A story titled, “Canada’s dirty subprime secret,” appears in today’s Globe and Mail and claims that Canadian leaders are simply wrong about the extent to which the subprime mortgage mess will affect Canadians. According to the Globe’s report, it’s a bigger problem than we might have expected and its effects are already being felt in [...]
Some call it a report on the obvious, while others see it as big news. No matter how you view the Frontier Centre for Public Policy’s International Housing Affordability Survey, you’d be hard pressed to make a convincing argument that housing affordability hasn’t suffered a serious blow in Saskatoon over the past couple of years. [...]
Amidst a backdrop of crumbling credit markets and stock indices desperately looking for the bottom, the U.S. resale housing market showed some promising signs in September as existing home sales rose 5.4% over August and posted their first year-over-year gain in three long years. Nationwide, home sales rose 1.4% in September over the previous year. [...]
CNN: The Federal Reserve is expected to overhaul lending rules on Monday in an effort to prevent another mortgage crisis. Good idea Ben! It would be foolhardy to encourage a second mortgage crisis while you’re busy dealing with the first one. I’m always happy to answer your Saskatoon real estate questions. All of my contact [...]
Jason Warick wrote a story in the June 26 edition of the Saskatoon Star Phoenix titled, ”Sask. residents find Arizona opportunity.” “The strong Canadian dollar, combined with rock-bottom prices for real estate in many cities such as Phoenix, means Canadians can snap up vacation homes or investment properties for less than half of the price [...]
CNN Money is reporting today that the U.S. home foreclosure rate “spiked 112%” in early 2008, and the worst of it likely isn’t over, as some $362 billion dollars worth of adjustable rate mortgages will “reset” this year. More than 155,000 families have already lost their homes this year. Approximately 1 in 194 U.S. households [...]
The City of Cleveland is suing 21 mortgage lenders for damages that they claim to have incurred as a result of the U.S. sub-prime mortgage fallout. Cleveland Mayor Frank Jackson compares the resulting chaos to “organized crime activity on neighborhoods, cities and individual lives, sucking equity out” and says that city has been devastated by [...]
Over the past several months a number of my past clients have asked me about real estate opportunities in the U.S. The rising dollar, combined with reduced prices in some beautiful U.S. cities has many Canadians considering a purchase in their favorite vacation spot. A friend of mine from Phoenix recently asked if he could [...]
There has been a fair bit of talk and speculation about how the U.S. “credit crunch” may impact Canadians and our real estate markets. The Canadian Real Estate Association (CREA) has published a brochure titled; “A Credit Crunch Primer” which explains in fairly simple terms what sub-prime lending is and how the practices associated with [...]
It was another exciting week in the Saskatoon real estate market, and breakfast today ranks as one of the highlights. It wasn’t the eggs, the bacon or those crispy little tater thingies, though they were all very good; it was the company. I had the opportunity to sit down with Jay Thompson, the one and [...]
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