joe samson's Blog: Market News

Fueled by record activity levels in the first half of the year, national MLS® home sales activity is expected to reach record levels again in 2007, according to a new residential forecast prepared by The Canadian Real Estate Association.

National home sales are forecast to rise by 8.1 per cent to 523,100 units in 2007, and will set new annual records in most provinces. Activity is forecast to edge slightly lower in 2008, but will reach the second highest annual level on record in almost all provinces. Prices are forecast to set new records in every province this year and in 2008, but price increases will be smaller next year.

Resale housing markets will continue to become more balanced in British Columbia and Alberta. Even so, markets will remain…

Reno rage has truly hit the flush-with-bucks wallets of Albertans.
For the second year in a row, the province will record the biggest gains in the country in terms of the cash forked over by Albertans to renovate their home-sweet-homes, says a report by the Canada Mortgage and Housing Commission.

Resale records account for a big part of the surge, which will see Albertans spend $5.4 billion for home renovations in 2007; a steep 23.7% increase from the $4.4 billion spent last year.
"In terms of persistent resale records, people are very quick to personalize their new homes and bring them up to today's standards," said CMHC regional economist Richard Corriveau.
"The other big contributing factor is the very strong gains in home equity, with prices…

If you get knots in your stomach at the thought of buying your first home, realize that it's normal to feel that way. Most buyers go through the butterflies-in-the-gut experience. It's thrilling and exciting to shop for homes but when the day comes to an end and you can't get a certain home out of your mind, that's when the dread drops to your feet. Here are five steps to help first time home buyers purchase their first home successfully.

Get pre-approved for a mortgage - In the beginning of our career, most of us will require financial assistance from a bank or a financial institution to help us with the purchase of our new home. The very first step you should take is to get in touch with a Mortgage Broker to find out how much you can afford and what…

When asked how much total interest they'll pay over a 25-year mortgage, only 20 per cent of Canadians polled gave the right answer, says a survey commissioned by Toronto-based TransUnion

TransUnion, a credit and information management company commissioned GfK Roper Public Affairs & Media to conduct the survey in late June, when it polled 1,000 Canadian adults across the country.

Those surveyed were told, "Homeowners usually pay off considerably more money than the original value of their mortgage loan because of the rate of interest on that loan. On average, what percentage of the original loan amount do you think a Canadian homeowner with a 25-year mortgage would end up paying?"

Only one-fifth of respondents got the right answer; 151 to 200 per cent…

Canadian housing starts slid less than expected in June but are likely to keep falling in the second half of the year, Canada Mortgage and Housing Corporation says.

Housing starts dropped 4.2 per cent to a seasonally adjusted annualized rate of 225,500 units in June from an upwardly revised 235,200 units in May. Analysts polled by Reuters News Agency had expected 216,500 starts in June.

After a significant rise in May, the volatile multiple segment lost most of the ground it gained in June, CMHC chief economist Bob Dugan said. "Although housing starts will remain high in 2007, they are expected to resume a gradual decreasing trend."

Urban multiple housing units, which include condominiums and apartment buildings, fell 10.4 per cent to 100,400 units…

Great, you have decided that you want to invest in real estate, perhaps you are thinking of flipping a house or thinking of renting it for long term appreciation. Regardless of your exit strategy, more likely your investment will include challenges such as finding the funds to support the project, finding the right property, dealing with contractors and so on.

The truth is that everyone invests in something throughout their lives. Some of us invest in stocks, gold, stamps, cars, their hobbies or real estate. Personally I believe in real estate not because of what the media says on the 6 o’ clock news but rather due to the fact that history shows that over 90% of all millionaires have become wealthy by owning real estate. If this is true, why isn’t…

CREA is forecasting a record-setting year for residential real estate in Canada, but a new report from Scotia Economics says short-term cyclical factors are consistent with a gradual cooling off in Canada's housing market over the next several years. The report also says long-term fundamentals, including slower population growth, will dampen the demand for housing.
The Scotia Economics report says Canada's average annual rate of population growth is projected to slow to just 0.8 per cent over the coming decade, reflecting an aging society and historically low fertility rates.

"This less favourable demographic trend does not in itself pose a major risk to the housing outlook," said Adrienne Warren, senior economist, Scotia Economics. "Real household…

Your home is probably your most valuable asset that you will ever have to decide who will earn the right to represent the sale or the purchase of your property. It could be an overwhelming experience to decide who is the most deserving to earn your trust out of the 5,465 licensed REALTORS® in Calgary. Just because your friends said that he is the best REALTOR® you should make sure to do your own due diligence. After all, your friends aren’t the ones who will be managing your personal finances. An even more important question to ask ourselves is to understand the reasons why we should have a REALTOR® to look after our best interest before we begin the hunt for one.

Have you ever tried to cut your own hair? If you did, I am sure it wasn’t a pretty…