Demand for retirement residences on the rise

Demand for retirement residences on the rise

To be clear, there’s a paramount difference between a retirement residence and a long-term care home.“I would say the major difference is that living in a retirement residence is a lifestyle choice and long-term care homes are care needs-based,” said Karen Kotanko, national director of sales and marketing at Verve...

No relief in sight for condo insurance premiums

No relief in sight for condo insurance premiums

Condo insurance rates in Alberta, British Columbia and Ontario, which have already risen substantially, are expected to keep rising, according to a report from LowestRates.ca.In the first quarter of 2021, condo insurance premiums shot up 27% in B.C., 16% in Alberta and 9% in Ontario compared to the same quarter...

Montreal’s luxury property sales are on fire

Montreal’s luxury property sales are on fire

Montreal has become a favourite of luxury real estate purchasers, and given the city’s beautiful, and in places European, streetscapes, it’s not hard to understand why.But according to Amy Assaad, a broker with Royal LePage Du Cartier, there’s a more pragmatic reason luxury buyers, whether local, national or international, are...

Canadian mortgage debt almost $2 trillion in May

Canadian mortgage debt almost $2 trillion in May

Canadian mortgage debt and home equity lines of credit reached $1.98 trillion in May, comprising the lion’s share of total household borrowing, which rose by 0.8% month-over-month to $2.5 trillion, says Statistics Canada.Mortgage debt grew by $16.3 billion in May, up by 1% from April and 8.3% from May 2020.“Over...

Renovations can double the value of kitchens

Renovations can double the value of kitchens

Done correctly, kitchen renovations can add significantly to the resale value of homes.“It could increase the value of the home by 4-6%,” said Tom Storey, team lead at Royal LePage Signature Realty. “It’s really just a return on the money you’re putting in. If you’re putting in $50,000, it could...

Sellers getting greedy: RE/MAX

Sellers getting greedy: RE/MAX

Home sellers’ expectations are too lofty and that’s stunting the housing market, claims a missive from RE/MAX Escarpment Golfi Realty Inc.“While market activity was up 103.6% year-over-year, the Canadian Real Estate Association has noted a decline in national home sales by 7.4% on a month-over-month basis in May,” said the...

New condo launches next to Niagara Falls

New condo launches next to Niagara Falls

Not only is the Canadian side of Niagara Falls a top global tourist attraction, it’s also one of the world’s most popular honeymoon destinations, and a new boutique condo development just minutes away is capitalizing on that.Riverwalk Niagara will be a five-storey, 51-unit condominium with unit sizes ranging from 700-1,600...

Toronto City Council takes short-sighted view on housing

Toronto City Council takes short-sighted view on housing

Extended construction hours, in large part, have enabled our industry to continue working safely throughout the COVID-19 pandemic to build essential infrastructure and much-needed new housing.The move has given builders leeway to stagger shifts and therefore limit the number of construction workers at gathering points on a worksite, such as...

Mortgage backlog will likely quell rate deals

Mortgage backlog will likely quell rate deals

Mortgage underwriters are so busy that it is unlikely rates will drop again before their anticipated increase in 2022, says a Toronto-based broker.“Consumers need to remember that what lenders discount off of the prime rate is up to the lender. Lenders tend to use lower rates to drive borrowing and...

Bank of Canada tapers bond-buying again

Bank of Canada tapers bond-buying again

The Bank of Canada maintained its target overnight rate at its effective lower bound of 0.25%. It tapered its quantitative easing bond-buying program for the third time to net purchases of Government of Canada (GoC) bonds of $2 billion per week.Bank of Canada 'on the vanguard' of unwinding stimulusThe Bank...

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