Daily Market Update

New employment opportunities set to boost north BC housing demands… Why we should follow the UK in using mortgage brokers more… And soldier wins first battle in housing war with the government.

Employment Opportunities Could Boost Housing in the North

Booming employment certainly keeps the housing market buoyant and experts are predicting a huge growth in jobs in the northern areas of British Columbia before the end of this decade. This could mean a million being added to the region’s workforce and that will have an effect on housing. The requirements for workers in towns like Kitimat, where three large LNG plants are proposed, will run into many thousands and the skills needed are across the board. Northern BC is likely to attract young professionals and skilled labor too with shortages in some trades already causing issues. Read the full story.
Canadian City Building Expertise Should Be Exported
Even in a world of different climates and cultures, many of the issues of building and running a city are global. With more and more people choosing (or perhaps having no alternative to) urban living, problems of high unemployment, environmental concerns and poor housing stock are not universally tackled effectively. Canada, though, is considered one of the world leaders in city building and this expertise should be exported according to Toronto’s Chief Planner, Jennifer Keesmat. Read the full story.
Make The Switch For A Better Deal
The big six banks are experiencing booming profits and surveys suggest Canadians -- who are normally adept at hunting down a bargain -- are not likely to switch banks to achieve a better deal. Very often, though, those who are renewing a mortgage will get a poor deal from their existing lender and would be far better seeking a new lender and benefitting from those rates offered to first timers and new customers. While UK homebuyers will usually use a broker to find the best rate (around 70 per cent do) in Canada its reported that only 20-30 per cent do the same and it means they frequently end up at the mercy of the lenders and paying more than they should. Read the full story.
Soldier Gets Review into Order That Lost Him $88,000 on Home Sale
It’s an occupational hazard of being in the military but when forced to move home for operational reasons, soldiers are meant to be compensated if moving from an area where the market is depressed. Major Marcus Brauer was awarded just $15,000 by a federal court in Halifax after being forced to sell his Alberta home with a resulting loss of $88,000.  He was told by the Treasury Board Secretariat that he had not been living in a depressed market area by deciding his Bon Accord home was in Edmonton. However, in what’s believed to be the first case of its kind, Brauer has now been awarded a review into his case on the basis that Bon Accord is a separate community to Edmonton. Read the full story.