Daily Market Update

by Jordan Maxwell09 Apr 2015
Fraudster to be released, plans to sell real estate 
According to the Montreal Gazette, a Hampstead man serving a five-year prison sentence for swindling millions of dollars from his clients while acting as their financial planner is scheduled to be released soon and plans to sell real estate. On Nov. 30, 2011, Perry Newman, 55, pleaded guilty to fraud and forgery charges in a case at the Montreal courthouse in which he was alleged to have stolen more than $6 million from his clients to support his lavish lifestyle. He was sentenced the same day and never applied for parole. He is scheduled to reach his statutory release date, the two-thirds mark of his sentence, by the end of this month. “You have no savings and you rely on your sons for support. Concerning your employment, you know some people who work in the import industry and could offer you a job at their warehouse. Once you (have) regained your stability, you (might) try to enter the real estate market," the parole report says. Read more here

Land assembly sales sparking Vancouver real estate market
There is power in numbers and that’s translating into some landmark deals for sellers in the Vancouver real estate market — land assembly sales. According to Global News, as the city pro-actively rezones areas around the city’s main corridors allowing them to potentially be turned into higher occupancy buildings like town homes and condos, developers are quick to seize the opportunity. Realtors who recognized the potential in the market are getting to the homeowners first teaching them the potential power in selling as part of a package deal. “They find out if they’re doing land assembly, the value is amazingly higher than what the market value is,” says Michelle Yu of RE/MAX Real Estate Services.

Yu is currently representing more than a dozen land assembly sales in Vancouver. She says the trend of land sales has been picking up over the past five years.

Ottawa home sales on the rise
The spring real estate season is showing signs of heating up, according to numbers released by the Ottawa Real Estate Board. Board members sold 1,208 residential properties in March, 41.8 per cent more than than February, and two per cent more than March of last year. The five-year average for March is 1,236 transactions. “Indications of a fast approaching spring market were noted in February, and these numbers are proof that Ottawa is indeed experiencing an upswing in sales,” OREB president David Oikle said in a statement. According to the Ottawa Business Journal, of the properties sold last month, 980 were residential and 228 were in the condominium property class. Oikle said properties are starting to move faster as the average number of cumulative days a property stayed on the market was 83 last month, compared with 99 in February and 119 in January. Year-to-date sales numbers are also up, he said. “Year-to-date sales for the first quarter of 2015 are 1.8 per cent higher than the first quarter of 2014. Average sales price has also increased, ever so slightly, by 0.8 per cent. So far, the 2015 resale market in Ottawa remains steady and strong.”

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