Tag: Headline News

Read More

Sold for $25 Million -Former Montreal Children’s Hospital

This isn’t the first nor will be the last time you’ll hear about the former Montreal Children’s hospital building. Right from the get-go, and even before the old moved into the new hospital, there were rumours of a new community development plans for the 120,000 square-meter-site.

Read More

Condo Sales Increase: Not Only in The Metropolis

You’d think that condos were only heading the market on urban areas, but they are saying: “Saint-Hyacinthe, Saint-Jean-sur-Richelieu and Granby, condominium sales accounted respectively for 20, 14 and 12 per cent of all residential sales.” … And with some many options, prices and styles for condos, it doesn’t surprise you that young buyers are deciding for a more practical living quarters, such as a condo over purchasing a house.

Read More

New Condo Building Collapsing – The Gazette

The administrators of the New Home Guarantee Program refused to cover the repair costs to the building because the (five year) warranty had expired at the time all the faults were discovered. The warranty program requires that when construction is completed, the contractor must inform the condo association that it has to hire an independent, professional building engineer to assure the work meets the building code and the specifications of the purchase agreements.

News, Home Prices Drops and Readers Bite Back

You can always count on the media and the “Market experts” to make an issue out of something small, like the 0.1% decrease the new home prices in July.

CTV News [Edmonton] reports: “The price of new homes fell 0.1 per cent in July after a 0.1 per cent increase in June — the first drop in more than a year, according to Statistics Canada’s latest report.”

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).

Interest rate cut will help Canadian home owners and buyers

The interest rate cut announced today by the Bank of Canada will help Canadian home owners and buyers, according to The Canadian Real Estate Association. The Bank of Canada cut its benchmark overnight lending rate by one-half of one percentage point to 3 1/2 per cent on March 4th, and signaled further cuts in the near future. The trend-setting Bank rate, which is set 0.25 percentage points above the overnight lending rate, now stands at 3.75 per cent.

“The threat of inflation is being eclipsed by concerns about slower economic growth, so the Bank of Canada cut its trend-setting bank rate to boost growth,” said CREA Chief Economist Gregory Klump. “Financial market turmoil will remain a downside risk to growth for some time. This means the Bank will probably continue lowering interest rates.”

Lower lending rates will help offset the effect of tightening credit conditions and allow homeowners to obtain better mortgage terms. This will also benefit Canadian homeowners dealing with variable rate mortgages.