Ten ways you can avoid being fleeced

 

Avoid scams by asking right questions

 

By MARTIN PELLETIER, Financial Post March 14, 2012

Read more: http://www.montrealgazette.com/news/ways+avoid+being+fleeced/6298137/story.html#ixzz1pCkgk7Sh

A couple of years ago upon the birth of our second child, my wife convinced me that it was finally time to sell my two-door sports car and buy a minivan. After a couple of sleepless nights thinking about it on the couch, I agreed and placed an ad in the newspaper.
I received an offer over the phone from someone out of province who was going to fly in, potentially buy the car and drive it home. He liked the car and after the test drive he asked if I would like to go to the bank with him to conclude the sale. The teller prepared the draft and I handed him the keys and the bill of sale to conclude the transaction.
After immediately depositing the draft (we had accounts at the same bank), the teller said that I must have done my homework because a common fraud is when an out-of-towner buys a car with a fake bank draft and drives off with the car before the seller makes it to the bank.
It was quite fortunate I decided to go to the bank with the purchaser, because I had no idea about this type of scam - not surprising given my infrequency of selling cars. Many Canadians have not been so fortunate.
During our many years in the investment business, we've read and heard about a number of scams that investors, with the right questions and precautions, could have avoided. With that in mind, we've put together a Top 10 list of the basic rules for assessing new investment opportunities.
1) Ask if the investment is registered with a provincial securities commission or Investment Industry Regulatory Organization of Canada (IIROC). IIROC and many regulators have a check-first search engine on their websites where you can find out if the firm and the individual selling an investment are registered. If they're registered, check for past warnings or disciplinary actions. If they're not, stay away.
2) Beware of "Friends and Family" or "Hot Deal" taglines. If the investment is that good, you'll never see it because the seller would likely take it to an institutional investment manager who has much deeper pockets than you.
3) Be cautious when approached with a "great investment opportunity" from someone in your church, professional association or community group. Con man is short for confidence man and the quickest way to gain someone's confidence is to move in the same social circles and purport to share their values and ethics.
4) Unrealistic rate of return. Remember that if it sounds too good to be true, it most likely is. Most scams reel in investors with a pitch of "guaranteed" or "low risk returns" of 30% or more. Risk and investment return go hand in hand: The higher the return potential, the greater the risk.
5) Show me the money. Ask about the disclosure requirements and access to information, meaning access to regular financial statements audited by a well-known independent third-party accounting firm.
6) Never write a cheque payable to the person offering the investment. Just ask those who wrote cheques to Earl Jones or Bernie Madoff. In particular, look for a third party custodian who will hold your investment independent of the person managing the investment.

7) Always ask for specifics about the timing and process of getting your money out.
8) Stay away from any investments being offered by sales seminars, telephone pitches and unsolicited investment emails.
9) Always ask how the investment seller is getting paid and remember there is no such thing as a free lunch.
10) Finally, and most importantly, don't be afraid to show any investment to your accountant, lawyer and investment counsellor. Fraudsters will do everything they can to prevent you from doing this.
A little due diligence can go a long way toward minimizing the chance of falling victim to investment fraud. If, despite all these precautions, you still get victimized, make sure to immediately report it to the RCMP and your local provincial securities regulator. The vast majority of investment fraud and scams go unreported and continue to operate for long periods of time, drawing in even more unsuspecting people. Victims often feel embarrassed, or are afraid to report to authorities a member of their church or community. But the only way to stop investment fraud is to take action and report it immediately.
- Martin Pelletier, CFA, is a portfolio manager at Tri-Vest Wealth Counsel Ltd., a Calgary-based private client and institutional investment management firm specializing in discretionary risk managed balanced portfolios as well as specialty offerings including an oil and gas hedge fund.

© Copyright (c) The Montreal Gazette

Read more: http://www.montrealgazette.com/news/ways+avoid+being+fleeced/6298137/story.html#ixzz1pCkT1guX

Research and risk are key to buying a foreclosed home

Jason Holt and Jym Genesta in the Riverbend house they bought under foreclosure. Although there is money to be made, Holt says, buying a foreclosure doesn't make sense for everyone.

Photograph by: Ted Rhodes , Calgary Herald

After a month-long search for the perfect home to remodel, Jason Holt and Jym Genesta were eager to follow the lead of their real estate agent to a foreclosure in the southeast.
But when they walked inside the premises of a bank-owned home that was just hitting the market, the couple discovered a grisly scene.
"It was like a total CSI DNAfest in here," says Holt, a manager at IKEA, pointing out the stains on the subflooring.
What greeted them were walls formerly used as dartboards and punching bags, living quarters that had served as a hockey rink, and a colour palette that featured curry brown and shocking pink.
The foreclosure has become emblematic of our times, at least in the U.S., and stories of Canadians getting steals on distressed properties there abound. Genesta, who runs a salon in Los Angeles, was well aware of the opportunity this sort of property can present to home buyers, but wondered what value they might find here in Calgary.
On his first visit, he kept an open mind, pulled the sleeves of his cashmere sweater below his hands and cautiously peeked around the corner.
The duo uncovered a four bedroom, 3.5-bathroom family home in Riverbend, complete with a backyard next to a green space with a walking path.
"You know, Jason, it does have a lot of potential," Genesta ventured.
Holt couldn't help but agree.
As the U.S. economy spiralled down, Canadians were turning their attention south of the border.
"We had clients who were going down and buying foreclosures from the banks in big blocks," says Jeff Kahane, senior partner with Kahane Law Office in Calgary. "They were buying big houses with a pool for 25 cents on the dollar for what they're worth."
Canadians now represent 60 per cent of business for some U.S. real estate agents.
The hype surrounding foreclosure sales surfaces in Calgary as well. One bank-owned property in the northeast of the city visited by the Herald for this article was shown to 20 interested parties over the course of just three days. Yet Canada is a completely different ballpark.
"I don't see tremendous deals," says Kahane, who founded what is now one of the busiest real estate law firms in Alberta. "There's one every once in a while. . . . There's always been a rationale for it."
The biggest discounts are often former grow ops or properties that need significant work. Since foreclosures don't come with any guarantees, the risks can be jaw-dropping - and there are costs homebuyers may not have considered.
To get a Real Property Report, a survey showing property lines and structures, the new owner can expect to shell out about $700 plus $100 for a stamp of compliance from the city. And what the documentation reveals can be the real surprise.
If a garage or a fence is in the wrong place, you may have to pay for an encroachment agreement, which could cost anywhere from $500 to $20,000. Plus there's a chance you'll discover structural damage or serious mould problems after the fact.
Foreclosures can be a good buy, however, if you're purchasing with the right perspective, says Ann-Marie Lurie, chief economist with the Calgary Real Estate Board.
"It depends on your objective," she says. "Are you going to be able to buy it, hold onto it and expect those strong appreciations that we saw in the boom years? Unlikely."
At one point Lurie herself considered purchasing a foreclosure, but decided against it, realizing she wasn't interested in a fixer-upper.
A month into their reno, Holt and Genesta are still in the thick of it. They're saving a bundle doing all the labour themselves. They've ripped up the carpets, removed all the door moulding, and are constantly patching and sanding the walls. They feel lucky they haven't come across any serious problems - yet.
"You have to look beyond what you're going to walk into," Genesta says. "You make it amazing."
Having saved 17 per cent off the sale price of the average benchmark home in the area that month, and sticking to a $25,000 remodelling budget, they're confident they'll come out ahead, whether they decide to live in the house or flip it.
Holt says buying a foreclosure wouldn't make sense for every-one.
"This would be very difficult to do with children," he offers, adding necessary renovations could also present a cash-flow issue. "For most people, it takes them some time to save down payment money, let alone a whole other pot of money to then start doing renovations."
And they've started to become part of the community, too.
Neighbours wave as they drive by and pass along horrendous stories about former occupants.
"This place was a disaster," remarks Genesta. "But the thing is, would I do this again? Absolutely."
Tips for purchasing a foreclosure
- Pay for a home inspection before making an offer, if you can
- Neighbours can be an excellent resource when researching the history of the property.
- Do your homework on average sale prices for similar homes in the area
- Set a budget and stick to it
- Before making an offer, ensure financing is securely in place
- Check furnace for efficiency and gas leaks
- Do renos yourself if you have the skills, time and expertise required; obtain any city permits needed
- Seek lightly used instead of new appliances
- Home insurance may end up paying for itself
- Buy necessary items in bulk
- Search the Internet for DIY ideas to help speed up home reno projects

© Copyright (c) The Calgary Herald

 By Drew A. Penner, The Calgary Herald

BAD AT SHARING? TRY THESE 3 SOCIAL NETWORKS

By Andrea Bartz and Brenna Ehrlich - Sharing is a wonderful thing -- when executed correctly. It's super fun to share hugs (when they are wanted, it's important to note), delicious desserts and interesting, thought-provoking books but not so fun to share colds, STDs and/or upsetting, possibly dangerous secrets.
Some genres of sharing, however, are a little less black and white.
For example: When is it OK to share something rad I just found online? Am I being helpful by passing along/posting said tidbit, or am I slowly morphing into my addled mother, clogging my friends' inboxes with poems about Jesus, kitten GIFs and, if Mama has a dark side, chain letters promising certain death if not passed along to 200 people within the hour? (We wish Mom were still active. ... That was the only weapon in our arsenal.)
It's hard to tell in this expansive world wide web of ours, but certain tipoffs can be telling: 1. Does anyone respond when you post your new favorite ukulele cover to Facebook? 2. When you whine about the declining quality of model-train-collecting literature on Twitter, do you score any retweets? 3. Have you enjoyed any real, substantial human interaction in the past month or so?
If you answered "No" to any of these questions, you might be putting your precious pearls before swine. (And if you answered "No" to number three, you might want to go outside. Maybe say "hi" to the mailman).
In order to reap the praise you so certainly deserve for your expert curating abilities, might we recommend hitting up one of these three social sharing networks instead of appealing to the masses -- you know, before your digital face becomes one that only a mother could love.

1. Pinterest
Abby is your name, and antique thimbles are your game. Seriously, you're just wild about those whimsical little doodads! Sadly, not a one of your pals is quite as ardently anti-finger-pricks as you. No, they're all about the sports and the shorts, the fun and the sun, and you with your porcelain skin (and porcelain pointer covers) much more prefer quiet contemplation and hot tea sipped whilst making those creepy Amish dolls with no faces.
Fret not, dear Abby, there are kindred spirits out there, just waiting to ooh and ahh over your daisy-emblazoned babies. Where? Well, on Pinterest, of course! If you haven't heard of Pinterest -- locked away in your cave of mothballs and yarn -- it's a 2-year-old social bookmarking site.
Users can create online idea boards of sorts, all centered around categories like art, home decor, technology and more. Boards are themed ("Cat Wedding Ideas," "My Favorite Whiskey Drinks," "Tattoos To Get On My Forehead" ...) and populated with media collected during one's online travels.
The best part of the service, however, is that "social" factor: You can follow friends (from Facebook and Twitter) and other users who share your interests, as well as "re-pin", "Like" and comment on posts that tickle your fancy. Finally, dear Abby, you'll get the respect you deserve for that trove of thimble snaps you've been hoarding on your hard drive!
And no, you don't have to like antique thimbles to join Pinterest. This was merely an example.

2. Chill.com
Oh, Ike, you indie-band savant! You're always so up on the latest viral videos zipping around the Web. I mean, Gotye's "Somebody That I Used to Know" was your favorite jam BEFORE that other band covered it using one guitar, and when that vid hit the Web, you were super angry that the original tune's integrity had been jeopardized by what you deemed a "straight-up stunt" (you were the first one to share that video, too).
Still, your friends have yet to recognize your video-finding genius -- so behind the times they are that they're just now discovering that "Bon Joviver" video and they STILL think Rebecca Black is funny. We pity them too, Ike, and no, we can't understand why your band, She's A Witch House (Mighty, Mighty), has yet to take off, either.
We know that no one will every truly understand you, we get it, but we think you'll be able to find some kind of solace in Chill.com, a video-sharing site that's a lot like Pinterest in some respects. The site allows users to create "Categories" of videos and share them with other users.
So, dear Ike, you can create a cache of "Super Sell-Out" vids or "Songs That Think They're About Anarchy." Or, you know, "Videos of Dogs Sleeping In Funny Places," if you're so inclined.
As with Pinterest, you can also follow other users, re-posting, commenting on and expressing your emotions (via a series of emoticons) about their videos. The site even has a Chat feature, so, friend Ike, you don't have to limit your rants and raves to the confines of a mere comment box.

3. This is My Jam
Oh, Sad Sarah, we know you were dumped ... mostly because Facebook tells us that you listened to "The Cave" by Mumford & Sons 70 times in a row on Spotify (that jam is one of the top breakup tunes, the Web tells us).
You apparently didn't want to hide your shame by

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Read more: http://www.abc2news.com/dpp/news/science_tech/bad-at-sharing-try-these-3-social-networks#ixzz1p6CGh9Mz

Why Work With An Agent?

 Trouver le bon agent

Vous désirez trouver la bonne maison, le bon emplacement et ce, au bon prix - et vous désirez le faire rapidement avec le moins de problèmes possible. La meilleure façon d'unir tous ces éléments est de travailler avec un agent qui comprend bien vos exigences, vos délais à respecter et vos limites financières.

Pourquoi travailler avec un agent ?

Parce que vous économiserez du temps. Un agent peut dénicher avec précision les maisons rencontrant vos exigences et écarter celles qui ne les rencontrent pas.

Bénéficiez d'un négociateur d'expérience. Votre agent saura gérer avec soin vos propositions et contre-propositions, de façon à vous assurer le meilleur prix possible pour votre maison.

Obtenez l'information juste

Un agent connaissant bien le voisinage saura vous renseigner avec précision au sujet de la valeur immobilière locale, les taxes, la nature et les coûts des services et les aménités.

Et . . .

Vous pouvez toujours compter sur des conseils judicieux. Parce que votre agent est très familier avec le processus complet de l'achat d'une maison, celle-ci ou celui-ci est en mesure de vous conseiller au sujet de vos options légales et financières, ainsi que de vous recommander les services d'évaluation, d'inspection et de sous-traitance.

Finding the Right Agent
You want to find the right home, in the right location, at the right price - and you want to do it quickly, with minimum hassle. The best way to do that is to work with a professional realtor who understands your wants and needs, your time frame and your financial boundaries. 
Why Work with an Agent?
Because you'll save time. An agent can pinpoint homes that fit your needs and dismiss those that don't. 
Benefit from an experienced negotiator. Your agent will manage your offers and counter-offers, ensuring that you get the best possible price for your home.
Get the Right Information
An agent that knows the neighbourhood will give you accurate information on local real estate values, taxes, utility costs, services and amenities. 
And . . .
You can always count on great advice. Because your agent is familiar with the entire home purchasing process, he or she can advise you of your legal and financial options, as well as, recommend appraisal, home inspection and contracting services.

Buyers Say No To Fixer Uppers

In the overheated housing market of five years ago, buyers often felt they had to accept homes in woeful condition. But these days, most look at "as-is" properties and say, "No thanks."

 

 

"I try to stay away from things that need a lot of work," said Michael Lisa of Chestnut Ridge, New York., who is searching for a home in New Jersey.

"Buyers will tolerate nothing," said Maria Rini, a Re/Max agent in Oradell, N.J. A recent Coldwell banker survey found that 87 per cent of first-time buyers said a move-in-ready home is important to them.

"This is absolutely the story of this market. It seems buyers will pay a premium, engage in a bidding war and even overpay just to avoid buying a 'project' house," said Beth Freed of Terrie O'Connor Realtors in Ridgewood, N.J.

As a result, real estate agents strongly advise sellers to fix up their homes for quicker and more profitable sales.

For example, when Kate Conover recently listed a Franklin Lakes, N.J., colonial, she encouraged the seller to replace the roof and driveway, repair ceilings, rip up carpets and paint interiors.

Paying contractors to do the work cost almost $40,000, but Conover estimated it added well over $100,000 to the asking price.

"There is no question homes that have been spruced up for the market sell quicker," said Conover, a Re/Max agent.

But she recommended against major renovations - such as replacing the kitchen and baths. Most agents agree with that philosophy, saying sellers shouldn't risk spending more than they'll get back in the sale price. That's especially true with major kitchen and bath renovations because they're so much a matter of taste.

"No matter what you do, it may not be the buyer's choice anyway," said Antoinette Gangi, a Re/Max agent in Woodcliff Lake, N.J.

On the other hand, agents say that major maintenance and safety issues - such as underground oil tanks and leaky roofs - must be dealt with before the home goes on the market, because buyers are unwilling to take them on.

Beyond those kinds of headaches, sellers can make a big difference with simple and relatively inexpensive fixes: painting the walls, getting rid of clutter and pulling up carpets to show the hardwood floors.

And spruce up the front yard and entryway to make a good first impression. In the same vein, Gangi recommends painting the front door if it's looking tired.

"Curb appeal is very important, and the front door is the first thing you see," Gangi said.

Getting rid of clutter (as part of an overall deep cleaning) is probably the most cost-effective step, agents say. When sellers resist this advice, Rini reminds them they'll have to pack up their stuff when they move anyway.

"You've got to clean it out sometime; if you do it now, it's going to benefit you financially," she said.

http://www.househunting.ca/montreal/Buying-Homes/Buyers+fixer+uppers/4731318/story.html

Prepping before painting is paramount

Prepping before Painting is Paramount
An essential part of a painting project happens before you ever lay a brush or roller on the wall. The key is preparation.  Put in a little time and effort beforehand, and you’ll be rewarded with a professional looking finish afterwards.  Here are a few steps to ensure proper painting prep:

Patch & Repair
Fill small holes and hairline cracks with patching compound and sand when dry.  For larger holes, apply the compound in layers, making sure each layer is dry before applying the next.  For badly damaged plaster walls, apply a thin coat of plaster on top of the existing one by skimming, to achieve a nice, smooth finish.  Skimming is a bit of an art form, so don’t hesitate to get help from a professional plasterer.

A Clean “Canvas” is Critical
Just as you wouldn’t paint a picture on a dirty canvas, you don’t want to paint a room with dirty walls.  Remove dirt and marks by washing with mild detergent and water; grease marks with Trisodium phosphate (TSP); and floor wax build-up on baseboards with wax remover.  Mildew in damp areas such as bathrooms should be addressed and removed entirely.  Many find a solution of one part household bleach to three parts water works well.  Vacuum textured walls and ceilings to get rid of dust and cobwebs.
Prime the Walls
Paint primers help to ensure a professional-looking paint job. It increases the bond between the paint and the surface and it is particularly helpful to cover surfaces painted with semi-gloss or high gloss paints or bare surfaces such as wood, plaster or drywall. If you are painting with a deep colour, ask your local paint store to tint your primer with your paint colour. This technique will enable you to cover your walls quicker and with less paint.
Don’t Forget about the Outside!
Our outside walls don’t usually undergo the same scrutiny as our inside walls do, but spring is a great time to think outside the house!  Start by removing loose, peeling paint or dirt with a wire brush or power washer and repair and sand as needed.  Good quality surface preparation provides maximum durability, a must for outside paintwork. 
A fresh coat of paint can really improve the curb appeal of your home, and proper preparation will ensure the best return on your investment.

The importance of showing gratitude and appreciation

See what can happen when 19 second graders get to send home a real greeting card they created online to their parents, letting them know how much they're appreciated. Relationship Coach, Mitch Newman has created Card Therapy (using the Send Out Card system) in his practice working with adults, and has now turned the clock back to include kids and creating healthy habits and an attitude of gratitude at an early age!

 http://www.youtube.com/watch?v=Div0cN71xX0&feature=share

Send Out Cards is not just about building relationships for business. Most importantly, it can be used to share our feelings with special people in our lives....family and friends.

 

Send a card for free.  https://www.sendoutcards.com/dianelaflamme/

The secret to stopping break-ins

Don’t pay thousands for pricey home alarm systems. Protecting your family from burglars is simpler than you think.
In the wee hours of a relatively sedate Tuesday morning four years ago, two thieves broke into Susan and Mark Kruckshunk’s home, located in one of Toronto’s supposedly safe East York neighbourhoods. The theft of their car and personal belongings was disturbing enough, but the fact that the couple, along with their six-month-old baby girl, slept upstairs as the thieves emptied their home—that was what really rattled the young parents.
Terrified, the Kruckshunks (we changed their names to protect their privacy) sold their home and moved to the other end of the city. “It was the only solution that would allow me to sleep at night,” explains Susan.

While the number of residential burglaries continues to decline—it’s down 45% from 1998—the fact remains that a break-in occurs every 90 seconds in Canada. No wonder homeowners struggle to find ways to protect themselves and their homes. The good news is that numerous studies show that burglary is predominately a crime of opportunity. And by spending just a few hundred dollars, you can eliminate that opportunity and make sure your house isn’t a thief’s next target.

Get a basic alarm system
According to one major alarm company, it costs just pennies a day to prevent a break-in. But the price of alarm services can quickly add up: A premium system will cost you $600 to install, plus $500 a year for monitoring. So the real question is: Are these systems really worth the money?
According to Simon Hakim, an economics professor at Temple University in Philadelphia, home security systems almost never catch burglars. After analyzing the data, Hakim found the average police response time to a triggered home alarm is between one and four hours: so there’s plenty of time for perpetrators to flee.

But despite the abysmal record when it comes to actually catching thieves, alarms can play a significant a role in preventing break-ins, explains Hakim. “When burglars see the alarm company sign out front, it reduces the odds that they’ll select your house to rob.” Even if a thief does break into a home equipped with an alarm, studies show they’ll often steal less and leave faster.
But let’s be clear: Hakim’s exhaustive study proved it wasn’t the alarm that was the deterrent, but the threat of an alarm. That means even the most basic alarm system will do the trick: good news for homeowners on a budget. Basic, security systems cost roughly $300 per year—just be sure to go with a large, reputable company.
Secure the easy access points
Even a $5,000 hard-wired alarm system with sensors on every door and window won’t prevent determined thieves from breaking in, explains William VanRyswyk, a former Ottawa police sergeant turned consultant and president of Security Through Safe Design.

To really deter thieves you’ll need to eliminate easy access to your home, and that starts with the basics: your windows and doors. As one convicted thief explained: “I always knock first. If you answer, I’ll ask for directions. If you don’t answer, I’ll try the door. Occasionally, I hit the jackpot and walk right in.” So yes, you should lock all your windows and doors at night and when you leave the house. You’d be surprised how many burglars just open a door or window and walk in.
Next, consider beefing up security at vulnerable access points, such as back doors and basement windows. Burglars may prefer easy access, but statistics show that eventually 70% will resort to force. For example, a $20 security bar can be added to a basement window to prevent access from the outside. If you’re unsure about which window locks to use, consult the Canadian Mortgage and Housing Corporation website.
Other ways to eliminate opportunity include closing your blinds and curtains at night so would-be burglars can’t scope out your belongings. You should also trim hedges so doors and windows are visible from the street. Finally, consider displaying alarm decals or “Beware of dog” signs in highly visible areas. According to Chris McGoey, a Los Angeles-based security consultant, these are cheap but extremely effective deterrents.

Always appear to be home
Some thieves will case out your home for hours to make sure no one is in when they rob you. The last thing they want is a scuffle. But most break-ins still occur while the owner is in—and it’s usually a surprise to the burglar.
In hindsight, Susan knows why her home was targeted. Even though they were at home, there was a pile of flyers on the front porch, no lights were on and the front hedge was tall and overgrown. It appeared the Kruckshunks were away on vacation, not asleep in their bedrooms, just steps away on the second floor.
The key, then, is to make it obvious your home is occupied—even when it’s not: use timers to turn lights and radios on and off. Call in a vacation stop on your newspaper. Keep your yard clean and maintained. A burgled home isn’t randomly selected, explains McGoey. If you just spend a few hundred dollars making your home a less desirable target, you can easily prevent a break-in that could cost you thousands.

 By Romana King | From MoneySense Magazine, September/October 2011

 




 

Highest and lowest rent cities in Canada

Trois-Rivieres

Rents vary. It depends on the size of the space, the condition, the neighbourhood and the community. It also depends on the vacancy rate - the percentage of apartments that are available to rent - and the demand to live in that city. We looked at the average price of a two bedroom apartment across Canada. Here are the five most expensive and five cheapest cities to rent in.
* Based on CMHC Rental Market Statistics in census metropolitan areas in October, 2011

Lowest rent cities:  Trois-Riveres          $547

While the highest rental properties are predominantly in Western Canada, the lower end of the scale is east of Ontario. Trois-Riveres, about half way between Montreal and Quebec, has the cheapest rent of major cities. Trois-Riveres peaked in the late 1960s with the establishment of the Unversite du Quebec a Trois-Riveres and the declaration of the old city as an ''historic sector.'' Since then it has faded in importance in comparison to Quebec and Montreal.

Sherbrooke          $577

In the heart of the Eastern Townships, Sherbrooke is home to eight post-secondary institutions meaning there is more than 10 students for every 100 permanent residents. So many students create a high demand for rental accommodation, of which Sherbrooke seems to have plenty of with the second highest vacancy rate on the list. While Sherbrooke used to be a major manufacturing centre, this sector has been hard hit.

Saguenay          $557

It may be because Saguenay is the last major urban area between Quebec City and the Arctic that has one of the lowest vacancy rates on the list, 1.1%. But its location may also explain why rents are a fraction of other centres with similar vacancy rates. You have to have a reason to be in Saguenay. Big draws include working for the aluminum giant Rio Tinto Alcan or one of the city's three hydroelectric power stations.   


Saint John          $670

Historically a major player in the shipbuilding industry, Saint John is an industrial town struggling to modernize. Shipbuilding ceased in 2002, but under the guidance of the Irving family there is still plenty of heavy industry including an oil refinery and pulp mill. It also houses a number of call centres established thanks to government incentives. Small neighbourhoods have been gentrified, but most of it remains a working class town.

Moncton          $715

Known as the ''Hub City,'' the underpinnings of Moncton's economy and, thus the draw to the city, is as a distribution, transportation and retail centre for the Maritimes. A number of regionally important companies have their head offices in Moncton. As a truly bilingual city, it has attracted call centres of many national companies including the Royal Bank of Canada, UPS and Rogers. 

Highest rent cities:  Victoria          $1045

Whether it is a Victorian house, a new condo or low-rise building, apartments are hard to come by in Victoria. Although it is the smallest of the expensive rental list, it attracts people because of its climate and beauty. As the capital of British Columbia, the government is also a drawing card.

Calgary          $1084

Although the oil sands are a long way away from Calgary, the offices of the oil companies are in Calgary. The spin off industries such as financing, sales and marketing are also based in Calgary. The demand for accommodation is obvious. What is surprising is it has the highest vacancy rate of all the top five rental cities.

Ottawa          $1086

There will always be a need for people in Ottawa. Unlike Toronto or Vancouver, Ottawa does not have as many high-rise rental buildings and, as a result, has relative fewer apartments. It's vacancy rate is tied with Vancouver for second lowest in the country. On top of that, there are all those embassy employees who are happy to let their governments pay a little extra so don't try too hard to negotiate the rent down.

Toronto          $1149

With the lowest vacancy rate in the country, it's not surprising that Toronto's rents would be so high. Still a major economic centre that draws people looking for work, the demand for apartments is high. Like Vancouver the condo boom has knocked down some of the cheaper rental accommodations in favour of high-priced condos. 


Vancouver          $1237

Vancouver, once a sleepy little city, surged on the economic rise of Asia and the take over of Hong Kong by China. For the last 20 years, low-income apartments have been replaced by fancy condos. With the downtown squeezed onto a small peninsula, there isn't much room for expansion so competition for the limited number of apartments drives the price up.


By Ijeoma Ross

Are rich people less ethical than poor people?

Rich people get a bad rap in pop culture. Think about movies like Wall Street (or the absolutely awful Wall Street 2), which paints financiers in a less than stellar light, or even The Devil Wears Prada, where the main character manipulates everyone around her in order to stay on top. These are only two examples of popular images depicting shady, unethical businesspeople. Is there any truth to the idea that rich folks are less principled? According to a new study, the classification is accurate.

Researchers at the University of California and the University of Toronto published results on Monday that showed rich people as more likely to engage in unethical behaviours like cutting off motorists, lying in negotiations, and cheating to win a prize. The study is based on a number of tests conducting on undergraduate students and adults. The findings were also consistent across all ages, genders, ethnicities, religions, and political associations.

In the first two tests, researchers looked at driving habits. They found that upper-class drivers were more likely to cut off other cars and pedestrians waiting at crosswalks. A person’s social class was determined here by their age, vehicle make, and appearance. Considering the number of people I know who live well beyond their means – and drive vehicles reflecting that - this seems like a subpar means of classifying people. In any case, those deemed poorer were more courteous on the road.

In another series of tests, researchers found that people who considered themselves “upper class” were more likely to take valued items from others. This included candy, even when they were told that the leftovers would be going to children. Is it possible rich people are really concerned about childhood obesity, and that’s why they don’t want to give candy to children? I mean, Michelle Obama is really into it – and she’s rich. Okay, probably not.

Unsurprisingly, affluent people were also deemed to be more unethical in their business dealings. Richer people were found to be more likely to lie during negotiations, and to cheat in order to win a prize. Researchers relate these behaviours back to the upper class participants’ more favourable attitudes toward greed.

"We found a trend that upper-class individuals -- people that have the most money, the most income, the best education and the most prestigious job -- have a tendency to engage in less ethical behaviour," said Stephane Cote, associate professor of organisational behaviour and psychology at the University of Toronto's Rotman School of Management. "This doesn't mean that every rich person will behave less ethically than any less-rich person... But we found a tendency. So if you look across people in a variety of settings, the higher-class people tend to engage in more unethical behaviour."

I wonder if people act more dishonorable because of their surroundings. When you throw a nice kid in with all of the mean kids, they sometimes come out being the cruelest one. I learned that from Mean Girls. In all seriousness, though, if everyone around you is unethical, perhaps you need to be a bit devious to get ahead. I’m not condoning these actions, but simply trying to wrap my mind around them. I would still give MY candy to kids.

The researchers were clear to point out that there are many examples of ethical rich people, such as Bill Gates and George Soros. In addition to philanthropy, they mention corporate whistle-blowing as an example of ethical behaviour. And they also note that lower-class people are often unethical, too. That makes sense, given the relationship between poverty and violent crime. 

What do you think about this study? Are rich people more unethical, or are poorer people less honorable? Which group would you rather do business with?

Brandon Miller   Mar 2, 2012

posted: 3:57 PM in Current Affairs, Personal Finance

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Buffett: 'I'd Buy Up a Couple Hundred Thousand' Homes

Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC's "Squawk Box" recently that he'd "buy up a couple hundred thousand" single-family homes if it was practical.
Buffett said that's because he believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right now.
"Housing will come back, you can be sure of that," Buffett wrote in his annual letter to shareholders recently.
Buffett forecasts an increase in household formations, as more people who moved in with their parents or family members during the recession look to move out and get their own home soon.
"People may postpone hitching up during uncertain times, but eventually hormones take over. And while 'doubling-up" may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure," Buffett said.
Buffett said the recovery in the housing market could vary quite a bit among local housing markets, however. He did not provide a timeline of when he expected a full housing recovery, admitting that his prediction last year that a housing recovery will take shape within the year turned out to be "dead wrong."

Daily Real Estate News | Wednesday, February 29, 2012 

Source: "Housing Market Forecast Beyond 2012 From Warren Buffet," International Business Times (Feb. 28, 2012) and "Warren Buffet on CNBC: I'd Buy Up 'A Couple Hundred Thousand' Single-Family Homes If I Could," CNBC (Feb. 27, 2012)