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Top 10 haunted houses in the world

Ivan Radford — 28/10/2011 12:07:00

Photo credit: mksfca

With Halloween on the horizon, property buyers should be wary of the history of any house they find. Homes with a horrific past could come with a lower price tag, while a regular haunting might even boost the value of a property investment. TheMoveChannel.com picks up its torch and looks into the dark recesses of international real estate to hunt some truly terrifying property.

Here are the top 10 haunted houses in The World:

Jamaica Inn, Bodmin Moor, Cornwall

Photo credit: Christopher

Jamaica Inn is well-known for its Daphne Du Maurier connection, but as well as giving the title to one of her books, this 250-year-old inn has a history of haunted happenings. Noises in the courtyard and a man who walks through the empty corridors at night are just some of the ghostly remnants of the pirates and smugglers who used to reside in Cornwall’s spooky public house.

The Amityville House, New York

Photo credit: Nitroglicerino

America’s most famous haunted house is that of Amityville fame. Featured in several films, Amityville's horror story dates back to a real murder in 1974, when the owner, Ronald DeFeo Jr., shot six members of his family. Since then, several instances of paranormal activity have been recorded at 112 Ocean Avenue. The Dutch Colonial home was listed for sale in May last year for $1.15 million.

Monte Cristo, Junee, New South Wales

Photo credit: Island home

Regarded as the most haunted property in Australia, Monte Cristo was first occupied by William Crawley in 1884. Following his death in 1910, his wife refused to leave the two-storey home for over 20 years. Locals who witness lights and apparitions are convinced that she is still there.

Brissac Castle, Loire Valley

This mansion, built in the 11th Century, took its name from The Duke Brissac, but is haunted by another former resident, Jacques de Breze. Jacques killed his wife and her lover, then quickly sold the house to escape her ghost, which returned to haunt him. It was rebuilt in the 1600s, but the castle retains its scary reputation.

Spadina House, Toronto

Photo credit: Grant MacDonald

Spadina House was constructed in 1866 by James Austin, a Canadian investor who wanted to own an impressive piece of luxury real estate. No tragedies or accidents have ever occurred here, but researchers and visitors have reported sightings of “something” on the historic manor's third floor...

Whaley House, California

Photo credit: Miss Shari

Whaley House is two-storey property in San Diego’s old town that now houses a museum. Situated on the site of a gallows, the home is now one of California’s most popular attractions. Apparitions of “Yankee Jim”, who was hanged there in 1852, a young girl and even Thomas Whaley himself have all led to the building's status as a haunted house, officially recognised by the United States Commerce Department in the 1960s.

Joelma Building, Sao Paulo

Photo credit: Fjara Beck

The Joelma Building in Sao Paulo, Brazil, was the site of a tragic fire in 1978, which claimed almost 200 lives. Ghosts of the victims are said to have haunted the skyscraper, which has since been rebuilt and renamed.

LaLaurie Mansion, New Orleans

Photo credit: Reading Tom>

This three-storey house has a particularly gruesome past. Dr. Louis LaLaurie and his wife moved there in 1832 and kept several slaves in the property, before it burned down in April 1834. Local residents were shocked to discover the charred remains of animals and chained humans after the fire, and screams and wailings were heard in the neighbourhood for years. In 2007, actor Nicolas Cage bought the private property for $3.5 million, but then lost it to bank foreclosure in 2009. No connection is thought to exist between the two.

50 Berkeley Square, London

Photo credit: James Stringera

50 Berkeley Square has a reputation for being the most haunted house in London. Built in the 18th Century, it is now occupied by an antiquarian book dealer, but legend says that the attic is visited by the ghost of a girl who once committed suicide there. In 1879, a man was challenged to stay there for one night. He was later found dead in the house, reportedly of fright.

5 Real Street, Bélmez de la Moraleda, Jaén

This Spanish home is famous for its kitchen, where a former owner once saw the faint outline of a human face on the floor. Subsequent excavation of the property uncovered other faces and outlines and, eventually, a collection of bones from a 13th Century graveyard. It was listed for sale on the market in 2004. Spookily, there are no pictures of the house available...

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Browse our listings of houses, apartments and other overseas property, all at terrifyingly low prices:

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Is now the time to buy property in recession-hit Europe?

admin — 18/10/2011 10:35:00

Image: Flickr
The economic catastrophe that Europe is facing hasn't put a damper on British buyer's enthusiasm to purchase property on the Continent.

According to World First, the expert on currency exchange, holiday home purchase sales in Spain have more than doubled over the summer.

Italy, Greece and Bulgaria are also places of interest to British buyers who are in search of a bargain. However, no matter the location, buyers should heed to the same advice and do your research to avoid any pitfalls.

Mortgage Funding

Due to the effects of the global banking crisis, banks are less apt to lending money, making mortgages more difficult to obtain. Home buyers who need to borrow money from the bank in turn have to place a larger deposit just to get a loan from overseas banks.

The growing debt crisis has intensified in recent months, especially in Greece and Italy and several Greek banks have stopped lending money. Overseas property experts have said that banks are still lending mortgage funds to borrowers even in Greece, however, a deposit of approximately 30 to 40 percent will be required.

Banks in Spain and France are more lenient at present lending borrower's money with only a 15 or 20 percent deposit. However, if the financial crisis takes a turn for the worse, these figures could be tightened.

In Britain, some lenders allow homeowners to refinance their mortgage to fund holiday home purchases abroad however it's based on the individual's criteria. Most borrowers still need to have substantial equity in their British home even after funds have been released in order to qualify. If you haven't got enough equity in your UK property and are not prepared to sell a house to raise the funds then an overseas mortgage may be the best option for most.

Watch Out for Currency Risks:
Buyers need to keep in mind that due to the turbulent economic climate, Euro loans will present a currency risk for many British buyers if they are paid income in sterling.

The majority of overseas mortgages are on variable rates, instead of fixed, so it's imperative buyers are aware that their monthly repayments could go up.

Mortgage rates in Spain and France are frequently between 3 and 4 percent variable, however the rate may fluctuate depending upon the borrower's circumstances.

Planning Problems, Overvaluations and Dodgy Developers:
Numerous British buyers have become unfastened over the years by falling prey to planning restrictions and other laws that were broken unbeknownst to them before the purchase of their dream home.

Getting an accurate property valuation is imperative and in most cases, it's best to get a second opinion. By taking the word of the developer, you leave yourself open to a world of problems that may arise.

If you are purchasing from a developer, do your research. Get them to include a work history of how long they have been in business and past customer reviews. Check out the work that they have performed and see how well it has stood the test of time.

Language Barriers

Language barriers could compromise British buyers, so beware to never sign any contract that may be written in a foreign langue without proper translation. Buyers should make sure there is an accurately translated original foreign contract into the English version.

The Legal Obligations

Research and comprehend what tax, if any will be applied to your purchase and what capital gains tax could be applied on the final price of the home. In most instances, you can figure adding 10 to 15 percent of the purchase price of the property which covers fees for the agents, legal fees and taxes.

Investigate rules and restrictions of letting property if you are planning to have your purchase be used as a holiday let. Certain areas have specific restrictions, so know which rules apply in the area of your newly purchased home.

Find out why an owner is selling and have your lawyer investigate to ensure that all planning, building and habitation licenses are in order. An example of this could be a newly built development may have been repossessed due to licensing not being granted, thus it could not be sold originally.

Finally

Never make a decision in haste. Many buyers have been burned because of their passion for the particular property, or have fallen in love with the neighbourhood and never did adequate research before placing an offer.

Another common mistake happens when buyers are under a specific time limit or are under pressure from an agent or developer and need to make a quick decision.

While there may be some fantastic bargains to be had when it comes to purchasing property, make sure to take your time, do your research and get a legal property expert to inspect all transactions.

If you are thinking of selling a home in the UK then why not try selling with My Online Estate Agent. My Online Estate Agent is a low cost internet based estate agent that charges a fixed upfront fee and no payment on completion.

Low interest rates, buyer confidence keep Canada property strong

Sarah Kendell — 18/07/2011 12:10:00

Home sales in Canada continue to grow as attractive interest rates and a booming economy lure more buyers to market, according to the latest statistics from the Canadian Real Estate Association.

The CREA's June figures saw non seasonally adjusted home sales soaring upwards by 10.8% compared to last June's figures. Local home sales were up in two-thirds of the major markets across the country, with a nationwide listings-to-sales ratio of 52% making Canada's real estate sector very much a seller's market.

"The Canadian housing sector remains on strong footing", said Gregory Klump, chief economist at the CREA. "The rise in monthly home sales activity at the end of the second quarter, upbeat business sentiment and hiring intentions, and signs that the Bank of Canada is in no rush to increase interest rates bode well for home sales activity and prices going into the second half of 2011."

As the only one of the G7 nations to have regained all its lost jobs and output back to pre-recession levels, Canada has achieved a stellar economic recovery over the past few years, and foreign investment has begun to pour in in response. Foreign purchases of Canadian securities were up 10% between January and October last year, while provincial government bonds are selling at record levels. The much-publicised recent royal tour of the Duke and Duchess of Cambridge has also served to highlight the nation's attractiveness as a tourist destination due to its warm, hospitable people and scenic beauty.

Interested in property in Canada?
Browse our listings of apartments, houses and other property for sale in Canada here: http://canada.themovechannel.com/property/all/

Canada attracting attention of global investors

Dan Johnson — 27/05/2011 09:58:00

While the European nation is a financial basket case that needs an estimated €20-billion ($26.42-billion) to stay afloat this year, Canada is in many ways the object of the world's desire, the popular girl with attractive assets and prudent fiscal policy everyone wants to dance with.

Barely two weeks into 2011, this frosty country has been swept up in a wave of mergers, foreign investment and international attention as the prices of commodities soar, the loonie jumps above US$1 and the economic recovery gathers steam.

Big money is moving to park in Canada. And not for the short term.

U.S. retail giant Target's announcement Thursday it will pay Hudson's Bay Co. $1.8-billion for leases so it can set up its first Canadian stores is the latest in a string of developments that has put Canada in the sights of global investors.

American mining giant Cliffs Natural Resources Inc. wants a $4.9-billion piece of Quebec's iron ore. China's $300-billion sovereign wealth fund wants to expand its Canadian holdings with a permanent presence in Toronto. U.S. bond behemoth PIMCO is expanding its reach with new funds for Canadian retail investors.

Foreign investors snapped up $97.8-billion worth of Canadian securities from January to October last year, according to the latest statistics available. That's up 10% from the previous year. Provincial government bonds are selling at record pace.

It all may be happening a bit fast, but it shouldn't be surprising.

Canada is the only one of the Group of Seven industrialized countries to have clawed back all its lost jobs and output from the recession, distinguishing it from the likes of France, the United States and Japan.

That means it has less bad baggage dragging behind it than many of its peers.

But investor interest is also being fuelled by the country's commodity exposure. It produces a lot of oil, metals and agricultural products -- things that nations like China need to fuel their economies.

Commodities have been on fire since the start of December and by some measures going all the way back to last summer, said Douglas Porter, deputy chief economist with Bank of Montreal. And while resource assets like Potash Corp. of Saskatchewan Inc. may be off-limits, the recent investment influx shows the federal government's decision to block the Potash sale to BHP Billiton Ltd. hasn't scared off foreign investors.
Another element is the Canadian consumer.

Canadians never pulled back on their spending anywhere close to the level Americans did during the recession. And even now that they're burdened with record household debt, which has risen by $95-billion, or 6.7%, in the past year, they will still spend more this year, Mr. Porter contends. That's because employment is rising, borrowing costs remain low and household net wealth has rebounded. More money coming in typically means more domestic jobs.

The world needs investment safe havens and Canada is one of them at the moment.

Source: The Financial Post

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Canada voted expats' favourite destination

Sarah Kendell — 20/04/2011 09:47:00

It might not have the glamour or the year-round mild climate associated with many popular European relocation destinations, but Canada's high standards of living and beautiful natural scenery have made it a hit with British expats. The North American nation beat out Australia, New Zealand and even France to be voted the best country to relocate to in a recent survey among Britons living abroad.

According to the survey, conducted by NatWest International Personal Banking, the majority of expats chose Canada as the best place to live outside Britain because its banking, healthcare and education systems were exemplary, and the abundance of natural scenery available to visit was an added bonus. The peaceful lifestyle afforded in the country was also rated highly amongst Britons.

"Canada's excellent working conditions, financial security and peaceful reputation have pushed it into this year's pole position", said head of International Personal Banking at Natwest, Dave Isley. "It seems the pull of the beautiful Rockies, the Mounties and the taste of maple syrup is a real sticking point for British expats."

Similarly peaceful and scenic New Zealand came in second on the list, followed by Australia and South Africa. Hong Kong presented the highest earning potential for expats - 47% of those surveyed in the country were earning over £100,000 a year - although it failed to make the top 10 when other lifestyle factors were considered.

Interested in property in Canada?
Browse our listings of apartments, houses and other properties for sale in Canada here: http://canada.themovechannel.com/property/all/

Edmonton listed as fourth most attractive real estate market in Canada

admin — 22/11/2011 08:07:00

Volatile stock markets and minuscule returns from fixed income have investors looking at global real estate. But rather than single-family residential property, the hot ticket these days is multiplefamily dwellings.

At a luncheon for financial analysts with the Edmonton CFA Society, Eric Bonnor, senior vice-president with Brookfield Asset Management in Toronto, quoted from the publication Emerging Trends in Real Estate 2012, a survey of 950 real estate executives by the accounting firm PricewaterhouseCoopers and the Urban Land Institute.

"Canadian real estate remains the most stable in North America," Bonner said. "Canadian investors fed up with disappointing stocks and low-yielding bonds sit on lots of funds, looking for long-term cash flowing assets like real estate, and are having trouble placing the funds that they have. Investors condition themselves to accept lower domestic returns, or go outside the country and chase higher yields."

The booklet lists Toronto and Vancouver as the most attractive real estate markets in Canada, being 24-hour destination points for businessmen and other visitors. Calgary is rated third and Edmonton fourth.

Source: EdmontonJournal.com

CREA increases its property sales forecast due to robust sales

admin — 21/11/2011 08:47:00

The Canadian Real Estate Association (CREA) has revised its forecast for residential property sales activity due to a stronger than expected market.

Activity came in broadly in line with expectations across much of the country in the third quarter of 2011 with the exception of Ontario. Sales there came in stronger than anticipated in a number of regions over the summer, but were held aloft mostly by Toronto activity as the third quarter ended, it said.

Stronger than anticipated sales in Ontario pushed up national activity in the third quarter, and prompted CREA to raise its annual sales forecast for 2011 from 0.9% to a revised 1.4%.

Source: Property Community

Canada wants more PhD graduates

admin — 14/11/2011 08:38:00

Canada intends to accept up to 1,000 international PhD students per year as permanent residents through its Federal Skilled Worker Programme, it has been announced.

‘Doctoral graduates play a unique role in the economy. They drive research, encourage innovation and pass on their knowledge through teaching and quite simply, Canada needs more of them,’ said Minister of State (Science and Technology) Gary Goodyear.

From now many international PhD students will be eligible to submit applications for processing as federal skilled workers. To be eligible, they must have completed at least two years of study toward the attainment of a PhD and remain in good academic standing at a provincially recognized post secondary educational institution in Canada.

Source: Expat Forum

Canadian housing starts ease but beat expectations

admin — 09/11/2011 06:59:00

Canadian housing starts slipped in October, but came in higher than expectations, as low interest rates and condominium building helped offset the impact of negative global economic news.

Canada Mortgage and Housing Corp (CMHC) said on Tuesday that starts slipped to seasonally adjusted annualized rate 207,600 units in October from an upwardly revised 208,800 units in September.

The median forecast in a Reuters poll was for 195,000 starts in October.

"Broadly speaking, the Canadian economy remains ... favorably situated relative to its global peers as headwinds on the international front have intensified," Mazen Issa, Canada macro strategist at TD Securities, said in a note to clients.

Source: Reuters.com

Video: British Columbia unveils cutting edge tourism plan

admin — 27/10/2011 04:45:00

British Columbia is about to use a new slogan to showcase its beautiful sights and sounds to a new crop of tourists.

Premier Christy Clark unveiled her “Gaining The Edge” campaign today in Victoria, which focuses on known markets such as Washington State, Alberta, and Ontario, but goes further in targeting the immerging markets of China and India.

The tourism industry in BC has suffered slightly post-Olympic Games due in part to the United States economic woes, and a strong Canadian dollar. The plan calls for a five per cent increase in tourism per year, to the tune of eighteen-billion dollars by 2016.

Riding the backs of eco and outdoor tourism, aboriginal culture and ski vacation packages, the Province is looking to use its natural beauty to bring in new money.

Watch the full video report on TheMoveChannel.tv:

http://www.themovechannel.tv/2011/10/british-columbia-unveils-cutting-edge-tourism-plan

Canada house price boost

admin — 18/10/2011 08:17:00

The average price of domestic property has risen by 6.5% throughout September, when compared with the same month of last year. This has largely been helped up by increased sales in several major markets across Canada. The housing market in Toronto particularly saw sales rise, pushing the average house price higher.

The news was announced by the Canadian Real Estate Association earlier today that the average price of houses sold in Canada in September stood at $352,600. This figure is only marginally lower that the lever seen earlier in the year, which was an all-time high on the Canadian domestic property market.

The average increase in house prices of 6.5% from last year to this, is the lowest annual gain since January. The quantity of homes sold throughout Canada in September also saw gains from last year, with the number of homes at 11% higher.

Source: WhichWayToPay.ca

Europeans most likely to invest more in real estate, survey shows

admin — 10/10/2011 10:30:00

Only 43% of European real estate investors report any increase in risk appetite since early 2011, compared to 46% globally, and 64% in Canada where investors show the biggest uplift in risk appetite, new research shows.

According to the Colliers International 2011 Global Investor Sentiment Survey, which takes the pulse of property investors worldwide, measuring their appetite for risk, optimism, key concerns and sense of market cycles, Europeans are more likely to increase their property holdings.

However, stock remains a concern with 49% reporting the supply of ‘for sale’ property remained a key barrier to expansion and over 54% stating they were focused on core property with target IRRs of five to 10%.

With 57% of investors reporting their risk appetite had not increased since the start of the year, it is not surprising those looking to expand are focused on safe bets, says the report.

Source: Property Wire

Halle Berry's former Quebec home up for sale

admin — 26/09/2011 09:12:00

Halle’s former Montreal-area home has been placed on the market for $1.9 million.

The secluded 3-bedroom, 1.5-bath hoouse, described as “a design masterpiece,” is situated on 63 acres of land, including a private forest.

Halle reportedly purchased the property in 2008, when she was dating Canadian model Gabriel Aubry.

Source: JustJared.Buzznet.com

Steady sales activity keeps Canadian real estate market on track

admin — 19/09/2011 08:20:00

Sales activity in the residential real estate market in Canada held steady last month and has seen considerable year on year growth, according to the latest report from the Canadian Real Estate Association (CREA).

Year to date sales pulled ahead of 2010 levels for the first time this year and remain in line with the ten year average and the national housing market remained firmly entrenched in balanced territory, CREA said.

The latest report also reveals that there were more balanced local markets in August than at any other time on record and the national average price posted another yea on year gain in August, but has moderated from elevated levels earlier this year.

However, upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.

Source: PropertyWire.com

Tip line opened in Canada for citizenship fraud

admin — 14/09/2011 09:03:00

The Government of Canada is cracking down on citizenship fraud and has opened a tip line where cases can be reported, Citizenship and Immigration minister Jason Kenney has announced.

The line is provided via the Citizenship and Immigration Canada (CIC) Call Centre where tips on suspected citizenship fraud cases might be reported.

‘Canadian citizenship is not for sale.I encourage anyone who has information regarding citizenship fraud to call our tip line. My department will ensure that all tips are investigated and that appropriate action is taken,’ said Kenney.

Cases involving false representation, fraud or knowingly concealing material circumstances in the citizenship process, for example, pretending to be present in Canada to meet the residence requirements for obtaining citizenship, should be referred to the citizenship fraud tip line at CIC’s Call Centre at 1-888-242-2100 which is open 7:00am to 7:00 pm, Eastern Time, Monday to Friday.

Source: ExpatForum.com

Canada launches online immigration consultation

admin — 02/09/2011 06:48:00

Citizenship, Immigration and Multiculturalism Minister Jason Kenney has launched online consultations on the appropriate level of immigration for Canada and the most suitable mix between economic, family class and protected persons.

‘Immigration has been a sustaining feature of Canada’s history and continues to play an important role in building our country,’ he said. Canada has one of the highest per capita rates of permanent immigration in the world, roughly 0.8% in recent years, and has welcomed 3.5 million immigrants in the last 15 years.

‘The online consultation provides an important opportunity to gather input from stakeholders and the public on key questions facing CIC. This is also a chance to highlight some of the considerations and difficult choices involved in managing a global immigration system,’ explained Kenney.

In planning for the total number of people to admit as permanent residents, CIC not only balances immigration objectives but also considers several other factors, including broader government commitments, input from provinces and territories, and current and future economic conditions.

Source: ExpatForum.com

Property sales in Canada stronger than expected

admin — 23/08/2011 07:34:00

The Canadian Real Estate Association has revised its forecast for residential property sales as transaction activity and prices were stronger than expected in the second quarter of the year.

Sales momentum was also better than expected heading into the third quarter. As a result, the 2011 national forecasts for sales activity and average price have been raised.

National sales activity is forecast to reach 450,800 units in 2011, up less than 1% from levels in but CREA had previously forecast a decline of about 1% for activity in 2011. Erosion in affordability due to higher prices has prompted a small downward revision to the outlook for sales in 2012.

British Columbia’s 2011 sales forecast has been revised slightly higher, in recognition that home sales there appear to have bottomed out sooner than previously anticipated. Stronger than expected activity in Ontario offset slightly softer than anticipated demand in Quebec, Manitoba, and Newfoundland in the second quarter of 2011. Accordingly, the Ontario sales forecast for 2011 has been raised, while the outlook for activity in Quebec, Manitoba, and Newfoundland has been revised lower.

Source: PropertyCommunity.com

Easier for foreign families to get work in Canadian province

admin — 16/08/2011 06:57:00

Family members of most temporary foreign workers in British Columbia will be able to work for any employer in the province under a new pilot project launched by the Canadian government.

The announcement was made by Citizenship, Immigration and Multiculturalism Minister Jason Kenney and British Columbia Minister of Jobs, Tourism and Innovation Pat Bell.

‘Since I became Minister, I have heard from workers, employers, labor advocates and others who have asked me to make Canada more welcoming for working families coming to Canada as temporary residents,’ said Kenney.

‘With this pilot project, we will examine the benefits of allowing family members of temporary foreign workers to work while they are here with a principal applicant who has been hired because of his or her skills,’ he added.

Source: ExpatForum.com

Tight supply drives up real estate prices in Toronto area

admin — 02/08/2011 10:38:00

Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale.

The heightened competition between buyers has created a seller's market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June.

At the same time, active listings declined 24 percent from a year ago in Canada's largest metropolis.

This report highlights real estate market statistics and trends in the Toronto metro area and includes a chart with detailed market data and commentary from local real estate professionals.

Source: InMan

Grosvenor teams up with Canadians on London development

admin — 22/07/2011 08:33:00

Grosvenor Fund Management (GFM) is teaming up in a joint venture with Canadian pension fund giant CPPIB to invest up to £200 mln (EUR 227 mln) in London's West End office market over the next two years.

CPPIB will invest £190 mln in the venture, with GFM adding £10 mln and taking the lead on asset sourcing and management activities. The partnership’s strategy is to invest in 'value-add opportunities' in the West End and Midtown.

Wenzel Hoberg, CPPIB's managing director and head of Real Estate Investments - Europe, said: 'This investment aligns with our existing European real estate investment strategy and introduces us to a well-respected partner in Grosvenor Fund Management, which has a unique knowledge of the West End office market and strong active management and refurbishment expertise.'

CPPIB manages EUR 109 bn of assets on behalf of the 17 million Canadian contributors and beneficiaries of the Canadian Pension Plan. In recent years CPPIB has been one of the heavyweight institutional investors behind many large real estate deals in Europe. In May this year, CPPIB invested some EUR 270 mln to acquire a 50% stake in the massive Centro Oberhausen shopping centre in Germany. Late last year, the pension scheme joined forces with its Dutch counterpart APG to acquire 50% of the retail component of Westfield Stratford City at the site of the 2012 London Olympics for about EUR 1 bn.

Source: PropertyEU.info

Canada keeps key interest rate at 1%

admin — 20/07/2011 06:45:00

The Bank of Canada kept its main interest rate unchanged and said borrowing costs will increase as the economy recovers, with policy makers dropping the word “eventually” to describe the timing of their next move.

The target for overnight loans between commercial banks remained 1 percent, where it’s been since September, as forecast by all 26 economists surveyed by Bloomberg News. The Ottawa- based bank also raised its outlook for so-called core inflation and affirmed the economy will reach full output by the middle of 2012 while trimming this year’s growth forecast.

“To the extent that the expansion continues and the current material excess supply in the economy is gradually absorbed, some of the considerable monetary policy stimulus currently in place will be withdrawn,” the central bank said in a statement. “Such reduction would need to be carefully considered.”

The Canadian dollar and bond yields rose as investors bet today’s statement could mean rate increases come sooner than previously forecast. Policy makers led by Governor Mark Carney, 46, focused on faster inflation at home as well as Europe’s debt crisis and a weak U.S. economy. The annual inflation rate was 3.7 percent in May, the fastest since 2003 and above the bank’s 2 percent target.

Source: BusinessWeek.com

2011's summer of innovative attractions

admin — 18/07/2011 11:22:00

A look at some of the newest attractions around the world to see this summer.

Edge Walk, CN Tower
Toronto, Canada
Toronto inaugurates a 356-meter high walk around the CN Tower on August 1, offering a unique - and hair-raising - view of the city below.

Green Lantern, Six Flags Magic Mountain
Valencia, CA, USA
Green Lantern is the world's first 'vertical' roller coaster, with the pods shooting up and down rather than side-to-side.

Takabisha, Fuji-Q Highland Amusement Park Yamanashi Prefecture, Japan
Takabisha features seven major twists over its 1,000-meter length, a sharp rise to a peak of 43 meters and a moment of weightlessness before a record-breaking breakneck freefall nosedive - into complete darkness.

Star Tours, Walt Disney World Resort
Orlando, FL, USA
The revamped Star Tours ride arrives in Disney parks in both California and Florida this summer, complete with new technologies and a story featuring the original characters.

Source: The Independent

Canada Q2 housing starts augur well for growth

admin — 12/07/2011 08:06:00

Canadian housing starts for June surged well past market expectations, adding to two months of upward revisions, monthly data showed on Monday, raising expectations for second-quarter economic growth.

Starts in June rose to a seasonally adjusted annualized rate of 197,400 units from an upwardly revised 194,100 in May, Canada Mortgage and Housing Corp said.

That made for a 1.7 percent increase from the previous month after the unexpectedly robust upward revision from an originally reported pace of nearly 184,000 units in May. Market analysts had predicted virtually no change in June starts.

April starts were also revised higher, to 194,100 units from 179,000.

Source: Reuters.com

Immigration wave drove booming Canadian real estate market

admin — 11/07/2011 11:56:00

Real estate marketing guru George Wong isn’t surprised by findings of an Urban Futures study last month that claimed that only 0.4 per cent of the roughly 55,000 homes sold in Greater Vancouver last year were purchased by foreign investors. The report, authored by economist Ryan Berlin, claimed that based on the addresses provided by purchasers, only 195 out of 55,512 home sales were to foreigners.

Wong, whose Magnum Properties has assisted with sales at Quintet on No. 3 Road and River Green next to the Richmond Olympic Oval, believes that a surge in immigration late last year and earlier this year—and not foreign investing—led to the property price boom. A large proportion of these immigrants have been very wealthy, scooping up new homes in which to establish their families, while buying investment properties as well, Wong said.

The number of buyers holding foreign citizenship has been low at his two high-profile projects, accounting for only about 55 of the 500 condos and townhouses sold. Wong said he doesn’t consider a landed immigrant to be a foreign, whether they are freshly minted or have been here for decades. And therein may lie the confusion.

Source: Richmond Review

Foreigners continue to binge on Canadian securities

admin — 17/06/2011 06:40:00

Foreign investors continued to buy up Canadian securities in April, leading to a three-month high, Statistics Canada said Thursday.

The federal agency said non-residents purchased $8.2 billion in securities during the month. Of that total, $2.2 billion went into private corporate bonds and $3.04 billion was invested in money market instruments.

Foreign investors also bought $248 million worth of Canadian stocks.

“In contrast, the level of foreign investment in Canadian government bonds continued to moderate in April, following record annual investments in both federal and provincial government bonds in 2010,” the agency said.

Source: FinancialPost.com

Canadian apartment rents rise as demand outstrips supply

admin — 10/06/2011 07:32:00

Demand is outstripping supply in the country’s apartment rental market, pushing the national vacancy rate lower and making it more difficult for renters to find accommodations, Canada Mortgage and Housing Corporation reported Thursday.

The vacancy rate fell to 2.5% in April from 2.9% a year earlier, the national housing agency said.

“Immigration continues to be a factor in supporting rental housing demand. Recent immigrants tend to rent first before becoming homeowners,” said Bob Dugan, CMHC’s chief economist.

“In addition, condominium completions moved lower in the past months, while rental apartment unit completions remained relatively stable. As a result, the overall demand for rental apartment units increased faster than supply for this type of housing. Accordingly, this pushed Canada’s vacancy rate downward.”

Source: FinancialPost.com

Canadian home building beats forecasts

admin — 09/06/2011 07:17:00

Home construction in Canada rose by a better-than-expected 2.7 per cent in May, led by the multiple-unit sector, as the housing market showed some signs of stabilizing.

Canada Mortgage and Housing Corp. said Wednesday the seasonally adjusted annual rate of housing starts rose to 183,600 units during the month, from 178,700 units in April.

“Housing starts increased modestly in May due to an increase in multiple construction in most provinces and in rural starts,” said CMHC chief economist Bob Dugan. “The increase in multiples and rural starts was partly off-set by a decrease in single starts.”

Economists had expected overall starts of between 182,000 and 183,000 in May.

Source: FinancialPost.com

Canadians lead the way for foreign property purchases in USA

admin — 03/06/2011 07:35:00

Canadians were the leading overseas buyers of property in the Usa in the last year, buying almost a quarter of all properties sold to foreigners. Figures from the US National Association of Realtors found that Brits were the third most likely nationality to buy property in America, with seven per cent of all US property sales going to UK buyers.

Canadians account for 23 per cent of foreign buyers in USA

In the year to 31 March 2011, Canadians bought $9.4 billion of property in the Usa, accounting for 23 per cent of all sales to foreigners. Foreign buyers bought approximately $41 billion (£25.3 billion) of property in America in the year to 31 March according to the National Association of Realtors study.

International property buyers paid an average of $315,000 (£194,685) for property, much higher than the overall U.S. average of $218,000. Nearly two thirds of foreign buyers (61 per cent) bought single family detached homes whilst 3 per cent bought commercial property.

Source: HomesGoFast.com

Property taxes? Defer them

admin — 02/06/2011 07:52:00

Stop paying your property taxes if you’re short of cash.

That advice may sound a little extreme but that’s exactly what Vancouver-based certified financial planner Clay Gillespie is telling some of his clients.

“I do it all the time, it’s one way of getting equity out of your house,” says Mr. Gillespie, who is the managing director of Rogers Group Financial Advisors Ltd.

Given the price of homes in Vancouver, which now average $801,252, there be might be more than one Vancouverite struggling with a mortgage. “On a house here, $8,000 in tax is the norm,” the certified financial planner says.

Source: Financial Post

Toronto condo sells for record $28-million

admin — 31/05/2011 10:42:00

It’s the most expensive condominium in Canadian history.

Four Seasons Hotel and Private Residences Toronto says it has sold the west penthouse in its 55-storey luxury tower to an international buyer for $28-million. The asking price when the sale of the unit was announced in September 2008 was $30-million.

The 9,038 square foot unit comes with panoramic views of Toronto’s skyline, features, 12 foot ceilings, floor-to-ceiling glass galleria and four corner terraces. The buyer also gets a separate private quarters for staff in the adjacent, 26-storey east residence building.

The penthouse includes a 2,500 square square foot master suite featuring a large bedroom with a sitting room and fireplace, a private terrace, two walk-in closets and an ensuite bathroom, with his-and-hers vanities, showers and water closet enclosures, built-in TVs behind the vanity mirrors, and a freestanding tub opposite a stone fireplace. The two guest bedrooms each come with an ensuite bathroom.

Source: Financial Post

Canadians happiest in the world with their housing

admin — 26/05/2011 06:48:00

More than two-thirds of Canadians are satisfied with their lives — which isn't so surprising because Canada ranks near the top of the pack in the quality of life index the Organization for Economic Co-operation and Development released Tuesday.

The OECD's Better Life Initiative compares the 34 OECD countries on 11 factors that make for a better life.

Canada "performs exceptionally well" when it comes to well-being, the report found.

Canada is at the top of the list for housing. More than 65% of dwellings in the country are inhabited by the owners, and there is an average of 2.5 rooms in a dwelling per person who lives there -- much higher than the OECD average of 1.6 rooms per person.

Source: TorontoSun.com

Housing costs increasing in Vancouver

admin — 24/05/2011 06:31:00

Surging real estate prices in Vancouver are pushing ownership costs into uncharted territory, putting it in the top ranks of the world’s most expensive cities and triggering fears the market is poised for a fall.

Housing costs for the average two-storey home in Vancouver today eat up the equivalent of 80 per cent of a typical family’s annual pretax income, according to new research, putting ownership out of reach for most.

The last time housing accounted for such a high percentage of household income in the city was in 2008, just before prices tumbled in a recessionary swoon. The city’s real estate market has since recovered and gone on to set new records, but the recent climb has market watchers worried that the gains are unsustainable.

Across the country, homeowners are putting a larger portion of their earnings toward their homes, and interest-rate increases are likely to put further pressure on homeowners in the coming months, the Royal Bank of Canada said in its quarterly affordability index.

Source: TheGlobeandMail.com

Home prices continue climb

admin — 19/05/2011 08:01:00

Canadian home prices continued their upward march in April, driven by strong investor demand in Vancouver, as cracks in the Toronto condominium market may be starting to appear.

The Canadian Real Estate Association said yesterday the average price of a home sold in April in Canada was $372,544, up 8% from a year ago. It was the third straight month that the average price rose 8% on a year-over-year basis but the Ottawa-based group cautioned that the figure was skewed due to "surging multimillion-Dollar property sales in selected areas of Greater Vancouver."

The group also shrugged off slow April sales, which dipped 4.4% from March on a seasonally adjusted annual basis and 14.7% on an actual basis from a year earlier. The slow sales are said to have been driven by new mortgage rules that came into effect April 19 and made borrowing tougher, leading people to rush into purchases in March.

The same sort of impact was felt in April 2010. Purchases moved forward to avoid mortgage rule changes, higher interest rates were feared and the harmonized sales tax loomed in two provinces.

Source: Financial Post

Canadian real estate investors among world’s most active

admin — 18/05/2011 07:14:00

Canadian real estate investors were among the most active in the world in the first quarter, according to a study into capital flows from international brokerage Jones Lang LaSalle.

The brokerage said cross-border, direct real estate investments increased by 25 per cent from a year ago, with $37-billion of deals. The most active buyers were global funds, followed by investors in Canada and Singapore.

The report – which didn’t break out numbers for each country – said that commodity rich countries such as Canada will likely be active buyers in the coming years. There was a good example last week, when the Canada Pension Plan Investment Board spent $700-million to buy shopping malls in the United States and Germany.

“A rapidly growing share of the global commercial real estate investment market belongs to the high-growth emerging markets and to commodity-rich countries like Canada. Improving transparency and solid economic prospects will only add to this trend,” the report states.

Source: CTV.ca

Canadian farmland value rises

admin — 11/05/2011 04:39:00

Values of Canadian farmland rose about 2% in the last half of 2010 as grain prices soared, continuing a steady increase during the past decade, according to a report by Canada’s top farm lender.

The increase, however, was the slowest half-year growth in more than four years, stated the report which was released late Monday.

Some of the same factors that have driven up grain and oilseed prices, such as rising incomes and population growth in developing countries, are also lifting farmland values, according to Jean-Philippe Gervais, senior agriculture economist at Farm Credit Canada (FCC).

Canada is the leading exporter of spring wheat and canola and third-biggest shipper of beef and pork.

Source: Financial Post

668,000 new millionaire households in Canada by 2020: Deloitte

admin — 06/05/2011 07:40:00

For all those worried that new wealth can only be generated in emerging markets and the developed world is in terminal decline can rest assured.

The developed markets of Canada, the United States, Japan and Germany will continue to remain robust engines of wealth creation and have some of the biggest concentrations of millionaire households by 2020, according to a Deloitte LLP report.

Canada will have nearly 668,000 new millionaire households by 2020, taking their overall tally to 2.4 million, the eighth largest concentration of millionaires among the 25 countries surveyed.

Their combined wealth will stand at a staggering $6.77-trillion, nearly double the current level of $3.35-trillion, generated by 1.75 million millionaire households.

Source: Financial Post

Canadian property market declared stable and steady

admin — 20/04/2011 06:37:00

Residential property sales in Canada are steady with the latest figures from the Canadian Real Estate Association (CREA) showing that they were 0.1% higher in March than the previous month.

With national sales in each of the first three months of 2011 running close to their five or ten year monthly averages, seasonally adjusted national sales activity in the first quarter of 2011 was up 4.5% from levels recorded in the fourth quarter of last year, and reached the highest quarterly level in a year.

Most of the quarterly increase in seasonally adjusted national sales activity was due to demand in Vancouver and Toronto. Recent changes to mortgage regulations may have caused a number of sales in some of Canada’s more expensive housing markets to be brought forward into the first quarter that would have otherwise occurred later in the year, CREA said.

Sellers looking to trade up before changes to mortgage regulations took effect made their move early, resulting in a significant rise in newly listed homes in January and February of this year. With changes to mortgage regulations looming in March, seasonally adjusted new residential listings for the month dropped 5% month on month.

Source: PropertyCommunity.com

Pricey property surge drives average up

admin — 18/04/2011 07:44:00

Strong sales in Canada's most expensive market helped push the average price of a home across the country up 8.9% last month from a year earlier, the Canadian Real Estate Association said.

The Ottawa-based group, which represents about 100 boards across the country, said the average sale price of a home was $371,286 in March.

But CREA cautioned that Vancouver was driving the numbers because of strong activity "in a few pricey areas.

“A record number of multi-million Dollar property sales in Richmond and Vancouver West are pushing up average prices for Greater Vancouver, British Columbia and nationally,” said Gregory Klump, chief economist at CREA.

Source: Financial Post

First time buyers leading property revival in Canada

admin — 15/04/2011 06:59:00

First time buyers in Canada are helping to fuel strong gains in the property market as they seek to get a rung on the housing ladder before interest rates rise, it is claimed.

Almost a third of 19 major Canadian markets are reporting a greater number of sales than the same period in 2010, with 70% saying average selling prices have increased, according to the latest report from real estate agency RE/MAX.

The gains are being led by the Greater Vancouver area where prices have increased 20% so far this year, the report shows. Hamilton Burlington followed Vancouver in posting the biggest gains with an 8% jump year on year, followed by Quebec City, Winnipeg and Toronto.

It points out that the strong gains are being fuelled more by a desire of first time buyers to take advantage of low borrowing costs than a rush to jump into the market ahead of changes to mortgage lending rules that tighten criteria for new homeowners.

Source: PropertyCommunity.com

Returns without the bricks and mortar

admin — 12/04/2011 06:30:00

Want to invest in real estate without the hassle of becoming a landlord?

Pretty much every advantage of buying property directly and renting it out can be achieved passively through REITS or funds invested in them.

In a popular blog this week at financialpost.com, fee-only financial planner Jason Heath wrote that real estate is a “secret” tax shelter because few advisors make money recommending its purchase. He focused on direct ownership of rental real estate and the tax deductibility of related expenses like interest.

While perhaps not all advisors openly discuss this “secret,” there’s certainly no shortage of real estate gurus happy to do so.

Source: Financial Post

Signs point to a severe housing correction in Canada

admin — 11/04/2011 11:41:00

The resilience of the Canadian housing market has confounded experts. While other property markets around the world have plunged, real estate prices in this country continue to reach new heights.

If the Canadian housing market does falter, the impact on the economy will be profound. Consumer spending and housing investment will feel the pain, and the Canadian Mortgage and Housing Corp., which provides mortgage loan insurance, will face substantial losses.

Some believe that low interest rates, solid banks, a growing economy, abundant natural resources and a relatively conservative mortgage market (at least compared to the United States) will all continue to support Canadian housing prices. Optimists argue that the runup in Canadian home prices has been based on strong demand from homeowners, while construction in the U.S. ran well ahead of actual demand and was fuelled by speculators.

But there’s another side to this debate. I believe that Canada’s high house prices in relation to incomes, combined with record household debt levels and overinvestment in residential construction, will cause a severe correction in the real estate market.

Source: The Globe and Mail

Monaco tops world life expectancy list

admin — 22/03/2011 12:11:00

"Old people" - we all hope to live long enough to earn this distinction. In some countries, the probability of living well into your eighties is much better than in others. The worldwide average for life expectancy is just a smidge over 67, with the highest and lowest countries fluctuating by over 20 years in each direction.

39 of the bottom 40 countries are located on the African continent, and 3 of the top 5 are European micro-states. The United States ranks in at number 50, boasting a life expectancy of 78 years old.

At the bottom of the list is Angola, a country in southwestern Africa. The average life expectancy in Angola is almost 39 years old. At the other end of the spectrum is Monaco (pictured above). Monaco is a micro-state in Europe with an extremely high standard of living. The average person there lives to be 89 years old.

The 50 year gap between these two countries represents the difference between yacht ownership and subsistence farming, and every other country falls somewhere in between.

For the full list, check out the world fact book at cia.gov.

20. Bermuda

19. Anguilla

18. Iceland

17. Israel

16. Switzerland

15. Sweden

14. Spain

13. France

12. Jersey

11. Canada

10. Italy

9. Australia

8. Hong Kong

7. Singapore

6. Guernsey

5. Japan

4. Andorra

3. San Marino

2. Macau

1. Monaco

Source: Gadling

Canadian property sales level out

admin — 18/03/2011 12:45:00

The real estate market in Canada is steady with the latest figures from the Canadian Real Estate Association showing that national resale activity was average in February.

Actual, not seasonally adjusted, national sales activity via the Multiple Listing Service of Canadian real estate boards came in 5.9% below levels reported last February. This marks the smallest year over year decline in nine months, and the fourth consecutive month in which sales activity was on par with the five-year average for that month, CREA said.

Seasonally adjusted home sales activity edged down 1.6% in February 2011 compared to the previous month on a national basis. While sales activity eased in almost two thirds of all local markets from the previous month, offsetting monthly increases in activity among other markets including Vancouver and Calgary.

Nationally, new listings in February edged up 1.5% from the previous month on a seasonally adjusted basis, which builds on the 4.3% monthly increase in January. The rise in new listings is consistent with CREA’s expectation that many sellers, who shied away from listing their home last summer when the national housing market softened, would list their home in early 2011, having by now observed improved demand and stable prices.

Source: Property Community

Average home prices surge in Canada

admin — 16/03/2011 11:51:00

The national average price for homes rose 8.8 per cent year-over-year in February, but a group of Canada's realtors suggest they might not stay at those levels for much longer as stricter mortgage rules come into effect.

The Canadian Real Estate Association said the national average price for a home rose to $365,192 in February, but that includes a record number of multimillion-Dollar home sales in the Vancouver area that skewed the average price numbers.

"When you take Vancouver out of the equation, the year-over-year increase in the national average price drops to 3.4 per cent," Gregory Klump, CREA's chief economist said in a statement. "While that's still stronger than in the past six months or so, national average price gains may recede after tighter mortgage regulations take effect in March."

In its monthly report, the association said national resale housing activity in February ran close to the five-year average for the month. Seasonally adjusted home sales were down 1.6 per cent nationally over January, as sales eased off in about two-thirds of markets, offsetting increases in activity in Vancouver and Calgary.

About 41,283 homes were sold last month across the country on CREA's Multiple Listing Services, down 2.2 per cent from the 42,230 sold in January.

Source: CTV

Leading air carriers to raise fuel surcharges

admin — 11/03/2011 11:49:00

Leading carriers in the Asia-Pacific regions are to hike fuel surcharges yet again as the price of oil continues to rise.

Singapore Airlines announced March 9 that it was adding between $2 and $26 per sector to its surcharges, less than two months after announcing a similar rise in January. Customers will now pay $142 in surcharges for a flight between Singapore and Europe, and $238 between Singapore and America in economy class from March 17.

Qantas also raised its fuel surcharges for a second time this week, adding $45 onto a flight to the UK or Europe and $35 on a flight to the US, Canada, South America, South Africa and India from March 17. Air New Zealand quickly followed suit, pushing up its long-haul fares by 7 percent and Australia fares by 8 percent, according to local media reports March 10.

In other parts of the world this week, Air Canada added $10 per ticket to all its North American flights, and, speaking at the ITB Berlin travel show, the boss of Middle Eastern airline Qatar said that fuel surcharges for its flights are also on the cards.

Source: The Independent

Canada commercial property records three year high

admin — 02/03/2011 13:52:00

Figures have shown that investment in commercial real estate bounced back in Canada last year.

The market recorded its strongest performance in three years - measuring 11.1% on the REALpac/IPD Canada Annual Property Index. This result came after a negative return in 2009 of -0.3%, and 2008's figure of 3.7%. Last year's annual total return was boosted by 4% capital growth and an income return of 6.5%.

The index measured directly held commercial real estate of 97 billion Canadian dollars (£60 billion) at the end of last year. Simon Fairchild, managing director of IPD North America, said: "A rebound in property values was entirely responsible for boosting the total return back into double-digit territory in 2010.

"The return to capital growth last year follows two consecutive years of write-downs worth 9.3% at the all property level." Retail's total return of 15.6% made it the top sector. This was followed by Industrial at 8.8%, Offices at 8.5% and Residential at 7.6%.

Source: Press Association

Canadian, Australian cities 'the most liveable'

admin — 23/02/2011 12:34:00

Canada’s Vancouver has been selected as the world's most liveable city, according to the Economist magazine. The city earned 98 out of a possible 100 points in the magazine's annual rankings when judged on the city's stability, health care, culture and environment, education and infrastructure.

”(Vancouver's position) can only have been cemented by the successful hosting of the 2010 Winter Olympics and Paralympics, which provided a boost to the infrastructure and culture and environment categories,“ the EIU said. ”Only petty crime presents any difficulties for Vancouver, although this would be a typical shortfall of any such location.”

Second placed in terms of livability was Melbourne in Australia (97.5), followed by Vienna (97.4) and Toronto (97.0). Calgary in the Canadian prairies rounded out the top five with a score of 96.6.

The report, which some companies use to determine hardship allowances for relocated employees, says cities that score best tend to be mid-sized and in wealthier countries. Seven of the top ten cities come from Australia and Canada, with Auckland and Helsinki also ranking close to the top.

Source: MercoPress

New Canadian hotel is the coolest place to be

admin — 21/02/2011 13:38:00

Guests huddle for warmth in sleeping bags on beds of ice, bonnets pulled over their ears to prevent frostbite, while sipping cocktails in glasses also made of ice. This winter wonderland on the outskirts of Quebec City has become one of Canada's hottest attractions and most sought out accommodations.

A cool place to host a memorable wedding or for a romantic getaway, the Quebec Ice Hotel has attracted 600,000 curious tourists, including 30,000 who stayed overnight, since opening seasonally 11 years ago. Like Victoria and Jeremy Martin, dozens of couples will exchange vows this winter in a temporary chapel adjacent to the hotel, sculpted entirely from blocks of ice with pews covered in furs.

"There's something I like more than being a little bit chilly ... it's (cuddling up for warmth) with somebody you love," says Victoria, sporting a fur hat, visiting with her fiance from the northeastern US state of Massachusetts.

Average temperatures fall below minus 20 degrees C (minus four F) in winter, but inside the hotel's 36 rooms it is relatively cozy. Thick walls of packed snow and ice act as an insulator, trapping body heat inside. It is a building method conceived by Inuit who built igloos in the Canadian Arctic and Greenland out of blocks of snow in the winter. First-time guests of the hotel, however, are recommended to stay only one night as sleeping in sub-zero temperatures is not very refreshing.

Source: The Independent

London and Toronto stock exchanges to merge

admin — 09/02/2011 11:47:00

London Stock Exchange Group Plc, the 210-year-old bourse operator, agreed to buy Toronto Stock Exchange owner TMX Group Inc. in an all-share transaction valued at about C$3.2 billion ($3.2 billion) as the companies cut costs to counter lost market share.

LSE shareholders will own 55 percent of the enlarged group, while TMX investors will hold 45 percent, the companies said today in a Regulatory News Service statement. TMX shareholders will receive 2.9963 LSE shares for each TMX share held, valuing TMX shares at about C$42.68 each. The stock closed at C$40.28 yesterday. LSE surged 9.9 percent to 980.5 pence at 8:08 a.m. today in London.

“We are creating the world’s largest listings venue for the commodities, energy and natural resources sectors, as well as the premium market for small, mid-size and growth companies,” Xavier Rolet, chief executive officer of LSE, said in the statement. “We are aiming at nothing less than becoming a true powerhouse in the global exchange business.”

Rolet will become CEO of the enlarged group, which will be renamed after the transaction completes, according to the statement. Thomas Kloet, CEO of TMX, will be president, and Michael Ptasznik, chief financial officer of TMX, will be CFO. Raffaele Jerusalmi, CEO of LSE’s Borsa Italiana, will be a director. Stock in the new company will trade in both London and Toronto.

Source: Bloomberg

Fears Canada property bubble will burst

admin — 04/02/2011 11:36:00

A Bank of Canada rate hike later this year could trigger a multi-year, 25-percent collapse in housing prices, an economic consultancy warned yesterday.

"The recent housing boom has resulted in the largest rises in housing prices ever seen in Canada," said David Madani, a Toronto-based analyst with Capital Economics. "Unfortunately, the subsequent fall in prices could be just as severe as those elsewhere."

Madani, among the most bearish economists on Bay St., said the firm predicts housing prices could fall by a cumulative 25 per cent over several years, which could be triggered this year if the Bank of Canada opts to raise its benchmark rate again. He warned even small increases in interest rates could exacerbate matters, as they can change consumer perceptions toward housing.

"If the Bank of Canada does resume (interest rate hikes) this year, this could prove to be a tipping point for a house price collapse," said Madani, among the few economists who believes the central bank will not raise rates in 2011.

Source: Montreal Gazette

Central American airline opens new routes

Sarah Kendell — 26/01/2011 11:30:00

Copa continues to expand and starting June 2011 it will open three new destinations to the cities of Toronto, Canada; Porto Alegre, Brazil and Nassau, Bahamas.

Copa Airlines, subsidiary of Copa Holdings, SA {NYSE: CPA} announced that from June 2011, in order to offer more options to passengers, it will increase daily flight frequencies to various countries in its extensive route network, it will offer more convenient schedules and will open three new destinations to the cities of Toronto, Porto Alegre and Nassau.

"With the opening of these new destinations and increased frequencies from our Hub of the Americas in Panama City, Copa Airlines continues to expand coverage and reaffirming its leadership in Latin America and the Caribbean, offering more international destinations than any another hub in Latin America," stated Pedro Heilbron, president of the airline.

Heilbron also said, "The Hub of the Americas remains the most effective and convenient connection in the continent and the increase in frequencies of our flights will allow us to significantly improve daily arrival and departure schedules, so to continue to offer better connectivity and more options as well as frequent flights and connections throughout the day - even up to six connecting flight options for some markets."

US and Canada most affordable property markets

Sarah Kendell — 24/01/2011 10:46:00

The latest survey from US-based anti-regulation group Demographia International has highlighted the most affordable property markets in the US and Canada, while ranking Australia, the UK and New Zealand as unaffordable.

The survey, which compares a city's median house prices with its average income, found the city of Saginaw in Michigan to be the most affordable market in the English-speaking world. Altanta and Cleveland also ranked well, as did Canada's Windsor and Thunder Bay, both in the state of Ontario.

Most unaffordable was Hong Kong (fairly unsurprisingly, given its limited space for new housing supply), followed closely by Sydney, Vancouver and the UK's Bournemouth & Dorset. US geographer and author Joel Kotkin, in the foreword to the report, indicated the burst in the housing bubble had done little to hamper housing prices in the major cities.

"Over the past decade the rate of housing prices to incomes has shown a steady increase", said Kotkin. "Places such as London, Vancouver and Toronto all experience high ratios, but perhaps most remarkable has been the shift in Australia, once the examplar of modestly priced, middle-class housing."

Canadian housing market falls to 20-month low

Sarah Kendell — 12/01/2011 11:28:00

Canadian housing starts fell the most in 20 months in December, led by multiple-dwelling projects, government figures showed.

Starts fell by 13.5 percent to 171,500 units at a seasonally adjusted annual pace in December from November's revised 198,200 pace, Canada Mortgage and Housing Corp. said in a report today from Ottawa. The percentage decline was the fourth in five months and the biggest since April 2009.

Bank of Canada Deputy Governor Agathe Cote said yesterday that a "sudden weakening" in housing could have "sizable spillover effects on other areas of the economy." She also said households should guard against taking on debt at a time of low interest rates that may not be affordable later.

The central bank forecast in October that housing investment will subtract from economic growth in 2011, and CMHC predicts that the pace of housing starts will decline this year.

Canadian interest rates stay low to prompt growth

Sarah Kendell — 11/01/2011 11:08:00

Low inflation and weak growth mean Canadian interest rates must remain low for now, while households must be wary of taking on too much debt, a senior Bank of Canada official said on Tuesday.

In comments after her first speech since becoming one of the central bank's deputy governors in July last year, Agathe Cote said Canadian inflation remained lower than the bank might have expected for this stage in the economic recovery.

"I think the view is that there is still a significant amount of excess supply in the economy so monetary policy needs to be, in a sense, still accommodative in these circumstances," she said in response to a question from the audience.

The Canadian economy rebounded sharply from a shallow recession in 2009. But growth began to slow in the latter half of 2010, reflecting both a still fragile U.S. economy and three Canadian interest rate hikes between June and September.

The Bank of Canada has left rates steady since then, pending more evidence that the recovery is on solid footing.

Canada housing activity returning to normal

Catherine Deshayes — 20/12/2010 19:21:00

National resale real estate activity in Canada is continuing its return to normal levels, having risen in November 2010 for the fourth consecutive month, according to the latest figures from the Canadian Real Estate Association (CREA)...

Seasonally adjusted national home sales activity via the Multiple Listing Service Systems of Canadian real estate Boards climbed 4.8% in November 2010 although this is still well short of record level activity for the month of November posted a year ago.

Seasonally adjusted sales now stand 19.5% above levels recorded in July 2010, when it reached this year's low point, the report also shows.

Sales activity rose in many local markets but eased in others. Seasonally adjusted activity was up from October levels in two thirds of all local markets, including eight of Canada's ten most active markets.

Month on month increases were reported in Calgary, up 2.6%, Edmonton up 6.9%, Fraser Valley up 10.5%, London & St. Thomas up 6.5%, Montreal up 8.2%, Ottawa up 4.2%, Toronto up 6% and Greater Vancouver up 11.3%.

While these markets accounted for more than half of national activity in November, actual (not seasonally adjusted) national sales activity in November 2010 was 9.3% below levels in November 2009.

However, the persistence of large year over year declines from last year's record levels has been masking the steady improvement in national sales activity since July 2010, the report said. A comparison of November sales activity to sales for the same month in previous years suggests that activity is currently running at more normal levels.

The number of new residential listings edged down 0.7% on a seasonally adjusted basis in November. New listings remain 14.6% below the peak reached in April 2010.

But the report says that the national housing market has been firming up since July 2010 due to improving sales activity and a muted rise in new listings, and overall remains balanced. About 60% of local markets in Canada were in balanced market territory in November. Of the remaining 40%, three quarters of these markets have a sales to new listings ratio consistent with a being classified as a sellers' market.

‘An increase in new listings is likely to return many sellers markets to balanced territory over the coming months. With sales activity having returned to better health and a firm floor under prices, sellers who previously shied away from putting their home on the market are expected to list their home in response to improved housing demand in recent months,' said Gregory Klump, CREA's chief economist.

The national average price for homes sold in November 2010 was $344,268, up 2% from November 2009. Nearly two thirds of local markets recorded a year on year increase in average price. In recent months, the national average price has been influenced by rising prices but fewer sales in some of Canada's priciest markets compared to one year ago.

‘Following the chilling lows at the onset of the recent recession and the dizzying heights during the subsequent recovery, the national housing market appears to be returning to some semblance of normalcy,' said Klump.

‘Changes to mortgage regulations earlier this year were prudent and sufficient, striking the right balance between preventing speculative housing market activity and keeping homeownership affordability within reach for creditworthy home buyers. That's a good thing, since housing activity helped support Canadian economic growth this year. Rising interest rates and weaker expected job growth are likely to contribute to softer prospects for housing market activity and average price growth next year, reflecting weakening economic growth prospects,' he added.

Source: www.propertywire.com

Canada cracks down on immigration consultants

Catherine Deshayes — 17/12/2010 12:34:00

Canada had introduced new legislation aimed at clamping down on crooked immigration consultants who dupe people into paying for non-existent visas...

Described as ‘ghost' immigration consultants, a new act will make the activities of any unauthorised agent illegal.

‘In their quest for personal gain, crooked consultants have displayed a wanton disregard for our immigration rules and duped too many people out of their hard earned dollars,' said Canadian Immigration Minister Jason Kenney.

‘They are a menace, posing a costly threat not only to their victims, but also to the integrity and fairness of our immigration system. When crooked consultants encourage prospective immigrants to cheat the system, it slows down the immigration system for those following the rules,' the minister added.

Any services offered or performed before an application is submitted or a proceeding begins will be illegal, thus closing a loophole in the law. It also paves the way for the introduction of a new regulatory body for immigration consultants.

A particular area of concern has been Indian based immigration consultants who have been operating in collusion with Canada based fraudsters. They often charge $30,000 fee for immigration advice and also encourage applicants to lie or make up stories about persecution in their home countries.

‘While most immigration consultants working in Canada are legitimate and ethical, it is clear that immigration fraud remains a widespread threat,' Kenney added.

From now on only authorized consultants, lawyers and notaries in good standing can charge immigrant fees. It is likely that the Canadian Society of Immigration Consultants will be replaced by a new organization and authorities will be able to share information about immigration consultants.

New Democrat MP Olivia Chow called the legislation a step in the right direction, but only if there are resources to enforce the law. ‘For too long the Conservatives have been soft on crimes committed by fake consultants who take advantage of innocent people wanting to make Canada their new home. We need a regulatory body that has integrity and commands the public trust. We need to have the muscle to enforce the regulations and protect new immigrants from being ripped off,' she said.

Source: www.expatforum.com

Ford vows to freeze Toronto's property taxes

Catherine Deshayes — 05/12/2010 18:41:00

Rob Ford promised to freeze Toronto's property taxes next year, an announcement that came on his first day as mayor...

In a news conference on Wednesday, Ford said he would not increase taxes or cut services in 2011, promising property taxes would not go up.

He said Torontonians deserve the smaller, less-costly government he promised during his successful bid to become mayor.

"Toronto taxpayers expect the wasteful spending and the annual tax increases to come to an end. Toronto taxpayers do not want a larger budget and more spending," Ford said on Wednesday.

Per capita property taxes rose at 1.8 per cent per year between 2006 and 2009, which is about the pace of inflation.

The announcement came as Ford announced his administration's top four priorities.

Those priorities are:

• improving customer service at City Hall

• boosting government accountability

• reducing the size and cost of government

• building a transportation plan with an emphasis on subways

The city would work to a flat budget for 2011 with no major cuts to services, he said. He also said he would move to eliminate the city's $60 vehicle registration tax at the first council meeting.

Source: www.toronto.ctv.ca

Job crucial for expats in Canada, report suggests

Catherine Deshayes — 01/12/2010 20:08:00

Having a job already arranged before moving to Canada helps expats to settle in better, a new report suggests...

A new evaluation has found that those arriving under the skilled worker programme are effectively contributing to Canada's economy and are more likely to succeed.

It found that the biggest predictors of a newcomer's economic success are having a job arranged, being able to speak English or French and having worked in Canada before. But having studied in Canada before for at least two years or having a relative in Canada were less important.

‘The evaluation showed that skilled immigrants are doing well in Canada and filling gaps in our work force. This puts some dents in the doctors-driving-taxis stereotype,' said Minister of Citizenship, Immigration and Multiculturalism Jason Kenney.

The report also indicates that the selection criteria for a Canadian visa put in place when the Immigration and Refugee Protection Act (IRPA) became law have been successful in improving the outcomes of skilled immigrants by placing more emphasis on arranged employment, language and education.

The report also shows that skilled workers who already had a job offer when they applied for permanent residence earned an average of $79,200 three years after arriving, up to 65% higher than before the IRPA became law. The findings also showed skilled workers were less likely to rely on employment insurance or social assistance since the new laws were introduced.

Among other recommendations, the evaluation suggests placing higher priority on younger workers and increasing the integrity of the arranged employment part of the programme, which is susceptible to fraud.

The evaluation also recommended that further emphasis be placed on fluency in English or French, and supported the Minister's June 2010 decision to require language testing for federal skilled worker applicants to combat fraud.

The next step for the Canadian immigration department will be to introduce a range of new proposals for public consultation in an effort to further improve the system, according to Kenney. ‘We're committed to making it even better and will be consulting on improvements in the coming weeks,' he said.

Source: www.expatforum.com

Canada commercial continues to strengthen

Catherine Deshayes — 28/11/2010 17:39:00

A strong appetite for retail properties and an active real estate investment trust sector has resulted in commercial real estate investment sales in Canada to do better than in 2009, the latest figures show...

Over US$12 billion in commercial real estate assets had changed hands by the end of the third quarter of 2010, up 57% compared with the same nine month period in 2009.

Figures from Avison Young, whose quarterly Investment Market Monitor tracks office, industrial, retail, land, and multi residential property sales transactions greater than US$1 million, also shows that Toronto is the most active market and Vancouver is the most expensive.

Retail property is the most sought after by investors in the commercial real estate market and the report predicts that overall investment volume will top US$ 16 billion by the end of this year.

According to the study, retail was not only the most actively traded asset class in Canada in the first nine months of 2010, but it also posted the greatest improvement over the same period in 2009. US$3.8 billion worth of retail properties changed hands, some 31% of the overall investment dollar volume.

Office volumes reached USD2.3 billion, up 35% with a 19% share of investment, land was US$2.1 billion, up 7% and accounting for 18% of volume, industrial was US$2 billion, up 31% and with a 17% share of volume while the multi-residential sector was US$1.8 billion with a 15% market share.

‘Compared to last year, the results to date are a welcome sign that the commercial real estate investment market is gaining traction in Canada,' said Bill Argeropoulos, vice president and director of research (Canada) for Avison Young, the largest independent real estate services company in the country.

‘This upswing is attributed to a number of factors, including stable and improving market fundamentals, historically low borrowing costs, high availability of debt, a narrowing bid-ask gap and the emergence of Reits as active buyers,' he explained.

The report also shows that, on a year on year basis, the national average cap rate for major property types has declined 50 basis points (bps) to 6.75% at the end of the third quarter of 2010, but is still approximately 80 bps above where it was when the market peaked in the summer and autumn of 2007.

Overall, cap rates range from an average low of 5.97% for multi-residential properties to a high of 7.47% for multi-tenant industrial buildings. While multi-residential properties are viewed as the most expensive asset among investors, Vancouver is the highest priced market in Canada with an overall average cap rate of 6.12%, which is poised to fall further.

‘Given the increased bids for assets lately, coupled with historically low interest rates, ample liquidity and, more importantly, a steady flow of product to the market, we can expect further cap rate compression,' said Robin White, Avison Young's executive vice president, Capital Markets Group.

Source: www.propertywire.com

Canada popular with Irish expats in 2011

Catherine Deshayes — 26/11/2010 13:21:00

An aging population and low birth rate means that Canada needs expats more than ever with high immigration levels likely in 2011, according to government officials...

The country expects to have between 240,000 and 265,000 new permanent residents in 2011, the same as for 2010, said Citizenship, Immigration and Multiculturalism Minister Jason Kenney.

‘Canada's post recession economy demands a high level of legal immigration to keep our workforce strong,' he said. All of the country's labour force growth will come from immigration within the next five years, according to the ministry.

Some 25% of newcomers are destined for provinces other than Ontario, British Columbia and Quebec, compared to 11% in 1997, with the Federal Skilled Worker Programme expected to be the most popular means of entry. It admits a range of workers, including technicians, skilled tradespersons, managers and professionals.

Anecdotal evidence suggest that there will be a significant influx of Irish expats as more and more people search for jobs abroad due to the country's financial crisis and Canada has always been popular with the Irish.

Irishman Eamonn O'Loghlin has set up an online job seekers website with support from the Ireland Canada Chamber of Commerce (ICCC) to help Irish people find jobs and move to Canada. He also publishes a magazine for Irish expats in Canada.

With Canada emerging from the global recession in good shape, it is an increasingly popular destination among young people, says O'Loghlin. The Irish will always receive a good welcome here, he says, making special mention of the Canadian finance minister, Jim Flaherty, who is descended from Irish stock.

He advises young immigrants to be professional, to be prepared and to look the part. ‘Make sure the first two or three sentences in the CV grab the reader because the competition is fierce. You've got to be better than the rest.'

Those looking for jobs in Canada include mechanical engineers, IT system analysts, construction managers (the Irish construction sector has been particularly badly hit in the downturn), accountants and marketing executives.

Irish companies are also increasingly looking to the Canadian market, which has shown a lot of resilience in the face of the global economic crisis. More than 220 Irish companies now sell goods and services into Canada, and over 45 Irish companies operate offices and facilities in Canada, according to the ICCC.

Irish Minister for Enterprise, Trade and Employment, Mary Coughlan, has just led the largest Irish trade mission in history to Canada, visiting Edmonton, Toronto and Ottowa. The focus of the mission was to increase the profile and highlight the achievements of world-class Irish companies who have successfully broken into the Canadian market.

The trade mission cantered around 35 high tech Irish companies who are doing business in Canada and many of companies have secured high profile deals and partnerships worth over €10 million. Bilateral trade between Ireland and Canada is expected to increase by €80 million this year, and sales into Canada by Irish companies have trebled in the past five years.

Source: www.expatforum.com

Canada market activity rising

Catherine Deshayes — 17/11/2010 20:35:00

National resale real estate activity rose for the third consecutive month in October 2010, according to statistics released by The Canadian Real Estate Association (CREA)...

Seasonally adjusted national home sales activity via the Multiple Listing Service® systems of Canadian real estate boards climbed 4.6% in October 2010. The monthly rise in activity builds on similar increases in August and September.

As a result, activity now stands 13.3% above July levels, the year's low point. Three quarters of local markets posted monthly increases in seasonally adjusted activity in October, led by Toronto and Vancouver, CREA said.

As further evidence that the market is returning to normal, sales activity in October stood halfway between the recessionary low reached in December 2008, and the record level activity posted in December 2009.

Actual, not seasonally adjusted, national sales activity in October 2010 was 21.6% below levels for October 2009, when activity set a new record for the month.

The CREA report points out that national sales activity rebounded last year without a single monthly decline and hit record levels in the second half of 2009. As a result, large declines in activity compared to year ago levels are masking recent monthly gains in national sales activity.

It added that record level activity late last year is expected to continue stretching year ago comparisons over the rest of 2010.

The number of new residential listings edged up 1.3% on a seasonally adjusted basis in October. New listings remain 14% below the recent peak reached in April 2010. It means that national sales activity and new listings have swung widely but synchronously, which has kept the market in balanced territory since the spring.

Over half of all local markets in Canada are balanced, with an almost equal proportion of the remainder in buyers' or sellers' market territory, CREA said.

The national average price trend remains stable, in keeping with a balanced market. The national average price trend has remained fairly steady for more than a year, but only recently is this being reflected in year on year comparisons.

The national average price for homes sold in October 2010 was $343,747, up less than a percentage point compared to one year ago. October marks the fourth consecutive month in which the average home price has remained roughly even with year ago levels.

‘The continuation of low interest rates is supporting sales activity, which has been improving over the past few months in a number of major markets including Vancouver,' said Georges Pahud, CREA's president.

‘National sales activity is now running almost halfway between the highs and lows posted between late 2008 and late 2009,' said Gregory Klump, CREA's chief economist. ‘This suggests that the Canadian housing market may be starting to normalize. After the wild rollercoaster ride that many housing markets have been on, normal and stable market conditions are something that many buyers and sellers will likely welcome,' he added.

Source: www.propertywire.com

Canada property 'overvalued?'

Catherine Deshayes — 02/11/2010 20:21:00

Canadian house prices are overvalued, but not as much as those in Australia, Hong Kong or France, according to a new worldwide survey...

The data published in The Economist magazine's annual survey shows Canadian homes cost on average 23.9 per cent more than they are worth.

That's somewhere around the middle of the pack. The scale ranged from Australia at the high end, where homes are 63.2 per cent overvalued, to Japan at the low end, where houses are 34.6 per cent undervalued.

Canada's house prices were up 4.5 per cent from one year earlier. And between 1997 and 2010, prices rose a whopping 70 per cent, the report said.

Compared to a year ago, when 15 of the 20 countries on the list were in negative territory, this year only four countries were undervalued.

"Singapore, Hong Kong and Australia boast the gaudiest year-on-year price increases, even if the rate of appreciation is down a bit from the summer," the report states. "House prices in China rose by 9.1 per cent in the year to September, compared with a 12.4 per cent rise in May."

The Economist's analysis of "fair value" of housing is based on comparing the ratio of current house prices to rents, with the long term average.

Simply put, the purchase price of a house is divided by the rent it could have earned per year, and the result is the price-to-rents ratio.

A high result could mean a house is overvalued, while a low number means it could be undervalued.

Here are the results of The Economist survey:

Overvalued countries:

Singapore: 19.2 per cent

Hong Kong: 58.1

Australia: 63.2

China: 18.1

Sweden: 41.5

Belgium: 21.6

France: 42.5

Canada: 23.9

Netherlands: 23.6

U.S.: 4.6

Denmark: 19.4

New Zealand: 20.2

Britain: 32

Italy: 10.5

Spain: 47.6

Ireland: 13.2

Undervalued countries:

Germany: -12.9

Switzerland: -6.4

Unites States Using the Case-Shiller national index): -2.1

Japan: -34.6

Source: calgary.ctv.ca

Canada hits high notes with expats

Catherine Deshayes — 02/11/2010 20:20:00

Canada is more successful at helping expats settle into their new life than other western countries and is still working to make integration smoother, the government claims...

In response to a shock speech from German Chancellor Angel Merkel that integration has failed in Germany, Canadian Immigration Minister Jason Kenney said that Canada Has a proud history of welcoming people from overseas.

‘This multi-cultural approach, saying that we simply live side by side and are happy about each other, this approach has failed, utterly failed,' Merkel told a convention of her party's youth wing.

In response, Kenney said Canada is always working to make integration easier and will continue to do so. ‘I think we have been much more successful generally than the western European countries. It is a work in progress though,' he explained.

He pointed out that the Canadian government funds and promotes programmes and provides special assistance for newcomers. Canada has just celebrated Canadian Citizenship week with hundreds of people across the country becoming Canadian citizens and many more reaffirming their commitment to Canada through ceremonies across the country.

Kenney said it was an opportunity for everyone to learn more about Canadian political institutions and history. It included the launch of a social media campaign with Canadians invited to Join the Conversation on Facebook and Twitter and talk about the meaning and importance of citizenship to them.

He said that understanding the importance of Canadian citizenship has been demonstrated through the popularity of the citizenship study guide, Discover Canada: The Rights and Responsibilities of Citizenship.

The guide is popular not just among immigrants applying for Canadian citizenship but also among established Canadian citizens. Since its release last year, more than 300,000 printed copies of Discover Canada have been distributed and many more thousand electronic and audio copies have been downloaded.

In 2009, more than 156,000 migrants became citizens and embraced Canadian values of freedom, democracy, human rights and the rule of law.

Source: www.expatforum.com

Foreign buyers finding the American dream

Steph Engall — 05/10/2010 13:17:00

Investors from as far as Argentina, Canada, Colombia, France and Israel, Italy, Norway and Venezuela have flooded Miami looking for property deals, making up almost 90 percent of the buyers...

The Viceroy, a swish condominium complex in downtown Miami, has seen 262 of its 372 units sold since January. Its story is playing out across Miami. Individual investors from across the globe are swarming the city's sales offices to get in on what they see as one of the greatest real estate fire-sales in the history of the United States.

At one time, these people would have invested in the U.S. stock market. Now they see the opportunity of a lifetime in the nation's debilitated housing market. The idea is to rent out the properties and then sell them once the economy turns around.

The math is seductive: Prices at the Viceroy are roughly 52 percent off the 2007 peak. Units once sold for as much as $670 a square foot. Today, the average price is $319.

"I have never seen such a high concentration of foreign nationals acquiring real estate," says Peter Zalewski, who has been in real estate for 15 years and founded Condo Vultures, a consulting and brokerage firm. "Eighty percent of the sales in downtown Miami are foreign-based. This is unprecedented."

Miami is hardly the only hot spot for buyers from outside the United States. Real estate brokers say they've seen a surge in Washington, New York, Las Vegas, Los Angeles and San Francisco.

"It's a positive in a sea of negatives," says Jonathan Miller, the chief executive of Miller Samuel, a real estate consulting firm in New York.

For the international investor class, the United States' bloated inventory of homes, high unemployment and weak currency make for an unusually attractive buyer's market.

Source: Associated Press

Canada advised that 'boom times' are over

Steph Engall — 05/10/2010 13:03:00

Finance Minister Jim Flaherty advised Canadians to adjust their expectations for the economy as the "boom times" are clearly over...

"We are in a different world today," Mr. Flaherty said following a meeting, in which economists shared their projections for the year and discussed, among other things, the impact another round of quantitative easing in the United States could have in Canada.

"This is not a time of booming economic growth," the Minister said. "This is a time of modest economic growth, and there needs to be some adjustment of expectations. We are not going to see the boom times we saw before."

The biggest risk to the Canadian outlook is the slow pace of job creation in the United States, which is holding back consumer spending - and with it, growth. This has prompted the U.S. Federal Reserve to ponder another round of asset purchases, or so-called quantitative easing. Mr. Flaherty said that was "one of the many variables" he and the economists discussed influencing the Canadian outlook.

Additional liquidity injections by the Fed could drive up the value of the Canadian dollar -- as the market is being flooded by additional U.S. dollars -- and potentially lower financing costs here in Canada, such as mortgages.

Most important, the federal government, under pressure from business and labour groups, opted to limit proposed increases in employment insurance premiums -- to just 5¢ in 2011 and 10¢ in subsequent years. The move was made to strike a balance "between supporting the recovery and ensuring that the EI program breaks even over time."

The deficit for the fiscal year just passed, 2009-10, is expected to be in excess of $50-billion, Mr. Flaherty has indicated. No final data for the 2009-10 fiscal year have been released.

Source: Financial Post

Aussie equal to loonie

Steph Engall — 30/09/2010 13:05:00

For the first time since 2004, Australia's dollar reached parity with the loonie...

The Australian currency has appreciated almost 8% against the U.S. dollar this month and is nearing a record high. The surge is largely a by-product of the two-speed global recovery that is unfolding, with emerging markets demonstrating robust signs of growth while advanced economies struggle with massive government and household debt.

Wednesday's milestone for the Australian dollar was partly driven by more good news from China - a survey of purchasing managers that suggested Chinese manufacturing accelerated for a second straight month in September. Australia benefits because of its proximity to China and other Asian economies, as well as its vast array of natural resources that emerging markets crave.

In contrast, the Bank of Canada is expected to take a pause on weaker-than-expected data, and decision makers at the U.S. Federal Reserve are expected to debate the merits of buying up more assets, or quantitative easing, to juice up the American recovery.

Investor appetite for Canada could fall further Thursday as Statistics Canada reports GDP data for the month of July. The consensus among private-sector economists is that Canadian economic activity contracted in July from the previous month - an outcome that Jim Flaherty, the Finance Minister, indicated was a possibility in speaking to reporters Wednesday on Parliament Hill.

Avery Shenfeld, chief economist at CIBC World Markets, said the Canadian dollar could weaken further against other currencies. "We are running a very large trade deficit which is a sign that the Canadian dollar is overvalued and propped up by capital inflows."

But that capital could go elsewhere in search of higher yields - such as Australia - if the Bank of Canada signals its intent to refrain from further interest rate hikes for the time being, Mr. Shenfeld said.

Source: Financial Post

Quebec real-estate investment scam

Steph Engall — 28/09/2010 15:22:00

An alleged investment scam carried out by three Gatineau men is said to have defrauded 150 people from across Canada of millions of dollars...

The Autorité des marchés financiers laid charges of operating illegally against Marc Jémus, François Roy and Robert Primeau. All are charged with operating their investment company, Pension Positive Inc., without AMF registraton. The men face maximum possible fines of $430,000 if they are convicted.

"The suspects were asking potential investors to put money into real estate with the promise that the investment would produce significant returns," Théberge said. "That did not happen and the money is not there any more.

The Quebec Superior Court has authorized a class-action lawsuit filed by more than 150 investors from across Canada who allege they were defrauded of millions dollars in the real-estate investment scheme. The court will allow the petitioners to seek damages from real estate training company Whitney Canada, Inc. and Desjardins Financial Security Investments, Inc.

Pierre Sylvestre, the petitioners' lawyer, said his clients are seeking $50,000 each for pain and suffering and the return of their investments plus interest, for a total of $15 million. The main petitioner, David Brown, said he lost $65,000, but others lost up to $700,000 and one elderly couple lost their farm.

Sylvestre, the petitioners' lawyer, said the RCMP is conducting a Canada-wide investigation in the case.

Source: The Ottawa Citizen

Canadian investment cooling

Catherine Deshayes — 22/09/2010 11:59:00

Sales of existing properties in Canada improved in August with the latest figures showing that activity increased 4.1% in August, the first monthly rise since March...

The data from the Canadian Real Estate Association (CREA) shows that activity in the real estate market increases most in Ontario and British Columbia, with monthly gains in these two provinces accounting for most of the improvement in national sales activity in August.

Seasonally adjusted sales activity either increased or remained stable in over half of all local markets across Canada, the report also showed. And year to date transactions are up 2.2% compared to the first eight months of last year.

Activity rose sharply over the second half of 2009 and reached levels that are unlikely to be matched in the final four months of 2010, so year to date comparisons are forecast to turn down in the coming months. CREA is warning that the market is expected to cool in the rest of the year.

The number of new residential listings on Canadian MLS® Systems also edged up 1.9% on a seasonally adjusted basis in August compared to the previous month. Despite having edged slightly higher in all provinces except Alberta, new listings remain 16% below the peak reached last April on a national basis.
The average price of a home sold last month was $324,928, which is on par with the same month last year at $324,843. Average home prices eased slightly in Alberta and New Brunswick in August, but gains in every other province exceeded the national increase.

Average prices rose or were stable in nearly two thirds of all local markets on a year over year basis, but increases are shrinking in Canada's most active and priciest markets.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and measures the balance between housing supply and demand. It stood at 6.9 months at the end of August 2010 on a national basis, which is down slightly from the seven months of inventory at the end of July 2010.

The seasonally adjusted number of months of inventory also stood at 6.9 months at the end of August on a national basis. This is down from 7.3 months at the end of July, and marks the first month over month decline since last November.

‘Rising interest rates and a projected slowdown in job growth mean that the Canadian housing market is expected to continue to cool. This is overlooked in recent commentary that suggests further changes to mortgage regulations may be needed. A further tightening of regulations could negatively impact Canada's softening housing market and consumer confidence,' said Georges Pahud, president of CREA.

High sales activity late last year and earlier this year borrowed from sales this summer and will continue do so over the coming months, according to Gregory Klump, CREA's chief economist.

‘This makes the return to more normal levels of sales activity look like a steep downward trend. The hangover from accelerated home purchases is likely to persist over the rest of the year. Although economic and job growth are expected to be tepid, they will continue to support housing markets,' he added.

Source: www.propertywire.com

New test for immigrants looking to Canada

Catherine Deshayes — 19/08/2010 07:36:00

A new English test for immigrants wanting to move to Canada has been criticised as being inflexible and creating unnecessary red tape...

Two English professors who both have PhDs in English literature say it is a waste if time and money for native English speaking people and those who have qualifications to be compelled to take the $280 test.

American Sara Landreth has a job offer to teach English literature at the University of Ottawa, but her visa application will not be processed unless she does the test. Her husband, James Brooke-Smith, a British citizen, also needs to take the test.

The obligatory English test was introduced last month but critics say the change is contrary to Canadian immigration law. They point out that Section 79 of the regulations of the Immigration and Refugee Protection Act states that skilled worker applicants may choose to submit to a language test or provide written evidence of their proficiency.

The Department of Citizenship and Immigration says though that the test is needed as part of the plan to create an independently administered test that helps prevent fraud and ensure fair and transparent methods of evaluation.

‘We felt that going to a language test option was the most fair, transparent, objective, consistent and accurate way to evaluate different applicants' language skills,' said a Canadian immigration department spokeswoman.

Last month, Citizenship and Immigration Minister Jason Kenney issued a ministerial instruction, effective immediately, that said only applicants who write a test will be considered.

Landreth and others though pointed out that there should be a clause for those with English as their mother tongue with professional qualifications in the language to be exempt from the test as it is creating unnecessary red tape and costs.

Toronto lawyer Cathryn Sawicki has launched a legal challenge to the new rules in the Federal Courts.

Source: www.expatforum.com

Suitcase stickers causing controversy

Catherine Deshayes — 05/08/2010 07:25:00

A set of controversial luggage stickers that appear to show the contents of suitcases as drugs, sex toys, money and even kidnapped cabin crew have gone on sale...

A Canadian website, appropriately named thecheeky.com, is selling the realistic-looking stickers to customers who want to be able to easily identify their suitcase.

Holidaymakers are urged to ‘take a stand against monotonous travel' by sticking one of four outrageous designs to their suitcase. The stickers are priced at $15 each and are all designed to shock.

The 16 inch by 12 inch designs give the illusion that the bag has been ripped open to reveal its contents which, depending on your vice of choice can be either cocaine, bundles of American dollars, a series of embarrassing sex toys or, most disturbingly, a weeping, bound and gagged female cabin crew member.

The website says the stickers will be sure to make you some new friends and warn that: ‘Some of these stickers may cause offense to airport and immigration staff'.

So how would UK customs staff react? A UKBA spokesperson told TravelMail: 'Our officers see a lot of joke stickers on suitcases and it doesn't affect their professional approach to tackling smuggling of illegal goods.

'Staff that protect our borders are highly trained to identify people trying to smuggle illegal items. Our staff use intelligence and utilities the latest technology to ensure our border checks remain robust.'

The Foreign Office warned that the stickers could land travellers in hot water in certain countries. A spokesperson told TravelMail: 'How someone chooses to decorate their luggage is very much down to personal choice, however travellers should be aware that many countries could find these images offensive or insulting and the FCO always advises British Nationals to respect local laws and customs.'

Source: www.dailymail.co.uk

Canadian Govt restricts visas

Catherine Deshayes — 15/07/2010 07:31:00

Canada's population is above 34 million for the first time ever with some two thirds of the growth down to new arrivals...

The latest figures from Statistics Canada show that the country's population was 34,019,000 on April 1, an increase of 88,000 people since it last counted on January 1. But the growth rate of expats has slowed compared to previous years.

All provinces saw an increase in their population in the first three months of this year, except Nova Scotia. British Columbia saw the highest growth in population and there were large increases in the western provinces with Saskatchewan reporting its biggest quarterly population increase since 1972.

At the same time it has been revealed that Canada's 2010 immigration plan will put even greater emphasis on economic recovery and reducing the federal skilled worker backlog but limits are being put on applications.

Citizenship, Immigration and Multiculturalism Minister Jason Kenney announced changes to the Federal Canadian Skilled Worker Visa. ‘As we recover from the recession, increasing economic immigration will help ensure employers have the workers they need to supplement our domestic labour supply,' he said. The planned Canadian immigration range for 2010 is 240,000 to 265,000.

As more applications though are received than can be processed in a timely way, the department is limiting the number of new applications it will consider in the federal skilled worker category every year.

‘Canada will continue to welcome historically high numbers of immigrants, but we need to manage the number of new applications or risk creating new backlogs and longer processing times,' Kenney explained.

‘We have more than enough applications on hand now to fill many of our needs, and we want to be fair to those people who have been waiting the longest,' he added.

The main change is that to be eligible to apply as a federal skilled worker, applicants must either have a job offer, or they must have experience in one of 29 occupations on the Priority Occupation List which includes business services, architects, GPs, pharmacists, nurses, biologists, plumbers, chefs and cooks.

Applications under the Priority Occupation List are being limited to 20,000 per year with a maximum of 1,000 per occupation. Also all federal skilled worker and Canadian Experience Class applicants must submit the results of an independent language test before they will be considered.

The changes are designed to allow the government to keep the intake of applications for economic immigration in line with the number and types of jobs available as well as providing timely processing times for migrants.

Source: www.expatforum.com

Canadian property: weakening?

Catherine Deshayes — 15/06/2010 10:32:00

The Canadian Real Estate Association has lowered its forecast for residential property sales after a weaker than expected start to the year in British Columbia and recent developments that pulled forward the timing as to when sales are expected to ease in other provinces...

CREA's previous national forecast was heavily influenced by British Columbia and Ontario forecast trends, and this remains the case in the revised forecast. While sales activity is unfolding as expected in Ontario, the decline in affordability in British Columbia impacted sales in the province during the first quarter.

On top of this changes to mortgage regulations announced in February are expected to marginally affect activity. The changes prompted some homebuyers to finance their home purchase before the new regulations took effect in April, which pulled forward a number of sales that would have otherwise taken place at a later date, the association said.

April also saw the Bank of Canada drop its conditional commitment to keep interest rates on hold until at least July, opening the door to an interest rate hike before then and then on June 1st, the Bank announced its decision to raise its trendsetting overnight lending rate by 25 basis points to 0.5% and indicating that it expects the rate of growth to slow for consumer spending.

‘Interest rates are expected to rise slowly and at a measured pace during a new era of government spending restraint, so home financing will remain within reach for many homebuyers,' said CREA President Georges Pahud.

CREA had previously forecasted sales would remain at elevated levels through the first half of 2010 before easing in the second half of the year and over 2011. While the forecasted trend for activity has not changed, it has been pulled forward, with the fourth quarter of 2009 marking the peak of national activity. This has had the effect of lowering the forecast for national activity over the rest of the year and in 2011.

National activity is forecast to reach 490,600 units in 2010, up 5.5% from 2009 and the second highest annual level on record. Lower expected activity in British Columbia accounts for more than half of the downward revision in national sales activity. Annual activity in Alberta was also revised downward due to weaker than expected activity in the first quarter. Ontario is still expected to see a record number of sales in 2010, but by a smaller margin than previously forecast.

CREA also said that interest rate increases will contribute to weaker national sales activity in 2011. The national average property price is forecast to climb 1.6% in 2010, reaching a record $325,400, with average price gains forecast in all provinces.

All provinces are forecast to post modest average price gains in 2011, except British Columbia and Ontario. The forecast decline in activity is sharpest in these two provinces, with higher-priced transactions weakening most. Average prices are forecast to sag in these two provinces in the second half of 2010 before stabilizing next year.

‘With interest rates soon expected to rise, Canada is widely believed to be entering a typical demand-driven downturn due to recent prices increases and rising interest rates. A downward trend in national sales activity combined with an increase in listings will result in a more balanced market,' said CREA chief economist Gregory Klump.

‘In keeping with the return of a balanced housing market and typical demand-driven housing market cycle dynamics, prices will remain stable. Canada's solid mortgage market trends, conservative lending practices, and prudent borrowing by homebuyers means that Canada will avoid the massive realignment in housing supply and demand being experienced in the United States. Accordingly, Canada will avoid a U.S.-style housing price correction,' he added.

Source: www.propertywire.com

Star Trek capital of the world

Catherine Deshayes — 25/03/2010 10:24:00

Holidaymakers are being urged to 'boldy go' where they've never gone before with a visit to the Star Trek Capital of Canada...

The town of Vulcan in Alberta was granted the official title earlier this month and is now being billed as a 'logical year-round destination for science-fiction enthusiasts and Star Trek fans from across the galaxy'.

Celebrations are planned throughout the year and festivities will include a special visit from none other than Mr Spock, aka actor Leonard Nimoy, who will beam down in the town on 23 April and unveil a bronze bust of his alter ego.

Further tributes to science fiction are dotted around the town, from space murals and alien signage on walls and street corners to a Star Trek grave stone in the local cemetery.

Visitors to the town can take a self-guided Star Trek Walking Tour or visit the Vulcan Tourism & Trek Station where they can pose with life-sized cutouts of Star Trek characters on the main bridge of its 'Star Ship'.

There's also the opportunity to admire the station's 800 piece collection of Star Trek memorabilia or save the galaxy in the Vulcan Space Adventure Virtual Reality Game.

The town, which has a population of less than 2000, also boasts its very own model of a Vulcan Starship and recently gained international fame when it hosted the world premiere of the new Star Trek movie, despite not having a cinema.

Vulcan's Tourism Coordinator Dayna Dickens said: "We are very excited about our new status as the Official Star Trek Capital of Canada, and look forward to working with CBS [the American network which broadcasts the show] to incorporate even more elements of the Star Trek universe into our community's public spaces."

Vulcan's relationship with Star Trek dates back to the earliest days of the original series however, contrary to popular belief, it was not named after Mr Spock's fictitious home planet.

The town was instead named in 1910 by a Canadian Pacific Railway surveyor who had a special interest in Roman Mythology - 56 years before the first Star Trek episode aired on television.

For more information visit www.vulcantourism.com

Source: www.dailymail.co.uk

Canada ‘on the right path'

Catherine Deshayes — 16/03/2010 09:11:00

Canadian Finance Minister Jim Flaherty welcomed news on Monday of slower existing home sales, which takes some steam out of speculation about a housing bubble in the country.

"I think we're going in the right direction," Flaherty told Reuters, referring to a report that showed sales of existing homes in Canada dipped for a second straight month in February.

Speaking after an address to the Canadian Association in New York, Flaherty said there is no evidence of a housing bubble, a suggestion made by some economists due to a sharp rebound in sales and prices as the economy pulls out of recession.

He said developers have told him they are still seeing strong demand, and that he expects strong demand for new homes this spring.

Flaherty is visiting New York and London this week to talk up the Conservative government's latest budget in the hopes of encouraging more foreign investment.

Source: www.uk.reuters.com

Canada cooling its jets?

Catherine Deshayes — 04/03/2010 13:19:00

Canada has lost track of its geographic location, or you would certainly think so if you look at the Canadian housing market.

In a year when house prices around the world fell, Canadian house prices rose some 20% in 2009. Yes, Canada was not the only country to see a rapid rise in prices, Australia, New Zealand and several countries in Asia did also, but Canada is certainly the only country on the Americas Land Mass that saw such rapid growth in house prices in 2009. Now the Central Bank and authorities are being forced to take measures to cool the housing market down.

Canadian house prices have risen so rapidly, because the Canadian government acted as quickly and as fervently with its stimulatory measures to stave off the financial crisis as the US, but the Canadian banking system and economy were in nowhere near as bad a shape as their US counterparts. This created the kind of liquidity surge seen in all those other places named above.

The Canadian authorities are now worried that people are borrowing more than they will be able to afford when eventually interest rates are increased from their still-record lows. It would certainly be ironic if Canada caused a crisis in trying to fight one that never really hit it.

In Australia they have already started jacking up interest rates. Canada is in a difficult position in that respect, because they have promised not to raise interest rates until June - the promise itself caused a further transaction surge in the housing market.

So, a set of measures have been announced, which are targeted at reducing people's access to easy credit. Despite the fact that he dismisses the bubble scenario, Jim Flaherty announced measures last week that make it more expensive to buy an investment property, harder to get a mortgage, and reduce the amount that existing homeowners can borrow against equity in their home.

Mr Flaherty said he wants "to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation."

From April buyers of investment properties will be required to pay a 20% deposit, currently they must pay the same 5% paid by residential buyers. Homeowners will only be able to borrow 90% from the equity in their home, they can currently borrow 95% and anyone taking out a short-term mortgage will need to meet the stricter criteria set for a five-year fixed-term loan.

Source: www.overseaspropertymall.com

Vancouver: Too hot to handle?

Catherine Deshayes — 03/03/2010 10:51:00

First time buyers are finding it increasingly difficult to enter the burgeoning Vancouver property, it has been revealed.

A typical single-family home anywhere in the city or its suburbs costs more than 750,000 Canadian dollars, or $774,000. Even a fixer-upper on the city's desirable west side can top a million dollars- well out of reach of most Vancouverites who do not already have a toehold in the market.

And there is little relief in sight.

While many American and central Canadian cities have seen slowing sales and falling prices in the past year, the most pessimistic thing any real estate expert can say is that Vancouver housing prices are not expected to rise quite as steeply this year as they did in 2006 and 2007.

"What we're expecting is a bit of moderation," said Robyn Adamache, senior market analyst with the Canada Mortgage and Housing Corporation. "Prices are going to continue to increase, but at a slower pace than we've seen over the past couple of years."

Record high levels

The corporation, Canada's national housing agency, is projecting an 8 percent rise in metropolitan Vancouver housing prices during 2008, compared with 11 percent last year.

"Keep in mind that we're coming off near-record-high levels of sales and new home starts. Between 2001 and 2007, the price of single detached homes going through the MLS system was up about 120 percent," Adamache said, referring to the Multiple Listing Service.

While Vancouver will be a co-host of the 2010 Winter Olympics, along with the ski-resort town of Whistler, British Columbia, few real estate watchers consider that of much importance in the continued strength of the city's housing market. Instead, they see a strong western Canadian economy, low unemployment and a steady stream of people moving to Vancouver from around the world as the key factors.

Climate attraction

In addition to Vancouver's economic strength, many people are drawn to the city by its moderate climate - similar to Seattle, with winters rainy rather than snowy - its stunning backdrop of mountains and sea, and its multicultural vibe. According to the latest Canadian census data, more than 40 percent of metropolitan Vancouver residents are nonwhite, or what the Canadian government classifies as "visible minority."

"Generally, we can count on about 30,000 people migrating to the greater Vancouver region every year," Adamache said. Vancouver, which is about 140 miles, or 225 kilometers, north of Seattle, now has a population of about 2.2 million.

Source: nytimes.com

Canadian economy solidifying?

Catherine Deshayes — 02/03/2010 02:07:00

According to new figures, Canada's economic recovery picked up speed in the final quarter of last year, with growth fuelled by a jump in consumer spending, a strengthening housing market and increased exports.

Economists from Statistics Canada expected expansion to accelerate by 4% in the last three months of the year. The fourth-quarter results also beat the Bank of Canada's estimate of 3.3% growth.

"For a third consecutive quarter, growth in final domestic demand was led by increases in personal expenditures, government expenditures, and investment in residential structures," the federal agency said. "Export and import volumes both rose for a second consecutive quarter, with growth in exports outpacing that of imports in the fourth quarter."

"Overall, this was an all-around solid report-card on the Canadian economy, and it suggests that after a very poor start to the economic recovery in Q3, economic activity surged handsomely in Q4," said Millan Mulraine, economics strategist at TD Securities.

Source: www.financialpost.com

Olympic dream ignites Canadian market

Catherine Deshayes — 10/02/2010 13:11:00

Canadian real estate sales have picked up in Vancouver, British Columbia, with the help of strong demand from international buyers from Asia - and whilst local experts say the upcoming Olympics has little to do with the surge, but worldwide television coverage of the region's spectacular views should pique the interest of many investors...

When the Olympic flame enters BC Place Stadium on February 12th, the world's spotlight will fall on one of North America's hottest property markets.

In November more than 7,721 properties were sold in British Columbia, the highest volume for the month since 2005, according to the British Columbia Real Estate Association. And it wasn't spurred by foreclosures and short sales; the Real Estate Board of Greater Vancouver's housing price index for the area jumped 16.2 percent to $562,463, from a year earlier.

"We've seen a dramatic rebound in home sales," said Cameron Muir, chief economist for the BCREA. Home prices have been on an uptrend for several months, "scratching record levels," Muir says.

A few weeks ago, in a throwback to the old days, 20 buyers camped out over night in the cold to buy units in a Vancouver development called the Mark, a tower in the trendy neighborhood of Yaletown. In one day 163 of the 214 available condos sold, with units ranging from 460- to 730-square-feet priced between $320,900 and $660,900. (All figures in Canadian dollars; the current exchange rate is $1USD=$1.03CAD.)

International buyers are playing a "very significant" role in the upturn, according to Ross McCredie, president of Sotheby's International Realty Canada. "Over half of the homes sold over $5 million in Vancouver sold to mainland Chinese," he said. In West Vancouver, known as Vancouver's most expensive neighborhood, there has been consistent activity from Middle Eastern and U.K. buyers, he says.

The bulk of the international buyers are making a lifestyle purchase more than a simple investment, taking advantage of Vancouver's reputation as one of the world's most livable cities, McCredie says. "They are not necessarily retirees, they're just looking for a change," McCredie said.

A few years ago 25 percent of condo buyers in Metro Vancouver were considered investors, according to tracking data by LandCor. Last year the number was closer to 8 percent.

"Speculators have never understood this market," McCredie said.

The upcoming Olympic Games, local experts agree, has little to do with the recent surge. Low interest rates and pent up demand fueled sales, they say. Vancouver's natural shortage of developable space also serves to artificially inflate prices, keeping Vancouver among Canada's most expensive cities, even in down times.

Last year, prospective buyers held off buying, but jumped backed in as soon as the market started stabilizing, creating the recent flurry of activity, said Robyn Adamache, senior market analyst, Canadian Mortgage and Housing Corp.

Even for Vancouver, recovery in the property market has been much quicker than in past cycles, Adamache says. The regional unemployment rate is still relatively high at 7 percent, she notes. "It's not the economy that has picked up so quickly," she says.

But Vancouver's property market is not dependent on locals. The region attracts a net migration of new residents of about 40,000 people a year-most of them from outside Canada, according to Canadian Mortgage and Housing data. China, Taiwan and India are the largest contributors, data shows.

In contrast, the number of U.S. buyers has slowed in the last year. Californians, in particular, are still struggling with the ripple effects of the housing crisis, industry executives say. But a pickup in buyers from Asia has more than compensated for the U.S. drop-off, Vancouver executives say.

Some compare the surge in Chinese buyers to the huge flow of money from Hong Kong in the ‘90s.

"We've seen a huge influx of buyers from mainland China," said Dave Watt, a Realtor with Royal LePage and past president of the Real Estate Board of Greater Vancouver.

Most are doing business in the area or sending their children to school, and they're buying in the $1 million to $3 million range, he says. In December, the Chinese government gave Canada "approved destination" status, which should increase the connection, Watt notes.

Outside Vancouver, British Columbia is a patchwork of different markets. Victoria is known as a retirement community, with a sunnier climate and year-round golf. Kelowna is a region of lakes, mountains and picturesque vineyards. Whistler is a classic upscale ski resort, known around the world.

In the last few months, the second home markets, in particular, have seen a jump in activity, analysts say, after a long slow period.

"The recession hit us worse than everybody else," said Ursula Morel of Sea to Sky Premier Properties in Whistler and the 2010 president of the Canadian chapter of FIABCI, the International Real Estate Federation. "The higher the prices, the more you go down." Most of the activity in the first half of 2009 involved fractionals, she says.

However, in the second half of 2009, Whistler sales picked up again, with 11 sales between $2 million and $3 million. "It's not Olympics driven, but there is definitely more hype in the air," said Morel, who puts "Home of the 2010 Olympics" in the subject line of all her e-mails.

Foreign buyers in Canada are typically required to put 25 percent down, which has helped provide a level of stability to many markets, with few debt-to-equity problems and little urgency to sell, Morel said.

Clearly buyers believe there are no more steep drops in the Vancouver area's near future. In Vancouver a property recently sold for more than $10 million and two in Victoria sold for more than $6 million.

Vancouver is expected to see price increases of four to seven percent, according to local analysts. Royal LePage predicts a 7.2 percent jump in the next year.

"Everything is pretty hot right now," said Pete Shpak, managing broker for Sea and Sky Properties' West Vancouver office. "I've been in a few multiple offer situations, which wasn't happening a year ago."

But there is still an air of caution. Many believe the recent surge only reflects the pent up demand and once that dissipates sales volumes could slow. A jump in interest rates could also put a wrench in the recovery.

"The high end is still softer than it has been in past years, and that is largely the result of the economy crawling slowly out of recession," said Muir of the BCREA.

But then there's the wild card-the Olympics, sure to supply a non-stop, two-week stream of soaring images of Vancouver's spectacular coastline and picturesque mountains. In many ways, it will be one long advertisement for the region.

"I think it's going to be pretty amazing how many new eyes see us," Watt said.

Check out homes for sale all across Canada at http://canada.themovechannel.com/

Piece by International Property Journal and http://www.nuwireinvestor.com/

Picture by p.m.graham

Oops, wrong Vancouver!

Catherine Deshayes — 05/02/2010 12:31:00

Sallie Reavey picked up the phone at her charming Briar Rose Inn and the caller asked about rooms in mid-February. "We have a nice selection of rooms for those dates," she replied, to which the caller gasped: "You still have rooms during the Olympics?"...

Reavey had to tell him: wrong Vancouver.

The Briar Rose is in Vancouver, Washington, not Vancouver, British Columbia, the Canadian city that will host the 2010 Winter Olympics starting on February 12.

"America's Vancouver", as a former town mayor liked to describe it, sits 400 kms south of the Olympic host Vancouver and has a population of some 165,000 people -- far fewer than the Canadian city.

The Hilton Vancouver Washington has also fielded Olympic enquiries and trained its reservations staff to be sensitive to the possible mistake and, naturally, turn it into a marketing opportunity.

"We absolutely want them to come here," Gerry Link, the hotel's general manager said, adding of the Vancouver mix-ups: "So far it has all been pretty good-natured."

To prevent any problems, the Hilton is also scouring its mid-February reservations and calling people who it fears might have booked rooms in the wrong country.

"We don't want anyone to be disappointed. We want the Olympics to be a good experience for everyone," Link said.

Vancouver, Washington, is used to playing second fiddle. It has long been overshadowed by its larger neighbour Portland which sits just across the Columbia River in Oregon.

The confusion with the Canadian city happened even before the Olympics, but American Vancouver's new mayor thinks the Games present his community with an opening.

"We think this is a gold-medal opportunity for our Vancouver to stand out... It gives us an opportunity to tell who we are and what we have to offer," Tim Leavitt said.

Both Vancouvers can trace their names to Captain George Vancouver, who explored the Pacific coast for the British Navy in the 1790s.

America's Vancouver started out as the western headquarters for the Hudson's Bay Company -- a Canadian icon and a sponsor of the 2010 Olympics -- and had a thriving army post, Fort Vancouver -- now one of the town's biggest tourist attractions.

"If people are getting confused, it gives us an opportunity to talk about the first Vancouver," Jennifer Kirby of the Southwest Washington Convention and Visitors Bureau said gamely.

The city was incorporated in 1857, before the Johnny-Come-Lately in Canada in 1886.

The Vancouver confusion has dredged up a decades-old idea to change the American city's name to Fort Vancouver.

Most people, including Mayor Leavitt, think the name change movement does not have any real traction. Citizens have voted down the name change on three occasions, but some think now may be the time.

"I think it would be a fine idea," Reavey said. "It would certainly ease some of the confusion."

Source: Reuters

Tips for visiting Vancouver

Catherine Deshayes — 03/02/2010 11:41:00

Here are some tips for planning a trip to Vancouver, host of the 2010 Winter Olympics...

WEATHER: Winter in Vancouver means rain, so pack an umbrella. February temperatures in Vancouver usually are in 0-10C, while temperatures at Whistler typically are -6.5-1.5, often with snow or rain. In December 2008, a snowstorm paralysed Vancouver International Airport, and Air Canada, the official airline for the Winter Olympic games, cancelled hundreds of flights.

GETTING THERE: You can fly into Vancouver International Airport from many international destinations. You can also drive to Vancouver, crossing the land border with Washington State in several places, or come by ferry from Washington's Olympic Peninsula.

BORDER CROSSINGS: Officials are expecting to handle a million border crossings from the United States during February - about the same as during a busy summer month. Extra Customs officers and staff will be in place at all border entry points, including the Douglas, Pacific Highway, Huntingdon and Aldergrove land crossings from the United States into British Columbia. There will be a team even at Pacific Highway just to deal with buses.

Still, the Canada Border Services Agency advises travellers who are coming via the US to build extra time into schedules for crossing the border. You can check border wait times, updated hourly, at http://www.cbsa-asfc.gc.ca/.

GETTING AROUND: The city's newest light rail line connects the airport with downtown. A ride on the Skytrain is great for an initial exploration, as well as for incredible views. Buses are generally efficient, but the best way to explore Vancouver's city centre is to walk. Even if it is raining (and there is a good chance it will be), the city core has plenty of underground malls.

The figure skating arena is about 20 minutes by bus from the city centre. Event tickets will include local transit fares. Snowboarding and freestyle skiing events on the city's North Shore will be tougher to reach.

Alpine events are 145 kilometres away in Whistler but an Olympic fleet of buses will be running. Traffic will be strictly limited on the Sea-to-Sky Highway, which was redeveloped recently.

For local transit, officials are warning of long delays during the games. A trip planner is available online at www.translink.ca with more information at http://www.travelsmart2010.ca/.

WHERE TO STAY: During the Olympics, even mountain-lovers may have to stay in Vancouver, because of a shortage of shelter in the hills. Both Vancouver and Whistler tourism officials are expecting more accommodation to open as the Games approach. Click on "2010 Winter Games Accommodation" at www.tourismvancouver.com/visitors.

OLYMPIC TICKETS: In Canada, Olympic tickets already have been sold by lottery through the 2010 Games website, www.Vancouver2010.com. A list of ticket agents for countries outside Canada also is available through the spectator information and ticketing link at that site. The site also is hosting ticket re-sales to avoid scalping problems.

THE LINGO

Have a sit-down on the chesterfield with your double-double and learn ya some Canadian. With the caveat that not all Canadians may agree on the language, definitions and spellings below, and not all may use all expressions listed here all the time in all contexts in an all-joking or an all-earnest manner, let's begin:

LOONIE: One-dollar coin bearing the image on one side of a diving bird known in North America as the Common Loon.

TOONIE or TWOONIE: Two-dollar coin bearing the image on one side of a polar bear. Named as a play on Loonie and for its double-dollar denomination.

DOUBLE-DOUBLE: A coffee with two creams and two sugars.

TRIPLE-TRIPLE: You guessed it, same as above plus one each.

CHESTERFIELD: Generic term for couch. Refers elsewhere to a specific leather style.

TIMMIES: Shorthand for Tim Hortons, Canada's answer to Starbucks and making its first foray into the United States.

TIMBITS: Doughnut holes at Tim Hortons.

TWO-FOUR OR TWOFER: A case of beer that contains 24 bottles.

TOQUE or TUQUE: Pronounced TOOK, a knit cap or ski cap.

THAT'LL LEARN YA: Meaning, "That will teach you," said in response to a stupid or non-fatal avoidable bad outcome.

HYDRO: In some areas, refers generically to electrical power and power bills.

HOMO MILK: Non-homogenised milk.

FOR MORE INFORMATION:

Information about the Olympic Games and destination: http://vancouver2010.com/ and http://www.destination2010.ca/.

Information about British Columbia: http://www.hellobc.com/

Information about Vancouver: http://www.tourismvancouver.com/

Source: AP

Concern over Winter Olympics venue

Catherine Deshayes — 28/01/2010 10:56:00

The Winter Olympics start soon in Canada but behind their scenes there is concern about the ownership of Whistler, one of the key ski event resorts...

Owner Intrawest is facing foreclosure over a $524 million payment on loan of $1.4 billion that came due last year. Now a group of US hedge funds has announced plans to auction off the financially troubled owner of the ski resort.

The auction is due to be held on 19 February, right in the middle of the two week Winter Games, which draw worldwide attention every four years.

Intrawest's owner, Hedge Fund Fortress Investment Group of New York, is being pushed to surrender control to creditors said to include Davidson Kempner Capital Management, Oak Hill Advisors and failed investment bank Lehman Brothers. Intrawest was acquired in 2006 for $1.8 billion by Fortress, shortly before the financial crisis

A spokesman for the Vancouver Organizing Committee for the Games conceded there is a small chance the Olympics could be disrupted if Intrawest is unable to come to an agreement with its creditors and the auction goes ahead.

Whistler is due to stage alpine ski events, bobsled, luge, skeleton, biathlon and cross-country skiing. ‘Never say never, but I don't think it will be a problem at all. We looked into all the actions that could happen and they take time. They don't happen overnight,' said Dan Doyle, a VANOC executive vice president.

In recent days lenders represented by Wilmington Trust FSB ran adverts announcing the sale of Intrawest assets, including Whistler, Colorado's Steamboat ski area, Mont Tremblant Ski Resort in Québec and about ten other resorts. Intrawest said no foreclosure process has yet begun.

‘Fortress Investment Group continues to own and control Intrawest and all of its properties,' a spokesman said, adding that it is in ‘serious discussions' with its lenders regarding a potential refinancing. Meanwhile, resorts including Whistler are still operating as usual.

Located about two hours north of Vancouver, Whistler is one of the premier ski resorts in North America and a key driver of the regional economy.

If the Whistler auction were to proceed on schedule, it would at the very least be a blow for the provincial government, which has invested billions of taxpayer dollars in the Games and can ill afford to see them become a public relations circus.

According to a report in the New York Post the government will opt to bail out Intrawest rather than face a foreclosure when Whistler is in the public eye. ‘What's going on here is the creditors are in charge and they're calling the shots,' said Lindsay Meredith, a business professor at Simon Fraser University.

In the wake of the financial crisis, hedge funds and banks everywhere are hunting for cash so the Olympics represent an opportunity for the Intrawest lenders to use the event to maximize public attention on the sale and bring in more potential buyers.

‘Politically, this gives everyone a little shake because it provides a hell of a lot of world coverage of the kind you don't want,' he added.

Source: www.propertywire.com

This week's exchange rate news

Catherine Deshayes — 25/01/2010 11:05:00

Last week saw a sustained positive run for sterling against many currencies, most notably giving the best Euro exchange rates since August last year...

Monday's house price increase, Tuesday's positive inflation data, and Wednesday's unanimous vote from the Bank of England on monetary policy, meant that the Pound enjoyed a rare week of strength. Even Friday's worse-than-expected retail sales figures could not dampen appetite for sterling significantly.

This week, all eyes will be on Tuesday's GDP figure, which will show whether or not the UK is technically out of recession. A very positive GDP figure is likely to give the Pound a boost across the board, while a negative figure could be very damaging indeed.

Further afield, if you are sending money to Canada then look out for local GDP figures on Friday, and those of you who need to send New Zealand Dollars should be aware of the interest rate decision there on Wednesday evening. Otherwise there is not a huge amount of important news due out.

This week's economic calendar:

Monday 25^th

7am - German consumer confidence

Tuesday 26^th

9am - German business climate survey

9.30am - UK GDP first estimate

3pm - US consumer confidence

Wednesday 27^th

12.30am - Australian CPI inflation

6.15pm - US interest rate decision

8pm - New Zealand interest rate decision

Thursday 28^th

8.55am - German unemployment rate

10am - Eurozone consumer confidence

1.30pm - US jobless claims & goods orders

9.45pm - New Zealand trade balance

Friday 29^th

9am - Eurozone unemployment rate

1.30pm - Canadian GDP

Picture by morguefile

Is Canada heading for property bubble?

Catherine Deshayes — 20/01/2010 11:08:00

A heated debate about whether the property market in Canada is heating for a bubble has emerged as the latest official figures shows that real estate sales grew 72% in December compared with the same month a year before...

The figures from the Canadian Real Estate Association (CREA) set a new record for the month. But it claims that investors should not read too much into the data as overall the 2009 market saw a decline of 10.7% from the record breaking pace set in 2007.

It appears to be the government that is most worried about a property bubble rather than the real estate industry. The government has not ruled out tougher requirements for homebuyers to cool what it regards as a potentially hot market.

Proposals already voiced include increasing the minimum down payment from 5% to 10% and shortening the length of amortizations from 35 years to 25 years, moves that would drive many consumers out of the market, experts warn.

This past week the mortgage brokerage industry produced a report showing much of the Canadian market has opted for locking its rates into longer terms, thereby providing a shield against rising interest rates that most predict will come by the middle of this year.
‘We think that dismissing housing risks is being a tad Pollyannaish, but it's all the rage in Ottawa circles these days. The industry is full of talk of an unsustainable non-bubble, whatever that is, and driving a message that borrowers are all acting out of utter forward-looking brilliance,' said Derek Holt, an economist with the Bank of Nova Scotia.

‘A key debate is whether housing will experience a soft-landing toward lower volumes and prices, which is possible, or experience a more sudden decline in activity in the back half of the year and into 2011, which we think is likely,' he added.

Holt believes that as short-term interest rates go up as much 200 basis points and supply finally builds up in the Canadian marketplace, prices will drop by as much as 10% so there won't be an overheated market.

It is perhaps the fact that the Canadian housing market has now had 11 consecutive monthly sales increases on a seasonally adjusted basis that is worrying some. But CREA chief economist Gregory Klump pointed out that the pace is slowing. ‘These statistics will no doubt spark further bubble talk amongst the usual suspects. Cooler heads recognize that many of the recent gains reflect temporary factors that could fade by summer,' he said.

CREA is still forecasting sales will jump by 7% this year, much of that because the first few months of 2009 were relatively weak. Prices are expected to rise 4.7%.

Source: www.propertywire.com

Canada looking strong in 2010

Catherine Deshayes — 12/01/2010 11:24:00

The residential real estate market in Canada is expected to remain unusually strong through the first half of this year after a robust finish to 2009, according to a new survey...

The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity to new highs, according to the report from Royal LePage, which has a network of 14,000 agents across the country. It found that property prices appreciated in late 2009, with fourth quarter averages higher than in the fourth quarter of 2008.

The average price of detached bungalows rose to $315,055, up 6%, the price of a standard two storey property rose to $353,026, up 5.2%, and the price of a standard condominium rose to $205,756, up 6.4%.

Even regions that saw the strongest declines during the recession are now showing marked gains, including Toronto and the Lower Mainland, British Columbia. Vancouver, which is frequently Canada's most expensive real estate market, experienced a particularly robust quarter, with home prices rising across all property types.

‘No other sector of the economy has been as highly affected by economic stimulus as housing. As consumer confidence has improved, Canadians have shown a lingering reluctance to acquire depreciating assets such as consumer durables, but have embraced the opportunity to invest in real property,' said Royal LePage executive Phil Soper.

Royal LePage estimates that Vancouver's real estate prices will rise a further 7.2% this year, although February may be soft because of the Olympic Winter Games that will be held in the city and nearby Whistler.

The analysis is consistent with other recent reports on the state of the Canadian real estate market, which has rebounded over the past 12 months after sales dried up in late 2008 and hit a low in January 2009.

The Canadian market's sudden plunge was sparked by the credit crunch in the US but it has been much quicker to recover than its neighbour, partly due to a more stable banking industry, historically low interest rates and improving consumer confidence.

The latest report from the Greater Montreal real estate Board shows that the number of sales last year increased 41,802, up 3% from 2008. The median price of a single family home was $235,000 last year, up f4% from 2008.

Although sales decreased the first four months of 2009, Montreal's real estate market rebounded and finished the year on a positive note, according to Michel Beausejour, the Montreal board's chief executive.

Source: www.propertywire.com/

Aircraft: nut-free zone

Catherine Deshayes — 11/01/2010 11:24:00

Canada's transportation regulator has ordered Air Canada to accommodate passengers with severe nut allergies by seating them in new nut-free zones on aircraft...

"The agency has determined that a buffer zone, including an announcement within that zone, is the appropriate accommodation for persons with disabilities due to their allergy to peanuts or nuts," the Canadian Transportation Agency said in its ruling.

The agency had received two complaints from passengers with nut allergies since 2006.

One of the complainants had hidden in the airplane washroom for 40 minutes while nutty snacks were served to other passengers on a flight from Frankfurt to Toronto.

In another case, a traveller was removed and was rebooked on another flight two-and-a-half hours later in which "all nuts were removed". Other passengers on the second flight were also asked not to bring nuts onboard.

In its ruling, the federal regulator noted the nut allergies in these cases were so extreme that nuts did not have to be ingested. Rather, the mere presence of nuts in the immediate environment was "enough to cause concern".

The three-member panel deemed these allergies to be tantamount to an impairment or disability, which airlines must accommodate.

Air Canada argued it should be up to the passengers to take precautions against exposure to nuts. It does not serve peanuts on flights, but does serve smokehouse almonds, cashews and other snacks which may contain nuts.

"If a passenger is allergic or sensitive to products that may be found in the aircraft cabin, it is the passenger's responsibility to bring the proper medication and to have the proper protection," Air Canada said in its submission.

But allergy specialists said peanut proteins have been found in commercial airline air filters, demonstrating they may become aerosolised in flight and remain suspended in aircraft cabins.

The regulator said creating a nut-free buffer zone is the best solution, and gave Air Canada 30 days to come up with a recommended size of the buffer.

Source: AFP

Canada heading for record high in 2010

Catherine Deshayes — 04/12/2009 12:09:00

The Canadian housing market will roll into the new year with momentum that will push the average price of a home to a record high, according to a forecast released by realtor Re/Max...

The year is expected to close out with sales topping 465,000 units, a 7 percent increase from 2008, while home values are estimated to jump 5 percent to C$318,000 as 65 percent of Canadian markets surveyed set records.

It's a remarkable reversal in a year that started off under duress due to a crisis in confidence sparked by the worst economic downturn since the Great Depression. Sales dived 27 percent year over year in the first quarter.

"After one of the most difficult first quarters in Canadian housing history, the market miraculously changed course," the report said. "Rising like the phoenix from the ashes, real estate activity across the country gained momentum."

That momentum, driven by low interest rates, rising consumer confidence, and improvement in economic conditions, will result in sales and price growth next year, Re/Max said. It added that inventory will be the wild card, with any decline pushing prices higher.
In 2010, Re/Max expects the number of homes sold in Canada to climb 2 percent to 475,000, while it sees the average price rising to a record high, up 2 percent at C$325,000.

The Canadian Real Estate Association recently put out an even more optimistic forecast, saying it expects sales to rise 7 percent to 492,300 units next year.
Re/Max said Western Canada will lead the sales charge next year, with upswings in such markets as Kelowna and Victoria in British Columbia and Calgary, Alberta.
It expects sales to climb in 19 of the 23 markets it tracks, while home values are seen rising in 21 centers in 2010.

Source: www.iii.co.uk

Get selling in Canada

Catherine Deshayes — 09/11/2009 11:54:00

Now is a good time to be selling property in Winnipeg, the capital and largest city of Manitoba, in southern Canada, according to a local market analyst, cited by Winnipeg Free Press - following the recent surge for properties in Canada, including Winnipeg, Jeff Powell, Canada Mortgage and Housing Corp.'s senior market analyst for Manitoba, told a Winnipeg housing forum yesterday, that there has now been a shift from a balanced market to a seller's market...

Peter Squire, the Winnipeg Realtors residential market analyst, agreed in an interview that the city's market is back in a seller's mode. "But it's not across the board by any means," he said.

Squire said that homes located in the more desirable neighbourhoods and in the more popular price ranges (£55,000 to £150,000) were attracting the greatest demand.

However, despite the recent market recover, neither Squire or Powell expect the market to return to the boom days recorded in 2007, when around 85% of homes in The City were attracting multiple offers, and often selling for well in excess of the asking prices.

"That would be difficult to see," Powell said. "Those were pretty unusual circumstances."

Source: www.homesoverseas.co.uk/news

Canada market looking up

Catherine Deshayes — 06/10/2009 11:37:00

A blend of low interest rates and sensible pricing has generated a new sense of optimism in the Canadian property market and caused the Canadian Real Estate Association (CREA) to revise its forecast for the Canada property sector for the rest of 2009 and 2010...

The CREA said that the Alberta property market, in particular, has improved dramatically in recent months. Overall sales activity across Canada improved in August, with the average price of a residential property in Canada now up 11.3% year-on-year.

The associations' revised forecast projects that overall residential sales of property in Alberta will fall by just 2.5% in 2009 to 55,000 units, a stark contrast to its last forecast in May which estimated that Alberta property sales would fall by a staggering 24.7% this year. It also projects that sales would increase 10.5% to 60,750 units next year.

CREA has also estimated that the average sale price of a home in the province will fall by 4.4% to $337,300 (£196,700) this year, compared with a previous estimate of an 8.8% decline in 2009. This is expected to be followed by a 1.1% decrease in 2010 to $318,300 (£185,500).

Source: www.homesoverseas.co.uk/news

Canada market on the up

Catherine Deshayes — 02/10/2009 10:04:00

The associations' revised forecast projects that overall residential sales of property in Alberta will fall by just 2.5per cent in 2009 to 55,000 units, a stark contrast to its last forecast in May which estimated that Alberta property sales would fall by a staggering 24.7per cent this year. It also projects that sales would increase 10.5per cent to 60,750 units next year.

CREA has also estimated that the average sale price of a home in the province will fall by 4.4per cent to $337,300 (£196,700) this year, compared with a previous estimate of an 8.8per cent decline in 2009. This is expected to be followed by a 1.1per cent decrease in 2010 to $318,300 (£185,500).

Source: www.homesoverseas.co.uk/news

Traveller's nightmare

Catherine Deshayes — 19/08/2009 10:03:00

A Canadian woman made an emotional return home to Toronto on Saturday after being stranded in Kenya since being denied exit in May because authorities alleged she was using someone else's passport...

Overjoyed to return home after the three-month ordeal she called a "nightmare" finally came to an end, Suaad Haji Mohamud hugged her 12-year-old son tightly after arriving at the airport.

She was only allowed to travel after DNA tests showing she was indeed Mohamed Hussein's mother, proving her identity.

Mohamud's ordeal began when she traveled to Kenya to visit her mother.

When she sought to board a plane to return to Canada in May, Kenyan immigration officials arrested and detained her, accusing her of identity fraud because her lips appeared different than those on the photograph in her four-year-old passport.

After holding her for eight days, Kenyan authorities freed the 31-year-old woman on bail.

"Really it is a bad experience. I have never been in jail, even in my own country," she said on Wednesday.

Her Kenyan lawyer, Lucas Naikuni, will file a complaint against the Kenyan and Canadian Governments, and against KLM airlines, according to CBC public television.

Mohamud's case has sparked a debate in Canada, where media have highlighted several cases of Canadian citizens who were held or faced difficulties abroad without Ottawa stepping in to help.

Prime Minister Stephen Harper has vowed to launch an investigation into the Canada Border Services Agency handled Mohamud's case.

Source: www.theage.com.au

Sydney, Canada

Catherine Deshayes — 17/08/2009 11:28:00

When Dutchman Joannes Rutten and his grandson boarded a Sydney-bound flight last week, they were looking forward to a few weeks' rest and relaxation Down Under. Instead they were left scratching their heads when their plane touched down on an island off the north-eastern coast of Canada...

Sydney, Australia, they soon discovered, is a long way from Sydney, Nova Scotia.

The 71-year-old and his grandson Nick, 15, had booked the trip through a travel agent in Holland two months ago and were planning to visit family in Wollongong and Tallong, near Marulan.

They set out from Amsterdam's Schiphol airport with Air Canada on Saturday, but headed west instead of east. They were ushered onto a suspiciously small connecting flight in Halifax, Canada, before they realised their plans had gone awry.

Air Canada organised free hotel rooms in the wrong Sydney until they could arrange flights on to Australia.

The hapless travellers finally arrived in Australia on Wednesday, five days after setting off from Amsterdam. And to top things off, Joannes' bags have now gone missing.

Joannes' cousin Yvonne Wallace, from Wollongong, said the ordeal had left the travellers exhausted.

"They were just relieved and very, very grateful to arrive," Mrs Wallace said.

"I think it was quite an adventure for the 15-year-old. They're not seasoned travellers. Joannes was absolutely exhausted when he arrived."

Air Canada customer service representative Clare MacDougall was working at J.A. Douglas McCurdy Airport in Sydney, Nova Scotia when she heard about the pair's predicament.

"I met the aircraft. When the aircraft door opened, the flight attendant said 'You're not going to believe it but we have two people who thought they were en route to Sydney, Australia," she told the Cape Breton Post in Canada.

"They arrived with no Canadian money - they had all Australian money."

Tourism Australia launched an overseas marketing campaign in 2006 with the slogan: So where the bloody hell are you?

And it seems the Ruttens are not the only tourists to answer: We're in Canada.

In August 2002, British tourists Raeoul Sebastian and Emma Nunn spent their holidays in Nova Scotia after thinking they were flying to Australia.

And last year, Monique Rozanes Torres Aguero from Argentina thought she was in Australia after landing in Nova Scotia.

She decided to stay for a holiday after befriending a local woman at the airport.

Mrs Wallace said the Ruttens were now recovering from their around-the-world adventure in Tallong, but would visit Wollongong in the coming week.

"We will do all the normal sight-seeing things, and we are thinking about taking them to the Blue Mountains.

Source: Illawarra Mercury

Canada renovation credit

Catherine Deshayes — 07/08/2009 10:16:00

Homeowners are being encouraged to utilise Canada's proposed Home Renovation Tax Credit (HRTC) if they plan to make renovations to their homes in the next six months...

Introduced in the Government's Economic Action Plan, the HRTC is a 15per cent non-refundable income tax credit on eligible home renovation expenditure on materials and labour within agreements entered into between 27 January 2009 and 1 February 2010. It may be claimed on expenditures of more than CAD1,000 (USD935) but not more than CAD10,000, and will therefore provide up to CAD1,350 in tax relief. It may be claimed within the 2009 tax return.

The Prime Minister, Stephen Harper recently reminded Canadians that:

"There has never been a better time to renovate your home. This new tax credit will help homeowners who renovate this year save on their taxes. In addition, these renovations will often lead to reduced energy costs or increases in the value of your home. Best of all, every time Canadians invest in renovations, they are also helping create construction and building-supplies jobs in their local communities."

The HRTC is the subject of a national advertising campaign by the Government as an integral part of its Economic Action Plan, and there is widespread interest in it from the public. While it has still to be passed by parliament and turned into law, this is not regarded as a problem due to the support it has received.

Source: www.lowtax.net

Cruise ship kills whale

Catherine Deshayes — 28/07/2009 11:52:00

A passenger cruise ship arrived at port in Vancouver on the weekend with a dead fin whale lodged on its bow...

The Sapphire Princess, from the Princess Cruise Lines, arrived in Canada from Alaska on Saturday morning with the whale speared to the ship's bulbous bow, the part of the bow which cuts through the water.

It is not known how long the carcass of the fin whale, estimated to be approximately 70 feet long, had been attached to the ship before it docked at the Port of Vancouver's Canada Place terminal.

The Princess Cruise Line issued a statement saying the company was "shocked and saddened" by the discovery.

"We sincerely regret the circumstances which led to the whale's death," Princess Cruises said in the statement released on Sunday.

"It is unknown how or when this could have happened, as we have strict whale avoidance procedures in place when our ships are in the vicinity of marine life. We are not aware that any whales were sighted as the ship sailed through the Inside Passage to Vancouver yesterday.

"Upon discovering the whale, we notified the Canadian Coast Guard, and they have asked for the assistance of the Department of Fisheries and Oceans. We will cooperate with any investigation into the circumstances of the whale's death."

According to the Vancouver Sun newspaper, the whale's fin and tail protruded from the water.

Tourists watching the ship come into port took pictures of the dead fin whale, the second largest marine mammal after the blue whale, while passengers disembarked.

"It looks so small compared to the boat," Ed McKeowan, 69, of Chicago, told the Vancouver Sun newspaper.

Ross Harlow, 70, of Whistler, told the paper: "I think it's a shame but it's inevitable. Unfortunately we share the sea with the whales".

Two tugboats nudged the whale from the ship, and the carcass was then removed for examination. The local fisheries department will conduct a necropsy to determine if the fin whale - which is a threatened species in Canada - died before or after the impact with the cruise ship.

It is the second time in a decade a cruise ship has come into port in Vancouver with a dead whale stuck to its bow. However Christianne Wilhelmson, the managing director of the marine conservation group Georgia Strait Alliance, told CBS news in Canada that whales colliding with ships in the area is not uncommon.

"It's kind of a tragic example of what happens when ships meet whales," she said. "There's more and more tanker traffic, there's more and more cruise ship traffic and what you have is an animal that's trying to make its way through all this."

Source: www.timesonline.co.uk

Canada comeback

Catherine Deshayes — 09/07/2009 10:39:00

The residential property market in Canada is showing signs of recovery but analysts are warning that it will be slow...

A rise in mortgage rates and high unemployment are just two of the factors that are likely to hold back prices and sales.

Property experts say that although first-time buyers and Bank of Canada rate cuts have helped restore stability to a market that slumped from late 2008 to early this year caution is still needed.

'We should be less fearful than we were six months ago, but I don't think we should be exuberant yet. The resale markets in Canada are very strong. May figures were pretty good, and June numbers will be even better,' said Will Dunning, an economic consultant who specializes in the housing market.

'But by July and into the fall there will be an offset of considerably slower activity. I don't think it's likely to go off a cliff. It'll depend on what happens in employment and the broader economy, and how that affects confidence,' he added.

Indeed the latest data from the Canadian Real Estate Association suggest that Canada's residential property market, which has withstood the financial crisis much better than its hard-hit US neighbour, has been showing signs of improvement for several months.

May resale home prices rose 0.4per cent to $319,757, topping the previous record set a year earlier and the first year-over-year increase since May last year. Also sales activity climbed for the fourth month in a row.

The association, which represents more than 97,000 real estate brokers and agents, now expects sales activity to continue improving.

Philip Soper, chief executive officer of Brookfield real estate Services, an arm of Canadian property giant Brookfield properties, expects a period of stabilisation over the next year.

Unemployment is one of the biggest dangers for the recovery. The jobless rate increased to an 11 year high in May.

Source: www.propertywire.com

Canada back in the game

Catherine Deshayes — 26/06/2009 10:39:00

The housing market in Canada is said to be regaining its popularity with overseas property buyers, Halifax International has said...

The international arm of Halifax has stated there is a feeling of positivity about the Canadian property market.

The property website, Property-Abroad.com commented earlier in June that Canada is once again one of the top ten most popular countries with buyers looking to invest in properties abroad.

Rumours of returning buoyancy to the Canadian housing market is apparently encouraging investors to buy. The fact that sterling is strengthening against the Canadian dollar has also been said to have caused an interest from British property investors in particular.

Property-Abroad.com said, "Sterling is currently strengthening against many currencies, and as a result some of the pent-up demand within Britain for overseas property is beginning to be released." The property firm has forecast the housing market in Canada should continue to strengthen.

Canada is not the only country to have experienced a boost to its property market. In the US, sales of formerly owned houses increased by 2.4 per cent in May. This was an increase in the annual rate to 4.77 million, from 4.66 million in April.

However, the increase in sales was lower than anticipated and house prices were 16.8 per cent lower than 12 months ago, BBC News has said.

Subodh Kumar, Chief Investment Strategist at Subodh Kumar & Associates in Toronto said, "The housing number suggests that things are bottoming, but that's a far cry from improving. I think the markets are focused on how fast the recovery is going to be, and I think it won't be as fast as people are thinking."

Source: www.hotproperty.co.uk

Canada market on the up

Catherine Deshayes — 18/06/2009 09:27:00

The residential real estate market in Canada is improving with estate agents reporting improved sales and economists claiming that the worst of the slump is over...

Although January showed declining sales, figures every months since then have been upward. In Vancouver, for example, sales were down 59 per cent in January from a year earlier but last month they were 17 per cent above those in May last year.

Nationally sales have been increasing every month since February. In April sales on a monthly, seasonally adjusted basis jumped 11.2 per cent.

'The worst of Canada's recession occurred through December and January of this year. Things were looking really bleak. It caused people to be cautious. Now, thanks to low mortgage interest rates and a slide in prices buyers are more confident,' said BMO Nesbitt Burns Senior Economist Michael Gregory.

'The worst is over,' he said but added that it was still too early to talk in terms of a strong and robust recovery.

Bank of Nova Scotia's Senior Economist Adrienne Warren expects more positive news for June. Most activity is among first-time buyers at the more affordable end of the market, she said. In Calgary, for example, 70 per cent of re-sales in May were on property priced under £215,260.

'First-time buyers are coming in to take advantage of the ultra-low interest rates we're seeing right now,' Warren explained.

The recent growth is due partly to pent-up demand from the end of last year, and observers said this could level off over the summer once that delayed activity has been satisfied, and as rising unemployment continues to temper consumer activity.

In some areas bidding wars are breaking out again. According to Pamela Allen, a Re/Max real estate agent in Vancouver, she is busier than she has been all year. 'My last three buyers all lost their offer because they were in a bidding war,' she said.

Source: www.propertywire.com

Canadians want to fix

Catherine Deshayes — 08/06/2009 10:33:00

The Canadian Government has purchased £780 million worth of five-year fixed rate mortgages from banks, in an attempt to free up more cash for fresh mortgage lending...

However, the Canada Mortgage and Housing Corp, which provided this statistic, say that the amount bought by the Government, is far less than the £2.25 billion that the administration had initially pledged to acquire

It is now hoped that the Government's move, which yields an average return of 2.9 per cent, will help boost Canada property demand.

Source: www.homesoverseas.co.uk/news

FTBs flock to Canada

Catherine Deshayes — 05/06/2009 09:55:00

Residential property prices in Canada are continuing to fall but the result is that more first time buyers are entering the real estate market, pushing up sales...

The latest real estate figures to be published show that Canadian home prices fell 5.8 per cent in March from the same month a year earlier. This was a faster pace of decline than in February, says the Teranet-National Bank National Composite House Price Index.

The index, which measures the rate of change of prices for single family homes in six metropolitan areas, also showed prices were down 8.5per cent nationally from their peak in August last year.

Western Canadian home prices were hardest hit, with Vancouver leading with a 9.6 per cent decline in March from a year earlier, while Calgary had an 8.4 per cent drop, Toronto a 6.9 per cent slide and Halifax the smallest fall at 0.8 per cent. Montreal and Ottawa bucked the trend in March, rising 2.9 per cent and 1per cent, respectively. The index also showed that property prices sagged 4.1 per cent year-over-year in February.

While the economy remains a huge concern, lower prices and interest rates are spurring first time buyers into the market place, according to a report by Royal LePage Real Estate Services.

According to a poll by Pollara Research, done for Royal LePage, 86 per cent of Canadians say lower interest rates make them more likely to buy a home and 81per cent say lower prices are another motivating factor.

But the economy remains a stumbling block, with 76 per cent citing job security and 64per cent saying a stable economy are important factors in their buying decisions.

'The true impact of job loss is understated because, beyond the eight per cent unemployment rate, you have a section of the population who are concerned about their jobs, and that is feeding into their choice to buy a home,' said Phil Soper, Royal LePage CEO.

However, first time buyers are returning, helped by homebuyer's tax credit and a home renovation tax credit for 2009.

And so far Canadian developers have avoided a disastrous spring, with new home sales down by just 26 per cent in April compared with last year, less than was expected.

Source: www.propertywire.com

Canada: on hold

Catherine Deshayes — 26/05/2009 10:31:00

Property development in Canada is unlikely to return to boom levels for at least four years, according to a federal housing agency...

Residential property starts will plummet to 141,900 in 2009 compared with 211,056 in 2008 and several years of plus 200,000 starts, says a report from the Canada Mortgage and Housing Corporation.

CMHC expects property starts to rise moderately to 150,300 next year but it doesn't see a return to the 200,000 level for at least four years. It predicts starts to be 162,650 in 2011, 163,450 in 2012 and 176,800 in 2013.

'As the economy picks up, so will starts. But given the short-lived nature of the housing market slowdown we do not expect a significant build-up of pent-up demand. Because of this, we do not expect housing starts to return to the 200,000-plus unit pace of recent years,' the report says.

But it also points out that Canada's housing market has not experienced the kind of collapse that has characterized the US market, which has seen starts fall to about a quarter of previous levels.

The CMHC said Canada's experience is more in line with an orderly decline from record levels, both in terms of starts, sales and prices.

The decline can be blamed on several factors including the current economic climate, increased competition from the existing home market and the impact of strong house price growth between 2002 and 2007, according to CMHC Chief Economist Bob Dugan.

'Housing market activity will begin to strengthen in 2010 as the Canadian economy recovers, bringing housing starts more in line with demographic fundamentals over the forecast period,' he said.

He also forecasts that property sales are expected to decline to 357,000 units from 433,990 last year and to start heading back up next year to 386,100.

The average price of resale homes is expected to fall to £158,800 this year and stabilize next year with the west of the country experiencing steeper prices falls as this is where prices rose the most.

Starts are expected to tumble 53 per cent in Alberta, 50 per cent in Saskatchewan, 42.5 per cent in British Columbia, compared to the national average of 32.8 per cent.

Source: www.propertywire.com

Exchange rate news - this week

Catherine Deshayes — 20/04/2009 10:16:00

This week's Budget will be making the headlines in the business press - Wednesday lunch time is when the details are unveiled in the Commons...

Normally, a Budget doesn't tend to affect the value of the Pound too much, but this year could be an exception. If Chancellor Darling can give a positive outlook for the UK economy, some confidence might flow through to markets which could give the Pound a boost.

However if there are indications of a longer recession, along with tax hikes or spending cuts, sterling may fall back again after its encouraging run over the last 10 days.

More importantly, we have data releases on Tuesday which are more likely to move exchange rates around this week. In the UK, CPI and RPI inflation data are out at 9.30am.

Typically, higher than expected inflation figures will give the Pound some value, however in recent months it has been the worry of deflation and falling prices which has been dogging sterling, so if you have any foreign currency transfers to do in the coming weeks, Tuesday morning is key.

The Bank of Canada also meets on Tuesday to decide on Canadian interest rates - sending money to Canada has become relatively expensive recently due to the poor exchange rate, so look for any weak sentiment on Tuesday at 2pm to weaken the CAD. Canadian Retail Sales data is then announced on Thursday.

On Wednesday, as well as the budget, we have another set of UK figures, including the minutes from the Bank of England's last meeting earlier this month, and unemployment figures too. GDP and Retail Sales for the UK are released on Friday.

A busy week for the Pound. Don't forget that using your bank to send money abroad is usually not the cheapest way to do it - using a UK based currency company can save you up to four per cent on the exchange rate, and with your own dedicated broker to help you through the process, some of the headache will be removed too.