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Friday, 29 September 2006 |
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Canada's housing market both vigorous and stable - Country's market poised to show growth throughout 2006 -
The Royal LePage Survey of Canadian House Prices is the largest, most
comprehensive study of its kind in Canada, with information on seven types of
housing in over 250 neighbourhoods from coast to coast. This release
references an abbreviated version of the survey, which highlights house price
trends for the three most common types of housing in Canada in 80 communities
across the country. A complete database of past and present surveys is
available on the Royal LePage Web site at www.royallepage.ca, and current
figures will be updated following the end of the third quarter. A printable
version of the third quarter 2006 survey will be available online on
November 15, 2006.
Housing values in the Royal LePage Survey are Royal LePage opinions of
fair market value in each location, based on local data and market knowledge
provided by Royal LePage residential real estate experts. Historical data is
available for some areas back to the early 1970s.
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Last Updated ( Friday, 29 September 2006 )
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Tuesday, 26 September 2006 |
Price of paradise takes a hit
The price of paradise is rising precipitously for quarter-share owners in vacation properties, who are finding their taxes doubling and tripling after they buy.
Taxes on one vacation unit in a Vancouver Island resort jumped from $3,800 to $15,200 when BC Assessment changed its classification from residential to business in a shift that is hitting resort properties around the province.
At Pender Island's Poets Cove resort in the Gulf Islands, strata fees including taxes tack on almost $1,100 a month to the cost of a quarter share in a townhouse that is listed for sale at $229,000 for 12 weeks of occupancy a year.
Some buyers are signing up for fractional ownership in vacation homes only to find long after the deal is sealed that the residential tax rate has given way to business and their costs are much higher than they expected.
"The developer comes in, sells the project and sells the management of it to a management company and he takes all the profit and gets out of Dodge," said Errol Winter, real estate director at Crown Isle, a resort and golfing community at Courtenay on Vancouver Island.
"He's gone, the assessment comes in the following year, the taxes go through the roof and the management company is left holding the bag.
"People are yelling."
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Tuesday, 26 September 2006 |
Vancouver area close to levels reached before previous downturn
The cost of carrying the average mortgage is nudging levels that preceded the last two significant downturns in the greater Vancouver housing market, a study by Canada Mortgage and Housing Corp. says
While Lower Mainland home prices have risen dramatically in recent years, the federal agency says the monthly cost of carrying a five-year mortgage at posted interest rates, when adjusted for inflation, has yet to top $2,600 as it did in 1990 and again in early 1995.
However, in July, the average mortgage sat at $2,322, its highest level in 12 years, thanks to a combination of higher interest rates and rising prices.
"We haven't been where we are today since 1994 and 1989 which were both peak years in their respective cycles," Cameron Muir, senior market analyst with CMHC, said in an interview.
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Last Updated ( Tuesday, 26 September 2006 )
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