Here is a round up of interesting real estate articles I stumbled upon this week. Some great reads if you follow the Canadian Real Estate Market and the latest mortgage changes.
Rob Carrick wrote a great article listing five strategies for those worried about the housing market?
Being at all time lows the past few years, it was only a matter of time before the interest rates increased. Canada Mortgage and Housing Corp. is limiting guarantees it offers banks and other lenders on mortgage-backed securities – CMHC moves to take steam out of housing market.
Housing starts were trending at 1,543 units in July compared to 1,531 in June according to CMHC. Read the full press release – July 2013 Housing Starts for the St. John’s real estate market
First-time buyers likely to feel impact of new CMHC restrictions as housing market starts to surge again – New CMHC restrictions could impact mortgage rates
Curious to see how the Canadian mortgage rates moved over the past 23 years? Check out this chart of the slow decline in mortgage rates since 1990.
Here is a great article from ratehub.ca – What does CMHC’s latest announcement mean for Canadians?
Statistics Canada says its new housing price index rose 0.2% in June, following a pattern of similar gains over the past 15 months. – Prices of new Canadian homes continue to march higher
Interested in ways to seal air leaks around the house to lower your heating bill? How about saving energy with home lighting? Planning on redoing the kitchen or bathroom? Enter HouseLogic, a comprehensive website aimed to assist you in 100’s of home remodeling, energy saving tips. Best of all….it’s FREE!
Earlier this week, the National Association of REALTORS (American version of CREA) launched a new website, entitled HouseLogic. This web site is designed to help home owners make smart decisions to maintain, protect, and increase the value of their homes. HouseLogic will help consumers take responsible actions pertaining to what is likely the largest investment of their lives.
With content covering home improvement, maintenance, taxes, finance, insurance, and even ways you can get involved in and enrich your community, HouseLogic can help you increase and protect the value of your home by helping you make confident decisions. (remember this is an American site so the taxes and finances, insurance may not be applicable here in Canada)
Create to-do lists, and set project reminders, get costs estimates on various renos and home improvements (in USD). A very informative website that has it all. Be sure to check it out.
Kirkland Balsom and Associates have just released their Real Estate Market Overview 2010 for St. John’s. I’ve shared this report the past 2 years and once again this year they are “spot on” with their assessments.
Here is an outline of their report:
Strong demand with less supply results in higher prices
The residential market just keeps on rolling! Demand remains strong and supply remains tight for well located and appropriately priced homes. The underlining drivers for this strong demand appears to be the fear of having to pay more in the future, easy access to favourable financing and strong employment throughout the region. A substantial increase in land values over the past year spurred new home construction cost and more than offset a slight softening in the sub-trades. Anticipated higher borrowing cost in late 2010 may serve to increase demand in the first half of 2010; however, could weaken demand in the second half. Pending an unforeseen increase in listing inventory, further price increases is
Effective full occupancy
With the apartment complexes at effective full occupancy and no new inventory on the horizon, rental rates should continue to increase. Not surprisingly in light of these trends, investor interest remains strong. A number of older apartment buildings in the university area have been purchased, renovated and converted to condominium units. Market activity also remains strong in the small scale 2-6 unit projects as entry level investors compete for limited supply.
Prices/demand continues to strengthen in condominiums at all price points. Escalating construction costs and an aging population will stimulate condo demand and values in the coming year.
- The First Quarter 2010 edition of CMHC’s Housing Now – Major Centres – St. John’s is now available and can be accessed by clicking here
- Ottawa to make changes to mortgage rules that would require banks to consider whether a person who takes out a variable-rate mortgage on a home can continue to make the payments if were to go up significantly
- The much heated topic of the week (from a REALTOR’s point of view) is the Competition Bureau’s attack on the Canadian Real Estate Association (CREA) and its Multiple Listing Service (MLS). Check out this Globe and Mail article by Stephen Ladurantaye – What’s a stake in Competition Bureau’s MLS fight.
- TheScope.ca writes about the proposed new 15-storey Fortis building will look like in downtown St. John’s. Complete with actual photo’s of the building courtesy of Fortis.
- How will the 2010 Winter Olympic’s effect the Vancouver Real Estate Market? A very interesting read.
- Is a Real Estate Bubble forming in Canada? Check out BNN’s Squeezeplay as they interview Don Campbell and discuss.
Just listed on 2 Bates Hill a great commercial building opportunity in a prime downtown location. Currently operated as the Granny Bates book store, this 3 storey heritage building is in close proximity to all your needs in the St. John’s downtown area. Approximately 600 sqft per floor the building offers multiple uses from retail store, law firm, office spaces and can even be converted back into a residential home. Great potential to work from the main floor and live on the upper floors. Asking price is $234,900 Call Fraser or Stephen Winters for more information or to setup a private viewing.