Housing Permits Rise
The value of building permits rose in April, for the first time since January. Figures released yesterday by Statistics Canada show a 1.1% increase from March, although the prediction had been for 4 per cent. Although housing permit applications rose by 2% with gains in some provinces balancing out falls in others, but the overall picture for non-residential was a 0.4% drop in the value of permits. Year on year there is still a drop of just over 13%. Read the full story.
Spring Gives Bounce to Property Sales
Now that the warmer, vacation-friendly, weather is here, sales of recreational property is growing, according to a new report. The 2014 Recreational Property Report from Royal LePage says that after a slow start to the year’s buying due to a harsh winter, things are now picking up. With low interest rates, rising income and a general increase in consumer confidence, sales of (and interest in) cabins, chalets and cottages are all increasing across most areas. Phil Soper of Royal LePage says that while Canadians had been looking south of the border to pick up second home bargains, the “real deals are now at home”. Read the full story.
Winnipeg Aims for Less Parking – More Housing
Winnipeg city housing chiefs are setting their sights on improving property options by reducing surface parking. The ‘Live Downtown-Rental Development Grant Program’ will see tax incentives to build rental units, including affordable housing, instead of using land for surface parking lots. It has been a problem persuading land owners to choose construction as parking lots make good profits. The program still requires approval from the executive policy committee and city council. Read the full story.
Bank of America Could Face More Than $12 Billion Costs
The second largest bank in the US faces multiple government investigations into its alleged handling of residential mortgage bonds before the financial crisis. The Bank may end up with costs of over $12 billion, possibly as much as $18 billion, including payments to help households with payments, according to the Wall Street Journal. Read the full story.