Kathy Yuen of Phase One Design talks about how to build an award-winning company from scratch, even during downturns
Kathy Yuen is president of Phase One Design. Tell me about Phase One Design. How it got started, why, where you’re located and what you do? Yuen: Phase One Design is a residential design firm. We specialize in the architecture of luxury custom homes (not to be confused with interior design). How did it all…
The average MLS sale price of $496,696 was down 4.9% in the final two months of 2018
(Troy Media) Canadian MLS sales fell by 2.5 per cent in December from November, capping the weakest annual sales since 2012, says the Canadian Real Estate Association. According to its monthly MLS report, which was released on Tuesday, CREA said monthly declines in activity since September have fully retrenched its summer rally and returned it near…
Zoning, building codes and construction trade regulations all fall under the jurisdiction of these governments
Recently, the Bank of Canada voiced concerns about the Canadian economy, leading it to slash outlooks on future trends. One of the issues contributing to this pessimistic stance is the condition of housing markets in Canada. Housing construction activity and prices are falling after a long period of price increases that fuelled claims of a…
Ryan DeLuca of the Calgary Real Estate Board talks about what a buyer can ask and what a seller must disclose about pot
Ryan DeLuca is supervisor of training and compliance, member practice, with the Calgary Real Estate Board. What are the biggest potential impacts to the residential housing market of the legalization of cannabis? DeLuca: For some buyers, cannabis cultivation in a property may affect their ability to secure financing or homeowner’s insurance on that property. Some…
Mark Hawkins talks about how Rentfaster.ca evolved from a small local website to a national brand by stressing customer service
Mark Hawkins is president and owner of Rentfaster.ca. What is RentFaster? When did it start and how does it work? Hawkins: Technically, Rentfaster.ca is an Internet listing service (ILS), but really it’s a website that’s designed to help landlords and renters connect. Rentfaster.ca started in 2003 and has evolved over the years to really help…
Significant differences between Canada today and the 2008-2009 U.S. housing market crash: CPA Canada report
The biggest risk to Canada’s housing market has always been its most obvious risk: a high household debt-to-income ratio. A report released on Monday by CPA Canada (Chartered Professional Accountants Canada) cited a recent Bank of Canada study estimating that the total household debt-to-income ratio exceeds a record 170 per cent. But it also says…
Prototype aims to provide protection and connection for those who are affected by displacement and natural disaster
A former Calgary Bow Valley College student is testing out his “LO8OP Home in a Bag” concept until the end of the month to brave the elements and raise money to move the idea to commercial production. Micah Louison, 24, is camping outside his family’s northeast Calgary home in the Bridgeland area until the end of…It now takes 53.5 per cent of your income to service the costs of buying a single-family home
The proportion of household income needed to service the costs of a single-family home grew to 53.5 per cent in the first quarter of 2018, according to a report released Wednesday. And that is one reason Canadians, especially millennials, are abandoning their dream of ever owning housing in the city and and are now looking to…
A Mortgage Professionals Canada report says the effects of federal policies are especially concerning in areas already dealing with economic instability, notably Alberta
A report by Mortgage Professionals Canada says new federal government policies are suppressing housing activity in the country. The Report on the Housing and Mortgage Market in Canada, which was released on Wednesday, also said the overall strength of consumer sentiment has been weakened by increasing interest rates and the new rules making it more…
Changes target Canadians who may have difficulty qualifying for a mortgage as their incomes may vary or become less predictable
Canada Mortgage and Housing Corp. is making it easier for self-employed people to own homes. The federal agency has introduced some changes to help self-employed Canadians who may have difficulty qualifying for a mortgage as their incomes may vary or become less predictable. The CMHC said on Thursday that self-employed Canadians represent about 15 per…
As centres for jobs, education and innovation, municipalities play an outsized role in Canada’s continued prosperity
By Kenneth P. Green and Josef Filipowicz The Fraser Institute For mayors, councillors and city staff in Canada’s largest cities, housing affordability is – or should be – top of mind. With the cost of owning a home out of reach for many, and the ability to rent hampered by virtually non-existent vacancies in the…
It’s more effective to supplement rents in times of high vacancy because each dollar spent gets the tenant more
In the recent Saskatchewan budget, the government made the surprise announcement that it would slowly phase out a rental housing assistance program known as the Saskatchewan Rental Housing Supplement. Given current rental housing market realities, the government ought to have done the complete opposite and expanded the program. High vacancy rates create a desirable climate…
Penalizing foreign homebuyers fails to address the fundamental problem: a lack of available houses
By Josef Filipowicz and Steve Lafleur The Fraser Institute Florida is a popular destination for retirees and vacationers. Not surprisingly, many people from colder northern states and Canada either rent or own property in Florida to escape harsh winters. In fact, temporary residents in Florida (also known as snowbirds) number more than one million by…
Instead of targeting affordable housing, B.C. government should be targeting housing affordability
By Josef Filipowicz and Steve Lafleur The Fraser Institute The B.C. government’s recent budget included a 30-point plan aimed at the province’s housing woes. The aim was off the mark. Most of the plan’s points fit into two broad categories: reducing demand by raising property transfer taxes, for non-residents and on homes over $3 million,…
Canadians need to ask if they should own a Crown corporation that could cost them dearly or if they prefer to have that money invested in more secure places
The Canada Mortgage and Housing Corp. (CMHC) represents a significant risk to the Canadian economy. It’s dangerous for government to be involved in a venture that monopolizes a significant part of an economy. Canadians are exposed in much the same way Americans were when the U.S. economic bubble burst in 2008. What’s the alternative? Selling…