US house prices fell by a record 19% in January compared with a year earlier, according to a closely-watched index. American house prices have dropped by nearly fifth – a new record – in the year to January, figures show. The Standard & Poor’s/Case-Shiller index of 20 major cities tumbled by 19%, the largest decline since the index started in 2000, and the 10-city index dropped by 19.4% – also a new record. All 20 cities in the report showed … Read More

(Source: Calgary Herald) Calgary’s industrial real estate market remains active and is expected to remain stable over the next six to 12 months despite the current global economic turmoil, says a report by Colliers International. The commercial real estate firm’s industrial forecast for 2009 said “with high volumes of new construction coming on-stream in the start of 2009, the forecast for speculative construction activity in the remainder of the year is expected to be relatively quiet.” “For 2009 and beyond, … Read More

(Source: Wall Street Journal) Is it the right time to buy a house? Weak but positive glimmers in the housing market over the past few days have left many renters wondering if they should finally take the plunge into the housing market. Your age and stage of life, the thickness of your wallet, your appetite for risk and local market conditions all play into the rent-or-buy equation. Although no one’s circumstances are identical, here are some reasons to buy — … Read More

(Source: Globe and Mail) Insiders say the cancellation, delay or cutback of oil sands projects has caused many tenants, particularly the large-scale engineering and oil sands servicing firms that have driven growth in the suburbs, to cut costs, and that has put large swaths of office space back on the market. Calgary’s suburban office vacancy rate is now higher than that of other major cities, including Toronto and Vancouver, experts say. It has also risen faster than in some other … Read More

(Source: Wall Street Journal)  As restaurant chains go out of business or prune their store counts in the tough economy, competitors are jumping on the opportunity to move into the vacated locations as a way to expand quickly and cheaply. Restaurants can convert their competitors’ closed sites to their own brands at a lower cost than building new restaurants from scratch, industry executives note. Incoming businesses also have the upper hand in negotiating rents with landlords stuck with empty restaurant … Read More

BuzzBuzzHomeMarch 31, 2009 Canadians are starting to take advantage of Las Vegas’ depressed real estate market, for a second home. Local real estate professionals say more people from Canada are buying Vegas homes because of falling prices. According to “Home Builders Research,” the median home price has dropped by roughly $90,000 in the past-year. The company further states that the lower prices for new and existing homes gives Las Vegas a better chance to compete with Phoenix, Canadians’ favourite winter … Read More

(Source: CNN Money) In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, the coalition of lenders, investors and community advocacy groups put together to combat the foreclosure plague. But in spite of these efforts, the number of foreclosures started in February rose to 243,000 from 217,000 in January. About 87,000 homes were repossessed by banks during February, a 28% jump from the 68,000 foreclosures completed in January. Since the mortgage … Read More

(Source: Reuters) Sales of vacation and investment homes in the United States slipped to 30% of all transactions of existing and new homes in 2008, the National Association of Realtors said on Monday. The total share of second homes declined from 33% of all transactions in 2007, while in 2005, the peak year for home speculation, 40% of sales were second homes, the NAR said. Read the full story “Second home sales slide” at CNN.com (March 30, 2009)

(Source: Globe and Mail) Vancouver is legendary as a city that has fought to prevent buildings from intruding on its spectacular mountain backdrop and ocean setting. Unlike Calgary, which lost its chance to preserve views of the Rockies 25 years ago, or Toronto, which has allowed a highway plus a wall of condo towers to go up between the city and its lake, Vancouver set an aggressive policy almost two decades ago to protect more than two dozen designated view … Read More

“City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — exceeds the diminishing value of the real estate. The so-called bank walkaways rarely mean relief for the property owners, caught unaware months after … Read More