Rent Real Estate
Oil leaks and spills from residential fuel tanks have cost Canadian insurance companies and homeowners a lot of money in recent years. Insurance companies now balk at insuring homes with older fuel tanks, and some provinces have passed strict new regulations governing when the tanks must be replaced.
Many Canadians are not happy with government decisions these days and a
When you retire, how different will your life be?
In a recent decision, the Ontario Securities Commission (OSC) found that
Last month, two Toronto-area Realtors were arrested and accused of heading up a $35 million marijuana grow house operation. It"s alleged that the Realtors leased client"s dwellings for the purposes of setting up hydronic marijuana grow operations. An additional 37 people now face charges, mostly for cultivating and caring for the plants, but police say the two real estate professionals arrested were the leaders of the operation.
Low interest rates and a strong economy have moved a lot of Canadians into their dream homes during the last few years -- and especially in 2002, when more resale homes were sold than ever before, and new home starts hit a 13-year high. But with a shaky U.S. economy and fear of a war with Iraq, can Canadian consumer confidence hold up for another good year in 2004?
Whether you get married or not, Canadian law may govern the disposition of property if your relationship fails. When you enter into a personal relationship owning real estate, don’t automatically assume you’ll leave with your property intact if things don’t work out love-wise.
During the real estate boom, staging and cosmetic touch-ups were often all it took to launch buyers on a desperate race to make an offer before they ended up in a price-escalating, multiple-offer showdown. Now that calmer conditions exist for buyers, superficial or fashion-based make-overs may not be enough to trigger an offer. They may even turn buyers off a property.
So far in Alberta this year, four home renovation contractors have been convicted of renovation fraud activities. A year ago, a London, Ontario man pleaded guilty to 19 counts of fraud, in which most of the victims were seniors, in renovation scams to support an alleged gambling habit. An Ontario driveway paver was found guilty of unfair business practices when consumers from Sarnia to Belleville complained about the work. One owner"s vehicle sank into the asphalt when it was parked, according to Ontario"s Ministry of Consumer and Business Services.
While the Canadian government wins accolades in eGovernment leadership, topping 22 other countries in offering government services online, Statistics Canada reports more than 813,000 Canadian households have given up their access to the Internet. More than a quarter of those canceling home-access to the Internet were weekly users.
Do you find it difficult to get satisfaction when you are not happy with the service or goods you have paid for? Do you often let your complaint go unresolved because you don"t know where to start when it comes to writing a complaint letter?
You know that it"s not what you make but what you keep that really
Yes, mortgage rates are at 40-year lows and energy prices are dropping, but credit cards continue to carry double-digit interest penalties and fuel costs threaten to rise again in the near future.
As record-low interest rates continue to drive Canadian home buyers into the real estate market, property owners should take this opportunity to re-evaluate their existing mortgages.
The 15-year FRM this week averaged 5.78 percent with an average 0.6 point, up from last week when it averaged 5.77 percent. A year ago at this time, the 15-year FRM averaged 6.03 percent.
Ontario builders were not surprised to learn that the 2000 Greater Toronto Area (GTA) Residential Land Inventory Survey (GTARLI), jointly released by the Ontario Ministry of Municipal Affairs and Housing (MMAH) and the federal Canada Mortgage and Housing Corporation (CMHC), revealed the overall supply of land for housing fell by 17 per cent between 1998 and 2000. In 2000, there was land for 151,229 housing units in the GTA, compared to 182,166 units in 1998.
Canada Mortgage and Housing Corporation (CMHC) is in the news again, this time for its deep pockets as the September 30 deadline fast approaches. Through its External Research Program, approximately 20 housing research grants of up to $20,000 each will be awarded by CMHC. The competition is open to Canadians or those with permanent resident status.
According to Statistics Canada, the old adage that farmers toil from sun-up to sundown certainly seems to be true. Canadians who dream of owning their own farm must understand that saving the down payment and earning enough to pay off the mortgage just marks the beginning of their commitment to this type of real estate.
Canadians may be frustrated in their efforts to gather information on how they can remove as much as $20,000 from their RRSPs without any penalties. The federal government offers a variety of RRSP-withdrawal programs from Lifelong Learning to the Home Buyers" Plan, but getting the details straight can be challenging. An email from one Ontario couple illustrates the problem:
Mortgages have put Canadians more than CN$ 343 billion in debt, according to Statistics Canada, but savvy investors love mortgages for their semi-annual compound interest returns and fully-secured status.
During the 20th century, Canadian homes underwent more than their share of transformations. Along with improvements in construction, Canadians saw more labour-saving devices, environment-modifying equipment and mind-expanding technology in that century than in all our previous history combined.
[Note: To follow is an excerpt of an interview with Ms. Larryette Kyle-DeBose, "The African-American Guide to Real Estate Investing." To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/091008.]
Accidents are not accidents.
Canadians take their understanding of home and real estate for granted and that gets many of them into trouble. The subtleties of legal and financial discussions or contracts can be lost on you if you do not realize the significance of each word. Yes, use professional advisers in these situations, but learn the language so that you can protect your own interests and achieve your goals.
Many retired Canadian homeowners return from their snowbirding months in the United States with thoughts of reverse mortgages fresh in their minds. Although these home equity conversion products are widely available in the US, Canadian homeowners do not have an open, competitive reverse mortgage marketplace to shop in.
Canadian homeowners who allow their mortgage to be assumed, or taken
Anyone who does or advertises to do repairs, remodeling, alterations or new construction is usually required to be registered with the state contractor licensing board. This includes roofing, siding, painting, carpentry, concrete, appliance repair, heating and air conditioning, home inspections, tree service, plumbing, electrical and most other construction and repair services. These state agencies often offer free dispute resolution service for those who have problems with a registered contractor for up to a year after the work has been substantially completed.
Vancouver, British Columbia, ranks number one for quality of
Canadians welcomed 2000 with a thunder of fireworks in a
A record 30,000 real estate agents and brokers were sent home from their annual convention in Las Vegas last week with one important message:
Existing-home sales slipped in February but remained above year-ago levels, while home prices rose at double-digit rates, according to the National Association of Realtors®.
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Sales of existing single-family homes rose for the third consecutive month and were at the second-highest pace on record, according to the National Association of Realtors®.
Total existing-home sales activity in the third quarter of 2002 was the third-highest on record, with 34 states and the District of Columbia posting increases from a year ago, according to the NATIONAL ASSOCIATION OF REALTORS.
Lower-than-projected mortgage interest rates are expected to sustain housing at healthy levels, according to the National Association of REALTORS.
High housing costs are changing the way Americans make homebuying and lifestyle decisions, according to a recent survey sponsored by the National Association of Realtors(r). According to participants polled last month, the high cost of housing has affected the condition and size of the home families can afford, if they can afford to buy one at all.
Home price increases in most metropolitan areas rose faster than historic norms during the second quarter, although the annual rate of increase was less than in the first quarter, according to the latest survey by the National Association of Realtors®.
The irony of this is just too good.
The 15-year FRM this week averaged 5.77 percent with an average 0.6 point, up from last week when it averaged 5.35 percent. A year ago at this time, the 15-year FRM averaged 6.09 percent.
Question: Our board received a certified letter from a homeowner demanding a copy of all board meeting minutes for the past five years to be sent to him within 10 days. This request represents a significant investment in time and effort. Are we obligated to comply with this request?
The New Jersey Supreme Court recently dealt a serious blow to dissident community association homeowners, holding that on the facts of the case, the First Amendment protections for Free Speech and Freedom of Assembly are not applicable to a private community association.
Question: Our bylaws state that "a quorum is required to adopt decisions at any meeting of the association." However, our state"s Condominium Act states, "Unless at that meeting a majority of all the unit owners or any larger vote specified in the declaration reject the budget, the budget is ratified, whether or not a quorum is present." Isn"t this a contradiction?
Stopping and slowing vehicle traffic is something most homeowner associations must deal with. Parking lot curbs keep vehicles from damaging the landscaping. Speed bumps slow traffic to a safe speed. Historically, these devices have been made of concrete and asphalt. But exciting new technology offers environmentally kind alternatives.
Homeowner associations can be a melting pot of age groups which carry unique values and perceptions of the world. At times, these values can clash at the HOA level and the board is challenged to restore balance and harmony with the warring factions. There"s more to it than loud music, wandering pets and illegally parked RVs. There are certain heartfelt philosophies that simply don"t mix. Consider the dynamics of these groups:
Question: Our resident manager has just given notice after years of service and we are scrambling to find a good affordable management company. Do you have any suggestions?
We often hear about trends in home design and efficiency, but what about trends in garage spaces? For many homeowners that"s a space that is often neglected. But if you"re in the market to sell your home, you should get familiar with what buyers are looking for these days in garages.
For reasons known only to those embroiled in the dispute, flags and flagpoles seem to bring out passion in people. Flags evoke patriotism (Old Glory), defiance (Stars & Bars), pride (college), decoration (fall, spring), respect for the dead (half mast), warning (storms) and mirth (cocktail hour). There are numerous attitudes and messages flags can invoke and there seems to be no end to the options.
Question: Our Board dealt with a contentious issue recently. When it came time to vote, one of the directors pulled out a proxy from an absent director authorizing her to vote on his behalf. Is that proper?
A well conducted meeting is like a symphony. Using a well thought out plan, the Chair cues, directs, and closes the meeting much like a conductor. Conducting successful meetings doesn"t happen by chance. There is a combination of clear purpose coupled with ground rules. Here are some tips that can make your meetings like music to the ears.
Question: I have been a member of the Board of Directors of my condominium association for about five years. We have some issues that we"re unable to resolve because the governing documents would need to be amended in order for us to take action. For example, we"d like to amend the provisions regarding leasing units and pets. Everyone says it"s nearly impossible to amend the documents; so they don"t even try. I would like to hear your opinion on this matter as I"ve talked to others who say it"s not impossible!
This is how one Board of Directors successfully dealt with an issue that all too frequently haunts community associations -- special assessments.
Question: I am one of two homeowner directors serving on a Developer Board. The developer has completed several phases, has a couple to go and still has the majority of the voting power. Is there any way around this situation? Decisions that he is making don"t sit well with the homeowners.
Tobacco-related deaths in the U.S. number more than 430,000 each year. Medical costs directly attributable to smoking total more than $50 billion per year. Every year, 62,000 nonsmokers die from coronary heart disease and another 3,000 die from lung cancer caused by secondhand smoke, also known as environmental tobacco smoke (ETS).
The 15-year FRM this week averaged 5.35 percent with an average 0.6 point, down from last week when it averaged 5.54 percent. A year ago at this time, the 15-year FRM averaged 5.98 percent. The last time the 15-year FRM was lower was the week ending March 27, 2008, when it averaged 5.34 percent.
Does your HOA suffer from Lead Foot Syndrome (LFS)? LFS causes drivers of all ages to speed recklessly through the homeowner association oblivious to pedestrians, children and pets. They often suffer as well from CITES (Cellphone in the Ear Syndrome) which further increases their oblivion. But either way, there is a real safety problem here.
"Be sincere, be brief and be seated." Unfortunately, some meeting attendees fail to follow Teddy Roosevelt’s sage advice. As a result, discussions can be lengthy and repetitive. Effective presiding officers use various techniques to keep the discussion moving. If your meetings are dragging on and on and on and, well, you get the picture, try a couple of these techniques:
Question: Can the HOA charge a fee for cleanup and repairs created by renters when they move in or out?
One of the vexing issues a new Board has to contend with is lax enforcement of owner additions and modifications by former boards. Lack of enforcement often results in noncompliant decks, fences, sheds and other creature comforts. The violators often claim they got verbal approval for the installation from the developer or some board president that moved years ago. Others claim they didn"t know approval was necessary. But for whatever reason, there are now a boatload of violations that need to be reconciled. How should the current Board deal with them?
Question: We have some residents with aggressive dogs. We are considering banning certain breeds. What do you advise?
Question: We have just been advised by our community association"s architectural control committee that our fence is eight inches too high, and allegedly violates some obscure rule within our association. We were told that if we do not lower the fence within 30 days, we will be fined $25 per day until the matter is resolved. We just purchased the property, and our seller (or his predecessor) installed that fence. We certainly want to comply with the rules of our association, but do not want to spend any money removing a fence that we did not install. What should we do?
As many homeowner association boards will tell you, satellite dishes continue to be a hot issue. In 1996, the Federal Communications Commission (FCC) adopted detailed regulations which dictated what a board can and cannot do in restricting satellite dishes and other multi-point distribution systems. While many HOAs have adopted rules and regulations which incorporate the FCC regulations, the question still arises as to how the board can enforce those restrictions when an owner installs a device violating those rules.
Planning for future repairs and replacements is one of the most critical and beneficial things a homeowner association should do. A Reserve Study is a long range planning tool that identifies common element building and grounds components that have useful lives of 3-30 years, the current cost of repair or replacement of each and a Funding Plan to accumulate the money to accomplish the work.
Keeping good homeowner association records is not only important for the present but for the future and past as well. HOAs are legal entities with significant power over their members. As such, the governing documents, rules, regulations, policies, resolutions, newsletters and minutes should be organized and accessible because they outline and discuss how the HOA impacts the members’ lives. Financial records memorialize the handling of the member contributions and help the Board maintain balance in this most important aspect of HOA business. Then there are assorted documents that fill files with correspondence, contracts and other business details.
From time to time, the Board faces the unpleasant task of removing a director from the Board for cause. The causes can be many but common ones are failing to attend meetings, disruptive behavior, inciting riots in the community and generally undermining the Board effort.
Q: I am an owner in a community association and just recently elected to the Board of Directors. I ran for the Board because our monthly condominium fees increased on an average of $20 per unit. I am told the increase is due to the large increase in our master insurance policy and the need to increase reserves. Where can I find out more information about what is happening in the insurance market today and in the future and the various ways to compute replacement reserves? I am also wondering if I can be held personally liable while serving on the Board.
Have you ever caught yourself doing work for the homeowner association and resenting it? There are many excuses for not delegating responsibility. Do any of these apply to you?
The ADA (Americans with Disabilities Act) required that extensive and expensive alterations become standard in certain commercial and residential buildings. Many are required to have wider doors, special bathrooms, ramps, handrails, handicap parking and a variety of other features. So, how does this all apply to a homeowner association?
Question: Do homeowners have the right to exam Architectural Review Committee Minutes and Application approvals or is this considered confidential information?
Question: Our HOA currently distributes a written directory including all residents and their respective addresses, work/home phone numbers and email addresses. Are there any privacy concerns?
HOAs often have rules that don"t exist in traditional subdivisions. Things like controlling pets, the look of the dwelling and where you park frequently qualify as finable offenses.
Question: Since homeowner associations are set up to be run by a minority who like to stick their noses into everyone"s business, how do we go about dissolving ours?
Question: The Board says the newsletter cannot have negative editorials. True?
No two painting projects are alike. Types of materials to be painted, their composition, the complexity of architectural features, the types and degree of weather exposure, the impact of landscape features, and shade configurations all make a big difference in a well-conceived painting program.
Question: Due to demand, the Board has given notice to owners renting two or more storage space that they must give up the extra spaces within 30 days. Aren*t existing storage renters grandfathered?
Question: I live in a 60-unit condominium association, in one of the four units which have loft space. Recently, the board decided to increase the assessments for the lofts because of "volume" considerations. Can they do that?
Some homeowner association Boards have been accused of using the Mushroom Method in
When to speak and when to listen is a challenge we all face. In daily
A common Board question: "How do we get more and better participation from our homeowners with board and committee work?"
Realty Times market experts in Wichita, Kansas, have a lot to say about this bustling Midwestern city.
Question: We are a 16 unit community. We have decided to renovate our 27 year old irrigation system and replace the existing landscape at a cost of $32,000. We are undecided as to whether or not to seek a loan for this project, make a special assessment or both. Which way should we go?
Question: Can we have a rule stating that no children are allowed in the
Whether you"re planning a big event, open house, multi-family garage sale, neighborhood block party, or want to recruit community volunteers, success depends on advertising. Here’s how to spread the word.
There are a number of things to consider when selecting the right roof for your association. Cost and durability head the list, but aesthetics are important too. The right roof for your home is the one that balances all of these considerations.
There is often confusion about what roles and responsibilities Board members play. Well meaning volunteers step into roles that are critical to the well being of the community. To help sort it all out, here"s a handy guide:
There is a curious similarity between board management styles and traffic
Question: Can a condo association hire a handyman to do minor odd jobs such as light painting without worrying if this person is a licensed contractor?
Community associations faced with large renovation projects that exceed available reserve funds often have difficulty obtaining financing for improvement projects even when they are well run and show strong historical cash flow. Not all projects can wait, like in the case of a bad roof or structural dryrot. The longer you wait, the more costly the repair.
Different industries like to rely on "indicators" of value. Indicators are
Rancho Mirage, California, known to some as the "playground of Presidents," has seen home sales slow.
Is Bend, Oregon, really a market for investors? One local expert thinks so. Here"s why.
[Note: To follow is an excerpt of an interview with Stan Hanks from RealSource, whose commercial division specializes in financing multifamily and tenant-in-common deals. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/081308.]
" ... said Californy is the place you ought to be,
Orange County, California, real estate appears to be "picking up." At least according to local real estate professionals.
It"s been described as a tropical paradise -- with a climate to please every visitor. The price to live in such a utopia -- $970,349.
Birmingham, Alabama, is one of the 60 largest metropolitan areas of the country. And with this has come "tremendous growth" in new sub-divisions.
Austin, Texas, continues to grow at a fast pace, as a drop in inventory causes buyer competition.
Las Vegas, Nevada, has been a hub of the real estate industry for many years now. And local realtors don"t see that changing any time soon.
Realtor Mike Terry says, "Mount Pleasant is close to everything. Our beaches are within a couple minutes, downtown Charleston is just over the bridge, shopping is convenient, schools are some of the best in the area. The town recreation department is probably the best in the State. There"s always something to do around the area. The people are friendly and love the outdoors. There"s plenty of top notch golf courses, and tennis courts. Boating in the area is big."
Realtor Ramona Martin notes, "Buyers are looking at more homes and areas than in the recent past. The home in the best condition and priced right will still get multiple offers in a shorter market time than the average. Homes with obvious deferred maintenance are attracting low offers. The DFW area is still attracting corporations such as Fluor. The job market is improved and many are taking this time of low interest rates to move up to larger homes. Sellers need to be ready for these buyers. Transferring buyers are coming to town this Fall. Owners should be ready to take advantage of this market."
Sarasota, Florida, is home to world class beaches and abundant recreational opportunities and has seen a 14 percent increase in prices over the last year.
European appeal, designer shops, and outstanding transportation systems. Is it time to pack up the family and move to Beverly?
A shift in the market could mean less profit for sellers, say local Realtors.
Some experts feel that Utah is undervalued by 25 percent. Is now the time to invest in quiet living?
A booming real estate market in Las Vegas in both the commercial and residential sectors shows no signs of slowing, and with 6,000 new residents each month -- the sky is the limit.
With its spectacular location, Jackson, Wyoming, attracts visitors year-round, and many want to come back to live, say local Realtors.
Las Vegas "Strip" is raking in California money, but this time it isn"t from poker chip gamblers -- it"s homebuyers trying to cash in on the area"s new high-rises.
"Hilton Head Island is a barrier island 100 miles south of Charleston and only 30 miles from Savannah, Georgia," says Realtor Frank Papson. "It is a beautiful community with gated plantations, miles and miles of pristine beaches, outstanding golf, world-class tennis, boating, kayaking, fishing and nature and riding trails. The Island is enjoyed by 35,000 year-round residents and is ranked as one of the top five vacation destinations in the United States."
[Note: To follow is an excerpt of an interview with Robert Cain from Rental Property reporter. To listen to, or download the show archive MP3, go to www.IncomePropertyInvestmentTalk.com/081308.]
Realtors in the Broadmoor area, home of the famous hotel resort, say housing sales are improving due to a number of factors, including a better outlook for the economy.
Consider, you go to a new car dealer, buy a vehicle and when you leave the lot it loses all four wheels and goes on fire. Gone. Incinerated. Most likely, you will hold the local dealer where you purchased the car for damages, but you may also seek amends from the automobile manufacturer as well.
A suburb of Columbus, Ohio, the town of Worthington offers an idyllic lifestyle close to the city, say Realtors.
Though originally designed as a master-planned community by a company known for its retirement demographic specialty, Anthem, Arizona, has much to offer all ages of homebuyers, say local Realtors.
Tennessee is a lush, green state, but the Realtors in Chattanooga and Signal Mountain say their area offers beautiful scenery and much more.
The economy continues to send mixed messages -- some encouraging for real estate, some not -- but this week the positive are edging out the negatives.
Windows add beauty and elegance to a home. But windows are also the black hole of thermal energy in a home. In cold and warm seasons you can lose a substantial amount of heating and air-conditioning through your windows. If you"re interested in saving money on your energy costs, there are ways to make your windows more energy efficient.
Boasting a desirable economy and location in the Missouri Ozark Mountains, Springfield is attracting homebuyers, say local Realtors.
With reports of home sales easing, Boston-area Realtors say buyers are just taking a breather and spring will be as hot as the Red Sox again.
Local Realtors say Blaine, Minnesota has been steadily growing for years, thanks to an airport and 12-minute commute to downtown Minneapolis, and other amenities that attract homebuying commuters.
Yorba Linda, California is experiencing a typical seasonal adjustment, say Realtors, but don"t get too relaxed about buying. Prices are up even while sales volume is down, say local Realtors.
The latest report from the National Association of Home Builders (NAHB) shows that builders are still seeing a slowed pace in new production.
Lake Tahoe has a few more properties for sale than in the past, but local Realtors feel they will be snapped up by people who have been waiting for the right time to buy in this popular resort area.
Realtors in New Hampshire"s charming roadside towns report that the housing market is cooling with higher end homes flat and longer selling periods for homes in general.
Alaska"s resort areas offer great views for reasonable prices, say local Realtors.
Local Realtors say the Southern Maryland housing market is still going strong, but sales are easing slightly with the fall weather.
Bangor, Maine offers a slower pace, but people seeking a peaceful life have made the town"s real estate market boom, say local Realtors. In August, only one county failed to show gains in housing sales in Maine.
Realtors in Gillette, Jackson and Cheyenne, Wyoming say quality of life is bringing new housing demand to their towns.
Port Orchard and surrounding areas offer the best of waterfront rural life within about an hour of Seattle, say local Realtors.
Like other parts of Florida, Lake Worth has grown and escalated in value, despite the recent troubles with the weather. New face-lifts downtown are among the attractions.
Lakeway began as a resort community and has become one of the most popular bedroom communities of Austin, Texas, says a local Realtor.
The 15-year FRM this week averaged 6.07 percent with an average 0.7 point, down from last week when it averaged 6.10 percent. A year ago at this time, the 15-year FRM averaged 6.30 percent.
Located 20 miles north of Dallas" downtown, Plano, Texas was once hailed as an "All-America City" by the National Civic League and Allstate Foundation in 1994 and a "Best City for Women," by the Ladies Home Journal in 2000 but the city has been in a housing funk due to mass layoffs because of tech-wreck. But now, local Realtors say the city is slowly pulling out of it.
Realtors in communities such as Tombstone, Pinetop, and Maricopa, Arizona are reporting rapid population growth and lots of new housing.
Smaller communities such as Fox River Valley, West Bend and Black River Falls, Wisconsin are showing slower home sales now that summer is halfway over.