TD Economics brought to you by Dina Ignjatovic, Economist
Data Release: Housing starts kick off the year on strong footing
- Canadian housing starts kicked off the year on a strong note, with homebuilders breaking ground on 207k units (annualized) in January. This extends December's sharp gain, and pushes the 6-month moving average up just shy of the 200k unit mark.
- The strength in January stemmed from the multi-family sector, which was up 4.2% following a 14% gain in December. Meanwhile, single family construction was down 4.6% on the month, reversing some of December's gains.
- Regionally, Ontario remained the key driver of growth, with starts up by a whopping 25% in January. Homebuilding in the Atlantic Provinces was also up during the month while the remaining regions recorded declines. B.C. experienced the largest pullback, as home starts slid 33% from the month prior.
Key Implications
- Overall, housing starts have been hovering around the 200k mark annualized (on a trend basis) for the last six quarters, or just slightly above the current rate of household formation. However, homebuilding construction should begin to slow over the course of the year, consistent with a cooling in overall housing market activity.
- Still, the recent strength in multi-unit projects could have further room to run given the surge in building permit approvals seen over the second half of last year. This could be partly offset by single-family construction, which is already at relatively lofty levels.
- The regional story will continue to reverberate across the housing markets, with central Canada leading the way, while B.C. and the oil-rich provinces lagging behind.
5 Things That May Not Be Included In Your Home Purchase
April 8 2015 Posted by Jennifer Gaudet
When you find the house you love and want to purchase, if there is something you want included in the purchase, tell your agent. Be prepared to pay an additional amount for anything the seller did not include in the purchase price.
1) Appliances
Not all home purchases include major appliances. if you want the expensive stainless steel appliances you see in the home when you tour it, be sure to put it in writing. Name the appliance by brand and model in your offer, such as the Samsung French Door Refrigerator with the 'Convertible Zone,' or you may end up with no refrigerator.
2) Drapes, Curtains and Blinds
Although the custom in most markets is to leave all window coverings with the new owner, in some instances there are custom-made decorative drapes the home seller might exclude from the sale if nothing is said. If drapes are important to you, be sure to have your agent specify 'existing window coverings' in writing.
3) Personal Property
Seldom does personal property stay with the house. If there is a chair, mirror or table you believe fits the house perfectly, make a purchase offer to the seller. If your offer is accepted, have your real estate agent put it in writing.
4) Smart and Flat Screen Television Sets
The home you want to purchase may have a big-screen television mounted on the wall with no visible wires, but don't expect it to be left for you to enjoy. The expensive mounting brackets also belong to the seller unless you are able to negotiate a deal. Any agreements to purchase items in a home must be put in writing. There are many stories of buyers not getting something they expected because it wasn't in writing.
5) Buying a Foreclosure Home
Usually you are buying a home 'as is' when it is in foreclosure, and the previous owners may remove the bathroom and kitchen fixtures, lights, drapes and anything else they can take before vacating the home. Know what you are getting and how much you will have to replace.
Having all of the 'wanted item' inclusions detailed in writing can eliminate some of the headaches of buying a home, and you can go to your closing knowing you are getting everything you and the seller agreed upon.
Canforce Mortgage Inc. Greenwood, NS
Jennifer Gaudet, Owner/ Broker
Military Mortgage Broker
Jennifer Gaudet
Associate Mortgage Broker - Military Mortgage Specialist
- 902-824-2906
- jennifer@jennifergaudet.ca
- Licence # 2024-3000814
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