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Residential real estate activity should moderate further in 2009 alongside a general weakening in domestic economic conditions, says a research report released Wednesday by Scotia Economics. Real Estate Trends, authored by senior economist Adrienne Warren, said Canada can expect a 15 to 20 per cent decline in the volume of resales this year with a further 10 per cent drop in average prices. "Centres with the largest supply-demand imbalance, including Vancouver, Sudbury (Ont.) and Calgary, have relatively greater downside risk," said the report. Also on Wednesday, the Canadian Teranet-National Bank composite house price index showed Calgary experienced a 7.6 per cent drop in prices in December compared to the previous year. The index said this was the sixth consecutive month of decline in Calgary.The Calgary index has shown declines in 13 of the past 16 months, since it also declined in each of the seven months from September 2007 through March 2008, said the index report. Recommend this article... |
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New home sales in Toronto dropped 69% in January to a 17-year low, an industry group said Friday. The Building Industry and Land Development Association said 599 new homes and condominiums were sold across the GTA this January, down sharply from the same month a year ago, and continuing the decline in the last quarter of 2008. The GTA has seen January sales fall below 599 only once since records began in 1981, the association said. In January, 1992, 513 units sold. "The very slow start to the New Year did not come as a surprise, given the obvious trend-line and the macro-economic forces at play," said Stephen Dupuis, BILD president and chief executive, "but that doesn't mean we're not concerned about it." Mr. Dupuis said he was cautiously optimistic that massive stimulus spending here and in the United States and low interest rates would boost the spring housing market. Recommend this article... |
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Leading up to the holidays is the perfect time to think about things like improving your credit score and consolidating debt. After all, the holidays are a joyous time that should not be overshadowed by financial woes. And even if your credit score is good, these tips may make it even better. After all, the better your credit score, the fewer hurdles you'll have to overcome when looking to renew or refinance your existing mortgage, or obtain a new one. Following are five steps to a speedy credit score boost: Recommend this article... |
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The following sample renovation contract presents some of the terms and conditions that could be used in a written contract for home renovations and repairs. It is presented for illustrative purposes only to demonstrate what a contract can cover and why such content would be included. Project elements, site-specific details and other factors affecting your renovation may vary. The statements, terms and conditions contained in the sample contract may not be suitable for your particular circumstances.
CMHC assumes no responsibility for any consequences arising from your use of this sample contract or from your reliance upon it.The actual form of contract presented to you by the contractor you hire may differ significantly from this sample contract. It is recommended that you consult appropriate professional resources and seek legal opinion before you sign any contract.
Renovation Contract
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Personal Income Tax Measures
1. Non-refundable tax credits
* Increase to the basic personal amount, the spousal and common-law partner amount and the eligible dependant amount to $10,320 for 2009
* Increase upper limits of the two lowest tax brackets by 7.5 per cent; upper limit for the lowest income bracket increased to $40,726 (taxed at 15 per cent) and the second income tax bracket to $81,452 (taxed at 22 per cent).
* The amount on which the Age Credit is based will be increased by $1,000 to $6,408 effective for 2009 with no change to the net income level at which the credit begins to be phased out.
* These amounts will be indexed for inflation in subsequent years.
2. Home renovation tax credit (HRTC): 15 per cent of renovation costs not exceeding $10,000 incurred prior to February 1, 2010. The maximum credit of $1,350 would be claimed on the 2009 tax return. Family members would be subject to a single limit.
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One of the toughest parts of being an investor is that we want results and want them quickly. This is especially true for new investors. One of the reasons that so many people take an early (and unprofitable) exit from this business is because they fail to do their due diligence.
A while back in the newspaper, I read about a woman who decided she didn't want to spend $300 on a home inspection. Of course, it came back to bite her to the tune of $25,000 or somewhere close to that. Recommend this article... |
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Finding a private money lender is an essential part of any real estate investor's business. One of the keys to finding a good private money lender is determining if they have similar goals and objectives as yours. So how you determine if you and the potential private money lender have similar goals. You need to discuss your plan and ask questions similar to a job interview.
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Finding a private money lender is an essential part of any real estate investor's business. In the old days (pre 2006) you could easily get a mortgage or even hard money loan simply by showing up in the lenders office and filling out an application. If you could walk and talk you qualified for a loan. But today in the post credit-bubble market those days are over. Getting money for your real estate investing business is much more difficult and likely to get even more difficult as the credit markets sort things out. So how do you get money for your real estate investment business? Recommend this article... |
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Property Management Forms
2009 Feb Housing Stats
