Searching for a New Style? Look Back to the Future

Retro, short for retrospective, is the trend for 2011. It’s a decorating style that evokes the 50’s, 60’s, 70’s, and even 80’s.   So if you’re trying to find the next big thing in interior design, look no further than the past!
Retro furniture is all about good wood, such as teak or rosewood, and great design.  Look for simple shapes, such as chairs with smooth, tapering legs, or long, low sideboards with minimal decoration.  It can be found anywhere from chic furniture stores to local thrift stores and yard sales. 
Fabric with geometric shapes and patterns can be used as drapes, table cloths, and cushion covers and they complement the simple furniture designs nicely. For the floor, shag carpeting has made a comeback, but scale it down to area rug size to maintain a balance in design.
Shine a light on your retro motif with throwback lamps.  Lamps with long, narrow, and articulated necks are popular again, as are lamps with multiple bulbs that can be pointed in different directions.  The 60’s lava lamps have made a re-appearance, as well as pendant lights, which come in all shapes, finishes and colours. 
As for accessories, retro is colourful and definitely eye-catching.  For the kitchen, look for melamine dishes, vintage Pyrex in vivid yellow, green or turquoise and ceramic containers with wooden tops.  Consider a sunburst clock in the living room if you have a plain wall begging for attention.
If your style is contemporary, retro is particularly effective.  Pronounce a single wall of your room with a 1950’s or 60’s graphic-print wallpaper, pick a colour from the pattern and co-ordinate fabrics and paint for a contemporary fusion.   Wall graphics or giant stickers, are an alternative to wallpaper – simply chose your pattern, peel them off and be creative! 
Retro is a fun style and is especially effective with just one or two pieces.  As well as creating interest, you’re adding a slice of history to your home.

Housing cools as sellers hold back.

Housing cools as sellers hold back. Too many people who are listing are expecting prices well above the market. The hot housing market that powered the country's post-recession recovery is slowing to a crawl.

The Canadian Real Estate Association said sales dropped and prices moderated in January, with the weakness spread among more than half of the country's cities. Sales in Vancouver and Toronto slowed to a crawl, with few houses available to would-be buyers.

The low number of listings means there could be a rush of sellers trying to capitalize on the spring market, keeping a lid on the bidding wars that have driven prices sharply higher in some of the country's largest markets.

“There is really a lack of product,” said Phil Soper, president of Brookfield Residential Real Estate Services, which operates Royal LePage. “We expect that to pick up considerably, and by the end of March Break you'll really be able to gauge the Canadian market's health. Or lack of health.”

Canada's sizzling property market has made headlines around the world, and so far defied some predictions that it's a debt-fuelled bubble bound to pop. Forecasts for home prices for the next several years vary wildly – with economists and analysts predicting everything from a 25 per cent drop to modest gains.

The latest figures suggest a levelling off. Home sales across the country were down 4.5 per cent in January from December, the sharpest monthly decline since July, 2010.

Average prices were 2 per cent higher than a year ago at $348,178, the smallest year-over-year increase in the past year.It's not the first sign that the much-talked-about slowdown may have arrived.The Teranet-National Bank index, an alternative measure of price gains that lags CREA by several months, showed prices dipped 0.2 per cent in November, marking the first drop since the fall of 2010.

In Toronto, the bidding wars have largely given way to a market where houses sit longer and sell for closer to their asking price, said Richard Silver, president of the Toronto Real Estate Board. But hot neighbourhoods continue to fetch top dollar, especially considering the lack of listings.
Matthew Slutsky, chief executive officer of real estate site BuzzBuzzHome.com, has been trying to buy a house in one downtown neighbourhood for months. Along with his wife Carlie Brand, he's been popping letters in mailboxes imploring their owners to consider a sale.

“I really hope it's the calm before the storm and more listings pop up,” he said. “Right now it feels like we are auditioning for a house, and I don't know if I want to wait and see what happens in the spring.”

There's been a sense of unease surrounding Canada's housing market for more than a year. The federal government tightened its mortgage qualification requirements to try to prevent buyers from taking on too much debt in a low-interest-rate environment, and the Bank of Canada has issued a steady stream of warnings about high levels of household debt.

The fear is that rates will rise as the economy improves, and many people who could afford their house when interest rates were low may find those same houses unaffordable as rates rise. Financial turmoil in Europe also has many market watchers concerned, with any default in Greece expected to have ripple effects around the world.

Lenders such as Gerry Soloway, CEO of Home Capital Corp., have cautiously tightened their lending standards in recent months as the economy wobbled. But he doesn't see prices crashing any time soon, even if things slow down considerably. “I just don't see the catalyst for a big price drop,” he said.It's a theory echoed by Ross McCredie, CEO of Sotheby's International Realty Canada, who recently had 16 buyers check out a $2.5-million home in Toronto.

“We are finding if the home is priced right and a quality home, it is moving fairly quick,” he said. “Too many people who are listing are expecting prices well above the market. We are spending a lot of time with our agents to ensure we are only taking on listings at the right price.”

Steve Ladurantaye
Globe and Mail


http://www.linkedin.com/redirect?url=http%3A%2F%2Ft%2Eco%2FlyK5L258&urlhash=ue5L&_t=NUS_UNIU_SHARE-lnk&trk=NUS_UNIU_SHARE-lnk

HAPPY VALENTINE'S DAY EVERYONE!

Back in Canada - in need of a home....Proof of income, credit worthiness needed for a mortgage

If you have spent some, or perhaps all, of your working life away from Canada, coming back to this country and buying a home can pose challenges.

As with any customer, a lender will want proof of income and credit worthiness before approving a mortgage. "They are required to prove they have already secured employment," says Ayaz Bhanji, a mortgage broker with Mortgage Intelligence in TO.

If you worked in Canada prior to moving overseas, or used a Canadian credit card, you will likely have a credit rating in this country, Mr. Bhanji says.

"In the absence of that, banks would be willing to look at credit references from the country where they were working indicating they had been dealing with them for several years and their credit ratings were satisfactory," he says.

David Kuo, district vice-president for Toronto at HSBC Canada says using an international bank can facilitate credit checking, as well as ease international money transfers.

"Sometimes they see a house they like in Canada and they might need to put a deposit down right away," Mr. Kuo says. If they have already left their previous country of residence, it can be difficult for them to verify a money transfer.

Strict money anti-laundering rules mean Canadian banks must know exactly where the money for your deposit has come from.

"For a large amount of funds being transferred into a Canadian account, the bank will need verification as to what the source of those funds were," Mr. Bhanji explains. "Some kind of paperwork that shows, say, they had property in Europe and they've sold it and these are the proceeds. A wire transfer from the originating bank helps as well."

Mr. Bhanji says if a buyer has more than 20% to put down and does not need an insured mortgage, some lenders will allow a degree of flexibility as the returning Canadian gets re-established in the country.

"When we have a returning Canadian in a professional field who expects to be employed soon and has a minimum 20% down payment, because the mortgage does not need to be insured, the lender is able to exercise their own judgement," Mr. Bhanji says. "If they have good credit history, 20% to 25% down - so more liquidity - the risk for the lender is much smaller than for a high-ratio mortgage. They may request you deposit six months' mortgage payments in an account and they will register a small lien within the bank. Those [funds] are a back-up security for the lender."

Mr. Kuo says many customers do not bring all their money back to Canada at one time. Such clients can benefit from having part of their mortgage closed at a low fixed rate and another portion at a higher rate, but open for early repayment.

"For example, the mortgage is $200,000 and I might have $50,000 slowly coming in from selling a property overseas," Mr. Kuo says. "I would lock in $150,000 [to a low fixed rate] and leave the $50,000 as an open mortgage or line of credit."

© Copyright (c) National Post

SPRING MARKET

 La valeur de réalisation réelle de votre propriété est comme tout autre type d'investissement. Il est nécessaire de la controler. Tous les propriétaires devraient faire évaluer cet avoir propre une fois l'an. Le moment idéal ne serait-il pas maintenant?

The equity in your home is like any other investment. It needs to be monitored. All homeowners should have their equity evaluated once a year. Now may be the perfect time.

Thinking of selling? Call us for a free market evaluation. 

Paul & Diane Laflamme

Courtiers immobilier

Royal LePage Village

514.715.4514

FOLLOW ME

 Royal LePage Quebec Awards Gala

February 3, 2012

Follow me on Twitter.

https://twitter.com/#!/DianeLaflamme/

ROYAL LEPAGE QUEBEC AWARDS GALA

Paul and Diane Laflamme

Courtiers immobilier

Royal LePage Village

The annual Royal LePage Awards Gala was held at The Chateau Royale, Laval on Friday, February 3rd. It was a successful evening as Royal LePage went all out to celebrate the performance of the top Brokers in Quebec.
Paul and I would like to personally thank Royal LePage Village for treating us to a first class event.  We are thrilled to be working under the umbrella of Royal LePage Village and would like to acknowledge the fact that we very much enjoy working with our collegues in Hudson, L'Ile-Perrot and West Island. It was an honour to attend this fabulous evening!


The majority of our business originates from repeat clients and referrals. We would like to sincerely thank our friends and clients - and clients who have become friends, for choosing us to buy or sell their homes. It is our pleasure to help you.

Paul and Diane Laflamme

Branchés sur votre communauté

Connected to your community

Grandma's Coming To Live With Us

Grandma’s Coming to Live with Us
When different generations live together under the same roof it can be a very rewarding experience for all members of the family. Sitting down together to have a meal, talk, or watch a movie is a great way to keep a family close.  However, everyone likes to have their own space now and then, so if you’re planning a home renovation to accommodate grandparents, here are some tips to ensure that the new space is comfortable and senior-safe.
Kitchen. If your renovations include a small kitchen, keep it simple with a counter top range, microwave, toaster and electric kettle.  Heavy items should be stored in lower cupboards, and a non-slip footstool should be handy for easy access to upper shelves.
Bathroom. When possible, it would be ideal for grandma to have her own bathroom.  Walk-in showers are easier than tubs for elderly people to get in and out of. For added safety install some slip grips on the floor and put in a shower bench and hand held showerhead.  A toilet riser base, plus a grab bar on the wall, will make life easier and safer for grandma too.
Fall Prevention. Falls are one of the biggest worries for seniors, and the major tripping hazards are pets, wires and rugs. For this reason, thick cushioned carpeting is preferable to slippery rugs or hardwood flooring.  To reduce the risk of accidents keep rooms and high-traffic areas clutter-free.
Furniture Safety. Secure bookcases and heavy furniture to the walls and try to avoid furniture with sharp corners; choose round or oval tables if possible.  Grandma will likely want to keep some familiar pieces, but depending on the size of her new place in your home, it may be wise to share excess furniture with other family members, put it in storage, or even sell it.
If a grandparent is relocating to an entirely new area to move in with you, try to make the transition as comfortable and enjoyable as possible. Consider looking into senior programs in your community. A good starting point may be your local Recreation Centre. Everyone likes company in their own age group from time to time, and if grandma is happy, you’ll be happy too!

Canadian Job Market Weakest Ever - CIBC Says

The latest data show that the employment market in Canada is the weakest it’s ever been.
According to a CIBC index more and more Canadians are working for themselves.  Many fewer are able to secure full-time employment, the rate of which has slowed down considerably. The loss of jobs is made worse by the lessening of the quality of the few jobs that are available.
The employment quality index has fallen over one whole point from 2011. Year-over-year, the greatest drops were seen in Ontario, and the greatest growth in employment was seen in Alberta.

CIBC says that the “quality and quantity of jobs are falling in tandem.”  The surge of self-employment does much to mask the health of the overall economy, as these jobs are often less stable, and produce less revenue.

The report says, “From a quality perspective, the surge in self-employment reduces the overall quality of employment—largely due to the fact that, on average, a self-employed person earns 10%-15% less than a regular employee.”

CIBC warns too that, while the Real Estate market is not expected to crash, they fully expect it to slow down, the impact of which will be substantial on the overall economy.

“While a housing market crash is not in the cards, it’s likely that real estate activity will level off soon. But even if house prices land softly, the impact on the economy in general, and construction jobs in particular, will be far from gentle. Real estate has been an important engine of economic activity, with the number of high quality construction jobs rising by 3.5% in 2011.

That is more than double the pace of employment gains seen in the economy as a whole. That momentum will be lost when the housing market levels off,” the report says.
With the economy expected to soften as well, CIBC feels that prospects for a robust employment picture in the short term are few.

 http://propertywire.ca/news/national-news/1679-canadian-job-market-weakest-ever-cibc.html

Why it’s a good time to buy a home

Look no further, Canada is a safe haven in a volatile world 

by  Mark Weisleder

I believe there has never been a better time to buy a home. I’ve been in the industry for 28 years as a lawyer and I haven’t seen so many positive signs for housing, whether you are thinking or buying or locking in a mortgage.

Here’s why:
Mortgage rates at historic lows: They can’t get any lower. Four- to five-year fixed mortgages at 3 per cent are unheard of. It is lower than the variable rate that most Canadians have been paying for years. Rates have nowhere to go but up, either later this year or next. If you are paying a variable % rate, lock in now.

Canada’s appeal: This country has everything going for it — a stable banking and political environment, steady real estate market, the natural resources people want and few social tensions. That makes us a safe haven in a volatile world.

Our immigrant draw: Because of the above, we’re a draw for immigrants, often wealthy ones. When they get here, they need a home. So in my view while the real estate market may level off in some areas of Ontario, it should stay strong in most of the GTA and likely Canada’s other large urban centres as well.

Mortgage defaults: According to CMHC, more than 99 per cent of Canadians pay their mortgages on time. It’s quite a different picture in the United States where 7 million homes are in foreclosure and perhaps another 7 million homeowners are under water. This represents almost 15 per cent of all homes. So while the American housing market will likely be weak for the next few years, this should not occur in Canada. Our banks are not dumping homes onto the market, so there is no downward pressure on prices.

Recourse Mortgages: In many U.S. states, if you can’t pay your mortgage, the only thing the bank can do is foreclose; they cannot sue you for any shortfall. So when homes go under water, owners give the keys back to the bank. In Canada, loans are almost all Recourse, meaning if you don’t pay and there is a shortfall, the lender can sue you for the difference. This is another reason why, in my opinion, even if times do get tough, Canadian homeowners will find a way to make the payments until things improve.

Income-to-price ratio: Another misleading statistic is that in major markets, like Toronto, the average price of a home is now 4.6 times the income of the average Canadian. This same statistic was found just before the U.S. and U.K. markets went into the tank. However, if you look at median incomes of Canadians against the median cost of homes, this average comes down to around 3.5, which is not dangerous. Using averages are wrong. A person receiving social assistance will not buy a home, and should not be included in any relevant statistic.

High consumer debt: The warnings about rising debt ratios must be examined carefully. The governor of the Bank of Canada is worried that the average personal debt ratio is now 156 per cent in Canada. This means a household making $100,000 per year, owes $156,000, two-thirds of which is mortgage debt. Why is this so bad? At an interest rate of 3 or even 5 per cent, the amount needed to service the debt is manageable. Most people do not pay off their mortgages in one year. Still, this is another good reason to consolidate your debt now, at these low interest rates, and lock in.

No guarantees: Nobody can predict the future and there’s always the possibility of a major economic shock. Yet, in a U.S. presidential election year, politicians will do whatever is necessary to prevent it. If the economy goes into the tank, so do re-election chances. The U.S. is already showing signs of economic recovery.
No matter what, do not take on a monthly payment higher than what you can afford. Meet with your lender or mortgage broker in advance to figure out what you can afford before you start looking for a home. It may be the best time to buy, but you need to buy smart.

Mark Weisleder is a lawyer, columnist, author and speaker to the real estate industry. You can contact Mark at mark@markweisleder.com

Parts of Canadian Housing Over Valued: Mark Carney

The Bank of Canada is joining the chorus of voices that are saying some markets in Canada are overvalued, and possibly in danger of correction.

In an interview broadcast on CTV over the weekend, Mark Carney weighed on the danger of overheating markets, and touched on the possibility of government intervention.
In the interview, Carney said that he believes that measures taken to date to tighten the mortgage market have been effective, and at this point in time more is not necessary. However, with the continued existence of low interest rates, the possibility of an asset bubble in some vulnerable centres, with home equity possibly over leveraged does exist- and does cause some concern.

Carney is not ruling out intervention, but said that they were very much adopting a “wait and see” policy. Last week Jim Flaherty told reporters that, while there is potential concern still existing in the Canadian property market, and while the government is certainly keeping a close eye on the situation, intervention at this point in time is likely not necessary.

Many have predicted that 2012 will see a cooling in the housing market, despite a continuation of low interest rates.  Threats from a dragging economy, recessionary trouble in Europe and fears over employment will cause the market that has been robust to moderate.

Those analysts that have predicted market moderation are largely feeling that overvalued markets will not crash necessarily, but will land softly, and that market values will drift down gradually due to market fundamentals that exist already.

Some do feel that the market will continue to shine this year. Royal LePage predicts that the market will continue to climb in 2012 and that a gradual market slowdown will not even appear until 2013, which is when most put the next rate hike at.

In his CTV interview, Carney commented on the fragility of the export relationship with the US, and that Canadian exporters should seek out alternative partners, as trouble continues to brew in the US.

www:propertywire.com

EUROPE BIGGEST THREAT TO CANADIAN ECONOMY

We know the effect of economic slowdown in Canada, and Mark Carney says that he is fairly certain of the cause as well.

In their quarterly monetary report, the Bank of Canada said that the Euro zone and the recession that they are encountering is the single biggest threat that faces the Canadian economy at the moment. And this is no idle threat either- there has been, and will continue to be, significant impact on the Canadian economy.
Carney estimates the loss in output this year will be in the range of $10 Billion.

Other countries around the world are essentially footing the bill for the financial carnage that continues to run through the troubled Euro zone. Carney puts the cost at around 0.6% of the Canadian GDP. Furthermore, the cost could mount significantly if the financial fallout is not fully contained by European leaders, who have shown a bewildering complacence.

The report says, “The outlook for the global economy has deteriorated and uncertainty has increased since October. The sovereign debt crisis in Europe has intensified, conditions in international financial markets have tightened and risk aversion has risen. The recession in Europe is now expected to be deeper and longer than the Bank had anticipated. The Bank continues to assume that European authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks.”

At a press conference following the release of the report, Carney told reporters: “"Europe is the biggest external threat to Canada without question."
Carney went on to say that, even though Canada is essentially doing much that is right and responsible to manage the economy, these headwinds persist and continue to land impact, through no fault of a direct action or inaction domestically speaking.

While Canada does continue to feel some pain from the troubles that continue in Europe, we do suffer less than some countries like the U.S., because the Canadian exposure to the threatened European banks is limited.

With the force of these headwinds continuing to blow, the BOC does not expect the economy to return to full capacity until 2013.
“The Bank estimates that the economy grew by 2.4 per cent in 2011 and projects that it will grow by 2.0 per cent in 2012 and 2.8 per cent in 2013. While the economy appears to be operating with less slack than previously assumed, given the more modest growth profile, the economy is only anticipated to return to full capacity by the third quarter of 2013, one quarter earlier than was expected in October.”

 http://www.propertywire.ca/news/national-news/1662-europe-biggest-threat-to-canadian-economy-boc.html