Industry news.

938 results - showing 91 - 105
« 1 ... 4 5 6 7 8 9 10 ... »
Ordering
BC bans dual agency
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing September 07, 2017 635   0   0   0   0   0
The move by the British Columbia government to ban the practice of limited dual agency means consumers are limited when it comes to choosing the agents they work with, according to the British Columbia Real Estate Association. "Every day, realtors help their clients understand real estate transactions, so they can make informed decisions," said BC Real Estate Association (BCREA) President Jim Stewart."Over my nearly 25-year career as a realtor many long-standing clients have developed trust with me, and now my clients have no choice but to start from the beginning and build new relationships.Trust is a crucial part of what is often the largest financial transaction in people's lives." Limited dual agency is the practice of one agent representing both the buyer and seller in a transaction. The BCREA claims the practice is important in small-town BC, where there are fewer agents to choose from.There is an exemption proposed for smaller communities, however. “However, limited dual agency is also used in cases where realtors have established relationships with buyers and sellers, in commercial transactions and in situations where realtors specialize in particular property types,” BCREA said in a release. “Rather than working with licensees they don't know, we're concerned people may decide to complete real estate transactions without representation," said BCREA CEO Robert Laing."That
Pierre-Paul Turgeon now offering online and live multi-family workshops
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing September 06, 2017 898   0   0   0   0   0
Interested in learning about investing in multifamily real estate investments?Now is your chance to learn from the best. Pierre-Paul Turgeon -- former CMHC underwriter and fulltime multifamily investor with a portfolio of 160 doors valued at in excess of $22 million -- wants to pass his expertise onto the next era of multifamily investors. Over the course of one weekend, from September 15-17, Turgeon is hosting a live workshop[1] and training program in Hamilton, Ontario. Students who take part in the course will leave the weekend with the knowledge and skill required to invest in their first multifamily investment. “The experiential course starts Friday the 15.On that day, we take students to a live inspection;they conduct an inspection of an apartment building with a professional building inspector,” Turgeon told CREW.“That’s step one.On the Saturday and Sunday I walk them through the process of assessing and mitigating the risk pertaining to that kind of investment and how to get financing for them. “I’m the keynote speaker but I’m assisted by a few others, including a mortgage broker, a property manager, a realtor, and a successful student who will talk about what they learned when buying their first apartment.” Turgeon, the country’s leading expert on multifamily investment, provides a step-by-step process
Victoria core’s benchmark prices begin to decline
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing September 06, 2017 928   0   0   0   0   0
The Victoria core—comprised of Victoria, Saanich, Oak Bay, View Royal, and Esquimalt—has seen the first drop in its benchmark home prices in roughly 2 years, according to the latest figures from the Victoria Real Estate Board. The benchmark price in the core has declined to $823,100 last month from $834,200 in July, the Times Colonist reported. “Though much too early to call a trend, we do see that the benchmark value for single-family homes in the Victoria Core area has decreased by 1.3 per cent when compared to July,” Board president Ara Balabanian said in a statement late last week.“This is the first time we’ve noted a decrease in [benchmark] values since August 2015.” However, he hastened to add that the area has “seen a phenomenally busy two years in real estate for our area and we are likely heading toward a period of more balanced activity.” August prices remained markedly higher than the same time last year, with the benchmark price of a single-family home in the core at $743,200 back in August 2016. Balabanian expressed surprise at the sustained scarcity of supply in the region.As of August, there were 1,917 active listings, compared to the 1,921 available in July and the 2,094 listings a year ago. “I expected inventory
$35M mansion up for grabs in Toronto’s Bridle Path neighbourhood
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing September 06, 2017 784   0   0   0   0   0
Bridle Path is now playing host to probably the most expensive home for sale in Toronto’s red-hot real estate market:A French-style chateau with over 30,000 square feet of living area, going for an overwhelming $35 million. The property—which offers 10 bedrooms, 14 bathrooms, a 50-foot indoor swimming pool, and a gourmet kitchen, among others—was built in the early 1980s by late financier Robert Campeau, who combined two neighbouring properties into a single mansion. “There’s a lot of history with this property,” RE/MAX Realtron agent Barry Cohen told the Toronto Star.“It’s an iconic home.” Attesting to the continued desirability of the city’s high-end properties, Cohen said that the 15-per-cent levy on foreign buyers (which was not yet in effect when the home was last listed) will not discourage potential overseas buyers.This is because this buying segment now considers the tax as just another part of the cost of moving to Canada. “The Bridle Path is by far the most luxurious neighbourhood, if not in all of Canada, certainly the GTA,” Cohen told the Toronto Star.“I don’t think you would find four acres, groomed, together, flat and a river running through it (elsewhere).The culture of the home, the architecture … I can’t think of another home that has nailed it quite the same way.It’s all put
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing September 01, 2017 727   0   0   0   0   0
With geopolitical risks increasing and equity valuations looking stretched, more investors are implementing alternative real estate investment strategies into their portfolios.Although traditional real estate investment vehicles, like REITS, limited partnerships, syndicated mortgages and MICs, have served investors well up until recently, it’s unlikely that these traditional strategies meet every investor’s specific requirements, risk tolerance and differing priorities. “In response to those needs, real estate bonds are evolving to provide more options with unique elements that expand the potential of real estate investment,” says George Lawton, CEO, North American Home Finance Inc.“SKYIRE’s next-generation real estate bonds provide growth participation as well as mortgage security.In addition to the rate of return on the bond, bondholders also benefit from the profits generated by the underlying real estate assets securing the bond.” SKYIRE has launched three separate types of bond:RealIncome Bonds, RealProperty Bonds and HomeBuild Bonds. One of the key features of RealIncome Bonds is right there in the name:income.That is, however, not all they offer to investors. As well as providing quarterly cash flow over a 60 month period, RealIncome Bonds also provide capital growth and profit participation. “RealIncome Bonds offer tax-efficiency and cash flow in a mid-term investment secured directly against completed single-family homes via a collateral mortgage,” says Lawton.“Profit participation comes in the form of income from rental properties and the capital
This market may soon attract an influx of potential renters
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 31, 2017 564   0   0   0   0   0
Investors have been overlooking this one major market, but is it time to give it a second look? The days of impressive yearly price growth may have passed in Vancouver, but an influx of potential renters may pique investor interest. BC boasts one of the strongest economies, with GDP expected to grow 3.5% this year and employment expected to jump by 3.6% to2.46 million this year. As a result, the province is expected to attract an influx of migrants from other provinces looking for jobs and, indeed, new homes. “British Columbia’s position as the best performing economy in the country is bolstering consumer confidence and housing demand,” Cameron Muir, BCREA Chief Economist, said.“Strong employment growth, a marked increase in migrants from other provinces, and the ageing of the millennial generation is supporting a heightened level of housing transactions.However, a limited supply of homes for sale is causing home prices to rise significantly in many regions, particularly in the Lower Mainland condominium market.” Most BC regions are experiencing constricted supply, according to the BCREA. “This imbalance is pushing prices higher in the most affordable home types and will lead to a drag on home sales if new supply isn’t sufficient to meet demand.However, strong housing demand and tight supply hasn’t gone unnoticed by home builders,”
RBC pilot-launches AI-powered services for consumers
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 31, 2017 653   0   0   0   0   0
Continuing to blaze the trail in the realm of high-technology financial solutions for Canadian consumers, RBC has pilot-launched two new AI-powered digital services that provide financial insights and savings solutions. NOMI Insights™ is designed to monitor spending, plan for upcoming/projected expenses, and notify RBC Mobile users when a particular payment is higher than usual. “NOMI Insights can also tell you when monthly spending in a certain category is unusual so you can make informed decisions about your spending habits.For example, NOMI Insights may notice that you’ve been dining out more than usual in a given month, or your transportation costs have increased,” RBC stated in its news release. Meanwhile, NOMI Find &Save™ incorporates predictive technology, which would help RBC Mobile users “find pockets of money in [their] cash flow and automatically moving that money into savings.” The two services, which are slated for a full launch this fall, can help first-time buyers who are trying to find additional savings for down payments. “[These apps] are always thinking a few steps ahead to help ensure our clients' finances are in order,” according to Neil McLaughlin, group head of RBC’s personal &commercial banking.“We’re one of the leading voices on artificial intelligence in Canada, and these new digital capabilities are examples of how our clients are benefitting
Analyzing years of mortgage rule impact
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 30, 2017 824   0   0   0   0   0
The most recent mortgage rule changes have had a much smaller impact on the market than previous policy changes and there’s a simple explanation for that, according to a new report. The most recent mortgage rule changes have had a much smaller impact on the market than previous policy changes and there’s a simple explanation for that, according to a new report. There has been an unprecedented number of housing policy changes over the past year-and-a-half, according to TD Bank, and each has been aimed at tempering housing demand. And while the industry viewed the last round of changes as particularly invasive, they have proven less impactful than previous iterations. “Each successive regulation change at the federal level has left a smaller mark on home buying activity.Our estimates suggest that the most recent federal rule changes may have only shaved 2% off demand nationwide,” TD Economists Beata Caranci and Diana Petramala, wrote in their latest report, Canadian Regional Housing Outlook Navigating a Soft Landing.“In contrast, the first regulatory changes implemented in 2008 dampened home sales by roughly 10%.That policy increased the required down payment from 0% to 5% for insured borrowers and lowered the allowable amortization period from 40 years to 35 years.” The reason for dwindling influence, according to the economists, is that
Heightened dependence in real estate characterizing B.C.’s economy—observers
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 30, 2017 591   0   0   0   0   0
British Columbia’s real estate market has been on the upswing for the past few years, but economic observers have warned that the province’s economy is now heavily reliant upon housing for revenue, and that the government’s stated commitment to cool down this sector comes with various risks. Real estate revenue comprised a sizeable segment of the 2016/17 public accounts released last week, which recorded a $2.7 billion surplus.Observers attributed this to a 32-per-cent growth in the revenue associated with the property transfer tax (around $2 billion in total revenue last fiscal year). According to University of Victoria economist Lindsay Tedds, these developments indicated that in its current form, the B.C.economy is innately tied to the performance of the housing segment.   “Much as we like to point to Alberta being so reliant on their oil revenues, we are very reliant on the real estate industry to prop up our economy,” Tedds told CBC News. UBC professor of economics Tsur Somerville said that aside from property tax revenue, the red-hot housing market is providing other sources of fiscal strength such as home builders’ personal income taxes, real estate agents’ income taxes, and purchase taxes on furniture and home appliances. “If you slow down the real estate industry, because it’s an overly large part of our economy,
Toronto buyers and sellers fuelling renewed hunger for housing funds
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 30, 2017 600   0   0   0   0   0
With the Ontario government tightening real estate rules earlier this year and the Toronto market slowing down soon after, a renewed appetite for cash has led to the increased popularity of alternative mortgage providers. “What we have found recently is a whole bunch of aborted deals … and we’ve stepped in,” Atrium Mortgage Investment Corp.chief executive Robert Goodall told Reuters. Atrium—which lends to those unable to access cheaper bank credit by pooling resources from moneyed individuals—provides would-be buyers with second mortgages and bridge loans at around 7.5 per cent to 8 per cent interest, twice or thrice the rates available for first mortgages. “It is actually really good business … these are good people with impeccable credit ratings, who just got caught,” Goodall said. The mad dash for purchase funds stemmed from the recent cooling in the Toronto market, which has led to sellers scrambling to get deals closed before home prices decline further.Sellers are considering suing those who are lagging on their agreed purchases, while buyers are desperate for a way out of contracts without losing deposits amounting up to $100,000. “Some people want to walk away, some want half their deposit back, some bury their head in the sand and say ‘I’m not closing, if they want to sue, fine,’” according to
Mortgage rules a major roadblock
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 28, 2017 537   0   0   0   0   0
Last year’s mortgage rule changes are clearly impeding young buyers from breaking into the housing market, according to one veteran, but there is an even larger obstacle in the way. “One of the things that came out of the report was millennials impression that the government’s actions relating to restrictive actions to mortgage insurance was an impendent,” Phil Soper, president of Royal LePage, said.“Yet, I’d say a larger impediment was 20% year-over-year price appreciation.” According to Royal LePage’s most recent report, 49% of peak millennials believe the federal government’s mortgage regulations have impacted affordability. As a result, they have been forced to consider lower-priced homes. “When looking for a home, 53% of peak millennial purchasers across Canada are willing to spend up to $350,000, which would typically buy them a 2.5 bedroom, 1.5 bathroom property nationwide, with 1,272 square feet of living space,” the report reads.“Yet, with 58% of respondents having a annual household income of less than $69,000, and only 34% currently tracking to have a sufficient down payment of over 20 % to qualify for a mortgage in this price range, the actual logistics of homeownership can be quite difficult.” The study also found 61% of millennials prefer to buy a detached home but only 36% believe that wish is realistic.
Edmonton retail/office investment property put up for sale
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 28, 2017 604   0   0   0   0   0
Commercial real estate manager ReDev Properties Ltd.has announced the unconditional agreement for the sale of the Daly Grove Centre retail/office complex, situated at 4205-4259 23rd Avenue, Edmonton, Alberta. CBRE, Edmonton was engaged as the broker for the vendor, ReDev Properties founder and president Richard Crenian said.The Centre was initially purchased by the developer in 2007, and offers over 33,000 square feet of retail and office space amid the dense residential, family-friendly Mill Woods area. “Daly Grove Centre has been a valuable product for us,” Crenian.“The centre hosts secure and stable tenants making the property a strong cash yielding asset.We’re sad to part ways with the centre, but believe our group has maximized the potential of the property.” Daly Grove Centre is the 14th asset in the ReDev Properties portfolio to have been acquired, owned, operated and sold since 2001, as well as the 2nd property to close in 2017. Related stories: Economic recovery a near-future reality for Edmonton—report[1] Alberta housing sector resurgent thanks to Edmonton and Calgary[2]   Are you looking to invest in property?If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you
Investor launches tool to help manage multiple properties
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 25, 2017 629   0   0   0   0   0
With mortgage rates constantly in flux, one investor felt the need to better manage the various files – and a new tool was developed as a result. Monitor My Mortgage (M3) is a new mortgage application that gives homeowners the ability to stay on top of the mortgage market with real-time alerts that allow them to take advantage of the best mortgage options available. “It’s like having a tool that scans for the best mobile phone rates and tells you how much you can save with your current provider or by switching to another – whether you’re locked in or not,” Brent Hughes, founder of M3, said.“It re-defines how people can and should think about their mortgage – as an investment they control, versus a monthly payment dictated by lenders.” M3 provides its users with alerts that could impact their mortgages. “When the Bank of Canada rate came out in July, it was an interesting time:Everyone was in vacation mode and 100% of our clients were sent and update of the rate change and showed their position with the rate change,” Hughes told CREW.“You can put in the software if you want to know when rates go up … early dates on renewals, and it does calculations of penalties as well.99% of people don’t
Online real estate platform now more accessible to Western Canadians
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 25, 2017 605   0   0   0   0   0
A full-service online real estate marketplace has just announced the launch of its newest office in Vancouver, representing its very first expansion in Canada. “Casalova, which has been operating in Toronto since November of 2014, sees great potential and demand for a new approach to traditional real-estate in the Vancouver market,” the company announced in a news release.   The platform is designed to help buyers find new houses or tenancies from the comfort of their own homes.Casalova’s front-to-end architecture incorporates the entire purchase process from property searches and schedule viewings to payment processing.   “The issues faced by clients looking to rent or buy a home are not confined to the Toronto market,” Casalova CEO and co-founder Ray Jaff said. “The Vancouver market shows strong signs of growth and we’ve been getting more and more requests to expand out west.Our system has proven to be successful in Toronto and we’re excited to finally offer it to the people of Vancouver and greater British Columbia,” Jaff added.   As part of this expansion, Casalova has hired trilingual real estate agent, coach, and trainer Lex Sheng to lead the new Vancouver location.Previously a top agent of Zolo Realty, Sheng holds over 24 years of experience in real estate investment as well as 15 years in sales and marketing.Sheng has
B.C. townhouse project to arise on church premises
Jarek Bucholc ||Street Smart RE InvestingJarek Bucholc ||Street Smart RE Investing August 25, 2017 613   0   0   0   0   0
53 new townhouse units are slated to arise on the premises of the old St.Andrew’s United Church in Mission, B.C., should the proposal for the development push through. The project, which is spearheaded by Noort Developments Ltd., has been scheduled for a public hearing on September 5.The development is planned to replace a church that has been standing since 1927. The proposal included provision for grey row townhouses along with large parcels set aside for personal patios and yards, as well as an expansive children’s play area. Updated data from the CMHC showed that Abbotsford-Mission has an overall vacancy rate of 0.5 per cent, a level maintained by a limited supply of housing in the Fraser Valley. Earlier this month, the B.C.Real Estate Association said that consumer demand for condominium units and townhouses has significantly outpaced the hunger for free-standing homes in the year that followed the B.C.government’s introduction of the foreign home buyers’ tax. The MLS Home Price Index benchmark price of apartments has increased by 18.5 per cent compared to July 2016, up to $616,000.Meanwhile, the benchmark price for townhouses has grown by 11.9 per cent over the past year, up to $763,700. Jill Oudil, president of the region’s real estate board, attributed this shift to a pronounced need for
938 results - showing 91 - 105
« 1 ... 4 5 6 7 8 9 10 ... »
Results per page: