Canada Biggest Jump in New Home Prices Since Jan08

New data released yesterday (Thursday) by the federal agency Statistics Canada (Statscan) showed new home prices rising in September faster than at any time since the beginning of 2008. The positive reading of 0.5 percent surprised market observers and is yet another in a string of recent indicators reflecting on the country's strong housing market.

As a result the year-on-year decline in prices eased from 3.1 percent in August to 2.7 percent in September.

Vancouver and Ottawa-Gatineau lead the way with 1.4 percent and 1 percent rises respectively while Windsor, Ontario recorded the biggest decline. Statscan said the jump in the new housing price index was largely due to improving market conditions and consumer confidence.

n the same month permits for housing construction jumped 9.4 percent and the federal housing agency CMHC is looking for a 26 percent rise next year in Toronto.Stewart Hall, markets strategist at HSBC Canada said sales were above pre-crisis peak levels, citing pent-up demand and rock-bottom interest rates as market drivers. Writing to clients he reported "Real estate has been the economic surprise of 2009....Today's new home price data seems to be pointing to an inflection point."

Thomson Reuters noted that the 0.5 percent rise beat the forecast of every single one of 15 analysts polled.

However housing market buoyancy is not yet reflected in other sectors of the economy, with some recent data questioning a wider economic recovery, and throwing into doubt the Bank of Canada's prediction of 2 percent annual growth in the third quarter.

Exports are expected to be weak, and a second Thomson Reuters poll is predicting a merchandise trade deficit of C$1.75 billion in September. We will soon see if the trade figures, due out later today, will follow housing and surprise to the upside. Even weakness in this sector could add to house-buying momentum if it persuades the Canadian Central Bank to delay interest rate rises.

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International Real estate

The overseas property and international real estate market has continued to suffer from the current credit crunch as more people tighten their purse strings to ride out the financial storm.

Buying real estate on an international basis has always proved a sure winner for the serious overseas property and real estate investor but recent figures have shown a slow down in the international investors forums.

Having said that, for those able to take advantage of the current market situation there are some amazing bargains to be had in the international arena.

The Celebration Group have a great development called Cane Island some 4 miles from Disney in Florida where the properties come completely furnished, with a 70% mortgage in place and a rental pool capable of returning sufficient funds to cover your overseas mortgage payments.

Other investment property abroad are available in many countries and we reccommend that you look around especially if you are in a position to be able to proceed in this current climate.

We would be interested to hear your comments on how the credit crunch is affecting your business or private life.

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Investment Property in Cyprus

This islands nation has been the toast of the British investor for decades. Cyprus is, indeed, an attractive country as well as a popular real estate investment destination offering property for sale in Cyprus to the many investors looking to acquire their own piece of Cyprus. With all year round sunshine, Cyprus rocks to the tunes of visitors from all over the world flocking in to this tiny Mediterranean island.

Moreover, there’s no such time as ‘lean period’ as regards to the influx of tourists in the country is concerned. Miles and miles of pristine beaches in the country ensure there is no shortage of activities to be indulged in by the visitors at any time of the year. Overall, Cyprus is like a pocket-sized dynamo for the real estate investors all across Europe.

Property Investment Opportunities in Cyprus

Since the country joined the European Union (EU) in 2004, the fortunes of Cyprus real estate are on an upswing. Not only with holiday-seekers, but second home buyers now are also flocking to the country mainly due to the excellent climate and large English-speaking population. Although Cypriot Greek is the preferred language here, the majority of people understand and speak English with considerable ease and as a bonus they also drive on the same side of the road as the UK.

Cyprus has no shortage of investment property opportunities all across the country. However, the hottest regions from the property investment point of view include property and areas like:

apartments in Paphos,
Larnaca property
Limassol apartments
North Cyprus Property

and many more regions including Protaras, Kyrenia, and Famagusta. These places have witnessed maximum activity in terms of real estate transactions over the past few years. Investors have shown tremendous faith in these areas due to their potential to offer high returns. Moreover, these are either tourist spots or in proximity to the hotspots of the country. Therefore, you can easily expect a consistent rental income from vacation properties in these towns.

The prices of real estate in Cyprus are on a lower pedestal compared to the UK real estate prices. Apartments in Larnaca are available from £100K, and a separate dwelling (residential home) can be yours for £250K. The Paphos region is comparatively cheaper than Larnaca and Northern Cyprus has properties well below £50K.

The range of properties available for investment purposes in Cyprus include villas, mansions, residential homes, and holiday property. All of these properties are in great demand from the domestic as well as international investors. However, the membership of the EU brings in a large number of European investors into the countries real estate portfolio. Therefore, there’s an added incentive for British investors, having an opportunity to share the neighbourhood with fellow countrymen and other Europeans!

The rollicking property scenario in Cyprus is as much attributable to the long coastline as it is to the vine-blessed mountainous region, which is famous for its Cypriot wine. The country has a certain degree of historical significance also and you can visit the remnants of Roman and Greek civilization spread all across the country. The capital city of Nicosia is particularly popular among the real estate investors in Cyprus due to its ultra modern lifestyle and easy accessibility to the leading business and commercial centres in the country.

Cyprus is also a strategic base for several nations. This is the reason that Turkey is a part of the North Coast of the country. Though the area is disputed and awaiting settlement, it doesn’t flare up into any kind of violent turmoil. Peace despite serious situation here is also a contributing factor for the investors interest in the area.

Administrative Convenience in investing in Cyprus

The government of Cyprus is in an overdrive in order to promote property investment climate in the country. The laws, bylaws, rules and regulations concerning real estate in the country are already on an easing road. While investing in Cyprus, make sure you are always on the lookout for VAT-exempt properties and strike really outrageous bargains on some of the prime properties in the country. Banks and financial institutions are also trying their best to make loans more lucrative and accessible for small investors.

Cyprus follows common rules and principles for real estate investment that are adding to the English legal system. The understanding of the UK property laws come in handy if you are planning to invest in Cyprus.

Cyprus is in a developmental mode, and this gives rise to certain economic disparities in the country. Additionally, Cyprus has one of the lowest average salaries in Europe, which acts as a double-edged sword. On the one-hand, it brings lots of employment opportunities in the country, also, there is an ever-growing gulf between the rich and poor. Though poverty is not a very big issue at present, the government hopes to address it before it escalates out of hand.

Cyprus is considered to be one of the easiest countries to invest with not many hurdles for foreign investors. However, it will still be advisable if you hire a local attorney to handle all the legal and administrative paperwork in order to peacefully own and enjoy a Cypriot property.

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Property for sale by Owner - pros and cons

Advantages and Disadvantages of FSBO

Selling Property Abroad Add yours here >>

Primarily, there are two choices for potential property buyers – either explore the listings with Real Estate Agents or try out the For Sale By Owners (FSBO) market. The reasons for selling the property may be many, but the modes of selling are mostly these two. Obviously, both of these modes have their pros and cons but as a buyer, you must know the ins and outs of the concept of FSBO before deciding to buy property directly from the owners.

Click here to view the 10 Most Recently Added Property for Sale by Owners >>

Here are afew things you need to know about property for sale by owners to help you make an informed opinion about the actual transaction.

Advantages of buying property from owners direct

Buying property directly from the owner entails immense benefits for the buyer. These benefits include –

No Commission: Buying any property that does not involve a real estate agent is financially beneficial for both buyers as well as the sellers. It saves a hefty commission amount for both parties of the transaction, who would’ve otherwise spent a large amount of money as the Agent’s cut or Real Estate Agent’s Commission. The percentage of this commission varies from country to country and agent to agent, but invariably, this amount is significant and could very well pinch the budget investors.

No Heckling: From The Agents: If you are dealing through a real estate agent, chances are that you will be constantly heckled and convinced by the agent into buying ‘A’ or ‘B’ property. The only motive they have is commission from both the buyer and seller, while you may have several other considerations and requirements to meet before you actually finalize your purchase. For instance, mortgage conditions, arrangement of finances, sale of another property to meet financial requirements etc. Amidst all this, if the real estate agent constantly heckles you, the transaction seems more of a burden and invariably, wrong deals are entered into in such a hurry.

More Choices: With real estate agents, you are offered a limited choice of properties to choose from. But the FSBO listing can have numerous choices for the buyers. And moreover, you are free to choose and explore the properties at your own convenience, unlike the dealings with real estate agents in which you are bound by the timings and convenience of the agent.

More Scope For Bargaining: Rest assured, most of the time, the FSBO properties are priced on a higher scale than the actual market price. This gives you more chance for bargaining by showing the seller the prevailing prices. Moreover, while you are dealing directly with the owner, this gives you a better handle over the negotiations than dealing through an interlocutor (read ‘real estate agent’).

Chance To Strike Outrageous Deals: One of the primary reasons for the owners to sell the property directly is the requirement for immediate cash to meet personal committments.

Disadvantages of buying property direct from owners

Along with the benefits, there are some crucial disadvantages associated with buying property directly from the owner. These pitfalls include:

Price Uncertainty: Dealing with a real estate agent gives you an ample idea about the approximate prevailing prices of the desired property. However, buying property FSBO may not give such a luxury to the buyers, as the owners usually tend to overprice their property. Of course, the bargaining option is always available, but if you don't know the trends and prevailing market price, it's difficult to effectively bargain also.

No Expert Advise Available: The FSBO property is not open to any kind of advise by the real estate experts simply because they don't have access to these properties. The condition, location, scope for appreciation etc. are all important aspects for any property. And you have to rely on your own instincts and acquired knowledge while dealing with FSBO properties.

No Expert Assistance Available: A good real estate agent helps you all the way till the registration process is complete. These services are vital especially for the overseas investors who don't have much acquaintance with the country or region. However, you will alone in the case of buying property FSBO. You will ll have to extend time, energy and money to hire a local attorney or other specialist's to guide you in the peculiar procedure of the registration of a property.

Lack of Technical Expertise on the Part of Owner: An owner of the house may not be aware about the actual covered area of each portion of the house. And moreover, the measurements of individual rooms, kitchen, bathroom etc. are, generally, unknown to the owners. This is an expert's job and only a skilful real estate agent can tell you the accurate measurements and details about the property in question.

These are some of the important aspects that a potential buyer of the property FSBO should be aware of. Otherwise, there is no rule of thumb as to whether you should buy property FSBO or not.

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property in Romania

The new property investment area is Romania with its acceptance into the EU. Romanian real estate will become very hot property in the coming years. With areas like Arad, Bucharest and Brasov all providing good returns on investment for property in Romania. I myself purchased two properties in Arad two years ago. At the time I was a bit sceptical about the area and looked at many other areas in different countries across Europe, in the end I decided to take the risk and went ahead with my initial plans as the properties were so cheap. Now I find myself the proud owner of two fantstic properties ideally located in this developing city centre. Property Prices are rising but they are still at bargain prices, check out this new development in Brasov Romania... They sound ecellent!! My advice is to buy, buy, buy and do it now! It is a marvellous investment which could see you sitting pretty in a few years time!

Posted to us by Roger in Arad... Cheers Roger!

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