Low home prices lure first-time buyers
May 27, 2009Tony Wong Toronto Star
Canadian first-time home buyers are a cautious lot, but they will strike if the price is right.
While the economy remains a huge concern, lower prices and interest rates are spurring them to buy in the spring market, according to a report released yesterday by Royal LePage Real Estate Services.
According to a poll by Pollara Research, done for Royal LePage, 86 per cent of Canadians say lower interest rates make them more likely to buy a home. Eighty-one per cent say lower prices are another motivating factor.
But the economy remains a stumbling block, with 76 per cent citing job security and 64 per cent saying a stable economy are important factors in their buying decisions.
"The true impact of job loss is understated because, beyond the 8 per cent unemployment rate, you have a section of the population who are concerned about their jobs, and that is feeding into their choice to buy a home," Royal LePage CEO Phil Soper said in an interview.
Still, some buyers have returned to the market this spring. A first-time homebuyer's tax credit and a home-renovation tax credit for 2009 have been cited by potential purchasers as influencing factors.
First-time buyers are key to the market because they allow move-up buyers to sell their homes while continuing up the housing chain to more expensive properties.
"The proof in the pudding will be whether we see if demand is sustainable to summer and early fall," Soper said.
So far, Canadian developers have avoided a disastrous spring, with new-home sales down by 26 per cent in April compared with last year, representing the slowest deceleration in six months. Sales totalled 1,880 in April, compared with 2,541 the year before, according to figures released yesterday by the Building, Industry and Land Development association.
Still, year-to-date sales are down by 52 per cent compared with 2008.
Toronto existing-home prices have also been surprisingly resilient, down by less than 1 per cent from the same period last May.
By contrast, in the United States, the Case-Shiller housing price index reported yesterday that homes have now lost an incredible 32.2 per cent in value since the correction.
In the Toronto market, condominiums remain the preferred choice of many first-time buyers based on affordability.
Some buyers are gravitating to condos built within the past five years, "questioning the viability of new build projects within the current economic climate," LePage said, as some buyers worry that some projects will not be started due to poor sales.
The typical first-time buyer is 25 to 30 and willing to spend up to $400,000 on a home for couples. Singles, mostly women, are purchasing within the $250,000 to $300,000 range according to the real estate company.
Developers say new projects are still selling, but there is uncertainty in the market over a proposed harmonized sales tax in Ontario, which would meld the GST and PST and push up the prices of homes selling for more than $400,000. Builders say the new tax could bump up costs by as much as 6 per cent on sales in a given project, making some developments unfeasible.
"We have a situation where I have no idea what to tell my customers if they are going to get hit with the tax," said Frank Giannone, president of the Ontario Home Builders' Association in a meeting this week with the Star's editorial board.
Giannone said he is about to launch a development in Don Mills, but uncertainty over the tax is causing buyers to hesitate.
The builders' group wants the province to give an exemption to buyers signing sales deals before next July, when the tax is to be implemented. Under the proposed tax, homes under $400,000 are exempt from the tax, while homes between $400,000 and $500,000 will pay a portion. Homes over $500,000 bear the full brunt.
Asher Ullah
Broker
www.homesforgta.com
Wednesday, May 27, 2009
Monday, May 11, 2009
Warming up to Sunshine - residential solar hot-water systems
Enbridge Gas Distribution Inc. and Bullfrog Power Inc. plan to install 1,200 residential solar hot-water systems in Ontario over the next two years.
Courtesy: Tyler Hamilton Energy Reporter, TORONTO STAR
Solar thermal technology goes mainstream as utility tests sun-powered hot water systems in 1,200 homes
Natural gas utility Enbridge Gas Distribution Inc. and green electricity retailer Bullfrog Power Inc. have teamed up on a pilot project that aims to install 1,200 residential solar hot-water systems in Ontario within the next two years.
The two companies will launch the project in Ottawa today in partnership with Natural Resources Canada and solar-thermal equipment maker EnerWorks Inc. of Dorchester, Ont.
It's a sign of the times. Once considered a niche technology embraced by the most eco-conscious consumers, solar thermal hot-water systems are now seen as an economical way to reduce the use of natural gas and electricity by extracting clean energy from the sun.
The systems, which range in price from $6,000 to $9,000 installed, don't produce electricity like their photovoltaic cousins. Instead, they use sunlight to preheat cold water before it enters the hot-water tank in your basement. The more heated water you get from the sun, the less natural gas or electricity you consume.
The fact that a natural gas giant such as Enbridge is taking the lead on the project shows the technology is gaining mainstream acceptance, observers say.
``The entry of Enbridge is a wonderful development,'' said Mary Pickering, acting executive director of the Toronto Atmospheric Fund, which is overseeing its own solar-thermal project involving more than 100 homes in the city's Riverdale neighbourhood.
``I think people feel comfortable working with their utilities. They're credible, they're there for the long term and we already pay our money to them,'' Pickering said.Enbridge vice-president Arunas Pleckaitis said if the project is successful the company may look at ways of expanding it into a mainstream product offering.
``You'd have to be from another planet to not realize things are changing,'' he said. ``We clearly realize the role of the utility is going to change. The question is, how quickly and what technologies, and what direction will we take?
``It could be geothermal. It could be micro-generators in people's homes. It could be heat pumps. There are all sorts of different technologies we're looking at.''
Enbridge, which has 1.9 million customers in Ontario, will manage the selection of certified installers, operate a call centre to handle inquiries and help customers arrange financing through TD Bank.
Installers will help homeowners determine if solar thermal is right for them based on their hot-water use and the suitability of their roof. Installers will also be responsible for getting all necessary municipal permits.
Bullfrog Power will help Enbridge market the program to existing customers. ``Frankly, our customers want us to do more of this,'' Bullfrog president Tom Heintzman said, calling the project an ``experiment'' from which the company hopes to learn. ``Changing people's behaviour is critical to increasing the penetration of solar thermal, and that's something we have some expertise in.''
The companies are taking advantage of generous solar incentives offered by the federal and provincial governments. Ottawa's EcoEnergy program recently increased the rebate on solar thermal hot-water systems to $1,250 from $500 contingent on an energy audit. Homeowners can also get 15 per cent back on the purchase through the federal Home Renovation Tax Credit.
Ontario doesn't charge provincial sales tax on the systems and offers a $500 rebate, which could rise to $1,250 if Queen's Park, as it has indicated, matches the federal rebate. It means homeowners who get a $7,500 system could get back up to $2,875, and potentially $3,625 if Ontario ups its rebate.
Phil Whiting, president of EnerWorks, said his was the first solar-thermal company to get its product certified by the Canadian Standards Association. The systems were designed to handle cold Canadian winters and blistering hots summers, he said.
``I can't imagine Enbridge and Bullfrog wanting to lend their names to any product that's not absolutely first-rate,'' he said, adding that EnerWorks is committed to building its business in the province. ``I'm a big believer we can become a world player in solar thermal out of Ontario.''
Asher Ullah
www.homesforgta.com
Courtesy: Tyler Hamilton Energy Reporter, TORONTO STAR
Solar thermal technology goes mainstream as utility tests sun-powered hot water systems in 1,200 homes
Natural gas utility Enbridge Gas Distribution Inc. and green electricity retailer Bullfrog Power Inc. have teamed up on a pilot project that aims to install 1,200 residential solar hot-water systems in Ontario within the next two years.
The two companies will launch the project in Ottawa today in partnership with Natural Resources Canada and solar-thermal equipment maker EnerWorks Inc. of Dorchester, Ont.
It's a sign of the times. Once considered a niche technology embraced by the most eco-conscious consumers, solar thermal hot-water systems are now seen as an economical way to reduce the use of natural gas and electricity by extracting clean energy from the sun.
The systems, which range in price from $6,000 to $9,000 installed, don't produce electricity like their photovoltaic cousins. Instead, they use sunlight to preheat cold water before it enters the hot-water tank in your basement. The more heated water you get from the sun, the less natural gas or electricity you consume.
The fact that a natural gas giant such as Enbridge is taking the lead on the project shows the technology is gaining mainstream acceptance, observers say.
``The entry of Enbridge is a wonderful development,'' said Mary Pickering, acting executive director of the Toronto Atmospheric Fund, which is overseeing its own solar-thermal project involving more than 100 homes in the city's Riverdale neighbourhood.
``I think people feel comfortable working with their utilities. They're credible, they're there for the long term and we already pay our money to them,'' Pickering said.Enbridge vice-president Arunas Pleckaitis said if the project is successful the company may look at ways of expanding it into a mainstream product offering.
``You'd have to be from another planet to not realize things are changing,'' he said. ``We clearly realize the role of the utility is going to change. The question is, how quickly and what technologies, and what direction will we take?
``It could be geothermal. It could be micro-generators in people's homes. It could be heat pumps. There are all sorts of different technologies we're looking at.''
Enbridge, which has 1.9 million customers in Ontario, will manage the selection of certified installers, operate a call centre to handle inquiries and help customers arrange financing through TD Bank.
Installers will help homeowners determine if solar thermal is right for them based on their hot-water use and the suitability of their roof. Installers will also be responsible for getting all necessary municipal permits.
Bullfrog Power will help Enbridge market the program to existing customers. ``Frankly, our customers want us to do more of this,'' Bullfrog president Tom Heintzman said, calling the project an ``experiment'' from which the company hopes to learn. ``Changing people's behaviour is critical to increasing the penetration of solar thermal, and that's something we have some expertise in.''
The companies are taking advantage of generous solar incentives offered by the federal and provincial governments. Ottawa's EcoEnergy program recently increased the rebate on solar thermal hot-water systems to $1,250 from $500 contingent on an energy audit. Homeowners can also get 15 per cent back on the purchase through the federal Home Renovation Tax Credit.
Ontario doesn't charge provincial sales tax on the systems and offers a $500 rebate, which could rise to $1,250 if Queen's Park, as it has indicated, matches the federal rebate. It means homeowners who get a $7,500 system could get back up to $2,875, and potentially $3,625 if Ontario ups its rebate.
Phil Whiting, president of EnerWorks, said his was the first solar-thermal company to get its product certified by the Canadian Standards Association. The systems were designed to handle cold Canadian winters and blistering hots summers, he said.
``I can't imagine Enbridge and Bullfrog wanting to lend their names to any product that's not absolutely first-rate,'' he said, adding that EnerWorks is committed to building its business in the province. ``I'm a big believer we can become a world player in solar thermal out of Ontario.''
Asher Ullah
www.homesforgta.com
Tuesday, May 5, 2009
Monday, April 6, 2009
Toronto Real Estate Market Bounced back - March update
TORONTO, April 6, 2009 -
In March 2009, Greater Toronto REALTORS® reported 6,171 sales
– down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the
challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.
“In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis.
“A greater number of households have taken advantage of increased affordability in the housing marketplace.”
Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring
seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current
month relates to historical annual figures.
SUMMARY OF MARCH MLS® SALES AND AVERAGE PRICE 2008 ‐ 2009
March
2009
Sales Average Price Sales Average Price
City of Toronto ("416")
2,398 units sold and avg price is $387,793
Rest of GTA ("905")
Units sold 3,773 and avg price $345,689
Source: Toronto Real Estate Board
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto
Real Estate Board is Canada’s largest real estate board. Greater Toronto Area
open house listings are now available on http://www.torontorealestateboard.com/.
ASHER ULLAH
http://www.homesforgta.com/
In March 2009, Greater Toronto REALTORS® reported 6,171 sales
– down seven per cent from March 2008, representing the smallest year-over-year decline in the last five months. The average price for March transactions was $362,052 – down less than five per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the
challenging economic times the world has experienced in recent months,” commented TREB President Maureen O’Neill.
“In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent from the ten-year low reached in January.1
“Sales in March increased at a rate over and above what would be expected from the normal spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis.
“A greater number of households have taken advantage of increased affordability in the housing marketplace.”
Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late spring each year and lowest in the winter months. Removing the recurring
seasonality, allows for the analysis of a meaningful trend reflecting actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how the current
month relates to historical annual figures.
SUMMARY OF MARCH MLS® SALES AND AVERAGE PRICE 2008 ‐ 2009
March
2009
Sales Average Price Sales Average Price
City of Toronto ("416")
2,398 units sold and avg price is $387,793
Rest of GTA ("905")
Units sold 3,773 and avg price $345,689
Source: Toronto Real Estate Board
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the Greater Toronto Area, the Toronto
Real Estate Board is Canada’s largest real estate board. Greater Toronto Area
open house listings are now available on http://www.torontorealestateboard.com/.
ASHER ULLAH
http://www.homesforgta.com/
Saturday, March 28, 2009
Harmonized Tax - Another burden for homeowners
Carolyn Ireland, Gloobe and mail, March 26, 2009
Lots of people have been stopping me in the hallways of the Globe to talk about the Ontario government budget and the impact that the new harmonized sales tax will have on buying and selling houses.
The budget confirms the plan by Dalton McGuinty's government to harmonize the 8-per-cent provincial sales tax with the 5-per-cent federal goods and services tax.
The new blended sales tax will add a tax burden to many household goods that are currently not subject to provincial sales tax, including the purchase of new homes above $400,000 and the closing costs on the sale of existing houses.
Just yesterday my colleague Clare Jordan was thinking about putting her smallish house on the market and looking around for something bigger now that she's found out how much ground two-year-old boys can cover.
Today she's not so sure.
In any already struggling market, will her house be that much harder to sell with more taxes piled on? And will anything she buys become less affordable?
Because Jordan would be selling an existing house, the tax hit would apply only to the closing costs, including the realtor fees that she and the purchaser pay. Then there are the legal services, title insurance and home inspections that the purchaser typically forks out for. These costs are not currently subject to provincial sales taxes.
Taking the example of a $360,000 house, the Toronto Real Estate Board estimates that will add $2,037 to the purchase.
When she buys another property, she would pay the tax on the closing costs as well.
The equation changes dramatically, however, if she purchases a new house that costs more than $400,000 because in that case the purchase price will be subject to the harmonized tax.
Not surprisingly, TREB is unhappy with the change.
“Obviously it's not good,” was the first reaction of TREB spokesman Von Palmer.
“We're shocked because we're still reeling from the land transfer tax,” he says.
Von Palmer points out that home buyers in Toronto are often already paying $4,000 to Toronto and another $4,000 to the province for the land transfer tax.
The harmonized tax does not affect new houses under $400,000: Under that ceiling, the status quo remains, Von Palmer says.
While the issue affects real estate across the province, Toronto's housing market will feel it more because house prices are higher, on average, he points out.
He says realtors were finally seeing some signs of hope in the city's property trade after months of sliding sales and price declines.
In the budget, newly built homes that cost more than $400,000 will be hit with higher taxes - ranging from $12,000 to $46,676 in Toronto, according to one study - while the federal government has agreed to drop the GST for those under that threshold.
There's a sliding scale upwards from there, with houses above $500,000 subject to the full 13 per cent combined tax.
TREB is working with the Ontario Real Estate Association to voice the displeasure of their constituency - real estate agents - to the province.
What about homeowners and prospective buyers? Does anyone care to weigh in?
Asher Ullah
www.homesforgta.com
Lots of people have been stopping me in the hallways of the Globe to talk about the Ontario government budget and the impact that the new harmonized sales tax will have on buying and selling houses.
The budget confirms the plan by Dalton McGuinty's government to harmonize the 8-per-cent provincial sales tax with the 5-per-cent federal goods and services tax.
The new blended sales tax will add a tax burden to many household goods that are currently not subject to provincial sales tax, including the purchase of new homes above $400,000 and the closing costs on the sale of existing houses.
Just yesterday my colleague Clare Jordan was thinking about putting her smallish house on the market and looking around for something bigger now that she's found out how much ground two-year-old boys can cover.
Today she's not so sure.
In any already struggling market, will her house be that much harder to sell with more taxes piled on? And will anything she buys become less affordable?
Because Jordan would be selling an existing house, the tax hit would apply only to the closing costs, including the realtor fees that she and the purchaser pay. Then there are the legal services, title insurance and home inspections that the purchaser typically forks out for. These costs are not currently subject to provincial sales taxes.
Taking the example of a $360,000 house, the Toronto Real Estate Board estimates that will add $2,037 to the purchase.
When she buys another property, she would pay the tax on the closing costs as well.
The equation changes dramatically, however, if she purchases a new house that costs more than $400,000 because in that case the purchase price will be subject to the harmonized tax.
Not surprisingly, TREB is unhappy with the change.
“Obviously it's not good,” was the first reaction of TREB spokesman Von Palmer.
“We're shocked because we're still reeling from the land transfer tax,” he says.
Von Palmer points out that home buyers in Toronto are often already paying $4,000 to Toronto and another $4,000 to the province for the land transfer tax.
The harmonized tax does not affect new houses under $400,000: Under that ceiling, the status quo remains, Von Palmer says.
While the issue affects real estate across the province, Toronto's housing market will feel it more because house prices are higher, on average, he points out.
He says realtors were finally seeing some signs of hope in the city's property trade after months of sliding sales and price declines.
In the budget, newly built homes that cost more than $400,000 will be hit with higher taxes - ranging from $12,000 to $46,676 in Toronto, according to one study - while the federal government has agreed to drop the GST for those under that threshold.
There's a sliding scale upwards from there, with houses above $500,000 subject to the full 13 per cent combined tax.
TREB is working with the Ontario Real Estate Association to voice the displeasure of their constituency - real estate agents - to the province.
What about homeowners and prospective buyers? Does anyone care to weigh in?
Asher Ullah
www.homesforgta.com
Sunday, March 22, 2009
Canada ranks third best country for business
Jack Gage, Forbes
Published: Friday, March 20, 2009, Macleans
The economic downturn that's swept the globe has crushed financial markets, exploded unemployment and shaken confidence in the banking system.
The disaster isn't shared equally, though.
Some countries are in a much better position than others to rebound from the current malaise by attracting entrepreneurs, investors and workers.
Who are they? Our fourth annual Best Countries for Business ranking looks at business conditions in 127 economies. Topping the list for 2009: Denmark, for a second straight year, takes the No. 1 spot. The U.S. is up two spots to No. 2, Canada is up four spots to No. 3, Singapore is up four to No. 4 and New Zealand is up seven to No. 5.
Big movers included New Zealand (No. 5, up seven spots), followed by Jordan (No. 33, up 28), Australia (No. 8, up five), United Arab Emirates (No. 46, up 28) and Malaysia (No. 25, up 13).
This is not a tally of economies with high gross domestic product growth, or low unemployment. The goal is to quantify for entrepreneurs and investors the often-qualified information about dynamic economies and what they would consider desirable conditions for business.
Personal freedoms play a big part -- it's hard to start a company or find talented employees under totalitarian regimes and military juntas. So we include measures of the right to participate in free and fair elections, freedom of expression and organization.
Taking care of investors, with laws assuring recourse for minority shareholders in cases of corporate misdeeds, is also important. As a barometer for corruption, Transparency International examines the number and frequency of incidents where corporate assets are misused for personal gain.
Amid the financial turmoil this year, we added stock market performance to reflect the extent of disrepair in countries' banking systems, as well as investor confidence in a recovery. Intellectual property rights, the promotion of free trade and low inflation, combined with low taxes on income and investment, give a snapshot of the conditions for business in each.
All was not lost in a tough year for believers in low taxes, free trade and limited bureaucracy. Despite swelling budget deficits, at least 50 countries recently cut or passed plans to cut taxes on individuals and businesses, including eight of the top 10, with individuals and investors in the U.S. and Norway left in the lurch.
The United Arab Emirates, in particular, has made strides in protecting intellectual property rights through initiatives like educational seminars for thousands of students, with support from corporations like Procter & Gamble, Estée Lauder and General Motors. New Zealand improved its free-trade ranking by pursuing talks with India, Korea and Hong Kong, while securing the first (for a developed nation) free-trade deal with China late last year.
Infrastructure improvements to the Jordanian stock market are improving enforcement of investment laws and compliance by broker members.
Sliding the most this year was Ireland (No. 14, down 12), which even saw plans for a Guinness mega-brewery shelved by parent Diageo as exports slowed. Uruguay (No. 66, down 22), Armenia (No. 94, down 31), Paraguay (No. 99, down 29) and Latvia (No. 45, down 13) rounded out this year's losers.
Expertise, research and published reports -- from the Heritage Foundation, World Economic Forum, World Bank, Transparency International, Freedom House, Deloitte Tax, the U.S. Chamber of Commerce and Central Intelligence Agency --all contributed vital analyses of various socioeconomic indicators on the countries included.
Asher UIlah
http://www.homesforgta.com/
Published: Friday, March 20, 2009, Macleans
The economic downturn that's swept the globe has crushed financial markets, exploded unemployment and shaken confidence in the banking system.
The disaster isn't shared equally, though.
Some countries are in a much better position than others to rebound from the current malaise by attracting entrepreneurs, investors and workers.
Who are they? Our fourth annual Best Countries for Business ranking looks at business conditions in 127 economies. Topping the list for 2009: Denmark, for a second straight year, takes the No. 1 spot. The U.S. is up two spots to No. 2, Canada is up four spots to No. 3, Singapore is up four to No. 4 and New Zealand is up seven to No. 5.
Big movers included New Zealand (No. 5, up seven spots), followed by Jordan (No. 33, up 28), Australia (No. 8, up five), United Arab Emirates (No. 46, up 28) and Malaysia (No. 25, up 13).
This is not a tally of economies with high gross domestic product growth, or low unemployment. The goal is to quantify for entrepreneurs and investors the often-qualified information about dynamic economies and what they would consider desirable conditions for business.
Personal freedoms play a big part -- it's hard to start a company or find talented employees under totalitarian regimes and military juntas. So we include measures of the right to participate in free and fair elections, freedom of expression and organization.
Taking care of investors, with laws assuring recourse for minority shareholders in cases of corporate misdeeds, is also important. As a barometer for corruption, Transparency International examines the number and frequency of incidents where corporate assets are misused for personal gain.
Amid the financial turmoil this year, we added stock market performance to reflect the extent of disrepair in countries' banking systems, as well as investor confidence in a recovery. Intellectual property rights, the promotion of free trade and low inflation, combined with low taxes on income and investment, give a snapshot of the conditions for business in each.
All was not lost in a tough year for believers in low taxes, free trade and limited bureaucracy. Despite swelling budget deficits, at least 50 countries recently cut or passed plans to cut taxes on individuals and businesses, including eight of the top 10, with individuals and investors in the U.S. and Norway left in the lurch.
The United Arab Emirates, in particular, has made strides in protecting intellectual property rights through initiatives like educational seminars for thousands of students, with support from corporations like Procter & Gamble, Estée Lauder and General Motors. New Zealand improved its free-trade ranking by pursuing talks with India, Korea and Hong Kong, while securing the first (for a developed nation) free-trade deal with China late last year.
Infrastructure improvements to the Jordanian stock market are improving enforcement of investment laws and compliance by broker members.
Sliding the most this year was Ireland (No. 14, down 12), which even saw plans for a Guinness mega-brewery shelved by parent Diageo as exports slowed. Uruguay (No. 66, down 22), Armenia (No. 94, down 31), Paraguay (No. 99, down 29) and Latvia (No. 45, down 13) rounded out this year's losers.
Expertise, research and published reports -- from the Heritage Foundation, World Economic Forum, World Bank, Transparency International, Freedom House, Deloitte Tax, the U.S. Chamber of Commerce and Central Intelligence Agency --all contributed vital analyses of various socioeconomic indicators on the countries included.
Asher UIlah
http://www.homesforgta.com/
Tuesday, March 17, 2009
First-timers drive a rebounding market
'Vancouver detached house prices are the lowest they have been in two or three years,' say one couple convinced that the time is ripe to purchase
KERRY GOLD
Globe and Mail Update
March 13, 2009 at 10:34 AM EDT
Judging from the many shoes littering the front porches at open houses in recent weekends, it's clear that people are back buying houses.
Without a doubt, the market has picked up, and we're barely into March. It's a far cry from the abysmal real estate market of last fall and January this year.
According to the Real Estate Board of Greater Vancouver, residential housing sales were up 94 per cent last month compared with January. That translates into 1,480 sales for the month of February alone. January, on the other hand, was a record-setting sluggish month - the slowest for housing sales in 25 years.
The growth defies the sky-is-falling pronouncements that have made headlines since September last year. But there is a growing perception that it's a buyer's market. A recent RBC/Ipsos Reid poll revealed that 26 per cent of B.C. residents surveyed believed they would purchase a home in the next two years, despite the view that house prices will continue to fall over 2009.
Sean and Karin Whale are unfazed about talk that it’s not a good time to sell their townhouse. They recently had a baby, 14-week-old Dayton, and are looking to trade up to a detached house. (Laura Leyshon for the Globe and Mail)
The condo market is also feeling a surge of life, real estate marketer Bob Rennie says.
"Sales are up," he says. "We have sold 19 [units] at One Madison Avenue in Burnaby in the past six weeks, and another nine at L'Hermitage at Robson and Richards in the past 10 days.
"I do think that the market is seeing a little bit of confidence, combined with some great opportunities with great interest rates."
Armed with low interest rates and realizing a good deal when they see one, brave contrarians are defying fears.
"People can see the value - and the value is phenomenal," real estate agent Lorne Goldman says.
Mr. Goldman says he had a house for sale last year on the city's pricey west side with an asking price of $2.4-million. The sellers were offered $2.3-million, but the buyer failed to complete. The same house is now on the market for $1.85-million.
"It's also very basic Real Estate 101," he adds. "There are people who are getting married, there are people who are married having more children, people being transferred into Vancouver from other cities. There are people who have inherited money who want a bigger house.
"The market continues, despite what is out there in the general economy. The fundamentals are there. People still need to buy groceries, and they still need shelter."
Karin and Sean Whale are unfazed about talk that house prices may fall further or that it's not a good time to sell a home. They recently had a baby and are motivated by their changing lifestyle.
The couple owns a three-storey townhouse on the east side of the city near trendy Commercial Drive, and with the latest addition, they've outgrown it and are looking to trade up to a detached house. They don't worry about selling and buying into the same market.
"Buying low and selling low is not a scary proposition to us," Ms. Whale says.
"We need more space at this time in our lives ...Vancouver detached house prices are the lowest they have been in two or three years."
Long-time Vancouver real estate agent David Campbell says that, unlike a year ago, it isn't the fixer-uppers and in-between houses selling. Demand is high for nice ones that don't require a lot of work, and there aren't a lot of them on the market. And the people buying, he says, are either first-time buyers or homeowners such as the Whale family who are trading up.
"We have many buyers, but we have seen the return of first-time buyers," Mr. Campbell says. "For a good part of, let's say, the last nine months, first-time buyers have been staying out of the market. They were a little scared as to what was happening last fall. But interest rates are at record lows, and prices have adjusted downward, and there are lots of first-time buyers coming back.
"We're getting a lot of move-up buyers as well taking advantage of the low interest rates who say, 'Now I can afford that spread up to the next one.' "
And unlike last fall, when the bottom fell out of the market, they aren't making low-ball offers - the prices have firmed up, he says.
"Last Sunday I had the busiest open house since April," Mr. Campbell says. "I had three offers on a house in 24 hours and it sold over asking."
But not just any house is selling, he adds. Buyers are being selective in this uncertain market.
"They want a good home, so they are picking the better ones," Mr. Campbell says. "That's where we get multiple offers."
Asher Ullah
www.homesforgta.com
KERRY GOLD
Globe and Mail Update
March 13, 2009 at 10:34 AM EDT
Judging from the many shoes littering the front porches at open houses in recent weekends, it's clear that people are back buying houses.
Without a doubt, the market has picked up, and we're barely into March. It's a far cry from the abysmal real estate market of last fall and January this year.
According to the Real Estate Board of Greater Vancouver, residential housing sales were up 94 per cent last month compared with January. That translates into 1,480 sales for the month of February alone. January, on the other hand, was a record-setting sluggish month - the slowest for housing sales in 25 years.
The growth defies the sky-is-falling pronouncements that have made headlines since September last year. But there is a growing perception that it's a buyer's market. A recent RBC/Ipsos Reid poll revealed that 26 per cent of B.C. residents surveyed believed they would purchase a home in the next two years, despite the view that house prices will continue to fall over 2009.
Sean and Karin Whale are unfazed about talk that it’s not a good time to sell their townhouse. They recently had a baby, 14-week-old Dayton, and are looking to trade up to a detached house. (Laura Leyshon for the Globe and Mail)
The condo market is also feeling a surge of life, real estate marketer Bob Rennie says.
"Sales are up," he says. "We have sold 19 [units] at One Madison Avenue in Burnaby in the past six weeks, and another nine at L'Hermitage at Robson and Richards in the past 10 days.
"I do think that the market is seeing a little bit of confidence, combined with some great opportunities with great interest rates."
Armed with low interest rates and realizing a good deal when they see one, brave contrarians are defying fears.
"People can see the value - and the value is phenomenal," real estate agent Lorne Goldman says.
Mr. Goldman says he had a house for sale last year on the city's pricey west side with an asking price of $2.4-million. The sellers were offered $2.3-million, but the buyer failed to complete. The same house is now on the market for $1.85-million.
"It's also very basic Real Estate 101," he adds. "There are people who are getting married, there are people who are married having more children, people being transferred into Vancouver from other cities. There are people who have inherited money who want a bigger house.
"The market continues, despite what is out there in the general economy. The fundamentals are there. People still need to buy groceries, and they still need shelter."
Karin and Sean Whale are unfazed about talk that house prices may fall further or that it's not a good time to sell a home. They recently had a baby and are motivated by their changing lifestyle.
The couple owns a three-storey townhouse on the east side of the city near trendy Commercial Drive, and with the latest addition, they've outgrown it and are looking to trade up to a detached house. They don't worry about selling and buying into the same market.
"Buying low and selling low is not a scary proposition to us," Ms. Whale says.
"We need more space at this time in our lives ...Vancouver detached house prices are the lowest they have been in two or three years."
Long-time Vancouver real estate agent David Campbell says that, unlike a year ago, it isn't the fixer-uppers and in-between houses selling. Demand is high for nice ones that don't require a lot of work, and there aren't a lot of them on the market. And the people buying, he says, are either first-time buyers or homeowners such as the Whale family who are trading up.
"We have many buyers, but we have seen the return of first-time buyers," Mr. Campbell says. "For a good part of, let's say, the last nine months, first-time buyers have been staying out of the market. They were a little scared as to what was happening last fall. But interest rates are at record lows, and prices have adjusted downward, and there are lots of first-time buyers coming back.
"We're getting a lot of move-up buyers as well taking advantage of the low interest rates who say, 'Now I can afford that spread up to the next one.' "
And unlike last fall, when the bottom fell out of the market, they aren't making low-ball offers - the prices have firmed up, he says.
"Last Sunday I had the busiest open house since April," Mr. Campbell says. "I had three offers on a house in 24 hours and it sold over asking."
But not just any house is selling, he adds. Buyers are being selective in this uncertain market.
"They want a good home, so they are picking the better ones," Mr. Campbell says. "That's where we get multiple offers."
Asher Ullah
www.homesforgta.com
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