News

Vancouver market maintains "steady pace" with lowest sales in over a decade

Ivan Radford — Fri, 04 May 2012 11:01:00 GMT

Vancouver's housing market "maintained a steady pace" last month, according to the Real Estate Board of Greater Vancouver. The board's latest report found that spring activity remained consistent creating "balanced conditions" - despite April 2012 recording the month's lowest property transactions in over a decade.

The total number of residential transactions in Greater Vancouver was 2,799 last month, a 13.2 per cent decline from the year before and the lowest total for that month in the region since 2001.

"Although April sales were below what's typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17 per cent, a balanced relationship between buyer demand and seller supply in our marketplace," Eugen Klein, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6 per cent increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region's MLS.

Last month's new listing total was 6.7 per cent above the 10-year average for listings in Greater Vancouver for April.

At 16,538, the total number of homes listed for sale on the region's MLS increased 8.5 per cent in April compared to last month and increased 16 per cent from this time last year.

"Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type," Klein said.

Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9 per cent compared to the 1,201 sales in April 2011, and a decrease of 22 per cent compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1 per cent from April 2011 to $375,900.

Canadian home prices up in March, but gains continue to moderate

Ivan Radford — Tue, 01 May 2012 11:00:00 GMT

Canada's property market is starting to moderate, as house prices increase at a slower rate. According to the Canadian Real Estate Association, prices increase by 5.1 per cent in March compared to the year before, but growth remained on a par with February's rise, which was the smallest since last June.

"Overall price trends show that Canada's housing market continues to moderate," said Wayne Moen, CREA President. "Price increases have been shrinking since last fall. While that trend paused in March, it may in part reflect an early spring in many parts of the country, resulting in increased competition among buyers. That said, headline numbers mask some important differences in price trends among local housing markets and housing types. Since all real estate is local, buyers and sellers should talk to their local REALTOR® to best understand how home price trends are shaping up where they live."

The House Price Index remained above its year-ago level in all five of the markets tracked, led by Toronto (7.3%). It also held above year-ago levels in all housing.

However, because the MLS House Price Index is composed of four Benchmark housing types and more than 1,600 sub-areas spread among five housing markets, the overall index can mask price trend variations among Benchmark housing categories within a single housing market and between different parts of the country.

"The index typically experiences these types of month-over-month gains in the spring, which coincides with when the balance of supply to demand is tightest," said Gregory Klump, CREA's Chief Economist.

"With that in mind, it's important to look at month-to-month movements in the context of how they compare to the same period in previous years. While the overall monthly price increase was on par with last year's figure, it masks slowing price momentum in the Lower Mainland area of British Columbia. Slower price gains there were offset in March by a modest acceleration of price gains Calgary, Toronto, and Montreal."

Price gains for two-storey single family homes have surpassed this in other housing categories since the beginning of the economic recovery. Despite a recent deceleration in gains, two-storey single family homes posted the strongest year-over-year price gains in March. By contrast, price gains for one-storey single family homes picked up in March, which was driven mainly by increases in Montreal and Toronto.

Price growth remains much stronger for one-and two-storey single family homes compared to multi-family units, with price gains for single family homes (6.4%) running roughly double that for townhouse units (2.6%) or apartment units (3.0%). Even so, there are significant differences between housing markets.

In Montreal, townhouse unit prices are rising faster than prices for other housing types. This likely reflects the desirability of their location, since townhouse units are predominantly centrally located while single family homes are often located further from Montreal's city centre.

Price gains have remained strongest in Toronto since mid-2011. The rise in Toronto's Composite MLS® HPI was a full two per cent above the year-over-year increase in Vancouver's composite index. This represents the largest spread for price growth between these two markets in more than a year. This gap may widen further, since the Vancouver market is showing signs of coming off the boil while a lack of available supply relative to demand keeps Toronto's housing market in seller's market territory.

Canada home sales rise in March

Ivan Radford — Wed, 18 Apr 2012 10:46:00 GMT

House prices dropped but activity was on the up last month, according to statistics released by The Canadian Real Estate Association (CREA). National resale housing activity edged higher in March, with sales rising by 2.5 per cent from February - the highest monthly level of activity since April 2010.

Activity in March was up from the previous month in two-thirds of all local markets, with Toronto, Calgary, and Edmonton contributing most to the national increase.

Actual (not seasonally adjusted) activity stood 1.6 per cent above levels in March 2011, the smallest year-over-year increase since last April. It reflects moderate gains in a number of major centres, including Toronto, Calgary, Montreal, Ottawa, and Quebec City. Increases in these housing markets offset larger declines in Vancouver and the Fraser Valley, where activity last year ran at unusually strong levels.

A total of 108,373 homes traded hands in the first three months of the year. This is 5.0 per cent above the five-year average for first quarter sales, 3.8 per cent above the 10-year average, and 4.4 per cent above activity in the first quarter of 2011.

New listings were little changed following their uptick in February, having edged lower by 0.3 per cent on a month-over-month basis in March. The number of newly listed homes declined from the previous month in just over half of all local Canadian housing markets, and rose in almost all of the remainder.

"The spring housing market is off to a good start," said Wayne Moen, CREA's President. "The number of sales and newly listed properties are up from levels last year, and the vast majority of housing markets remain balanced. That said, all housing is local, so buyers and sellers should talk to their local REALTOR® to understand current and prospective trends where they live."

The national housing market remains well balanced, although the monthly increase in sales activity caused the balance between supply and demand to tighten slightly.

The national sales-to-new listings ratio, a measure of market balance, stood at 55.1 per cent in March. This remains firmly in balanced market territory, but is up from 53.6 per cent in February. Based on a ratio of between 40 and 60 per cent, more than half of local markets were balanced in March.

The number of months of inventory stood at 5.7 at the end of March on a national basis, down slightly from 5.8 months in February. 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 is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in March 2012 was $369,677, representing a decline of one half of a percentage point from the same month last year.

"Average prices are up from year-ago levels in most large urban centres," said Gregory Klump, CREA's Chief Economist. "The slight decline in the national average price points to a tug of war between Toronto and Vancouver from the standpoint of their sales mix compared to last year."

"The national average price was skewed higher last spring by record level high-end home sales in some of Vancouver's priciest neighbourhoods. It was expected that this would not recur this spring, which the latest sales figures confirm. The decline in average price reflects the change in Vancouver's sales mix, not housing price deflation."

"At the same time, overall home sales activity in Toronto is stronger than it was last spring, and higher-end home sales are up from year-ago levels. Being by far the most active housing market in Canada, Toronto represents the single biggest factor supporting national average price compared to last year."

Fractional ownership rises by 4pc

Ivan Radford — Wed, 18 Apr 2012 09:44:00 GMT

Fractional ownership rose by 4 per cent in 2011, according to a new report.

The review of the market sector analysed activity in America, Canada, the Caribbean and Mexico and found that there are "green shoots of recovery" starting to appear.

98 developments were classed as active, a drop from 104 in 2010, but in total, US consultant Dick Ragatz recorded 1,925 fractional transactions across 2011, a four per cent increase from the year before. The total value of all sales also rose by four per cent, reaching $552m.

"Significantly this is the first incre ase in overall volume since the peak year of 2007, when sales totalled $2.3 billion," adds Fractional Life.

Buyers are adopting a "wait-and-see attitude" due to the economic climate, suggests the survey, but only four per cent of respondents saying they would rather own a whole property. The figures are being hailed by the sector as a positive sign that there is still a future in fractionals.

Canada's bubble will not burst says JLL boss

admin — Tue, 03 Apr 2012 10:08:00 GMT

Fears that the Canadian property market may be about to crash are unfounded, a leading property agency told OPP this week.

According to Jeff Mayes, the Vice President of Jones Lang LaSalle Canada, there is no prospect of a bubble hitting the Toronto or Montreal markets.

"There is a greater risk of a gentle landing in Toronto," as prices dip a bit, says Mayes, but "Montreal prices should hold or increase slightly." Speaking exclusively to OPP, Mayes agreed with scare stories circulating in the Canadian media that the country's house market is looking vulnerable. "Yes, no question about it, I agree that interest rates and unemployment rates are the 2 most important factors" in keeping confidence levels high, says Mayes.

Source: OPP.org.uk

Canadian housing market 'over-valued' by nearly 15% says bank

admin — Mon, 02 Apr 2012 14:26:00 GMT

Canada’s booming house prices are 10% to 15% over-valued, the country’s second-biggest bank Toronto-Dominion warned this week, as its chief economist Craig Alexander called for the government to put the brakes on lending growth.

According to Alexander, if Canada’s overvalued residential market were to suddenly unravel, the market correction would be three times the magnitude of the country’s housing market crash in the early 1990s.

He would like to see "a gradual decline in sales and prices over the next several years."

Source: OPP.org.uk

Canada Mortgage ‘Wars’ Lead to Unacceptable Returns, McKay Says

admin — Fri, 30 Mar 2012 04:20:00 GMT

Canada’s “hyper-competitive” mortgage-lending has depressed returns to unacceptable levels that aren’t likely to last, said David McKay, Royal Bank of Canada’s head of banking for the country.

“You hate doing business at 2.99 and making such low-to- negligible margins for five years,” McKay said today, referring to interest rates on some mortgages, during a conference in Montreal hosted by National Bank of Canada. (NA) “Some of those rate wars have taken these returns down to unacceptable levels for our shareholders.”

Bank of Montreal (BMO) reduced its five-year fixed-rate mortgage by 50 basis points to 2.99 percent on March 8, prompting Royal Bank and other lenders to discount some home loans. Royal Bank raised its four-year fixed mortgage by 50 basis points to 3.49 percent on March 26, ending its special offer.

“We’re hoping they don’t sustain there over time,” he said, referring to the market’s current levels. “And it appears that they won’t.”

Source: Bloomberg.com

Miami, London and Vancouver 'in demand'

Ivan Radford — Thu, 29 Mar 2012 12:55:00 GMT

The gap in annual price growth between the best and worst performing luxury residential markets was 45% in 2011, according to the results of the Knight Frank Prime International Residential Index (PIRI).

The majority of locations covered in the survey saw flat or falling prices and, ironically, some of the largest price drops were in areas with the strongest economic growth.

Emerging markets influenced performance far and wide, with wealth flows to the developed world's property hotspots driving growth in Miami, London and Vancouver. Meanwhile, price falls in some of Europe's luxury markets point to the ongoing impact of the global financial crisis; similar falls in Singapore, Sydney and Shanghai confirm the unravelling of price booms in Asia.

As wealth creation and luxury property markets become ever more global, so the issues of exchange rate volatility, political risk and security concerns rise in importance for HNWIs, competing with more prosaic motives such as investment and lifestyle. This has led to the concept of the safe haven location.

Of all the luxury market trends that have played out since the launch of Knight Frank's Wealth Report five years ago, it is the growth of global wealth flows that has done most to shape the leading prime markets.

When asked which nationalities will become most important as prime property buyers over the next five years, Chinese, Russian, Middle Eastern, Latin American and those from other growth economies consistently top advisors' lists.

Nairobi tops the index with annual price growth of 25% followed by the Kenyan cost, up 20%. Miami is close behind on 19.1% followed by Bali at 15%, Jakarta at 14.3% and London at 12.1% then Vancouver at 10.4%. Among the biggest losers in the price stakes are Mumbai, down 18.1%, Monaco, Mallorca and the Dordogne in France, all down 10%, and Sydney down 8%.

Wealthy buyers rate personal security and safety as the top consideration when it comes to buying a property with 63% citing this reason first. That is followed by 60% seeking economic openess and 51% wanting social stability. Other influencing factors include excellent education systems, easy access to other cities, healthcare and transport facilities. T

he United States is the most popular location for wealthy buyers followed by the UK and then France, Spain and Singapore.

Source: PropertyWire

House price growth slows in Canada

Ivan Radford — Tue, 27 Mar 2012 11:56:00 GMT

The MLS Home Price Index, the leading measure of Canadian home prices, continued rising in February 2012, according to the latest statistics released from the Canadian Real Estate Association (CREA).

Year on comparisons continued shrinking, providing further evidence that Canadian home price growth may be topping out, said CREA.

The index in February 2012 was up 5.1% from its year ago level, the smallest increase since June 2011 and the fourth consecutive month in which gains slowed.

Toronto posted the largest increase at 7.3%, but momentum continued fading. Price increases also moderated further in Calgary at 2.5% and Montreal at 1.6%. Gains decelerated in all housing categories tracked except two storey single family homes.

The Aggregate Composite MLS Home Price Index rose 1.1% on a month on month basis in February 2012. Prices were up most for two storey single family homes at 1.6%, while townhouses and apartments saw smaller gains at 0.4% and 0.5% respectively.

‘Home price growth is generally slowing. At the same time, price gains and trends differ among housing markets tracked by the index,' said CREA president Gary Morse.

CREA chief economist Gregory Klump pointed out that the MLS Home Price Index typically rises in February from the previous month as demand increases leading into the spring housing market.

‘The monthly price increase in February this year was less than what we saw in either of the past two years, which is more evidence that the trend for Canadian home prices is slowing,' he added.

Source: Property Community

Toronto and Vancounver markets 'overheating'

Ivan Radford — Fri, 23 Mar 2012 10:42:00 GMT

Canada's biggest banks are tightening lending standards for condominium builders at the urging of regulators, requesting higher pre-sales and deposits as policy makers warn the Toronto and Vancouver markets are overheating.

Some banks have been asking construction firms to put more equity into new projects in recent weeks, according to developers. Lenders have also been raising the percentage of condo units that must be pre-sold and are demanding higher deposits as conditions for financing, they said.

"Several of the banks have tightened up" after the Office of the Superintendent of Financial Institutions "told the banks to be a little bit more careful on who they are lending to and how they are lending," said Barry Fenton, chief executive officer of Toronto-based Lanterra Developments, whose condos include WaterParkCity and Ice Condominiums at York Centre.

Policy makers including Finance Minister Jim Flaherty have warned about the risks of record consumer debt and soaring housing prices that some investors say may be inflating a condo bubble in Toronto and Vancouver. Housing prices may drop 15 percent as interest rates rise, crimping economic growth and sending Canadian stocks down 10 percent, said Sadiq Adatia, who manages about $9 billion at Sun Life Global Investments Inc.

While OSFI, Canada's banking regulator, hasn't imposed new formal requirements on real-estate lending specific to geography or property type, it increased supervision of residential lending practices more than a year ago, spokeswoman Leonie Roux said.

Source: Bloomberg

Video: Tourism and Travel in British Columbia - 2012 Outlook

Ivan Radford — Mon, 19 Mar 2012 10:29:00 GMT

It will be a challenging year for tourism operators in British Columbia. High prices, Europe in recession, high Canadian dollar add up to a perfect storm for tourism decline.

To find out more, please view this video on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/03/tourism-and-travel-british-columbia-2012-outlook/

Whistler ski-property sales up nearly a quarter in a month

admin — Fri, 16 Mar 2012 02:11:00 GMT

Luxury ski properties continue to sell well in the Canadian resort of Whistler, British Columbia, with volumes up 24% in February versus January.

Whistler saw 10 properties worth over $1 million change hands during the month, a 25% year-on-year jump.

The highest sale price in February, however, was $ 2.9 million, well down on the $4.1 million peak per unit in 2011, and $ 3.7 million in 2010.

Ursula Morel, estate agent at Whistler, told OPP, that it is “still a buyer's market as we move into the traditionally busier Spring season.” She is telling agents “do your homework because pricing can vary considerably depending on the neighbourhood and property type”.

Source: OPP.org.uk

Canada prices continue to climb

admin — Mon, 12 Mar 2012 11:30:00 GMT

House prices in Canada continue to grow with the Canadian Real Estate Association predicting that home values could be up by as 9.3% in 2011. This would follow significant price increases in 2009 and 2010.

And, according to the National Bank of Canada – Teranet, prices in H1 2011 were up by nearly 5% in its National House Price Index.

Richard Way, editor of www.OverseasGuidesCompany.Com told OPP that “Canada has performed tremendously well over the last 3 years. Across the board house prices are increasing and rental yields are up with Montreal being by far the most successful with rental yields averaging 5.7% growth.”

Source: OPP.org.uk

Video - Market in a minute: Vancouver (February 2012)

admin — Tue, 06 Mar 2012 13:30:00 GMT

Home-selling activity was stronger than home-buying activity last month. Prices continue to experience less fluctuation and more stability compared to this time last year.

Watch the full 60-second report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/03/vancouver-real-estate-minute-february-2012/

Canada tops expat survey for best quality of life

admin — Thu, 01 Mar 2012 03:00:00 GMT

While their cost of living has increased compared to five years ago, the quality of life for most expats hasn’t reduced, according to the latest Quality of Life index from NatWest International Personal Banking.

Canada has the best quality of life for the third time since the index began and the United Arab Emirates has risen from tenth to sixth position while Portugal has dropped three places to ninth position in the rankings. New Zealand is second, Australia third and France fourth.

Expat financial confidence in Spain, Portugal and France has fallen but the quality of life abroad for seven in ten expats hasn’t reduced and they believe their decision to move abroad was the right one.

But expats have had to make some changes to their way of living as the impact of the global financial crisis bites. They are consciously managing their money more prudently and the number who are reducing their spending on luxury items has increased from 17% in the first year of the report to 44% now.

Source: ExpatForum.com

Property sales in Canada fall for the first time in months

admin — Mon, 20 Feb 2012 10:37:00 GMT

Residential property sales in Canada fell 4.5% from December last year to January 2012, the biggest monthly fall since July 2010, the latest figures from the Canadian Real Estate Association (CREA) show.

It was also the first monthly fall since August 2011. The monthly decline reversed a string of monthly increases over the closing months of last year, and returned national activity to where it stood at the end of the third quarter of 2011.

Last year was also muted in terms of price increases, with the national average home price up less than 2% year on year in January, one of the smallest increases of the last 12 months.

Source: PropertyWire.com

Video - Vancouver housing market update

admin — Fri, 17 Feb 2012 12:19:00 GMT

The Real Estate Board of Greater Vancouver Housing Market Update for January 2012 with REBGV president Rosario Setticasi.

Watch the full report on TheMoveChannel.tv:

http://www.themovechannel.tv/2012/02/january-2012-housing-market-update-rebgv/

Canadian prices could soar by nearly 10% this year says CREA

admin — Fri, 10 Feb 2012 02:15:00 GMT

Residential property prices in Canada could soar by as much as 9.3% in 2012, says The Canadian Real Estate Association, as international buyers and a strong domestic economy keep the market busy.

But this is just business as usual. The news comes on the back of several boom years for the Canadian home market. In the year to the end of June 2011, the National House Price Index rose by 4.52% according to the National Bank of Canada – Teranet.

And there were similar price jumps in 2009 and 2010. Richard Way, editor of www.OverseasGuidesCompany.com, told OPP this week that “compared to its nearest neighbour, the U.S., Canada has performed tremendously well over the last 3 years. Across the board house prices are increasing and rental yields are up with Montreal being by far the most successful with rental yields averaging at 5.7%.”

However, “market-calming measures” are now starting to appear in Canada. One of the sost significant is the country’s new “Harmonised Sales Tax” which has been implemented in Ontario and British Columbia. “New houses in Ontario are now subject to an additional 5% sales tax on top of the existing provisional sales tax of 8% and British Columbia will also face an additional 5% on top of its current 7% standard tax,” explains Way.

Source: OPP.org.uk

Global commercial property markets slowing improving despite economic woes

admin — Wed, 08 Feb 2012 02:50:00 GMT

While economic uncertainty still affects the main commercial real estate centres around the world, global real estate markets are showing steady improvements, according to Jones Lang LaSalle’s latest forecasting report.

The firm’s Global Office Index reveals t5hat the fourth quarter of 2011 was the eighth consecutive quarter where prime office rents have risen, up 0.8% over the previous quarter and 6% up on the fourth quarter of 2010. Global vacancy is edging down to the lowest point for the past two years at 13.6%.

‘The majority of global leasing markets are holding firm, and many are showing remarkable resilience especially among the BRIC countries, as well as robust showings from Canada, Australia, Germany and the Nordics,’ said Jeremy Kelly, director in Jones Lang LaSalle’s global research team and report author.

‘While leasing markets in the major financial centres are softening, the limited supply pipeline should ensure that they do not move significantly out of balance,’ he added.

Source: PropertyWire.com

Canadian agencies wary of calls for overseas buyer curbs

admin — Fri, 27 Jan 2012 13:02:00 GMT

Canadian overseas property agencies are monitoring growing calls for protectionism, worried that booming international sales markets in cities like Vancouver could be affected if local campaigners get their way and the government imposes purchase restrictions on buyers from abroad.

Speaking exclusively to OPP this week, Nicola Way, owner of agency Best Homes BC, said “there are definitely suggestions in the media that Canada should implement the same sorts of restrictions that Australia has when it comes to overseas buyers.”

However, she adds, “the fact is that there is no definitive data available showing the origins of buyers as many opt to open Canadian companies and purchase properties through them, even though the owner may be living in China for example.”

Source: OPP.org.uk

Canada dealing with thousands of cases of potential residence fraud

admin — Fri, 27 Jan 2012 03:30:00 GMT

Canadian Citizenship, Immigration and Multiculturalism minister Jason Kenney has vowed to continue a crackdown on fraudulent attempts to acquire citizenship.

Officials are battling against gangs who help individuals to create the appearance that they are living in Canada in order to keep their permanent resident status to acquire citizenship.

The Royal Canadian Mounted Police (RCMP) has recently charged two people with offences under immigration laws.

‘Canadian citizenship is not for sale. Canadians are generous people, but they have no tolerance or patience for those who don’t play by the rules and who lie or cheat to become a permanent resident and ultimately obtain Canadian citizenship,’ said Kenney.

Source: ExpatForum.com

Vancouver leapfrogs Sydney in unaffordability index

admin — Thu, 26 Jan 2012 10:15:00 GMT

Vancouver’s property market has overtaken Sydney’s as the most unaffordable in the world behind Hong Kong according to a new study.

Research group Demographia, in its study of 325 metropoiltan areas world wide, revealed that Vancouver’s median homeprice is now $678,000…10.6 times the median pretax household income of $63,800, making it “severely unaffordable”.

Sydney’s home price to income ration was 9.2, while Hong Kong topped the ranking with 12.6… a record for the survey, surpassing Los Angeles’ 11.5 in 2007.

In a statement Demographia’s Wendell Cox and Hugh Pavletich, managing director of New Zealands’ Pavletich Properties, said: “Housing affordability generally improved in the surveyed nations, though the most unaffordable markets, Hong Kong and Vancouver, became even more unaffordable.”

Source: OPP.org.uk

Canadian sales numbers keep on growing

admin — Tue, 24 Jan 2012 08:50:00 GMT

Canadian property sales rose towards the end of 2011 according to the latest data from the Canadian Real Estate Association (CREA).

CREA’s figures showed that residential real estate transactions were up 1.8% December month-month. Sales for the whole of 2011 totalled 456,749, a 2.2% rise on 2010’s number.

CREA president Gary Morse said that he hoped the end-of-year boost would continue into 2012.

“The momentum in sales activity provides clear evidence that low interest rates continue to draw homebuyers to the housing market,” Morse said. “While buyers have become increasingly cautious, the hand off for sales activity going into the New Year suggests that Canada’s housing market will continue to benefit from low interest rates in 2012, and continue making a significant contribution to Canadian economic activity.”

Source: OPP.org.uk

That Canadian housing bubble remains elusive

admin — Wed, 18 Jan 2012 07:10:00 GMT

Are Canadian home prices really floating on top of a big bubble? Probably not. But there continue to be reputable observers who are willing to describe today's undoubted priciness as a "bubble." Why is this?

Much of problem is a simple problem of word inflation. "Overvaluation" isn't very scary, so analysts who want to ensure that they'll attract some attention are tempted to use the term "bubble," which actually means something far worse than just high prices.

Thus a big Canadian investment dealer issued a report last month saying that home prices here show "many of the signs of a classic bubble."

But if you read the report, it actually described a case of mild overvaluation, one that might result in price stagnation. Even if Canada were hit with an improbably bad recession and spike in unemployment, the report said, prices would fall maybe 10 per cent. This is no bubble.

Source: MontrealGazette.com

Vancouver prices drop after early 2011 boom

admin — Mon, 09 Jan 2012 11:05:00 GMT

Vancouver’s property market slowed down in the second half of 2011 after a booming start to the year according to a new report.

The research form the Real Estate Board of Greater Vancouver revealed that prices in the area have dropped 1.5% from June to the end of the year.

However, the overall figure for the year shows that prices for residential properties were up 7.6%.

Source: OPP.org.uk

Canada home sales rise, listings decline in November

admin — Thu, 05 Jan 2012 11:55:00 GMT

Canada's resale housing market tightened slightly in November, as sales rose in more than 50% of markets while the number of listings declined, the Conference Board of Canada said Tuesday.

Sales rose in 16 of the 28 markets the board tracks for its metro resale index, with seven of those markets posing a gain of more than five per cent over October's number. Year-over-year sales rose in 15 areas, down from October, when 20 of the urban areas posted sales growth over 2010.

"The supply of new listings fell in 23 of 28 markets in November, but still exceeded year-earlier levels in 20 jurisdictions," the board said. "An easing in supply of listings, combined with slightly weaker sales gains, lifted the sales-to-listings ratio in November in 23 markets. This left four areas as ‘sellers' markets, while 21 remain ‘balanced'."

Source: FinancialPost.com

Canada edging towards a sellers market, according to real estate agents

admin — Thu, 22 Dec 2011 08:19:00 GMT

Average residential property prices in Canada have increased 4.6% year on year last month, the smallest increase since January, according to the statistics from the Canadian Real Estate Association (CREA).

But national resale housing activity rose slightly in November from the previous month and the real estate market remains balanced but is edging closer to a sellers market, the report also shows.

Sales activity edged upward by 0.5%, the third straight month in which national activity was up from the previous month’s levels. Activity rose in about 60% of all local markets with a record November in the Halifax-Dartmouth region offsetting a dip in sales in Toronto.

‘The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,’ said Gary Morse, CREA’s president.

Source: PropertyWire.com

Residential land values are buzzing in Ottowa

admin — Tue, 20 Dec 2011 08:20:00 GMT

Ottowa’s two biggest property transactions in 2011 were for two big-scale retirement developments and “while that asset class is likely to remain visible as the population ages,” Nico Zentil, a senior sales associate at CB Richard Ellis told OPP, “it's residential development land that's now grabbing investors' attention.”

"There is a lot of buzz in that sector right now," he says. Residential land typically makes up 10% to 15% of CBRE’s business in the Ottowa district, but in 2011 this soared to 30% says Zentil.

With a limited supply of quality assets on the market, investors are increasingly looking for development opportunities, Zentil adds. "It's not only tough to buy real estate today, (but) the stuff you can get your hands on is usually so heavily pursued that the returns have been beaten down. We expect a lot of groups, particularly on the institutional side, to be more active in the residential development market."

Overall real estate investment levels in Ottawa have averaged approximately $1 billion over the past decade prior to spiking at more than $1.7 billion in 2008 and then plunging to around the $800-million mark in 2008 and 2009, according to data from the international agency group Cushman & Wakefield.

Source: OPP.org.uk

Toronto housing market still on fire

admin — Wed, 07 Dec 2011 02:08:00 GMT

The country’s largest housing market continues to post double digit year over year price increases — likely meaning the national average will get a boost when the figure is released by the Canadian Real Estate Association on Dec. 15.

The Toronto Real Estate Association says the average price of a detached home in the 416 district climbed past the $750,000 mark. Detached home prices rose 12% from a year ago to $776,017. It’s a little cheaper in the suburbs with the average detached home in 905 selling for $540,299, a 10% jump from a year ago.

“We have seen strong annual growth through the 2011 fall market. The increase in transactions has been broad-based, with strong growth across low-rise and high-rise home types throughout the Greater Toronto Area,” said Richard Silver, president of TREB.

Sales across the GTA climbed to 7,092, an increase of 11.1% from a year ago. Supply kept pace with new listings climbing to 9,786 in November for a 14% jump from a year.

Source: FinancialPost.com

Global housing markets struggling

Ivan Radford — Mon, 05 Dec 2011 11:29:00 GMT

The world's housing markets had a weak third quarter of 2011, according to the latest survey of worldwide house price indices prepared by the Global Property Guide. During the year to end Q3 2011, house prices fell in 25 countries (out of the 44 for which quarterly house price statistics are available) and rose in only 19.

Moreover, 26 housing markets performed more poorly during the year to the third quarter than last year, while only 18 countries performed better.

The Global Property Guide's statistical presentation uses price-changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents.

What is most remarkable this quarter is the wide variety of outcomes:

Brazil and India booming

India and Brazil's housing markets have continued their spectacular outperformance, with Delhi house prices up 22.68% during the year to Q3 2011, according to National Housing Bank (NHB) figures. There were strong house price increases in almost all India's major cities, reflecting the country's current high rate of consumer price inflation, despite a drop in demand resulting from the repo rate hike in October (currently at 8.50%), the 13th since March 2010, making home loans costlier.

Brazil's Sao Paolo had the second highest house price rise in the world during the third quarter, with house prices up 5.88% during the quarter, according to the FIPE- Zap price index. Sao Paolo had an astonishing year, with house prices up 20.26% during the year to Q3 2011. The country is experiencing an unprecedented boom, not least because it is the host country for the World Cup in 2014 and the Olympics in Rio de Janeiro in 2016.

Europe's mixed housing markets

The world's second strongest quarter-on-quarter house price rise occurred in an unexpected city - Vienna, where house prices surged by 5.44% during the quarter (and +4.25% on the year), continuing 6 years of nearly unbroken price rises for Austria's capital.

The Baltics have also performed strongly. Latvia is the third best performer among all reporting countries in our survey over the twelve months to Q3 2011. In Riga, standard type apartments rose 13.31% year-on-year, a quick comeback after a fall of 5.40% in the second quarter.

Following Latvia was Estonia, whose housing market is rallying after three years of terrific losses that began during the onset of the global financial crisis. During the year to end Q3 2011, house prices in Tallinn were up 12.30% with a quarterly rise of 2.71%.

Other European markets which have enjoyed satisfactory increases were Norway (+6.74%), France (+4.80%), and Switzerland (+3.35 %).

Modest house price increases were seen in Slovenia (+0.82%), Iceland (+0.76%), Germany (+0.66%) and Luxembourg (+0.55%) in the year to Q3 2011.

Ireland stays weak

The Irish housing market remains the world's weakest performer. House prices were down 15.61% year-on-year, the steepest decline since 2008. Quarter-on-quarter, Ireland's house prices slid 4.25%.

Several other European housing markets experienced accelerated downturns during the year ending in the third quarter of 2011, including Netherlands (-5.20%), Portugal (-6.77%), Slovak Republic (-7.94%), Warsaw, Poland (-7.95%), Spain (-8.41%) and Bulgaria (-9.65%).

Conversely, European countries which saw slower house price falls this year than the previous year include Turkey (-0.50%), Russia (-3.47%), Croatia (-4.59%), Hungary (-4.67%), Athens, Greece (-6.57%) and Kiev, Ukraine (-7.02%).

Asian housing markets now cooling

In Asia, several countries had house price increases during the year to end Q3 2011, albeit less strong than last year, following the government measures to curb the heat in their respective housing markets.

In Hong Kong, house prices were up 12.07% year-on-year, after a rise of 19.30% the previous year. In Malaysia, house prices rose by 3.15% year-on-year, after a rise of 5.76% during the same period last year. In Singapore, house prices rose by 2.73% year-on-year, a big drop from last year's 18.96%. In Taiwan, house prices were up a mere 0.46% year-on-year, after a rise of 6.97% during the same period the previous year. During the latest quarter, house prices were down 7.02%.

However, housing markets in South Korea and Philippines (Makati CBD) improved from a year earlier with price rises of 1.55% and 0.89%, respectively.

In Japan (Tokyo) and China (Shanghai), housing markets have been deteriorating since Q1 2011. House price declines are being reported across China, indicating the success of government measures during the past year. The country's skyrocketing housing prices have been blamed for social tensions and other economic problems.

Patchy progress for North America

The Canadian housing market has been a notable performer in the year to Q3 2011, with house prices in the six cities rising by 3.25% year-on-year, according to Teranet - National Bank Composite House Price Index. Record-low interest rates and a fairly stable Canadian economy have bolstered consumer confidence in the housing market. During the third quarter, house prices were up 3.46%.

In the United States, the housing market drifted lower as house prices plummeted by 7.22% (seasonally-adjusted) year-on-year to Q3 2011, according to the Federal Housing Finance Agency (FHFA). However, the number of homeowners who owe more than their homes' worth decreased modestly in the third quarter, though levels remained high.

Israeli house price boom now over

House prices in Israel fell 0.58% in the year to Q3 2011, the first drop since 2009. During the latest quarter, house prices were down 3.65%.

The moderation in home prices comes against the background of the continued increase in the number of building starts, the lagged effect of the increase in the interest rate, measures introduced by the Bank of Israel affecting mortgages, and steps taken by the Ministry of Finance in real estate taxation. The effect of these moves is expected to continue and be evident going forward.

Pacific housing markets heading down

In New Zealand, median house prices were down 4.30% from a year earlier, with a quarterly house price fall of 2.26%. However, there is optimism in the housing market buoyed by low interest rates and recovery following earthquakes in Christchurch.

High interest rates and global economic uncertainty have continued to impact the Australian housing market, and it slumped 5.55% in the year to Q3 2011, the third quarter in which annual house price falls were reported this year.

Accordingly, the Reserve Bank of Australia (RBA) lowered the benchmark interest rate in November, the first time since April 2009, moving to boost the nation's economy amid uncertainty stemming from Europe's debt crisis. The benchmark rate is currently at 4.50%.

Canadian endvestors pounce on Florida

admin — Thu, 01 Dec 2011 02:11:00 GMT

Overseas property agents are noticing more and more Canadian buyers surging into Florida to buy distressed properties for their retirement. Dubbed "Canadian endvestors," they are snapping up homes at heavily discounted prices and sitting on them until they stop work.

Speaking exclusively to OPP this week, Ralph E De Martino, 2011 Residential President of The Miami Association of Realtor and president of local agency group Ocean International Realty, said "Canadians love it here and their currency has exaggerated buying power. That, coupled with low prices... it's a no brainer to buy and to buy now.

“This trend is likely to continue as more Canadian buyers are telling their friends. It's like a snowball effect," De Martino added.

Garret Kenny, managing director of CB Feltrim agrees, and has even been up to Canada recently to sell opportunities at developments like his Tuscana resort.

Source: OPP.org.uk

Canada’s real estate now more affordable, study says

admin — Wed, 30 Nov 2011 07:32:00 GMT

homes in Canada became a bit more affordable in the third quarter of 2011, according to a new report by RBC. Most parts of Canada saw a decrease in housing costs, with Vancouver being the one exception.

The index RBC uses calculates the affordability of housing at a given time. The lower the index, the more affordable homes are expected to be. In the third quarter of 2011, the amount of pre-tax household income a family would need to pay for home ownership went down across much of Canada. In Vancouver, however, home prices continued to be extremely high in wealthier neighborhoods.

The increase in affordability can be attributed to many factors, including the economic crisis in Europe, which has kept interest rates low. Experts at RBC expect prices to level off sometime next year, and those few places where prices increased (Toronto, Montreal, and Ottawa) will also start to see some stability in their home affordability.

Source: RealtyBizNews.com

Canadian prices are overshooting

admin — Mon, 28 Nov 2011 07:46:00 GMT

Overseas property prices in Canada are overheating and local experts are beginning to worry about the market moving from boom to bust.

Despite the high number of foreign buyers continuing to flood into Canada's residential real estate hot-spots and average property prices posting another 5.5% year-on-year rise in October beds, forcing the Canadian Real Estate Association to up its annual sales forecast, “prices in Canada today are overshooting,” says CIBC's (the Canadian Imperial Bank of Commerce) Benjamin Tal in a new report.

He points to the large number of Chinese investors buying condominiums and houses worth more than $2 million at unprecedented rates in the more upmarket areas of Vancouver. Chinese buyers now account for approximately 20% of overall sales in the city and is the main the reason prices are so high there.

Source: OPP

Edmonton listed as fourth most attractive real estate market in Canada

admin — Tue, 22 Nov 2011 08:07:00 GMT

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 — Mon, 21 Nov 2011 08:47:00 GMT

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 — Mon, 14 Nov 2011 08:38:00 GMT

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 — Wed, 09 Nov 2011 06:59:00 GMT

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

Top 10 haunted houses in the world

Ivan Radford — Fri, 28 Oct 2011 12:07:00 GMT

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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Video: British Columbia unveils cutting edge tourism plan

admin — Thu, 27 Oct 2011 04:45:00 GMT

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

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

admin — Tue, 18 Oct 2011 10:35:00 GMT

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.

Canada house price boost

admin — Tue, 18 Oct 2011 08:17:00 GMT

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 — Mon, 10 Oct 2011 10:30:00 GMT

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 — Mon, 26 Sep 2011 09:12:00 GMT

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 — Mon, 19 Sep 2011 08:20:00 GMT

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 — Wed, 14 Sep 2011 09:03:00 GMT

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 — Fri, 02 Sep 2011 06:48:00 GMT

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 — Tue, 23 Aug 2011 07:34:00 GMT

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 — Tue, 16 Aug 2011 06:57:00 GMT

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 — Tue, 02 Aug 2011 10:38:00 GMT

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 — Fri, 22 Jul 2011 08:33:00 GMT

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 — Wed, 20 Jul 2011 06:45:00 GMT

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

Low interest rates, buyer confidence keep Canada property strong

Sarah Kendell — Mon, 18 Jul 2011 12:10:00 GMT

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.

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2011's summer of innovative attractions

admin — Mon, 18 Jul 2011 11:22:00 GMT

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 — Tue, 12 Jul 2011 08:06:00 GMT

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 — Mon, 11 Jul 2011 11:56:00 GMT

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 — Fri, 17 Jun 2011 06:40:00 GMT

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 — Fri, 10 Jun 2011 07:32:00 GMT

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 — Thu, 09 Jun 2011 07:17:00 GMT

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 — Fri, 03 Jun 2011 07:35:00 GMT

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 — Thu, 02 Jun 2011 07:52:00 GMT

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 — Tue, 31 May 2011 10:42:00 GMT

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

Canada attracting attention of global investors

Dan Johnson — Fri, 27 May 2011 09:58:00 GMT

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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Canadians happiest in the world with their housing

admin — Thu, 26 May 2011 06:48:00 GMT

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 — Tue, 24 May 2011 06:31:00 GMT

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 — Thu, 19 May 2011 08:01:00 GMT

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 — Wed, 18 May 2011 07:14:00 GMT

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 — Wed, 11 May 2011 04:39:00 GMT

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 — Fri, 06 May 2011 07:40:00 GMT

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

Canada voted expats' favourite destination

Sarah Kendell — Wed, 20 Apr 2011 09:47:00 GMT

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/

Canadian property market declared stable and steady

admin — Wed, 20 Apr 2011 06:37:00 GMT

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 — Mon, 18 Apr 2011 07:44:00 GMT

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 — Fri, 15 Apr 2011 06:59:00 GMT

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 — Tue, 12 Apr 2011 06:30:00 GMT

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 — Mon, 11 Apr 2011 11:41:00 GMT

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 — Tue, 22 Mar 2011 12:11:00 GMT

"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 — Fri, 18 Mar 2011 12:45:00 GMT

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 — Wed, 16 Mar 2011 11:51:00 GMT

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 — Fri, 11 Mar 2011 11:49:00 GMT

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 — Wed, 02 Mar 2011 13:52:00 GMT

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 — Wed, 23 Feb 2011 12:34:00 GMT

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 — Mon, 21 Feb 2011 13:38:00 GMT

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 — Wed, 09 Feb 2011 11:47:00 GMT

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 — Fri, 04 Feb 2011 11:36:00 GMT

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 — Wed, 26 Jan 2011 11:30:00 GMT

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 — Mon, 24 Jan 2011 10:46:00 GMT

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 — Wed, 12 Jan 2011 11:28:00 GMT

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 — Tue, 11 Jan 2011 11:08:00 GMT

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 — Mon, 20 Dec 2010 19:21:00 GMT

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 — Fri, 17 Dec 2010 12:34:00 GMT

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

Hot property in freezing temperatures

Catherine Deshayes — Mon, 13 Dec 2010 18:24:00 GMT

Long popular with international investors, Canada was named the most affordable English speaking country in which to buy a property last year - and, thanks to its long ski seasons, it is looking particularly appealing to winter sports lovers...

British buyers seeking a second home or a relocation property regularly look to Canada, drawn by the clear air, relaxed way of life and great health care and education.

Canada offers people a true year-round experience-from great skiing in the winter to fishing, hiking and biking in the summer, and many investors who originally buy holiday homes in the country go on to relocate permanently.

Canada just keeps on getting better - boasting good infrastructure, a stable political and economic environment and regular links to and from the UK. Add this to the wealth of natural resources, high standard and low cost of living, and Canada is a safe yet exciting place for Brits to buy property.

The Canadian ski season is far longer than the European equivalent, and property prices are much lower than in the French Alps in particular. As the ski homes are far larger than almost anywhere in Europe, they can add up to a sharp investment for those wanting to combine a year round holiday home with earning an income.

Liam Bailey, Head of International Research at overseas property investment specialists David Stanley Redfern, says, ‘I would call Canada the only established market in the world where the property market is only semi-emerged, meaning that there is room for real growth on carefully chosen property.'

The small Rocky Mountain town of Canmore in the booming, oil-rich state of Alberta in western Canada, is best known for hosting Eddie the Eagle at the 1988 Winter Olympics.

Forty-five minutes from Calgary, the fastest growing city in Canada, and the international airport with direct flights from the UK, Canmore is one of the country's most exclusive winter and summer resorts. Tucked 4,200ft up in the Rockies, sandwiched between Calgary's cosmopolitan pulse and Banff's rugged glamour, Canmore is home to more national calibre athletes than any other Canadian centre.

Lying in the middle of the wide Bow River Valley, the town gets direct sunlight for 330 days of the year, and has a relatively mild climate; in the coldest winter months, average temperatures hit minus 5C.

In Canmore's small centre, the average sale price of a three-bedroom home with hot tub, deck and heated garage was around £500,000 compared to five years ago when you could snap one up for £213,000.

The biggest development in Canmore is the 2,000 acre Three Sisters Mountain Village, (TSMV) so called for the three mountain peaks, Faith, Hope and Charity, that shadow it.

A ski-jump away from the famous Banff National Park, TSMV makes up 80% of all land that can ever be developed in this area. More than 30 per cent of its population is British.

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

Picture by Mihai Japan

Ford vows to freeze Toronto's property taxes

Catherine Deshayes — Sun, 05 Dec 2010 18:41:00 GMT

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 — Wed, 01 Dec 2010 20:08:00 GMT

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 ousts Oz and nabs 'best country brand'

Catherine Deshayes — Mon, 29 Nov 2010 20:36:00 GMT

After the most recent - and frankly embarrassing - advert from the Australian tourism board, in which Aussies were portrayed as a 'nation of tone-deaf bogans,' (their words not mine), it's little surprise that Canada has jumped ahead in the tourism brand stakes...

According to New York-based brand consultancy FutureBrand, which compiles an annual country brand index, Canada has bypassed Australia to take the title of world's best brand.

In order to put together the FutureBrand 2010 Country Brand Index - which is presented in partnership with BBC World News - more than 110 countries are ranked in terms of tourism appeal, quality of life and values, with opinions coming from thousands of travellers and focus groups carried out all over the world.

Following in the footsteps of previous winners Australia and the US, Canada has taken the gold this year - partly due to the legacy of the recent Vancouver Winter Olympics. Australia shouldn't feel too bad though - it finished in second place this year, followed by New Zealand.

FutureBrand says the US's triumph last year was largely due to the ''Obama effect'', which has this year had the opposite effect, as it has been blamed for the country's slump to number four.

FutureBrand noted that robust economies often tend to make it into the top three.

Suffering one of the biggest falls from grace is Greece, which clocked 22nd place, a fall from 14th last year, mainly due to its ongoing financial and industrial relations problems

Languishing at the bottom of the charts were Zimbabwe, Iran and Pakistan, which were named the three worst-performing country brands.

Futurebrand says, "The 2010 CBI is an in-depth study that explores the complexity, dynamics and benefits of how nations manifest as brands. The strength of a country brand is determined in the same way as any other brand - it is measured on levels of awareness, familiarity, preference, consideration, advocacy and active decisions to visit.

The branding consultancy went on to highlight the role of media freedom among key drivers of positive perceptions of a country, so, on that note, here's a reminder of that truly dreadful Aussie TV advert in case anyone has attempted to wipe it from their minds.

It features everyday Aussies singing (slightly off-key) There's Nothing like Australia against a backdrop of tourism bighitters Uluru, the Great Barrier Reef and the Opera House. "There's nothing like this bear," sings a woman holding a koala. "That's not a bear," she is corrected. "There's nothing like these furry things that bounce around in herds," a child sings. I'm guessing kangaroos...

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

Picture by iamiam

Canada commercial continues to strengthen

Catherine Deshayes — Sun, 28 Nov 2010 17:39:00 GMT

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 — Fri, 26 Nov 2010 13:21:00 GMT

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 — Wed, 17 Nov 2010 20:35:00 GMT

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 — Tue, 02 Nov 2010 20:21:00 GMT

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 — Tue, 02 Nov 2010 20:20:00 GMT

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 — Tue, 05 Oct 2010 13:17:00 GMT

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 — Tue, 05 Oct 2010 13:03:00 GMT

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