Canada's Condominium Magazine

Monthly Archives: December 2014

CREA buys .MLS top-level domain for $3.3 million

CREA buys .MLS top-level domain for $3.3 million

After a determined effort and some not insignificant costs, which included a US $185,000 evaluation fee, the Canadian Real Estate Association (CREA) has won an auction of the Internet top-level domain name .MLS. CREA paid $3,359,000 for the TLD. CREA was acting in cooperation with its US counterpart, the National Association of REALTORS® (NAR), which… Continue Reading

Freddie Mac gives American home buyers a nice Christmas gift

Freddie Mac gives American home buyers a nice Christmas gift

Here’s news that would make Canada’s finance guardians wince and wag their fingers at us, and many would-be home buyers jump for joy: a 3 per cent down payment mortgage. The US government-backed mortgage agency known as Freddie Mac will offer the deal, called Home Possible Advantage, beginning in March, 2015. It says it is… Continue Reading

Peer-to-peer lending slow to take off in Canada

Peer-to-peer lending slow to take off in Canada

In Britain, they are predicting that the practice will “revolutionise” the mortgage industry. In Australia, where it is still new, they’re talking about “upsetting the applecart.” In the US, where it is well established, they make it sound as wholesome as mom and apple pie: “We help lenders make loans they feel good about.” And… Continue Reading

Construction industry needs BIM to spark innovation

Construction industry needs BIM to spark innovation

Canada has a serious image problem. While the United States is known around the world for being aggressive and proud, and Japan for being avant-garde, Canada is seen as timid, failing to live up to its potential. The country’s industry, particularly its construction industry, is not sufficiently innovative and cutting-edge. Canada is ranked just twenty-sixth… Continue Reading

Litigation over fraud, condo status certificate, took seventeen years

Litigation over fraud, condo status certificate, took seventeen years

People who live in condominiums get to enjoy whatever amenities the community provides—fitness facilities, barbeque pits, rooftop gardens, party rooms—as well as what are called the “common elements.” These are the areas owned and shared by all the residents, such as lobbies, hallways, gardens, and parking garages: everything, in short, except the interiors of the… Continue Reading

Vacancy rates low for condo rentals, foreign ownership negligible: CMHC

Vacancy rates low for condo rentals, foreign ownership negligible: CMHC

Rental vacancy rates increased slightly in some areas of the country between October 2013 and October 2014. This happened because the supply of purpose-built rental apartments rose by 2.7 per cent in those twelve months, a rate that outpaced the number of occupied units, according to the fall Rental Market Report from Canada Mortgage and… Continue Reading

Other Popular Stories

Even with a dip in home sales, as markets adjust to new rules, new home pricing remains high due to low supply and “right sizing” dilemma

Even with a dip in home sales, as markets adjust to new rules, new home pricing remains high due to low supply and “right sizing” dilemma

Although some recent reports show a drop in actual resale sales — in the short-term dramatic double digit drops according to some brokers — prices are showing no sign of dropping on new homes.[1] The Building Industry and Land Development Association recently released data detailing rising costs for new detached and semi-detached homes, as well…

Living comfortably in 500 square feet or less; modular convertible multi-purpose furniture makes the difference

Living comfortably in 500 square feet or less; modular convertible multi-purpose furniture makes the difference

Size is relative. An object that is small to you may be quite large to another person, and vice versa. The same holds true for nearly everything. A relatively small space that leaves one person feeling claustrophobic can — with a little planning and some modular furniture (see videos below) —  be considered spacious and…

More Ontario rules: modest help for seniors and refugees and immigrating nominees

More Ontario rules: modest help for seniors and refugees and immigrating nominees

Ontario has recently introduced legislation geared toward homebuyers and seniors. If the legislation passes, it should make housing much more affordable — although the intended result isn’t always the same as the final outcome in a real market.     Aside from the 15% Non-Resident Speculation Tax (previously reported>>) for non-Canadian citizens, non-permanent residents, and non-Canadian…

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