Fewer Sales, Higher Prices a Quandary for Canadian Real Estate Market

By Don Curren

In the classic Warner Bros.’ Coyote-Road Runner cartoons, the scruffy Wile E. Coyote often runs off a cliff in pursuit of his prey and remains briefly suspended mid-air as he realizes his predicament.

The Canadian real estate market might just be having its Wile E. Coyote moment as national sales start to ebb, but prices continue to rise.

The average price of a home in Canada rose between 1.8% and 4.8% on a year-over-year basis in the third quarter, depending on the type of home, according to data released Wednesday by real estate firm Royal LePage.  read further

Rising home values could hurt wallets

RENATA D’ALIESIO

The Globe and Mail

Published Wednesday, Sep. 26 2012, 3:55 AM EDT

Last updated Wednesday, Sep. 26 2012, 4:02 AM EDT

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After a bruising recession temporarily dragged down real-estate prices in Ontario, homeowners have seen the assessed value of their homes jump 18 per cent on average since 2008 – the first increase to assessed values in four years and one that could mean higher property taxes for some Ontarians.

The increases in residential property values, determined by the Ontario Municipal Property Assessment Corp., vary widely across the province, from about nil in the beleaguered manufacturing belt of Windsor to 20 to 30 per cent in the Greater Toronto Area, Ottawa and Northern Ontario, which has experienced a resurgence in mining.

MORE RELATED TO THIS STORY

• Assessed value of Ontario homes to rise, property tax may follow
• MPAC retreat spurs privatization talk
• PERSONAL FINANCE READER Carrick’s Reader: An outsider's warning on Canada's housing market
  
  
  More...click HERE

Mortgage, new/renewal, fixed or variable

 It is Friday before the long weekend...Labour Day....I wish everyone a wonderful, safe weekend. 

Should your next mortgage be a fixed or variable rate? Click HERE to read more. It is a question that is probably the one asked most of lenders, besides the obvious...what is the rate?

Interesting reading.

Bank Rates on the Rise

The bank rates are on the rise. If you are contemplating purchasing or selling your home, now is the time to take advantage of the lower rates. We do not know what is down the road, but in the history of mortgages, we are near the lowest rates at this time.

TD Canada Trust joins RBC in raising 3-yr mortgage rate by one-fifth of a point

By The Canadian Press  | August 22, 2012

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TORONTO - TD Canada Trust (TSX:TD) is raising the interest rate it will charge for a three-year term mortgage, matching a move earlier this week by Royal Bank (TSX:RY).

TD's posted annual interest rate for three-year mortgages goes up by one-fifth of a point to 4.05 per cent, starting Thursday.

The bank is also offering a special five-year rate for new mortgage applications, matching RBC's offer of 3.69 per cent. for the complete article, click here.

Hamilton #1 city to invest in Ontario..AGAIN!

Hamilton reigns as top place to invest

Company ranks Hamilton No. 1 in Ontario again

Hamilton has secured its title as the No. 1 city to invest in Ontario.
The Real Estate Investment Network of Canada (REIN) said Tuesday the city remains the top location across the province for investment for the second consecutive year. REIN is a Canadian business that provides resources and information to its 2,700-plus members regarding real estate investment.
The detailed investment report identifies cities, towns and regions poised to outperform other regions of the province over the next five years.    Read More>>>

First time Buyers...

Save up for a down payment? The young adult's struggle

ROBERT MCLISTER

Special to The Globe and Mail

Published Friday, Aug. 17 2012, 5:00 AM EDT

Last updated Friday, Aug. 17 2012, 7:33 AM EDT

If you asked 100 recent home buyers if they were satisfied with the size of their down payment, as many as 60 of them would say no. That’s what TD Canada Trust found in a recent survey of first time home buyers. read more....

Wow

I can blog from my phone!

I will update more often now, as I can do it from anywhere.