I realize that Monopoly doesn’t sound that exciting. And I’m sure many of you will have stopped reading before this sentence, or are now in complete awe of how depressing my life is. But I assure you: I have had some near-death experiences fighting over the rules of Free Parking.

For as long as I can remember, “Free Parking” has meant “Jackpot.” Whenever the Community needs some astronomical sum for building repairs, or Chance has it that you’ve finally got to pay taxes on all those luxuries you’ve been hoarding, you pay it to the middle of the board. Then, when you land on Free Parking, you load the loot into your little pewter wheelbarrow and wheel it back to your house on Baltic Avenue.

But, time and time again, I have been challenged by those who maintain that Free Parking is just a “Resting Place.” Riiiiiight you guys. A resting place…in the middle of a board game. Gee, I’m getting really tired pushing this thimble around. If only there were some place I could rest, and escape the pressures of real estate ownership, if only for a moment. Oh my God! Free Parking? Don’t mind if I do!

I’m sure this will send many of you scrambling for your Monopoly Rule Books, where you will no doubt find concrete evidence to prove me wrong. And if you look in the Monopoly Rule Book under “Free Parking”, you will see that it is, in fact, just a resting place. And yes. If you look in the dictionary under “wiener,” you’ll find a picture of yourself holding the Rule Book for Monopoly! Of course the rules say it’s just a resting place. The rules are designed to maximize boredom, and minimize coolness. It’s time to put down the rule book, and pick up a leather jacket, because you need some serious schoolin’ in coolin’!

In conclusion, every time you use Free Parking as a resting place, an innocent top hat goes to jail.

http://vice.typepad.com/vice_magazine/2009/07/canada-.html

reviewed by Moishe Alexander, CFC canadian funding corp CEO

“Cautious, price-sensitive purchasers are now weighing their options, waiting as long as six months for the right property to come along,” the report says. “Properties that are priced well will sell, while those that are priced too high will linger.”
Although people who buy an upscale house generally have deeper pockets than those buying an average home, factors that influence their decision are largely the same, said Lowell Martens, a realtor with Re/Max Mountain View. Article.

Free Real Estate Listings.

http://surerealestate.blogspot.com/2008/09/real-estate-for-well-to-do-is-on-slide.html

reviewed by Moishe Alexander, CFC CEO

http://www.propertyedge.ca/gta-housing-market-up-in-first-half-of-june

reviewed by Moishe Alexander, CFC CEO

Canadian Funding Corp regards the adjustment in Alberta’s multi-family market to weaker economic conditions as having lagged that of the single-detached market. As a result, multi-family starts will face a stronger downward adjustment in 2009, likely in the neighbourhood of 50 per cent. Calgary will record the strongest reduction in starts this year, where the construction of several apartment condominium projects has already been halted. Provided the necessary adjustment is made this year, a modest gain in starts will occur in 2010.

Despite price reductions for existing homes, low financing costs, and buyers’ market conditions, Alberta’s economic environment has prompted more cautious purchasing behaviour by households, especially for big-ticket items such as real estate. As a result, existing home sales in Alberta will moderate for the third consecutive year in 2009. Once buyers gain confidence that prices have stabilized and economic conditions are improving, modestly higher sales should occur next year.

Alberta’s average resale price, notes Canadian Funding Corporation, will be slow to rebound from the first decline in 13 years. Despite a decrease in the number of active listings, slower sales will ensure the market remains fixed in buyers conditions. As a result, the annual average price in 2009 will decline for the second consecutive year.

In Saskatchewan, a 49 per cent increase in building activity in 2007, followed by a 13 per cent increase in 2008 has led to a rapid rise in the supply of single-detached housing. With complete and unabsorbed inventories up in most markets, a significant reduction in the pace of construction will be required this year to reduce these inventories to manageable levels. Builders will have an opportunity for modestly higher production in 2010, provided inventories reach their peak some time later this year.

With elevated construction levels in the last few years, the supply of condominium units in Saskatchewan has also reached record highs. Given the expectation of rising inventories, builders will adjust the pace of multi-family construction moving forward. After a 25-year high in 2008, a strong decline in production is expected this year. Assuming inven- tories are managed appropriately, Saskatchewan’s multi-family develop- ers will see modestly higher starts in 2010.

Canadian Funding Corp allows that Saskatchewan’s recent price escalation hindered resale demand in the second half of 2008, contributing to the growth in inventories and lower month-over-month prices. In the face of economic uncertainty, residential sales in Saskatchewan will face further moderation in 2009 with activity down 16 per cent. Toward year-end, modest price declines and a multitude of listings will provide opportunities for buyers, slowing the drop in sales. Under these conditions, sales will stage a modest rebound through 2010.

After leading provincial growth in 2007 and 2008, the average resale price in Saskatchewan will see little change over the next two years. An excess supply of listings and strongly motivated sellers has resulted in recent month-over-month price declines. In this environment, the average price will be lower by a few per cent this year. Once resale listings moderate and sales improve into 2010, price growth will slowly return.

After an impressive performance in 2008, single-detached starts in Manitoba will post an 11 per cent decline this year. Starts will remain elevated in the first part of 2009, thanks to a backlog of orders from the previous year. However, activity will slow over the duration of 2009 due to the economic uncertainty facing buyers and concerns over rising inventories. The weaker construction in 2009 will ensure that price growth is restrained and inventories are minimized, creating an opportunity for higher starts next year.

Canadian Funding Corp considers that Manitoba’s multi-family starts will continue to moderate from their 2007 peak, reaching 1,400 units this year before increasing slightly in 2010. Winnipeg’s share of provincial multi-family construction will be lower than historical standards. This will be due to rising inventories in Winnipeg and heightened demand for multi-family units in other markets, particularly for rental tenure.

The number of existing home sales in Manitoba will decline by more than 10 per cent in 2009 before posting a modest rebound in 2010. Demand will be weak in the first half of this year due to the current economic environment and cautious buyer sentiment. However, strong labour markets, a growing popula- tion, and relatively low prices should contribute to a recovery in the latter part of the year and into 2010.

Manitoba’s six consecutive years of double-digit resale price growth will come to an end in 2009. Resale market conditions are shifting in favour of the buyer, owing to a increase in listings and moderating sales. Given such conditions, a modest decline to Manitoba’s average resale price is expected in 2009. Look for a gradual shift to a more balanced market in 2010, resulting in modest price gains of nearly four per cent.

Canadian Funding Corporation. CMHC housing update information gratefully acknowledged.