In other words, Canadian homeowners are unlikely to experience what U.S .have underwent in terms of the decline of their home value.

“The relationships between average price and income has recently been cited as portending a U.S.- style correction in Canadian home prices,” said Gregory Klump, chief economist for CREA.

Home prices tend to perform well in the market in accordance with periods of sharp growth periods of stability. By contrast, income generally follows an orderly upwards trend over time.

Winnipeg REALTORS® president Claude Davis said the Winnipeg market is more characterized by the term “slow but steady.” In addition, it is known to be one of the most affordable markets in Canada which is not prone to accelerated price increase unlike Calgary, Vancouver and Toronto.

“The Canadian housing market is now widely thought beat, or very near, the top of a cycle,” said Klump, “and the ratio of the home prices to incomes is currently high. This ratio will revert to its long-term average as it always does as part of a normal housing market cycle.

“History suggests, however, that it will not do so by means of a significant correction in home prices,” he added. “The more likely scenario is that home prices will stabilize, giving incomes chance to catch up again.”

Conservative lending practices in the mortgage industry combined with prudent borrowing and accelerated payments among Canadian mortgage holders have been seen throughout the recent housing market cycle.

Accelerated accumulation of home equity will provide options for the small proportion of homeowners who may face financial difficulty when their mortgage is renewed at a higher interest rate. Their trends are expected to help Canada avoid a U.S.-style housing crisis.

The unwinding of the housing boom in Canada will be more orderly, characterized by softening sales activity and stable prices, according to CREA.

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The Tax Talk website, launched on the eve of Calgary’s 2010 budget discussions, is intended to “help Calgarians understand where their tax dollars go,” according to a statement released by the city.

“It is an excellent tool for Calgarians to put their property tax in perspective,” said Gord Lowe, chairman of the city’s finance committee.

With a proposed increase of at least 4.8 per cent on property tax coming with council’s budget decisions, the Tax Talk site comes at the right time to answer basic questions Calgarians may have, Lowe said: “With the ability to measure their property tax against 14 other Canadian cities, Calgarians gain an important look at how they sit in relation to the rest of the country.”

The site enables Calgarians to enter the amount of property tax they pay and then breaks down that amount, dollar by dollar, into how much each citizen contributes to specific city services.

http://www.metronews.ca/calgary/local/article/370275–city-talks-taxes-on-new-interactive-website

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CALGARY – After his 11-kilometre morning commute to City Hall took an hour longer than normal today, Mayor Dave Bronconnier said Calgary needs a bigger fleet to handle wintry roads.

The mayor said he’ll push for a “few extra million dollars” for snow removal when council adjusts the 2010 budget next month. But in a year where council already has to cut deeply to balance its finances, he wouldn’t say whether that money should come from additional service cuts elsewhere, or additioanl property taxes.

Despite perennial surveys saying Calgarians want better snow-removal service but don’t want to pay more for it, Bronconnier said the “cost is well worth the additional benefit.

“Even if it’s (to save) 10, 15, 20 minutes of your commute time, I look at that at money well invested,” he told reporters after giving the new U.S. Ambassador to Canada a white-hat welcome.

Commuting delays mean losses for business, and parents often have to pay penalties for arriving late at daycares, the mayor said.

He credited the city’s more than 70 salting and grading trucks for hitting the road by 4 a.m. “The repoonse is adequate for the material and personnel we have,” he said.

Next month, aldermen will debate a 2010 budget that features a property-tax increase of 6.1 per cent, although officials are trying to lower that to 5.3 per cent, the level of last year’s hike.

Neither figure includes money for better winter-road clearing.

Bronconnier again floated the idea of sub-contracting private trucks, a potentially costly initiative in a city that doesn’t see as much snow as others in Canada.

Right now, some drivers can barely even get out of their own communities, he said. It took the mayor about 40 minutes just to clear out of his neighbourhood.

http://www.calgaryherald.com/news/Mayor+more+funds+snow+removal/2097346/story.html

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