Posted on
October 9, 2019
by
fabrizio zenone
- Preheat oven to 350°F (177°C).
- If stuffing the turkey, do so while the oven is preheating. Spoon stuffing lightly into turkey instead of packing firmly because stuffing expands while cooking. (Allow ½ cup (125 ml) of stuffing per pound (500 g) of turkey.)
- Place turkey breast-up on a rack in a shallow roasting pan.
- Roast uncovered, or loosely covered with foil. If you choose to baste your turkey, limit the number of times you open and close your oven (once per hour is sufficient).
- Turkey is cooked when the meat thermometer reads 170°F (77°C) for an unstuffed turkey, or 180°F (82°C) for a stuffed turkey and the juices run clear. Insert meat thermometer in the thickest part of the inner thigh, but not touching the bone.
- When roasting, any stuffing placed in the cavity of the bird should read and internal temperature of at least 165°F (74°C).
- Remove the turkey from the oven when cooking is completed and let stand 20 minutes to allow the juices to set.
APPROXIMATE TIMETABLE FOR ROASTING A TURKEY AT 350°F (177°C)*
| Weight | Stuffed | Unstuffed |
|---|
8 – 10 lbs
(3.6 – 4.5 kg) |
2 h 40 min – 3 h 30 min |
2 h – 2 h 30 min |
11 – 13 lbs
(5.0 – 5.9 kg) |
3 h 40 min – 4 h 20 min |
2 h 45 min – 3 h 15 min |
14 – 16 lbs
(6.4 – 7.3 kg) |
4 h 40 min – 5 h 20 min |
3 h 30 min – 4 h |
17 – 19 lbs
(7.7 – 8.6 kg) |
5 h 40 min – 6 h 20 min |
4 h 15 min – 4 h 45 min |
20 – 22 lbs
(9.1 – 10.0 kg) |
6 h 40 min – 7 h 20 min |
5 h – 5 h 30 min |
23 – 24 lbs
(10.4 – 10.9 kg) |
7 h 40 min – 8 h |
5 h 45 min to 6 h |
*cooking times approximate at 350°F (177°C).
Cooking times may vary depending on: the temperature of the bird going into the oven, the accuracy of the oven’s thermostat, how many times the oven door is opened during roasting, the type and size of roasting pan used and the size of the turkey in relation to the size of the oven.
CONVECTION OVEN
- The Turkey Farmers of Canada recommend that consumers check with their manufacturer as to how much faster and hotter their oven might be compared to a conventional oven. Generally speaking, convection oven cooking temperatures should be 25-50°F (3.9-10°C) lower than conventional oven temperatures to prevent overbrowning due to surface drying. Convection cooking does typically cause greater moisture loss in turkey.
- The result of roasting a turkey is the same in conventional or convection ovens in that the turkey is done when the endpoint temperature is reached. Your turkey is done when a meat thermometer inserted into the thigh reads 180°F (82°C) for a stuffed turkey or 170°F (77°C) for an unstuffed turkey. The drumsticks should also move easily in the joints at this point.
- Avoid overcrowding in the oven when roasting in a convection oven as crowding may inhibit air circulation and slow cooking.
APPROXIMATE TIMETABLE FOR ROASTING A TURKEY IN A CONVECTION OVEN 300°F (149°C)
Cooking
Temperature | Weight
Unstuffed | Estimated
Cooking Time | Weight
Stuffed | Estimated
Cooking Time |
|---|
| 300ºF |
14-18 lbs. |
2¼ – 2½ hours |
14-18 lbs. |
2½ – 3 hours |
| 300ºF |
18-22 lbs. |
2½ – 3 hours |
18-22 lbs. |
3 – 3½ hours
|
Posted on
September 23, 2019
by
Fabrizio Zenone
“Perfection is attained not when there is nothing more to add, but when there is nothing left to take away.”
— Antoine de Saint-Exupéry
Success and self-improvement are two different games. They correlate, but only to a certain degree.
When I sleep eight hours, get up early, then follow a morning routine, that’s good for my well-being. It supports my physical health and aligns my day with our natural circadian rhythm. It’s also productive. I can start work earlier and capitalize on my high alertness in the mornings.
But when I then decide to stay up late to finish some of that work, that’s just productive. Not healthy. The former was a move in self-improvement with spillover benefits. The latter was a success play at my well-being’s expense.
The number of win-win moves is limited, so after you’ve made them all, finding the line between the two is important. You can then spend your time becoming ever healthier, fitter, smarter — or you spend it working.
What most of us do, however, is split ourselves straight down the middle. We think we’re optimizing, when, actually, we’re playing different games at different times. One day we leave work early to support a friend, the next we cancel dinner plans to write our novel.
Unless you deliberately take one side, which most of us aren’t ready to, there is no easy solution to this problem. We want to be rich and we want to be good. We want to have it all.
I’m still young and naive, still foolish enough to believe I can. And while I’m never quite sure about which habits to add, I realized I can do something else in the meantime: I can just take some away.
We might never find the perfect balance between success and self-improvement habits, but we can eliminate the ones that hurt both.
We can give up what was never our best self anyway.
1. Give Up Reducing Your Dimensions
“Do I contradict myself? Very well then, I contradict myself.” — Walt Whitman
Every time I say no to one thing, but yes to another that’s roughly the same, my head hurts. It shouldn’t. It’s our brain’s pitiful attempt to build a consistent identity in a world that’s anything but.
There are a million reasons to change your mind from one second to the next, but you don’t need a single one of them. You don’t owe anyone an explanation. Justifying your existence decision by decision is exhausting. It just keeps you from doing what matters right here, right now.
Stop compressing a thousand layers into one. You’re not a diamond. You don’t thrive under pressure. You crumble. Live large. Be multi-dimensional. Explode into one thousand directions.
“I am large, I contain multitudes.” — Walt Whitman
2. Give Up The Imitation Game
“We have more faith in what we imitate than in what we originate.” — Bruce Lee
When you copy, you’re always in good company. You’re never really alone, but, often, you also don’t stand for anything.
When you stand for something, you know. Because your legs are shaking. When’s the last time you chose to do something not because it’s cool or useful or even valuable? When’s the last time you said: “I’m going to do this because it’s me?”
There’s all this talk about reinventing ourselves, but most of us never invented ourselves in the first place. Creating your life is the scariest thing you’ll ever do. But it also breeds confidence. It helps you step up and speak your truth.
Slowly, then surely, until you do it all the time.
3. Give Up Looking In Favor Of Seeing
“Must there be a Superman?” — “There is.” — From Dawn of Justice
When we look, we look for things. When we see, we just see what’s there. Our best self never jumps to conclusions because there’s never enough context to safely land anywhere.
What if you could suspend all your judgments in mid-air? Let them hang there, like laundry on a line. And then, you’d turn back and see. See ideas, opinions, opposites, and superstitions. But you’d always see two sides of one coin. One reality.
And you’d realize truth and knowledge are often subjective. Even your own.
4. Give Up Living In Outcomes
“That we accept the world as it is does not in any sense weaken our desire to change it into what we believe it should be.” — Saul Alinsky
Professional traders don’t know which direction markets will turn. They bet on one side and form a contingency plan. They don’t need the world to be a certain way because they act with what’s given. In the long run, probabilities ensure they win.
Once you stop judging what’s around you and stay flexible yourself, you won’t require life to give you the outcomes you hope for. You’ll just work with whatever outcomes you get.
That doesn’t make you weak or less determined. It grounds you in the present. It makes you strong.
5. Give Up All Happiness Outside Yourself
“Happiness is not something ready-made. It comes from your own actions.”
— Dalai Lama XIV
James Altucher once told a story about Joseph Heller, who wrote Catch-22. Heller was at a fancy party in the Hamptons. Some guy pointed at a young fund manager and said: “He made more money last year than you’ll ever make with all your books combined.” To which Heller replied: “That may be, but I have one thing that man will never have.”
“Oh yeah? What’s that?”
“Enough.”
Creating yourself, non-judgment, living in the present, these are all ways to find contentment in what you do rather than who you are.
At the end of each day, you should look back and be happy about whatever steps you took, even if they’re part of a struggle. Draw strength from how you deal with what you’ve got, rather than how close you get to who you’re not.
When you work only on deserving what you want, all happiness rests inside yourself. You will always have enough.
6. Give Up Waiting
“Of all the words of mice and men, the saddest are, “It might have been.””
— Kurt Vonnegut
Regret happens when we stop living — either because no one’s watching or because too many people are. Opinions and loneliness freeze us in time when there’s really no reason to wait. To do what you want to do. To be who you want to be.
The person who should be most excited about everything you do in life is you. And that should always be enough to start.
7. Give Up The Make-Pretend
“You should think of the word depressed as ‘deep rest.’ Deep. Rest. Your body needs to be depressed. It needs deep rest from the character that you’ve been trying to play.” — Jim Carrey
There’s a fine line between behaving like who you want to be and pretending you already are. One is changing into the best version of yourself, the other living out the parts of it you’re jealous of.
Of course, the latter only drives you away from it. It’s a shadow character, breaking out in cold sweat on stage. True liberty is being the guy or girl behind the curtain, putting in real sweat, because you’re not worried about taking the spotlight.
Credit always finds a way to those, who deserve it.
8. Give Up Anything But Loving Yourself
“Love yourself like your life depends on it.” — Kamal Ravikant
Most of our life’s story is dictated by the one we tell ourselves in our head. What we often don’t realize is that when that story gets ugly, we can stop talking. We can wait for kinder words.
What’s more, we can practice finding them. We can work on our self-targeted adjectives because all adjectives are made up anyway. So you might as well love yourself.
The truth about ourselves is what we choose to believe. If you love yourself first, you’ll always build on the right foundation. From there, you can pick whatever belief most serves you right now.
Once you learn to do that without rejecting the limits of physical reality, you’ll have all the agency you ever need to flourish.
Success and self-improvement may not always go hand in hand and perfection is nothing we can ever reach. But your imperfect best self can do more good than a shadow version can imagine in its dreams.
Maybe, that’s what it’s really about. To find out wanting it all isn’t wanting all that much. At least not for who you were always meant to be. Maybe, this is our best source of hope.
Maybe, it’s the only one we need.
Posted on
September 23, 2019
by
Fabrizio Zenone
Federal Conservative leader Andrew Scheer makes a campaign stop in Vaughan, Ont., on Monday, September 23, 2019. THE CANADIAN PRESS/Nathan Denette
VAUGHAN, Ont. — Conservative Leader Andrew Scheer laid out a plan this morning he says would make it cheaper for Canadians to buy homes, loosening rules put in place by the former Conservative government during the global financial crisis.
Scheer pledged he'd return to allowing first-time homebuyers to take out 30-year mortgages to help lower monthly payments.
"For millions of Canadians their home is the largest investment they will ever make," Scheer said.
Beginning in 2008, the Harper Conservatives began reducing the maximum mortgage amortization rate for insured mortgages. They started by knocking it down from 40 to 35 years, and in 2011 reduced it to 30 years.
Conservative finance minister Jim Flaherty reduced the maximum amortization period to 25 years the following year. He said at the time that while monthly payments would be higher, it would result in less interest and help people pay off their mortgages faster.
The move at the time was meant to address the growing debt burden on Canadians. A major factor in the panic that locked up financial markets in the late 2000s was mortgages that owners couldn't pay, on properties that were worth less than the loans taken out against them.
When asked why a new Conservative government would now reverse course, Scheer responded the longer mortgage period would allow more people to buy homes. He added that "it is important that we have strong regulations around the financial sector."
Statistics Canada reported in August that the median mortgage debt of Canadian families that have them almost doubled between 1999 and 2016, rising from $91,900 to $180,000 in 2016 dollars.
Scheer also promised to ease what's known as the stress test on mortgages and remove it altogether from mortgage renewals. The test is meant to make sure people taking out mortgages could still afford the payments if interest rates were to rise.
The Liberals brought in the policy last year and it has been criticized by the construction and real-estate industries. Both the Canadian Home Builders' Association and the Canadian Real Estate Association welcomed Scheer's promises Monday.
A Conservative government would also make surplus federal real estate available for development to increase housing supply, and launch an inquiry into money laundering in the real estate sector, Scheer said.
"Justin Trudeau has put the dream of home ownership further out of reach for so many, especially young Canadians," Scheer said. "As prime minister, I will fix his bad policies and work to get more homes on the market to lower the price of housing."
Scheer is campaigning today in the Toronto-area suburb of Vaughan and then moves on to St. Catharines, Ont.
King-Vaughn, which was a new riding in 2015, was won by Liberal Deb Schulte by just over 1,700 votes last election.
Scheer said he is not concerned with polling that shows the Conservatives and Liberals neck and neck in key ridings despite recent controversies around photos and videos of Justin Trudeau wearing black- and brownface.
"We've got campaigns all across the country where two or three years ago people were writing us off," Scheer said.
"We are going to win those seats."
Posted on
September 16, 2019
by
Fabrizio Zenone
How to Patch Scratches and Small Holes in Hardwood Floors
Every type of flooring takes a beating from shoes, kids, pets, and moving furniture. At some point, even hardwood floors show signs of wear and tear. Scratches and small holes in hardwood floors draw in the eye and might be causing you stress too. It’s spendy to bring in a professional for small repairs, though, so consider doing the work yourself to fix those scratches.
It doesn't matter whether your hardwood floor is maple, walnut, mahogany, bamboo, or oak. The process for patching is the same, and typically includes using a filler of some sort.
Step 1 - Investigate the Scratch
First, take a closer look and and make sure the imperfection is really a scratch. Sometimes a mark can look worse than it really is. If you can, figure out whether the scratch is just on the finish or goes into the wood itself.
Step 2 - Fix Scratches
Superficial scratches can typically be buffed out. Try some furniture cleaner or wood restore oil.
To fix deeper scratches, you'll need to fill them in following the directions for fixing holes below. The easiest first line of defense is a wax repair stick made specifically for this task. Look for a color that matches your wood. If the paste wax won’t stick to your finish, you’ll have to move on to another tactic.
When fillers are required, make sure you locate the right one for the job. Latex fillers are common, but they don't hold stains, so they're primarily for deep but very narrow holes such as small gaps or nail holes.
Epoxy filler is another option that's a little more work, as it requires mixing together two ingredients to create the compound. It's shrink and crack resistant, so it makes a good choice for filling cracks. Like latex, epoxy fillers don’t work well with stain, so make sure you choose a color that matches your flooring. For the best match, use sawdust from your flooring and mix it with glue to make your own filler.
For areas with large scratches, use a sander to bring the surface down to the existing flooring. Start with 100-grit and finish with 150-grit or 200-grit. Always sand in the direction of the wood grain and feather out the edges slightly to blend in with the surrounding floor. For safety, always wear a dust mask, gloves, and a pair of goggles when sanding.
When you're done, you'll need to refinish that section of flooring, which is perhaps the most difficult part of hardwood flooring repair. If your repair spot is large, you may want to wait until you're refinishing the entire floor to make your repairs, or call in a professional that can match both your stain color and finish style. To do it yourself, you’ll want to know whether your finish is urethane or wax so you can match it with your repair.
Step 3 - Sand the Holes
Hardwood flooring can start wearing away as time passes, and you may start to notice small holes in the wood. Clean these indents with a folded piece of sandpaper. Fold the sandpaper so it has a pointed edge.
It’s important to smooth the edges so the repair materials stick to raw wood rather than a finish on the flooring. Use a hair dryer or burst of air from a compressor to blow dust out of the hole or task a shop vac with the job.
Step 4 - Apply Wood Putty
Choose a wood filler that matches the color of your hardwood floor. Use a putty knife to put the putty into the holes in small quantities, and press it down so it fills the holes completely. Apply a bit of extra putty over the hole so you have a small mound.
Check and read the manufacturer’s instructions to see how long you should wait for the putty to dry thoroughly. It usually takes about 24 hours. Use sandpaper to smooth the bump down until it's level with the surrounding floor.
Step 5 - Stain the Floor
For those fillers that accept stain, use a sponge brush to apply it to the area where you filled the hole. Let the stain dry thoroughly for a day, then apply two coats of polyurethane gloss.
Use the sponge brush again and allow the gloss to dry overnight. Sand the area lightly after the first coat dries, creating a shine on the restored hardwood floor. Keep the spot blocked off for two days so the floor cures thoroughly before you use it again.
Step 6 - If the Damage Is Too Bad, Replace the Board
When the damage is too extensive for an easy repair, it’s better to remove and replace the damaged wood. To do this, use a hammer and chisel to create a straight line cut across the board. Using a circular or other saw, cut a few relief lines along the length of the board so you can remove the pieces of board.
Clean out the empty section and ensure your end cuts are straight so the new piece sits flush on both ends. Remove the lower edge of the groove portion on the new board so it can lower into place. Make sure you cut your new board so the tongue fits into the groove of the installed flooring. Then install your new board and finish it with stain and sealer to match your existing floor.
Posted on
September 16, 2019
by
Fabrizio Zenone
Canadian real estate sales were busier than last year, but fell from peak 2019 growth. Canadian Real Estate Association (CREA) numbers show a large climb in sales for August. Falling mortgage rates, and anticipation of policy drive market growth were behind some of the country’s largest rises.
Canadian Real Estate Sales Rise Over 5%
Canadian real estate sales weren’t quite back to the highs seen a few years ago, but volumes are rising. There were 43,478 unadjusted sales process through CREA, down 9.0% from the month before. This represents a 5.7% increase compared to the same month last year. The monthly decline is seasonal, but it was larger than expected.
Canadian Real Estate Sales
The unadjusted sales for all home types, as reported through the Canadian MLS.
SalesJan 2015Mar 2015May 2015Jul 2015Sep 2015Nov 2015Jan 2016Mar 2016May 2016Jul 2016Sep 2016Nov 2016Jan 2017Mar 2017May 2017Jul 2017Sep 2017Nov 2017Jan 2018Mar 2018May 2018Jul 2018Sep 2018Nov 2018Jan 2019Mar 2019May 2019Jul 2019010,00020,00030,00040,00050,00060,00070,000Sales
| Month | Sales |
|---|
| Jan 2015 |
23,289 |
| Feb 2015 |
32,898 |
| Mar 2015 |
45,527 |
| Apr 2015 |
52,982 |
| May 2015 |
56,545 |
| Jun 2015 |
57,380 |
| Jul 2015 |
50,036 |
| Aug 2015 |
43,103 |
| Sep 2015 |
42,615 |
| Oct 2015 |
41,981 |
| Nov 2015 |
36,846 |
| Dec 2015 |
27,488 |
| Jan 2016 |
25,292 |
| Feb 2016 |
38,856 |
| Mar 2016 |
50,773 |
| Apr 2016 |
58,106 |
| May 2016 |
61,412 |
| Jun 2016 |
60,132 |
| Jul 2016 |
48,577 |
| Aug 2016 |
47,419 |
| Sep 2016 |
44,332 |
| Oct 2016 |
42,537 |
| Nov 2016 |
37,178 |
| Dec 2016 |
26,158 |
| Jan 2017 |
25,534 |
| Feb 2017 |
37,754 |
| Mar 2017 |
54,290 |
| Apr 2017 |
53,796 |
| May 2017 |
60,594 |
| Jun 2017 |
53,344 |
| Jul 2017 |
42,599 |
| Aug 2017 |
42,769 |
| Sep 2017 |
39,446 |
| Oct 2017 |
40,691 |
| Nov 2017 |
38,095 |
| Dec 2017 |
27,206 |
| Jan 2018 |
24,977 |
| Feb 2018 |
31,356 |
| Mar 2018 |
41,983 |
| Apr 2018 |
46,344 |
| May 2018 |
51,181 |
| Jun 2018 |
47,613 |
| Jul 2018 |
41,872 |
| Aug 2018 |
41,151 |
| Sep 2018 |
35,939 |
| Oct 2018 |
39,313 |
| Nov 2018 |
33,318 |
| Dec 2018 |
21,909 |
| Jan 2019 |
23,968 |
| Feb 2019 |
29,974 |
| Mar 2019 |
40,039 |
| Apr 2019 |
48,461 |
| May 2019 |
54,599 |
| Jun 2019 |
47,755 |
| Jul 2019 |
47,793 |
| Aug 2019 |
43,478 |
Sales made an unusually large seasonal drop, but were still up on the year. The 9.0% monthly decline seen last month, is 50% larger than the 10-year median for August. The market managed to squeeze out a 12 month increase. However, this follows two years of declines for August sales. The annual pace of growth also fell from peak growth for 2019, reached last month. Growth hasn’t moved long enough in any direction this year to give a clear picture of which way it’s heading.
Canadian Real Estate Sales Change
The annual percent chage of unadjusted sales for all home types, as reported through the Canadian MLS.
UnadjustedJan 2008May 2008Sep 2008Jan 2009May 2009Sep 2009Jan 2010May 2010Sep 2010Jan 2011May 2011Sep 2011Jan 2012May 2012Sep 2012Jan 2013May 2013Sep 2013Jan 2014May 2014Sep 2014Jan 2015May 2015Sep 2015Jan 2016May 2016Sep 2016Jan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Jan 2019May 2019-60-40-20020406080Percent Change
| Month | Unadjusted |
|---|
| Jan 2008 |
-8.57 |
| Feb 2008 |
-8.78 |
| Mar 2008 |
-18.94 |
| Apr 2008 |
-7.04 |
| May 2008 |
-17.41 |
| Jun 2008 |
-15.35 |
| Jul 2008 |
-12.25 |
| Aug 2008 |
-20.83 |
| Sep 2008 |
-3.49 |
| Oct 2008 |
-27.27 |
| Nov 2008 |
-42.32 |
| Dec 2008 |
-32.86 |
| Jan 2009 |
-40.51 |
| Feb 2009 |
-31.47 |
| Mar 2009 |
-13.97 |
| Apr 2009 |
-11.58 |
| May 2009 |
-0.86 |
| Jun 2009 |
17.67 |
| Jul 2009 |
18.69 |
| Aug 2009 |
18.69 |
| Sep 2009 |
17.31 |
| Oct 2009 |
41.73 |
| Nov 2009 |
72.75 |
| Dec 2009 |
72.65 |
| Jan 2010 |
56.26 |
| Feb 2010 |
44.22 |
| Mar 2010 |
40.3 |
| Apr 2010 |
20.4 |
| May 2010 |
-4.63 |
| Jun 2010 |
-19.88 |
| Jul 2010 |
-29.98 |
| Aug 2010 |
-19.85 |
| Sep 2010 |
-19.97 |
| Oct 2010 |
-21.62 |
| Nov 2010 |
-9.66 |
| Dec 2010 |
-14.63 |
| Jan 2011 |
-6.21 |
| Feb 2011 |
-5.53 |
| Mar 2011 |
-6.41 |
| Apr 2011 |
-14.69 |
| May 2011 |
2.72 |
| Jun 2011 |
11.2 |
| Jul 2011 |
12.66 |
| Aug 2011 |
16.12 |
| Sep 2011 |
11.73 |
| Oct 2011 |
9.03 |
| Nov 2011 |
5.52 |
| Dec 2011 |
4.76 |
| Jan 2012 |
4 |
| Feb 2012 |
8.66 |
| Mar 2012 |
1.34 |
| Apr 2012 |
10.99 |
| May 2012 |
8.72 |
| Jun 2012 |
-4.71 |
| Jul 2012 |
2.43 |
| Aug 2012 |
-8.87 |
| Sep 2012 |
-15.13 |
| Oct 2012 |
-0.86 |
| Nov 2012 |
-12.08 |
| Dec 2012 |
-17.59 |
| Jan 2013 |
-6.09 |
| Feb 2013 |
-16.81 |
| Mar 2013 |
-15.11 |
| Apr 2013 |
-3.36 |
| May 2013 |
-2.61 |
| Jun 2013 |
-0.55 |
| Jul 2013 |
9.59 |
| Aug 2013 |
11.35 |
| Sep 2013 |
17.74 |
| Oct 2013 |
8.09 |
| Nov 2013 |
5.83 |
| Dec 2013 |
12.27 |
| Jan 2014 |
0.64 |
| Feb 2014 |
3.2 |
| Mar 2014 |
4.88 |
| Apr 2014 |
0.35 |
| May 2014 |
5.46 |
| Jun 2014 |
11.53 |
| Jul 2014 |
8.1 |
| Aug 2014 |
2.32 |
| Sep 2014 |
11.13 |
| Oct 2014 |
7.57 |
| Nov 2014 |
3.12 |
| Dec 2014 |
8.61 |
| Jan 2015 |
-1.97 |
| Feb 2015 |
2.67 |
| Mar 2015 |
9.14 |
| Apr 2015 |
9.9 |
| May 2015 |
3.36 |
| Jun 2015 |
10.96 |
| Jul 2015 |
3.56 |
| Aug 2015 |
3.93 |
| Sep 2015 |
0.31 |
| Oct 2015 |
0.33 |
| Nov 2015 |
10.38 |
| Dec 2015 |
10.26 |
| Jan 2016 |
8.6 |
| Feb 2016 |
18.11 |
| Mar 2016 |
11.52 |
| Apr 2016 |
9.67 |
| May 2016 |
8.61 |
| Jun 2016 |
4.8 |
| Jul 2016 |
-2.92 |
| Aug 2016 |
10.01 |
| Sep 2016 |
4.03 |
| Oct 2016 |
1.32 |
| Nov 2016 |
0.9 |
| Dec 2016 |
-4.84 |
| Jan 2017 |
0.96 |
| Feb 2017 |
-2.84 |
| Mar 2017 |
6.93 |
| Apr 2017 |
-7.42 |
| May 2017 |
-1.33 |
| Jun 2017 |
-11.29 |
| Jul 2017 |
-12.31 |
| Aug 2017 |
-9.81 |
| Sep 2017 |
-11.02 |
| Oct 2017 |
-4.34 |
| Nov 2017 |
2.47 |
| Dec 2017 |
4.01 |
| Jan 2018 |
-2.36 |
| Feb 2018 |
-16.95 |
| Mar 2018 |
-22.67 |
| Apr 2018 |
-13.85 |
| May 2018 |
-16.43 |
| Jun 2018 |
-10.74 |
| Jul 2018 |
-1.71 |
| Aug 2018 |
-3.78 |
| Sep 2018 |
-8.89 |
| Oct 2018 |
-3.38 |
| Nov 2018 |
-12.54 |
| Dec 2018 |
-19.47 |
| Jan 2019 |
-4.03 |
| Feb 2019 |
-4.41 |
| Mar 2019 |
-4.59 |
| Apr 2019 |
4.2 |
| May 2019 |
6.7 |
| Jun 2019 |
0.3 |
| Jul 2019 |
12.6 |
| Aug 2019 |
5 |
Winnipeg, Vancouver, And Quebec Real Estate Lead In Growth
The fastest growing real estate markets are Winnipeg, Vancouver, and Quebec City. Winnipeg reported 1,161 sales in August, up 16.1% from the same month last year. Vancouver followed with 1,961 sales, up 15.0% from last year. Quebec City was the third fastest with 453 sales, up 13.5% from last year. Winnipeg and Quebec follow two consecutive years of growth, but are small markets. Vancouver is seeing a big jump, but that follows August 2018’s unusually slow sales.
Canadian Real Estate Sales By Market
Canadian real estate sales in markets with more than 400 sales in 2018.
Aug 2017Aug 2018Aug 201902,0004,0006,0008,000TorontoVancouverMontrealCalgaryEdmontonFraser ValleyOttawaWinnipegHamiltonLondonVictoriaWindsor-EssexNiagaraHalifax-DartmouthKitchener-WaterlooQuebecSaskatoon
| Region | Aug 2017 | Aug 2018 | Aug 2019 |
|---|
| Toronto |
6,357 |
6,839 |
7,711 |
| Vancouver |
3,097 |
1,961 |
2,256 |
| Montreal |
2,972 |
3,201 |
3,527 |
| Calgary |
2,059 |
1,925 |
2,029 |
| Edmonton |
1,857 |
1,894 |
1,811 |
| Fraser Valley |
1,822 |
1,102 |
1,245 |
| Ottawa |
1,556 |
1,613 |
1,759 |
| Winnipeg |
1,207 |
1,161 |
1,348 |
| Hamilton |
1,015 |
1,070 |
1,067 |
| London |
899 |
917 |
912 |
| Victoria |
692 |
570 |
630 |
| Windsor-Essex |
661 |
694 |
667 |
| Niagara |
544 |
522 |
570 |
| Halifax-Dartmouth |
541 |
564 |
581 |
| Kitchener-Waterloo |
533 |
510 |
441 |
| Quebec |
448 |
453 |
514 |
| Saskatoon |
433 |
436 |
418 |
Kitchener, Edmonton, And Saskatoon Real Estate Lead Lower
The fastest shrinking markets are Kitchener, Edmonton, and Saskatoon. Kitchener made the biggest drop, with just 510 sales in August, down 13.5% from last year. Edmonton follows with 1,894 sales, down 4.4% from the month before. Saskatoon has the third biggest drop with 436 sales, down 4.1% from last year. Western Canada and big city suburbs seem to be where slowing sales are concentrated.
Canadian Real Estate Sales Change By Market
The percent change in Canadian real estate sales, in markets with more than 400 sales in 2018.
Change-15-10-505101520WinnipegVancouverQuebecFraser ValleyTorontoVictoriaMontrealNiagaraOttawaCalgaryCanadaHalifaxHamiltonLondonWindsor-EssexSaskatoonEdmontonKitchenerPercent
| Region | Change |
|---|
| Winnipeg |
16.1 |
| Vancouver |
15 |
| Quebec |
13.5 |
| Fraser Valley |
13 |
| Toronto |
12.8 |
| Victoria |
10.5 |
| Montreal |
10.2 |
| Niagara |
9.2 |
| Ottawa |
9.1 |
| Calgary |
5.4 |
| Canada |
5 |
| Halifax |
3 |
| Hamilton |
-0.3 |
| London |
-0.5 |
| Windsor-Essex |
-3.9 |
| Saskatoon |
-4.1 |
| Edmonton |
-4.4 |
| Kitchener |
-13.5 |
Canadian real estate sales made a big climb, just not quite as big as the month before. Sales normally slow towards the end of the summer, but they’ve picked up this year. Falling mortgage rates and policy-based stimulus are believed to be behind the boost
Posted on
September 4, 2019
by
Fabrizio Zenone
Metro Vancouver’s summer real estate bump continued in August, with sales returning to “more typical levels” according to the Real Estate Board of Greater Vancouver (REBGV).
The board’s latest report says the region saw 2,231 sales last month, up 15.7 per cent from August 2018, though down 12.7 per cent from July 2019.
It’s the second month in a row with year-over-year sales growth, after more than a year of slumping sales in what many analysts have called a correction to the region’s previously white-hot market.
WATCH: Mortgage stress test contributes to a decline in BC home sales
August’s growth was led by a large boost in sales of detached homes, which jumped 24.5 per cent over August 2018, while condo sales climbed by 8.9 per cent year-over-year.
However, August’s sales total remained more than nine per cent below the 10-year sales average for the month.
Despite the boost in sales, inventory remains high in the region, with 12,296 homes on the market – up 13.3 per cent over August last year, though down 5.9 per cent from July.
“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” said REBGV president Ashley Smith in a media release.
Despite the stronger sales figures, prices in the region continued to slide.
Greater Vancouver home prices 1977-present.
Real Estate Board of Greater Vancovuer
The benchmark price for detached houses across the region was $1.4 million, according to the board, down 9.8 per cent from August last year, and down 0.7 per cent from July.
The dip in prices from August 2018 was led by Richmond (12.6 per cent), Vancouver’s west side (12 per cent), Vancouver’s east side and Coquitlam (11.4 per cent) and West Vancouver (11 per cent).
Whistler and Squamish were the only municipalities in the region to see year-over-year price growth, at 7.9 per cent and 5.6 per cent respectively.
The benchmark price of a condo across the region was $771,000, down 7.4 year-over-year, and up 0.1 per cent from July.
The drop in prices from August 2018 was led by West Vancouver (11.3 per cent), east Burnaby (10.5 per cent), south Burnaby (9.6 per cent) and New Westminster (9 per cent).
As with detached homes, just Whistler (3.4 per cent) and Squamish (1.1 per cent) saw apartment price growth year over year.
Posted on
August 29, 2019
by
Fabrizio Zenone
The residential downturn should encourage investor diversification into commercial and industrial sectors
Metro Vancouver’s residential real estate market had been accelerating since the recovery from the 2008 financial crisis. However, even that recession only paused the city’s price appreciation, which had been swelling for years. Data indicates that average detached-house values in Vancouver increased 95 per cent from 1999 to 2009. Since 2009, the average detached value increased by a further 140 per cent to the peak in 2017.
This equates to a 13 per cent annual increase in house prices over an eight-year period. Even with the recent house price correction, the net price increase is still about 8.5 per cent annually. Therefore, it’s no surprise the residential real estate market has experienced an overdue correction.
In addition to Vancouver being one of the world’s most desirable cities, there are other key components to a resilient real estate market:
Controlled supply. Inconsistent and bureaucratic approval processes for development permits put limitations on supply and prevent demand being fully satisfied.
Lower interest rates. Historically low rates help affordability with lower-priced debt for all buyer categories.
To date, average home prices have declined significantly in the Lower Mainland. Prices dropped more than 16 per cent since May 2018. CBCreported that approximately $89 billion in residential equity has evaporated over the past year in Greater Vancouver.
There were warning signs of an impending market correction. In late 2017 and early 2018, the Bank of Canada raised interest rates, land prices increased significantly and construction costs rose due to inflation and U.S. tariffs on building materials. In addition, all three levels of government attempted to suppress the residential market with the mortgage stress test, the foreign-homebuyer tax, a higher property transfer tax, the speculation and vacancy tax and a cap on annual rental increases.
Look to commercial
There are several positive stories that real estate investors shouldn’t overlook, however.
From 2017 to 2019, approximately 30 per cent of all real estate transactions in the region occurred in the commercial sector. In addition, the industrial market is at a record-low vacancy rate of 1.5 per cent and continues to record strong annual absorption. Finally, the office market saw a vacancy rate of 3.6 per cent with the second quarter of 2019 witnessing a positive absorption of over 260,000 square feet of office space.
Metro Vancouver companies are expanding and evolving. In previous decades, forestry, mining and financial companies were the primary drivers of office demand, but these are now being replaced by tech companies, many of which are expansions of U.S.-based firms such as Amazon, Facebook and Google. Tech tenants are driving office space demand, accounting for nearly 40 per cent of leasing or strata sales in the last quarter of 2018.
Large employment growth has accelerated demand for office space. This produced an average 16 per cent increase in downtown office rental rates from 2017 to 2019. Combined, they have caused an average increase of 15 per cent in the past year and 27 per cent during the past two years.
The opportunities
Commercial real estate continues to expand in both the industrial and office markets. The industrial market has added more than two million square feet of space and will deliver a further 5.4 million square feet over the course of 2020. The office market currently has 2.8 million square feet under construction in downtown Vancouver, with 420,000 square feet to be completed in the next year. Net rent rates have increased more than 8.5 per cent in both markets year-over-year.
There are several opportunities that may exist for investors, including:
• a “build-to-own” strategy for multi-family rental apartment buildings, which are considered by many real estate experts as the safest asset class;
• adopting a “build-to-sell” strategy for rental partment buildings in key markets, including Vancouver, where investor demand remains strong and the risk is considered low;
• the small-bay industrial strata/condo product, where demand is very strong from small-business owners who desire to own their real estate to house their company; and
• pivoting and repositioning commercial assets so owners can benefit from short-term holding income while they execute a re-purposing strategy. When evaluating “ground up” development opportunities with no holding income, it’s important to secure near-shovel-ready sites and minimize the approval process.
While investors experience a softening in Vancouver’s housing market, all is not lost in the real estate market. By diversifying real estate portfolios across commercial, industrial and multi-family residential, investors can explore new ways to create value by taking advantage of the current real estate environment. They should also remain optimistic that the city’s residential sector will emerge through this difficult period, as it has before.
Posted on
August 21, 2019
by
Fabrizio Zenone
When it comes to fall yard and garden cleanup, we have evolved our thinking. It’s not necessary to hack everything down, but that doesn’t mean do nothing. Let’s cleanup our yards the right way.
With cooler weather and fewer insects, it’s also easier to do this work in autumn, not during freezing temperatures. So let’s get going …
1. REMOVING LAYERS OF LEAVES
Don’t be a perfectionist. Some leaf litter is natural and allows our pollinators (butterflies, ladybugs, etc.) to nestle to overwinter. And the more insects you have, the more feathered friends can feast, too.
However, you shouldn’t leave thick layers of leaves on your lawn; this blocks sunlight and air from reaching your grass but also encourage disease.
If your lawn is being buried, the lack of light and the trapped moisture can put the grass into a weakened state to survive yet another winter.
Of course, get rid of any fallen leaves that have disease (eq., Maple black spot disease) or the spores will come out in the spring and reinfect the emerging leaves.
Also, make sure leaves don’t pile up too thickly over the crowns of your plants.
See more about fall leaf cleanup.
We like to use a mulching mower or leaf blower with a mulching feature to shred leaves. Make sure your mower is aggressive enough to chop leaves into small enough bits that they can sift past the grass to drop to the ground. It is easier to get dry leaves to shatter into pieces than wet clumps, so it is important to choose your day.
Using shredded leaves to feed the compost file and also as mulch on garden beds to feed earthworms, beneficial microbes, and the soil. What doesn’t decompose over winter can be cleaned up in spring and the volume of leaves will be greatly reduced. Remember: Leaves are garden gold! See more about the value of leaves.
De-Thatch and Possibly Aerate
If you do have a lawn, de-thatch in the fall. Thatch is that yellowish-brown grass that lies underneath the living, green grass. It’s important to avoid thatch buildup, as it keeps nutrients and water from filtering down to the grass’s roots. Vigorously rake out the thatch on cool-season grasses in the early fall. This gives the grass time to recover from the stress of being de-thatched. If you have serious soil compaction, you also may need to aerate your lawn, which requires renting a lawn aerator from a home improvement store to create holes that will deliver oxygen, water, and nutrients into your soil.
2. FERTILIZE AND WEED YOUR LAWN
Early autumn is the best time to lightly fertilize your lawn to promote root growth and prepare it for the next growing season. Don’t wait until spring, as the fertilizer will be less effective then. In the fall, your grass needs to recover from the summer heat and can best use the nutrients provided by a fertilizer. Use a turf builder or fertilizer meant for winterizing lawns (with a low middle number for NPK such as 32-0-10).
If you seed a lawn, you certainly want the seeds to thrive without competition for nutrients from troublemaking perennial broadleaf weeds. Fall is the best time to address this issue; don’t wait until spring, when weeds emerge. Perennial broadleaf weeds are transporting food (carbohydrates) from their foliage to their roots in preparation for winter. Visit your local garden center to find out about organic and traditional weed solutions.
3. CHECK THE SOIL PH OF YOUR LAWN
Autumn is a great time to ensure that your lawn will be healthy and happy next year. Get a soil test to see if your soil is lacking in nutrients or has a pH that isn’t ideal for growing the type of grass that you have. Learn more about soil health.
Contact your local Cooperative Extension, which typically provides free or low-cost soil tests, or purchase a test kit from your local home improvement store or garden center. If the test shows excessive acidity, you’ll want to apply lime. If your soil is too alkaline, you’ll apply sulfur. See how to test your soil.
4. OVERSEED LAWN GRASSES
It’s also a good time to overseed your lawn so that it’s thicker and lusher next season. To overseed, first cut your grass shorter than usual, then remove the grass clippings and lightly spread seed across the entire lawn with a fertilizer spreader, following instructions on the grass seed bag for overseeding. Keep lightly watered until new growth is at least 3 inches tall.
5. SAVE SEEDS AND POLLINATORS
If you are busy deadheading your flowers, stop! Take a look at the seed heads that you are cutting off. Instead of removing these seed heads, let some of them ripen until they turn brown and split open. These seed capsules are like salt shakers full of tiny seeds. Scatter the seeds anywhere that you would like them to grow or just let them drop where they are. And leave some dried seed heads for the birds, too! Learn more about 20 self-sowing flowers.
Also, leave many of your flowers and plants through the winter for the pollinators. Native bees will “hibernate” in the hollow stem of a bee balm plant, butterflies will overwinter in a chrysalis hanging from a dead plant, birds will flit around spent sunflowers, and caterpillars will roll into the seed pod of milkweed plant.
The only plants we regularly cut back every year are bearded iris because the iris borers overwinter in/on the foliage. Everything else is left standing.
Of course, cut back any foliage that is diseased. For example, peonies with botrytis or plant foliage with powdery mildew. It’s not cure-all but may cut down on issues next year. (Rotating your plants is also wise since many fungal diseases are soil-borne.)
In the vegetable garden, you can also collect any dried seeds from open-pollinated flowers and veggies to sow next year. See how to save flower and vegetable seeds for replanting.
Another option is to dry some of those flowers, seed heads, and herbs, especially from plants like hydrangea and yarrow. Then you can enjoy the beautiful dried blooms indoors during the winter. See how to dry flowers.
Finally, fall is a good time to take small cuttings of plants to overwinter before transplanting them outdoors in the spring. We especially love growing herbs indoors. See how to start herbs from cuttings.
6. WINTERIZE GARDEN BEDS
Clean up your vegetable beds. While ornamental beds can show off their winter beauty, veggie beds need to be cleaned up .
It’s especially important to pull out any pest-infested vegetable plants or plants that were plagued by a fungal disease, like powdery mildew or blight.
Some gardeners will leave even plants that aren’t diseased because they provide overwintering sites for predatory beneficial insects. We leave that to your discretion. In some climates, having very wet foliage simply attracts white mold and disease.
If you do have diseased flower or vegetable plants, remove them and either burn them, discard them, or bury them where they won’t see the light of day for at least a year.
In the flower garden, wait until the first hard, killing frost and remove the diseased plant material while it is still limp and does not crumble. This will help with disease control for next season.
Do not compost diseased plants, such as peony leaves infected with powdery mildew, as diseases may persist in your compost pile.
If perennials are completely buried, it will be necessary to rake or broom and knock the leaves off the tops of plants.
We like to put a thin layer of leaves over smaller garden beds (or, plant a cover crop for large beds) to protect the topsoil and enrich the soil. Just be careful to use only a thin layer of leaves; you don’t want to create a habitat for diseases and pests.
Some gardeners like to enrich their garden beds with compost in the fall. Others save their composting for spring, as it can be an expensive material. If you do have extra compost to add in the fall, do so, as it will help out the earthworms that work it into the soil. This may be preferable to tilling, which can expose weed seeds.
Finally, many gardeners will cover their beds with old carpet, tarp, or landscape fabric to ensure that no sunlight gets to those weed seeds and that you have a clean slate with which to work come spring!
7. CLEAN YOUR GUTTERS
Ensure that your gutters are clear of fall leaves, especially before the snow falls. Otherwise, you may have bigger problems as ice dams form. Remove leaves around your house’s foundation, too, and in other places that invite rotting and mold. The easiest way to clear out blockages is to use a leaf blower with a rain gutter attachment.
8. COMPOST YOUR LEAVES
The most efficient way to use leftover leaves is to add them to a compost pile—along with your grass clippings, vegetable waste, annual weeds, straw, and other organic matter. Once decomposed, the compost makes wonderful, free, nutrient-rich plant food. See how to get your compost heap cooking.
Before the snows fall, turn your compost and cover your compost bin with tarp so that all that work is stored for spring!
You can also create leaf mold with leaves. Unlike compost, a mix of different organic matter, leaf mold is made purely of decomposing leaves. See how to make leaf mold.
9. WINTERIZE TREES AND SHRUBS
In regions with heavy snow, you want to give your trees and shrubs the best chance of surviving.
Do not prune trees and shrubs. Even if they look a little overgrown, wait until next spring. Pruning involves removing tissue and opening wounds in a plant that still has the winter to contend with. The injuries have no time to heal
and could weaken or kill the shrub or tree. Pruning also stimulates a tree or shrub to attempt to grow and any new growth produced in the fall is likely to be killed because it has not had any time to harden off or become woodier.
Cover small trees and deciduous shrubs with a wooden structure to protect them from heavy snow. Or, circle them with a cylinder of chicken wire fencing and fill in the space between the tree and the fence with straw or leaves. Or, drive stakes into the ground at four corners around the plant and wrap burlap or heavy plastic around the stakes, securing it at the top, center, and bottom with twine.
For young fruit trees, it’s often a good idea to wrap the lower trunk of the tree with a pestproof tree wrap, which will prevent mice and voles from gnawing on the tree’s bark during the winter.
Slow down any watering in early fall; once the trees’ leaves have dropped (but before the ground freezes), give all trees and shrubs a deep watering, covering the entire canopy area.
10. CLEAN YOUR TOOLS
Last but not least, late autumn is the best time to clean your tools! If you have a lawn mower, drain out the gas. Turn off the water for the hose. Clean, sand, and oil your garden tools before storing them for the winter.
Clean out cold frames if you use them for a head start on spring vegetable growing. Learn more about building a cold frame.
While you’re cleaning, make sure that those bird feeders are cleaned up and ready for winter use!
See more about feeding garden birds in winter.
AND THAT’S IT!
Posted on
August 21, 2019
by
Fabrizio Zenone
Back to school time is always a big transition, not only for children but for parents.
While children are filled with excitement and first-day jitters, parents are filled with thoughts of “Am I prepared enough?” To help eliminate these thoughts, and help you and your child prepare for the new school year, all you need is a little organization and forethought. Here are 10 back to school tips to kick-start the new year and get you prepared for a fresh start.
1. Get back into your sleep routine. To help eradicate those stressful school mornings, set up a regular bedtime and morning time routine to help prepare your child for school. Begin your usual school sleep routine about a week or so before school starts.
2. Shop for school supplies together. To get your child excited about starting a new grade, shop for supplies together. Allow them to pick out their own backpack, lunchbox, etc. This is a great way to give them a little bit of responsibility too!
3. Re-establish school routines. Have your child practice getting back into the rhythm of their daily school routine. You can do this by having them wake up at the same time every day, and eat around the same time they would at school. About a week or so before school starts, plan a few outside activities where your child will have to leave and come home around the same time they would if they were in school. This will help them be rested and ready for the
4. Set up a homework station. Sit down with your child and together designate a time and place where he can do his homework each day. This can be somewhere quiet like in the den, or even in the kitchen while you are preparing dinner. Make sure to choose a time where you are available in case your child needs your help.
5. Prepare for the unexpected. Working parents know that it can be difficult to find a sitter when your child is sick. Before school even begins, it’s a good idea to have a sitter already lined up in case you get that phone call home from the nurse saying your child is ill.
6. Make an after-school game plan. Make a plan for where your child will go after school lets out for the day. Depending upon the age of your child, figure out if they will go to a neighbor’s house, an afterschool program, or be allowed to stay home by themselves. This will help eliminate any confusion during the first few weeks.
7. Turn off the TV and video games. For a lot of children summertime is filled with endless video games and TV programs. Children are usually in shock when they begin school and realize that six hours of their day is going to spent learning and not playing games and watching TV. Ease your child into the learning process by turning off the electrics and encouraging them to read or play quietly.
8. Review school material and information. For most parents, schools send home a packet with a ton of information regarding their child’s new teacher, important dates to remember, emergency forms, and transportation routines. Make sure that you read through this information carefully, and mark down all important dates on your calendar.
9. Get organized. The best way to prepare for back to school time is to be organized. With school comes a massive amount of paperwork which can consume your household. Designate a spot in your house for homework, permission slips, and any other school-related papers. This can help eliminate all of that paper clutter and make your life less stressful.
10. Get your child’s yearly checkup. School and germs go hand in hand, so it’s best to get your child’s yearly checkup before school even starts. Get any required vaccinations and ask your pediatrician the best ways your child can stay healthy throughout the school year.
Through preparation and organization, you can ensure that your child will have a smooth transition to the start of the new school year. By doing so, you and your child can enjoy the rest of your summer break.
How do you prepare your child for going back to school? Share with us in the comment section below,
would love to hear your thoughts.
Posted on
August 21, 2019
by
Fabrizio Zenone
New York, London and Shanghai are among the cities seeing falling house prices these days.
An aerial view of fog descending on homes in West Vancouver.
It’s hard to lose money in real estate these days, almost anywhere, but Vancouver is among an elite group of cities where the wealthy are doing just that.
The city, once an unstoppable juggernaut of foreign money and rising prices, has ranked at the bottom of a list of the world’s hottest luxury housing markets for the fourth quarter in a row.
That means Vancouver has now spent a year as the world’s weakest luxury market in Knight Frank’s ranking of 46 major world cities. Luxury house prices fell by 13.6 per cent over the past year, the real estate agency said.
Toronto ranked 13th, with prices up 3.8 per cent in a year. Those two are the only Canadian cities on the list.
HUFFPOST CANADA
Meanwhile, the new ranking champion of luxury housing is Berlin, where luxury homes jumped 12.7 per cent in price over the past year, despite a slowing economy in Germany.
There’s no cutoff for what counts as “luxury” housing; rather, Knight Frank defines it as the top 5 per cent of a housing market.
Vancouver spent a few years at the top of the ranking, before it began a decline in 2016 after British Columbia introduced a 15-per-cent foreign buyers’ tax for Vancouver and surrounding areas, which was later bumped up to 20 per cent.
Ontario introduced a similar 15-per-cent tax for the Toronto area a year later, and the city’s luxury market slid in the rankings after that measure came into place.
Watch: What’s behind Canada’s skyrocketing rents, and what we can do about it. Story continues below.
But Vancouver’s slide has been far more dramatic. “Whilst both operate a foreign buyer tax, Vancouver has seen a flurry of additional measures aimed at reducing speculation and curbing price inflation,” Knight Frank noted in its report.
That includes a controversial empty-homes tax, which charges one per cent of a home’s assessed value for every year, or majority part of a year, that it’s unoccupied.
Still, Vancouver is in good company among the cities whose luxury housing markets are tanking. Prices are falling in New York, London, Shanghai and Istanbul, among others, the ranking showed.
Market observers say a decade of low interest rates helped push up the price of luxury housing around the world, but that process is now running out of steam.
Also, in our globalized economy, money from all around the world affects local house prices, and that’s especially true at the top end of the market. Increasingly, housing slowdowns are synchronized around the world.
But Vancouver’s housing market is showing signs of stabilizing, with sales up 24 per cent in July, compared to the same month a year earlier. Some observers say they’re seeing a pick-up in interest from foreign buyers, particularly among Hong Kong residents worried about the city’s escalating protests.
Posted on
July 31, 2019
by
Fabrizio Zenone
The most-expensive home sold in B.C. went in a week for more than its asking price
BCBusiness’s weekly snapshot of what’s selling around the province
The most-expensive property sold in B.C. last week was a new, 3,300-square-foot, custom-built home in the Main Street area of East Vancouver. Listed at $2.88-million, it went for $2.91 million, $22,000 higher than list price, after being on the market for only seven days.
The second-priciest sale, a Naramata Village detached residence in the South Okanagan, went for $100,000 less than the Vancouver property after sitting on the market for 91 days. A Victoria home fetched almost the same amount and 102 percent of the asking price after 49 days.
According to MLS figures analyzed by Vancouver-based Zolo Realty for BCBusiness, there were 47 properties sold in B.C. last week that could be classified as the highest- or lowest-priced condo, townhouse or single-family house for each of the province’s real estate boards.
“Turns out 19 percent sold for either ask or more than asking price,” says Zolo director of content Romana King. “Another 66 percent of properties sold for just below—up to 9.07 percent less than—list price.”
See below for details: list and sold prices, days on market, size of home and property.
Real Estate Board of Greater Vancouver
Highest single family
Address: 342 East 23rd Avenue, Vancouver East/Main
Sold price: $2,910,000
List price: $2,888,000
Days on market: 7
Year built: 2019
Size: 5 bedrooms, 7 bathrooms, 3,330 square feet, 4,048-square-foot lot
Lowest single family
Address: 20557 – 114 Avenue, Maple Ridge/Southwest
Sold price: $820,000
List price: $899,800
Days on market: 80
Year built: 1987
Size: 4 bedrooms, 4 bathrooms, 2,270 square feet, 7,200-square-foot lot
Highest townhouse
Address: TH102, 8 Smithe Mews, Vancouver West/Yaletown
Sold price: $2,190,000
List price: $2,298,000
Days on market: 73
Year built: 2008
Size: 2 bedrooms, 3 bathrooms, 1,523 square feet
Lowest townhouse
Address: #4, 10111 Gilbert Road, Richmond/Woodwards
Sold price: $683,500
List price: $689,000
Days on market: 11
Year built: 1984
Size: 3 bedrooms, 2 bathrooms, 1,269 square feet
Highest condo
Address: #2504, 1205 West Hastings Street, Vancouver West/Coal Harbour
Sold price: $1,775,000
List price: $1,799,000
Days on market: 13
Year built: 2007
Size: 2 bedrooms, 2 bathrooms, 1,250 square feet
Lowest condo
Address: #314, 838 Hamilton Street, Vancouver West/Downtown
Sold price: $215,500
List price: $228,800
Days on market: 2
Year built: 1994
Size: 1 bedroom, 1 bathroom, 439 square feet
Fraser Valley Real Estate Board
Highest single family
Address: 14271 – 70A Avenue, Surrey/East Newton
Sold price: $960,000
List price: $949,000
Days on market: 0
Year built: 1987
Size: 6 bedrooms, 3 bathrooms, 2,688 square feet, 7,200-square-foot lot
Lowest single family
Address: 32774 Badger Avenue, Mission
Sold price: $474,000
List price: $499,000
Days on market: 4
Year built: 1975
Size: 3 bedrooms, 2 bathrooms, 978 square feet, 6,059-square-foot lot
Highest condo
Address: #406, 15956 – 86A Avenue, Surrey/Fleetwood Tynehead
Sold price: $345,000
List price: $349,000
Days on market: 35
Year built: 2013
Size: 1 bedroom, 1 bathroom, 602 square feet
Lowest condo
Address: #106, 13780 – 76 Avenue, Surrey/East Newton
Sold price: $337,000
List price: $349,980
Days on market: 77
Year built: 1997
Size: 2 bedrooms, 2 bathrooms, 816 square feet
Victoria Real Estate Board
Highest single family
Address: 2951 Phyllis Street, Saanich East/Ten Mile Point
Sold price: $2,800,000
List price: $3,000,000
Days on market: 49
Year built: 2018
Size: 5 bedrooms, 5 bathrooms, 4,085 square feet, 18,316-square-foot lot
Lowest single family
Address: 2602 Shoal Road, Gulf Islands/Pender Island
Sold price: $335,000
List price: $349,000
Days on market: 45
Year built: 2008
Size: 1 bedroom, 1 bathroom, 530 square feet, 16,553-square-foot lot
Highest townhouse
Address: #6, 933 Meares Street, Victoria/Downtown
Sold price: $1,100,000
List price: $1,199,000
Days on market: 67
Year built: 2005
Size: 2 bedrooms, 4 bathrooms, 2,020 square feet
Lowest townhouse
Address: #119, 2117 Charters Road, Sooke/Sooke VIII Core
Sold price: $419,900
List price: $419,900
Days on market: 36
Year built: 2019
Size: 3 bedrooms, 3 bathrooms, 1,410 square feet, 1,307-square-foot lot
Highest condo
Address: #412, 888 Government Street, Victoria/Downtown
Sold price: $1,370,000
List price: $1,499,000
Days on market: 36
Year built: 2020
Size: 2 bedrooms, 3 bathrooms, 1,373 square feet
Lowest condo
Address: #202, 3133 Tillicum Road, Saanich West/Tillicum
Sold price: $220,000
List price: $224,900
Days on market: 12
Year built: 1998
Size: 1 bedroom, 1 bathroom, 631 square feet
Vancouver Island Real Estate Board
Highest single family
Address: 2051 Millicent Avenue, Duncan/Shawnigan
Sold price: $2,225,000
List price: $2,899,000
Days on market: 84
Year built: 2007
Size: 6 bedrooms, 3 bathrooms, 2,850 square feet, 33,977-square-foot lot
Lowest single family
Address: 336 Hemlock Avenue, Islands/10 Gabriola Island
Sold price: $465,000
List price: $459,000
Days on market: 3
Year built: N/A
Size: 2 bedrooms, 2 bathrooms, 1,462 square feet, 2.1-acre lot
Only condo/strata
Address: #34, 529 Johnstone Road, Parksville/Qualicum
Sold price: $474,900
List price: $474,900
Days on market: 1
Year built: 1993
Size: 2 bedrooms, 2 bathrooms, 1,422 square feet
Powell River Sunshine Coast Real Estate Board
Highest single family
Address: 3419 Ontario Avenue, Powell River/Westview
Sold price: $498,108
List price: $529,900
Days on market: 38
Year built: 1994
Size: 3 bedrooms, 3 bathrooms, 2,198 square feet, 8,778-square-foot lot
Lowest single family
Address: 14997 Saltery Road, Powell River South
Sold price: $192,500
List price: $219,900
Days on market: 427
Year built: N/A
Size: 3 bedrooms, 2 bathrooms, 1,669 square feet, 10,798-square-foot lot
Only townhouse
Address: #29, 3870 Joyce Avenue, Powell River/Westview
Sold price: $227,000
List price: $229,900
Days on market: 13
Year built: 1994
Size: 3 bedrooms, 3 bathrooms, 1,240 square feet
Highest condo
Address: #3, 3818 Joyce Avenue, Powell River/Westview
Sold price: $240,000
List price: $255,000
Days on market: 21
Year built: 1982
Size: 2 bedrooms, 2 bathrooms, 956 square feet
Lowest condo
Address: #202, 4580 Joyce Avenue, Powell River/Westview
Sold price: $237,500
List price: $249,000
Days on market: 32
Year built: 1995
Size: 2 bedrooms, 1 bathroom, 1,130 square feet
South Okanagan Real Estate Board
Highest single family
Address: 4845 Mill Road, Naramata Village
Sold price: $2,810,000
List price: $2,750,000
Days on market: 91
Year built: 2005
Size: 4 bedrooms, 3 bathrooms, 2,750 square feet, 20,473-square-foot lot
Lowest single family
Address: 115 Lupine Road, Princeton/Rural
Sold price: $144,000
List price: $149,900
Days on market: 113
Year built: 2010
Size: 1 bedroom, 1 bathroom, 270 square feet, 10,019-square-foot lot
Highest townhouse
Address: #118, 1692 Atkinson Street, Penticton/Main North
Sold price: $315,000
List price: $349,900
Days on market: 61
Year built: 1987
Size: 2 bedrooms, 2 bathrooms, 1,085 square feet
Lowest townhouse
Address: #6, 6446 Meadows Drive, Oliver
Sold price: $261,000
List price: $269,900
Days on market: 51
Year built: 1990
Size: 2 bedrooms, 2 bathrooms, 1,380 square feet
Highest condo
Address: 2820 Landry Crescent, Summerland/Trout Creek
Sold price: $1,170,000
List price: $1,190,000
Days on market: 64
Year built: 2015
Size: 3 bedrooms, 3 bathrooms, 1,839 square feet
Lowest condo
Address: #206, 1820 Atkinson Street, Penticton Main/South
Sold price: $225,000
List price: $264,000
Days on market: 145
Year built: 1986
Size: 2 bedrooms, 1 bathroom, 1,173 square feet
Okanagan Mainline Real Estate Board
Highest single family
Address: 394 Braeloch Road, Central Okanagan/Upper Mission
Sold price: $2,550,000
List price: $2,998,000
Days on market: 43
Year built: 1973
Size: 4 bedrooms, 3 bathrooms, 4,109 square feet, 14,374-square-foot lot
Lowest single family
Address: 6850 – 53 Street NE, Shuswap/Revelstoke/N-E Salmon Arm
Sold price: $216,000
List price: $222,000
Days on market: 27
Year built: 1990
Size: 2 bedrooms, 1 bathroom, 891 square feet, 4,007-square-foot lot
Highest townhouse
Address: #6, 5955 Snowpines, Central Okanagan/Big White
Sold price: $890,000
List price: $925,000
Days on market: 201
Year built: 2005
Size: 5 bedrooms, 5 bathrooms, 3,167 square feet
Lowest townhouse
Address: #82, 4740 – 20 Street, North Okanagan/Harwood
Sold price: $225,000
List price: $234,900
Days on market: 97
Year built: 1999
Size: 2 bedrooms, 2 bathrooms, 893 square feet
Highest condo
Address: #1003, 1395 Ellis Street, Central Okanagan/Kelowna North
Sold price: $1,005,000
List price: $1,150,000
Days on market: 189
Year built: 2009
Size: 2 bedrooms, 3 bathrooms, 1,733 square feet
Lowest condo
Address: #409, 3304 – 35 Avenue, North Okanagan/City of Vernon
Sold price: $118,000
List price: $129,900
Days on market: 140
Year built: 1982
Size: 1 bedroom, 1 bathroom, 650 square feet
Kamloops & District Real Estate Association
Highest single family
Address: 2003 High Country Boulevard, Kamloops/Valleyview
Sold price: $700,000
List price: $739,000
Days on market: 40
Year built: 2014
Size: 4 bedrooms, 2 bathrooms, 2,224 square feet, 20,037-square-foot lot
Lowest single family
Address: 4044 Davie Road, Kamloops/Rayleigh
Sold price: $487,500
List price: $489,900
Days on market: 16
Year built: 1988
Size: 3 bedrooms, 2 bathrooms, 1,805 square feet, 21,577-square-foot lot
Only townhouse
Address: #13, 1980 Glenwood Drive, Kamloops/Valleyview
Sold price: $259,900
List price: $259,900
Days on market: 20
Year built: 1971
Size: 2 bedrooms, 2 bathrooms, 1,240 square feet
Only condo
Address: #1314, C-3250 Village Way, Kamloops/Sun Peaks
Sold price: $79,900
List price: $79,900
Days on market: 11
Year built: 2008
Size: 1 bedroom, 2 bathrooms, 998 square feet
Kootenay Real Estate Board
Highest single family
Address: 6479 Wasa Lake Park Drive, Kiimberley/Cranbrook Rural/Wasa Rural
Sold price: $690,000
List price: $735,000
Days on market: 95
Year built: 1981
Size: 3 bedrooms, 2 bathrooms, 2,066 square feet, 43,690-square-foot lot
Lowest single family
Address: 8920 Dunn Street, Canal Flats
Sold price: $78,001
List price: $84,900
Days on market: 124
Year built: 1930
Size: 2 bedrooms, 1 bathroom, 917 square feet, 7,753-square-foot lot
Highest townhouse
Address: #14,1595 Whitetooth Trail, Golden Rural/North Highway 1
Sold price: $594,000
List price: $599,900
Days on market: 28
Year built: 2006
Size: 3 bedrooms, 2 bathrooms, 1,155 square feet
Lowest townhouse
Address: #306, 2030 Panorama Drive, Invermere Rural/Panorama
Sold price: $79,000
List price: $87,000
Days on market: 188
Year built: 2009
Size: 0 bedrooms, 1 bathroom, 530 square feet
Highest condo
Address: #310, 1500 McDonald Avenue, Fernie
Sold price: $415,100
List price: $409,900
Days on market: 13
Year built: 2006
Size: 3 bedrooms, 2 bathrooms, 1,226 square feet
Lowest condo
Address: #89, 100 Red Cedar Drive, Sparwood
Sold price: $42,000
List price: $42,000
Days on market: 19
Year built: 1970
Size: 1 bedroom, 1 bathroom, 393 square feet
BC Northern Real Estate Board
Highest single family
Address: 7516 Magnussen Road, 100 Mile House/Bridge Lake/Sheridan Lake
Sold price: $368,000
List price: $379,000
Days on market: 48
Year built: 1969
Size: 1 bedroom, 1 bathroom, 754 square feet, 51,836-square-foot lot
Lowest single family
Address: 4927 Lambly Avenue, Terrace/Terrace City
Sold price: $255,000
List price: $349,900
Days on market: 102
Year built: 1979
Size: 4 bedrooms, 1 bathroom, 1,346 square feet, 9,424-square-foot lot
Posted on
July 25, 2019
by
Fabrizio Zenone
OPINION: Housing starts are particularly strong in Metro Vancouver, but one analyst wonders if it's developers trying to beat increases in development charges.
VICTORIA — When Finance Minister Carole James met with the legislature’s committee on finance last month, she suggested that B.C. was headed for a large and unexpected jump in housing starts this year.
“As of April,” she advised the committee, the province appeared to be on track for “51,093 housing starts, which is a very strong number.”
A very strong number was putting it mildly. James’s provincial budget, tabled in February, forecast that housing starts would decline from 41,000 last year to 34,000 this year, a 17 per cent drop.
She’d stood by that forecast in the legislature (“I am comfortable with the numbers”) as recently as May 7, during debate on the spending estimates for her own Ministry of Finance.
In addressing the all-party committee on June 10, James suggested that, far from a decline in housing starts, B.C. could be headed for a 24 per cent increase over last year and a 50 per cent better result than the forecast in her own budget.
I was out of town when James made her presentation to the finance committee in advance of the committee’s own public consultations on next year’s provincial budget. But her change on housing starts was reported elsewhere and relayed to me by several readers.
When I returned from holiday this week, I asked the Finance Ministry about the basis for the revision and the extent to which it had been incorporated into the budget.
“The minister was referring to B.C.’s housing starts for the month of April 2019, which at the time, were reported by Canada Mortgage and Housing Corporation (CMHC) as approximately 51,000 annualized units,” said the response from the ministry.
Annualized units being the forecast that results from extrapolating the starts for one month over a full 12-month period.
The ministry went on to note that the CHMC projection has continued to quicken since April, with annualized units at 53,000 units to the end of May and 62,000 by the end of June.
Numbers to conjure with if they hold throughout the year. But the ministry isn’t going that far, not yet anyway.
“Housing starts in B.C. remain above the historical average and the current year-to-date average is above Budget 2019’s forecast,” concluded the statement. “The ministry continues to monitor evolving economic trends and will incorporate the latest data into its economic forecast update, which will be published in the first quarterly report in September 2019.”
Such caution is characteristic of the Finance Ministry, which routinely builds several “levels of prudence” into its budgets, a practice James has continued.
For now, the word out of the ministry is as follows: “The ministry forecasts housing starts during the yearly budget process using historical trends, current data available and market conditions. The forecast in budget 2019 for housing starts in B.C. was 34,015 for 2019 and 31,846 for 2020. The long term historical average is close to 30,000.”
Seeking additional context, I contacted Central 1 Credit Union, umbrella organization for credit unions here in B.C. and elsewhere.
The agency’s most recent outlook, released at the end of May, forecast housing starts would decline to 35,000 units this year, or about the same level as predicted by James.
On Tuesday, deputy chief economist Bryan Yu acknowledged the improvement in the data from CMHC. He said the increase was largely confined to Metro Vancouver and mostly to apartment construction, both favourable trends for a government tackling affordability.
But he cautioned that it could still be a spike, brought on by factors like builders trying to get ahead of pending increases in development charges and latter day efforts in the faltering market for presales.
Yu expanded on those observations in a piece published Tuesday in Business in Vancouver.
“There is a severe disconnect between housing starts — which are up 18 per cent through 2019’s first six months — and the resale housing market, where sales are sluggish and prices are declining, particularly in Metro Vancouver.
“While home-ownership demand has slowed with policy measures, current starts reflect projects pre-sold in previous years when the market was significantly stronger,” he continued. “Recent hikes to development cost charges in Vancouver drove higher building permits in April and likely pulled construction dates forward on some projects.”
Even if the recent pace slackens in the remainder of the year, Yu acknowledged that on the basis of the strong first half, “housing starts could outpace 2018’s performance of more than 40,000 units.”
In the longer term, he forecast, “this will only delay a more substantial decline in housing starts. Demand-constraining policies and elevated home inventory have curtailed presale activity, which will lead to a drop-off in multi-family developments.”
As a further sign that not all indicators are headed in the right direction for James, on Tuesday her hometown newspaper, the Victoria Times Colonist, reported a five per cent drop in the value of residential construction this year over last.
Back in February, when the budget projected a decline in housing starts of up to 33 per cent over four years, I took it as evidence that her own ministry recognized that the New Democrats were not doing enough to increase in the housing supply.
But if the surge recorded by CHMC in the late spring proves to be sustainable, then come September’s update on provincial finances, James will be painting a much rosier picture on housing starts.
Posted on
July 15, 2019
by
Fabrizio Zenone
Tis for Deep Cleaning a Home
Keeping a home spic and span can be a time and energy consuming process. However, there are many
ways to get and keep a home immaculately clean without breaking a sweat. Cleaning soap scum out a
tub can be a backbreaking task, but homeowners can cut the effort in half by attaching a scrubber to a
power drill and using it to do the scrubbing for them. Cleaning mineral build-up on a showerhead doesn’t
have to involve tedious
scouring, just attach a bag of vinegar to the showerhead using a rubber band and soak it overnight –
presto, good as new!
Posted on
July 3, 2019
by
Fabrizio Zenone
It’s Wednesday my favorite day of the week, when I was little it was the day my Dad took us for pizza when my Mom was at work, sometimes I still fell like a kid especially when were in the backyard holding matchbox derbies, we’re so excited to show you our latest summer fun project, we actually it can be used all year round and is great indoors too!
Start your engines!
Now I saw this done with marbles, the noodle was a much small diameter, so when I saw the giant noodle on sale at the grocery store we snagged the last one!
My new obsession other than drilling holes in toys is matchbox cars, wait till I show you are flying ones!
But that will have to wait for another week since their just so so cool they deserve their own DIY post.
- Buy an extra large diameter foam pool noodle, I got mine 1/2 price at the super market ($1.50)
- cut the noodle in half with a serrated knife (one side than the other side or electric knife you can cut straight through both sides)
- once the noodle is in two pieces lay them on the ground side by side
- insert toothpicks where the two halves of the foam noodles touch each other
- use as many toothpicks as need to hold the noodle tracks tight together
- then with a need nose pliers clip the ends of the tooth picks flush to the noodle
Now you’re ready to decorate your track
Using cardstock at toothpicks I created small flags for along the sides of the track
Again with cardstock cut to size I stamped Start and Finish then I cut wooden or bamboo skewers down to size leaving the pointed end exposed (makes it easier to insert into the foam) I then used fast drying Aleene’s Tacky glue I glued the two pieces of cardstock together with the cut ends of the wooden skewers sandwiched in between and we were ready to race!
Finally just prop the track up on a chair, table, bed, pretty much anything, the higher the prop the faster the cars go.
Posted on
June 24, 2019
by
Fabrizio Zenone
Residents in Coquitlam are being asked to weigh-in on the city’s proposed strategic plan.
The document is a high-level vision that will guide the city’s decision-making framework for the next 10 to 15 years, according to a press release.
Residents can help shape the plan by taking a 10-minute online survey at www.coquitlam.ca/stratplan between now and July 31. Respondents must be over 16 and will be eligible to win a $100 Visa gift card, which will be awarded on Aug. 2.
Residents can also visit one of six pop-up displays where they can share their thoughts on a scrawl wall and send a postcard to the future. Events will take place on:
• June 22, 10:30 a.m. to 3 p.m., at the Poirier Sport and Leisure Complex (633 Poirier St.);
• July 1, noon to 8:30 p.m., during Canada Day at Town Centre Park;
• July 8, 10:30 a.m. to 3 p.m., at the Coquitlam Centre Aquatic Complex (1210 Pinetree Way);
• July 11, 6:30 to 8:30 p.m., at Neighbourhood Night in Victoria Park (3435 Victoria Dr.);
• July 14, 9 a.m. to 1 p.m., at the Coquitlam Farmers Market (624 Poirier St.);
• July 18, 6:30 to 8 p.m., during Neighbourhood Night at Rochester Park (1390 Rochester Ave.).
For more information go to www.coquitlam.ca/stratplan.
Posted on
May 31, 2019
by
Fabrizio Zenone
Investment adviser weighs in on what can be an apples-to-oranges comparison
As a curious investment adviser, I’m always looking for assets that will provide long-term rates of return that get my clients from A to B without exposing them to excessive risk. That doesn’t mean we chase the asset class that did the best last year. In fact, quite the contrary. But when comparing the relative performance of your investments, making sure you do so on a level playing field is crucial to getting the real information you may be looking for.
I frequently hear about how owning direct real estate, especially in Metro Vancouver, is a "no brainer" investment, for even the least-sophisticated investor. But despite an incredible environment for real estate over the last 10 years, it has actually underperformed highly liquid U.S. stocks. And, when you consider the true costs of ownership, onerous tenant needs and potential for illiquidity, you may think twice about an over-concentration in this class.
One difference between stocks and real estate is that stock prices are readily observable, and as a result we are often tempted into being more transactional.
But what if we treated our public securities as longer-term assets – specifically, how might the performance of owning Metro Vancouver real estate compare with that of the S&P 500 over the last 10 years?
Before we get into this, let me be clear on a few points:
1. I am a believer in diversifying your investible asset base across a number of asset classes, including real estate. So far, it’s one of the few asset classes I have found where tenants spend their own money to improve your asset and then agree to rent it back from you (wow!)
2. Complexity makes comparing returns tricky. Assumptions from credible sources are needed to reach a fair comparison.
3. Past performance does not guarantee future returns. It has been an exceptional time for both U.S. stocks and Metro Vancouver real estate, and a degree of caution is warranted.
We have used the S&P 500 Total Return Index (in U.S. dollars) as a proxy for U.S. stocks. “Total return” means the index assumes your dividends are reinvested back into the companies you invested in. This index has returned an impressive 15.9 per cent compounded annually from March of 2009 to March of 2019. That’s like turning $1 million into $4.4 million over 10 years!
In comparison, the price of a typical Metro Vancouver apartment has grown from $326,200 to $656,900 over 10 years. Accounting for average rental incomes of $1,348 per month, average property taxes of $1,500 per year, average maintenance fees of $340 per month, compound annual returns would have been 9.8 per cent over the same period. Similarly, the price of a single-family property in Metro Vancouver has increased from $692,400 to $1,441,000. Accounting for average rental incomes of $3,370 per month, average property taxes of $3,241 per year and average maintenance fees of $850 per month, compound annual returns would have been 10.5 per cent.
These returns also assume an investor reinvested their pre-tax free cash flow from excess rent at a healthy 10 per cent compounded annually.
For simplicity's sake, I ignored transaction costs, investment advisory fees, property management fees, property sales commissions and personal or corporate taxes. Note that these returns are historical and future returns, of course, cannot be guaranteed.
Now I can’t think of a better 10-year period for U.S. stocks, so I am not surprised by these results. But I also recognize that March 2009 just happened to be the end of the financial crisis and public markets were depressed – perhaps overly so.
To be fair, I also calculated the results as of January 2005 before the U.S. market corrected (just over 14 years ago), which is as far back as far as the CREA real estate data would allow. In that instance, real estate did outperform the S&P 500, but only marginally.
It’s been a remarkable time for both of these asset classes and I would caution you if you are expecting these returns to continue. However, I am confident you are now armed with the facts the next time your sister-in-law is boasting about how much she made in Metro Vancouver real estate.
Jeff Boomer is an investment adviser with RBC Dominion Securities Inc. (a member of the Canadian Investor Protection Fund). The information in this article is not investment advice and should only be used in conjunction with a discussion with a qualified investment adviser. This will ensure that your own circumstances have been properly considered and that any action that is taken is upon the latest available information.
Posted on
May 23, 2019
by
Fabrizio Zenone
B.C.'s Horgan calls for public inquiry on money laundering
When British Columbia released its bombshell findings last week that more than $7 billion was laundered in a single year through the Canadian province -- mostly through real estate -- it trumpeted that “thousands” of properties might be involved.
It appeared to be conclusive evidence of what many in the city suspected: the 60 per cent surge in Vancouver housing prices in the five years through 2017 was fueled in part by dirty cash, a big chunk flowing from Asia.
But the government’s case may be less conclusive than it appeared. A closer reading of the studies underlying the announcement shows there’s little hard evidence of actual money laundering, and even then, the amounts could be much smaller. And while one report said much of the suspect money is coming from China, the other pointed to the U.S.
“It’s very difficult for us to really accurately estimate the volume of flows of money laundering,” said Vanessa Iafolla, who researches money laundering at the University of Waterloo in Ontario. “It’s hard to measure something that you can’t see."
Canada’s third-largest city and its most expensive housing market is increasingly divided over what caused the cost of a typical home to surpass a million dollars in mid-2017. Premier John Horgan’s government, which has pledged to make housing more affordable, is under pressure to deliver answers. He announced Wednesday a formal inquiry into money laundering.
The province is planning to set up a public registry of beneficial property owners by next year -- the single most important step in peeling back the anonymity that enables dirty money, many experts agree. In the meantime, it’s working with educated guesstimates.
The study gauged that $7.4 billion was laundered through B.C. last year. By far the biggest source of dirty cash into Canada was the U.S. at $4.9 billion, six times more than from East Asia, including China. The second study, led by a former police chief, said it identified thousands of suspect properties -- none of which were used to arrive at the $7 billion figure -- and declared that “China figures prominently” in the flow of suspicious money.
Gravity Model
The methodology in the first study, known as the gravity model, seeks to determine how much dirty money is floating around the world, what portion needs to be laundered, and how much each region is likely to attract. Launderers are expected to gravitate to safe havens and rich economies where it’s easier to hide ill-gotten gains. It assumes that criminals, like most people, channel most of their financial assets into real estate. Geographical and cultural proximity, including a history of migration, are thrown into the mix.
"There’s no way of proving it," but it beats the impossible task of trying to tally up transactions you don’t know about, says John Walker, a former researcher with the Australian Institute of Criminology who first developed the model, said by phone.
The government trumpeted that $5 billion of the $7 billion washed in the province last year went into real estate -- the study’s highest possible estimate. It may be as low as $800 million depending on how criminals save versus invest, according to the report. The study also indicates billions more are being laundered in oil-rich Alberta and Ontario, home to the financial capital Toronto.
Steve Saretsky, Vancouver realtor and author of SteveSaretsky.com, joins BNN Bloomberg to discuss the impact of B.C.'s money laundering though the real estate market.
‘Tremendous Oversimplification’
Finance Minister Carole James says dirty money was responsible for raising housing prices about 5 per cent in the province last year. The report said its best estimate was a range of 3.7 per cent to 7.5 per cent but noted "considerable uncertainty" about the figures.
“It’s a tremendous oversimplification,” says Matthew McGuire, a forensic accountant who previously worked for Canada’s financial intelligence unit. “There is money being laundered through real estate, yes, but the factors that influence the change in prices of real estate are far more complex and far greater than just criminality."
On Wednesday, a government news release said the impact on Metro Vancouver prices may have been "upwards of 20 per cent" -- the kind of geographic granularity that’s impossible to calculate with current data, the report’s chair Maureen Maloney had said earlier this week. The offices of Horgan, James and Attorney General David Eby didn’t immediately respond to a request for comment.
Vancouver has for years been riveted by stories of rich Asians moving cash into the region: students and homemakers declaring no income but owning multi-million-dollar homes, Chinese high rollers showing up at casinos with hockey bags brimming with cash, and most recently, a thriving grey market in Vancouver-to-China luxury car exports that sent millions of dollars in sales-tax refunds to overseas buyers.
Electronic Laundering
That’s fed the perception that Vancouver’s money-laundering problem is in large part an Asian one.
But rich economies generate the most dirty money and from crimes related to the financial sector that can move billions at the push of a button, according to Brigitte Unger, a professor at Utrecht University who modeled the Canadian study. She says the Netherlands, considered to be at the forefront in tackling dirty money, had earlier made the same mistake that "money laundering only took place in Chinese restaurants and casinos."
"The big money, I’m still convinced, doesn’t come from China," said Unger by phone from Vienna. "The big money comes from the U.S. and from Europe because these are the rich countries, which use Canada as a wide-open door because it has much lower restrictions on where to place your money and how to stay anonymous."
Cash Gifts
The second report had featured a luxury car dealer describing how foreign students come in 10 times a month with no credit and no income and get auto financing based on wire transfers as "unequivocally money laundering."
Flamboyant displays of wealth by students may be unpalatable but not necessarily criminal. An international student who returns home periodically typically isn’t required to report or pay taxes on income from abroad, while cash gifts from family members aren’t taxable under Canadian rules.
The second study sifted through more than a million land titles looking for red flags such as overseas buyers, properties bought without financing, opaque addresses and unusual mortgage terms. More than 2,000 properties were classified high risk for simply having mailing addresses in China or Hong Kong.
Ultimately, it concluded the approach had limitations.
“The ‘suspicious properties’ analysis suggests that a scoring system may not be an effective way to detect properties linked to money laundering," the study said.
Posted on
May 10, 2019
by
Fabrizio Zenone
1. Aeration is the best fertilizer. By using an aerator to pull tiny plugs of grass out of your lawn, you allow more air to reach the root system. This in turn promotes a healthy lawn and results in vigorous new growth.
After aerating, brush sand into the holes to improve drainage. This also provides a seedbed when you cast new seed as part of the overseeding part of your maintenance program.
Unfortunately, aeration machines are heavy and bulky to use. Consider doing this with two or three neighbours to defray the cost.
2. Lime to raise the pH balance of the soil. Winter rains wash away nutrients and make soil more acidic. A soil’s pH is the measure of its acidity and alkalinity. Grass likes a sweeter, more alkaline soil. The way to make soil less acidic is to add lime. Dolomite and DoloPril lime are the two most popular kinds, but a new “organic lime” derived from crushed egg shells is now available.
A byproduct of the Fraser Valley poultry industry, egg-shell lime contains 35 per cent calcium and some magnesium, two excellent soil additives. A 20-kg bag sells for about $7.
Egg-shell lime is being marketed by Marty Vanderzalm, president of WaytoGo Products Inc., of Surrey.
he problem with most natural/organic sources of calcium is that they are derived from rock which releases calcium too slowly, especially in the spring, for plants to maintain healthy growth,” says Vanderzalm.
“Calcium-lime from egg shells is much more readily broken down by soil micro-organisms and so egg-shell calcium is released faster.”
Vanderzalm says rock lime also requires “huge energy consumption” to mine, crush and transport, whereas egg-shell calcium-lime has “no environmental issues.”
3. Top dress and overseed. The reason sports fields are weed-free is because they are regularly aerated and overseeded, says grass expert David Wall.
The key is to put down a 1/4-inch layer of topsoil to act as a bed for the new seed. Elka 2 and Elka 3 as well as Major League are excellent brands, containing a high ratio of perennial rye, the most suitable seed for coastal lawns.
Overseeding can be done as early as February, says Wall. Many turf farms do it then with success as the seed takes in moisture and starts the germination process even though temperatures are still low.
4. Power-rake and de-thatch. It’s not necessary to do this every year, if at all, with most lawns. If your lawn feels spongy when you walk on it, it probably could benefit from being power-raked.
But be careful. This process can rip a healthy lawn to shreds. The goal is to remove an excessive build up of thatch — dead and crusted material at soil level.
De-thatching is a more aggressive technique that uses the same machine but a more piercing blade.
In most cases, power-raked lawns need to be extensively overseeded afterwards, which is almost like growing a new lawn. In most cases, a good, stiff raking with a hand-held rake is sufficient to remove light thatch.
5. Fertilize with care. “When grass is hungry is stops growing,” says Wall. “It’s obvious. It appears less vigorous and starts to become thin and sparse.”
He recommends using a fertilizer such as a turf-starter with a modest nitrogen content but higher phosphorus content, such as 16-36-6. (The numbers represent the percentage of nitrogen, phosphorus and potassium in a bag.)
Miles Hunter, of David Hunter Garden Centres, recommends a slow-release fertilizer such as 12-4-8, which provides two months of nutrition, or 28-3-8, which feeds a lawn for three months.
Hunter says Gaia Green Turf and Lawn is a good organic fertilizer with a 6-2-3 rating. It contains feather meal, steamed bone meal, glacial rock dust, natural humate complex and gypsum. A 10 kg bag for $40 will cover 2,000 square feet of lawn.
Hunter says gardeners living near creeks, streams or a well should avoid spreading high-nitrogen fertilizers because of the risk of runoff which can promote algae problems. But he says there is little risk of this happening with the small amounts of fertilizer most homeowners use, if they follow the directions.
6. Stop fighting moss. It’s a waste of time to try year after year to eliminate moss from your lawn. Moss killer only turns moss black and still leaves you with the job of having to rake it up anyway and reseed.
Either learn to love moss and live with it (remember, it is a much valued plant in Japanese gardens) or change the conditions that cause moss to grow in the first place — poor drainage, low-light levels and acidic soil.
Add lime to make the soil less acidic, aerate and add sand to make it more porous and better-draining. And increase the amount of sunlight the area gets by selectively removing branches shading trees or shrubs.
The other solution is to grow plants such as rhododendrons and azaleas that like acidic, shaded conditions.
7. Lawns are worth the work. Many gardeners don’t believe in lawns at all, but in reality there is nothing like a lawn for children to play on, to picnic on, and lawns also pump lots of oxygen back into the air as well as soak up rain water, which would otherwise add to the pressure on sewer and drain systems.
One other point: From an esthetic point of view, lawns provide a still, green, calm contrast to busy flower borders. Regardless of how densely planted a border is, if there is a flat, green lawn next to it to counter-balance the jumble of flowers and foliage, there will be harmony.
Posted on
May 10, 2019
by
Fabrizio Zenone
Andrew Ramlo is a demographer and urban planner, and vice-president of market intelligence at Rennie Group.
Andrew Ramlo, vice president of market intelligence at Rennie Group, discussed what he called real estate market myths.
As the local real estate market soared in recent years, experts were divided about why prices kept rising. And now, there is little agreement about what is needed as sales and prices fall.
On Thursday, developers gathered for an industry lunch to hear Andrew Ramlo, vice-president of market intelligence at Rennie Group, talk about what he called real estate market myths, including the notion that “we have more than enough (housing) supply to satisfy demand.”
Many observers believe the current market downturn is due to the retreat of Chinese money, a range of taxes targeting homes being used as speculative investments, as well as mortgage stress testing aimed at protecting overextended borrowers. Housing starts are projected to fall as weakening demand has some lenders thinking about cutting losses and backing away from financing developers, investors and end-users. The provincial government and others see this as needed relief in a market that was badly overheated.
But, in fact, adding more new homes is still needed in order to keep prices tempered, said Ramlo.
It’s a refrain oft-repeated by the industry and some academics, but rebutted by critics who say developers are motivated by profit margins to only build expensive properties.
Ramlo added that housing-start numbers do not take into consideration the demolitions that happen in tandem. He estimates that while 23,000 net new housing starts a year are needed in the next decade to accommodate population growth due to immigration and changes such as young people moving out of their parents’ homes, they are set to fall from 24,000 to around 17,000 by 2021.
This has the potential to only lead to more expensive housing, he said.
He said that in the past 23 years, the population of the Lower Mainland has grown by 868,000 people, and that in the next 23 years, it will add another 1.1 million, based on immigration, migration and natural growth projections.
Ramlo said that while terms such as “affordability” and “availability” have prevailed in the real estate conversation, a new word will be “efficiency” — in reference to the number of baby-boomers who are empty-nesters and now “overhoused” in their single-family homes.
“How can we induce them out of their house or have it be developed into two units?”
Posted on
April 29, 2019
by
fabrizio zenone
For the price of a two-bedroom castle in Vancouver, you could have owned this Irish castle.Maison Real Estate
The castle, listed at $869,000 CAD, served as the set of Riverrun on Game of Thrones.
Someone bought a Irish castle that was featured on Game of Thrones for the price of a two-bedroom condo in Vancouver.
Gosford Castle, a mid-17th century castle in Northern Island, is off the market after being listed for £500,000 ($869,491 CAD), roughly the same price as a 835-square-foot downtown condo on Smithe Street currently listed at $868,000.
It’s no castle, but the walk-in closets are handy. MLS
The castle was featured on HBO’s Game of Thrones where it served as the set of Riverrun, one of the great houses of the Seven Kingdoms.
Inside, it’s a bit of a fixer-upper in spots. Maison Real Estate
According to Maison Real Estate, Gosford Castle was designed in the Norman Revival style by London architect Thomas Hopper and was occupied by the Earls of Gosford until 1921.
It’s perfect for Game of Thrones viewing parties – or maybe a Dungeons and Dragons game night. Maison Real Estate
“During the Second World War the Castle was commandeered and used to accommodate troops and prisoner of war camp was set up in the estate,” the castle listing said. “Following the war the Achesons sold the Castle to the Ministry of Agriculture who established the 590 acre demesne as Gosford Forest Park which was later designated Northern Ireland’s first conservation forest in 1986. The castle fell back into military use during The Troubles before being run as a hotel from 1983.”
The condo is pet-friendly (with restrictions).
A nice sectional and an Ikea bookcase would work in this space. Maison Real Estate
It boasts 15 bedrooms and 10 bathrooms.
It has no heat, however, other than those grand fireplaces. So that’s a point in the favour of the Smithe Street condo.
Castle living has never been so affordable!
“In 2006, the castle was bought by Gosford Castle Development Limited who put forward a £4m proposal to restore the Grade A listed building into 23 luxury residences. The restoration was undertaken by artisans and craftsmen with a focus on retaining the character and historic integrity of the castle,” reads the Maison sales brochure.
The condo looks like it has granite countertops.
Castle can be divided into luxury apartments.
The portion of the castle that was for sale has been partially developed with a view to convert the space into six luxury apartments, each with an average space of 3,500 square feet.
The condo building has its own exercise centre.
It’s a nice castle, but it’s probably really drafty.
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