In exciting news, built suites in a prime Waterloo location are on sale, starting from the $580’s and starting from $371 per square foot. This high quality, fully-leased mid-rise condominium building located at 261 Lester Street offers five-bedroom rental academic accommodation suites with high-end finishes.
This rare opportunity is just a 5-minute walk to both the University of Waterloo and Wilfrid Laurier University, near Conestoga College and local amenities. Flexible closings are available from 30-days to March of 2018.
Savvy investors know that buying quality is always a great move and that means strong growth projections of the associated university, location/walkability and rental guarantee. On site management is also important, particularly for out-of-town and busy investors.
On these important scores, the new offering gets straight A+’s. The outlook for Waterloo Region is for continued growth, fueled by its universities and the nearby Idea Quarter. The location of the building literally cannot be closer to both campuses and the Idea Quarter. Finally, a Rental Guarantee is offered with Free Property Management from KW4Rent for 2 years from the purchase of the unit.
Quality rentals will remain in demand in Waterloo due to the coming of age of the city’s innovative tech sector where hundreds of start-ups employ an estimated just under one-fourth of graduating students. Recognizing the highly trained talent pool coming out of University of Waterloo and Wilfrid Laurier University, powerhouse companies like Google and Microsoft have offices in Waterloo.
Waterloo is widely considered to be one of the top tech startup regions in the world. Last year, the Waterloo region recorded an increase of 74.4 per cent in new tech jobs, followed by Winnipeg at 58.5 per cent and Halifax at 50 per cent. Because of the availability of talent, lower real estate costs and proximity to both Toronto and the border, Waterloo is expected to see continued growth in this area going forward.
Students who come to Waterloo to study are just as likely to find jobs and a vibrant city to build their future, and that means a solid long-term opportunity for those who provide them with quality academic accommodations. The condominium building now on offer from Prica Group is top of the class. Those who are interested should visit www.kw2own.com or call 437.928.2588. Showings are available.
Prica Group is a leader in the Waterloo real estate market with a net worth of $514 million in assets including residential and commercial properties, land and a leading property management company. Now investors can have a piece of their action.
Source: http://www.canadianrealestatemagazine.ca/expert-advice/rental-real-estate-opportunity-in-canadas-technology-triangle-235546.aspx
Thursday, December 21, 2017
Monday, December 18, 2017
Homeowners should do more research on renovators
Canadian homeowners may be spending money unwisely on home renovations by shady contractors.
The warning comes from contractors’ review platform TrustedPros which anonymously asked professionals whether homeowners ask to check their credentials.
Only 5% said they were always asked, while 60% said only between 0 and 5% of customers carried out due diligence on them.
With many homeowners using HELOCs and refinancing to fund renovations costing thousands of dollars, the report highlights a significant risk for homeowners, and their lenders.
The key areas that homeowners are failing to check are trade and business licenses, liability insurance, and workers’ compensation insurance.
Too many homeowners do not understand industry regulations or may be misinformed by unscrupulous operators.
Source: http://www.canadianrealestatemagazine.ca/market-update/homeowners-should-do-more-research-on-renovators-235560.aspx
The warning comes from contractors’ review platform TrustedPros which anonymously asked professionals whether homeowners ask to check their credentials.
Only 5% said they were always asked, while 60% said only between 0 and 5% of customers carried out due diligence on them.
With many homeowners using HELOCs and refinancing to fund renovations costing thousands of dollars, the report highlights a significant risk for homeowners, and their lenders.
The key areas that homeowners are failing to check are trade and business licenses, liability insurance, and workers’ compensation insurance.
Too many homeowners do not understand industry regulations or may be misinformed by unscrupulous operators.
Source: http://www.canadianrealestatemagazine.ca/market-update/homeowners-should-do-more-research-on-renovators-235560.aspx
Friday, December 15, 2017
Demand spreading outside major cities, prices to gain 2.5%
Canadian home prices are set to gain 2.5% in 2018 as demand spreads to markets outside the major cities.
A new outlook report from RE/MAX highlights the increased interest in the more affordable markets around the Greater Vancouver and Greater Toronto areas.
Canada’s two hottest markets have seen divergence of the single-family and condo markets as supply and policy issues makes condos a more affordable option.
But the incoming tightening of mortgage underwriting rules will moderate the market, at least in the first half of 2018.
“Following increased fall market activity in some regions, we anticipate the new mortgage stress test to slow activity across Canada during first few months of 2018,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Based on conversations with RE/MAX brokers, we anticipate the greatest impact of decreased buyer purchasing power to be in Victoria, Greater Vancouver, Kelowna, North Bay, London-St. Thomas, Barrie, Hamilton-Burlington, the GTA, Durham Region, Kingston, Ottawa, Halifax and St. John’s.”
The report forecasts that Calgary’s housing market should continue to recover especially with the new Amazon distribution facilities being sited there.
Source: http://www.canadianrealestatemagazine.ca/market-update/demand-spreading-outside-major-cities-prices-to-gain-2-5-235520.aspx
A new outlook report from RE/MAX highlights the increased interest in the more affordable markets around the Greater Vancouver and Greater Toronto areas.
Canada’s two hottest markets have seen divergence of the single-family and condo markets as supply and policy issues makes condos a more affordable option.
But the incoming tightening of mortgage underwriting rules will moderate the market, at least in the first half of 2018.
“Following increased fall market activity in some regions, we anticipate the new mortgage stress test to slow activity across Canada during first few months of 2018,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. “Based on conversations with RE/MAX brokers, we anticipate the greatest impact of decreased buyer purchasing power to be in Victoria, Greater Vancouver, Kelowna, North Bay, London-St. Thomas, Barrie, Hamilton-Burlington, the GTA, Durham Region, Kingston, Ottawa, Halifax and St. John’s.”
The report forecasts that Calgary’s housing market should continue to recover especially with the new Amazon distribution facilities being sited there.
Source: http://www.canadianrealestatemagazine.ca/market-update/demand-spreading-outside-major-cities-prices-to-gain-2-5-235520.aspx
Monday, December 11, 2017
Home values boost Canadian family net worth
Canadian families increased their net worth by 14.7% in the four years from 2012-2016 according to new data from Statistics Canada.
Wealth increased mostly due to the rising value of homes, while debt was also driven by home prices as families took out larger mortgages.
The median net worth of Canadian families was $295,100 in 2016, up from $257,200 four years’ earlier. Last year, 61.7% of families owned their principal residence with 57.3% of them having a mortgage on their home. That means 38.4% of all families had a mortgage in 2016.
Total debt was $1.76 trillion, up 24.2% in the four-year period, while mortgage debt was up 30.4% to $330 billion. Almost 30% of families were debt free in 2016.
The median family debt increased 27.1% from $63,400 in 2012 to $80,600 in 2016. Mortgage debt increased to a median $190,000, 20% higher than in 2012.
Albertans were most likely to have a mortgage in 2016 (44%) while Nova Scotians were least likely (32.7%).
Home equity was up 12.8% from 2012 and up 115.2% from 1999 to a median reported value of $238,000 in 2016.
Families in British Columbia had the highest median net worth as of 2016 at $429,400. They were followed by those in Ontario ($365,700), Manitoba ($320,800) and Saskatchewan ($293,500). New Brunswick reported the lowest median net worth among the provinces at $158,400.
Source: http://www.canadianrealestatemagazine.ca/market-update/home-values-boost-canadian-family-net-worth-235194.aspx
Wealth increased mostly due to the rising value of homes, while debt was also driven by home prices as families took out larger mortgages.
The median net worth of Canadian families was $295,100 in 2016, up from $257,200 four years’ earlier. Last year, 61.7% of families owned their principal residence with 57.3% of them having a mortgage on their home. That means 38.4% of all families had a mortgage in 2016.
Total debt was $1.76 trillion, up 24.2% in the four-year period, while mortgage debt was up 30.4% to $330 billion. Almost 30% of families were debt free in 2016.
The median family debt increased 27.1% from $63,400 in 2012 to $80,600 in 2016. Mortgage debt increased to a median $190,000, 20% higher than in 2012.
Albertans were most likely to have a mortgage in 2016 (44%) while Nova Scotians were least likely (32.7%).
Home equity was up 12.8% from 2012 and up 115.2% from 1999 to a median reported value of $238,000 in 2016.
Families in British Columbia had the highest median net worth as of 2016 at $429,400. They were followed by those in Ontario ($365,700), Manitoba ($320,800) and Saskatchewan ($293,500). New Brunswick reported the lowest median net worth among the provinces at $158,400.
Source: http://www.canadianrealestatemagazine.ca/market-update/home-values-boost-canadian-family-net-worth-235194.aspx
Thursday, December 7, 2017
Liberals hesitating on campaign promise over fears of worsening crisis
The federal Liberals are having second thoughts about a 2015 campaign promise out of concern that expanding the popular Home Buyers’ Plan would throw fuel on overheated housing markets.
An internal document suggested that high housing prices are a key reason the Liberals don’t appear to be in a hurry to fulfill an election pledge that would enable Canadians to dip back into their registered retirement savings to help pay for a home.
The detail surfaced as policy-makers considered new measures aimed at cooling real estate markets and to slow the rise of record-level household debt loads, The Canadian Press reported.
During the election campaign, the Liberals promised to expand the Home Buyers’ Plan to permit those affected by major life events — death of a spouse, divorce, or taking in an elderly relative — to borrow a down payment from their RRSPs without incurring a penalty.
The current plan allows first-time buyers to borrow up to $25,000 tax-free from their RRSPs to put toward the purchase of a home. The amount must be repaid within 15 years.
The Liberal government unveiled its housing plan late last month, but home ownership only got a passing mention in the strategy. The plan committed to spending billions to build up Canada’s stock of affordable rental housing — a strategy Social Development Minister Jean-Yves Duclos is expecting to put downward pressure on housing prices.
Organizations like the CREA, however, argued the government should be doing more to help more people make down payments.
The association, which represents more than 100,000 real-estate brokers and agents, is now lobbying Ottawa to create intergenerational RRSP loans that would give parents the option of helping their kids buy a home by allowing them to tap into their retirement savings. The group is also pushing for the maximum withdrawal limit to be increased by $10,000.
Source: http://www.canadianrealestatemagazine.ca/news/liberals-hesitating-on-campaign-promise-over-fears-of-worsening-crisis-235010.aspx
An internal document suggested that high housing prices are a key reason the Liberals don’t appear to be in a hurry to fulfill an election pledge that would enable Canadians to dip back into their registered retirement savings to help pay for a home.
The detail surfaced as policy-makers considered new measures aimed at cooling real estate markets and to slow the rise of record-level household debt loads, The Canadian Press reported.
During the election campaign, the Liberals promised to expand the Home Buyers’ Plan to permit those affected by major life events — death of a spouse, divorce, or taking in an elderly relative — to borrow a down payment from their RRSPs without incurring a penalty.
The current plan allows first-time buyers to borrow up to $25,000 tax-free from their RRSPs to put toward the purchase of a home. The amount must be repaid within 15 years.
The Liberal government unveiled its housing plan late last month, but home ownership only got a passing mention in the strategy. The plan committed to spending billions to build up Canada’s stock of affordable rental housing — a strategy Social Development Minister Jean-Yves Duclos is expecting to put downward pressure on housing prices.
Organizations like the CREA, however, argued the government should be doing more to help more people make down payments.
The association, which represents more than 100,000 real-estate brokers and agents, is now lobbying Ottawa to create intergenerational RRSP loans that would give parents the option of helping their kids buy a home by allowing them to tap into their retirement savings. The group is also pushing for the maximum withdrawal limit to be increased by $10,000.
Source: http://www.canadianrealestatemagazine.ca/news/liberals-hesitating-on-campaign-promise-over-fears-of-worsening-crisis-235010.aspx
Monday, December 4, 2017
Canadians have to rethink their home ownership dreams – CMHC
The head of the federal housing agency argued that more Canadians may have to rethink the idea of owning a home, especially in major cities where prices have surged.
“The dream of home ownership may be fading for some,” Canada Mortgage & Housing Corporation president Evan Siddall said, as quoted by Bloomberg. “Housing affordability has become a serious problem in our major cities.”
The remarks came after Prime Minister Justin Trudeau introduced $40 billion of spending over the next decade to fix up public housing projects and offer new rent subsidies to poorer families. Prices in Vancouver and Toronto have surged and traditional single-family homes can often fetch more than $1 million, prompting buyers to move into distant suburbs and lawmakers to introduce special taxes on foreign owners.
Higher prices are likely behind a decline in Canadian home ownership rates, which have also fallen in other industrialized nations, Siddall said. Canada remains vulnerable to household debts that have reached 175% of disposable income, he said.
Toronto home prices have climbed 63% over the last five years, with about half of that gain coming in the last two years, according to the Teranet-National Bank Home Price Index. In Vancouver, prices have jumped 65% over five years.
Source: http://www.canadianrealestatemagazine.ca/news/canadians-have-to-rethink-their-home-ownership-dreams--cmhc-234871.aspx
“The dream of home ownership may be fading for some,” Canada Mortgage & Housing Corporation president Evan Siddall said, as quoted by Bloomberg. “Housing affordability has become a serious problem in our major cities.”
The remarks came after Prime Minister Justin Trudeau introduced $40 billion of spending over the next decade to fix up public housing projects and offer new rent subsidies to poorer families. Prices in Vancouver and Toronto have surged and traditional single-family homes can often fetch more than $1 million, prompting buyers to move into distant suburbs and lawmakers to introduce special taxes on foreign owners.
Higher prices are likely behind a decline in Canadian home ownership rates, which have also fallen in other industrialized nations, Siddall said. Canada remains vulnerable to household debts that have reached 175% of disposable income, he said.
Toronto home prices have climbed 63% over the last five years, with about half of that gain coming in the last two years, according to the Teranet-National Bank Home Price Index. In Vancouver, prices have jumped 65% over five years.
Source: http://www.canadianrealestatemagazine.ca/news/canadians-have-to-rethink-their-home-ownership-dreams--cmhc-234871.aspx
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