Barrie Home Inspector

Home Maintenance and Tips for Home Owners

Tag: Canada

Canadian home sales pull back in January

Real Estate

Real Estate Sales Barrie ONOTTAWA – February 15, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity retreated in January 2012 from the strong finish reported for December 2011.

Highlights:

  • Home sales were down 4.5% from December to January.
  • Actual (not seasonally adjusted) activity came in 4.0% above levels in January 2011, and stood even with the 5 and 10 year averages for January sales.
  • The number of newly listed homes edged down 1.4% from December to January.
  • With sales down by more than new listings, the national market shifted further into balanced territory.
  • The national average home price was up less than 2% year-over-year in January, ranking it among the smallest increases of the past year.

Sales activity recorded through the MLS® Systems of real estate Boards and Associations in Canada fell 4.5 per cent from December 2011 to January 2012. This marks the first monthly decline in national activity since August 2011 and the biggest monthly decline since July 2010. The monthly decline reversed a string of monthly increases over the closing months of last year, and returned national activity to where it stood at the end of the third quarter of 2011.

“The national housing market is stabilizing and remains well balanced,” said Gary Morse, CREA’s President. “That said, forecasts for economic and job growth going forward vary widely for different parts of the country, suggesting a possible continuation of a softening trend in some markets, as well as the potential that demand will pick up based on strong fundamentals in others. All real estate is local, so talk to your local REALTOR® to understand how price trends in your neighbourhood are shaping up.”

Activity was down in over half of all local markets in January from the previous month. Led by declines in Greater Toronto and Montréal, demand also softened in a number of other major urban centres including the Fraser Valley, Calgary, Edmonton, Winnipeg, Ottawa, and Greater Vancouver.

Actual (not seasonally adjusted) national sales activity was up four per cent from year-ago levels in January, the smallest year-over-year increase since last May. As was the case in a number of months last year, actual sales in January 2012 stood close to the five and ten year average for the month.

The number of newly listed homes edged down 1.4 per cent on a month-over-month basis in January following a 2.9 per cent increase in December. The monthly decline in new supply reflects a drop in new listings in a number of Canada’s largest urban centres, which offset a jump in new listings in Vancouver.

Sales fell in January shifting the national market back towards the mid-point of balanced territory and reversing the recent trend which had seen the market becoming tighter over the final four months of 2011. The national sales-to-new listings ratio, a measure of market balance, stood at 53.8 per cent in January, down from 55.5 per cent in December and 55.4 per cent in November.

Based on a sales-to-new listings ratio of between 40 to 60 per cent, 60 per cent of local markets were balanced in January. Compared to December, there were fewer buyers’ and sellers’ markets, and a greater number of balanced markets.

The number of months of inventory stood at six months at the end of January on a national basis, up from 5.7 months in December 2011 and returning it to where it stood in October 2011. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in January 2012 was $348,178, representing an increase of 1.2 per cent from its year-ago level. This ranks among the smallest increases since late 2010.

On a seasonally adjusted basis, the national average home price rose 1.6 per cent on a month-over-month basis, marking a rebound from a decline of similar magnitude in December. This pattern mirrors the one playing out in the newly-launched MLS® Home Price Index (HPI), published on February 6.

“Year-over-year comparisons in the national average price are expected to become volatile and may turn negative, reflecting average price developments in the first half of 2011 in Vancouver,” said Gregory Klump, CREA’s Chief Economist. “At that time, high-end home sales in Vancouver’s priciest neighbourhoods surged to all-time record levels, which skewed the national average price upward considerably. A replay of this phenomenon is not expected this year. As a result, comparisons for national average price to year-ago levels over the coming months will reflect an upwardly skewed base effect. For this reason, year-over-year comparisons should be kept in perspective. Developments in the MLS® HPI will provide important guidance on price trends, since it is not affected by the problem of compositional shifts in the mix of sales activity.”

The MLS® HPI also takes into account the contributions toward the price of a home made by a broad range of quantitative and qualitative housing features, allowing it to track Canadian home price trends better than any other measure.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm.

Bank of Canada Holds Interest Rate

Real Estate

Bank of Canada Holds Interest Rate.  The Bank of Canada kept its trend-setting Bank Rate at 1.25 per cent on January 17th, 2012. This marks the 11th consecutive policy meeting in which borrowing costs have been left unchanged.

While recognizing that the outlook for the global economy had deteriorated and that uncertainty had increased since it released its October Monetary Policy Report (MPR), the Bank also made those same observations at its previous meeting on December 6th.

Economic growth in Canada had more momentum in the second half of 2011 than the Bank projected in its October MPR, but it expects the pace going forward to slow by more modest than previously expected, due largely to factors outside Canadian borders. This reiterates statements made in December 2011. On the upside, the Bank said that “very favourable financing conditions are expected to buttress consumer spending and housing activity.”

The Bank releases its updated forecast for Canadian economic growth. It now estimates that the economy grew by 2.4 per cent in 2011 compared to the initial estimate of 2.1 per cent, owing to the better than expected end to the year.

The Bank projects growth of 2.0 per cent in 2012 compared to 1.9 per cent in the October MPR, and 2.8 per cent in 2013, down slightly from the previous 2013 forecast of 2.9 per cent, with the big picture being that past and current growth estimates have been revised upward at the expense of future economic growth.

“The Bank said it expects the pace of growth going forward to moderate by more than initially thought, but the forecast for growth this year has actually been raised slightly,” said CREA Chief Economist Gregory Klump. “That reflects a weaker than previously expected growth profile for the first half of 2012, followed by an acceleration in the second half of the year.”

“The Bank reiterated that its outlook remains subject to downside risks from the sovereign debt issue in Europe. Recent credit-rating downgrades to much of the euro zone point to potential contagion by way of a drop in financial market liquidity,” he added. “The bottom line is that the Bank rate is not going to be going up anytime soon, and we may see rates lowered should downside risks materialize.”

The Bank noted that “while the economy appears to be operating with less slack than previously assumed, it is only anticipated to return to full capacity by the third quarter of 2013, one quarter earlier than was expected in October.” Overall, inflation expectations remain “well-anchored.”

A number of financial institutions have recently dropped their five-year lending rates to a record low of 2.99 per cent. This is down considerably from the advertised five-year rate of 5.29 per cent when the Bank last met on December 6th, 2011.

The Bank will make its next scheduled rate announcement on March 8th, 2012.

http://creastats.crea.ca/natl/interest_rate_trends.htm

Mortgage Facts for Potential Home Buyers

Real Estate

Mortgage Facts for Potential Home Buyers.  Information to help you wade through all the mortgage information and facts available.

Economic news and downturns in key areas can affect the money banks pay in both Canada and the There are many variables that can influence the rates on long-term debt instruments, but an understanding of key economic indicators can provide clues to the future direction of interest rates in both Canada and the US.

The CPI for All Items less Food and Energy (also sometimes referred to as the “core” or “underlying” CPI) excludes volatile food and energy prices. Analysts focus on the “core” CPI, which is considered a more accurate measure of the underlying rate of inflation. A higher-than-expected CPI or increasing trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise. Likewise, a lower-than-expected CPI cause yields and interest rates to fall.

A higher-than-expected monthly increase or increasing trend is considered inflationary, and can cause bond prices to fall and yields and interest rates to rise. Conversely, a smaller-than-expected figure cause yields and interest rates to fall. he government’s employment report provides information on the unemployment rate and the number of unemployed persons by occupation, industry, duration of unemployment, and reason for unemployment. Unlike the payroll employment data, which is a coincident indicator of economic activity (it changes direction at the same time as the economy), the unemployment rate is a lagging indicator.

After you have filed for bankruptcy protection or liquidation, you will wait four years before a traditional mortgage lender will qualify you for a home loan with market interest rates. And that will happen then only if you have taken steps to improve your credit and are in a good enough financial position to handle the loan.

Consider alternatives to traditional home mortgages with a bankruptcy on your record. Seller financing can be an option at any time. This is often a far more flexible arrangement. Plus, if you include this provision in your seller-financed loan agreement, you can convert to a traditional loan as you are able to qualify for it.

A lease-to-own house purchase (also “rent-to-own purchase” or “lease purchase”) is a lease combined with an option to purchase the property within a specified period, usually 3 years or less, at an agreed-upon price. Such arrangements have proliferated in the post-crisis market because many potential home buyers can’t meet the tougher loan qualification requirements today, and many potential sellers are unable to realize a satisfactory price in any other way.

When looking to purchase a home in the Angus real estate market remember that one of the most important conditions is that your property be inspected by a Home Inspector. There are many Home Inspectors available, but if you want a Home Inspector who has years of experience, over 4,000 inspections and is a Certified Building Code Official as designated by the Ontario Building Officials Association the call the Orillia Home Inspector, or visit his site at www.barriehomeinspector.com to view his qualifications and “Fair Pricing Policy”. Call Roger at 705-795-8255 or Toll Free at 888-818-8608. Information and advice is always FREE. Roger is also WETT Certified for homes that have fireplaces or other wood burning appliances.

Canadian home sales edge higher in November

Real Estate

Canadian home sales edge higher in November.  Canadian homes sales seemed to be un-touched by the same forces which have decimated some of our US markets.

OTTAWA – December 15, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity rose slightly in November 2011 from the previous month.

Highlights:

  • Sales activity rose slightly (+0.5 per cent) from October to November on a seasonally adjusted basis.
  • Year-to-date sales remained in line with the 10 year average, but pulled further ahead of last year’s levels.
  • The number of newly listed homes was down 3.4 per cent from October to November.
  • The national housing market remains balanced, but is edging closer to seller’s market territory.
  • The national average price posted a 4.6 per cent year-over-year gain in November, the smallest increase since January.

Sales activity recorded through the MLS® Systems of real estate Boards and Associations in Canada edged upward by one-half of a percentage point. This marks the third straight month in which national activity was up from the previous month’s levels.

Activity rose in about 60 per cent of all local markets with a record November in the Halifax-Dartmouth region offsetting a dip in sales in Toronto.

“The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,” said Gary Morse, CREA’s President. “That said, some housing markets are picking up while others are holding steady or consolidating, so buyers and sellers should talk to their local REALTOR® to understand current and prospective trends in their local housing market.”

Throughout most months in 2011, actual (not seasonally adjusted) national home sales were in line with the 10-year average. November sales marked a break in that pattern, climbing seven per cent above the 10 year average and reaching the fourth highest level on record for the month.

“Toward the end of every year, there’s a natural inclination to compare how momentum for national sales activity and average price compare to the year before,” said Gregory Klump, CREA’s Chief Economist. “National sales activity picked up late last year, and November’s results suggest that a similar trend may be playing out again this year. By contrast, national average price also picked up toward the end of last year, whereas this year it has held steady after having peaked in the spring.”

“With interest rates expected to remain low for longer, the housing sector will no doubt be closely watched for signs of excess,” added Klump. “That said, current trends for resale housing and new home construction suggest that tightened mortgage regulations are working as intended and fostering economic stability in Canada.”

A total of 432,048 homes have traded hands via Canadian MLS® Systems so far this year, up 2.1 per cent from levels in the first 11 months of 2010. The year-to-date sales figure remains broadly in line (+0.7 per cent) with the average for that period from 2001 to 2010.

Compared to October, the number of newly listed homes fell 3.4 per cent in November. New listings slipped lower in more than two-thirds of Canadian housing markets, with Toronto, the Hamilton-Burlington region, and Calgary contributing most to the national decline.

The national housing market remains balanced, but is edging closer to seller’s market territory. The national sales-to-new listings ratio, a measure of market balance, stood at 55.5 per cent in November, up from 53.4 per cent in October. This marks the third month in which the national ratio has risen, and it now stands at its highest reading since the spring.

Based on a sales-to-new listings ratio of between 40 to 60 percent, just over half of local markets in Canada were balanced in November, while a third of markets qualified as sellers’ markets.

The number of months of inventory nationally stood at six months at the end of November. It has held steady at about this level since April, which is above levels posted during the first quarter. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in November 2011 stood at $360,396. This represents a year-over-year increase of 4.6 per cent, its smallest increase since January.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm

Real Estate in Orillia

Personal Interest, Real Estate

Real Estate in Orillia. In Canada and the US,  real estate broker, real estate agent or realtor is a party who acts as an intermediary between sellers and buyers of real estate and endeavors to find property sellers who wish to sell and buyers who wish to buy. In the Canada, the relationship was originally established by reference to the English common law of agency, with the broker having a fiduciary relationship with his clients.

The Real Estate market has broadened widely with the advent of new technology. Globalization has had an immediate and powerful impact on real estate markets, making them an international working place. The rapid growth of the Internet has made the international market accessible to millions of consumers. A look at recent changes in homeownership rates illustrates this. Minority homeownership jumped by 4.4 million during the 1990s, reaching 12.5 million in 2000, according to the Fannie Mae Foundation. Foreign direct investment in U.S. real estate has increased sharply from $38 billion in 1997 more than $50 billion in 2002 according to U.S. 2000 Census data.

In consideration of the brokerage successfully finding a satisfactory buyer for the property, a broker anticipates receiving a commission for the services the brokerage has provided. Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer for the real estate for sale, the successful negotiation of a purchase contract between a satisfactory buyer and seller, or the settlement of the transaction and the exchange of money between buyer and seller.

The median real estate commission charged to the seller by the listing (seller’s) agent is 6% of the purchase price. Typically, this commission is split evenly between the seller’s and buyer’s agents, with the buyer’s agent generally receiving a commission of 3% of the purchase price of the home sold.
In North America commissions on real estate transactions are negotiable. Local real estate sales activity usually dictates the amount of commission agreed to. Real estate commission is typically paid by the seller at the closing of the transaction as detailed in the listing agreement.

Flat Fee MLS generally refers to the practice in the real estate industry of a seller entering into an ” la carte service agreement” with a real estate broker who accepts a flat fee rather than a percentage of the sale price for the listing side of the transaction. The buyer’s broker is still typically offered a percentage though that could be a flat fee as well. A Flat Fee MLS brokerage typically unbundles the services a traditional real estate brokerage offers and lists the property for sale in the local Multiple Listing Service (MLS)  la carte without requiring the seller to use its services for valuation assistance, negotiating, transaction management and showing accompaniment.

 

Title Insurance has become a product that has changed the way property is transferred in Canada.  Title is at the very heart of every real estate transaction. A purchaser needs proof that the property being bought is free and clear of liens, that the seller really owns it, and can sell it. To do this the buyer must “search title”. This can be a long, complicated process. Lawyers (or their assistants) sometimes spend hours at the registry office going through books and then checking with various authorities for liens etc. Often, they have to search back 40 years before they can give their “opinion of title”, which is still not a guarantee – just an opinion.

 

Home inspection in Canada requires the services of a qualified and experienced professional. When selecting a Canadian home inspector cost should not be the only determining factor. It is vital that you know as much about a property as possible before you make the commitment to purchase it, so be sure to choose a home inspector that can perform a reliable inspection service.  I would always recommend using the home inspector who places first in Google rankings for the area you are looking to purchase.  Being first in Google is a good indication that he is a professional and will be the “go to person” in that area.

 

When buying property in the Innisfil Ontario area choose your agent from the www.innisfilrealestateagents.info site to get a professional agent who will provide you with personalized service and ensure your buying or selling experience is a pleasant experience with no surprises.

Canadian home sales edge higher in October

Real Estate

OTTAWA – November 15, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity picked up a little further in October 2011 following the uptick in September.

Highlights:

  • Sales activity rose in October, marking the highest level since January.
  • Actual (not seasonally adjusted) national sales activity in October stayed in line with the 10-year average for the month, as it has most months this year.
  • Year-to-date sales are also even with the 10-year average.
  • The number of newly listed homes remained little changed from levels in the previous three months.
  • While the combination of stronger sales and stable new listings resulted in a slightly tighter balance of supply and demand, the national housing market remains firmly rooted in balanced territory.
  • The national average price posted a 5.5 per cent year-over-year gain in October, the smallest increase since January.

Homes sold through MLS® Systems of real estate Boards and Associations in Canada rose 1.2 per cent in October 2011 from the previous month. While national sales activity levels are still best described as average, the monthly rise in October sales built on the 2.5 per cent gain in September, and lifted activity to the highest level since January.

Just over half of all local markets posted monthly sales increases, led by gains in Montreal, Toronto, and Vancouver.

“There was no shortage of headline news in October about global financial market volatility and economic uncertainty, but it doesn’t appear to have dampened homebuyers’ spirits,” said Gary Morse, CREA’s President. “Interest rates are at low levels and are likely to stay that way for some time to come. Homebuyers clearly see the opportunities that the current interest rate environment presents. That said, all real estate is local, so buyers and sellers should consult their local REALTOR® for an understanding of opportunities in their housing market.”

As has been the case in most months this year, actual (not seasonally adjusted) national home sales in October stayed in line with the 10-year average for the month. Although up 8.5 per cent from levels one year ago, the gain in large part reflects last year’s nascent pick-up in activity following a mid-year lull.

A total of 397,561 homes have traded hands via Canadian MLS® Systems so far this year. This represents an increase of 1.8 per cent from levels in the first 10 months of 2010, but is directly in line with the 10-year average for the year-to-date figure.

The number of newly listed homes remained little changed in October compared with levels recorded in each of the previous three months.

“The prevailing economic outlook for Canada is one of slower but still positive economic growth, with heightened caution about investment and hiring decisions,” said Gregory Klump, CREA’s Chief Economist. “Consumer confidence and the housing sector are being supported by low interest rates and high employment levels, but their prospects depend on how Canada’s economic outlook evolves in response to global economic risks and outcomes in the months ahead.

Home sales activity over the past couple of months suggests buyers are confident that the Canadian economy will remain relatively unscathed by global economic risks, since every home purchase is a homebuyer’s vote of confidence in the future. That confidence is no doubt rooted in the success of coordinated fiscal and monetary policy responses that helped quickly pull Canada out of the last recession, and a stated willingness and ability to carry out further policy actions if need be.”

While the combination of stable new listings and stronger sales made for a slightly tighter balance between supply and demand in October, the national housing market remains firmly rooted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 53.4 per cent in October, up from 52.8 per cent in September.

Based on a sales-to-new listings ratio from 40 to 60 percent, about 60 per cent of local markets in Canada were in balanced market territory in October. Of the remaining markets, there was a handful more seller’s markets than buyers’ markets.

The number of months of inventory stood at six months at the end of October on a national basis, little changed from the end of September (6.1 months). It has remained stable at about six months since April. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in October 2011 stood at $362,899. This is up 5.5 per cent from October 2010, making it the smallest increase since January.

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm.

WETT Inspections for Barrie, Alliston and Orillia

WETT Inspections

WETT Inspections for Barrie, Alliston and Orillia.  The Barrie Home Inspector provides WETT Inspection services to Barrie, Alliston, Orillia, Stayner, Innisfil, Thornton, Rama, Lefroy, Alcona Beach, Bradford, Newmarket, Churchill, Tiny Beaches, Midland, Penetanguishene, Penetang, Wasaga Beach, Everett, Tottenham, Beeton and Simcoe County.

WETT (Wood Energy Technology Transfer)
SITE (System Inspections and Technical Evaluation)

SITE is a set of standardized guidelines recommended by WETT for the inspection and evaluation of wood-burning and other solid fuel burning systems. This chart identifies what each inspection level includes, its purpose and process. An inspection at any level
may include more but not less than that outlined in the “SITE Chart and Guidelines”.

To find out more valuable information on WETT Inspections visit  WETT INSPECTON’S for all the information you will need when installing a wood stove, fireplace or pellet stove

Level 1 Inspection “Readily Accessible” Level 2 Inspection “Accessible” Level 3 Inspection “Concealed Accessibility”
Scope (What is Included) The inspection of “readily accessible” components of: (1) A wood/solid-fuel burning appliance, or (2) A site-built fireplace, and (3) The venting system for:

a)The proper use of required components, and

b)clearance to combustibles, and

c)readily visible system obstructions or deposits.

 

 (1)A Level 1 inspection, and (2)an inspection of all “accessible” components of the system for clearance to combustibles and for obstructions or deposits, and (3)an evaluation of the construction, sizing, condition and suitability of “accessible” components of the system.   1)A Level 1 and 2 inspection, and (2)an inspection of system components in areas of “concealed accessibility” for clearance to combustibles, and (3)an evaluation of construction, sizing, condition and suitability of components of the system in areas of “concealed accessibility”, and (4)an examination of surrounding construction for evidence of damage.

 
Purpose (Why and When) (1) To verify code compliance of the readily accessible components: (a)At a homeowner’s request, or (b)with a homeowner’s permission, when requested by a third party such as a Realtor, insurance company, home buyer or seller etc.   1)When a Level 1 inspection is deemed insufficient because of a detected or suspected compliance issue or hazard, or (2)when verification of the suitability and integrity of the system components is required, or (3)after an operating malfunction or external event that may have caused damage to the system, or (4)if the system experiences combustion spillage events, or

(5)when an appliance is replaced, or

(6)when a major system component is replaced or requires significant repair.

 

 (1)When a Level 2 inspection is deemed insufficient because of a detected or suspected compliance issue or hazard that cannot be fully verified without access to concealed areas, or (2)after an incident that may have caused damage to any concealed parts of the system or building construction related to the system.
Process (What to Expect) 1)A basic visual inspection by a WETT certified SITE inspector; performed without a ladder or specialized tools. (2)A report using WETT’s recommended inspection checklist(s) or similar checklist(s), for the type of system being inspected. (1)Inspection of accessible system components, which may include disassembly of accessible system components, by a WETT certified SITE Comprehensive Inspector, or by a WETT certified Technician, as a part
of an installation or major system component repair process. (2)A report using WETT’s recommended checklist(s), or similar checklist(s). (3)A written evaluation of the suitability and integrity of the system  		 (1)The inspection by invasive means of concealed areas of the system by a WETT certified SITE Comprehensive Inspector, including the removal of nonstructural building components and/or the disassembly of parts of the system. (2)The possible use of specialized tools and equipment. (3)A comprehensive written report of the findings and possibly including inspection checklists.  
Wood Energy Technology Transfer Inc. (WETT Inc.) is a non-profit training and education association. Through professional training and public education, WETT Inc. promotes the safe and effective use of wood and solid-fuel burning systems in Canada. SITE and WETT Inc. are registered trademarks of WETT Inc. 

Thanksgiving – The Tale of Two Holidays

Personal Interest

TThanksgiving – The Tale of Two Holidays. he United States and Canada both celebrate Thanksgiving on different days. Thanksgiving is celebrated each year on the second Monday of October in Canada and on the fourth Thursday of November in the United States. Thanksgiving in Canada falls on the same day as Columbus Day in the United States. Most people celebrate the holiday on the weekend closest to day that Thanksgiving falls on.

Thanksgiving in North America had originated from a mix of European and Native traditions. Typically in Europe, festivals were held before and after the harvest cycles to give thanks for a good harvest, and to rejoice together after much hard work with the rest of the community.

In the United States, the modern Thanksgiving holiday tradition traces its origins to a 1621 celebration at Plymouth in present-day Massachusetts. There is also evidence for an earlier harvest celebration on the continent by Spanish explorers in Florida during 1565, as well as thanksgiving feasts in the Virginia Colony.

The French settlers in the area typically had feasts at the end of the harvest season and continued throughout the winter season, even sharing their food with the indigenous peoples of the area. Champlain had also proposed for the creation of the Order of Good Cheer in 1606. This ceremony was many years after the original started in 1578 by Frobisher.

In 1621, the Plymouth colonists and Wampanoag Indians shared an autumn harvest feast that is acknowledged today as one of the first Thanksgiving celebrations in the colonies. For more than two centuries, days of thanksgiving were celebrated by individual colonies and states. It wasn’t until 1863, in the midst of the Civil War, that President Abraham Lincoln proclaimed a national Thanksgiving Day to be held each November.

Thanksgiving in Canada did not have a fixed date until the late 19th century. Prior to Canadian confederation, many of the individual colonial governors of the Canadian provinces had declared their own days of Thanksgiving. The first official Canadian Thanksgiving occurred on April 15, 1872 when the nation was celebrating the Prince of Wales’ recovery from a serious illness.

Squanto taught the Pilgrims, weakened by malnutrition and illness, how to cultivate corn, extract sap from maple trees, catch fish in the rivers and avoid poisonous plants. He also helped the settlers forge an alliance with the Wampanoag, a local tribe, which would endure for more than 50 years and tragically remains one of the sole examples of harmony between European colonists and Native Americans.

Thanksgiving in the U.S. is based on the The Pilgrims landing at Plymouth Rock on December 11, 1620. Their first winter was devastating. At the beginning of the following fall, they had lost 46 of the original 102 who sailed on the Mayflower. But the harvest of 1621 was a bountiful one. And the remaining colonists decided to celebrate with a feast – including 91 natives who had helped the Pilgrims survive their first year. It is believed that the Pilgrims would not have made it through the year without the help of the natives. The feast was more of a traditional English harvest festival than a true “thanksgiving” observance. It lasted three days.

CREA Boosts Annual Resale Housing Forecast

Real Estate

CREA Boosts Annual Resale Housing Forecast.   OTTAWA – February 8, 2011 – The Canadian Real Estate Association (CREA) has revised its 2011 forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations, and extended it to 2012.

Sales in the second half of 2010 rebounded faster than CREA had previously expected. “The hand-off going into 2011, together with the highs and lows for sales activity posted in 2010, provided guidance for CREA’s revised forecast,” said Gregory Klump, CREA Chief Economist.

“Home buyers recognize that low mortgage interest rates represent a once in a lifetime opportunity. At the same time, they expect that rates will rise, so they’re doing their homework in order to understand what it could mean in terms of higher mortgage payments down the road before they make an offer,” said Georges Pahud, CREA President. “The housing market and buyer psychology is different now than it was at the beginning of last year, so buyers and sellers would do well to consult their REALTOR® to understand local market trends.”

The upward revision to CREA’s forecast for 2011 reflects recent improvements in the consensus economic outlook and a further expected improvement in consumer confidence. National sales activity is now expected to reach 439,900 units in 2011, representing an annual decline of 1.6 per cent. In 2012, CREA forecasts that national sales activity will rebound by three per cent to 453,300 units, which is roughly on par with the ten year average.

“Recent additional changes to mortgage regulations will further ensure that buyers don’t buy more home than they can afford when interest rates inevitably rise,” said Klump. “The announcement of the new changes to mortgage regulations will likely bring forward some sales into the first quarter that would have otherwise occurred later in the year, particularly in some of Canada’s more expensive housing markets. This is expected to produce a milder version of the volatility in sales activity that we saw last year which resulted from additional transitory factors.”

Three transitory factors contributed to volatility in sales activity last year: changes in mortgage regulations announced last February, the early withdrawal by the Bank of Canada of its conditional commitment to keep interest rates on hold until the second half of 2010, and the introduction of the HST in BC and Ontario during the summer of 2010.

CREA expects that home sales activity will gain traction after dipping in the second quarter as the economic recovery and job growth continue, incomes grow, and consumer confidence further improves. “Even though mortgage interest rates are expected to rise later this year, they will still be within short reach of current levels and remain supportive for housing market activity. Strengthening economic fundamentals will keep the housing market in balance, which will keep home prices stable,” said Klump.

The national average home price is forecast to rise 1.3 per cent in 2011 and 2012, to 3,300 and 7,900 respectively. Average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale. Although the supply of new listings is expected to trend higher, the expected continuation of sellers’ market conditions in Manitoba is forecast to result in a bigger percentage increase in average price in 2011 and 2012 compared to other provinces.

 

For more information, please contact:

Pierre Leduc, Media relations
The Canadian Real Estate Association
613-237-7111 or 613 884-1460
Email: [email protected]

* Provincial weighted average price for Quebec; does not affect unweighted national average price calculations. Information on Quebec’s weighted average price calculation can be found at:
http://www.fciq.ca/immobilier-economiste.php

About The Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.

Bank of Canada holds key rate at 1%

Real Estate

Bank of Canada holds key rate at 1%.   In no rush to hike interest rates

The Bank of Canada held its trend-setting Bank Rate at 1.25 per cent on May 31, 2011. This marks the sixth consecutive policy rate announcement for which interest rates have been kept on hold.

The Bank now sees headline inflation as staying above 3 per cent in the short term. It nonetheless maintained its inflation outlook included in its April Montary Policy Update, which indicated that inflation in Canada would hit two per cent by mid-2012.

“The Bank sets rates based on an inflation target of between one and three per cent, and it normally leans against inflation by raising interest rates. Leaving rates on hold in the face of higher inflation will likely become a communication challenge for the Bank,” said Gregory Klump, Chief Economist for The Canadian Real Estate Association.  “While the Bank said currently low interest rates will be raised ‘eventually’, there was little to suggest that the Bank is in any rush to do so.”

The Bank’s decision to keep its policy interest rates on hold follows recent comments by Finance Minister Jim Flaherty that he’s “quite worried” about the outlook for the global economy.  However, while global risks and their potential impact on the Canadian economic outlook remain elevated, the Bank has given itself plenty of room to justify raising interest rates.

“The Bank said it anticipates inflation expectations to remain well-anchored. If these expecations drift higher, or if productivity fails to recover, the Bank’s hand may be forced where it will have little choice but to raise interest rates,” said Klump. “There is little doubt that higher interest rates are on the way, but what’s equally certain is they won’t be going up very far or very fast.”

Financial markets have recently increased bets that interest rates are on hold until at least September. The prevailing view among economists is that the Bank Rate will be no more than three-quarters of a percentage point above its current level of one per cent.

As of May 31, 2011, the advertised five-year lending rate stood at 5.59 per cent. This is down one-tenth of a percentage point from 5.64 per cent on April 12th, when the Bank made its previous policy interest rate announcement.

The Bank will make its next scheduled rate announcement on July 19, 2011.

http://creastats.crea.ca/natl/interest_rate_trends.htm

(CREA 05/31/2011)

Barrie Home Inspector © 2013 Frontier Theme