Real Estate articles

Banks provide relief with mortgage cuts - Consumers pinched by the credit crunch are getting some relief as lenders lower their rates on both fixed and variable mortgages. Lenders including Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia, Toronto-Dominion Bank and CIBC are slicing mortgage rates shortly after the Bank of Canada cut its key lending rate to a historic low of 1 per cent. The banks quickly followed suit, passing on the full central bank cut by lowering their prime rates half a percentage point to 3%.
Globe and Mail, Jan 22, 2009 Canada News Wire, Jan 22, 2009

CREA seeks to jump-start housing with RRSP change - crea.ca - The real estate industry wants the federal government to bolster the housing market, as it bids goodbye to a bleak 2008 and braces for an even tougher year ahead. The Canadian Real Estate Association is asking the Feds to broaden the Home Buyer's Plan, which allows some home buyers to withdraw RRSP funds for their purchases. CREA is asking Ottawa to raise the limit on RRSP withdrawals by first-time home buyers by $5,000, to $25,000, and extend the program to anyone buying a home.
Globe and Mail, Jan 22, 2009

Buying a condo: Who you need on your team - When you buy a condo, you're not just buying a place to live. You're becoming part of a community. Before you make an offer on your dream condo, Canada Mortgage and Housing Corporation (CMHC) recommends that you get some expert advice to help you navigate through the process. CMHC has identified many industry professionals who are available to provide you with information. They are the following:
Toronto Star, Jan 19, 2009

Can't Sell Your House? Raffle It Off - Times are tough and the real estate market is just one of many formerly hot industries feeling the pinch. Many are putting their houses up for sale only to find they can't get their price or people just don't have the money to buy it. That's the scenario vendors in the GTA are discovering, and it's not much different overseas. But some homeowners are not only making the best of it, they're finding ways to actually benefit from it.
CityNews.ca, Jan 22, 2009

Making homes safer for kids - New parents who babyproof their home normally place plastic covers over the electrical outlets, but revisions to the Canadian Electrical Code announced Thursday mean that some day that will no longer be necessary. The updated code requires new homes to have tamper-resistant receptacles, designed to prevent children from inserting objects such as hairpins, keys and nails that could cause them to receive a shock. The new receptacles have a built-in shutter system.
Globe and Mail, Jan 22, 2009

Vancouver: How did things go so wrong? - March 27, 2006 the Vancouver real-estate market was still in a frenzy, high-rise developments were selling out in days at skyrocketing prices, and Bob Rennie, the city's undisputed condo king, was on top of the world. He decided to let an otherwise lacklustre housing workshop in on a little secret. Within days, Mr. Rennie confided, the city-owned, downtown waterfront land earmarked for the Olympic village sold for a price so high it would send shockwaves through the development community.
Globe and Mail, Jan 22, 2009

Correction not collapse - CIBC World Markets economist Benjamin Tal expects average resale prices will decline 10 per cent year over year in 2009, while sales could fall by up to 15 per cent. Mr. Tal, seen here, agrees the housing market is experiencing a messured correction rather than a meltdown, and should emerge from the downturn on a stronger foundation. Royal LePage Real Estate Services projects a 3-per-cent decline in prices.
Globe and Mail, Jan 19, 2009

Water guzzlers flush money down the drain - Toilets are the biggest wasters of water in your home. In the past few years, there's been a move to install low-flow flushing systems to reduce the amount of water the average household uses. Worried that installing a low-flow toilet won't do the job it's meant to? With the right system, properly installed, a low-volume flushing system will not only put money in your pocket, it also will save more than half of the water you currently use on a daily basis.
Globe and Mail, Jan 16, 2009

Furniture forecast: colour, natural - While consumer spending is widely expected to decelerate in 2009, some home decor specialists suggest that sales of home furnishings will remain relatively strong. Janette Ewen, interior stylist and designer of the Dream Home at the National Home Show thinks when times are bad, people crave more decorated, more luxurious interiors. Even over-the-top looks don't require over-the-top spending, says Ewen.
Toronto Star, Jan 19, 2009

Something special - iconstrux.com - The Vancouver Special is reviled by many as awkward and unsightly - the architectural equivalent of the ugly duckling. But one specimen of the boxy dwelling - in the upscale Dunbar neighbourhood - recently re-emerged, swan-like, having shaken off its traditional stucco shell to display a transcendent design. While many city architects have had a go at breathing new life into the style the recent project by Vancouver-based Iconstrux Architecture is, well, rather special.
Globe and Mail, Jan 16, 2009

Four-tower Vancouver condo project delayed - Construction of Wall Financial Group's 4-tower housing project across the street from Vancouver's troubled Olympic Village is likely to be delayed, postponing the Playhouse Theatre Company's move to new premises and highlighting grim market conditions for high-end condominiums. The provincial Real Estate Development Marketing Act allows developers to pre-sell condo units for 9 months without having a building permit or financing in place as long as they file a disclosure statement.
Globe and Mail, Jan 22, 2009

Boomer vs. Junior: The pros and cons of home ownership - Over the years, I've talked to various personal finance experts who say that home ownership is overrated and that renting can work out to be cheaper. But ask these same experts what they're doing personally, and you'll find out that many have still chosen to own their own home. Why? If you're like me and have an eye on financial independence, the reason is perfectly clear: By the time you stop working - either in semi-retirement or full retirement - you want a fully paid-up home to minimize the drain on future cash flow.
Financial Post, Jan 19, 2009

Sanjin Cvetkovic

Sanjin Cvetkovic

REALTORĀ®
CENTURY 21 In Town Realty
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