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Category Archives: StatisticsLink
Starting Monday July 9th, 2012, lenders can only issue home equity loans up to a maximum of 80% of a property’s value — down from 85%.
The maximum amortization period also drops to 25 years from 30 years — giving borrowers less time to repay the debt in full.
In addition, the federal government is capping the maximum debt ratios for households and limiting government insurance to mortgages on homes with a purchase price of less than $1-million.
A poll conducted by Pollara for Bank of Montreal found only about half of those surveyed were familiar with the changes brought in by the federal government.
And only 45% of those surveyed June 29 to July 4 were aware that the maximum amortization period has been shortened by five years.
Read the full Leader Post article here!
The City of Regina issued $107.9 million in building permits in June, compared with $46.8 million for June 2011. That brings the total value of permits issued for the first half of 2012 to $348.1 million, well ahead of the $285.7 million in the first six months of 2011.
Given that last year’s total of $548 million in permits was a record for the city, the head of the city’s building division thinks another record year is well within reach.
June saw a number of large permits issued, including one for $13.45 million to Centre Square Development GP Inc. for the Centre Square condominium project at 2300 Broad Street, a permit for $24.06 million for new facilities at the RCMP Training Academy at 6101 Dewdney Ave. and two permits for $6 million each to Devereaux Developments for apartments at 5960 Little Pine Loop in the Skyview subdivision in the northwest and Reimer Custom Designed Homes for a condo project at 4891 Trinity Lane in the southwest.
residential construction has been leading the way, with $166.9 million in residential permits issued in the first half, virtually double the $83.4 million in residential building permits issued during the first six months of 2011. Single-family dwelling permits hit $94.8 million in the first half, compared with $57.8 million for the same period last year.
Read more on this article with the Leader Post: http://www.leaderpost.com/business/June+construction+Regina/6880056/story.html#ixzz1zrh84f5j
Housing starts in the Regina area increased for the sixth consecutive month to 146 units in May from 115 units in May 2011, according to Canada Mortgage and Housing Corporation’s (CMHC) monthly survey of residential construction.
Single-detached housing starts in Regina totalled 117 units in May, a 30-per-cent increase over the previous year. To the end of May, single-detached starts totalled 486 units.
Multi-family starts, which consist of semi-detached units, rows, and apartments, also reported a gain in May, as the 29 starts were 16 per cent higher than those reported in May 2011. With May’s gain, year-to-date multi-family starts in Regina totalled 758 units.
Regina still holds a slight lead over Saskatoon in total year to date starts at 1,244 versus 1,101 in the Bridge City; the big difference is that the Queen City saw starts more than double from 587 last year, while Saskatoon posted a 2.2-per-cent decline from 1,126 for the same period last year.
Nationally, the pace of home construction cooled in May after a strong showing in April. CMHC said the May figure of 19,264 estimated actual starts was more in line with the pace of the previous six months.
On a seasonally adjusted annual basis, May starts hit 211,400 compared with 243,800 in April. The adjusted figure smooths out seasonal fluctuations and calculates an annual figure as if the monthly number held steady for a year.
The seasonally adjusted annual rate of urban starts slipped by 15.8 per cent to 189,600 units in May, with urban single starts down 4.2 per cent and multiple starts off 20.7 per cent.
On the same basis, urban starts decreased by 35.8 per cent in Quebec, by 18.3 per cent in Ontario and by 7.7 per cent in the Prairies.
Urban starts were up 6.4 per cent in Atlantic Canada and 20.9 per cent in British Columbia.
Click HERE to read the full Leader Post article.
“I think there’s no doubt we’re going to end up setting some records this year,” said Stu Niebergall, executive director of the Regina & Region Home Builders’ Association.
CMHC said a total of 358 single-detached and multiple-family units were started in Regina in April, more than doubling the 142 reported in April 2011.
By comparison, Saskatoon reported a total of 245 starts last month, compared with 252 a year earlier.
One potential problem for Regina Niebergall said was “a significant amount of pressure on the availability and capacity for serviced lots for new homes and multi-unit starts”, adding it’s critical that organizations that provide approvals and services to the residential construction industry “are able to deliver their vital services in a timely manner or we could see an artificial constraint on new housing in our community”.
Broken down by category, the number of single-detached housing starts in Regina increased to 129 units last month, 59 per cent more than in April 2011.
An even more dramatic rise took place in multiplefamily units in Regina and area: 229 in April, compared with 61 last year.
Looking back over the year to date, Regina and area have seen starts of 369 single-detached and 729 multifamily starts.
That’s a total of 1,098, more than double the 472 reported in the first four months of 2011.
Regina’s multi-family starts were more than triple the 221 reported in the first third of 2011.
That level of activity prompted Niebergall to say that it’s evidence that Regina is “going to build our way out of the rental problem”.
In Saskatoon and area, there have been starts so far in 2012 of 556 singledetached and 317 multiplefamily units – a total of 873, down slightly from the 900 reported in the first four months of 2012.
The CMHC figures show that starts of single-detached houses in that area rose by 28 per cent, but multiplefamily units tumbled by 32 per cent.
Multi-family units are defined as semi-detached units, rowhouses and apartments. CMHC figures do not break down apartments vs. condos.
Taking an even longerrange look, Niebergall said “it is only the end of April and we have housing starts for individuals and families in Regina and area at levels that exceed the entire year’s housing starts for five of the last 10 years. We have not seen this pace of housing starts since 1979, when 2,500 homes were started.”
He added that this year’s array of housing starts in Regina and area are 41.1 per cent above the five-year average and 67.5 per cent above the 10-year average.
Tuesday also saw the economic research arm of the Bank of Montreal (BMO) report that total housing starts in Canada – projected to an annualized basis – had surged to 244,900 units, substantially higher than the 190,200 predicted at this time last year.
That increase caused BMO to state that, “Canada’s housing market, at least in certain sectors and cities, is at risk of overheating.”
Source: The Leader Post