqualified borrowers.

Federal and state banking regulators issued guidance this week encouraging lending institutions to work with borrowers to restructure loans at more favorable terms rather than foreclosing on the existing mortgages.

Kamloops Real Estate Is Still Thriving

2007-09-06T10:25:00.000-07:00

Kamloops Real Estate is still thriving. Today Snap Up Real Estate listed a home in Westsyde for $375,000. This is nearly double what the owner paid for the home 4 years ago. The 2 bedroom townhouse is located in the West Pines Villas on The Dunes golf course. This is a premier adult living community, and the price reflects the prestige. One unit in the complex is currently listed at half a million dollars. The Dunes is also going to be the site for new lots recently opened up along the edge of the course on Harrington Road. Ground breaking has begun on basements for three new homes already.

Real Estate Is Now One Of The Perks Available To New Staff At The University Of Calgary

2007-09-04T22:40:00.000-07:00

Real Estate is now one of the perks available to new staff at the University of Calgary. With the real estate market in Calgary being so volatile instructors are looking for that little extra perk. Canada.com reports that up to $100,000 is being offered to lure new staff. Full Article.

Mortgage perks lure professors to U of C
Interest-free loans help attract faculty

Deborah Tetley
Calgary Herald

University of Calgary recruiters are offering up to $100,000 in housing perks to new faculty faced with the challenge of buying a home in the city's hot real estate market.

Offers of interest-free loans and principle forgiveness on mortgages to new faculty are giving the university an edge in a highly competitive environment to recruit and retain staff, U of C administrators say.

"When candidates are making a comparison between us and another university, we want to make sure we don't lose them to the housing issue," said Alan Harrison, provost and academic vice-president at the university.

Since the plan's development over the past few months, about seven new professors and instructors have taken the university up on the offer -- on that is modelled after similar strategies at the universities of Toronto and British Columbia. The idea is also being considered at other Alberta post-secondary schools.

Harrison said although candidates are generally looking for "the complete employment package," final decisions often come down to real estate.

"People worry about two things," he said. "Market prices as high as they are and volatility.

"We can't do much about volatility, but we can ease the burden and show (candidates) that we understand the quantum difference between housing markets." Late last month the Canadian Real Estate Association forecast record levels of MLS sales across the country this year with Alberta to lead all provinces in the rate of average price growth.

Although aspects of a similar, smaller housing assistance program have been used by U of C in the past, deans now have discretionary spending power -- and larger budgets -- to lure new staff.

Given the university's goal of hiring 500 new faculty by 2010, many recruiters are capitalizing on the program's success.

In the faculty of science, for instance, at least four recent recruits have accepted interest-free loans to buy homes in Calgary.

Dean Sandy Murphree expects several more candidates will be given similar incentives during the next hiring spree, as the budget allows him to make offers to roughly 15 candidates.

"We want to attract the highest quality people and we can not afford to have an issue like personal finances be part of the problem," Murphree said.

Finances were an issue for new recruit Melissa Giovanni, who graduated in June from University of California, Los Angeles with a PhD.

Giovanni, 27, was recruited by the university in October to teach in the geology department.

She was compelled to accept the university's offer for several reasons, including the "competitive" salary and the housing perks.

"I had just got out of grad school," said Giovanni, who started at U of C Aug. 1. "I had no savings and student loans staring me in the face. Without this loan there was no way I would have been able to afford a down payment on a house at this time in my life." Although renting was an option, Giovanni said the prospect of owning a home sealed the deal.

"This will be a huge factor in my happiness for accepting the job at U of C," she said. Officials said the program is still in the "pilot" stage, and will likely be revised as issues crop up.

For now, individual faculties will absorb the loan charges and the university will provide the principle through its bank.

Principle forgiveness will likely be used as a retention strategy, Harrison said. The total benefit package (principle forgiveness and loans) can not exceed $100,000 per faculty recruit.

Anne Stalker, president of the university's faculty association, said the program has not only succeeded in recruitment, but in making salary offers more fair across departments.

Vancouver Real Estate Prices Are Among The Highest In The World According To Financial News Magazine Forbes

2007-08-28T16:21:00.000-07:00

Real Estate prices in Vancouver are among the highest in the world according to Financial News Magazine Forbes. In a complicated way of measuring how overpriced real estate is Forbes has concluded that Vancouver is in the top 10 most overpriced real estate.

Vancouver among overpriced-land leaders
Forbes' formula deals us in for dubious honour

Ashley Ford
The Province

We all know Vancouver real estate is in nosebleed territory -- but globally overpriced?

According to a somewhat complex formula arrived at by Forbes magazine, Vancouver allegedly has the sixth most overpriced real-estate market in the world.

Monaco, the Mediterranean haunt of the rich and plastically-improved, tops the list of the globe's most overpriced real estate followed by Rome.

The rankings were compiled by calculating an effective annualized rate of return on a property based on annual cash flows derived from renting and adjusted for capital gains tax, transaction fees, operating costs and maintenance, appreciation and inflation.

"We then flipped the return rate to resemble the more familiar price-to-earnings measure," says the Forbes report.

That left the champion Monaco with a P/E ratio of 74.07.

The next nine are Rome (50.51), Paris (37.45), Madrid (30.30), Los Angeles (26.88), Vancouver (26.81), Vienna (25.77), Auckland (25.64), Zurich (25.19) and Oslo (23.45).

The study looked at 50 financial capitals in every continent, except Antarctica, of course. For the most part this meant one city from each country but for countries like India, China, the U.S., Australia, Canada and Switzerland where there were multiple, distinct financial centres, several cities were measured.

If you are thoroughly lost by now, Forbes offers a somewhat simpler way of absorbing their numbers.

"Think about each market like you would a stock: The higher the price-to-earnings figure, the more you have to pay to get one dollar of return," it says.

The valuations were based on data from GlobalPropertyGuide.com, an international real-estate research firm. For each market, it assumed no debt financing, a constant cost of capital, a 10-year hold of the property and a non-primary residence.

Commercial Real Estate Is Set For A Nose Dive If The Markets In The US Continue On The Current Negative Trend

2007-08-14T16:27:00.000-07:00

Commercial real estate is set for a nose dive if the markets in the US continue on the current negative trend. Analysts report that rising borrowing costs may make some commercial real estate ventures unappealing, and the owners will start to sell. Full Article from the Financial Post.

Teetering towers
Commercial Real Estate industry braces for a fall in prices

Garry Marr
Financial Post
Saturday, August 11, 2007

Falling real-estate prices? It sounds like a contradiction in terms. But rest assured, it can happen and many in the sector are bracing for a declining commercial real estate market -- something that hasn't happened in the past seven years.

"I promise you [prices] can go both ways. I've seen enough of that in my career," said veteran real-estate analyst Frank Mayer, who retired this year after 35 years in the sector. "Just think of 1989 through 1994."

The latest statistics from real-estate firm CB Richard Ellis Ltd. show that for the first time this century capitalization rates are actually inching up in some markets, albeit slowly. Cap rates, as they are known in the industry, are the real estate sectors' method of pricing property.

The cap rate is determined by taking a building's positive cash flow and dividing by the value of the asset. A building with $100,000 in positive cash flow that's valued at $1-million would have a 10% cap rate. Much like the yield on a bond, rising cap rates are indicative of falling prices.

The concern in the real-estate community is that rising borrowing costs are going to make it harder for companies to make profitable leveraged real-estate purchases. As borrowing costs go up, cap rates will have to rise too in order for transactions to make financial sense.

"There's a raging debate in the real estate community," says Mr. Mayer, about whether higher borrowing costs will ultimately impact real-estate prices. The thinking among some commentators is there is some institutional and pension-fund money, immune to debt concerns, waiting to buy real estate. That demand would mean prices won't budge.

Cap rates are already at an all-time low in most markets in the country. The starkest example is probably Vancouver's apartment market where investors are willing to accept a 3.5% return on a high-rise unit. If that sounds low, consider the Bank of Canada's 10-year bond -- a risk-free instrument in terms of potential default --generates about a 4.5% return.

The Vancouver apartment building pays one percentage point less than the Government of Canada debt and presumably carries a little more risk than the bond. But investors in Vancouver and other hot markets such as Calgary and Edmonton are paying a premium for potential growth in income and capital.

"If you are [investing in] Alberta where rents are up 40% from a year ago and are going up sharply again, a 5% cap rate really isn't a 5% cap rate. You know the returns are going to be higher in future," said Mr. Mayer.

Michael Cooper, chief executive of Dundee REIT, which last month pulled off a $2.4-billion real-estate sale that many say will be the last of its kind in this cycle, says pricing real estate can be tricky these days.

Dundee sold most of its assets in Ontario, Quebec and Newfoundland to GE Real Estate. Dundee held onto to $1.5-billion of assets in western Canada and GE Real Estate agreed to buy $165-million of outstanding units in the REIT, about 18% of Dundee, at $47.50 a unit.

"He got that deal done right under the wire. No way it would get done today at that price," said one analyst.

But Mr. Cooper says there is a new reality in the marketplace that is impacting pricing. "From 1995 to 2005 it was all about current income, but now we have growth in rental rates in almost every market in the country. More of the value is coming from [anticipated] growth," he says. "Today, sure you pay more interest and cap rates are lower but that's just Day 1. We all anticipate that income will grow."

He says publicly traded REITs are recording huge jumps in income because rental rates just keep rising on their existing portfolios. In fact, says Mr. Cooper, buildings with long-term leases and low rental rates are going to drop in value.

"Five years ago if you had a locked-in lease people said 'this is fabulous.' Today people say 'you've given up so much on the asset'," he says.

CB Richard Ellis actually thinks there could be some downward movement in cap rates, but, for the most part, thinks prices have stalled. "We are seeing a trend where rates have flattened compared to where we were three or four years ago," said Ray Wong, national research director of CB Richard Ellis. "Some investors are starting to question the pricing of assets."

Ross Moore, the research director of Boston-based Colliers International, is more pessimistic. "I can't go to a meeting or get on a conference call these days without somebody talking about a deal that is falling apart," he says. It's all about the rising cost of debt and Mr. Moore says it's leading to a lot of renegotiating.

"There is a general tone in the marketplace of caution," said Mr. Moore, who doesn't believe improving fundamentals and rental rates will carry the day in the market. "I learned a long time ago fundamentals do not drive real-estate values; liquidity and access to capital drive values. Period. That may sound cynical but that's what I believe. Capital markets are global. This isn't just a U.S. problem," said Mr. Moore, about some of the deals now falling apart. "This will happen in Canada."

Edmonton Real Estate Has Begun To Cool After Huge Surges In Prices And Sales In The Last Year

2007-08-08T12:15:00.000-07:00

Edmonton real estate has begun to cool after huge surges in prices an sales in the last year. Last month the price of a home in Edmonton fell for the first time in many months, triggering concern that the housing market is cooling in the city. The Edmonton Journal Reports.

Real Estate in Calgary is still flying high, too high for most. The average home price is now $500,000 in cow town. This is way out of reach for most working people in the city. The rising oil prices will only further fuel high home prices. On the positive side MLS reports a very high inventory in Calgary, relatively speaking. Alberta Index reports.

Calgary Real Estate Is Poised To Level Off

2007-08-03T22:33:00.000-07:00

There are now more homes on the market in Calgary than at any other time this year. The Calgary Real Estate Board says as of the end of July there were almost 9,000 homes up for sale.The average price of a single family home in Calgary last month was almost $510,000.The average condo price was just over $318,000.The real estate board says with all this inventory, prices can be expected to level off.

BC's Biggest Deal

British Columbia real estate has reach new highs. The largest deal in BC history has seen $246 million change hands for a 25 story high rise. Full Story.

Central City Tower has been sold in what is described as the largest real estate deal in B.C. history.

The Insurance Corporation of British Columbia (ICBC) announced Wednesday it sold the 25-storey tower to Blackwood Partners Inc. for about $246 million. Blackwood is a real estate transaction group, which bought the property on behalf of a consortium of Canadian pension funds.

ICBC has had the property listed for a few years, describing it as “not appropriate for the company’s investment portfolio.”

The components of the Central City project that have been sold include 570,000 square feet of office tower and podium space, and 490,000 square feet of retail mall space. Simon Fraser University continues to own 305,000 square feet in the tower and podium.

It’s also believed the company is preparing to make an offer on the Zellers store.

All tenants of the building are expected to remain.

Central City has a long and colourful history.

The Leader first reported in 1999 that ICBC had purchased the Surrey Place Mall property in North Surrey for $40 million. The purpose of that acquisition was to construct the current tower and provide a home for the now defunct TechBC, a technical university created by the former NDP government.

In 2001, the newly elected Liberals folded TechBC in favour of SFU, and the government set about off-loading the tower property.

At the time, a number of Liberals blamed the NDP for the acquisition. Former finance minister Gary Collins said it was a scandal equivalent to the fast ferries fiasco.

“The only difference between this and the fast ferries is that this one doesn’t move,” Collins said in 2002.

Two years later, the Liberals announced they were spending $70 million to acquire 305,000 square feet of the building for the Surrey SFU Campus.

Earlier that year, Central City won the prestigious International Property Market’s Special Jury Award as the world’s best overall new development.

ICBC has said the proceeds from the sale will be reinvested to help keep auto insurance rates down and stable.

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2007-07-30T21:16:00.000-07:00

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Ottawa's Real Estate Deal Is Bad For Taxpayers

2007-07-19T15:41:00.000-07:00

Stupid Canadians

The Canadian Federal Government has almost completed their harebrained scheme of selling of hundreds of millions in real estate, so they can lease it back from the new owners. This sounds like a hell of a plan doesn't it. On top of selling, then leasing back, the government is going to pay for any maintenance that is required is the dilapidated building. I need to own one of these buildings. Free money from the government, 25 year lease, better than the lottery. Full article below from the Globe and Mail.

Ottawa's real-estate deal is bad for taxpayers

JOHN GORDON
Globe and Mail Update
July 17, 2007 at 11:12 PM EDT

Most homeowners would consider it absurd to sell their property and rent it back in order to pay for a new roof or other maintenance. Moving from ownership to being a tenant just doesn't make sense.

Yet that's what the federal government is planning for a handful of prime real-estate assets owned by Canadians.

By the end of the summer, the federal government will pick a new owner or owners for nine of the best federal office buildings located in major cities across the country.

The plan is to sell these buildings and the land on which they are located, which taxpayers currently own outright, then guarantee the new owners that the federal government will lease back 100 per cent of the space for 25 years.

In addition, the government promises the new owners that taxpayers will foot the bill for all maintenance and upgrades to the buildings' interiors. Tax dollars will ensure that heating systems, windows, elevators, plumbing and electrical systems in these soon-to-be-private buildings are kept in top shape.

Sounds like a sweet deal for the new owners, but is this a good deal for taxpayers? On the surface, the answer would seem to be no. And a more detailed examination of the transaction isn't possible because most every important detail is secret.

All documents, studies, valuations, and advice about the sale and leaseback are being withheld from the public. The federal government has established a cloak of secrecy so dense that even members of Parliament are being kept in the dark. In fact, a parliamentary committee recently called for the sale to be put on ice until these details are made available to the public.

The public is not allowed to see the study conducted by the real-estate wings of two banks (Bank of Montreal and Royal Bank of Canada) that recommended the sale and leaseback plan for these nine buildings. These same two banks are now acting as real-estate agents in the sale of the buildings — for a commission fee — creating the strong appearance of a conflict of interest.

The identities of the bidders are secret, as are the details of their bids. And taxpayers will pay Deutsche Bank almost $2-million to review the transaction before it's final. This, too, will be kept secret.

With so much information being withheld, it's reasonable to ask: What is the government trying to hide? And can taxpayers expect to be treated in this manner by the new owners?

Some details have leaked out. The Globe reported last month that taxpayers could lose up to $600-million if the deal goes wrong and there are irregularities in the valuation of the properties, including one building that was valued at $120-million in excess of the market price.

According to the man in charge of the sale, Public Works Minister Michael Fortier, successive governments have failed over the years to properly maintain the buildings.

Taxpayers, who ultimately own these assets, are faced with a multibillion-dollar maintenance bill to bring the federal real-estate portfolio up to scratch.

This is a reasonable assessment of the situation. But offering the buildings at fire-sale conditions is penny wise and pound foolish in the long run. According to James McKellar of the Schulich School of Business at York University: "it looks like the government's doing the right thing today, but it is really short-term gain for long-term pain."

It's also important to note that Mr. Fortier has been silent when it comes to making a commitment that money from the sale will be used to fix up the buildings in need of repairs.

This is a bad idea for taxpayers. According to our calculations, Canadians could pay as much as $2 in rent for every $1 received in proceeds from the sale.

Locking taxpayers into 25-year leases removes the flexibility the government requires to manage its real property needs, which go up and down according to the number of public service workers it employs, as well as other factors.

If the government gets out of real estate today, what happens 25 years down the road when it may wish to resume ownership? After 25 years, its expertise in building-asset management will be long gone.

Ottawa should scrap this sale and leaseback plan and come back with an alternative that makes economic sense for taxpayers and can be proudly shared in all its detail.

Real Estate Prices In Canada Are Up, Again

2007-07-13T08:55:00.000-07:00

Home prices in Canada are up, again. Huge price jumps occurred in Alberta and Saskatchewan, near 30 percent in both cases. Ontario and Quebec took a bit of a hit on the housing front due to the rising Canadian dollar. All in all Canadian real estate is healthy and growing. Full Yahoo! News article.

Real Estate Lawyers Go Paperless

2007-07-10T17:25:00.000-07:00

Lawyers are usually a bunch that enjoy tradition and are somewhat resistant to change. This is not the case with real estate lawyers. The Canadian Bar Association has entered into an agreement to have a paperless transaction for mortgages. Read the article below.

Real estate lawyers going paperless
By: Vawn HimmelsbachIT World Canada (09 Jul 2007)
The Canadian Bar Association has entered into a preferred supplier agreement with Emergis to make the mortgage application process a lot less painstaking.

The service, called Assyst Real Estate, electronically links lenders and lawyers. Once the lender approves a mortgage loan, instructions are sent to the lawyer or notary (depending on the province) on what must be done to close the mortgage. This is a fairly long process involving multiple forms to be signed by the client, which are typically sent back and forth several times.

Using the electronic service, the lender sends a file to Emergis as soon as the mortgage is approved, and that information is sent through Emergis to the lawyer.

“We present a summary of the mortgage instructions that contains all the financial data,” said Pierre Bisson, vice-president of Assyst Real Estate with Emergis Inc. The lawyer receives the information on the Web through a secure portal, and whenever a status or an event is confirmed, the lender is informed electronically.

“We eliminate the paper between the lawyer and the lender, so when the lawyer receives the information electronically, he can start working on the file,” said Bisson.

The banks want a seamless way of providing instructions and receiving reports when they’re advancing mortgage money to clients, said John Hoyles, CEO of the Canadian Bar Association.
“The difficulty for them is that there are many different report styles,” he said. “With this kind of program, it will all be the same, [and] it can all be done online.”

After selecting Emergis in an RFP process, the CBA negotiated an arrangement to provide this service to its members at a reduced cost. However, this does not mean every lawyer that practices real estate law is required to use the service – it’s up to them.

Lawyers tend to be quite conservative, said Hoyles, and some people embrace new approaches more than others. “But the reality is, if you’ve got a high-volume real estate practice it would be helpful,” he said.

The manual method involves going to the bank with a requisition letter for the funds. “If you look at the real estate fees charged by lawyers, they’ve virtually been unchanged for 20 years,” he said.

“If you can lessen the steps in the process and your cost to do the transaction, then it makes business sense to have something that’s as simple as possible.”

The CBA provides a link on its Web site to Emergis, and will be working with the vendor to provide seminars for members as it rolls out the service in each province.

While the process is paperless between the lawyer and the lender, the purchaser still needs to sign the documents. Lawyers, however, use a digital signature through the use of a certification authority.
Emergis has operated in Quebec for the past five years and some 80 per cent of notaries in the province use the service, according to Emergis.

The vendor has an agreement in place with the Royal Bank of Canada and Desjardins Bank in Quebec. It recently signed an agreement with Laurentian Bank, and the service should be operational this fall in Quebec.

“The agreement that we have with the Canadian Bar Association enables us to have better coverage with the lawyers because the CBA represents all the lawyers across Canada,” said Bisson.

Emergis is currently rolling out the service in B.C. and Ontario, while the Western provinces are expected to be onboard by the end of this year and the Maritimes in 2008.

In some cases the mortgage process involves 16 to 20 different forms, and those forms can be quite different from one province to another, so Emergis is integrating the service with the provinces while providing a common interface for lawyers and lenders.

It’s also in discussions with other financial institutions to expand the service.

Real Estate Can Be A Blood Thirsty Business

2007-07-03T14:43:00.000-07:00

Famed castle to Dracula, Bran Castle, is now up for sale in Romania. The castle along with the surrounding fields, perhaps up to 40+ acres, is expected to sell in the nine figure euro range. Dracula must be turning in his coffin. Read the full article below.

Dracula's castle at stake in real estate deal

Reuters
Friday, June 29, 2007
NEW YORK (Reuters) -- In the cutthroat business of real estate, U.S.-based firm Baytree Capital Associates has been chosen to market Dracula's Castle.

Archduke Dominic Habsburg, who lives in New York State, and his family retained the private investment firm to market Bran Castle and the surrounding property in the Transylvanian region of Romania.

"They're looking to flat out sell the entire project, but they are particular about who they sell it to," said Michael Gardner, Baytree chair.

"While they are amenable to someone building a resort that continues the castle and such, they're not amenable to blood dripping on swords. This is not going to be Vampire Land."

While he would not say how much the property would go for, he suspects it would be in the nine-figure euro range. He expects to start marketing the property in about 60 days.

The castle and ancillary buildings are located on 22 acres and additional acres also may be attached to the sale. The property is about 20 minutes away from an international airport that is under construction and near the Brasov ski area.

The association of Bran Castle as Dracula's Castle can be traced back to Irish author Bram Stoker, who used the castle as his inspiration for the settings of his 1897 novel, Dracula. The Romanian government has about two years left to operate the castle as a museum, which plays host to about 450,000 visitors a year, Gardner said.

The castle originally was built as a fortress in 1377 and was given to the Romanian royal family in 1920. The castle became a possession of the state in 1947 and was transformed into a museum in 1957. The Romanian government returned the property to the Habsburg faimly in 2006.

Gardner said the property will probably be marketed to private equity firms and hotel real estate investment trusts, but the buyer will probably be European.

© The StarPhoenix (Saskatoon) 2007

Northwest Territories Real Estate News

2007-07-03T14:24:00.000-07:00

Real Estate in Canada's north is experiencing a bit of a crunch do to the energy boom. Some prime housing is sitting empty in Yellowknife, and local officials feel the government owned property could be put to better use. Northwest Territories Real Estate has been on the rise for the last three or four years do to an expanding resource sector.

As a housing crunch escalates in Yellowknife, questions are being raised about some government-owned houses that are sitting empty on prime real estate.

The five houses on 55th Street, which were used as federal government housing, are located close to schools and the downtown.

"You'd probably put it on the market, and probably that day or that evening … you'd probably have six, seven people putting in offers," real estate agent James Clarke told CBC News.

But the federal government has no plans to put them on the market any time soon, even though they've been sitting empty for years.

The houses are part of a large inventory of federal government housing that dates back to the 1960s and was used for RCMP officers and other employees.

In 2003, when they were declared surplus by the federal Public Works Department, Indian and Northern Affairs Canada (INAC) purchased them as potential offerings in future aboriginal land claims negotiations. From CBC.ca
Full Article

Snap Up Real Estate Sold A Home In Just 2 Days

2007-06-28T16:05:00.000-07:00

A customer of Snap Up Real Estate posted their home on the site and two days later it was sold. He did not advertise on any other websites or in any classifieds. This is the power of the Snap Up Real Estate marketing system.

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If you need help selling your home give us a call 250-434-4372 and ask for Bart.

Kamloops Real Estate Agent Receives Sentence

2007-06-21T14:11:00.000-07:00

A realtor who bilked fellow agents out of hard earned money has been sentence to a conditional sentence, to be served in the US.

Realtor to serve sentence in U.S.
by Robert Koopmans of the Kamloops Daily News

A former city Realtor who took $76,000 from her firm’s trust account will be allowed to serve her conditional sentence in the U.S., a judge ruled Tuesday.

Cheryl Moseley, known better to Kamloops as Cheryl King, pleaded guilty Tuesday to one charge of illegally accessing trust funds.

The Crown told the judge the 62-year-old woman took the money from her real estate firm’s trust account as financial affairs collapsed around her in late 2001.

The money she took before she fled Kamloops was partially used to repay a loan from her mother, B.C. Supreme Court Justice Richard Blair heard.

Blair went along with a joint submission for sentence proposed by the Crown and defence lawyers and imposed a two-year less a day conditional sentence, even though the woman now lives in Iowa.

Crown counsel Lorne Fisher said this type of case does not usually see the imposition of conditional sentences. Typically, people who violate the trust of employers or clients in such fashion face jail.

In this case, however, Moseley’s circumstances make a conditional sentence the best option, he told the judge.

Moseley suffers several serious health conditions, including heart disease serious enough that she is expected to soon need arterial bypass surgery.

Fisher said the woman is covered by health insurance in the U.S., but her coverage would be terminated if she leaves Canada for more than 60 days.

Jailing Moseley would see her health-care costs transferred to the Canadian penal system, Fisher said, adding she would be “one expensive prisoner.”

Justice Blair said he could not ignore such an obvious issue, noting the courts must consider all aspects of the public interest in deciding sentences.

“To imprison (her) in Canada would . . . leave the cost of her medical costs with the Canadian taxpayer,” said Blair.

Regardless, Blair had concerns about the idea of imposing a conditional sentence to be served in the U.S., especially with regard to the issue of monitoring.

In Canada, a person who violates terms of a conditional sentence can be brought back to court and made to serve all or some of the sentence in jail.

How could that work if an offender lives in the U.S., asked Blair?

The prosecutor said the Crown will ask American authorities to oversee Moseley’s sentence and report back to Canadian officials. If Moseley fails to abide by her terms, she can be brought back to Canada.

“We do have extradition treaties with the United States,” he said. “Has it been done before? I can’t tell you that it has, no.”

In the end, Justice Blair said while offences involving breach of trust typically demand jail, this case is different, he said.

“I recognize the problem is unique and requires flexibility,” said the judge.

Terms of the conditional sentence will require Moseley to live in Charles City, Iowa, and not change her address without permission. She was prohibited from consuming alcohol for 12 months, and ordered to perform 120 hours of community service work.

However, Justice Blair did not impose a period of house arrest or a curfew, terms often considered usual in conditional sentences. The judge gave no reason for the lack of such restrictions.

Lastly, Moseley was ordered to repay the $76,000 she took from her former firm’s trust account. The money is owed to Re/Max Canada, which covered the losses when they were discovered in 2001.

Before sentence was imposed, the court was told Moseley’s criminal behaviour was an act of desperation as her business and personal life fell apart.

Moseley came to Canada in 1993, after she married Kamloops rancher Bob King on a Cattle Drive.

Her marriage collapsed, however, and by 2001, Moseley was trying to keep afloat both her ranch and her real estate business.

An attempt to secure bank financing failed and shortly after, Moseley raided the trust account. She fled Kamloops and has lived in the U.S. since.

After her disappearance, it was suggested Moseley’s debts tallied in the hundreds of thousands of dollars.

Kamloops Realtor Mike Applegath was one of those burned the most by Moseley, the court was told. She fled owing him more than $56,000, as well as the messy aftermath of the failed realty firm.

“The whole situation with regard to Kamloops Re/Max Realty Assist . . . was a financial nightmare,” the prosecutor told the court. “Her conduct caused a great deal of consternation for many people who trusted her.”

Fisher said later the Crown could not consider a jail term of less than 60 days in jail for such a serious offence, for fear it would set a precedent in similar cases. A conditional sentence is considered by the Canadian justice system to be the same as jail.

For Sale By Owner - Real Estate

2007-06-19T13:35:00.000-07:00

A new study from the US shows that using a real estate agent to sell your home does not mean that it will sell for more money. The study, done at Northwestern University, studied the real estate market of Maddison Wisconsin. The study showed that those who did not use a real estate agent to sell their home came out with more money after the transaction than did those who used a real estate agent. Read the Full Article.

From TheChronicleHerald of Halifax, Nova Scotia.

You may need a real estate agent, but maybe not

By JEFF BAILEY The New York Times
It sounds like the setup for a dull economist’s joke. Who gets the better deal: the cautious economist who sells his house through a real estate agent, or his risk-taking colleague who finds a buyer on his own?

But the question — debated by two Northwestern University economists who chose different methods to sell their homes — and the research it helped prompt are serious. And the answer will be of interest to anyone who has paused to consider whether paying a real estate agent’s commission, typically five per cent to six per cent of the sale price, is worth it.

The conclusion, in a study based on home-sales data from 1998 to 2004 in Madison, Wis., is that people in that city who sold their homes through real estate agents typically did not get a higher sale price than people who sold their homes themselves. When the agent’s commission is factored in, the for-sale-by-owner people came out ahead financially.

Madison is home to one of the biggest for-sale-by-owner websites in the country. The economists pitted that site against the local multiple listing service operated by real estate agents.

There are asterisks. The authors cautioned that they did not know whether the results from Madison applied to the country as a whole; certainly, selling a house without a real estate agent would be harder in a city without a heavily trafficked for-sale-by-owner website. The authors are also analyzing Madison data from 2005 and 2006, when the housing market cooled after a long run-up, to see how their findings might have changed.

Some aspects tilted in agents’ favour. The researchers found that homes on the multiple listing service sold somewhat faster than houses on the for-sale-by-owner site. The study also did not place a value on other services provided by agents in selling a home.

The authors have presented their paper at forums at many leading universities, but it has not yet been submitted to a journal for peer review.

Canadian Real Estate Is Still Rising

2007-06-15T14:15:00.000-07:00

Real Estate in Canada is still rising, along with the interest rates on mortgages. One would think that with a rising interest rate that new and resale home sales would drop off. This is not the case in Canada where real estate continues to surprise industry insiders with double digit percentage gains. The following article presents the case across Canada. Full Article.

Red-hot real-estate market breaks records in May

Eric Beauchesne
CanWest News Service
Friday, June 15, 2007

OTTAWA - Home sales and prices hit all-time highs last month, flying in the face of repeated predictions of a cooling of Canada's housing boom.

The numbers also add to expectations of stronger overall economic growth and rising interest rates.

The record-shattering surge in activity was not limited to Western Canada: growth was also reported in Ontario, Quebec and Manitoba.

The Canadian Real Estate Association (CREA)released its report as mortgage rates were climbing to their highest level in five years - and as the Bank of Canada was considering raising other borrowing costs to cool what it calls an economy that's operating beyond its non-inflationary capacity.

"Residential sales activity, new listings, average prices and dollar volume in Canada's major markets broke all previous monthly records in May," the industry association said.

Sales reached 42,039, 11.6 per cent higher than a year earlier, and the first time in history they have surpassed the 40,000 mark in a single month, it said.

The increase was led by gains in Montreal and Toronto.

Seasonally adjusted sales were also up 1.3 per cent from April, led by one-month gains in Vancouver, Winnipeg, Ottawa, Montreal, and London and St. Thomas, Ont.

"In a nutshell, the housing market just keeps powering ahead," said BMO Capital Markets economist Douglas Porter.

Only a day earlier, Porter noted, Bank of Canada Governor David Dodge had admitted home prices had stayed stronger for longer than it expected, keeping the open flame on inflation pressures, especially in Western Canada.

Last month's results will not ease the central bank's concerns, he added.

The average selling price of a home was up 10.2 per cent from a year earlier to a new monthly record of $333,524, which was also a marginal acceleration from the 10-per-cent average of the first five months of the year.

"And it is far from just a Prairie brush fire any longer, as fully 11 of the 24 reporting cities posted double-digit increases," Porter said.

Prices hit all-time highs in many of the cities, led by $591,722 in Vancouver, and including Calgary, Edmonton, Regina, Saskatoon, Toronto, Montreal, Quebec City and Halifax.

The steepest price increase was in Edmonton, up 47.3 per cent, followed by Saskatoon, up 44.1 per cent, but with double-digit gains in a string of other cities in Quebec, Ontario, and Manitoba.

The only cities to see prices drop were auto-dependent areas of Windsor and St. Catharines, Ont.

"While the big cities in Central Canada are not piping hot, each of Toronto, Montreal and Ottawa saw hefty gains in sales in the month and are still posting moderate price increases," noted Porter. "That's a lot more than you can say about the vast majority of U.S. cities."

"The pressing issue is whether this long-lasting run of strength can continue, particularly with five-year mortgage rates climbing to their highest level since 2002 in recent days," he said.

"We suspect that, finally, the housing market will begin to lose a touch of steam nationally in the months ahead amid the steady erosion in affordability," he said. "However, with consumer confidence still very strong and income growth solid, we doubt that a major correction lies ahead."

CREA chief economist Gregory Klump agreed, saying it's expected that price increases will slip below 10 per cent this year to an average of 9.7 per cent, and then ease further to 5.5 per cent in 2008.

In the meantime, National Bank of Canada economists said the red-hot home resale market will also bolster the overall economy.

"Strong resale activity is also providing a significant wealth effect to consumers and supports spending," they noted.

The report comes only a day after the industry published a study saying that each home sale boosts consumer spending on average by $32,000, on moving costs, legal fees, commissions, renovations and so on.

What You Need To Know About The 2010 Vancouver Olympics

2007-06-01T13:54:00.000-07:00

Real estate developers are cashing in the the games. When Vancouver was announced as the location for the 2010 Games real estate prices went through the roof. On top of that a new road, or rail line, was needed from Vancouver to Whistler. All the land along the road would be worth mega bucks. The Olympic bid set in motion the wheels of business and politics, which are linked and the head in British Columbia. British Columiba real estate prices are now the highest in Canada, thanks 2010 Games. Read on Below.

Full Article

Developers are the Games’ real winners

A former developer himself, Premier Gordon Campbell holds the purse strings to an Olympic-size sweepstakes payout.

The 2010 Olympics were still a gleam in Jack Poole's eye when he addressed a roomful of real-estate developers in the spring of 2002. Vancouver had been shortlisted for the Games, but it would be more than a year until the winning city was chosen.

The outcome of the race to win the Games didn't seem to matter to Poole, who headed the 2010 Vancouver Bid Corporation. Western Investor editor Frank O'Brien sat in on the talk and later editorialized that, according to Poole, "the real purpose of the 2010 Olympic bid is to seduce the provincial and federal governments and long-suffering taxpayers into footing a billion-dollar bill to pave the path for future real estate sales."

Indeed this was Poole's opinion. "If the Olympic bid wasn't happening," he told the developers, "we would have to invent something." Long-time developer Poole had it right. The Olympics are about real estate.

To make his case, Poole could point to the 2002 Winter Olympics in Salt Lake City, Utah. A Sports Illustrated exposé of these Games described how a blizzard of federal money–$1.5 billion–enriched already wealthy developers and ski-resort owners.

B.C. premier Gordon Campbell knows well how taxpayers subsidize developers. As executive assistant to Vancouver mayor Art Phillips in the 1970s, he was involved in the lengthy negotiations between the city and real-estate giant Marathon Realty regarding the fate of the company's massive land holdings on the north side of False Creek.

The Phillips-led council rezoned the land from industrial to comprehensive development, boosting its value enormously.

Campbell left City Hall to become a development officer for Marathon Realty. Campbell and Marathon decided not to proceed with the development because the economy was tanking. The Bill Bennett government conveniently came forward with plans for a stadium. Campbell was all smiles when he announced that Marathon would be glad to sell the land to the province at a good price. It was still worth three times as much as its value before the city rezoning.

Campbell moved on once again. This time he started his own development company and bought several properties across the street from the stadium location. He boasted that he got the property at a rock-bottom price before others became aware of what the stadium would do to land values. He built a hotel that was completed at about the same time as the stadium.
Twenty years later, Campbell holds the Olympic purse strings, and as Poole pointed out, it's payday for developers.

Some developers benefited handsomely from taxpayer investment in the $2-billion Canada Line and the $800-million Vancouver Convention and Exhibition Centre expansion. But the main vehicle for creating developer wealth is the $2-billion (including future debt-servicing costs) investment for traffic improvements between Vancouver and Whistler. True, some of this money would be spent on the Sea-to-Sky Highway even if there were no Olympics. But this work was fast-tracked, meaning that projects in other B.C. regions were shelved.

In urban land economics, they say that the purpose of transportation is to connect land uses and make them more accessible and valuable. Think of the boom in real-estate values in Vancouver's Main-Cambie corridor after the taxpayer-financed Cambie Street Bridge went in.

During 2002, as Poole and the bid corporation prepared their final proposal, the provincial government was studying various options for improving the link between Vancouver and Squamish. As well as looking at major upgrades to the existing highway, the provincial Ministry of Transportation and Highways reviewed possible routes through the Capilano, Seymour, and Indian river valleys. These alternatives would cost more–from 50 percent to 100 percent more–but the result would be a safer, faster ride.

But these alternative routes went largely over Crown land. How could they help future real-estate sales?

The ministry evaluated all aspects of the routes. One factor leapt off the page: "developable land accessed". Upgrading 99 North was ranked five out of five for this factor, with five being the best, or the most. The other options received a score of one out of five.

One area with great "developable land" potential was Britannia Beach, but its ownership was in limbo. West Vancouver investors purchased the Britannia Mine site and 4,000 surrounding hectares in 1989. They struggled from one failed attempt to another to find a way to clean up the site and turn a profit.

Then along came the Olympics, and Britannia Beach's fortunes changed overnight. Vancouver developer Rob Macdonald came out the big winner. He's a strong Gordon Campbell supporter, having donated nearly $100,000 to the Liberals since they won the 2001 election. Macdonald purchased the offshore company that held a mortgage on the property and pushed for a speedy resolution of the ownership situation. A month after Vancouver was awarded the Games and the Campbell government chose the Sea-to-Sky Highway route, the B.C. Supreme Court turned the property over to Macdonald for an undisclosed amount.

If the Vancouver-Squamish connection had gone inland, Macdonald's newly acquired property would be worthless. Instead, the highway would go right by his front door.

Macdonald donated more than 90 percent of the land to the province. This was steep slopes that were useless for development and contained "some of the most contaminated land in North America", according to then–Sierra Legal Defence researcher Mitch Anderson.

Let the taxpayers assume responsibility for the cleanup. Macdonald also agreed to contribute a levy of $1.75 million toward remedial work.

Macdonald kept 202 hectares of high-value land for residential and commercial development. He would get further assistance from taxpayers in the form of $27 million for a plant to treat polluted water from the mine, another $99 million for the province to clean up contamination of the lands it got from Macdonald, and millions more from Natural Resources Canada for a visitor centre and mining museum, boosting the value of Macdonald's commercial property.

The Squamish First Nation was another big winner in the Jack Poole sweepstakes. In a complicated land swap in 2000, the First Nation ended up with an option to buy land from BC Rail at Porteau Cove in order to create a new reserve and build houses for band members. This had nothing to do with Olympics or highway improvements.

Porteau Cove is one of the very few developable sites between Vancouver and Squamish, a 500-hectare strip on the shores of Howe Sound running south from Porteau Cove Provincial Park to Deek's Creek.

Developers eyed this land for decades, but it was owned by BC Rail and not for sale. Then along came the Olympics with their highway upgrade, and the land skyrocketed in value. It was now too valuable for band housing. In 2004, the band exercised its option to purchase the land for a reported $12 million. It then signed a deal with Concord Pacific Developments to develop 1,400 homes. Interestingly, two former chairs of Concord Pacific were among the developers on the board of the 2010 bid corporation, along with Poole.

The lots are marketed as being just 25 minutes from downtown Vancouver via the new Sea-to-Sky Highway. If the venture earns just $50,000 for each lot, after putting in roads, sewers, water lines, and public amenities, that's still a profit of about $58 million to be split between the band and the developer. For its part, the band says it plans to invest the profits in housing and job creation for band members–elsewhere, of course. In Concord Pacific's case, some of the profits will likely flow back to its Hong Kong owners.

Meanwhile, up in Squamish, former UBC president David Strangway's dream for Canada's first privately owned secular university would likely still be languishing on the drawing board without the Olympics and the Sea-to-Sky Highway improvements.

When the decision to award the Games to Vancouver was announced, university project leader Peter Ufford said it "will help us in marketing the location of the university", adding that "it will help us with our real-estate sales." Because the university's business plan depends on selling 960 units of market housing, this was good news indeed. To some extent, Ufford could thank his own efforts. He was yet one more marketer on the board of the 2010 bid corporation. He was also a governor of the Canadian Olympic Committee.

In less than a year, Ufford sold the first 19-hectare parcel to a local developer to build and sell 200 housing units. With building lots listing for $290,000 and houses ranging in price from $430,000 to $1.2 million in the immediate vicinity, that's a big boost to the university's fortunes.

Strangway says the university is being built without public money. If he means no public money has been invested directly in the construction of the university, he's probably right. But, like that of Macdonald at Britannia Beach and the Squamish First Nation and Concord Pacific at Porteau Cove, his land would be worth a lot less without the support of B.C.'s long-suffering taxpayers.

Canadian Real Estate Is Still Flying High

2007-05-30T09:53:00.000-07:00

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

Saskachewan Real Estate Has Begun To Heat Up

2007-05-24T16:17:00.000-07:00

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

High Building Costs Push A Developer To Pull Contracts

2007-05-15T14:04:00.000-07:00

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.

Toronto Real Estate News

2007-05-09T16:11:00.000-07:00

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

What Does A Million Dollar View Look Like?

2007-05-04T13:07:00.000-07:00

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

Real Estate Is Still On The Climb

2007-05-03T11:30:00.000-07:00

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."
FULL ARTICLE

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

It Looks Like Banks Are Starting To Warm Up To The Idea Of Less Than 25% Down On A Mortgage

2007-04-26T22:19:00.000-07:00

It looks like banks are starting to warm up to the idea of less than 25% down on a mortgage. Traditionally those without a large lump sum to put down on a house have had to pay mortgage insurance. Now banks, well one bank anyway, have lowered the limit to 20% down. This will make it easier for some prospective home buyers in Canada to find the home of their dreams. The privilege of owning a home has become easier thanks to a bill passed by our government. Read on.

Full Article

New mortgage rules can benefit home owners who have more than just a mortgage

WATERLOO, ON, April 24 /CNW/ - Manulife Bank is 'ready to do business' for Canadian homeowners who have as little as a 20 per cent down payment, with no high ratio premium required. As of today, the Bank's innovative Manulife One account, that includes a client's mortgage as well as other debts, is now available up to 80 per cent loan to value, without high ratio insurance.

New federal legislation that came into effect April 20 moved the minimum down payment requirement from 25 to 20 per cent. Previously, anyone wanting a mortgage greater than 75 per cent of their home's value was required to pay a lump sum premium to a third party insurance company to protect banks from possible loan defaults. This premium ranged anywhere from one per cent to 3.25 per cent of the mortgage amount, based on the ratio of the loan amount to the value of the home.

The change in legislation moved the maximum ratio available without paying a high ratio premium up to 80 per cent and Manulife Bank is among the first banks to offer this benefit to Canadians, and definitely the first to provide it in an account as innovative as their all-in-one account.

"This is great news for prospective homeowners," says Roman Fedchyshyn, President and CEO of Manulife Bank of Canada. "The cost of a mortgage is daunting enough. So, to be able to eliminate this fee for some mortgages, including other debts, means keeping more money in the pockets of our customers. And, that is what Manulife Bank is all about."

Full Article

Canadian Real Estate Soars

2007-04-19T09:02:00.000-07:00

Real estate prices in Canada are still rising, and fast. Provinces west of Ontario are seeing the biggest gains, with Alberta leading the way with over 30% increase over the same month last year. B.C. set a new record for average home price at over $410,000. Check out the full CBC.ca article below.

The average price of a resale home in Canada hit a record high in February, the Canadian Real Estate Association (CREA) said Monday.

The association said the average resale home sold for $294,880, based on Multiple Listing Service figures. That's an increase of 10.6 per cent from a year earlier.

Record highs were set in six provinces: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia.

The most expensive real estate was again found in British Columbia, where the average MLS property sold for $412,847 in February — an increase of more than $10,000 from January and up more than $43,000 from February of last year.

But the biggest increase took place in Alberta, where provincial MLS figures showed the average price of a resale home jumped 34.1 per cent to $343,515. Put another way, the average Alberta homeowner saw their worth grow by $87,390 in the last year (at least, on paper) simply by living in their homes.

Smaller double-digit increases were also seen in Saskatchewan and Manitoba. But from Ontario east, the gains were all in the single digits.

"Recent mortgage interest cuts, together with a strong job market and rising incomes will keep home buyer sentiment upbeat and could make the spring home buying season one for the record books," CREA chief economist Greg Klump said in a statement.

CREA had released a preliminary price survey three weeks ago that foreshadowed Monday's announcement. That survey showed that resale prices in many of Canada's major cities had set a record in February.

Real Estate For Sale Signs

2007-04-11T09:41:00.000-07:00

A Vancouver firm now offers FM radio for real estate. How it works: a low power FM frequency is broadcasted from the property that is for sale, a talking for sale sign. When people are driving by they can here about the home or condo while sitting in their car. The radio station only broadcasts for a one block radius. This has proven particularly useful for condo building that do not allow realtor signs.

Read the original article below.

Real estate radio hits the airwaves in Vancouver

Updated Tue. Apr. 10 2007 2:10 PM ET

CTV.ca News Staff
A new radio station is on the air in Vancouver but you won't hear any pop music or the local news.

Instead, SellFM broadcasts real estate information about properties for sale using their 'Talking sign' feature.

The 'For Sale' sign on the property directs people to a radio frequency where, using an FM transmitter, information about a property is broadcast.

For potential home and condo buyers driving by, all they need is an FM radio.

"They drive by the house and they get the information right away. They don't have to call me, go back home and look it up on the internet," said realtor Rick Stonehouse, who came up with the idea alongside entrepreneur Riel Roussopolos.

In his studio, Roussopolos creates a custom tailored commercial for each home, adding music and suitable sound effects.

"This is 70-year-old technology for the most part," he said.

"The only confusion is that people think it's a radio station all over the place so we are adding stuff to the sign that says one-block radius only."

Stonehouse said the biggest benefit is for condo sellers in the city's downtown core.

We're "putting it in apartment buildings in downtown where they don't allow signs," said Stonehouse. "(People) drive by and listen to the listings selling in that building."

David Coates sold his home in two weeks after three open houses and the use of the FM transmitter.

"It's hard to say whether an FM transmitter broadcasting from the house got us thousands of dollars more," said Coates. Either way, Coates is satisfied as his home sold for $69,000 more than its original asking price.

With a report from CTV's Heron Hanuman in Vancouver

The Big Real Estate Companies Say That Real Estate Is Still Booming All Across Canada

2007-03-30T14:08:00.000-07:00

The big real estate companies say that real estate in still booming all across Canada. This is good news. People still believe in our hot economy, and what is a better way to spend your money than on a home. This article from City News shows current stats from all across Canada. Check your market and see waht is happening.

So You Think You Want To Be A Real Estate Mogul?

2007-03-22T14:02:00.000-07:00

So you think you want to be a real estate mogul? Well to start with you need a plan, and some good advice. I can offer neither, but the following article would be a good start. The more your read the more you know.

Here's how to spot bargain in the rough

Discovering seller's problem and then finding a solution are keys to success
Jeanette Fisher Special to The Star

What is a ``distressed'' property? What is ``bargain'' real estate?

A distressed property is one with a distressed seller. Job loss or transfer, divorce, death, pending foreclosure, and lack of money cause sellers to sell fast for less.

Discovering the seller's problem and finding a solution is the key to buying a bargain property.

A distressed property may also be a ``doghouse,'' a dump, or a fixer. Owners of "doghouses" are not always distressed sellers.

Here are 18 easy steps to buy a bargain house:

1. Get good advice from successful investors. Ask friends and real estate agents for referrals to investors.

2. Create your personal investment journal.

3. Define investment goals: Do you want to buy a home to live in, to fix and sell, or to hold for your future?

4. Get credit reports and scores. Create a file for each credit reporting agency. Take care of any credit issues.

5. Read real estate investing books and articles. Attend workshops and seminars. Also avoid out-of-date infomercials on TV.

6. Get good advice from lenders. Choose a lender with great service, good closing record, and fair costs. Arrange financing.

7. Define your target locations: Is your desired property near home or job, vacation or second home?

8. Learn your target market. Study real estate newspaper sections. Pick up homes for sale flyers. Watch sales and note prices, amenities, and conditions.

9. Interview real estate agents and learn from them. Do not sign any agreements with agents limiting your search for bargain property. (These contracts make you pay the agent a commission even if you purchase by owner.)

10. Use agents who know local market customs and guarantee to make many offers for you.

11. Find a good escrow officer for buying "for sale by owners."

12. Study home remodelling, design magazines and books. Learn the costs of materials, supplies, and trades. Visit home improvement warehouses. Note costs of building materials.

13. Be ready to know a bargain property when you see it.

14. Make many offers. Bid on houses being repossessed.

15. Buy only bargain property. Get great terms or concessions from seller.

16. Plan house transformation during escrow. This speeds your work time – saving you money in holding expenses.

17. Monitor real estate escrow closing. Do not jeopardize your financing by charging up credit cards or making unnecessary purchases.

18. Celebrate buying your "doghouse" with an open house.

The Federal Government Plans To Sell Billions Of Dollars Of Real Estate

2007-03-20T16:39:00.000-07:00

This article from the Globe and Mail shows how bright the government can be when it comes to investing. The federal government plans to sell billions of dollars of real estate, then lease it back from the people who bought it. Nice wealth strategy. Wait, no, that is dumb. Ottawa's real estate targets exceed market appraisals. Confidential figures show nine buildings expected to fetch millions more.

Article by DANIEL LEBLANC of the Globe and Mail

OTTAWA -- The Harper government is hoping to sell nine buildings for hundreds of millions of dollars more than recent market appraisals as part of its controversial plan to lease back the office space for 25 years, confidential figures show.

The Globe and Mail has obtained a breakdown of the $1.4-billion price tag for the nine buildings across the country, with one of them valued at $120-million more than its recent market appraisal.

While the government is praising the potential cash haul, the opposition parties argue that Ottawa will, in fact, be borrowing money from the eventual buyers and leaving taxpayers to pay back the loans through quarter-century leases.

"It may look good on the books in the short term that there is a big sale price. The question is whether this is in the long-term interest of Canadians, because we're going to be on the hook for these lease arrangements," New Democratic Party MP Peggy Nash said.

"Would any of us sell our house and lease it back for 25 years?" she asked.

Public Works Minister Michael Fortier has refused to release a recent report from federal advisers at the Bank of Montreal and the Royal Bank of Canada who recently appraised the nine buildings for his department.

"There is information in there that could affect the offers made by third parties," Mr. Fortier said in an interview.

However, The Globe has obtained the figures independently, in addition to information on recent market appraisals for the buildings. According to the BMO and RBC advisers, the government can get:

$265-million for the 16-storey Canada Place in Edmonton, even though the building received a market appraisal of $145-million last year; $250-million for the Harry Hays building in Calgary, which is worth $87-million according to a time-adjusted appraisal; $200-million for the Skyline Complex of seven buildings in Ottawa, which Ottawa bought for $91-million in 2003; $180-million for the Joseph Shepard building on Yonge Street in Toronto, which had a $78-million market appraisal in 2002; $140-million for the Thomas D'Arcy McGee building on Sparks Street in Ottawa, which was bought from RBC for $66-million in 2001; $105-million for the Howard Green building in Vancouver, which cost $58-million in 2002; $100-million for the historic Sinclair Centre in Vancouver, which was appraised at $40-million in 1999 but needs at least $10-million in repairs; $85-million for a building on René-Lévesque boulevard in Montreal that was given a market value of $39-million in 2002; $40-million for a building in Westmount, Que., that used to house the RCMP.

While the buildings have undergone renovations and real estate markets are hot in Canada's major cities, experts say their value is boosted by the government's promise to lease them back for 25 years.

"A typical analysis is done on a 10-year payback period. If they're talking about a 25-year rate, that adds a lot of return and removes a lot of the risk," said a commercial real estate broker in Edmonton.

An academic expert said the value of the buildings is related directly to the amount of rent the government is willing to pay to the buyers. In that context, a guaranteed 25-year lease would boost any market appraisal.

"This is as good as buying a [Canadian government] bond," said James McKellar, a professor of real property at York University.

In their recent report, the BMO and RBC advisers urged the government to pursue longer leases for the buildings. They are now scouring the globe for the best offers among major investors.

The government is refusing to specify the terms of the contracts with the bankers, but a Public Works spokesman said they will earn a commission if sales occur. Sources indicated that such a large assignment could bring fees of between $1-million and $5-million.

There is opposition to the plan inside the government, but Mr. Fortier said Ottawa needs to find about $4-billion to renovate its real estate portfolio.

Mr. Fortier said any sale of one or more of the nine buildings will have to obtain cabinet approval and be vetted by an independent third party.

He insisted the government will sell the buildings only if the price is right.

"If we don't have a good deal, we won't do it, that's for sure," he said.

Mr. Fortier stated that he doesn't know the value of the eventual sale.

"Some people have speculated on the value of the nine buildings, but it depends on how many buyers are interested," he said.

On the block Ottawa says that nine buildings are on the market in a bid to raise funds to refurbish the rest of its real estate portfolio. The sale is being handled by Bank of Montreal and Royal Bank of Canada, which have produced a confidential report on the value of the assets. Here is a fact sheet on the buildings.
HOWARD GREEN BUILDING
Vancouver
Estimated value: $105-million
Market assessment:
Bought for $58-million (2002)
Rentable area: 19,000 square metres
Quality: Class A
Comment: One of Ottawa's greenest
buildings, it houses Environment Canada
SINCLAIR CENTRE
Vancouver
Estimated value: $100-million
Market assessment: $40-million (1999)
Rentable area: 23,000 square metres
Quality: Class B
Comment: Classified as a historic building,
needs $10-million in renovations
HARRY HAYS BUILDING
Calgary
Estimated value: $250-million
Market assessment:
$87-million (time-adjusted assessment)
Rentable area: 45,000 square metres
Quality: Class B
Comment: Good condition,
but requires significant midlife renovations
CANADA PLACE
Edmonton
Estimated value: $265-million
Market assessment:
$145-million (2006)
Rentable area: 78,000 square metres
Quality: Class A
Comment: Good condition
and requires only normal maintenance
JOSEPH SHEPARD BUILDING
Toronto
Estimated value: $180-million
Market assessment: $78-million (2002)
Rentable area: 52,000 square metres
Quality: Class B
Comment: Built in 1977 and said
to be in fair to good condition
THOMAS D'ARCY McGEE BUILDING
Ottawa
Estimated value: $140-million
Market assessment:
Bought for $66-million (2001)
Rentable area: 38,000 square metres
Quality: Class A
Comment: Bought from Royal Bank
and said to be well maintained
SKYLINE COMPLEX
Ottawa
Estimated value: $200-million
Market assessment:
Bought for $91-million (2003)
Rentable area: 68,000 square metres
Quality: Class A
Comment: Bought from Nortel in 2003,
has since undergone renovations
305 RENÉ LÉVESQUE WEST
Montreal
Estimated value: $85-million
Market assessment: $39-million (2002)
Rentable area: 31,000 square metres
Quality: Class B
Comment: Good condition, has new roof
and has undergone floor rearrangements
4225 DORCHESTER WEST
Westmount, Que.
Estimated value: $40-million
Market assessment: N/A
Rentable area: 18,000 square metres
Quality: Class C
Comment: Former RCMP building
has a darkroom, holding cells and a gym
SOURCE: GOVERNMENT OF CANADA

Real Estate Fraud Is Real

2007-03-13T15:16:00.000-07:00

This article from CNNMatthews shows how real estate fraud has become an important issue to think about when selling or buying real estate.

Some Calgary homeowners will find "Stolen/Not for Sale" signs in their front lawns later this week as part of a Fraud Awareness Month event being staged to warn homeowners that the coming busy real estate season can be a breeding ground for real estate scams, often averaging as much as $300,000 per case.

The event will take place on Thursday in the neighbourhood of Parkhill/Stanley Park involving Consumers Council of Canada, leading title insurer First Canadian Title, and real estate fraud victim Susan Lawrence. Lawrence's home was "stolen" in the Toronto area in early 2006 after she put a For Sale sign on her front lawn and identity thieves took out a fraudulent mortgage on her home for almost $300,000.

The group will be conducting similar events in neighbourhoods in Vancouver and Toronto over the next few days to call on homeowners to be more vigilant in the fight against real estate fraud, particularly around the busy real estate season. The events are also extending a challenge to business, law enforcement and consumer groups to join together in the fight against fraud.

Original Article

The Bank Of Canada Has Decided Not To Change Interest Rates

2007-03-06T15:55:00.000-08:00

The Bank of Canada has decided not to change interest rates. The Canadian government says the country is on the right track and can expect growth over the year.

As was widely expected, the Bank of Canada left its key interest rate at 4.25 per cent on Tuesday, saying the economy is behaving much as it predicted in its last monetary policy outlook in January and there's no need to tinker.

"The Canadian and global economies are evolving broadly in line with the bank's expectations," it said in its announcement.

Inflation is running just about on target, unemployment is flirting with 30-year-lows and economic growth picked up in December after two slow months.
CP via Yahoo.ca

The latest Canadian real estate market to heat up is Saskatoon Saskatchewan. Real Estate has gone through the roof in the early months of 2007.

Over 60 million dollars in residential real estate sold in February....up 82 percent from the same time last year.
From www.Saskatoonhomepage.ca.

In A Hot Real Estate Market People Will Buy Anything

2007-03-02T14:33:00.000-08:00

In a hot real estate market people will buy anything. This article is a little dated but it shows that insanity of people who have an urge to buy in a hot real estate market. This article is from azcentral.com, originally in the New York Times, and shows how people in the US where snapping up property in the recently hot, and now slumping, real estate market to the south.

Paul Nelson had never seen Paraiso del Mar, a resort and golf community in La Paz, Mexico, on the Baja Peninsula, before he signed a contract to buy a $200,000 beachfront condominium there. And he didn't even consider flying down to check it out before putting down a deposit."I thought in the very worst case, at $200,000, I'm not going to get hurt that bad," said Nelson, 58, a semiretired songwriter from Nashville. "I don't lose any sleep."Nelson is one of a growing number of people who are bidding on investment properties and second homes before seeing what they are buying. Though the National Association of Mortgage Brokers and the National Association of Realtors have no data on purchases made sight unseen, officials at both groups say they are hearing more anecdotal reports of these sales than ever.

"Nine years ago you would never have heard of this," said Jim Nabors, president of the National Association of Mortgage Brokers. "We have no empirical data, but you go to a conference and you hear people talking about this more and more. I'd say the numbers have probably increased dramatically."Of course, with more information available on the Web, "sight unseen is kind of a misnomer," said Gary Garland, owner of Crested Butte Real Estate in Colorado. "It's not like we're sending buyers Polaroids like we used to.""Virtual tours" of vacation properties displayed over the Internet help people like Nelson, who also bought an $800,000 investment home sight unseen in Fort Lauderdale, Fla., a few years ago, size up their purchases. Buyers can be in for surprises when they finally see their properties. Ellen Ashley, 55, a real estate agent from Portola Valley, Calif., signed a contract on a $650,000, 2,500-square-foot home on Vashon Island, near Seattle, that looked great on the Internet. Only when she visited it for the inspection did she find out about the noise from a nearby road. She was able to get out of the purchase.

Check out some hot properties in Ontario with Snap Up Real Estate.

There Is Something New And Cool For You Real Estate Geeks Out There

2007-02-27T23:10:00.000-08:00

There is something new and cool for you real estate geeks out there. Its called HouseBlogs.net. It is a collection of blogs dedicated to pictures of peoples homes. Sites range from rebuilds and redecorating, to complete bottom to top build-ups. Look in on what others do to get great ideas. The Globe and Mail also has a great article on this site.

With Calgary real estate still soaring, places like Airdrie, which are now just a part of northern Calgary, are also feeling the rise in prices.

According to statistics released by the Calgary Real Estate Board, predictions for a slow start in 2007 for the local real estate market were blown right out of the water. There were 125 MLS® sales last month, well up from 69 in December and way up from the 59 sales posted in January 2006."Despite predictions the market would cool down after record sales in 2006, we set a record not only for number of sales in the month of January, but a new all-time high for one month," Re/Max sales associate Alan Tennant said.

In Calgary the average residential sale price in January climbed to $375,646 and in Airdrie the average sale price moved up to around $312,000. There were 56 new home construction permits issued last month, up from 45 in December, but down from 72 a year ago, the record number of single family home starts for the month of January.Currently there are 145 MLS® listings on the market in Airdrie, down significantly from 230 in December, but up nicely from 34 at this point a year ago. "Realtors® are bringing new listings on the MLS® at a strong pace," Tennant said, "which is helping to meet the record demand in what is traditionally a slower part of the year."

From the Airdrie Echo

What Will Happen With Real Estate In 2007?

2007-02-19T00:25:00.000-08:00

Luigi Frascati has an in depth economic analysis on what will happen with real estate in Canada, the US and the World in 2007. You should really check out his blog archive at http://wwwrealestatechronicle.blogspot.com/, he has some great things to say. Read on for his latest post.

Real Estate Outlook 2007: The Great American Iced Lemonade!
What do California sunshine, the citrus industry, an excess surplus of ice cubes and Nancy Pelosi all add up to? Find out ...
_______________________________________
Did anyone out there ever coined the phrase ‘The New Era Of American Socialism' yet?

Well alright, that is unfair. After all Real Estate was sliding downwards even before the Democrats took over the House and Senate, and Nancy Pelosi became the Speaker to be.

However, it can be safely stated that the recent mid-term elections have not exactly shed a ray of hope on the already faltering housing prices. So now, in light of the entirely new and revolutionary political landscape in Capitol Hill, what are mundane folks like you and I supposed to do?

Sure, the social agenda of the Democratic Party in general, and the personal ‘socialist' agenda of Congresswoman and Speaker of the House Nancy Pelosi (D-Cal.) in particular take somehow the breeze out of the investment world, both as it relates to Real Estate and the Stock Market. But when it comes to Real Estate, however, there are some positive notes worth mentioning.

Housing supply is produced using land, labour, and various inputs such as electricity and building materials. The quantity of new supply is determined by the cost of these inputs, the price of the existing stock of houses, and the technology of production. Essentially, the production of real estate output depends on the accumulation of capital, which requires a constant supply of labour force that can conserve and add value to inputs and capital assets, thus creating a higher value.

The rationale behind this is that labour adds value by satisfying demand through production, since when people work and acquire income they tend to invest it, and the more people that work and acquire income the more people that tend to invest it. Therefore, there is a correlation between capital and employment in real estate or, if you will, between income and labour. An increase in levels of consumption sets forth an increase in prices caused by a corresponding increase in demand, in itself generated by a commensurate increase in the income-employment factor.

It follows, therefore, that growth is derived by the equilibrium of capital and investment with labour and employment. And since, furthermore, production is in direct function of consumer-spending which increases as unemployment falls, it follows that capital accumulation increases as employment rises and capital accumulation decreases as employment falls.

Therefore, seen from this perspective, the Democratic agenda of both increasing minimum wages and put people at work through more direct governmental intervention than the Republicans otherwise would like to see, finds in fact its long-term benefits in Real Estate. It is a statement of fact that, in retrospective, many workers in North America have missed out and are missing out on the rewards of globalization, so trumpeted about by both the present Chairman of the Federal Reserve System, Prof. Bernanke, as well as the former Chairman, ‘Maestro' Alan Greenspan.

Rich countries have democratic governments, so continued support for the globalization process will depend in large part on how prosperous the average worker feels. Yet in the United States real wages have been flat or even falling these past few years while, at the same time, capitalists and large corporations have never had it so good. In America specifically, profits as a share of GDP are at an all-time high of about 15.5 percent, and Corporate America has increased its share of national income from seven percent in 2001 to thirteen percent this year.

In fact the primary culprit and cause of the slowdown in Real Estate is the ratio between wages and real estate market values. This ratio is entirely skewed to values. Whereas market values in metropolitan areas have appreciated an average of fifteen percent per year through 2005 inclusive - or a total of seventy-five percent since 2000 - salaries have increased an average four percent per annum - or twenty percent total. There is, therefore, a fifty-five percent gap, which accounts for the problem buyers are facing today when it comes to go to the bank and qualifying for a loan. In this sense, therefore, a redistribution of income from capital to labour is now due.

The flip side of the Democratic agenda, however, is that it is going to take a long time for government economic intervention to get a foothold in the economy, in order to make workers earn income sufficient enough so that they can go to the bank, get a loan and go shopping for real estate. Thus, it is going to take equally long for demand to jump and prices to increase as well.

This is so because demand is in direct function of underlying personal income. An increase in personal income will encourage investment to a higher degree, which, in turn, will spur demand causing a proximate levitation of prices and subsequent economic expansion.

A second but equally important flip side is how foreign investors and debt-holding nations are going to view this sudden shift to the left of the American behemoth, and whether emerging economies such as India and China will continue to finance America's spending habits. Confidence in the U.S. Treasury is out of the question, but how convenient is it going to be for foreigners to continue investing in an America tilted definitely to the left?

Many economists have long been expecting America's widening current account deficit to cause a financial meltdown in the Dollar, and the main reason as to why this has not happened yet is that emerging economies have been happy to finance the deficit. In 2005 India, China, South Korea and Japan (not an emerging economy but a very important debt-holder nonetheless) ran a combined current account surplus of about USD 2 trillions, a large chunk of which was reinvested in American Treasury securities. It is all to be seen, however, whether the Asian Tigers will continue to find the convenience in investing their foreign cash reserves in American securities or if instead they are going to withdraw their support of the American capitalistic system, especially if such system will be perceived increasingly as shifting much too much to the left.

By purchasing Dollar assets the Asian economies and Japan are subsidizing American consumers, encouraging too little saving on our part and too much spending. But should they decide not to buy anymore and in fact to cash in, the American economy is likely to suffer a real hard landing.

This is the reason why it is important to monitor and understand how developments in the world economies affect the balance between domestic demand and supply. Exchange rate movements tell something about economic developments that may be having a direct impact on aggregate demand.

By monitoring the fluctuations of the Dollar in the forthcoming months it will be possible, therefore, to anticipate whether the Central Bank will ease or tighten monetary policy by stimulating the economy through lower interest rates or by reducing the stimulus through higher interest rates. And, therefore, it will be possible to predict the impact that anticipated shifts in interest rates will have on demand for domestic real capital assets. Clearly, in the eventuality that demand for U.S. Treasury bonds will abate, the Federal Reserve will have no other choice under the present circumstances but to raise interest rates, so as to continue to attract foreign capitals and thus contributing to a further slowdown in the domestic housing markets.

Should a forced rate increase actually take place in 2007 to maintain the momentum with foreign debt-holders, that would really fly in the face of all those analysts and commentators who have assumed that a vote for the Democrats would contribute to a rate settling.

Certainly we are entering into a period of financial uncertainty, all the more remarked by what promises to be an economic - if not political - stalemate between a conservative White House and a liberal Congress. And should this stalemate translate into higher interest rates, the soft landing that Chairman Bernanke was mentioning only this past July may very well become in 2007 a distant, wishful dream.

Luigi Frascati

New Real Estate Website In UK - This Site Has A Lot Going On

2007-02-13T13:03:00.000-08:00

Zoomf.com is a new real estate web portal in the UK based on web 2.0 technology. I checked out the site, and wow, there is a lot going on. The site provide statistics to many different sections of property information, most of which I have no idea about.

Of the pages I was able to look at the most interesting was a list of average prices for a postal code sorted by home type, and also listed by Google Map. This web site obviously has many useful applications, but is currently limited to the London area.

Canadian Federal Government To Sell $1.5 Billion In Real Estate

2007-02-02T16:38:00.000-08:00

The government of Canada has decided to sell off about $1.5 billion of the current real estate portfolio. Most of the properties are in the Ottawa region and consist of office buildings. In their fool proof scheme the feds plan to sell the properties, have the buyers fix the properties to current standards (which the government was unwilling to do), and lease the properties back on 25 year leases. Seem like a waste of money to me.

Historic Banff Mansion on Market for $9.9 million

A historic Banff property, built in the late 19th Century is being put up for sale. The property has many of the luxuries of a modern home including: heated floors, 3 car garage, 10 person hot tub, and the price includes all the furnishings and paintings.

Real Estate - The Easiest Way To Make Money

2007-01-28T23:19:00.000-08:00

It sounds so simple. Buy a property, sit on it until the market climbs 15-20 percent and sell for a profit. A study by real estate heavy weight Re/Max has published a report that since 1981 real estate has been a quality investment that has risen in value. Sounds simple now, but in 1985 you might have got some strange looks.

Along with real estate come the self help gurus. These are the people who want to help you get rich, or at least get not poor. The latest Canadian marketing a 'real estate for dummies' book is Douglas Idugboe, originally from Kenya. The Calgary sun has an article on how Idugboe plans to help others, and his road to publishing a book. Read below for the full article.

Calgary Sun Article

By PAUL JACKSON, CALGARY SUN

Now impeccably dressed, Douglas Idugboe recalls how he came to Canada in 1999 as a refugee from Nigeria with just $5 to his name and immediately got a job as a factory worker in Montreal.
"I needed the money," he says, "and I believe any job is better than none."

Today, Idugboe is a successful real-estate investor, makes a second living as a financial coach and marketing consultant, and has a bestselling book on sale in stores across the nation.

His book, Credit Miracle for Canadians (QuickSuccess Press, $24.95), explains how to build or repair your credit rating, get out of debt and "make banks beg to loan you money."

Idugboe, who bubbles with enthusiasm for the educational, employment and entrepreneurial opportunities available in Canada, got the idea for the book back in Montreal when he first applied for a bank loan.

"I didn't understand how the credit system worked, but I knew you needed money to get going, so I applied for a loan and was turned down because I didn't have a credit rating and wasn't established."

With that, Idugboe started to research the credit-granting system in North America.

Soon he was not only getting loans to invest in real estate, but advising others how to get a positive credit rating, too.

"I had to start turning clients away from my courses, because they were so popular. Feeling sorry I hadn't the time to coach everyone who needed advice and help, I decided the best way to get the information into their hands was to write a book."

His work has been praised by the likes of Fabio Marciano, author of The Secrets of Wealth and Paul Counter, also an author of his own work, Don't Borrow Money Until You Read this Book.
Idugboe started to write the 260-page work in 2003, but several times got distracted because not only was he deluged in research, but he had his family to support, consisting of wife Francisca, and son, Uwa, now 4.

His book explains the technicalities of the credit granting system in North America in simple jargon and also offers financial tips.

"The first rule of successful financial management is don't spend more than you earn. No one needs to have unnecessary or unproductive debt, but if you do, you will likely never turn your aspirations into reality."

Idugboe stresses he invests in real estate not to make money with "quick flips" but to generate a long-term cash flow to build his business interests and support his lifestyle.

"Many Canadians and Americans think financial difficulty is due to lack of money. That's not their real problem. Their real problem is a lack of financial education."

That's the backbone of his book and his website www.CreditMiracle.com.

"My third basic rule for financial security and success would be identify where you want to be and make a definite plan of how to get there and stick to it."

That is surely what Idugboe had to do in working himself up so quickly from a factory floor to a real estate investor and author.

"It certainly wasn't easy researching, writing and getting a book published and distributed nationwide.

"So many people try, but with no publishing record it's hard to find a distributor. I wanted to have a blockbuster, not just sell it on Amazon.com."

Persistence paid off when, after knocking on many doors, he was lucky in finding White Knight Book Distributors in Toronto.

"The company president, Bill Belfontaine, read the book and uttered one word, 'Wow!' and that was it."

Says Idugboe with a big smile, "Canada is the greatest country in the world. It's like a dream come true. Anyone can be anything they want here, they just have to work at it."

British Columbia Real Estate Sets New Records

2007-01-21T22:57:00.000-08:00

British Columbia real estate set new records in 2006 with sales through the MLS system of 37.8 Billion dollars. Here is another look at it: $37,800,000,000. Yeh, that's a lot of money.

The greatest gains were made in Northern B.C., which includes Prince George and Prince Rupert. There sales were up nine per cent, to 5,609 from 5,130, with the value of sales up 31 per cent. The full article is available at the Vancouver Sun, or read below.

Pickton. That name is now like celebrity in B.C. The infamous pig farmer made millions in real estate deals, and, well, we will soon know the rest of the story. The Pickton family's Port Coquitlam farm, originally staked out in the early 1900's, was parceled off in the 1990's for massive profit. That is how the real estate game is played. Sit on your investment for 3 generations and sell for profit. Start now and your great grand children will love you.
Article.

Finally we have Jerry Seinfeld who tried to get out of paying his real estate agent. Things did not go in Jerry's favor, and now he has to pay $100,000 to an agent who did not even show him the property he requested to view. WHAT!
Article.

Vancouver Sun Article

Higher prices fuel real estate record

Fiona Anderson
Vancouver Sun

Friday, January 19, 2007
The value of residential real estate sales in B.C. reached a record $37.8 billion in 2006, up seven per cent from 2005, fueled by higher house prices at a time when the number of sales dropped.

In 2006, B.C. realtors sold just under 97,000 homes through the Canadian Real Estate Association's marketing network, the Multiple Listing Service, a nine-per-cent drop from 2005's record of 106,000. But an 18-per-cent increase in the average price of a home in the province -- from $332,137 to $390,760 -- pushed the value of the sales to the record.

The British Columbia Real Estate Association, which represents the province's 12 regional real estate boards, expects the number of sales to continue to slow, dropping to 93,600, or by three per cent, in 2007. Prices, however, are expected to keep heading upward, albeit at a slower pace.

"The market is certainly trending toward more balanced conditions," BCREA's chief economist Cameron Muir said in an interview. "Underpinning the market today are some pretty solid fundamentals. Employment growth is strong, we have unemployment near record lows, we have wages in many sectors growing several times the rate of inflation, and we have fairly good migration numbers to the province."

At the same time, mortgage rates are expected to remain flat in 2007, Muir said.

"The one thing that's not as positive is home prices," he said. "Some home-buyers are feeling the squeeze, and as a result we're in a price-led affordability squeeze. As a result, some potential home-buyers are finding themselves unable to afford to buy the home they desire."

While the slowdown in activity began last July, the number of sales in 2006 was still the second-highest on record, behind only a record-breaking 2005.

"So there is still a high number of sales from a historical perspective. It's just we're no longer ramping up to ever-new records of home sales in the province," Muir said.

The most active market in 2006 continued to be Greater Vancouver, with 36,479 sales worth $18.6 billion, compared to 42,222 sales worth $18 billion in 2005. That's a 13.6-per-cent drop in volume, yet a 3.4-per-cent increase in value.

The slowest market was Powell River, which had only 293 sales, down 30 per cent from the 421 sales in 2005. The value of those sales were also down, from $70.1 million in 2005 to $60 million, a 15-per-cent drop.

The greatest increase in activity was in Northern B.C., which includes Prince George and Prince Rupert. There sales were up nine per cent, to 5,609 from 5,130, with the value of sales up 31 per cent.

Winnipeg Real Estate Has A New Boss Of Realtors

2007-01-14T23:23:00.000-08:00

Winnipeg real estate has a new boss of Realtors. Wes Schollenberg has been named the head of the what is now the Winnipeg Real Estate Association. The Winnipeg Sun has the full details.

The Winnipeg Real Estate Board is ringing in the new year with a new name and a new boss. Wes Schollenberg will succeed Walter Boni as president of what is now called the Winnipeg Realtors Association.

Each president is elected to serve a one-year, voluntary term. The 2007 president brings 20 years of real estate experience and is managing partner of the Avison Young Manitoba office, a commercial real estate company. Schollenberg takes the helm as multiple listing service sales near the 12,000 per year and $2-billion volume mark, after two years of record-breaking sales.

In more important news, at least to us here at Snap Up Real Estate, we are on pace to break site traffic records by about 50 percent. Keep coming on back.

New Paper Millionaires Have Popped Up All Over The Lower Mainland

2007-01-07T23:43:00.000-08:00

So the property assessments have come in and new paper millionaires have popped up all over the lower mainland. 1331 new million dollar home assessments have been given in Surrey, White Rock, And Delta alone. I guess the municipalities will be getting a bump in revenue come tax time. Even though they say it won't happen. Read the article below for the full story.

The number of millionaire homes in the Lower Mainland is up sharply from a year ago, quadrupling in Burnaby and at least tripling in places like Surrey, Richmond and Maple Ridge.

Aside from Vancouver proper, the most homes worth at least $1 million are in tony West Vancouver, where more than 7,900 detached houses are in the seven-figure range. They now account for more than 70 per cent of the market there, up from 41 per cent just a year ago.

Millionaire houses now make up 47 per cent of the market in the village of Anmore – exceeding the rate in Whistler – and 32 per cent in Belcarra.

The numbers come from property assessment data crunched by Landcor Data Corp.

They show that while million-dollar real estate accounts for less than three per cent of the homes in most suburbs of Greater Vancouver, they are growing fast.

Langley Township now has 68 seven-figure homes, up from nine a year ago.

More than 1,200 houses crossed over to millionaire status in Surrey, where 1,676 now qualify, making up 2.7 per cent of the market.

Millionaire houses tripled to 711 in Richmond, quadrupled to 654 in Burnaby and more than tripled to 286 in Coquitlam.

Six per cent of homes in North Vancouver District, or a total of 1,190, now qualify.

Landcor president Rudy Nielsen said the same trend is being felt across B.C., but is particularly acute in the Lower Mainland because of limited land available to develop.

“We’re bordered by rivers, we’re bordered by mountains and we’re bordered by Agricultural Land Reserve,” he said.

Nielsen said lot sizes continue to get smaller in the region and he expects the trend of building up in higher densities will accelerate.

“We’re going to go vertical rather than horizontal,” he said, adding ALR lands must be preserved to produce food.

The other factor in play, he said, is that the province and its attractive lifestyle is now increasingly being discovered by people from across Canada and all over the world.

He said $600 million worth of B.C. properties were sold to Albertans last year, often Calgarians looking for a second home or recreational property. Americans, often from California, are also major buyers here.

Six per cent of residential properties sold in 2005 were to out-of-province buyers, he said.

Corporate vice-presidents in Toronto now increasingly like to live here and use technology or commute back when necessary.

Americans fearful of terrorism also see a home in Canada as a hedge against catastrophe at home, he added.

“If all hell breaks loose down there they can move up here and have a safe place to live.”

Million-dollar houses:
- Surrey – 1,676 (up from 496)
2.7 per cent of market
- Delta – 206 (up from 139)
0.9 per cent of market
- White Rock – 145 (up from 61)
5.2 per cent of market

So You Think That All Those Fancy Words You Used To Describe Your Real Estate Are Helping To Sell It?

2007-01-05T17:00:00.000-08:00

So you think that all those fancy words you used to describe your real estate are helping to sell it? Think again. A recent study done at the University of Guelph, carried out over four years, shows that 'must-see' or 'motivated seller' deters people from buying. Apparently words like 'beautiful' are good words to use, with selling prices of these home being up to 15% higher. Positive descriptions are the way to go, stay away from any mention of 'fixer upper' or 'motivated seller'. CBC.ca has the full article online.

Happy New Year, For Most Of You Anyway

2007-01-03T15:53:00.000-08:00

It is the New Year, and may it be a happy one for all. Property owners can start the new year with a little excitement in their mailbox. The 2007 property assessment for the Province of British Columbia are here. For some the thrill is so see how many thousands below market value they paid for their recent real estate purchases. For others the hope is that the assessment will one day equal the money paid. Personally I found that the assessment of my home increased about 12%, but still is not equal to the price I paid. Where I live this is the norm, sale prices are higher than assessed value. I also found out that my neighbor, who has the exact same home plan, build date, and builder, has an assessment of about 15K less than me. I guess that finished basement make the difference. You can also find out how the assessment authority comes up with their numbers.
How Do They Set The Values?
Check your Property Value?
Need a new Home?
Need New Furniture?

The Prices Are Falling Like Snow In Canadian Real Estate

2006-12-20T17:25:00.000-08:00

In Canada's major real estate markets the average price for a resale home fell $3,500 in the month of November. In Vancouver the price fell a whopping $29,000, but the average price there is still about $520 K. In red hot markets such as Calgary the prices dropped as well. Don't get too upset, prices are still way up over the same month last year, 36% in Calgary and 42% in Edmonton. The full article is available at CBC.ca.

Bill 152 - Real Estate Fraud

2006-12-13T23:40:00.000-08:00

The Ontario government has passed a bill that increases the penalties for mortgage and real estate fraud, yet they deny the increasing problem. The new law enables mortgages and titles obtained under fraudulent means to be null and void. This is a step in the right direction, but mortgage fraud is a growing problem, with the current maximum fine being only $1000.

A conference in Toronto has pointed out Canada as "a world leader in mortgage fraud." This is not a positive thing. The conference of law enforcement officials says more has to be down about real estate fraud, as the reward is much higher than the risk involved in the crime.

Tackling Homelessness

Vancouver has a growing problem, the homeless. As real estate prices rise every corner of the lower mainland is being developed. Single Room Occupancy (SRO) Hotels are being converted, or replaced by new Condos that sell for hundreds of thousands. The displacement of people is something Vancouver must deal with before it gets out of hand, and they are taking note from places like San Francisco and New York.

Real Estate Prices In Vancouver Are Ridiculous

2006-12-08T16:05:00.000-08:00

Yes, Real Estate prices in Vancouver are ridiculous. But there may be hope for a decrease in home prices. Analysts have seen huge price increases in Vancouver in the past, and they have always been followed by a trough. The cycle has been evident for the last 30 years, so perhaps we can expect a price relief on Vancouver home prices. Read the article in the Sun and make conclusions for yourself.

On a completely different, but just as interesting topic Google has ventured into radio advertising. Google is beta testing radio ads that customers can sign up for through their adwords account. The company has selected a few choice customers to try the new approach.

Discount MLS Brokers Are On The Ropes

2006-11-30T12:25:00.000-08:00

Realtysellers Ltd of Toronto has declared that it can no longer operate in the current real estate sales climate produced by the CREA. Discount brokerages, such as Realtysellers have been accused of dumping homes into the MLS network. The CREA has no restricted access to the MLS network by stating that all homes must be inspected by the listings realtor before being shown on MLS. Realtysellers is fighting the new rules, and many other discount brokerages across Canada may be in for a fight to maintain there market.

Discount firms will sell a home, with full MLS coverage, for as little as $495. CREA is against this low budget approach because most of the over 80,000 members of the CREA work on commission. You know, 1.5% to 6% of the sale. On a $100,000 sale this CREA members are making off like thieves. Bottom line is that CREA is trying to maintain the monopoly it have over the real estate industry. Can't blame them really. Would you take a pay cut?

Check out the article in the Globe and Mail

Fraud and Investment - The Two Can Usually Be Found Close Together

2006-11-28T10:33:00.000-08:00

Where the money flows there is always someone trying to skim a little off the top, or trying to skim a lot. With the past boom in real estate in Canada, fraud has become a big concern for people in the real estate industry. The Ontario Law Society has is in the midst of a crack down on fraud. Lawyers are an integral part of real estate transfers, and have been accused of ripping people off. The Star has the complete story on what is being done about the problem.

Canadian investment companies are going abroad in their search for real estate investment. To date this year companies and investment funds have invested nearly 10 Billion dollars in foreign real estate. One major deal involves a Quebec company buying a shopping centre in Germany.

Edmonton Real Estate Is Still In A Tough Spot

2006-11-21T15:03:00.000-08:00

Edmonton, Alberta has seen a rise in the conversion of apartment buildings into condominiums. The rise in real estate prices in the city, about 40 percent in the last year alone, has buildings switching to collective ownership. Of course this is not great news for everybody. The renters that cannot afford to buy into the new condo building are being forced out of their homes. Edmonton already has a rental shortage and condo conversions add to the problem. CBC.ca Has the full story and the problems involved.

Quebec and Discount Brokerages

Discount brokerage Proprio Direct was fined in 2001 for practices not inline with the province's real estate code of ethics. Proprio Direct charged a flat fee up front in order to sell a client's property. This type of fee is not inline with the real estate association standard of a percent of the selling price of a property, after the sale is complete. The Montreal based firm has fought the fines every step of the way, and now the decision is going to the Supreme Court. Use a real estate website and save thousands is what I would say. The full article can be found at Canada.com.

What Can You Do To Reduce Debt?

2006-11-14T14:33:00.000-08:00

In order to buy a house most of us need a mortgage. With a mortgage comes interest. Over the 25 or 30 years that you are making mortgage payments you may pay for your home several times over because of interest. It is not something we like to think about, because it feels like throwing money away. I have found a very interesting article on debt, and what we can do to get out from under it. On the other hand, paying rent every month feels like throwing money away as well. At least with a mortgage you have some equity in your home, and hopefully the home's value increases over time. So whether you choose to buy a home with a mortgage, or to rent. Be wise with your money. Currently in British Columbia the market has begun to cool off, so maybe more of you will be able to buy homes in the future.

Heads up folks. Tomorrow, November 15, is the deadline for submissions to Canadian Real Estate eBook: Top 100 Websites. Click Here to Submit.

Snap Up Real Estate Has New Advertising Partners

2006-11-08T11:51:00.000-08:00

Recently Snap Up Real Estate has partnered with Point2Agent real estate software to increase traffic to our website www.SnapUpRealEstate.ca. You can check out our home page with Point2Agent to see what kind of service they provide. As well we continue to have advertisers Wholesale Furniture Brokers and SilverServers listed on Snap Up Real Estate. If you would like to partner with one of the most affordable real estate sites try our advertising page. LSBlogs has also recently partnered with The Canadian Real Estate Blog with a new directory listing.

And now for our featured listing: "A Nature Lover's Paradise"
This Property is located in Bella Coola, B.C. and has a wonderful rustic cedar home, and 74 acres of prime wilderness. The full property description will blow your mind. This property is a steal at $565,000 CAD.

Snap Up Real Estate Now Has A Profile At HelloVancouver.com

2006-11-02T16:59:00.000-08:00

In the interest of marketing Snap Up Real Estate we have uploaded our company profile to HelloVancouver website. While at the website you can visit our profile, and check out other interesting sites as well.

Snap Up Real Estate is also launching an eBook. If you think that your real estate company should be included in "Canadian Real Estate: Top 100 Websites", then contact us, or go to our web page for more info. The eBook will focus on only the best websites available in Canada, and will be available at the end of November.

The World's Largest Property Company By Capital Is Building The World's Tallest Tower In Dubai

2006-10-31T12:12:00.000-08:00

Emaar, which is listed on the Dubai stock exchange, is building its flagship project called 'Burj Dubai' or Dubai Tower to a staggering 700 meters (2,296 feet) and more than 160 stories. This mammoth tower, the centerpiece of a 20-billion-dollar venture featuring the construction of a new district, "Downtown Burj Dubai," will house 30,000 apartments and the world's largest shopping mall. The tower alone will cost over 1 Billion, and at the height of construction could have 20,000 workers on site. Toronto's CN Tower will be dwarfed by this new project, as well as others planned for Southeast Asia.