Rent Real Estate
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When you retire, how different will your life be?
Low interest rates and a strong economy have moved a lot of Canadians into their dream homes during the last few years -- and especially in 2002, when more resale homes were sold than ever before, and new home starts hit a 13-year high. But with a shaky U.S. economy and fear of a war with Iraq, can Canadian consumer confidence hold up for another good year in 2004?
Home buyers and other consumers are the true beneficiaries when Canadian real estate developers and other housing professionals win awards.
Canadian mortgage brokers are seeing a drop in market share in the new mortgage market, after three years of steady growth, says a survey of new mortgage buyers. The survey also says that 84 per cent of those renewing their mortgages are staying with their current financial institutions.
Faced with the Kyoto Protocol and reducing greenhouse gas emissions across Canada by 20%, Canadian governments and industries are paying more attention to renewable energy alternatives than ever before. Near Kincardine on Lake Huron, Ontario’s Energy Minister John Baird recently opened Ontario’s first commercial wind farm, a project that finally became a reality after five years of operating as a single wind turbine.
If you"re planning a major renovation to your home, there are dozens of books, articles and websites to help you with your project. Make sure you get at least three quotes for the work, you"ll be told. Ensure that you have a good working relationship with your contractor and that you are comfortable working with him, says the advice. Good planning will ensure success, you"re promised.
Canadian builders and developers will be taking a close look at new census numbers just released by Statistics Canada (www.statscan.ca). The numbers show that smaller houses and condominiums, particularly in urban areas, will continue to drive the housing market in the coming years.
A recently-released report on small- and medium-sized enterprises or SMEs concludes that “to turn the corner on two decades of deteriorating Canadian living standards” requires policies specifically geared towards addressing the barriers to growth of Canadian SMEs. There are many definitions of SMEs that refer to revenues, employment or assets. This study defined SMEs as enterprises that employ fewer than 250 people.
Ontario real estate professionals were cautioned in the July issue of the Ontario Real
In business, consumer demand equals business opportunity. Strangely, the large and growing demand for "affordable housing" in Canada is not seen
As the cry for affordable housing goes up across Canada, two recent
Since first-time buyers have no past real estate experience to fall back
Many Canadians who have been turned down by a bank or who are afraid to
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two years ago.
You know that it"s not what you make but what you keep that really
Spring has officially arrived, and while the winter weather may not be gone in parts of the country, for many Canadians, barbecue season is fast approaching.
Canadians love their homes and are spending more time there than ever before, says a wide-ranging survey by one of Canada"s largest real estate companies. The Royal LePage National Home Attitude Poll also says more than six out of 10 Canadians would consider adding an in-law apartment to their homes to allow older family members to live with them.
Canadians are so used to "toughing out" winter cold that they often overlook ways to cost-effectively boost comfort levels in their homes. So why not look into radiant heating and see whether its cozy warmth and shoeless comfort would suit your family?
The 15-year FRM this week averaged 5.78 percent with an average 0.6 point, up from last week when it averaged 5.77 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.
Ontario builders were not surprised to learn that the 2000 Greater Toronto Area (GTA) Residential Land Inventory Survey (GTARLI), jointly released by the Ontario Ministry of Municipal Affairs and Housing (MMAH) and the federal Canada Mortgage and Housing Corporation (CMHC), revealed the overall supply of land for housing fell by 17 per cent between 1998 and 2000. In 2000, there was land for 151,229 housing units in the GTA, compared to 182,166 units in 1998.
Owning an island is not an impossible dream in Canada where, according to Natural Resources Canada, there are almost 57,000 coastal islands of varying sizes. Although not all islands are cottage material, in a country with an estimated 62,000 freshwater lakes, there is probably an island out there for you somewhere, or at least a corner of one you can call your own.
Last week, as Canadians prepared to celebrate national Toque Tuesday (February 6) in a united effort to find solutions for Canada"s homeless, the federal government once more proclaimed its intention to bring Canadians and their communities together electronically.
One Kitchener, Ontario couple decided against the nine-to-five grind and
Most Canadians are unaware that manufactured housing has come a long way
This weekend, while most Canadians are thinking about family
August 14, 2000 is the deadline for Homegrown Solutions grants of up to CN$20,0000. Canadians who see a housing need but don"t quite know how to meet it may find Homegrown funds are the catalyst to develop an idea or a dream into a housing reality.
Last week, Industry Canada announced that 12 Canadian communities -- selected from 129 applicants -- will be Canada"s official Smart Communities. Each will receive up to $5 million in matched funding to implement Smart projects that integrate "information and communication technologies into community life - in areas such as health care, education, training and business." This federal program is part of the national "Connecting Canadians" initiative, which aims to make Canada the most connected country in the world.
Weather isn"t the only thing that is getting warmer in Canada these
With the rash of winter storms that have hit Canada lately, urban dwellers are experiencing some of the power uncertainty that is part of country living. City folk take electricity for granted. In the country, brown outs, black outs, even week-long power outages are commonplace. Rural property owners may have hydro on their land but that"s no guarantee they will have electricity when they need it.
Existing-home sales surpassed market expectations and reached another record in June as low mortgage interest rates and favorable market conditions continued to attract buyers, according to the National Association of Realtors.
Interest rates are rising due to healthy economic growth and they won"t dampen the general strength of the nation"s housing market, according to the National Association of REALTORS®.
Condotels and condominiums are the latest real estate investment craze in the Philippines, pushing the island country into one of the hottest markets in Southeast Asia.
The National Association of Realtors is expected to shine an intensive light this week on a national electronic database that vitally affects the cost--and even the availability--of homeowner"s insurance for millions of Americans.
Once again real estate brokers are being asked how much they should give up for access to the Internet traffic and leads created from their data
Even with the bulk of home sales taking place during the first half of this year, the forecast for total annual housing activity has been trending upward, said David Lereah, NAR"s chief economist. "The market has continued to perform better than expected, largely in response to the low level of mortgage interest rates which have predominated this year," he said. "We now expect existing-home sales to total 5.52 million units in 2002, up 4.2 percent from last year"s record of 5.30 million," Lereah said. "In 2003, sales should ease-off to 5.29 million, but that would be just shy of the 2001 record--and it"ll be the fifth year that existing-home sales exceed the 5.0-million benchmark."
The president of the National Association of Realtors® today asked the banking lobby to accede to congressional intent and the public interest by withdrawing their request to enter real estate brokerage and property management, following an announcement by Treasury Secretary Paul O"Neill that the government has postponed a decision on the issue until 2003.
Question: I serve on our HOA board. Certain members have circulated a recall petition against two of the directors and obtained the required number of signatures based on our bylaws. The next board meeting is coming up soon and the petitioners want the recall resolved then. What is the normal process to handle a recall?
When people live in close proximity, lifestyle clashes are likely. Noise is the most common complaint followed closely by odors, health and sanitation issues, cigarette smoke and curb appeal. The board is challenged from time to time to sort out various nuisances that interfere with a member"s enjoyment of their property. To intervene or not to intervene? That is the question.
Question: Our board recently appointed an Architectural Review Committee (ARC). The subject of retractable awnings has come up and the board is currently approving guidelines. However, one has already been installed illegally and does not conform in color and style to the standard. What should we do?
Converting apartment buildings into condominiums has become a popular alternative to new construction. There are a number of advantages to the developer:
Boards of homeowner associations are often challenged to change the status quo for the better. A common scenario includes a newly elected board that promises to start enforcing rules or architectural policies.
Question: Our board wrestles with whether it has the authority to modify the formal architectural design policy.
Reserve studies are one of the most powerful planning tools in an HOA board"s arsenal. It provides a 30 year schedule for major repairs and replacements and a funding plan so the board can gather the gold it needs to get projects done as they come due. It"s a wonderful thing.
Technology can be a marvelous thing and when it involves recycling, it"s doubly marvelous. A new product is now available to homeowner associations called Groundscape. This product is made entirely from recycled tires and mimics wood bark chips. It comes in various colors and lasts for years. Here"s a Q&A that explains the benefits:
With the unprecedented shocks on Wall Street and the financial sector still pulsing through the national economy, it"s difficult to predict just how all this will ultimately affect real estate.
Question: Our HOA has a resident that interferes with vendors. Our landscaper has threatened to quit due to the harassment. The resident has been advised in writing to cease and desist but it continues. Suggestions?
Question: We have been having board discussions at meetings about our HOA pool safety. We have a four foot tall fence with key locked gates. We have rules and consequences if they are not followed. Should the pool be supervised by an HOA lifeguard or pool monitor?
The battle continues -- car ownership and land costs on the rise, street width and parking on the decline. Where the two meet, battles erupt: parking committees posting dayglo orange violation stickers on vehicles, roving tow trucks with instructions to hook and tow on sight and neighbors duking it out over parking spaces.
Housing recovery has been a hot topic in recent weeks, with the government seizure of Fannie Mae and Freddie Mac topping the list in efforts to swing the market back into stability.
Homeowner association boards are elected to rule over HOA business. Some do it better than others because of training and natural ability. But resources are readily available to train even novice board members on the art of HOA governance. Regenesis.net, for example, has a vast collection of good HOA business practices and help designed to keep the Board pointed in the right direction. There is little excuse for mishandling this business other than neglect, intent or blatant conflict of interest.
In a previous article called "Passing the HOA Baton", the subject of the HOA charging new owners a fee at closing was discussed with a recommendation of not to do it unless current owners have paid it also. But this topic needs further discussion.
After kicking lots of condo tires and comparing benefits and homeowner fees, the buyer makes a choice, closes the deal and moves in. All settled in, he happens to spy the stack of documents (didn"t they call them "CC&Rs," whatever that means?) and decides to riffle through them. Mid riffle, he lands on Schedule B-Assessment Allocation which explains how much each unit owner is supposed to pay. It also shows the square footage of each unit. He notices that his unit at 900 square feet is paying the same fee as units twice the size. WHAT??? How could this be? On top of that, units with a view also pay the same. DOUBLE WHAT???
Ever hear one of these moral outrages? "Why am I paying more homeowner dues than my neighbor? There are six people living in that unit and I live alone. I only shower once a week and should get a dues reduction." Or, "I"m paying the same amount as Jim in 3B and his unit is twice as big as mine. What"s up with that?" Or, "I don"t see why I have to pay for that expensive pool. I don"t swim and never intend to. Why not knock $25 a month off my dues?"
In homeowner associations with common wall housing, a curious phenomena takes place: Certain owners feel compelled to stake claim to the common area adjacent to their units. This takes on many forms. Some commandeer adjacent grounds for personal plantings, even running irrigation systems through it. Some expand their patio or deck into it. Some build storage sheds in it or place hot tubs there. Some brazenly fence off "their" yard.
Fall is the time many HOAs do their budgets. To many people, budgets look like a mess of meaningless numbers. But, like it or not, the Board is responsible for understanding what those numbers mean so it can properly guide the financial course of the HOA. But there"s hope! Dr. B.N. Counter to the rescue.
As many homeowner association boards will tell you, satellite dishes continue to be a hot issue. In 1996, the Federal Communications Commission (FCC) adopted detailed regulations which dictated what a board can and cannot do in restricting satellite dishes and other multi-point distribution systems. While many HOAs have adopted rules and regulations which incorporate the FCC regulations, the question still arises as to how the board can enforce those restrictions when an owner installs a device violating those rules.
Question: Our developer still controls the HOA and wrote provisions in the governing documents which allow him to not pay monthly fees on undeveloped lots until houses are built, sold and closed. Because of this, the clubhouse and pool does not have adequate money to operate. The developer is loaning us money to make up the shortfall without our approval. It seems like the developer should contribute money or pay dues on the undeveloped lots to help cover these expenses…at least until there are enough homes to cover the costs. What do you think?
Keeping good homeowner association records is not only important for the present but for the future and past as well. HOAs are legal entities with significant power over their members. As such, the governing documents, rules, regulations, policies, resolutions, newsletters and minutes should be organized and accessible because they outline and discuss how the HOA impacts the members’ lives. Financial records memorialize the handling of the member contributions and help the Board maintain balance in this most important aspect of HOA business. Then there are assorted documents that fill files with correspondence, contracts and other business details.
Noise is a very subjective thing. When it comes to music, some forms are considered noise even when barely audible. The problem is not always the volume. It can be the content that offends the ear of the beholder. Such is often the case in poorly sound insulated common wall HOAs. Normal household noise travels through walls, ceilings and floors and can sound like stampeding buffalo. Round’em up and move’em out!
An arborist is a specialist in tree care. Proper tree care is an investment which leads to substantial returns to a homeowner association where trees and landscaping account for a significant amount of the member asset value. These living assets should be managed with the best expertise available. A Certified Arborist is someone trained in the art and science of planting, caring and maintaining trees.
There is a nasty problem growing in your homeowner association. It might be in the walls. It might be in your crawlspace. But it’s there...somewhere. That musty odor means a fungus amongus...mold.
One of issues that often vex a homeowner association are resident pet
There are those that believe homeowner associations are the essence of an insidious and malicious tyranny. To them, the Board exists solely to exact misery upon the neighbors. The nay sayers plot the demise of the HOA concept. They plant pink flamingos in their yards to thumb their noses. They fly Old Glory as a symbol of their freedom to do whatever they want. They distribute libelous newsletters to their neighbors.
Question: Our Directors & Officers Liability Insurance has come due for renewal. Our President says we do not have to worry about it. Is that
The dramatic seizure of Fannie Mae and Freddie Mac by the federal government has had no downsides for real estate -- although it could ultimately cost taxpayers billions if the companies" loan portfolios continue to bleed red ink.
Big-city developers are beginning to pick up on developing and building earth-friendly projects. Over the years, alternative energy sources were usually reserved for those folks living in more rural areas, with the personal budgets to build solar panels and one-stand wind mills to create a personal power grid. Now, condo developers are taking it to the next level in urban development.
Question: How should we handle compensation, benefits and expenses to board members?
Sign restrictions are often a bone of contention for homeowner associations. Free-speechers feel it"s protected expression under the Bill of Rights while Community Beautification proponents advocate "sign free zones". The ideal is somewhere in the middle.
Homeowner associations often hire contractors to perform large renovation jobs or ongoing contracts like landscaping, janitorial and pool maintenance. Bidding for such work allows qualified contractors to fairly compare "apples to apples." This is good for the association and fair to the contractors. A clear, competitive process results in the best price for the association while addressing quality and performance concerns.
Here"s a concept that real estate investors might want to check out: Cash for part of the future equity in their properties ... with no interest charges.
As homeowner associations across the nation discover the advantages of adopting long-range reserve plans, opportunities to multiply the rewards present themselves.
A reserve study identifies the association"s future repairs and replacements like a snapshot in time. Imagine that you could picture the buildings and grounds as they would be in five, ten, even thirty years. A reserve study acts just like that by estimating the useful life of the common elements and the cost to replace them in the future.
Question: We are a 16 unit community. We have decided to renovate our 27 year old irrigation system and replace the existing landscape at a cost of $32,000. We are undecided as to whether or not to seek a loan for this project, make a special assessment or both. Which way should we go?
Doing an annual review of your homeowner association assets and maintenance
Question: Our board seems to be making rules up as they go. How should they
QUESTION: We are starting the process of finding a new property management company. Do we need a homeowner vote to approve a change in property management or simply a vote or the board members?
The benefits to a homeowner association of having a well thought out website are many. They include the ability of the members to talk with each other via E-mail. The members can view the most current version of the governing documents and the rules and download any section of them whenever they need them, 24 hours a day, 7 days a week. No more excuses for not knowing the rules. Members can view the status of their accounts. Board actions can be posted along with the dates, times and locations of meetings.
Question: Have the courts reached a consensus regarding association responsibility for implementing security measures when a known violent resident exists? We"re considering surveillance cameras and I was wondering about the pros and cons.
The "off" season is the time of year that the Board should be arranging and reviewing proposals for fair weather construction and renovation projects. Painting, fencing, pool replastering and roofing are but a few of the major items that fit the profile. There are several practical reasons for starting the process early:
There is a "vicious dog" that threatens unwary homeowner associations. It"s called the "Home Equity Loan". It doesn"t even belong to the association but the community homeowners. It looks pleasant enough and promises never to bite. Some of your neighbors have acquired it hoping to make their lives better. But some come to find they"ve exchanged their hard earned long term home equity to pay off short term debt.
Community associations are required to hold an annual owners meetings. The main reason for the annual meeting is to elect directors to the board. This time, however, provides a wonderful opportunity to celebrate the community and build rapport between the owners. Here are some ways to make your annual meeting a "don’t wanna miss it" event:
Community associations faced with large renovation projects that exceed available reserve funds often have difficulty obtaining financing for improvement projects even when they are well run and show strong historical cash flow. Not all projects can wait, like in the case of a bad roof or structural dryrot. The longer you wait, the more costly the repair.
A government-incentivized program that acknowledges that not all homeowners are able to afford and keep their homes is intended to expedite the short sale process.
How can the association maximize its return on reserve funds (money set
Homeowner associations were fashioned after the villages of an earlier time.
Working the Web
Just 35 miles north of San Diego, an area just recently plagued with wild fires, is Carlsbad, California.
Oklahoma City, Oklahoma, housing reports indicate that average days on market has increased from 65 to 81 days in the last year, a common trend for much of the country.
Prices move slowly in Denver, Colorado, as a market corrects to an oversupply of homes on the market.
Tampa Bay, Florida, is seeing median price of $230,000 at this time. Homes sales have decreased significantly from last year at this time.
Plenty of inventory to choose from, but homes are moving off the market slowly -- averaging 146 days. What about sales in this famous Southwest city?
Frisco, Texas, a short drive from Dallas, is seeing an average asking price of $319,000 at this time, prompting local experts to call the area a strong market.
Austin, Texas, continues to grow at a fast pace, as a drop in inventory causes buyer competition.
San Jose, California, the 10th largest city in the United States has seen prices rise 2.4 percent since last year.
Fall colors are soon to come in this healthy New York market.
Properties are selling quickly, with multiple offers, for amounts over asking, but will this trend continue?
Colorado Springs will soon be welcoming fall weather. Will it be welcoming a booming market as well?
San Diego realtors report that the market is leveling. While prices may be on a moderate rise, inventories are low.
With its close location to Washington, D.C., Bethesda, Maryland, is still reporting high prices but a moderation in sales.
Offering a diverse economy, beautiful lush landscape and access to some of the country"s best entertainment, Nashville, Tennessee, has a lot for homebuyers, say local Realtors.
Realtors in Cherry Creek, Colorado, say housing is still in a buyer"s market, but that could mean opportunity as prices escalate.
Part of the "Space Coast," Cocoa Beach first came to national prominence as the setting for the television show "I Dream of Jeannie," and the area has done nothing but become more enchanting, say local Realtors.
It"s been a bumpy ride, but local Realtors say that there"s some sun on the horizon that could smooth the landing for Wichita, Kansas" housing market, which has been turbulent since 2001.
"Warwick has over 39 miles of coastline on Narraganset Bay," says Realtor Richard Costa. "It is comprised of more than 30 villages and has the close-knit feeling of a much smaller community. With over 39 miles of coastline, exceptional recreational facilities and quality schools, Warwick remains a wonderful place to live, work and raise a family. With interest rates still low and a growing inventory of homes on the market it"s a great time to buy."
Answer: Probably we"re going to see a lot more of them, given the rising level of foreclosures and distressed homeowners.
Going green isn"t just a fad anymore. It makes financial sense for apartment and condo builders as well.
Like many Western cities with colorful names, Hurricane, Utah, is a popular with residents, and is attracting homebuyers with its small frontier-town laid-back culture and proximity to Utah"s spectacular national parks and recreational opportunities.
Vancouver, Washington, Realtors say real estate is hot on multiple offers, with spectacular views, a moderate climate and culture to attract homebuyers.
Situated between Lake Sammamish and the foot of the Cascade Mountains, Issaquah is a beautiful location that is soaring in value, say local Realtors.
[Note: To follow is an excerpt of an interview with Robert Cain from Rental Property reporter. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/081308.]
Pembroke Pines is located in Broward County, Florida, and offers an ideal lifestyle for seniors, families with children and everyone in-between, say local Realtors.
Unlike the frothiness that some coastal areas are experiencing, Santa Fe, New Mexico real estate is steadily rising but not at a bubbly rate, say local Realtors.
Realtors in the Liberty Lake/Spokane, Washington, area say there is so much to do outdoors, that fresh air-loving visitors and residents never want to leave.
The Dallas bedroom community of Allen was hit hard by telecom layoffs a few years ago, but the town is finally starting to absorb its excess housing inventory as buyers realize they can have a great quality of life and a lot of home for the money, say Realtors.
Tennessee is a lush, green state, but the Realtors in Chattanooga and Signal Mountain say their area offers beautiful scenery and much more.
Steady increases in housing prices and sales with a drop in the average days on market signal a rising sellers" market in Clearfield, Utah, say local Realtors.
As one of the most mythic riverfront American cities, Memphis, Tennessee, has had its ups and downs, including a prolonged buyer"s market, but the city is revitalizing itself and offering a lot of attractions to homebuyers, say Realtors.
Year over year, prices are rising in Charleston, South Carolina, and after a record-breaking 2004, Realtors in the area believe the spring buying season will really heat up.
West Virginia Realtors in Wood, Berkeley, Hampshire, Hardy, Mineral, and Grant Counties say real estate sales are consistently good.
From New Berlin to Kenosha to West Salem, Wisconsin, home prices are rising steadily with buyer demand strongest for homes in move-in condition, say local Realtors.
Just northeast of downtown Dallas, the area known as Lakewood is an enclave of homes bordered by the western portion of White Rock Lake. A unique set of factors has kept this area moving up in value, say local Realtors, including the preservationist nature of a majority of residents.
Wyoming Realtors report continued population growth throughout the state, and anticipate brisk sales in 2005.
The downtown Seattle housing market is improving every year, say local Realtors, as more people move in seeking investment and the cool factor.
The market is usually strong for waterfront properties, but some waterfront communities in Ontario are reporting a quieter sales period for December and after the holidays.
Realtors in towns such as Woodridge, Yorkville, and Western Springs suggest that sales have hardly slowed during the holidays, as buyers cash in on continuing low interest rates.
Realtors in Brentwood, Tennessee, just outside of Nashville, say the area is so beautiful that it"s growing quickly.
Think twice about ripping out that granite countertop because you think it"ll give you cancer.
Portland, Oregon"s prestigious Lake Oswego area continues to escalate in value and home sales, say local Realtors.
The summer beach season may be over, but Virginia Beach, Virginia"s seller"s market continues into the holidays, say local Realtors.
Encinitas, California"s housing is slowing down with the rest of the San Diego market, say local Realtors.
The smallest of the three towns that make up the Research Triangle area of North Carolina, Chapel Hill offers a lovely rolling backdrop that many feel is the charm in its smaller size.
Realtors in Redmond, Washington say that the quality of life coupled with the beauty of the Northwest keeps home values high, but sales have softened from a seller"s market, nonetheless.
Realtors in the Cascade Mountains area of Central Oregon say the spectacular views, mountain air, and fun outdoor activities contribute to homeowner growth in Sisters, Sunriver, and Powell Butte.
Rising prices have slowed demand for the West side of Chicago, Illinois, say local Realtors, but the neighborhoods continue to be popular destinations for homebuyers because of spectacular Lake Michigan.
One benefit of buying a home in the suburbs is that real estate can generally be more affordable there. But with the cost of gasoline soaring these days, that commute is looking much less attractive.
Realtors in Gillette, Jackson and Cheyenne, Wyoming say quality of life is bringing new housing demand to their towns.
With names like Ocean Township, Ocean Gate, Ocean City and Ocean County, New Jersey seashore communities are attracting homebuyers like seagulls.
A popular college town near Phoenix, Arizona, Tempe is attracting investors as well as residents say local Realtors.
Reports are indicating that existing home sales rose from the first quarter in about a third of the nation -- this coming on the tails of eager home buyers responding to discounted home prices.
Luxury homes are sluggish, say Realtors in resort, second home and retirement towns like Traverse City, Waterford and Whitmore Lake, Michigan, which could offer great opportunities for buyers.
Dallas" Preston Hollow area is one of the most prestigious neighborhoods in the city, with grand new and older homes built on spacious lots. Homes are selling in the million dollar ranges, which is giving hope to the rest of the city that the local housing recession may be ending.
A former Employment Review"s"best place to live and work," Indianapolis has only added to its luster with more accolades.