Sunday Morning Suggested Reading

• 10 Questions to Ask a Seller’s Agent Before You Hire Them - Vancouver Reflections
• Is a 40-Year Mortgage Hazardous for your Financial Health? - Move Smartly
• Underground contractors can cost you everything - St. John’s Real Estate Blog
• How long should it take to sell? - Toronto Real Estate Intelligence
• Variable rate versus fixed rate mortgages, what is the way to go? - Mississauga Real Estate

News Roundup: Canadian Housing Market.

• Market Blog - Just bought a house? Don’t read this - Globe & Mail Market Blog.
• Homeless crisis grows while Canada prospers - The Vancouver Sun.
• ‘Cooling’ the watchword in Canadian real estate - CBC News.ca.
• Slide ends housing boom - National Post
• Has the housing boom gone bust? - Calgary Herald
• Low inflation gives Canada wiggle room on rates, analysts say - Canada.com
• A little mortgage savvy gets some big savings - Report on Business.

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Friday Morning links: Canadian Market News

• Housing markets on shaky ground. [ Report on Business Globe & Mail ]“Canada is in better shape than many other countries and home prices here aren’t expected to drop this year.But that doesn’t mean home owners should expect, or want, to see the big gains of past years.”
• Voices: 40-year mortgages [ The Star.com ] “It should be against the law for banks to offer (and CMHC to insure) 40-year mortgages. If you have to finance with little or no money down and spread the payments of 40 years then it is obvious you cannot afford the home you are buying.”
• Softer sales will cool market. [ The Star.com ] “Canadian housing markets should cool down some this year and next with softer sales, construction and price growth from coast to coast”

On Blogs:

• TD Economics Special Report “Canada’s Red Hot Real Estate Markets to Cool” - Mortgage Dairies.ca

Royal LePage Housing Report: first quarter 2008.

Canada’s real estate market stands on stable footing. On average, healthy year-over-year house price gains were recorded during the first three months of 2008.

While more modest price increases were observed when compared to previous quarters, the solid appreciations noted in the first quarter are largely due to the shared effects of resilient local economies, high immigration levels, and relatively low interest rates – all leading to enduring buyer demand, according to a House Price Survey report released today by Royal LePage Real Estate Services.

While almost all markets surveyed experienced price increases, it was the smaller cities, with relatively affordable housing and strong economies based on resource industries that emerged with the most significant gains. Thriving Saskatoon saw appreciation as high as 66 per cent, while areas in Newfoundland posted increases above 20 per cent for the first time since Royal LePage started tracking house prices.

Continue reading this article >>

RBC Housing affordability forecast for 2008

A new report released by the Royal Bank of Canada informs us: in 2007 home ownership became less affordable nation wide, but prices stayed fairly stable in the Quebec market.

Quebec - affordability still manageable

“The nationwide deterioration in affordability conditions hit every province last year. The hit to Quebec, however, was much more muted.
A generally balanced market has helped keep affordability conditions generally in check. House prices continue to modestly outpace income gains but the gap between the two measures is expected to narrow this year as price growth moderates to the 5% range in 2008. Housing starts have been running at elevated levels (close to 49,000 units) in each of the last three years.
New home construction is expected to slow modestly in 2008 (46,000 units) and more significantly by 2009 (40,000 units) as housing markets shift into slower gear.”

• Download the full Pdf report here
  
• More on this report at the Montreal gazette website

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Quebec housing starts up significantly in February

According to the latest monthly starts survey conducted by Canada Mortgage and Housing Corporation (CMHC), residential construction registered a strong increase this past month in centres with 10,000 or more inhabitants across Quebec. In fact, 2,810 housing units were started in February, or 50 per cent more than during the same period a year earlier.

The dynamics were different, however, depending on the centres. Starts rose by 51 per cent in the census metropolitan areas (CMAs) but fell by 6 per cent in the smaller agglomerations (50,000 to 99,999 inhabitants). The Montréal area stood out by being the engine of this growth. In fact, foundations were laid for 2,167 new dwellings there in February 2008, compared to 1,262 in February 2007, for an increase of 72 per cent. Housing starts went up less significantly in Saguenay (+56 per cent) and Trois-Rivières (+ 21 per cent), while they declined in Québec (-32 per cent), Sherbrooke (-10 per cent) and Gatineau (-3 per cent). The survey also revealed >>