Land Prices Crisis
The house price rises in Calgary are set to intensify due to the lack of affordable land according to a local house builder. Jay Westman, CEO of Jayman MasterBuild, is calling for city officials to make some changes to help the pace of construction and cut some of the hurdles in the path of approvals. Mr. Westman says that prices are rising every month and it’s making construction projects economically unviable. He says that getting through Calgary’s approval process takes twice as long as it did a few years ago.
While the OECD recently cited land use policy as an issue in other parts of Canada too, Mr Westman believes that it is City policy that is causing problems, comparing the more favourable conditions for land use in Edmonton.
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Toronto City Planner’s Big Idea
The chief planner for Toronto says Canada needs to invest in infrastructure to protect our cities. Speaking on The West Block with Tom Clark, Jennifer Keesmart highlighted just how important our major cities are; not just to those who live and work there; but to Canada’s economy.
She said that there has been a lack of investment of infrastructure, meaning gridlocked cities and unaffordable housing. The New Building Canada Fund of $14 billion, introduced by the federal government two months ago, is not enough Ms. Keesmat says. She is calling for a national strategy on transit and housing.Read the full story.
Mortgage Wars Driving Up Prices
The affordability of mortgages is pushing property prices higher, according to the BC Real Estate Association. The province has seen its busiest May in 7 years, with a 14 per cent increase in sales volume and a 6 per cent increase in prices, year on year. The lower mortgage rates have encouraged new buyers to the real estate and a generally better picture for the Canadian and global economies has also boosted confidence. Read the full story.
Rags to Riches Story Shows Real Estate Potential
It’s a widely held belief that real estate can be an excellent place for investment; especially for the average person who may not have the confidence to play the stock markets. Tahani Aburaneh can’t really be described as an average person though.
Having grown up in a refugee camp in Jordan, she arrived in Canada at the age of 15 as the result of an arranged marriage. She knew little of the country and didn’t speak the language, but through education and determination she has thrived and now owns 5 businesses.
Her ‘eureka’ moment was getting involved in real estate, as a realtor and then finding her niche working with business people who want to invest in property. She also trains estate agents who want to work with investors and runs a land development business. It’s an inspiring story for anyone in the real estate investment space. Read the full story.