Mid-Year Update On Canadian Real Estate Market Outlook 2010

The Seasonally adjusted national home sales from the Multiple Listing Service (MLS) Systems of Canadian real estate boards declined 6.8% in July, from the previous month.   A decline of 30% (non-seasonally adjusted) in July compared to the previous year’s sales volume, was in large part due to the significant decrease in BC (-14.1%) and Ontario (-8.0%).  The HST (harmonized sales tax) went into effect on July 1, 2010.  The...

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Update on Canada’s Real Estate Market 2010

In Canada the housing sector has been very heated with demand outstripping supply across the country within the last six months. The underlying supply/demand fundamentals are currently very strong, with housing starts below long-term demographic needs.  At a national level, a February 2010 REMAX report examined real estate trends and developments across the country in 16 markets to find that inventory levels remained very tight. The...

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RCMP Probes Shire International Real Estate Investment Ltd

I found an interesting article in the news last week regarding Shire International, a limited partnership real estate firm based in Calgary, Alberta (Canada).  The RCMP (Royal Canadian Mounted Police), the Canadian version of the FBI, is investigating allegations against the firm in regards to fraud. A while back, there was a posting related to Shire on a popular Canadian forum, that I used to post on when I had a bit more time.  See...

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Ontario Provincial Energy Audit (Bill 150) Passed

Energy Minister George Smitherman’s proposed legislation, Bill 150, the Green Energy and Green Economy Act, has been passed in legislation.  The bill would make an energy audit compulsory for the sale and some leases of every residential property in Ontario, including houses, apartments, and condominiums.  Commercial and industrial is not included.  The legislation proposes that home sellers provide information via standardized...

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