REAL ESTATE NEWS

To Rent Or To Buy - That Is The Question - Most financial experts will tell you that buying your own house makes good sense "otherwise you are just throwing your money away", but the situation is much more complicated than it appears on the surface and renting can be the preferred option for many Canadians. The deciding factor for many buyers is that they think home ownership is a good investment, but the numbers don't always add up.
Financial Post, Jun 04, 2009

Court rules man can rescind purchase of $3.5 million condo at UBC - ubc.ca - A Richmond man who bought a new $3.5-million condominium at the University of B.C. can rescind the purchase contract because he was not fully informed about changes to the development, a judge has ruled. Timothy Dwane and his wife Teresa became interested in the fall of 2007 in moving from their Richmond home to a condominium in a new development at UBC called Coast.
Times-Colonist, Jun 04, 2009

Five banks raise mortgage rates - royalbank.com - RY-T - Canada's biggest banks are hiking key mortgage rates at time when the bond market is worried about risk and the longer-term threat of inflation. Royal Bank of Canada, Bank of Montreal, Toronto-Dominion Bank, the Bank of Nova Scotia and Canadian Imperial Bank of Commerce are all increasing their posted rates on five-year, fixed-rate mortgages by 0.2 per cent to 5.45 per cent.
Toronto Star, Jun 03, 2009 CBC News, Jun 03, 2009

Stimulus binge fuels mortgage rate increases - Rising mortgage rates in Canada and the United States are beginning to spark fears that stimulus spending is becoming too much of a good thing. That's because the borrowing required to fund all the stimulus programs, especially in the U.S., is driving up interest rates on government bonds. Those bonds are benchmarks for all sorts of other loans, especially mortgages.
Globe and Mail, Jun 04, 2009

First-timers back on the hunt for houses - royallepage.ca - When first-time buyers fled the housing market last fall, they took the broader buying market with them. Now that lower interest rates and prices have lured some of them back into buying mode, there are signs of a broader recovery beginning. Royal Lepage Real Estate Services surveyed potential first-timers, to learn what would convince them to buy.
National Post, May 30, 2009

Real estate bidding wars make a comeback - Annoyingly for buyers, rejoicingly for sellers, bidding wars for Toronto real estate have surged back from extinction. House sales for the first two weeks in May were in positive territory - 3 per cent above the same period in 2008 - for the first time since the market's tailspin last fall. And with confidence comes a crush of buyers.
YourHome.ca, May 31, 2009

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