Tag Archives: Canada Mortgage And Housing

Housing Market on recovery

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“In the last six to nine months, demand for housing was decrease in Winnipeg and in Manitoba, but it has picked up a good deal. Sales of existing homes in November, 2009 set a dollar sales record of $173 million compared to $113 million in November, 2008. People have recognized that the worst of the downturn is over. Potential home buyers are now more willing to enter the marketplace, confident of what the future holds.” said Jeff Powell, senior market analyst for Canada Mortgage and Housing Corporation in Winnipeg.

This can be seen as a good sign of recovery, well, at least for the housing market. The prices of built houses are in recovery and more homes and condos are being constructed based from what Canada Mortgage and Housing Corporation issued. The CMHC data foresees a 10% improvement in building and sales activity in 2010. However, the price growth of houses is yet unclear due to rising interest rates on Main Street which will have an impact with the Main Street recovery.

The said recovery is supported by growing employment rates and increased consumer confidence. As a matter of fact, The Bank of Canada will be raising short interest rates and lenders, who have more positive response to what the bond market says money cost, are already pricing higher rates into mortgages. The economic recovery and the status of the housing market right now rest on increasing consumer confidence. This could take an effort to maintain considering changing interest rates moving from a low 1.5% to 3% and 4$ or more.

Housing market trends in Canada had gone up and down for one reason, market liquidity. When market declines, houses for sale rise, house owners want to sell but couldn’t find the right deal. This goes the same way with buyers which yield to no closed business. On the other hand, during good market condition, house buyers become more eager to make deals before prices appreciate more. Liquidity rate and sales volume mark significant growth.

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Contributory factors to increase house demands

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Last September marked a significant increase in MLS® sales record. A three per cent growth has been noted over the same month in 2008.
According to Deborah Goodfellow, president of WinnipegREALTORS®, the above average weather the month before has undoubtedly played a key role in bringing home buyers— making way to a new set record. Not to mention the low unemployment and fouvarable mortgage rates that made the record possible.
The Canada Mortgage and Housing Coorporation said that the average rental vacancy rate in the city is hovering just under one per cent. Good news is housing demand will continue to rise because of the noted shortage of good rental unit in Winnipeg.
The influx of new immigrants in Winnipeg and in other area of Manitoba based from the Statistics can be said to be beneficial. In fact, the growth of Manitoba’s population since 1999 has been quite remarkable, said Manitoba Competitiveness, Training and Trade Minister Nancy Allen. Manitoba’s population boomed to 80,000 within 10 years, which is more than double the increase of the previous 10-year period. In return, this means greater necessity for housing in Winnipeg. With the lack of available good rental units, the immigrants who qualified on province’s nominee program will eventually spend their money in buying a house.
Despite year to date dollar volume slipping off last year’s pace by three per cent, WinnipegREALTORS® is confident total dollar volume MLS® sales be the end could pass last year’s total of $2.4 billion, establishing yet another record. With three months remaining in 2009, total dollar volume sales were just $25 million shy of the $2 billion mark.
The most active price ranges for residential detached sales in September were between $150,000 and $199,999 and $200,000 and $249,000, which represented 24 and 21 per cent of the total, respectively. Twenty-three per cent of condo sales were between $100,000 and $149,999.
Year to date conversion of MLS® listing to sales by the end of September was 67 per cent, a few percentage points off last year’s pace. Home and condo conversions were 72 and 73 per cent, respectively.

Last September marked a significant increase in MLS® sales record. A three per cent growth has been noted over the same month in 2008.

According to Deborah Goodfellow, president of WinnipegREALTORS®, the above average weather the month before has undoubtedly played a key role in bringing home buyers— making way to a new set record. Not to mention the low unemployment and fouvarable mortgage rates that made the record possible.

The Canada Mortgage and Housing Coorporation said that the average rental vacancy rate in the city is hovering just under one per cent. Good news is housing demand will continue to rise because of the noted shortage of good rental unit in Winnipeg.

The influx of new immigrants in Winnipeg and in other area of Manitoba based from the Statistics can be said to be beneficial. In fact, the growth of Manitoba’s population since 1999 has been quite remarkable, said Manitoba Competitiveness, Training and Trade Minister Nancy Allen. Manitoba’s population boomed to 80,000 within 10 years, which is more than double the increase of the previous 10-year period. In return, this means greater necessity for housing in Winnipeg. With the lack of available good rental units, the immigrants who qualified on province’s nominee program will eventually spend their money in buying a house.

Despite year to date dollar volume slipping off last year’s pace by three per cent, WinnipegREALTORS® is confident total dollar volume MLS® sales be the end could pass last year’s total of $2.4 billion, establishing yet another record. With three months remaining in 2009, total dollar volume sales were just $25 million shy of the $2 billion mark.

The most active price ranges for residential detached sales in September were between $150,000 and $199,999 and $200,000 and $249,000, which represented 24 and 21 per cent of the total, respectively. Twenty-three per cent of condo sales were between $100,000 and $149,999.

Year to date conversion of MLS® listing to sales by the end of September was 67 per cent, a few percentage points off last year’s pace. Home and condo conversions were 72 and 73 per cent, respectively.

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CREA seeks for new Income Opportunities

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Increase rental housing

To address issues facing the commercial and investment property markets, CREA is seeking amendments to the Income Tax Act to promote increased reinvestment in real property. The CREA proposal calls for the deferral of capital gains taxes and the capital cost allowance recovery for all real property investments when an investment property is sold and the proceeds are re-invested in another real property within the subsequent year.

“Our proposal has benefits across the board for the economy, for rental housing and for the small investor, as well as some significant environmental benefits as old buildings are renovated and made more energy efficient. The budget is the perfect time for this sort of stimulus,” said Lindberg.
Studies show that more than 29 jobs are created for every $1 million invested in property renovation. A study prepared by Altus Clayton for CREA also shows that each residential MLS® transaction generated an additional $32,200 in con sumer spending. Commercial and investment property transactions can generate even higher levels of economic spin offs.
Canada Mortgage and Housing Corporation reported that rental construction is not growing fast enough to offset demand. At the same lime, the Ontario Housing Supply Working Group has found that tax changes, such as the proposed… new supply will help reduce demand pressures and… increase the supply of vacant units in existing stock”
Within Canada, Statistics Canada reported Winnipeg had the lowest vacancy rate in 2008 at 0.9 percent, including immigrants for potential tenants, including immigrants vigorously pursued by the provincial government, to find rental accommodations.
CREA’s proposed deferral and reinvestment will help the small investor disproportionately. Research based on the 2006 tax year indicates that 58 per cent of those reporting real properly gains had net incomes of $50,000 or lower.

To address issues facing the commercial and investment property markets, CREA is seeking amendments to the Income Tax Act to promote increased reinvestment in real property. The CREA proposal calls for the deferral of capital gains taxes and the capital cost allowance recovery for all real property investments when an investment property is sold and the proceeds are re-invested in another real property within the subsequent year.

“Our proposal has benefits across the board for the economy, for rental housing and for the small investor, as well as some significant environmental benefits as old buildings are renovated and made more energy efficient. The budget is the perfect time for this sort of stimulus,” said Lindberg.

Studies show that more than 29 jobs are created for every $1 million invested in property renovation. A study prepared by Altus Clayton for CREA also shows that each residential MLS® transaction generated an additional $32,200 in con sumer spending. Commercial and investment property transactions can generate even higher levels of economic spin offs.

Canada Mortgage and Housing Corporation reported that rental construction is not growing fast enough to offset demand. At the same lime, the Ontario Housing Supply Working Group has found that tax changes, such as the proposed… new supply will help reduce demand pressures and… increase the supply of vacant units in existing stock”

Within Canada, Statistics Canada reported Winnipeg had the lowest vacancy rate in 2008 at 0.9 percent, including immigrants for potential tenants, including immigrants vigorously pursued by the provincial government, to find rental accommodations.

CREA’s proposed deferral and reinvestment will help the small investor disproportionately. Research based on the 2006 tax year indicates that 58 per cent of those reporting real properly gains had net incomes of $50,000 or lower.

CrossFire Consulting

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Real estate Winnipeg

www.crossfireconsulting.net


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