2014 is a “bullish breakout year” for Vancouver condo investments
There’s another glowing endorsement of the Vancouver condo market, this time from father and son realtors David and Mark Goodman who call the year so far a “bullish breakout” in their latest report. The Goodmans say that real estate investors are keen to find older multi-family properties with retrofit opportunities. Their prediction is that 125 apartment buildings will sell in the city by the end of the year with sales for the first half of 2014 up 36 per cent on last year. With the rental market having low vacancy rates and that sector predicted to grow as the younger demographic choose not to buy, or are unable to. Read the full story.
Calgary real estate market defies trend
Normally the Calgary real estate market recedes when times are tough in the energy sector but things are different this time. Despite oil prices falling to a two-year low the latest figures from the Calgary Real Estate Board show that things are still hot. With the energy business having such an important effect on the region’s economy there is always a risk that a prolonged downturn in oil and gas prices will hit the housing market hard as has been seen in the past. Another concern is the high level of debt of the average Calgary household; up $35,000 on last year and around 64 per cent above the national average. Read the full story.
Calgary office market set for growth
A new report from JLL Canada predicts a boom in Calgary’s office market through to the end of the decade. The commercial real estate firm’s assessment of Canada’s major cities shows that Calgary in particular is likely to benefit from increased demand for office space from domestic and foreign businesses. The report assumes growth in the energy sector which is predicted to happen, despite current lower demand for oil in particular. JLL says that as economic predictions are for Calgary to lead Canada’s GDP growth through to 2020 more companies will want to be in the city that already boasts more head offices per capita than elsewhere in the country. The current permits being processed in the city would add 25 per cent to the city’s office inventory if all go ahead. Read the full story.
New homebuying app launched by GenWorth
Recognizing the need for a single tool that provides mortgage professionals on the go with all the information they need to help their clients make sound home-buying decisions, Genworth Canada just released its new app. Considering more than just monthly mortgage payments, this app provides an estimate of what homeowners can actually afford by including additional expenses, such as property taxes, monthly utilities and mortgage insurance premiums. Mortgage and real estate industry professionals can access the app from their smart phone, set up a personal profile and use a number of mortgage planning tools or view informational videos that explain product options. They are then able to share with their clients, mortgage affordability estimates and options, mortgage insurance product information and other useful resources.