Daily Market Update

Figures due this week are predicted to indicate the start of the ‘soft landing’… Urban home prices give boost to cottage country… And the harsh winter is still affecting our homes, this time it’s ants!

Daily Market Update
Is this the week it begins to slow down?
There are two key indicators for the housing market due this week; and predictions are that they will see some cooling after the prolonged hot spell. Today (Monday) Statistics Canada will publish figures on building permits for May and although analysts say there will be an increase (up to 3 per cent from April’s 1.1 per cent) they believe the boost will come from commercial property. There is also expectation that the monthly report from Canada Housing and Mortgage Corporation will show fewer new housing starts in June. This certainly isn’t cause for panic; the expectation is that these two sets of figures will give credibility to the view of many economists and the government that the market is heading for a ‘soft landing’. Read the full story.

Urban price increases boosting cottage ownership
City dwellers who also enjoy some recreational time out of town are finding that dual lifestyle even more affordable. Seemingly unworried by the threat of higher interest rates or the bursting of a potential housing bubble, urban homeowners are using equity in their main home to purchase that dream cottage property. Realtors are reporting volumes of sales at pre-recession levels throughout much of Canada, but there is a potential issue that could disrupt this growth – the soaring loonie. A low Canadian dollar has made many buyers look for domestic property rather than heading south of the border, but with exchange rates now 94 US cents to the Canadian dollar, we may see that switch. Read the full story.

Harsh winter was good for something – ants!
Homeowners are being warned of an increase in carpenter ants, and the harsh winter is being blamed for their numbers. It seems that the little critters thrive in heavy snowfall as their hibernation conditions are more insulated. It’s led to a much higher number of ants than we’d normally get and they certainly love our homes! They don’t eat wood, but they make their nests in it, weakening structures in their wake. Pest experts say that by the time you see the ants the damage to your property may already have been done. Older property and mature neighbourhoods are particular favourites of ants and currently rises in numbers are being reported in Ontario and Nova Scotia. Read the full story.

Mortgage fraudster escapes jail
A former mini-home business president from Dartmouth will not be going to jail after being convicted of using fake documents to obtain a mortgage.  Gary Gordon Harpell will instead be under house arrest for five months before being under curfew for a further five months. Overall he was handed a 15-month conditional sentence and a year’s probation. He was also ordered to repay over $160,000 in mortgage funds and legal fees. Read the full story.