Tony’s Latest Updates – November 27,2014

November 27, 2014 under Tony's Latest Updates
Earlier this month the Office of the Superintendent of Financial Institutions released a final set of rules that insurers like CMHC and banks must follow when providing mortgage financing.  Previous to this, the insurers trusted that the banks satisfactorily verified a borrower’s income but now the insurers will also be held responsible. They have spelled out the criteria that the lenders must meet to validate a
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Demand for retail space at an all-time high as Calgarians’ income and spending grow

November 25, 2014 under Useful Articles
MARIO TONEGUZZI, CALGARY HERALD  11.22.2014 Demand for new retail space in Calgary has reached a record high, says a new report by Colliers International. In response to that demand, 50 projects comprising slightly more than 12.1 million square feet are in the planning, permitting or construction stage, according to the Calgary Retail Market Report Fall 2014. “Alberta, and Calgary in particular, has become th
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UDI/Vancity Affordability Index: Housing affordability stays top of mind for Metro Vancouver mayors

November 25, 2014 under Useful Articles
By Kelly Sinoski, Vancouver Sun November 21, 2014 Vancouver Mayor Gregor Robertson. Photograph by: Darryl Dyck , THE CANADIAN PRESS As Metro Vancouver’s mayors and councils prepare to settle into a new term, the issue of home affordability continues to loom large, especially in Vancouver proper. An Insights West poll concluded earlier this month showed that housing affordability was the most important issue f
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Commercial property costs rocket in Vancouver

November 20, 2014 under Useful Articles
by Jamie Henry | 20 Nov 2014 Businesses looking for property in the Metro Vancouver area are finding prices have increased substantially over the last two years. A new report from Colliers International shows that the cost of developing commercial property in Vancouver is 18 to 26 per cent higher now than it was in 2012. A lack of commercial land is just part of the equation with land prices varying across the a
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BCREA forecasts 16.6% jump in Greater Vancouver home sales

November 20, 2014 under Useful Articles
By Emma Crawford Hampel | Nov. 18, 2014, 10:11 a.m The total number of home sales in Greater Vancouver is expected to hit 33,800 units by the end of 2014, the British Columbia Real Estate Association announced November 18 in its housing forecast. This is 16.6% higher than the number of units sold in 2013 (28,985). The association anticipates that unit sales will see a modest increase of 0.6% in 2015, bringing tota
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Analysts warn house prices can’t keep climbing

November 20, 2014 under Useful Articles
by Jamie Henry | 18 Nov 2014 Experts have reiterated that the continued heat in the housing market is unsustainable. Figures released by the Canadian Real Estate Association yesterday show a monthly increase of 0.7 per cent nationwide to 41,949 units. The annual increase was 7 per cent. In Vancouver sales were up 1.3 per cent; Toronto gained 0.9 per cent; and Calgary increased 2.5 per cent. Average house prices wer
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Calgary house prices grow at nearly double national rate in October

November 19, 2014 under Useful Articles
BY MARIO TONEGUZZI, CALGARY HERALD NOVEMBER 17, 2014 Cookie-cutter subdivision houses rise into the foothills, typical of many Calgary suburbs being built in 2005. This is Tanglewood on Crowchild Trail West. Photograph by: Ted Rhodes , Calgary Herald Calgary posted the country’s highest annual house price gains in October with an almost 10 per cent increase.   The Canadian Real Estate Association said Mond
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Bank of England: inflation to fall below 1pc

November 12, 2014 under Useful Articles
By Szu Ping Chan | 10:45AM GMT 12 Nov 2014 Interest rates unlikely to rise until second half of 2015, says inflation report   If inflation dips below 1pc, Mark Carney must write an explanatory letter to Chancellor George Osborne Photo: Alamy Interest rates will remain on hold until the second half of 2015, the Bank of England has signalled, against a backdrop of subdued price pressures that will keep i
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Watchdog tweaks mortgage rules for insurers, banks

November 9, 2014 under Useful Articles
TARA PERKINS – REAL ESTATE REPORTER. Canada’s banking and insurance watchdog has made some changes to the rules that mortgage insurers and banks must follow to minimize their risks from homeowner loans. The Office of the Superintendent of Financial Institutions on Thursday released a final set of rules that mortgage insurers must follow to minimize their risks, making some small changes to the draft rules i
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Tony’s Latest Update – Nov 6,2014

November 9, 2014 under Tony's Latest Updates
Vancouver Home Sales Jump 15% Vancouver once again tops the chart for the most unaffordable city in Canada with the average sale price of a detached home in the Vancouver area now exceeding $1,250,000. Affordability continues to deteriorate in many cities as prices continue to defy gravity and set new benchmark levels. The average home price in the country increased by 5.30% since this time last year which far out
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