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

The real estae world has been sent completely on its ear this year, with bailouts, credit problems, foreclosures and more. What’s in store for us now? Is there any way to know if the rates will continue to go down?

Usually, with conditions so tight in the lending markets, one would expect banks to lower their rates to attract the best customers. But it appears that banks are actually raising rates, in the hope that will improve their revenue.

It seems pretty short sighted, but to make up for falling revenues, banks are increasing rates across the board, instead of offering attractive rates for their most credit worthy borrowers. This shortsightedness is not limited to the mortgage industry; credit card companies are doubling and even tripling their rates in reacton to defaults on the part of customers in this depressed economic environment.

It used to be that when the economy slowed down, lenders would lower their interest rates and this would give an incentive to borrowers. Things are not like they were before, though, and new rules seem to be the rule.

How should a homeowner view this crisis, and what things should he be doing? Wait for this time to pass and for rates to come down or grab a loan now, while there is still some credit available, or wait for the fallout from the recession?

Some economists are not only predicting a recession, but even a depression, with deflation instead of inflation. Normally, deflation will in turn lead to lower interest rates, so this indicates a wait and see approach is the best to take at this point.

There are lenders who are still granting mortgages. Many small banks are not suffering from the credit crunch that has hobbled many big banks. In this case, being small was better, because many of them were insulated from the issues now haunting most of the credit industry.

There is another strong reason for waiting to buy right now and that is because home prices probably still have a way to come down. The Case-Schiller study that came out in November of 2008 reported year on year decreases of 17% nationally, with 25% in some locales. The scene seems to be perfect not only for lower interest rates, but lower housing prices as well, with the wise homeowner putting off his plans until the entire mess is sorted out!

http://thephilippinerealestate.com/articles/mortgage-insurance-in-canada-interest-rates-in-the-new-world-of-mortgages/

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

Public and private spending on major projects in Atlantic Canada will increase nine per cent to $8.8 billion this year despite a global recession that has left much of North America in much worse shape, an independent think-tank concludes in an report released Monday.
The Atlantic Provinces Economic Council’s annual Major Projects Inventory found that the economic downturn has prompted the delay or cancellation of some projects, but many ongoing projects in the region have benefited from lower labour and material costs.
“Things are not nearly as gloomy here in Atlantic Canada as they are in other parts of North America,” Elizabeth Beale, the council’s president and CEO, told about 100 businesspeople at the Pier 21 complex in Halifax.
The study found that even though private sector spending will dip four per cent in 2009, big increases in public spending will drive up the overall rate in the region.
The council concluded the federal and provincial governments have come forward in a big way to stimulate the region’s economy, boosting spending by a whopping $900 million in 2009 alone.
Nova Scotia’s share of the public funds will jump by 53 per cent, with most of the money earmarked for education, transportation and water upgrades. Newfoundland and P.E.I. will see public spending increase 40 per cent, and New Brunswick 15 per cent.
As for private sector spending, most of the new money – 40 per cent – will be spent by energy companies producing oil, natural gas and electricity.
According to the study, Nova Scotia will lead the way in 2009 with a 23 per cent increase in private and public spending on major projects as work continues on the Encana Corp.’s (TSX:ECA) $700-million Deep Panuke natural gas project.
The project is expected to start producing next year.
But there are no other offshore projects on Nova Scotia’s horizon, with the most recent exploration well drilled in 2004.
Newfoundland and Labrador will see project spending increase 20 per cent as work continues on Vale Inco’s $2.2-billion Voisey’s Bay nickel processing facility at Long Harbour and Husky Energy’s (TSX:HSE) $3.5-billion expansion of its White Rose offshore oilfield.
Spending will be up slightly in Prince Edward Island as work wraps up on 55 wind turbines erected for $220 million by West Cape Wind Energy.
In New Brunswick, major project spending will drop 13 per cent as most of the work on the Emera Inc. (TSX:EMA) Brunswick Pipeline was completed last year.
Still, New Brunswick has its share of megaprojects underway.
The council’s senior economist, David Chaundy, said major project spending in the province this year includes plans by the Potash Corp. of Saskatchewan (TSX:POT) to spend $1.7 billion to expand a potash mine near Sussex.
Two shafts are being drilled there this year, but the entire project won’t be completed until 2012.
As well, work is continuing on the $1-billion refurbishment of the Point Lepreau nuclear generating station in southern New Brunswick and the $1-billion Canaport liquefied natural gas terminal in Saint John.
On the downside, tight credit markets have led to delays in the construction of two condominium projects in Charlottetown, a new RCMP headquarters in Dartmouth, N.S., a number of wind energy projects in Nova Scotia and New Brunswick and expansion of the Come By Chance oil refinery in Newfoundland.
Lower commodity prices also forced the delay of an $800-million expansion of the Iron Ore Co. of Canada in Labrador.

http://www.trurodaily.com/index.cfm?sid=261140&sc=518

Another major bank is forecasting Saskatchewan to lead the country in economic growth in 2009, with a projected one per cent increase in real gross domestic product.

A FREE car may not be what you think – FREE

important info provided to the blog by Moishe Alexander, CFC CEO.

Here is a deal for you. If you are looking for a townhouse in Richmond, than this may be the deal to look at.

One of the premier BC Developers has a promotion starting April 11th, that ia offering a free Mercedes Benz SUV to purchasers of one of the 8 remaining townhouses in Richmond development.

As a buyer, you have to be careful If you have been approved at around the selling price of these units, $600,000 +, keep in mind that some of the financial institutions may add the value of the FREE car to your mortgage approval amount. That means that you may have to be approved for the selling price plus the car value in order to take advantage of this offer.

Better option may be just to take a discount of the selling price and forget the car.

Here is the Developers email I received re the offer:
“Greetings from Hennessy Green, Polygon’s latest collection of executive-style townhomes in Richmond’s Alexandra Gardens neighbourhood.  The luxurious townhomes at Hennessy Green have continued to be a popular choice among Richmond homebuyers.  In fact, we are excited to announce that now only 8 homes remain for sale! What’s more, as we approach the selling-out of this new community, we are pleased to bring back the hugely successful Mercedes-Benz promotion due to popular demand – that’s right, every one of our final 8 homes will come with a brand new Mercedes SUV!*  Now your clients can enjoy generous space, designer details, and exceptional comfort whether they are at home or on the road.     The four bedroom homes at Hennessy Green range up to 1,748 square feet and feature the luxury of air conditioning, double side-by-side garages, sophisticated kitchens with warm wood-style flooring and sleek stainless steel appliances, and a private residents-only clubhouse featuring a fitness studio, games room, and outdoor fireside patio.     This exciting promotion begins this coming Saturday, April 11th, so we encourage you to visit us again soon with your clients for details!  As a reminder, our sales centre and three stunning display homes are located at 9800 Odlin Road in Richmond, and are open daily from noon to 6pm except Friday.

* Based on a 2009 Mercedes-Benz ML320BT with a total value of $72,450.  Promotion only applies to new firm contracts of purchase and sale entered into on or after April 11, 2009.  Ask sales staff for details.  Mercedes-Benz is a registered trade-mark and its owner is not associated with this communication or promotion in any way. ”

http://www.realestatevancouvercondo.com/buy-a-townhouse-get-a-free-mercedes-suv-but-did-you-know

Seasonally adjusted national home sales activity climbed 11.2 per cent in April 2009 compared to the previous month. This is the largest month-to-month increase in activity in more than five years. MLS® home sales activity reached its highest level in seven months, with 34,838 units trading hands nationally via the MLS® in April on a seasonally adjusted basis.

The increase in April builds on gains of 10.3 per cent in February and 7.7 per cent in March. Seasonally adjusted activity now stands 32 per cent above the lowest level in a decade that was recorded in January 2009.

Seasonally adjusted sales were up from March levels in 70 per cent of local markets, with gains in Toronto (10 per cent), Vancouver (30 per cent), Montreal (15 per cent), and Calgary (31 per cent) contributing most to the overall increase in monthly activity.

Actual (not seasonally adjusted) MLS® home sales totaled 43,473 units in April 2009, down 11.8 per cent from the same month one year ago. Year-over-year declines have been shrinking since dropping a record 42.2 per cent in November 2008.

“REALTORS® know that several factors have led to this market situation,” says Regina Broker Dale Ripplinger, President of The Canadian Real Estate Association. “First, price adjustments in some markets have helped affordability. Second, lenders do have money for people and properties that qualify, although some are being more stringent. The third factor involves consumer confidence, which has risen in the housing market through the Spring.”

The last factor, CREA’s President adds, is that sellers have realized that realistic pricing is key, and that is very much driven by local factors. “Homes are only worth what a buyer is willing to pay.”

The national MLS® residential average sale price in April ($306,366) stands 3.2 per cent below April 2008, when it reached its pre-recession peak. The MLS® residential average price broke all previous monthly records in Saskatchewan, Manitoba, Quebec, and Nova Scotia.

The supply of homes coming onto the MLS® market continued trending downward in April. Seasonally adjusted MLS® residential new listings edged lower by 1.8 per cent from the previous month to 66,843 units, the lowest level since June 2006. Seasonally adjusted new residential listings in April were 16.4 per cent below the peak reached in May 2008.

With sales activity rising strongly and new listings trending downward, the balance between supply and demand is firming up in British Columbia, Alberta, Ontario, and Quebec. As a result, in April 2009 national sales as a percentage of new listings reached the highest point since February 2008.

The residential dollar volume for MLS® sales climbed 12.3 per cent from the previous month to reach $10.2 billion. This is the biggest increase since December 2001, and first time since September 2008 that dollar volume surpassed $10 billion.

“If the trend for MLS® sales activity over the past few months persists, the number of transactions in May could surpass the pre-recession levels of September 2008,” said CREA Chief Economist Gregory Klump. “In the recessions of the early 1980s and 1990s, sales activity bottomed out before the job market or even the economy did. Improved affordability may result in Canadian existing home sales leading the economic recovery this year.”

http://valeriepeebles.com/positive-article-from-canadian-real-estate-association/

National home sales activity is forecast to be down 14.7 per cent to 370,500 units in 2009. This is slightly less than the reduction in activity predicted in CREA’s forecast issued last February. The forecast decline in annual activity was trimmed to reflect a stronger than expected rebound in activity in British Columbia and Ontario in the first quarter of 2009. Forecast declines in annual activity were reduced for these provinces. They were also shaved for Manitoba, Quebec, New Brunswick, and Prince Edward Island to reflect stabilizing trends in sales activity in these provinces.

National MLS® home sales activity is forecast to rebound by 7.2 per cent to 397,000 units in 2010. This is a slightly weaker rebound than predicted in CREA’s previous forecast. The revision reflects recently downgraded forecasts for economic growth next year. The rebound in activity in 2010 is forecast to be biggest in British Columbia and Alberta.

New listings on MLS® systems in British Columbia, Alberta and Ontario are forecast to continue easing following the peak reached last year. New listings are also expected to shrink in Saskatchewan, Quebec, New Brunswick, and Nova Scotia. Fewer new listings will further stabilize the resale housing market as sales activity draws down inventories.

The national MLS® average home price is forecast to decrease 5.2 per cent in 2009, led by average price declines in British Columbia and Alberta. By contrast, the average home price is forecast to rise in Manitoba (4.3 per cent), Prince Edward Island (4.2 per cent) and Newfoundland & Labrador (10.9 per cent). CREA’s previous forecast predicted a decline in the national average price of eight per cent in 2009.

The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price is forecast to decline 3.6 per cent in 2009, and hold steady in 2010. CREA’s previous forecast predicted the weighted national average price for MLS® homes sales would decline by 6.4 per cent.

“Monthly resale housing activity improved as the first quarter progressed, entering the second quarter on a rising trend and closing in on levels last seen before it fell sharply late last year,” said CREA Chief Economist Gregory Klump. “It will take time for housing inventories to be drawn down enough to put new home construction on a stronger footing, but the balance between resale housing supply and demand is improving in a number of major markets. The national average price has begun to rebound from the recent low reached in January, and is forecast to begin rising modestly above year-ago levels in the fourth quarter of 2009.”

http://www.vancouverreflections.com/2009/05/23/crea-homes-sales-forecast-revised-for-canada/

reviewed by Moishe Alexander, CFC CEO