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.
Showing posts with label Real Estate. Show all posts
Showing posts with label Real Estate. Show all posts
Tuesday, September 04, 2007
Monday, July 30, 2007
Tuesday, July 10, 2007
Real Estate Lawyers Go Paperless
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 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.
Labels:
innovation,
Lawyers,
Real Estate
Tuesday, July 03, 2007
Real Estate Can Be A Blood Thirsty Business
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
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
Labels:
Castles,
Oddities,
Real Estate
Northwest Territories Real Estate News
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
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
Labels:
Housing Crunch,
Real Estate,
Vacation Rentals
Tuesday, June 19, 2007
For Sale By Owner - Real Estate
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.
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.
Labels:
FSBO,
Marketing,
Real Estate
Friday, June 15, 2007
Canadian Real Estate Is Still Rising
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.
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.
Labels:
CREA,
Real Estate,
stats
Wednesday, May 30, 2007
Canadian Real Estate Is Still Flying High
Prices in Canadian Real Estate have continued to rise, even with the dismal market in the US. Home sales in Canada are fueled by booms in the Western Provinces, and of course commodity prices. Real Estate in Saskatchewan is the biggest winner in last months stats with a 24% increase in home price as well as the largest increase in volume sold. While real estate in Alberta continues to make huge gains, nearly 30% over the same time last year, British Columbia Real Estate also remains strong with the highest average price in Canada.
Full Article
On the lighter side of business and real estate a firm in Hawaii is selling real estate that does not yet exist. Land is being sold on a volcano that is likely to produce waterfront in 10,000 years. What!
Full Article
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
Labels:
Canada,
Home Sales,
Real Estate
Thursday, May 24, 2007
Saskachewan Real Estate Has Begun To Heat Up
Small rural towns that are within commuting distance to Saskatoon, Regina, and Moose Jaw are experiencing a rise in real estate prices. The drain of population from Saskatchewan has begun to come back. Those who moved out of the province to find work are now returning to a better quality of life. The Leader-Post has the full details.
Real the Full Article or continue below.
Real estate boom hits rural Sask.
David Hutton
Saskatchewan News Network; CanWest News Service
Tuesday, May 22, 2007
SASKATOON -- Dale Arsenault moved back to Rosetown, his childhood home, from British Columbia two years ago to retire peacefully. The real estate agent's plan was to work shorter days and slow the pace down. His wife, Earla, opened a women's fitness centre on Main Street to keep them busy.
"I've been busier than ever," says Arsenault, 63, who opened his real estate office six weeks ago to capitalize on the town's growth. "I'm getting two or three walk-ins per day from Alberta and B.C."
Arsenault now works 14-hour days to keep up with the work, he says. Like many towns just on the edge of commuter distance to Saskatoon, Rosetown and the surrounding area is experiencing growth of its own, fuelled by a good location and a desire for a simpler, less expensive life, Arsenault says.
"Here, it's not all that rush, rush rush," he says. "Some young folks that are living in Calgary and Edmonton find out they can buy a home for $100,000."
It's not just retirees coming back to the town of 2,200 or Alberta businessmen travelling the province looking east to turn a profit. He says homes in the area are being sold to many young couples, some returning to the province, some not, who were turned off by the high prices and fast pace of bigger centres like Saskatoon, Calgary, and Edmonton.
"You don't worry about your kids walking out the door," says Rosetown's Mayor Brian Gerow, making his familiar sounding sales pitch for the town. "There are people that have lived here their whole life that never lock their doors."
In places like Biggar, the story is the same. People from all walks of life are touring the province looking for a quaint town to settle down in. They want services, schools, a short drive to a big city, a bit of industry, and health care. If they sell their homes in a booming centre, they can walk away with a tidy profit and gain a safe place to live.
"Houses are being snapped up very quickly here," says Bob Tyler, Biggar's town administrator. "It's been a pleasant surprise. People really seem to want an acreage and some horses."
Biggar, a town of around 2,000, has been getting much bigger, Tyler says.
Several retailers are considering opening up in the town because of the growth, which he says has been from people of all ages.
Mostly, he says, people are selling their homes in larger centres and buying in the area to "put some cash in their pockets."
Waldheim, which, at 60 kilometres from Saskatoon, was once considered too far away to feel the effects of a boom, has reinvented itself as a commuter town that's "worth the drive." A recent referendum there, fought over green space, has allowed for residential development in an old town park.
"Typically, with people moving from out of province, there is some connection to Saskatchewan," says Waldheim Mayor Kelly Block. "But we're seeing a lot of young couples moving here and commuting to Saskatoon."
Last week, Rosetown even had to call an emergency meeting to deal with several real estate proposals. The biggest proposal was the sale of "Little Banff," a campground and resort area on Hwy. 7. The buyers are three Calgary businessmen who are going to develop a $10-million Husky truck stop, a hotel, and a car wash. They're even thinking about opening a Tim Hortons franchise.
Gerow is also turning the former Fas Gas property into a Robin's Donuts.
Oil workers from Fort McMurray are also zeroing in on Rosetown and Biggar to live and Rosetown is trying to establish a direct flight there from the airport to accommodate.
For years, Rosetown had been in a sort of "depression," Gerow says. An aging and declining population, a tough run for farm life, and an exodus of young people to Alberta combined to cause a tough run for the area.
"We were dealing in a depressed rural bubble," he says. "It's a whole different world now."
The idea that sparked the growth, Gerow says, was selling many town-owned lots for $1 in order to stimulate growth and bring in tax dollars. People who buy the lots have to build on them within a year or lose a $1,000 deposit. The town office is getting two to three inquiries a day from people interested in building on them, he says. The Calgary group purchased five $1 lots and plans to build a four-plex housing unit on another. A new subdivision is also in the works.
"This is probably the most exciting time I've ever seen in Rosetown," Gerow says. "Everybody feels the same. There's an optimism that's just unbelievable."
© The Leader-Post (Regina) 2007
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
Labels:
Real Estate,
Saskatchewan
Tuesday, May 15, 2007
High Building Costs Push A Developer To Pull Contracts
A lower mainland home builder has pulled contracts to build homes from the purchasers, and then put them back on the market for $100K more. This of course did not sit well with the would to be home owners, and now the government has stepped in.
Full Article
Developer told to stop marketing Riverbend houses
Canadian Press
May 15, 2007
VICTORIA -- The British Columbia government is stepping in to help would-be home buyers jilted by a developer at a new housing project in Vancouver's eastern suburbs.
The Superintendent of Real Estate issued a cease-marketing order to CB Developments 2000 Ltd. yesterday, after the company cancelled presales contracts to dozens of purchasers at the Riverbend site in Coquitlam and refunded their deposits.
Finance Minister Carole Taylor said those who found themselves suddenly without a home "will at least know that there will be no reselling of their home until various issues under the [Real Estate Development Marketing Act] are followed.
"So it gives everyone breathing room, a chance to see exactly what the situation is [and] exactly what the contracts say."
The developer backed out of the presales agreements for the Coquitlam project by saying there was no way the builder could break even by selling at the original price.
Instead, the single-family homes were being listed again at current market values, a difference the buyers estimated at up to $100,000.
Real Estate Superintendent Alan Clark did not say what issues are being examined, but he did ask people affected by the order to contact his office with their concerns.
The act requires developers to file amendments to disclosure statements when material changes that affect an individual's decision to purchase a unit in the development are made.
The cease-marketing order prevents the sale of any units until the act is fulfilled.
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.
Labels:
Builders,
Fraud,
Real Estate,
Vancouver
Wednesday, May 09, 2007
Toronto Real Estate News
It looks like Real Estate in Toronto is still a bargain when compared with homes in the rest of the world. Toronto, or any other Canadian city, Vancouver perhaps, do not even make the list of expensive places to buy real estate. The most expensive real estate in the world is in London, England, where $5k per square foot is the going rate. My 2300 sq/ft home would be worth $11.5 million if plunked into downtown London. I would like the cash, but not to live there.
Toronto Not On List Of The Most Expensive Real Estate Cities On Earth
Wednesday May 9, 2007
Looking to buy a home and think Toronto real estate is out of your league? It turns out, we don't even count when it comes to the really pricey places on the planet. In fact, no Canadian city even shows up on the list of the world's most expensive real estate locations. The number one position belongs to London, England, where prime property costs an average of just over Cdn.$5,000 a square foot. (The city is already home to the most expensive mansion on earth.) Next is the Principality of Monaco, where you'll pay about $4,800 for the same property measurement.
The list is from the aptly named Wealth Report 2007, an annual publication that measures where the world's money is going. It claims people with lots of dough - roughly more than $11 million - know real estate is generally a good deal and are buying up the best locations. That's pushing some of the sites named in the report to record levels.
So the next time you cringe when you hear what a T.O. home is worth, remember it could be worse. You could just be getting a real bargain for your bucks.
Full Report
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
Labels:
Home Sales,
Real Estate,
Toronto
Friday, May 04, 2007
What Does A Million Dollar View Look Like?
You may ask you self, 'What does a million dollar view look like?' The answer is not so simple. Some would say that you can not put a price tag on natural beauty, but real estate agents certainly try. The most desirable properties in British Columbia have three things; a gorgeous view, a huge home, and is on the waterfront. Here is a listing from Surrey, Whiterock to be exact, that can give you an idea of what a $7.5 Million view looks like.
Full Listing
Full Listing
Labels:
Home Sales,
Million Dollar Homes,
Real Estate
Thursday, May 03, 2007
Real Estate Is Still On The Climb
An industry expert from CIBC has predicted that there will be no housing collapse in Canada. In fact, the prediction is that housing values will increase by double in the next 20 years. This is good news for all those Realtors out there, and not so good for people waiting to clean up on the burst real estate bubble. Canada's West (BC, AB, SK, MB) are expected to keep the economy and housing going strong with the rising energy prices.
The impending decline and fall of the Canadian residential real estate market -- as fearlessly forecast by the Baby Boom watchers -- can be summed up in four simple words: "Much ado about nothing."
This wasn't Shakespeare talking, but CIBC World Markets economist Benjamin Tal.
Tal crunched the numbers and found the house price scare when the boomers become empty nesters and downsize as "highly exaggerated."
To the contrary, Tal is predicting that instead of fading "house prices in Canada are more likely to double in the coming 20 years."
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
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
Labels:
Home Sales,
Housing Bubble,
Real Estate
Thursday, April 26, 2007
It Looks Like Banks Are Starting To Warm Up To The Idea Of Less Than 25% Down On A Mortgage
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
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
Labels:
Canada,
Mortgage Rates,
Real Estate
Thursday, April 19, 2007
Canadian Real Estate Soars
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.
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.
Labels:
Canada,
Home Sales,
Real Estate
Wednesday, April 11, 2007
Real Estate For Sale Signs
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
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
Labels:
innovation,
Real Estate,
Realtors,
Vancouver
Friday, March 30, 2007
The Big Real Estate Companies Say That Real Estate Is Still Booming All Across Canada
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.
Labels:
Canada,
Home Sales,
Real Estate
Tuesday, March 20, 2007
The Federal Government Plans To Sell Billions Of Dollars Of Real Estate
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
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
Labels:
Canada,
Government,
Ottawa,
Real Estate
Tuesday, March 13, 2007
Real Estate Fraud Is Real
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
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
Labels:
Alberta,
Calgary,
Canada,
Fraud,
Real Estate
Friday, March 02, 2007
In A Hot Real Estate Market People Will Buy Anything
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.
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.
Labels:
Home Sales,
Real Estate,
US
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