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Wednesday , 29 March 2017

Monthly Archives: March 2013

Transit-accessible homes retain their value, even in recession: study

There’s an interesting connection between public transportation and housing. It has long been apparent that people shopping for a home often put proximity to public transit high on their list of priorities for the home’s location. People like the convenience of living close to subways and streetcar lines. Given the choice, many people will take transit when it’s convenient. But to what extent does this preference determine the price of such a conveniently located home? A new study from the American Public Transportation Association (APTA) and the National Association of Realtors (NAR) in the US says it can quantify the value public transit has for nearby real estate. The study ... Read More »

Dream of homeownership is alive in Gen Y

Young people in Canada still dream of owning their own home. The youngest of Generation Y, the children of the baby boomers, are just nineteen years old today—Gen Y were born 1994–1980. Buying a home probably isn’t a top priority for nineteen-year-olds, or even those in their early twenties. A lot of them rent, or live in university residences, or at home with the parents. But Royal LePage did a survey of them anyway, and found that both Generation Y and the Baby Boomers “strongly desire a house of their own.” (In the case of the Baby Boomers, it could be that they just want their kids to move out.) The ... Read More »

Good management is critical for happy condo life

When you buy into a condominium community, you buy into a lifestyle. A great deal of the appeal this lifestyle holds is the freedom it entails. Condo owners have built-in security. They can pack up and leave for a vacation with no worries about leaving their home untended. They don’t have to shovel snow or cut grass. Their buildings often have very nice amenities—swimming pools, gyms, party rooms, rooftop decks for entertaining. The list of condo lifestyle benefits is lengthy and familiar. But a condominium community does not run itself. Someone has to ensure that the daily affairs of the building and the concerns of the individual owners are dealt ... Read More »

Flaherty squashes mortgage rate competition

It didn’t take long. This morning, Manulife Bank announced that it would offer five-year fixed-rate mortgages at 2.89 per cent, ten basis points below BMO’s offering announced last week. By this afternoon, however, Manulife said it was pulling the cut-rate mortgage, which had been the lowest it ever offered. What happened? Canada’s Finance Minister, Jim Flaherty, who will be bringing down a budget on Thursday, didn’t like what he saw. “I had one of my staff call them and indicate my displeasure,” Flaherty said, rather imperiously. For its part, Manulife said that after “consulting” with the Department of Finance, it had reverted to previous posted rates. Last week, when BMO announced ... Read More »

Baby boomers affecting longer-term housing growth: report

The badly damaged US housing market is practically roaring back to life, while Canada’s is “softening.” According to a report on global real estate by ScotiaBank, the US is “at the top of the pack” globally for price growth, as demand outstrips supply. Here, on the other hand, demand has slumped because of government engineered market restrictions, i.e., tougher mortgage rules, and a “lack of pent-up demand.” North American markets are “diverging,” the report says. In the United States, after six or so years of collapse, panic and readjustment, there is pent-up demand, high affordability and low interest rates. The employment picture is also improving slowly but steadily. All of ... Read More »

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