Thursday, February 28, 2013

Get Curbalicious! RE/MAX and Landscape Ontario have a contest just for you!

Aren't your lucky to know a RE/MAX Agent today and work (or know) the Shannon Murree Team of RE/MAX Chay !


We at RE/MAX and Landscape Ontario want to help one lucky winner update the curb appeal of their home with custom designed landscaping! How? Well, we have developed  a “Get Curbalicious” Contest - JUST FOR YOU!


Help your home get noticed!


RE/MAX and Landscape Ontario want to help one lucky winner update the curb appeal of their home with custom designed landscaping.

You could win:
  • A consultation and customized landscape design
  • Advice on all your gardening questions
  • A gardener's care package
  • $10,000 to be redeemed on garden products and services with a Landscape Ontario member


Click below video to learn more!


Wednesday, February 27, 2013

CMHC seeking to hide foreclosure information from home buyers


CMHC seeking to hide foreclosure information from home buyers



First of all...what is CMHC?
The Canadian Mortgage and Housing Corporation defines it as this:

Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment of 5% — with interest rates comparable to those with a 20% down payment.
To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.
Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.

Here's the article:
Canada Mortgage and Housing Corp. has been asking realtors for months to keep consumers in the dark about whether the properties it sells are part of a foreclosure, according to a document obtained by The Financial Post.


The move, said to be part of CMHC national policy, upset Quebec realtors who refused to play ball, worried about an ethical breach.
The Quebec Federation of Real Estate Boards, which oversees the 12 real estate boards in the province, says it challenged CMHC about the change requiring them not to report on a detail sheet that properties for sale were part of a foreclosure, despite the fact that information is considered mandatory when loaded by brokers onto the selling system of local boards.
“Because the repossession field is currently a mandatory field in the brokerage system you have no choice by to indicate ‘no’, which goes against ethical rules stipulating that real estate brokers are obliged to publish information that is truthful and verified,” the group said in a statement to members.
The two sides resolved the issue by making it no longer mandatory to reflect the foreclosure status of a home, based on the seller’s instructions.
The issue raises a larger concern about why CMHC is acting now to tighten up its practices for foreclosures.
Some real estate industry insiders wonder whether the Crown corporation is simply being prudent, not letting potential buyers know a property is part of a distressed sell so they can put in a low-ball bid.
Others question whether the Crown corporation is just getting things in order in case home prices collapse and they are forced to sell properties that are backed by government insurance.
In Canada, anyone buying a home with less than 80% down and borrowing money from financial institution covered by the Bank Act must get mortgage default insurance. CMHC, which controls about 75% of the insurance market, is ultimately backed 100% by the federal government.
“Look at what is going on right now in financial institutions and everybody is ratcheting up their loan-loss provisions,” said Ben Rabidoux, a Canadian analyst for California-based Hanson Advisors, a market research firm whose clients are institutional investors. “Everybody expects loan losses to rise. I can’t imagine CMHC is in the dark on that. My suspicion is they want to limit any loss on that hits their books.”
By limiting the information on whether a property is part of foreclosure, the Crown corporation would potentially avoid a situation in which a buyer knows it has to sell. In the United States, foreclosed properties have sold at huge discounts.
“CMHC is trying to get the better price,” said Don Lawby, chief executive of Century 21 Canada, who had not heard of the new policy. “You know something is repossessed, you low-ball the offer. You know you are not dealing with a homeowner but an investor.”
Based on current market conditions, CMHC doesn’t appear to be looking at a huge uptick in foreclosures. The latest data from the Canadian Bankers Association shows only .32% of mortgage holders are in arrears and number is actually on the decline.
A CMHC spokesperson was not available for comment.
Some also question whether the strategy would amount to much because although brokers may not load the foreclosure information onto a public site, it would become readily apparent to any buyer it was a repossession when CMHC is revealed to be the seller.
The Quebec Federation of Real Estate Boards, while leaving brokers the option about publishing the information, indicated brokers will ultimately tell people CMHC is behind the sale when asked.
“The broker has to give the information once anyone is interested in that property,” said Chantal de Repentigny, assistant director of media relations with the federation. “The only thing that has changed is they have the choice to do it on the listing.”



Source: Financial Post - Garry Marr 

"Give A Little" What a Great Video to Inspire...

What an amazing video that shows, it just takes a second to show kindness and that action will create a movement...and inspire others. It really doesn't have to take much effort. Enjoy and spread the kindness to continue to make our world better.

Blue Mountain to invest $10 million in new trails, terrain and chairlift


BLUE MOUNTAINS, ON – February 17, 2013 – Ontario’s largest mountain village resort is getting even bigger. Blue Mountain is investing $10-million to expand its ski and snowboard terrain and add new trails for winter 2013/14. The expansion includes an additional 64 acres of terrain, a new high-speed, six-person chairlift and six new trails. Snowmaking infrastructure and night lighting will be installed on three of the six trails. The expansion is slated for the existing Orchard area on the south end of the Resort and increases Blue Mountain’s skiable terrain to 364 total acres across 42 trails – the most in Ontario.
“This is one of the most significant investments in the Resort’s 73 year history and the largest expansion of a ski resort in Ontario in recent memory,” said Dan Skelton, President and Chief Operating Officer, Blue Mountain Resort. “Skiing and Snowboarding is alive and well in Ontario, and our investment of more than $10-million demonstrates our ongoing commitment to our guests, employees and regional partners.  We continue to build towards our goal of being among Canada’s premier resort destinations, offering a unique pedestrian village, luxurious accommodations, state-of-the-art conference facilities, year-round attractions and the best skiing and snowboarding in the province.” 
The increased terrain provided by the Orchard expansion is equivalent to adding 21 per cent of the Resort’s current terrain, and further establishes Blue Mountain as Ontario’s largest ski and snowboard destination. The Orchard has a diverse selection of trails and terrain for all skier and snowboarder levels. The expansion will introduce a new 1.6 km trail that will be the longest beginner trail in Ontario, and addresses volume and demand on existing runs. Blue Mountain will begin building and installing infrastructure this spring (2013), and expects to open the new terrain early in the 2013/14 winter season.
“More trails and improved skiing and snowboarding facilities enhance the visitor experience and give Ontario families more reasons to travel in our province,” said Michael Chan, Minister of Tourism, Culture and Sport. “I’d like to congratulate Blue Mountain on their expansion and their commitment to helping strengthen Ontario’s snow and tourism industries.”
Facts about the Orchard Expansion
  • $10-million investment
  • 64 additional acres of skiable terrain (bringing the Resort’s total to 364 acres)
  • Six new trails (bringing the Resort’s total to 42 trails)
  • One new state of the art high-speed, six-person chairlift, which will be the biggest in Ontario
  • Longest beginner run in Ontario - 1.6 km
  • Snowmaking and night lighting on three of the six trails (further infrastructure to be added in the following years)
For more information or to preview a video of the Orchard area click here.
About Blue Mountain Resort 
Blue Mountain, Ontario’s largest mountain resort is nestled on the shores of Georgian Bay, located 90 minutes north of Toronto. Blue Mountain has become the four-season destination of the North, visited by more than 1.5 million guests a year. Winter at the resort boasts 36 ski and snowboard trails enhanced by a world-class snowmaking system.  Summer months offer the largest downhill mountain biking facility in Ontario, Monterra Golf course, Ridge Runner Mountain Coaster, Cascade Putting Course and a private beach property among other seasonal attractions. Year-round the resort attracts visitors to more than 1,000 luxury accommodation units and 45 unique concept restaurants, bars and retail stores in our pedestrian Village. 37,500 square feet of state-of-the-art conference space caters year-round to corporate meeting groups. Blue Mountain is 50% owned by Intrawest ULC. Visit www.bluemountain.ca for more information.

Monday, February 25, 2013

Barrie council looking at transit deal Monday to provide buses to Essa Township


Barrie council looking at transit deal Monday to provide buses to Essa Township

Photo by the amazing Mark Wanzel - Barrie Examiner/QMI

The 'Borden Rocket' is looking at a summer launch.

City councillors gave initial approval Monday for a transit service partnership and funding agreement to provide buses to Essa Township.
Barrie Mayor Jeff Lehman said bus service is just one way the city can work with its neighbours.
"This just might be the thin edge of the wedge," he said. "It's a good example of how we can work together."
Two buses would operate from Barrie Transit Terminal along County Road 90 to parts of Angus, stopping at CFB Borden. The exact route, hours of operation and frequency of the buses would still need to be finalized, but weekday service in the mornings, mid-day and afternoons is anticipated
The target date is August, 2013, when Barrie's new transit plan also kicks in.
"It recognizes the economic impact the base has one our municipality," said Coun. John Brassard, chairman of Barrie's transportation and economic development committee. "There are 1,000 people who live in Barrie and work at the base, who won't have to drive their car."
A 2011 community transit survey for Essa and Borden identified employment and shopping as the primary needs for transit.
If Monday's motion is given final approval next week, it would allow city staff to negotiate with Essa Township and the County of Simcoe, which has already committed $50,000 toward the service this year and the same amount in 2014.
Both Essa Township and the County of Simcoe have agreed in principle to pay for the net operating costs of the service, leaving little risk to Barrie.
"It's full cost recovery to the City of Barrie," said George Kaveckas, the city's transit manager. "They (Essa and the county) are taking the risk for us."
Besides the environmental advantages of having less vehicles on local roads and highways, Kaveckas said the bus service would mean seamless travel between Barrie, Essa Township, Angus and Base Borden, and boost Barrie Transit ridership. He did note there would be a two-zone fare structure - one for the city, one for beyond its borders.
Essa Township council will soon look at a motion similar to the one Barrie councillors considered Monday.
If there's no deal by May 1, however, city staff will report back to Barrie councillors.
The bus service would come with an annual estimated budget of $364,270.
Part of the cost recovery is Barrie applying for Ontario gas tax funding from the province, as the host municipality providing public transit services; the city would directly receive all Ontario gas tax revenue related to this bus service, and it would be applied to the operating costs.
City staff estimate Essa Township could receive $140,000 annually in Ontario gas tax.
The agreement would also allow Barrie or Essa to cancel the service with no less than 90- days notice, with the township bearing all cancellation costs.
Brassard says he's contacted Barrie MP Patrick Brown to see if Defence Minister Peter MacKay will come to help launch the service in August, and be one of the first ones to ride the bus to Base Borden.
Col. Tammy Harris, Base Borden's commander, has written a letter to Simcoe County Warden Cal Patterson expressing her support for the transit service.
Lehman has said the Essa transit idea was originally raised by former Base Commander Gen. Louis Meloche, when he and Lehman got together during an introductory meeting in early 2011.
Lehman has said there are about 900 permanent Base Borden personnel who live in Barrie, and hundreds more military personnel who are on rotation in various training programs at the base. He estimates there are at least 1,000 people going from Barrie to Borden every day.
Lehman has dubbed this bus service the ‘Borden Rocket’, and it would give military personnel an option for travel to and from Barrie they currently lack.
It could also help build ridership on the city’s transit system, as many of the riders on the Borden-Essa route may transfer onto other parts of the system, or buy monthly passes.
The 'Borden Rocket' would be launched along with Barrie's new transit plan, slated for an August start.
Barrie's new bus system will serve multiple transit hubs, at major destinations, in different parts of the city. Routes will double up on major roads, so there will be 15-minute service on many of Barrie's busiest streets, instead of the 30-minute service today.
The hubs will be at Georgian Mall, Royal Victoria Regional Health Centre, Georgian College, the current downtown bus station, Allandale Waterfront GO Station, Holly Community Centre, Park Place and South Barrie GO Station.
Barrie Transit's existing 21 routes will be replaced with 10 more efficient ones.

Sunday, February 24, 2013

Report on federal electoral boundaries tabled on Monday

A look at the new federal electoral boundaries that will split Barrie into two sections. 


Where do you draw the line?
The 2012 Federal Electoral Boundaries Commission for Ontario has developed its proposal for Ontario's new federal electoral map.
The report was tabled in the House of Commons on Monday.
The new federal riding of Barrie — Innisfil will be comprised of the part of the City of Barrie lying generally south of Dunlop Street West and the Town of Innisfil down to the boundary with Bradford West Gwillimbury.
The new riding of Barrie-Oro-Springwater includes the Township of Springwater and the western part of the Township of Oro-Medonte.
The boundary changes were made after information from the most recent census revealed Ontario's population has increased significantly since the previous census.
“When drawing the boundaries for the 121 electoral districts, we received advice from hundreds of citizens and organizations across the province. The commission is satisfied that it has balanced its statutory obligations with the views of the people of Ontario in striving for the goal of effective representation,” said Justice George Valin, chairman of the three-member commission.
The commission took into account such factors as communities of interest or identity, the historical pattern of electoral districts, and a manageable geographic size for districts in sparsely populated, rural or northern regions of the province.
The province gained 15 electoral districts as a result of the boundary changes, from 106 to 121.
Ontario's provincial electoral districts match exactly the federal boundaries with the exception of one fewer northern seat.
Queen’s Park will likely add additional seats as well, but it will be up to the provincial government whether it would match the federal boundaries or redraw a distinct provincial political map.
By Ian McInroy, Barrie Examiner

Saturday, February 23, 2013

OREA offers help in understanding often confusing real estate terminology

When it comes to real estate, there is no shortage of terminology and plenty of room for confusion. From mortgage types and periods to title searches and conditions, there are countless variables to consider in every real estate transaction.

Ron Abraham, president of the Ontario Real Estate Association says that buyers and sellers needn't be overwhelmed by any of the terms, rather, they should focus on the big picture and let their realtor work through the details.

"For both buyers and sellers, the sheer volume of information and options can be a little overwhelming. However, it's important that both buyers and sellers focus on the larger picture. If you have a clear idea of your needs and go in with realistic expectations, the whole process will be very rewarding."

Here is a cheat sheet of a few common and (commonly misunderstood) real estate terms: 

Fixed-rate Mortgage: A set amount is paid each month. The interest payable is predetermined and fixed at the time of taking the loan, and holds for the entire term. Buyers are protected from any increase in prime lending rates in future.

Variable-rate Mortgage: An adjustable interest rate, which can be altered depending on the market situation. These loans may be beneficial if there is a sudden fall in lending rates, but higher interest rates mean greater monthly payments.

Amortization: The number of years it takes to repay the entire amount of the mortgage.

Title/Title Search: Title is the legal evidence of ownership in a property. A Title Search is a detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller's ownership claim.

Conditions: Sometimes called a "Subject-to" Clause. A statement of a condition to be fulfilled before the contract will become firm and binding, must include a specific deadline for removal.

Multiple Listing Service (MLS): A current and comprehensive listing system for relaying property information. This service offers the widest exposure to properties listed for sale.

Realtors: Real estate professionals licensed by the Real Estate Council of Ontario who are members of the various Real Estate Boards and the Ontario and Canadian Real Estate Associations. 

Abraham adds, "Often people get tripped up when it comes to sifting through information surrounding financing options, as well as the nuts and bolts of the real estate transaction. Talk to your realtor about the best way to get equipped with the information you need to make a buying or selling decision that is right for you and your family."

Submitted by the Ontario Real Estate Association.

Friday, February 22, 2013

A New Era & Spin on "Baby Daddy"


Found this article at The Star. Persevere, read through it....we couldn't believe it either! Is this a new trend? We think after this article there may be a long list of applicants...perhaps?
GEOFF ROBINS / TORONTO STARCarson Rennick, 35, doesn't want to have to wait for Ms. Right to become a father. The London, Ont., man hopes to find a woman willing to have a baby with him without a romantic relationship, and to share responsibility for their child without cohabitation.

Carson Rennick is six-foot-three, athletic and ruggedly handsome.
He is dark blond and blue-eyed. He earns a salary that allows him to live comfortably.
And he wants to father your child.
At least, he does if you are also in good shape, have a post-secondary education, no serious family baggage and live within a two-hour’s drive of his home in downtown London, Ont.
Appearance isn’t a deal breaker. After all, there will be no sex involved. No romancing either.
Instead, the 35-year-old seeks a partner with whom he can conceive a baby through in vitro fertilization or insemination and then share equally in the financial, social and emotional responsibilities inherent in raising that son or daughter.
The child will move back and forth between his home and the mother’s, spending equal time with each parent in an arrangement known as co-parenting.
The union steward in construction is anxious to get started. He feels his ideal time to become a dad is slipping away.
Many divorced parents are familiar with the concept of co-parenting. But now potential parenting couples are bypassing the marriage. They’re even skipping the coupling.
Already accepted and understood within the gay community, where conceiving a child within a relationship presents its own obvious impossibilities, co-parenting appears to also be gaining traction in the straight world.
The website Modamily.com, created just over a year ago to connect potential parenting partners, has 3,000 members, 80 per cent of whom are straight like Rennick. He, however, doesn’t care if his future co-parent is straight or lesbian; the woman’s race is irrelevant to him as well.
In his profile posted at Modamily, Rennick basically explains his circumstances and what has brought him to this search.
Though his 20s and early 30s, he says, he focused on advancing his career. While he dated women who would have made perfect life partners, Rennick says he was never ready to commit to them or to fatherhood. Raised by a single mother, he said he had no interest in becoming a dad until he felt ready to dedicate himself to the obligation.
Now, he wants to be a father and he fears investing the time to find an ideal mate in a conventional manner might leave him as a much older man with a young child. He said he doesn’t want to be 65 and unable to relate to a 15-year-old.
“For someone in my position, I think it is perfectly logical,” he says. “I want to have a child. I want to be a loving father. I want to be the father that I didn’t have when I needed my father.
“Everything about raising a child — and I know there are ups and downs — I can’t wait for. I crave it. I want it.
“It’s not just that I want to have a child because I’m getting to a certain age. I want to have a child because I love children. I want to have children. But in the path that I took in life, I pushed that option off. I just wasn’t ready. I’m ready at a later age and this is the path I have to take now or at least one of the paths.”
Ivan Fatovic helped pave that path by launching Modamily. The website joined the likes of Coparents.com, MyAlternativeFamily.com, PollenTree.com and Co-ParentMatch.com as web destinations for potential parents to learn more about building a family in a non-traditional way.
“I think it’s going to get a lot bigger,” Fatovic said from Los Angeles, where he was organizing “a mixer” for some of his clients to meet outside the virtual world.
“There are hundreds of thousands, if not millions of people that want to become parents but haven’t found a way to do it for whatever reason. I think people are just starting to become aware of this as an option.”
Fatovic says he has tried to take his website beyond a clinical environment of people seeking or offering sperm and egg donations by blending in aspects of mainstream dating sites, such as big display photos and compatibility quizzes.
“Instead of sex questions, we’re asking more parenting-style questions, more about your lifestyle, beliefs and value systems, and we try to partner you up with someone that’s similar,” he says.
It’s free to sign up for Modamily, but to read and send messages, the cost is $29.95 (all figures U.S.) per month or $74.95 for three months. A concierge service that includes staff members helping to find an ideal match is $149.95 for three months. The site also offers legal information and, in a nod to murkier elements of the Internet world, the option of linking to a company that does background checks.
Fatovic, who also has his profile posted, figures that if traditional dating sites can boast memberships in the multi-millions, there’s no reason a site like his can’t eventually hit the million-member mark. (Coparents.com has 76,000 users, mostly in Europe.) Fatovic says he has just begun reaching out to the gay community in a serious way but, he believes, this is a need that cuts across demographics.
“I think it’s a universal problem that people have been having, finding themselves getting older while not having someone to raise a child with,” he says. “I like to think we’re helping people and raising the profile of co-parenting as a viable option.”
Rennick is open in his social circle about his story and circumstances. So much so that he almost found a co-parenting match through the grapevine when a previous female acquaintance heard of his quest and began talking to him about being a mother to his child.
The two progressed to the point where they’d decided the child would be in French immersion at school and had even broken down which holidays the child would spend with each parent. The child would move back and forth between homes every three months with one parent getting him or her on weekends when the child was living with the other.
She was prepared to get pregnant right away.
“It was a crazy time but one of the most exciting times in my life,” says Rennick in a deep baritone suited to a radio announcer. “We were planning out the building blocks of this kid’s future.”
However, just before they went to a lawyer to formally draw up a contract, the woman suggested she wanted to cultivate a relationship with Rennick as well.
“That wasn’t what I was looking for at all,” he says. “I didn’t want to complicate the whole process with a relationship. I didn’t want her to have any animosity towards me if it didn’t work out.”
That was two months ago, and since then, Rennick says, he has been communicating regularly with four women on the Modamily website. But those discussions are very preliminary.
“They’re still at the point where they’re trying to see if the site is right for them. You don’t jump on and say, ‘I like your picture, I like your profile, let’s have a kid.’ But by talking it through, you move closer to defining what it is you’re looking for.”
Wanting to build a family in a non-traditional manner can meet with criticism, and Rennick has encountered it among his co-workers. But he feels he gains acceptance when he explains his motivation.
“It still feels like it’s a taboo thing from time to time,” he says. “I work in construction, unionized labour, and a lot of the guys are from traditional European families. Their grandparents are still together. Their parents are still together. They have a wife and they will be together forever.
“A lot of them were dismissive of the idea saying, ‘That’s not good. You shouldn’t be doing that.’ But a lot of them come around to the idea when I explain the time frame I have or that I want to have. These old, salty guys see that I do have love that I want to share with a child. They see I do have passion for having a child.”
While it is outside the traditional norm, Toronto-based child and family therapist Jennifer Kolari, author of Connected Parenting: How to Raise a Great Kid, says children are remarkably adaptable. The shape a family takes, she says, is much less important than the love they receive within that family structure.
“What all children need is a loving, consistent and predictable caregiver,” she says. “It really doesn’t matter what shape or form that takes. If whoever is bringing that child into the world is prepared to do those things and knows what it takes to be a parent, they’ll be a good parent.
“Families come in all kinds of different shapes and sizes. Some of it you can control, some of it you can’t. (Co-parenting) is complicated to do so people have to know exactly what they’re getting into. But for the child, as long as they’re loved and as long as that love is predictable and consistent, then they’ll be okay.”
Co-parenting, she says, in a non-romantic partnership “is not particularly different” from a divorced couple who raise a child together after romance has been removed from their relationship.
Rennick believes one difference is that if a marriage falls apart, there is a danger of the child being used as a pawn between acrimonious estranged partners. That’s something he hopes to avoid.
While the 35-year-old continues to pursue a parenting partner, he is dating a woman, which would seem to complicate matters. But not in his mind.
“I told her from the get-go this is something I’m doing for myself. If everything works out between her and I, that is great but I’m doing this for me.
“I’m still looking for Miss Right but at the same time, I’m looking ahead for myself. If I can find someone who wants to do this before I find someone that is Miss Right, then I’m going to go through with having my child on my terms wholeheartedly as opposed to waiting three or four years and deciding this is the one.”
The Star will be following Carson Rennick's quest to become a co-parent. Paul Hunter can be reached at phunter@thestar.ca By: Paul Hunter

Thursday, February 21, 2013

Move Up Buyers Set To Increase Their Stake In Homeownership


Ontario, Canada (February 21, 2013) - Against a backdrop of strong equity gains and lower interest rates, move-up buyers are once again set to ramp up their role in major Canadian housing markets, according to a report released today by RE/MAX.

The RE/MAX Move-Up Buyers Report found that activity in traditional move-up price ranges have climbed year-over-year (2012 vs. 2011) in 87 per cent (14) of the 16 markets examined—a trend expected to continue throughout 2013. The only exceptions were Victoria and Vancouver, where softer sales activity was reported. Driving the upward movement has been substantial price appreciation in most major centres. The average Canadian home has escalated 93 per cent over the past decade; individual markets experienced increases ranging from 62 per cent in Saint John (4.96 per cent compounded annually) to 199 per cent in Regina (11.57 per cent compounded annually).


That’s the key finding of the RE/MAX Move-Up Buyers Report 2013, which examined sales and trends at trade-up price points in 16 major centres throughout the country.

Serious average price appreciation over the past 10 years has been the primary catalyst, with compound annual growth led by Regina (11.57 per cent), Saskatoon (10.25 per cent), Winnipeg (10.03 per cent) and St. John’s (9.56 per cent). 

Five-year appreciation was much more muted, with compounded rates of return hovering near five per cent in most centres.  Regina and Winnipeg once again bucked the trend, posting increases of 12.7 and 8.39 per cent, while St. John’s posted a four-year compound annual gain of 11 per cent.

There’s no question that the equity position of Canadians has been remarkable.  Yet, gains remain well outside of bubble territory, particularly in the often-cited markets of Vancouver and Toronto.  And while Regina, Saskatoon and St. John’s have proven more robust, house prices are still playing catch up, given a stronger economic status and following years of steady, but modest growth.  Overall, healthy fundamentals remain in place, as enthusiasm climbs among experienced home purchasers.

In fact, the report also noted that the time between moves has actually decreased among move-up buyers, with most now prepared to move within four to seven years of their original purchase.  Why such confidence?  The move simply makes sense.  With today’s rock bottom mortgage rates, many are able to secure a larger home and/or better neighbourhood, while taking on carrying costs just slightly higher than their original payment. 

Inventory has played a role drawing out buyers in centres such as Vancouer, Victoria, Kelowna and Saint John, where buyer’s market conditions and—in some cases—softer pricing have created ideal opportunities.  Tight inventory levels, meanwhile, are hampering activity to some extent in Edmonton, Calgary, Regina, Saskatoon, Winnipeg, Toronto proper, Hamilton-Burlington and pockets of St. John’s.  Unless conditions improve, continued upward pressure on pricing is expected in the months ahead, but even that is prompting some to act sooner rather than later. 

The supply crunch has created a bit of a catch-22 in some markets, as homeowners hold off listing their current home, concerned they won’t find an ideal home to trade up to, ultimately exacerbating the inventory issue.

Yet, on the whole, the outlook remains positive, with Kelowna, Edmonton, Calgary, Winnipeg, Toronto, Hamilton-Burlington, and London-St. Thomas demonstrating solid move-up activity out of the gate in 2013.

Move-up buyers remain firm in their belief that homeownership is a sound investment.  Most realize that very few financial vehicles provide the security and dual purpose that homeownership affords.  They also realize that opportunity is not finite—one reason that move-up markets remain well-positioned for the year ahead.



Wednesday, February 20, 2013

Retirement becoming a distant proposition for many Canadians, survey finds


Retirement becoming a distant proposition for many Canadians, survey finds

Five years after the financial crisis took a bite out of the Canadian economy and investment portfolios, 27 per cent of working Canadians expect to retire at age 66.
RYAN REMIORZ / THE CANADIAN PRESS sOURCE - TORONTO STARA survey by Sun Life Financial has found that a large number of Canadians now plan to work past the age of 65.
Five years after the financial crisis took a bite out of the Canadian economy and investment portfolios, 27 per cent of working Canadians say they expect to retire at age 66, according to a new survey from Sun Life Financial.
That’s down sharply from 2008, when 51 per cent thought they would be ready for their golden years at that point.
Almost one-third expect to work part-time at age 66, and 26 per cent expect to be working full-time, the annual survey found. The remaining 15 per cent aren’t sure.
“That’s really something to reflect on. You have three-quarters of the population thinking about the very real possibility of working past what we’ve always through was the traditional retirement age,” Kevin Dougherty, president of Sun Life Financial Canada, said in an interview.
“The economic crisis has had a very large impact on people’s retirement savings and financial security.”
Nearly two-thirds of those surveyed said that they expect they will need to work past age 66, while the remaining third said they will want to work.
And low interest rates are making it difficult to save at a time when people are living longer. “The good news is that we’re all living a lot longer,” Dougherty said. “As that resonates with people, they’re realizing that at age 65, you need to think about, on average, living another 20 years.”
Over one-third of those surveyed said that there is a serious risk of outliving their retirement savings.
Growing household debt levels are also at play, Dougherty said.
“The crisis has meant that people didn’t pay off debt as quickly as they hoped. As well, for some people they’ve had to borrow to get through some of the challenges in the last few years,” he said.
The survey also found that Canadians have a poor understanding of how much they will need to save. They think they will need an average income of $46,000 a year in retirement, but only aim to have about $385,000 in retirement savings, excluding their home and other property.
In reality, it would take about twice that amount of savings to guarantee that level of income, Dougherty said.
Perceptions are also changing as Baby Boomers get closer to retirement, Dougherty said.
“When retirement was 10 or 15 years away, it was harder to imagine the nature of the challenge but this is reality setting in.”
The online survey of approximately 3,000 working Canadians ages 30 to 65 was conducted between Nov. 29 and Dec. 6 by Ipsos Reid on behalf of Sun Life Financial.