I always warn any of my buyer-clients who are considering a new home from a builder that they should insist that any offer they make should be conditional on them reviewing it with their lawyer.
I'm not saying that buying new is a bad thing - but buyers should remember that sales people working on behalf of a new home builder are not required to be licensed real estate agents so they have no governing body like RECO to oversee them and have no Code of Ethics to abide by.
This article in The Star is a perfect example of some of the things to be aware of.
(including a 39 page purchase offer!!!!)
http://www.yourhome.ca/homes/article/622890
Is your neighbourhood up or down recently?
http://beta.theglobeandmail.com/globe-investor/early-signs-of-a-rebound/article1061236/
Is the Spring market already starting to thaw? Click here.
Saturday, 25 April 2009
Thursday, 16 April 2009
Real Estate articles worth a look
The Spring real estate market appears to be gaining steam once again.
Or, put another way, the previous market descent has slowed down and almost levelled off.
But either way you put it, I'm finding that both buyers and sellers have been finding their way back into the real estate market in the GTA. The fear mongerers are put off by this of course.
But when you compare how the lenders work in Canada vs. the U.S., you can see why their artificially created housing bubble never materialized here.
People will often say that we follow the U.S. economy, or we're in lockstep with them, or we lag behind whatever happens there, but if the business rules are different, or in this case, the lending rules, then what happens there isn't necessarily going to happen verbatim, up here.
In the U.S., pretty much anyone with a pulse could previously qualify for a mortgage. That hasn't been the case here.
So I suspect that in large part, our real estate market slowdown was created by fears of what happened in the U.S. - not by anything that actually *happened* here.
Are we feeling the economic slowdowns? Of course.
Is the real estate market getting or going to get pasted, like the U.S. one?
I don't think so.
Enjoy the following articles.
Buyers gain upper hand in real estate market
http://www.yourhome.ca/homes/article/618464
The provincial "green" legislation carries some scary powers - why?
http://www.yourhome.ca/homes/article/600663
Home tips
http://www.yourhome.ca/homes/article/429364
RBC says home ownership is more affordable
http://www.yourhome.ca/homes/article/619400
Spring housing market showing signs of life
http://www.yourhome.ca/homes/article/619146
Or, put another way, the previous market descent has slowed down and almost levelled off.
But either way you put it, I'm finding that both buyers and sellers have been finding their way back into the real estate market in the GTA. The fear mongerers are put off by this of course.
But when you compare how the lenders work in Canada vs. the U.S., you can see why their artificially created housing bubble never materialized here.
People will often say that we follow the U.S. economy, or we're in lockstep with them, or we lag behind whatever happens there, but if the business rules are different, or in this case, the lending rules, then what happens there isn't necessarily going to happen verbatim, up here.
In the U.S., pretty much anyone with a pulse could previously qualify for a mortgage. That hasn't been the case here.
So I suspect that in large part, our real estate market slowdown was created by fears of what happened in the U.S. - not by anything that actually *happened* here.
Are we feeling the economic slowdowns? Of course.
Is the real estate market getting or going to get pasted, like the U.S. one?
I don't think so.
Enjoy the following articles.
Buyers gain upper hand in real estate market
http://www.yourhome.ca/homes/article/618464
The provincial "green" legislation carries some scary powers - why?
http://www.yourhome.ca/homes/article/600663
Home tips
http://www.yourhome.ca/homes/article/429364
RBC says home ownership is more affordable
http://www.yourhome.ca/homes/article/619400
Spring housing market showing signs of life
http://www.yourhome.ca/homes/article/619146
Subscribe to:
Comments (Atom)