Don't Forget - First Time Home Buyers Tax Credit
It's Tax time... don't forget to claim this! For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).
http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html
BC Home Sales Projected to Climb
According to the newly released forecast from BCREA, 2011 will be a positive year, in terms of sales.
Residential sales are expected to rise by 8 %- from 74,640 units in 2010 to 80,900 units in 2011, and increase a further 4% to 83,950 units in 2012.
“British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and p... read more.
Home Price Index Moving Up
The Canadian Resale market swung upwards in December, according to the latest release of the Teranet-National Bank Composite House Price Index- which indicated increases in five of the six markets surveyed.
The index indicates that prices were up 0.3% in December from November, as well as having gone up 4.1% from the same time the year before.Looking at specific regions, there was a 0.1% increase i... read more.
Oh No! Tougher mortgage lending rules announced
Finance Minister Jim Flaherty is cracking down on Canadians' ability to qualify for a mortgage, in the government's latest attempt to rein in consumer debt.Flaherty announced Monday the government is reducing the maximum amortization period for government-backed mortgages to 30 years from 35 years. The change will affect mortgages with a loan-to-value ration over 80 per cent.Canadians will only be... read more.
Vancouver Housing Starts in 2010 Nearly Double
Housing starts in the Vancouver Census Metropolitan Area (CMA) totalled 15,217 in 2010, up from 8,339 in 2009 and close to their 10-year average, according to a report released by the Canada Mortgage and Housing Corporation (CMHC) on Tuesday.Carol Frketich, an economist with CMHC, said the uptick in housing starts indicates a strengthening of Vancouver’s real estate market and the economy at large... read more.
Canadians show restrained optimism for 2011 Economy
According to a new poll released by Economic Club of Canada/POLLARA, Canadians are showing a restrained optimism in terms of the economy.
The poll shows that, although there is an increase in confidence on economic growth, Canadians are less positive about the state of the economy as whole at the beginning of 2011 than they were at the beginning of 2010.
30% of Canadians indicate that at economy is... read more.
Home Prices in Recovery Mode
In 2010, in many areas of the country, house prices either went up, or remained fairly stable, and there is hope that 2011 will continue on the same streak.
“Trends in the housing market continue to be driven by the lingering after-effects of the recession," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "Canadians realize that interest rates are unsustainably... read more.
Royal Lepage Study says we're in for a busy 2011
Thanks to low interest rates, and the knowledge that they can’t stay there forever, 2010 ended well for Canadian Real Estate, and more of the same is expected for 2011, according to the Royal LePage House Price Survey and Market Survey Forecast released today.
"Trends in the housing market continue to be driven by the lingering after-effects of the recession," said Phil Soper, president and chief e... read more.
Vancouver Creates More "Real Estate Millionaires
Forget the lottery.
The Lower Mainland's rebounding housing market has just minted 21,000 new real estate millionaires.
That's how many homes in the region ticked over into seven-figure assessments when new valuations were released this month.
The number of million-dollar homes doubled in both Richmond, which is up from 2,329 a year ago to 5,433 now, and Burnaby, which rose from 2,248 to 5,114.
Roughl... read more.
Zillow projects Real Estate Value loss $1.7Trillion
According to a newly released report, the value of US homes is set to drop by $1.7 Trillion in 2010.
With these newest numbers, the total residential home value loss since the market peak of June 2006 is more than $ 9 Trillion. This 2010 loss is 63% more than the $1 Trillion lost in 2009, signalling a significant deepening of losses.
To put these numbers in a frame of reference, from 2001 to the end... read more.
What Bubble?
Claims that Canada’s housing market is ready to pop are exaggerated, say economists at BMO Nesbitt Burns.
Instead, they say the market can more realistically be labelled “moderately overvalued” based upon a comparison of house prices with personal income. They also note that mortgage servicing costs for “typical” homebuyers are running near the long-term norm of 34%.
“Barring a sharp spike in mortg... read more.
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