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Saturday 28 April 2012

Home price index up 1.3 per cent from February: CREA

The Canadian Press

OTTAWA — Home prices crept higher in March as a slowing Vancouver market was offset by an acceleration in prices in Calgary, Toronto and Montreal, according to a report by the Canadian Real Estate Association.

The MLS home price index was up 1.3 per cent in March on an month-over-month basis and up 5.1 per cent per cent compared with a year ago.

"Overall price trends show that Canada's housing market continues to moderate," association president Wayne Moen said.

"Price increases have been shrinking since last fall. While that trend paused in March, it may in part reflect an early spring in many parts of the country, resulting in increased competition among buyers."

The index is based on prices for one- and two-storey single family homes, townhouses and apartments in several key markets across the country.

The report found that price gains for single family homes were 6.4 per cent, roughly that for townhouses or apartments, that came in a 2.6 per cent and three per cent respectively.

Prices were up in all of the markets tracked, led by Toronto which saw a 7.3 per cent gain compared with a year ago, well ahead of Vancouver, which was second at 5.27 per cent from a year ago.

On a month-over-month basis, Toronto was up 1.65 per cent for March, traditionally a busy month for real estate sales, compared with Vancouver at 1.06 per cent.

Montreal gained 1.49 per cent and Calgary climbed 1.41 per cent in March.

The rise in the index followed a CREA report earlier this month that the average price of a Canadian home sold in March fell for the first time since January, a move attributed to an unusually large number of luxury properties sold in Vancouver last year.

The national average home resale price in March was $369,677, down from just under $373,000 in February and $371,591 in March 2011.

The decrease came as the number of sales conducted through the industry's MLS system was up 2.5 per cent from February, making last month the busiest sales month since April 2010.

Toronto's average residential price last month was $504,117 -- up from $456,147 in March 2011. Vancouver's average residential price in March was $761,742, down from $786,311 in the same month last year.

Wednesday 18 April 2012

Sales in major cities keep national property prices up in Canada




National residential property prices in Canada fell 0.5% year on year last month but market activity edged higher, according to the latest statistics released by The Canadian Real Estate Association (CREA).


Home sales rose 2.5% from February to March and actual, not seasonally adjusted, activity stood 1.6% above levels in March 2011, the smallest year on year increase since last April.

The number of newly listed homes eased 0.3% from February to March and CREA said that while still well balanced, the national housing market tightened due to the rise in activity.

Activity in March was up from the previous month in two thirds of all local markets, with Toronto, Calgary, and Edmonton contributing most to the national increase.

The activity level reflects moderate gains in a number of major centres, including Toronto, Calgary, Montreal, Ottawa, and Quebec City. Increases in these housing markets offset larger declines in Vancouver and the Fraser Valley, where activity last year ran at unusually strong levels.

A total of 108,373 homes traded hands in the first three months of the year, some 5% above the five year average for first quarter sales, 3.8% above the 10 year average, and 4.4% above activity in the first quarter of 2011.

New listings were little changed following their uptick in February, having edged lower by 0.3% on a month on month basis in March. The number of newly listed homes declined from the previous month in just over half of all local Canadian housing markets, and rose in almost all of the remainder.

‘The spring housing market is off to a good start. The numbers of sales and newly listed properties are up from levels last year, and the vast majority of housing markets remain balanced,’ said Wayne Moen, CREA’s president.

The national sales to new listings ratio, a measure of market balance, stood at 55.1% in March. This remains firmly in balanced market territory, but is up from 53.6% in February. Based on a ratio of between 40 and 60%, more than half of local markets were balanced in March.

The number of months of inventory stood at 5.7 at the end of March on a national basis, down slightly from 5.8 months in February. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual, not seasonally adjusted, national average price for homes sold in March 2012 was $369,677, representing a decline of 0.5% from the same month last year.

‘Average prices are up from year ago levels in most large urban centres. The slight decline in the national average price points to a tug of war between Toronto and Vancouver from the standpoint of their sales mix compared to last year,’ explained Gregory Klump, CREA’s chief economist.

‘The national average price was skewed higher last spring by record level high end home sales in some of Vancouver’s priciest neighbourhoods. It was expected that this would not recur this spring, which the latest sales figures confirm. The decline in average price reflects the change in Vancouver’s sales mix, not housing price deflation,’ he said.

‘At the same time, overall home sales activity in Toronto is stronger than it was last spring, and higher end home sales are up from year ago levels. Being by far the most active housing market in Canada, Toronto represents the single biggest factor supporting national average price compared to last year,’ he added.

Tuesday 17 April 2012

Canadian real estate: Toronto stays warm as Vancouver gets a chill

It’s been a strong start for spring house hunting across Canada, but the impact of Toronto’s hot market and Vancouver’s cooling market are being felt.

Home sales rose 2.5 per cent from February to March, lifting national activity to the highest monthly level since April 2010, according to statistics released Monday by the Canadian Real Estate Assoc. (CREA.)

While the average price of a Canadian home hit $369,677 in March, up but just half a percentage point from a year earlier, Toronto’s hot market saw gains of 10.5 per cent year over year, with the average house price hitting $504,117.

Vancouver, on the other hand, saw a cooldown — largely because an unprecedented buying spree last spring in certain upscale neighbourhoods sent sales and prices into the stratosphere — with the average price down 3.1 per cent to $761,742.

In fact, from February to March of this year alone, Vancouver prices were down more than 11 per cent when adjusted for seasonal fluctations, compared to an almost one percentage point increase in Toronto home prices during the same period.

Prices across the whole country were down 1.7 per cent from February to March when adjusted for seasonal fluctuations, according to the CREA monthly statistics.

New listings continue to be a challenge, especially in Toronto, with supply and demand tightening slightly.

A total of 108,373 homes changed hands in the first three months of this year, up 5 per cent above the five-year average for first quarter sales.

Thursday 12 April 2012

With no sign of cooling in Toronto condo market, housing starts rise sharply

OTTAWA - Canada's home-building industry was unexpectedly hot in March — particularly the condo sector in Toronto.

The latest data on residential construction surprised analysts Wednesday, with Canada Mortgage and Housing Corp. reporting 14,517 actual starts in March, giving a seasonally adjusted rate of 215,600 units a year.

That constitutes a five per cent jump from the previous month and the highest level of starts since the fall of 2008.

As well, CMHC upgraded its estimates for January and February, suggesting home construction was a key component of economic growth for Canada in the first quarter of this year.

Ontario, particularly Toronto, had the country's biggest increase in multiple-dwelling units, a group that includes condos and apartments. Multiple starts in the province jumped by 50 per cent on a seasonally adjusted basis.

"Certainly we think the housing sector will downshift at some point ... but we're not quite at that point yet," said Peter Buchanan, an analyst with CIBC World Markets.

"Clearly low mortgage-financing costs are helping to support the segment. This kind of level of starts is certainly above the underlying level of household formation by 20,000 or 30,000 (annually)."

Buchanan said the condo market may be sizzling due to demographics as baby boomers downsize from larger, detached homes, as well as international speculation and a trend to more downtown living among Canadians as the cost of commuting increases with rising gas prices.

CMHC said the condo trend is not sustainable, and many analysts agreed.

There is anecdotal evidence of a "shadow condo inventory" in Vancouver and Toronto, units that have been sold but are unoccupied and not for rent, said Scotiabank economist Derek Holt.

These unoccupied units could signal foreign investors who see Canada as one of the few global real estate plays that offer good returns, Holt said.

But it's always tricky to predict when or if a bubble will burst, he warned.

Holt noted that as far back as 2008, some were calling for Canada's housing market to plunge due to the same pressures that caused the U.S. market to collapse. However, Canadian real estate hasn't followed the same path.

"We know there are stressers in the Canadian marketplace just as there were in the U.S. It's just that you can never time the point at which they turn abruptly in the other direction," he said. "There would need (to be) a shock."

Speaking in New York on Tuesday, Finance Minister Jim Flaherty repeated his view that the housing market is slowing, adding he has no plans to tighten mortgage rules for a fourth time in six years.

"I would prefer for the market itself to correct to the extent that a correction is necessary," Flaherty said.

Flaherty did repeat his budget pledge to make changes to CMHC's rules for insuring mortgage loans, saying both his Finance officials and the Office of the Superintendent of Financial Institutions were engaged in the process.

Moody's rating service said Wednesday it foresees a soft landing for Canadian housing — not a crash — with prices rising a modest 1.1 per cent this year on average.

"But downside risks are present," it added. "Should growth in the U.S. slow, we believe Canadian house prices would fall (slightly). Should the U.S. fall into an outright recession, Canadian house prices would fall 5.6 per cent in 2012 and 10.3 per cent in 2013."

March's report did contain some evidence of retrenchment.

Starts in urban areas decreased by 27.7 per cent in British Columbia — a signal that the country's most expensive housing market, Vancouver, may be coming back to earth — and by 16.3 per cent in Quebec.

Vancouver has been cooling for months, said economist Robert Kavcic of BMO Capital Markets, so March's decline in starts was not surprising. He said starts in Vancouver have been averaging about 25,000 annualized — with allowances to fluctuations — which he described as a "balanced pace."

The Prairie provinces saw a 6.4 per cent increase in starts, with economically strong Alberta the leader in the region, while residential building rose by 2.7 per cent in Atlantic Canada.

Starts for single, detached homes slipped 2.4 per cent nationally.

Tuesday 10 April 2012

Canada's housing market heats up, fears of correction in the air

Spring is in the air in Toronto. Temperatures are up, and so too are the city's housing prices.

New statistics show the average cost of a Toronto home is up 10 per cent over a year ago. The average detached home is now going for more than $500,000.

Compare that to a decade ago, when it was about $250,000.

Soaring prices have would-be homeowners fleeing the big city in search of something cheaper and bigger.

Heather Lemieux, a realtor with Royal LePage, knows that all too well. Mere minutes after listing a house in North York, she had her first showing. And she's finding a lot of her clients are turning to the suburbs where housing is more affordable.

"That's what I'm hearing. 'I can't find anything affordable. I'd like a garage, a driveway...a yard would be nice,'" says Lemieux.

Real estate prices in Toronto still pale in comparison to metro Vancouver, which has a notorious reputation for expensive housing. In that city, the average house price is $679,000.

Across Canada, prices are up more than four per cent over 2011, according to Royal LePage. They could go up another three per cent by the end of the year.

"Depending on what part of the country you're in, the first part of 2012 was either good or very good," Royal LePage president Phil Soper says.

"In fact, nationally, the market did exceed our expectations in the early weeks of the year."

Business shows no signs of cooling. Over in Calgary, John Mayberry of CalgaryRealEstate.ca echos Lemieux's sentiments. "I've been crazy busy. I've been in competing offers the last couple of weeks."

Royal LePage attributes the hot housing market to high consumer confidence and low interest rates. But as prices creep higher, so do fears of a correction.

Since 2009, the average Canadian home price has risen steadily to almost $350,000. That's in stark contrast to other world markets, including the U.S., where the average home costs just $175,000.

"When interest rates start to rise, people's ability to afford mortgages, tied to those high housing prices – that equation is just not going to work anymore," says Tsur Somerville of the University of British Columbia's Sauder School of Business.

That's when some economists predict prices will plummet – but not everyone, like Soper, agrees.

"But with the economy improving and continued low interest rate environment, it's hard to fathom a situation where we'd see a significant double digit price correction in our market," Soper says.

While that may be some relief to homeowners, it will only make things tougher for buyers.

Saturday 7 April 2012

Wary Canadians holding off on home buying: RBC

Canadians surveyed in a new poll appear to be conflicted about whether to buy a home this year, with a majority believing now is the right time to buy but more than 70 per cent saying they are unlikely to do so.

The Royal Bank’s annual home ownership survey found 59 per cent of respondents believe now is the time to get into the housing market, instead of waiting until next year.

That’s four percentage points higher than in last year’s poll.

But 73 per cent said they are unlikely to buy within the next two years, up two percentage points from last year.

The poll was done in late January, about the time Prime Minister Stephen Harper first indicated his government’s intention to reform Canada’s retirement system. There was also widespread concern about the Greek debt crisis at the time.

“I would say that people are pretty conflicted around home buying intentions,” said Marcia Moffat, head of home equity financing for RBC.

“Consumer sentiment is not all pointing in the same direction,” she said.

However, confidence in home ownership is on the rise, she added.

About 88 per cent said they believed a home is a good investment, up two percentage points from last year and 68 per cent said they thought the value of their home has risen in the past two years.

Most of the 2,006 Canadians surveyed also said they expect home prices to remain stable next year, in line with economist consensus.

“Where the mix of opinions comes in is as to whether or not it makes sense to buy a home right now.”

“I think consumers recognize that mortgage rates are at historic lows so that would factor into people thinking that it makes sense to buy now

“Some may have already recently bought and may not be in the market for another home, or maybe the available supply is not there in their community, or what they think is affordable and appealing to them.”

After four years of sentiment leaning toward the belief the market is tilted toward buyers, there was an increase this year to 27 per cent of respondents who felt the market is in sellers’ hands. That’s up from 20 per cent in 2011.

Still, nearly four-in-ten of those surveyed said they believed it is still a buyers market, in which the number of homes available exceeds the number of buyers.

Meanwhile, three-quarters of survey respondents said they feel they are well-positioned to weather a potential downturn in home prices.

The Bank of Canada and some economists have warned that Canadians are piling on too much mortgage debt while interest rates are low, and some may no longer be able to afford their homes when interest rates rise.

One paper issued by the central bank suggested that home prices have been influenced not only by low mortgage rates but also on expectations that values will keep rising.

In RBC’s poll, less than half of respondents felt that housing prices will be higher this time next year, while 46 per cent said they expect mortgage rates to stay the same.

“There’s a mix of opinions on the housing market, as Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said Moffat.

The survey findings come as some of Canada’s biggest banks begin raising variable mortgage rates, even though the Bank of Canada’s overnight interest rate remains unchanged.

That could signal the end of the era of cheap borrowing that has encouraged many Canadians to take on houses they may not have been able to otherwise afford.

Many economists had expected the housing market to cool off much more than it has in the past year.

Last year, it had been anticipated that the Bank of Canada to begin raising its key interest rate by the middle of 2011 but that didn’t happen, which has also propped up home sales longer than anticipated.

The survey was conducted by Ipsos Reid on behalf of RBC between Jan. 24 and 30. It has an estimated margin of error of plus or minus two percentage points 19 times out of 20.

Friday 6 April 2012

Ontarians most confident in Canada about real estate: RBC poll

Current housing market balanced according to Ontario residents

TORONTO, April 5, 2012 /CNW/ - Nine-in-10 Ontario residents (90 per cent) say a house or condo is a good investment, leading other Canadian regions surveyed about confidence in real estate, according to the 19th Annual RBC Homeownership Poll.

Ontarians are the most likely in Canada to describe the current housing market as balanced (39 per cent, compared to 36 per cent nationally). Nearly three-quarters of residents in the province (74 per cent) believe that they would be able to weather a potential downturn in home prices, matching the national average.

"Ontarians have a high degree of confidence in real estate and the long-term value of owning your own home, supported by housing prices that have risen steadily in recent years," said Chris Kiskunas, regional sales manager, RBC. "There's a lot to consider when purchasing a home, however, including maintenance, furnishings and repairs. That's why it's important to get expert advice to help guide you through all the steps."

Given current housing prices and economic conditions, Ontarians are exactly in line with the national average when asked if it makes sense to buy a house now (59 per cent) or wait until next year (41 per cent). However, similar to average Canadian sentiment, Ontarians say they are not likely to purchase a home within the next two years (74 per cent, compared to 73 per cent nationally).

Ontarians are looking to buy the following types of homes, according to the survey:

*Detached house: 68 per cent (national average: 66 per cent)
*Condo/loft: eight per cent (national average: 11 per cent)
*Semi-detached house: 10 per cent (national average: 10 per cent)
*Townhouse: nine per cent (national average: eight per cent)

Highlights from across Canada:

British Columbia: British Columbians are narrowly divided when asked whether it makes more sense to buy a house now (52 per cent) or wait until next year (48 per cent), given current housing prices and economic conditions. Two-thirds of prospective homebuyers in British Columbia (66 per cent) said they were not likely to buy a home within the next two years, well below the national average (73 per cent).

Alberta: Albertans lead the country in saying now is the time to get into the housing market (69 per cent, compared with 59 per cent nationally) rather than waiting until next year (31 per cent, compared with 41 per cent nationally). More than half of Albertans (55 per cent) surveyed say current housing conditions reflect a buyer's market, a sentiment that leads the rest of Canada (38 per cent). This mood is underscored by a higher-than-average appetite to buy a home within the next two years (31 per cent, compared with 27 per cent nationally).

Prairies: A majority of residents in Manitoba and Saskatchewan (52 per cent) say it makes more sense to wait until next year to buy a home, the only region that was countering popular national sentiment that showed the time to buy is now (59 per cent). Just under half of respondents in the Prairie provinces (48 per cent) said it made sense to buy a house now. Three-in-five respondents in the Prairies (60 per cent) say the current housing market is a seller's market, more than any region across the country and more than double the national average (27 per cent).

Quebec: Quebec homeowners are the most confident in Canada that they are well-positioned to weather a potential downturn in house prices (78 per cent, compared to national average of 74 per cent). Furthermore, overall confidence in homeownership is high in the province (87 per cent believe a house or condo is a good or very good investment, compared to 88 per cent nationally). A majority of Quebecers believe now is the time to get into the housing market (57 per cent), a little below the national average (59 per cent), instead of waiting until next year (43 per cent, compared to 41 per cent nationally).

Atlantic Canada: Residents in the Atlantic provinces are far more likely than the average Canadian to say it makes more sense to buy a house now (68 per cent, compared to 59 per cent nationally) than wait until next year (33 per cent, compared to 41 per cent nationally). Atlantic Canadians hold a high degree of confidence in their homes as a good investment (86 per cent, compared to 88 per cent nationally). Even so, the majority of residents in these provinces are unlikely to purchase a home within the next two years, matching the national sentiment (73 per cent).

Canadians can visit the RBC Advice Centre, an online resource to help Canadians understand all facets of homeownership. Through advice videos, articles, and online calculators, Canadians can learn about buying their first home, planning their next move, or renovating. With the guidance of RBC mortgage specialists, Canadians have access to free, no-obligation professional advice about RBC mortgage products and services.

About the RBC 19th Annual Homeownership Poll
RBC is the largest residential mortgage lender in Canada. As the country's number one source of financial advice on homeownership, RBC conducts consumer surveys as one way to provide insight to Canadians about the marketplace in which they live. The RBC 19th Annual Homeownership Poll was conducted by Ipsos Reid between January 24 - 30, 2012. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of 2,006 adult Canadians, with 100 per cent response rate would have an estimated margin of error of ±2 percentage points, 19 times out of 20. The margin of error will be larger within regions and for other sub-groupings of the survey population.

Thursday 5 April 2012

Despite low rates, many Canadians holding off home purchases: survey

Jon Cook - The Globe and Mail

A growing majority of Canadians do not intend to buy a house in the next two years, even with mortgage rates near record lows, according to a Royal Bank of Canada survey released on Thursday.

In RBC’s annual poll of Canadian homeowners, 73 per cent of respondents said they are unlikely to buy within the next two years, an increase of 2 per cent over the previous year’s survey.

However, 46 per cent of those polled expected mortgage rates to stay at ultra-low levels next year, up sharply from 30 per cent in 2011. The poll also found that nearly 60 per cent felt this year was a good time to buy a house, compared to 41 per cent that felt 2013 would be better.

“Canadians still feel confident about real estate but are a little uncertain about where the market is heading and when it makes sense to buy,” said Marcia Moffat, head of home equity financing at RBC.

Ms. Moffat added that considerations such as affordability may be keeping potential home buyers on the sidelines.

Canadian policymakers and economists have fretted about rising housing prices as household debt levels have soared. The ratio of debt to personal disposable income hit a record 151.9 per cent last year.

The market has been sustained by ultra-low interest rates since the financial crisis began in 2008. The Bank of Canada is widely expected to keep its main policy rate at the current 1 per cent until the third quarter of 2013 as global economic growth remains subdued.

Earlier this week, Bank of Canada Governor Mark Carney warned that household spending relies too much on low borrowing rates and the high value of homes, which prompted traders to increase bets on a rate hike in late 2012.

Recent industry data showed overall home prices rose just 0.1 per cent in January from December, but were up 6.5 per cent from a year earlier.

In the RBC poll, 68 per cent of homeowners said the value of their home had increased in the last two years, but only 47 per cent expected prices to be higher a year from now.

The poll was conducted by Ipsos Reid between January 24 and 30.

Wednesday 4 April 2012

Resale housing sales rise in February

OTTAWA — Resale housing sales and prices both strengthened in most major markets across the country in February, with sales rising five per cent or more in several regions, and prices rising four per cent or more in the majority of areas.

February sales were ahead of January's in 20 of the 28 markets measured for the Conference Board of Canada's monthly metro resale index, the board reported on Tuesday, and were also above their year-earlier levels in 20 markets.

Prices were above their year-earlier levels in 25 markets, and had risen four per cent or higher in 20 markets, the Board said.

Sales-to-listings ratios rose in 14 of the 28 markets in February. Across the country, Victoria is the only market considered to be a buyers' market. Halifax, along with the Ontario cities of Thunder Bay, St. Catharines and Windsor, are considered sellers' markets, with the remaining 23 cities in a balanced position.

Looking ahead, the board expects all 28 markets will either remain stable or grow in the short term, with the best prospects for growth in Saskatoon, along with the Quebec cities of Gatineau, Montreal, Quebec, Sherbrooke, Trois-Rivieres and Saguenay; the Ontario cities of Oshawa, London and Windsor are expected to remain stable in the short term.

Postmedia News

February 2012 Resale Data sales % change y/y m/m prices % change y/y m/m

Victoria -2.8 -6.6 -6.1 1.4

Vancouver -24.5 0.6 -0.1 5.0

Fraser Valley -9.6 1.1 4.6 2.4

Calgary 2.1 8.8 0.4 8.4

Edmonton 5.1 -2.3 4.7 2.7

Regina 23.8 -8.2 5.2 -3.6

Saskatoon 37.0 2.3 7.4 0.2

Winnipeg -3.6 -1.2 8.6 5.3

Thunder Bay -3.7 -2.5 8.6 1.7

Sudbury 6.8 8.3 14.0 4.7

Toronto 4.6 1.5 10.4 2.2

Oshawa 24.5 2.9 7.1 1.6

Hamilton -1.0 -2.0 6.2 2.7

St. Catharines 8.7 10.1 9.2 14.0

Kitchener -7.9 2.2 9.8 -2.2

London 9.6 4.6 2.8 0.7

Windsor 23.0 7.8 12.8 0.0

Kingston 25.6 3.4 7.4 -3.5

Ottawa 5.7 1.2 4.4 0.6

Gatineau 10.2 1.2 2.3 -1.3

Montreal -0.8 2.7 6.2 1.5

Quebec City 15.3 9.8 12.9 16.4

Sherbrooke 26.0 4.6 7.8 3.7

Trois-Rivieres 28.1 9.3 -3.3 16.1

Saguenay 4.9 -9.3 5.7 7.5

Saint John 45.7 43.4 1.4 9.4

Halifax 45.9 17.4 1.2 1.9

Newfoundland 0.8 -1.1 8.3 -1.9

Source: Conference Board of Canada

Tuesday 3 April 2012

Media Advisory - CIBC to host leading Real Estate executives at its 17th annual Real Estate Conference

Canada NewsWire

8TORONTO, April 2, 2012

More than 400 North American Real Estate investors and executives to attend

TORONTO, April 2, 2012 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - CIBC will host its 17th annual Real Estate Conference on Wednesday, April 4, 2012, at the Fairmont Royal York.

The conference will feature three panel discussions that will focus on key issues facing the industry.

The Transaction Landscape Panel will look at recent and expected trends in commercial real estate related to property markets and in the corporate merger and acquisition arena.
Moderators: CIBC's Scott Keyworth, Managing Director, Mergers & Acquistions, and Scott Antoniak, Executive Director, Canadian Real Estate Investment Banking.
Panelists: Blake Hutcheson, President & Chief Executive Officer, Oxford Properties Group Inc; Jon Love, Managing Partner, KingSett Capital Inc; Bruce Traversy, Principal, Dundee Realty Corporation; Bradley Trotter, Managing Director, GE Real Estate Capital; and Paul Zemla, Chief Investment Officer, Bentall Kennedy (Canada) LP.


The Issuers and Investors Panel will examine raising and investing in equity and debt securities in the real estate space.
Moderators: CIBC's Dan Nowlan, Managing Director & Co-Head, Equity Capital Markets and Jeff Appleby, Executive Director, Canadian Real Estate Investment Banking.
Panelists: Tom Farley, President & Global Chief Operating Officer, Brookfield Office Properties Inc; Tom Hofstedter, President & Chief Executive Officer, H&R REIT; Al Mawani, President & Chief Executive Officer, Calloway REIT; Dennis Mitchell, Chief Investment Officer, Sentry Investments; and John Murphy, Vice President, Cohen & Steers Capital Management Inc.

The Canada's Changing Urban Landscape Panel will discuss the transformation of Canada's largest cities as they continue to evolve to meet the wants and needs of their ever changing demographic profiles.
Moderators: CIBC's Allan Kimberley, Vice Chairman & Managing Director, Canadian Real Estate Investment Banking and Alex Avery, Executive Director, Institutional Equity Research.
Panelists: John Campbell, President & Chief Executive Officer, Toronto Waterfront Revitalization Corporation; Michael Emory, President & Chief Executive Officer, Allied Properties REIT; David Gerofsky, President & Chief Operating Officer, Great Gulf Homes Limited; Jane Marshall, Executive Vice President, Loblaw Properties Limited; Dori Segal, President & Chief Executive Officer, First Capital Realty Inc; and Ed Sonshine, Chief Executive Officer, RioCan REIT.

Avery Shenfeld, Chief Economist, CIBC World Markets Inc., will open the conference by providing insight into the Canadian/global economies and what it means for the North American Real Estate market.

The event is by invitation only. Media wishing to attend are required to register in advance by calling 416-304-5568 or 416-304-8456. More information on the conference, including an agenda and a list of presenting companies can be found at: http://conferences.cibcwm.com/login.asp?cid=REALESTATE2012 (password REIB12). A live audiocast will be available from this link on the day of the conference.

CIBC's wholesale banking business provides a range of integrated credit and capital markets products, investment banking, and merchant banking to clients in key financial markets in North America and around the world. We provide innovative capital solutions and advisory expertise across a wide range of industries as well as top-ranked research for our corporate, government and institutional clients.

Monday 2 April 2012

New home buyers seminar April 3 in Surrey

With so many factors to take into consideration when buying a new home, it is no surprise first-time home buyers need a little help de-mystifying the process.

What home type is best matched to wants, needs and financial resources?

What location is preferable?

What are the mortgage options?

How does the provincial property transfer tax exemption for first-time home buyers work?

What are the rules associated with B.C.’s newly announced $10,000 first-time new home buyers bonus?

How much can be withdrawn tax-free from RRSPs?

How about legal considerations, closing costs and home warranties?

What’s involved with condo pre-sales?

Those and other key questions will be covered by a panel of experts at the 18th annual Seminar for First-time Home Buyers, presented by the Greater Vancouver Home Builders’ Association (GVHBA) on Tuesday, April 3 from 7 to 9 p.m. at the Bell Performing Arts Centre, 6250 144 St., Surrey.

Admission to the popular seminar is free and speakers include Robyn Adamache, senior market analyst, Canada Mortgage and Housing Corp.; Wendy Acheson, vice-president and registrar, Homeowner Protection Office, branch of BC Housing; Narrinder Dhanoya-Bhangu, vice president, Pacific region, Genworth Financial Canada; Inde Sumal, vice-president of residential mortgages, BC region, RBC Royal Bank; Eugen Klein, president, Real Estate Board of Greater Vancouver; Tom Reeves, assistant vice-president, National Home Warranty; and Aaron Lightman, associate, Farris and Company LLP. Seminar moderator is Shayne Ramsay, chief executive officer of BC Housing.

“Our experts will help first-time buyers consider all available options and important issues before they take that critical first step onto the property ladder,” GVHBA president and CEO Peter Simpson said in a press release.

Last year, 650 people attended the seminar and that number could be higher this year. Doors open at 6 p.m., allowing attendees time to view builder displays and other home-related products and services.

Pre-registration is required. Register online at www.gvhba.org or call 778-565-4288 from 8:30 a.m. to 4:30 p.m. weekdays. Registrations will also be accepted via voicemail during evenings and weekends. There is free onsite parking and public transit is nearby.

Although the seminar is free, attendees are asked to bring a non-perishable food item for the Surrey Food Bank.

The GVHBA First-time Home Buyers Seminar is sponsored by the provincial Homeowner Protection Office, RBC Royal Bank, Canada Mortgage and Housing Corp., Real Estate Board of Greater Vancouver, Genworth Financial Canada, National Home Warranty, CKNW, 99.3 The Fox, AM730 and Classic Rock 101.