joe samson's Blog: Market News

By Joe Samson, Calgary REALTOR ®   If you are planning to sell your house this spring, and are disheartened by the amount of brand new homes for sale in your area, take heart! It seems the Government slide off more of our bucks than we probably realize, but at least one of these taxes could work in your favor.

A new report that has been commissioned by combined builder and broker mortgage associations has been be-wailing one big disadvantage when buying a new home. The Canadian Government will levy GST on a new home, whereas re-sale homes are exempt.

On an average house price this can add an extra $20,000 into the outlay. This is $20,000 that is not included in the asking price, it is an add on. Since the GST was introduced in 1991, house prices… Read Full Post

 

The value of building permits in the city of Airdrie hit a record in 2007, soaring by 68 per cent over the previous year.

Construction value in 2007 totalled $454 million compared with $270 million in 2006. In 2005, it was $185.3 million.

A record 11,815 permits were applied for in 2007 against 9,443 in 2006, and city inspectors completed 23,866 inspections compared with 18,504 in 2006.

The strength in the provincial economy is a factor in Airdrie's boom, said Kent Rupert, planning and economic development team leader for the City of Airdrie.

"But I also think people are starting to look at Airdrie as an alternative to some of the other major urban centres, whether it's Calgary or Edmonton, because we're starting to have the support services…

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CBC (Special) - Canadian investors and homeowners worried about a meltdown in the real estate market here in Canada can relax.

The subprime mortgage crisis in the U.S. isn't like to happen up here in the cooler, more fiscally conservative north. The Canadian housing market is not a bubble waiting to burst and owning a home is still a good investment and wealth management strategy, financial experts believe.

 

"You have a bubble situation when there is a lot of speculation and leverage in the market," says Patricia Lovett-Reid, senior vice-president with TD Waterhouse. "We are not seeing that in Canada now."

Lovett-Reid says Canadians don't need to be worried about the subprime mortgage crisis in the United States spilling across the border.

An…

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CREB, Nov 16 - The Harper government’s decision to cut the GST to 5 per cent, effective January 1, 2008, will significantly improve housing affordability, says the Canadian Home Builders’ Association (CHBA).

"This is great news for both home buyers and owners," CHBA President Richard Lind said. "It will help all owners who are considering renovations and all Canadians who make major household purchases." Mr. Lind said that the announcement in Finance Minister Jim Flaherty’s Economic Statement fully honours the Conservatives’ 2006 election commitment to reduce the GST by two per cent. "We are pleased to congratulate a government that keeps its campaign promises."

He welcomed transitional rules for the further 1 per cent reduction. This reduction…

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As Canada’s real estate market continues to defy popular predictions of a slowdown, privately-transacted sales are keeping pace as homeowners look for ways to pocket the fees usually collected by real estate agents.

Many owners are now choosing to bypass real estate agents to sell their homes themselves in order to save the average six per cent commission most agents charge. On a $250,000 home, this can amount to $15,000, a hefty sum for most Canadians.

Savvy buyers are also seeking out FSBO homes, realizing they can usually get a better bargain without the broker’s fee padding the sales price.

The increasing popularity of "For Sale by Owner" or FSBO, as it is known, is understandably unwelcome by real estate brokers, who see themselves squeezed…

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MLS from record levels but remained strong in August 2007, according to statistics released by The Canadian Real Estate Association (CREA). Seasonally adjusted national MLS 29,717 units in August 2007, down 5.3 per cent from July when monthly sales hit the second highest level on record. While MLS markets, the national monthly decline was largely the result of fewer sales in August in Toronto, Montreal, Edmonton and Vancouver. The month-over-month decline in seasonally adjusted sales in August also re activity levels from the record levels seen in recent months. August 2007 marked the eighth highest monthly MLS record for seasonally adjusted activity in Canada’s major markets. Seasonally adjusted transactions posted the third highest… Read Full Post

ROMA LUCIW

Globe and Mail Update

Canada

Figures from the 2006 census, released Wednesday by Statistics Canada, show that more than two-thirds - 68.4 per cent - of all Canadian households owned the place they lived in, the highest since this information was first collected in 1961.

Willa Rea, a Statscan housing analyst, said the rate has climbed more sharply since 1996. “Low interest rates have been the main driving factor of home ownership,” she said, noting that mortgages have plummeted from above 18 per cent in the early 1980s to around 5 per cent in the early 2000s.

Canada's housing market has been booming in recent years, with sales and prices soaring across the country. But that does not appear to have dented demand for homes. Previous data…

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Housing starts in the Calgary area continue to decline compared to last-year’s record-breaking performance. According to data released
Tuesday by the Canada Mortgage and Housing Corporation, single-family starts in the Calgary Census Metropolitan Area were down 31 per
cent in August compared to August 2006. At the same time, multiple family starts, which include semi-detached units, rows and apartments,
were up 50.1 per cent. Combining the two categories, total housing starts were down by four per cent in August compared to last year. For the
year, single-family housing starts are down by 27.3 per cent for the fi rst eight months of 2007 compared to the fi rst eight months of 2006 while
the total housing starts have declined by 21.5 per cent. Read Full Post