anyone catch the latest Ontario BS with regards to privately sold used cars? http://www.thestar.com/News/Ontario/article/611245 "level the playing field".......... LOL thank god McSquinty and the socialists are there to level the playing field....
Actually, I don't buy the fake crap.......I try and stick with the real stuff. You gotta support the economy!
General labor job posted on Craigslist at 9:59am. $16/hour cash, 50 hours a week. Looking for 3 people. Call at 10:02am, all positions filled.
I am going to be hiring some seasonal road construction staff soon and I am scared that i will get thousands of applicants as soon as the listing hits the internet job bank...last year i used a fax and email number and consumed thousands of sheets of fax paper and overloaded the email service...quite a dilema in terms of sorting out who to hire...much more staff time involved in dealing with applicant review, interviews, letters of acceptance or rejection... a sign of the times...Five years ago i had to literaly hire people off the street or away from gas station jobs in order to carry out my business. beev
*BuMp* http://www.yourhome.ca/homes/article/661601 Record for GTA home sales in June July 6, 2009 Tony Wong BUSINESS REPORTER Existing home sales for June hit an all-time high in the Greater Toronto Area according to figures released today by the Toronto Real Estate Board. June sales at 10,955 were up 27 per cent from June of last year, while average prices were $403,972, up two per cent from last year. "The re-emergence of seller's market conditions has exerted upward pressure on home prices," said Jason Mercer, TREB's senior manager of market analysis. One reason for the bump is active listings that are down by 30 per cent compared to last year. Economic uncertainty means some buyers have decided to stay put, resulting in less inventory and choice in the market. Historically low mortgage rates have brought out buyers in force for the spring market. But analysts say the second half of the year will be more subdued as job losses filter their way through the economy. thestar.com
I have definitely noticed this too. My wife and I are looking for a new home in the GTA, and homes are selling pretty fast and at almost 99% asking price. Prices have come down a little since last year, but I haven't seen too many 'bidding wars' or extreme selling prices. I think people are starting to realize that putting money into the 'stock market' or mutual funds is a bunch of crap.........real estate is always a solid investment.
+1 Except if Canada totally opens the borders Then there might be enough population to replace the boomers until past 2025 otherwise residential RE is in huge trouble
Me too....I am always interested in hearing some real estate advice. I agree that prices are fairly high, (overpriced?) in the GTA area, but I don't see prices dropping anytime soon because the GTA is constantly growing in population. (Supply / Demand)
Bank of Canada says recession over, growth returning to economy.... http://ca.news.finance.yahoo.com/s/23072009/2/biz-finance-bank-canada-says-recession-growth-returning-economy.html
THe falicy is that the 300-700 homes are selling....the 1.3M with property taxes at 12,000 per year ARE NOT. I have had my eye on the same 5 properties around the gta from 1.2-1.9, some from builders, they are sittoing on them...in fact, one of them was listed at 1.455 in August, 1.350 in Dec....and now back to 1.475 in July. As with everything its buyer beware...luxury items will get hammered soon...people just havent accpeted it yet....they will once oil goes back too 1.25 a litre, and insurance rates increase and nobody getting raises....some people are gonna hurt unfortuantely
Poor old Izzy's turning in his grave. But I must admit...we all saw this coming especially after the Alliance merger. Sad. From The Star today: http://www.thestar.com/business/companies/canwest/article/706135--global-tv-national-post-granted-creditor-protection Global TV, National Post granted creditor protection Canwest Global Communications Corp. was granted court protection Tuesday morning from creditors for the National Post newspaper and Global Television as it attempts to restructure its debt. The Winnipeg-based broadcaster and publisher said its voluntarily filing under the Companies' Creditors Arrangement Act would give it four to six months of "stability" as it reorganizes. "Throughout this process, all our operations will continue uninterrupted, including a strong programming lineup on Global and our specialty channels," president and chief executive officer Leonard Asper said in a statement posted on the company website. "Our business operations remain strong and our stable of media brands continue to lead their markets." The filing does not include the specialty TV channels Canwest bought from Alliance Atlantis in 2007, or its other daily newspapers and websites. During the restructuring, Canwest will have access to about $65 million in cash, following the recent sale of some assets, as well as debtor-in-possession financing of up to $100 million "to enable its business units to meet their obligations to employees and suppliers of goods and services provided after the filing date," the company said. Under the proposal, a small group of bondholders would receive common shares of the restructured Canwest, and current shareholders would own just 2.3 per cent of the shares of the new company. Asper and other members of Canwest's founding family have agreed to invest up to $15 million in the restructured company, which would also need at least $65 million in new equity financing. Canwest didn't say how much voting control or operational involvement the Aspers would have after the restructuring. The company will seek its creditors' approval for the restructuring deal at a meeting to be held this year. The deal would also need approval of the Canadian Radio-television and Telecommunications Commission and the Toronto Stock Exchange, as well as the court. "The creditor protection clearly signifies that the capital structure was inappropriate for the company," said Chris Diceman, a senior vice-president at the credit rating agency DBRS. "This is the first step to recapitalizing the company, and if they get a recapitalization agreement, say, at Canwest LP (the newspaper division), you could see those businesses held by new owners." The director for the Communications Workers of America said the move by Canwest was not surprising. "They've been teetering and tottering for a year now," said Arnold Amber. "It's like following someone who has a serious illness. One week we get something encouraging and then you get a couple of dire things." CWA/SCA Canada represents 8,000 media workers in Canada, including 800 employees at three Canwest papers, the Montreal Gazette, the Ottawa Citizen, and the Victoria Times-Colonist, and the specialty television channels. "None of our members are affected by the CCAA but to be fair, Canwest isn't finished because they still have to deal with this newspaper division and that's where the bulk of our members are." Canwest may choose, for instance, to sell some of its profitable newspapers or seek concessions from workers to try to cut costs. "Our position is we're prepared to talk with them, but we're not prepared to just willy-nilly take on some of their problems without a complete understanding of what the newspaper division is going to look like going forward," Amber said. Canwest has been selling assets to show lenders that it's making progress on reworking its operations. Most recently, it sold its majority stake in Australian broadcaster Ten Network Holdings. "Along that same theme, you're starting to see possibly some unbundling...of this media conglomerate," Diceman said. In response to the announcement, which came before markets opened this morning, Canwest's shares were suspended from trading today by the Toronto Stock Exchange, which has placed the stock under review for possible delisting. With files from Iain Marlow and the Canadian Press
Besides that gold hit a record high and the USD dropped again. It seems earlier prediction of parity between USD/CDN is all more likely now.
In certain price ranges & areas they sell themselves and other ranges they stagnate. The numbers are not lying and RE will almost always be a great investment. Looking to keep tabs on anything in particular let me know.
When some semblance of credit worthiness returns to CMHC's current policy of "if you have our fees and a pulse, we'll gladly insure your mortgage" and interest rates stop being supressed by the government, and return to historical norms, you'll see the housing market come back down to reality real fast. Calgary was down 20% last year until the government panicked and told the B of C to cut rates to .25%......that and the intensive propoganda campaign from Canwest and their major sponsor, the real estate industry, to convince first time buyers that they had better get on the bandwagon now, has allowed the bubble to temporarily reflate by half of last year's loss out here......but we're still down % wise, and sales are dropping again. I rent a $500K luxury condo in one of the nicest parts of Calgary for $1,500 a month.......I'd have to be a f-in moron to pay $4,000 a month and write a cheque for the $100K down payment to buy the exact same place.........that is how far out of whack we are RE wise. The $1,600 a month of EI is running out soon for the first crop of layoffs, and even with that getting paid, there are currently some 5,100 mortgages that are 90 days or more in default out here in Alberta...... It is just gonna get worse.....
KDS I'm in the business and can tell you that the Canadian rate for Defaults on Mortgages is about 2.5% to 3%. CMHC makes a killing which is why GE got in and other insurers are as well. Way too much money to be had in the mortgage default business. Mortgage Fraud is a whole other issue and where most of the claims arise. Now if everyone just got a proper appraisal instead of an AVM, we would be much better off.
Bones2U.......I agree......thought you'd like to see this as we're on the topic.......some stats from the CBA for Alberta and Canada........these are as of JULY unfortunately, and only account for 60% of all the mortgages held in Canada, which are in the hands of the 8 chartered banks. Trust companies, the ATB, the Caisse, credit unions, life insurance companies, private hard money lenders, non-bank lenders, et al, are not included. So using just Alberta for example, and some basic math, you can extrapolate it out and you get an estimated 5,100 mortgages which are 90 in arrears in our province alone. I imagine it is even more now. Image Unavailable, Please Login Image Unavailable, Please Login
