Posted by admin on September 11, 2011
THE LANDLORD OR BC PROPERTY OWNERS’ PERSPECTIVE on the indirect implication of the BC HST on rent and BC HST impact on rental housing rates
One thing to remember is that even though there is no direct HST tax on rents in British Columbia, landlords and property owners will be taxed the 12% HST on other goods and services that are required to run a rental home, condo or townhome. Remember that the landlord only sees the bottom line or the monthly cashflow (either negative or positive) that he or she gets from a BC rental property. With the implementation of the BC Harmonized Sales Tax in July 1st, 2010, the BC and federal government will apply the 12% HST tax to all goods and services associated with operations, maintenance and renovations to any property, including new rental housing. These increased costs and expenses to the property owner or landlord will result in a tigher cashflow and bottom line. And you know what that means. With less income coming in, guess who will end up paying for the increase in expenses to a BC rental home? Yes, you guessed it …. Most likely, the landlord or BC property owner will add any extra expense to the rental rate. This is why we call it an indirect implication of the BC HST on rents. The BC HST impact on rental housing will be profound. Just think about this: if all the goods and professional services cost 12% more than they do currently, BC landlords and property owners will probably increase the rental rates on rental homes, condos and townhomes by the same 12% (twelve per cent). What this means is that $1,000/month may be jacked up by 12%, taking it to $1,120/month rounded up to $1,150/month for the exact same rental housing unit in BC. Here are 3 main reasons why the indirect effect of the BC HST on rents will likely increase Vancouver rental rates and decrease affordability for renters.
Reasons #1 – 12% HST Tax Burden on New Homes
The most obvious reason why Vancouver rents will increase due to the new B.C. HST is because the 12% tax will be applied to any new homes purchased, including rental condos, single family homes and rental townhomes. Although this is an upfront cost to landlords and property owners/investors looking to rent their suites and units, when it comes to a Vancouver real estate investment, the investor only looks at the cashflow or bottom line. If the numbers do not make sense, the investor does not purchase the property. If the numbers do make sense and the property investor can get positive monthly cashflow from the rental unit, then they make the numbers work as best as they can. However, the BC HST on rents is indirectly affected by the original purchase price of the rental housing unit. The increased original purchased cost through the BC HST tax burden will ultimately be serviced by an increase in Vancouver rents and rental rates.
Reason #2 – Cost of Operating a BC or Vancouver Rental Suite Goes Up
Essentially, through the adoptation of the 12% BC HST, landlords and real estate investors who rent out their homes, condos and townhouses will see an increase in costs for operating their BC rental housing. If the rental Vancouver home belongs to a strata or community, like most rental condos, townhouses and even some single family homes in master planned communities throughout British Columbia, chances are, the landlord or property owner is paying strata fees or homeowner association fees. With the implementation of the British Columbia Harmonized Sales Tax, there will be BC HST on strata fees and B.C. HST on homeowner association fees as well, increasing the ongoing monthly costs by 12%. In addition, any Vancouver rental operating costs associated with accounting or legal fees will also be taxable under the new tax rules. What this means is that there is BC HST on accounting and HST on legal fees and notary republic costs. This ultimately has a direct impact on the BC HST on rents and Vancouver rental rates, pushing up landlord and property ownership costs that will be passed onto the renter. For BC landlords that pay for utilities, your costs have gone up again.
Reason #3 – Cost of Maintenance and Renovations Will Skyrocket
Not only will BC rental housing operations cost more, but the cost of maintenance and renovations for landlords in the province will also skyrocket. All trades services and products will be subject to the new Harmonized Sales Tax. What this means is that there is BC HST on renovations, including green initiatives, energy efficient products/appliances, rebuilding roofs, foundations, decks, add-ons and other retrofit projects. Not only that, but there is also BC HST on professional services that may include renovation staff, property appraisals and property inspectors. Because of this added HST tax burden, we see many home owners and landlords staying away from renovating their rental housing in Vancouver because it simply costs too much. Therefore, not only will we see the effect of BC HST on rents go up, but the state of the Vancouver rental homes will likely go down.
Kararent Team
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THE RENTERS PERSPECTIVE on the confusing implication of the BC HST on rents and Vancouver rental market
The 12% BC HST will likely and indirectly increase costs to the renter in 2 ways.
Firstly, all rental home utilities will be subject to the twelve per cent harmonized sales tax. Therefore, hydro, electricity, water, heat, gas and any other utility you currently pay will increase in cost because of the 12% HST that will be implemented on July 1st, 2010. In addition, common household necessities such as land phone lines, cell phones, high-speed internet as well as cable TV will also be subject to 12% tax. All purchases of goods and services such as appliances, utensils, furniture, bookshelves, computers and other household items will also be taxable. Therefore, the indirect impact of the BC HST on rent is that the cost of living will certainly increase a lot by this new tax.
Secondly, landlords and property owners renting out their homes to you will also feel the pinch. Not only will they have to deal with the Harmonized Sales Tax when purchasing new homes in BC and in Vancouver, but they will also experience the 12% HST tax burden on their operations costs, maintenance costs and other professional fees. Undoubtedly, this increase in expenses to the landlord will certainly increase the rents in Vancouver due to the HST tax. So is there BC HST on rent? No, BUT, the BC HST impact on rental rates and rental housing will certainly be felt for years to come as affordability for renters will go down yet again.
Vancouver Renters Can’t Escape the BC HST Tax
According to an industry leader from the B.C. Apartment Owners and Managers Association, the implications of the BC HST on rent and rental housing in British Columbia wil be devastating and may even casue a crumbling of the rental housing stocks throughout all the major centres. Because landlords and property owners already pay GST on such things as materials, renovations, maintenance and labour costs, the BC Harmonized Sales Tax will hike those fees by another 7% to 12% HST on rental housing maintenance and operations. According to the B.C. Apartment Owners and Managers Association, there is no way for them to recoup the increase in expenses to run their BC rental housing. In addition, current Vancouver bylaws have rent controls that limit increases in rent to only 3.7% for 2009, which is minimal when considering the 7% HST tax on rent. The result according to the B.C. Apartment Owners and Managers Association is that landlords and property owners will not go through with much needed maintenance and renovations on their rental properties because of the tax burden and also, they will seek maximum annual rents and also charge the maximum allowable rent increase every year just to pay for the extra 12% HST tax on rental housing operations. In addition, BC homebuilders and developers now have even less incentive to build new rental housing stock in the province and Greater Vancouver, where it is much needed to ease the tight vacancy rates as small profit margins will be shaved down even more.
Kararent Team
Posted by admin on August 28, 2011
Is There BC HST on Rent? Other Indirect British Columbia Harmonized Sales Tax Implications and the BC HST Impact on Vancouver Rents
Many renters have asked us this question already: Is there BC HST on rent in Vancouver and around the province? Does BC HST impact rental housing rates and what are the implications and impact of the British Columbia Harmonized Sales Tax on rents and rental rates in major cities where vacancies are still at record lows? To answer your questions as simply as we can, there is no direct BC HST on rent in the province. Therefore, a landlord or property owner renting their home or condo to renters DO NOT charge 12% BC HST on Vancouver rents. Basically, what you see is what you get in terms of BC rental pricing.
HOWEVER, because of the implementation of the BC Harmonized Sales Tax in July 1st, 2010, there is an indirect effect of the 12% HST on rents in Vancouver and throughout British Columbia. Not only will the B.C. HST impact residential housing rents, but it will also ultimately affect commercial rents next year. Again, these is no BC HST on commercial rents directly. However, the commercial property owner will have their hands tied as the 12% new tax will be applied to all operation costs, maintenance issues, renovations and professional services. What this means is that the BC HST on commercial rents will increase indirectly due to the increase tax burden on the British Columbia commercial property owner. In this article, we will try to examine the negative impact of the BC HST on rent, even though it is indirect.
THE BC HST RENT IMPACT IS TWO-FOLD, AFFECTING BOTH RENTERS AND LANDLORDS. THE IMPLICATION OF THE BC HST ON VANCOUVER RENTS WILL CAUSE RENTAL RATES IN BRITISH COLUMBIA TO INCREASE. THIS WILL RESULT IN A DECREASE IN HOUSING AFFORDABILITY FOR RENTERS, LANDLORDS AND HOME OWNERS.
Firstly, we will try to explain what HST actually is. HST stands for Harmonized Sales Tax and BC will become the fifth province in Canada to adopt the harmonization of their provincial sales tax and the federal GST tax after Ontario, Newfoundland/Labrador, New Brunswick and Nova Scotia. By doing so, the two taxes will be combined or harmonized into a single sales tax that is equal to 12% (twelve percent). The BC government has confirmed that there is no BC HST on rent applied to rental housing in Vancouver or anywhere else in the province. What this means is that if you are renting a two bedroom condo in Vancouver costing $1,000, you are paying $1,000 and not $1,000 plus 12% HST. However, this does not mean that Vancouver rents won’t be affected by the British Columbia Harmonized Sales Tax as we will explain directly below.
Posted by admin on August 25, 2011
Since the spread of the Internet in the 1990’s, there has been virtually no area of business that has not been dramatically altered by the changes in technology it has brought about.
Some industries have been quick to adapt to changing technology and utilize its benefits while others have been slow to adjust. But what has been surprising to many is how slow the residential rental industry as a whole has been to welcome the age of the Internet and the cost savings is has to offer. Even today, many landlords and property managers with portfolios ranging from one to one hundred units do not have a formal website providing information about renting with their company or the units they have available. But for those willing to welcome the technological change with open arms, the Internet has brought about a host of ways for landlords to improve efficiency and save large amounts of money.
Whether or not they utilize them to their full potential, most landlords and property managers know about the options and benefits of listing available rental units online, either through an outside site like the free services such as Kijiji, Craigslist and Streetseed and paid services such as Viewit and more recently MLS. There are also many widely known ways of using email and Internet forms to quickly and accurately take and file maintenance requests and correspondence with tenants. But the newest sets of Internet tools available to landlords which is has just started to gain popularity in the United States and Canada are related to the leasing and rent collection processes.
Landlords have just recently begun to see the organizational and efficiency improvements that can be realized by collecting lease applications, lease agreements and payments online. And with an ever-increasing collective acceptance of doing business online along with advances in Internet security – processing these documents over the web has never been easier.
Picture emailing out a link from your smartphone or computer which directs a prospective tenant to a website where your lease application, lease agreement and payment forms are located securely online. Soon after, you start receiving emails notifying you that the lease application is completed and ready for your approval via your smartphone or computer. A subsequent email then states that the lease agreement has been digitally signed by the tenant and filed online for both parties to access, and finally that the tenant’s banking information has been submitted to pay their deposit and monthly rent payments. This is something that many landlords are very excited to be experiencing after years of wasted time sitting with tenants while they fill out lengthy applications and read through pages of lease documents before signing.
It is estimated that the average time spent to get applications completed, a lease agreement signed, in preparation time, faxing documents and/or meeting tenants alone is 47 minutes. This does not take into account the several hours per unit used up by filing these documents, generating rent rolls and reports, colleting deposits, post dated cheques and rent receipts at tax time. With today’s technology, all of the above can be done in a matter of minutes, more accurately and very inexpensively, freeing up the landlord or property manager’s time and energy for other things. Another benefit is that approximately 30 sheets of paper per rental unit have been saved, contributing to environmental preservation and yielding further cost savings.
In a world where everything from movie passes to plane tickets are purchased online, it only makes sense that the rental housing industry is starting to take advantage of transaction processing technologies that can dramatically improve overall efficiency and workflow while significantly cutting costs.
By: John Miles
Posted by Admin on August 21, 2011
How it works
Although solar-panel layouts are tailored to each rooftop, some roofs are more desirable than others, says Dave Rogers, chief executive officer of AMP Solar Group.
The idea is 40,000 to 50,000 square feet of flat surface, with little foot traffic, Mr. Rogers says. But that’s only 10 per cent of what’s out there. “The biggest factor is the condition of the roof and its structural capacity. We figure out where the roof is in its life, and if the roof is solar-ready, we just put solar panels on. In most cases it will require some roof work, and we’ll pay for that.”
Once the roof is ready to go, solar panels are installed. They are weighted by ballast to keep them in place – the company tries to avoid making holes in the roof to prevent leaks, and this also makes the panels easily removable in case the building owner needs to make roof repairs.
The panels are then connected to a junction box, and power is fed into the city’s main grid. The amount of energy produced is metered and, for the next 20 years, the panels collect energy with very little maintenance. A 17,000-square-foot building – similar to IKEA’s store in Vaughan, Ont. – would generate about 320,000 kilowatt hours per year, or enough to power 33 homes.
Some companies are experimenting with ways to utilize smaller roofs of 10,000 square feet or less. For instance, Solar Power Network installs panels almost flat, at a 5-degree angle (traditionally panels are positioned at a 30-degree angle to capture the most sunlight). The flatter a panel is, the less ballast it requires, and so this plan is suitable for smaller buildings with more load restrictions.
Kararent Team
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Filed Under: Green
Posted by admin on August 14, 2011
What are bed bugs?
Bed bugs are insects that, as adults, have oval-shaped bodies with no wings. Prior to feeding, they are about 1/4 inch long and flat as paper. After feeding, they turn dark red and become bloated. Eggs are whitish, pear-shaped and about the size of a pinhead. Clusters of 10-50 eggs can be found in cracks and crevices. Bed bugs have a one-year life span during which time a female can lay 200-400 eggs depending on food supply and temperature. Eggs hatch in about 10 days.
What do bed bugs feed on?
Bed bugs prefer to feed on human blood, but will also bite mammals and birds. Bed bugs bite at night, and will bite all over a human body, especially around the face, neck, upper torso, arms and hands. Bed bugs can survive up to six months without feeding. Both male and female bed bugs bite.
Can I get sick from bed bugs?
There are no known cases of infectious disease transmitted by bed bug bites. Most people are not aware that they have been bitten but some people are more sensitive to the bite and may have a localized reaction. Scratching the bitten areas can lead to infection.
How do bed bugs get into my home?
Bed bugs are often carried into a home on objects such as furniture and clothing. If you think you have a bed bug problem, check for live bed bugs or shells in the following areas:
- Seams, creases, tufts and folds of mattresses and box springs
- Cracks in the bed frame and head board
- Under chairs, couches, beds, dust covers
- Between the cushions of couches and chairs
- Under area rugs and the edges of carpets
- Between the folds of curtains
- In drawers
- Behind baseboards, and around window and door casings
- Behind electrical plates and under loose wallpaper, paintings and posters
- In cracks in plaster
- In telephones, radios, and clocks
Bed bugs can also travel from apartment to apartment along pipes, electrical wiring and other openings. If the infestation is heavy, a sweet smell may be noticed in the room.
What can I do if I have bed bugs in my home?
The best method to deal with bed bugs is Integrated Pest Management (IPM), which combines a variety of techniques and products that pose the least risk to human health and the environment.
- Consult with your local health department or a professional Pest Control operator to confirm that you have bed bugs.
- Inspect your mattress and bed frame, particularly the folds, crevices and the underside, and other locations where bed bugs like to hide.
- Use a nozzle attachment on the vacuum to capture the bed bugs and their eggs. Vacuum all crevices on your mattress, bed frame, baseboards and any objects close to the bed. It is essential to vacuum daily and empty the vacuum immediately.
- Wash all your linens in the hottest water possible and place them in a hot dryer for 20 minutes. Consider covering your pillows and mattress with a plastic cover.
- Remove all unnecessary clutter.
- Seal cracks and crevices between baseboards, on wood bed frames, floors and walls with caulking. Repair or remove peeling wallpaper, tighten loose light switch covers, and seal any openings where pipes, wires or other utilities come into your home (pay special attention to walls that are shared between apartments).
- Monitor daily by setting out glue boards or sticky tape (carpet tape works well) to catch the bed bugs. Closely examine any items that you are bringing into your home.
- Consult professional pest control services and discuss options that pose the least risk to humans and the environment.
If you choose to treat the infestation with an insecticide, call a Professional Pest Control Service for more information. Use the least toxic product available and follow all manufacturers’ instructions.
Whether you choose Integrated Pest Management or insecticides, you may continue to see some living bed bugs for up to ten days. This is normal. If you continue to see a large number of bed bugs after two weeks, contact a professional pest control service.
What do bed bug bites look like?
When bed bugs bite people, they inject their saliva into the biting area, causing the skin to become irritated and inflamed. Individual responses to bed bug bites will vary. The skin lesion from bed bug bites may go unnoticed, or be mistaken for flea or mosquito bites or other skin conditions.
Four types of skin rashes have been described in the literature:
- The most common rash is made up of localized red and itchy flat lesions. The classical bed bug bites could be presented in a linear fashion in a group of three, which is called “breakfast, lunch, and dinner”.
- Small raised red swelling lesions are also common.
- In rare cases, people may develop large raised, often itchy, red welts.
- In people with high sensitivity to bed bug saliva, people may develop a lump filled with blood or fluid.
Bed bug bites most commonly occur on exposed areas of the body, including face, neck, hands, arms, lower legs or all over the body.
How do I treat bed bug bites?
Most bed bug bites go away by themselves and don’t need treatment. Keep the skin clean and try not to scratch. If the bites are very itchy, your doctor may prescribe cream or antihistamines to relieve the itchiness. Oral antibiotics may be prescribed for any secondary skin infection from excessive scratching.
How do I prevent bed bugs from entering my home?
- Although even the cleanest homes and hotels can have bed bugs, regular house cleaning, including vacuuming your mattress, can help to prevent an infestation. Clean up clutter to help reduce the number of places bed bugs can hide.
- Be careful when buying used furniture or clothes. Make sure to inspect the used item, and feel free to ask the retailer if the items were checked for bed bugs.
- Use caution when bringing home used furniture or clothes from the curb side. These items may be infested with bed bugs.
- When travelling take the following precautions:
* Inspect the room and furniture: inspect all cracks and crevices of the mattress and box spring, and look for blood spots or live insects. Request a different room if you find evidence of beg bugs.
* Protect your luggage: keep all belongings in your luggage and wrap your luggage in plastic to help prevent bed bugs from entering your luggage. Keep luggage on the shelf or away from the floor.
* Protect the bed: move the bed away from the wall, tuck in all bed sheets and keep blankets from touching the floor.
* Upon returning home: keep your luggage in an isolated area of your home, such as the garage. Inspect the luggage. Wash all your clothes in the hottest water possible and put them in a hot dryer for 20 minutes.
For more information:
- Toronto Public Health – www.toronto.ca/health or 416-338-7600
- Effective Control of Bed Bugs, Health Canada, Pest Management Regulatory Agency – http://www.pmra-arla.gc.ca/english/consum/bed_bugs-e.html#2
By: Toronto.ca
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As bed bugs spread, more college campuses are battling the bloodthirsty pests. College dorms can be incubators for bed bugs. They hitchhike into the dorm as new residents move in each semester or on visiting friends. College dorms tend to be cluttered, giving these tiny insects lots of places to hide. And with all those students to feed on, the bed bugs will never lack a meal in the dorm.
When your child comes home for holidays or summer break, he may bring along some unwelcome guests if you’re not careful. Whether or not you know your child’s dorm is infested with bed bugs, it’s smart to take some precautions each time he comes home. Follow these tips to keep bed bugs from coming home with your college student.
Before Your Child Comes Home from College – How to Contain Any Bed Bugs
First, ask your child to bag or seal any belongings he is bringing home from the dorm. Your first line of defense is containment.
- Ask him to put any clothing, bedding, or other items that can be laundered in plastic garbage bags. He should tie the bags tightly.
- If he has access to a portable vacuum, ask your child to empty his backpack completely and vacuum it, inside and out.
- If possible, have him pack his books and electronics, as well as other personal items, in large, sealable baggies.
When Your Child Arrives Home from College – Keep the Bed Bugs Out of Your Home
Don’t let your child bring his belongings in the house and unpack. Take time to inspect and clean everything first. If you have a garage or outdoor shed, that’s a great place to unpack and inspect his things before they are allowed in the house.
- Any and all items that can be laundered, whether they need it or not, should go right into the washing machine. Wash everything on the highest temperature allowable for the fabric. Then be sure to dry everything on the highest heat possible for at least 30 minutes.
- Books and other items that can’t be easily laundered or cleaned can be placed in a freezer to kill any hidden bed bugs. Leave them sealed in plastic bags when you put them in the freezer. You don’t want bed bugs wandering around in your fridge! This is only practical if the items can stay in the freezer for at least 5 days, however. Any bed bugs eggs can remain viable for several days.
- Bed bugs can hide inside laptops and other electronics. Inspect these carefully before bringing them inside the house. On most laptops, you can remove the keyboard to check underneath.
- Check the lining and seams of any backpacks or bags. Bed bugs like to hide in the folds, seams, and pockets, and can get under the lining if there’s a tear. If you have a steam cleaner, you can treat backpacks and other similar items with steam.
- Any hard items can be wiped down, and should be inspected for bed bugs as you clean them.
By: Debbie Hadley
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Filed Under: Green
Posted by admin on August 13, 2011
Renting your first apartment can be an exciting time. It used to be automatic that you would sign a one-year lease, but it may be better for landlords and tenants to consider monthly leases instead.
Traditionally, landlords wanted tenants to sign a one-year lease as a sign of a commitment, so the tenant would not be tempted to break the lease early. It gave the landlord a sense of comfort. Tenants also appreciated this sense of security – they could not be evicted as long as they paid the rent on time and behaved themselves.
Times have changed. When you consider how the law operates, both landlords and tenants may reconsider.
For landlords, it is far more important to properly qualify your tenant. If your tenant subsequently defaults or breaks the lease early, you won’t collect anything anyway. In addition, a landlord has a legal obligation to try and reduce their damages by re-renting their unit, so it is unlikely you will be able to sue the tenant for anything more than the months the unit remained empty.
If it is a monthly tenancy, landlords also have the advantage of terminating the tenancy at any time – upon 60 days’ notice – if they want to move into the unit themselves or have a family member move in.
For tenants, unless it is a house or condominium, you should also consider monthly tenancies. In a larger apartment building, it is unlikely a landlord will be able to terminate your lease for family reasons. Therefore, as long as you pay your rent on time and behave yourself, you can stay as long as you want. In addition, if you ever want to leave, whether to buy your first home or move to another apartment, you will only have to give the landlord 60 days’ notice.
However, if you are renting a house or condominium, you may want the security of a one-year lease, as there is a real possibility the landlord may try to evict you if they want the property for their own use.
Other tips for first-time tenants:
• The landlord can only ask for the last month’s rent in advance; no other security or furniture deposits.
• The landlord can ask for post-dated cheques, but cannot demand them.
• You can find out all of your rights as a tenant at the Landlord and Tenant Board website at www.ltb.gov.on.ca.
One-year leases used to be the standard for residential landlords and tenants. It may not be the right option for you. Understand your rights before you sign any residential lease and you will benefit in the long term.
By: Mark Weisleder
Posted by Admin on August 12, 2011
A stronger-than-expected housing market has helped propel growth in the Canadian economy this year, but economists say recent economic and market tumult could jeopardize momentum in the sector.
The Canada Mortgage and Housing Corp. said Tuesday national housing starts rose to 205,100 units on a seasonally adjusted basis in July, 11.6 per cent higher than the 188,900 reported in the same month last year and up 4.3 per cent from the 196,600 recorded this June.
However, the pickup, driven by strong construction on condos and apartment buildings in urban centres, is likely due to builders catching up to robust demand last year, rather than expectations of coming growth.
Home building activity has been increasing through the first seven months of 2011, but starts are still down 4.6 per cent from a year ago.
The Hamilton area, including Grimsby and Burlington, was a different story.
The agency reported total housing starts declined in July — typically an active month for residential construction. The decline in total starts was driven by fewer single-detached homes being started in the City of Hamilton and Grimsby compared to 2010. Similar trends prevailed for the first half of the year, where single-detached starts matched last year’s pace in Burlington, but decreased by about one-third in the City of Hamilton and Grimsby.
Specifically, the agency reported 80 single-detached houses started in Hamilton in July, down from 116 last year. Year-to-date figures show 502 starts this year, down from 684 last year.
CMHC said total starts here have been relatively flat for the past few months, hinting some remain leery of buying a new home, preferring the resale market where listings have been at record high levels.
Nationally, during the first half of last year, the market was rebounding from recession and buyers were on a tear, prompting an influx of demand and the need to build more units.
Housing starts tend to lag activity in the resale market, and economists believe the recent strong construction activity is the result of increased demand last year.
But they doubt whether the pace can continue as the prospect of a double-dip recession in the U.S. forces them to rethink the prospects for economic growth in Canada.
“While many economic indicators have pointed to much softer growth through the summer, Canadian housing starts is not one of them, still likely responding to a firm rebound in sales activity in the second half of 2010,” said Bank of Montreal economist Robert Kavcic.
“Going forward, expect underlying household formation (about 175,000) and current economic concerns to apply some gravitational pull to starts.”
Buyer sentiment is “vulnerable to recent market turmoil,” as the large decline on stock markets has a negative effect on consumer wealth and confidence, making them less inclined to make big purchases, said CIBC economist Peter Buchanan.
“That, of course, can cut both ways. It can make investors fearful of buying real estate. On the other hand it does mean the Bank of Canada won’t be tightening quite as early,” Buchanan said.
“The other thing is that, if people are worried about putting their money into the equity market, hey real estate may not look so bad.”
But even with low rates that make the cost of carrying a mortgage cheaper, pent-up demand in the housing market could be largely exhausted.
Many buyers rushed into the market during the closing months of 2009 and early 2010, when the Bank of Canada rate was set at an emergency low of 0.25 per cent. Others decided to buy before the implementation of the new HST in Ontario and British Columbia in July 2010, or to beat two rounds of tighter lending rules.
By: The Hamilton Spectator
Posted by Admin on August 10, 2011
New Brunswick has a problem. Its licence plate slogan is too abstract, too forgettable. “Be… in this place.” Is this the place that produces one third of every French fry in the world? The place where just about everyone is bilingual? Even New Brunswickers are not sure what this place is, as they try to snag tourists passing through on their way to Prince Edward Island (licence plate slogan: “Canada’s green province”) and Nova Scotia (“Canada’s ocean playground”). On a road trip adventure with my Dad to actually be… in this place, we came across a few surprises.
For starters, live lobster is for sale at Moncton Airport for $7.99 a pound. I’ve been on chicken buses, but never lobster planes. We rent a sporty car and drive to Moncton, finding Main Street abuzz on Friday night. Young women in weather-defying mini-skirts are hunting in packs, while a rock fiddle band jigs away at a pub and people step dance in unison. I’m surprised to find just how much fun this all is, because you don’t see this kind of thing on the West Coast.
There’s enough time in the morning to visit Magnetic Hill and let our car roll uphill in neutral, before zooming off to the province’s busiest tourist attraction – the Hopewell Rocks. Here, 100 million tons of water rush into the Bay of Fundy every day, creating the world’s largest tides, and some truly weird rock formations. Walking on the ocean floor during low tide among these natural wonders is surprisingly spectacular. The Hopewell Rocks are a worthy entrant in the New Seven Wonders of Nature competition.
Nearby is the wonderfully named Cape Enrage. Not angry. Not annoyed. Enraged! On a clear day, Cape Enrage offers furious views over the bay. Today, the fog creates a moody atmosphere, daring us to jump off the 42-metre cliffs to the rocky beach below. Fortunately, that’s exactly what we can do, courtesy the Cape Enrage rappelling operation. We strap up, lock in and descend down the sheer rock face. Cape Exhilaration might be more accurate.
Crossing Fundy National Park on Route 114, we continue the scenic drive along the Saint John River, passing potato fields and too-quaint, too-charming wooden barns and houses. Mowed lawns are so massive you could relocate Wimbledon to a backyard.
We eventually arrive in Fredericton, home to the University of New Brunswick, and the provincial legislature. Naturally, we gravitate toward The Lunar Rogue Pub and its menu of 282 types of whiskies. Fortunately, liquid courage is not required to kayak the mighty Saint John River. We swing by the Aquatic Centre, get dropped off a couple miles upriver, and let the current carry us home. Or at least as far as the Beaverbrook Art Gallery, where any visitor would feel the shock and awe of Salvador Dali’s magnificent (and very, very large) Santiago El Grande.
It takes two hours to drive from Fredericton to Grand Falls, or 70 minutes if you’re running late for a wild adventure and can talk your way out of a speeding ticket. We arrive in Grand Falls to find, well, some pretty grand falls with up to 90 per cent of the volume of Niagara Falls. There’s no Maid of the Mist here, but there is an amazing zip line. Zip Zag’s Christine and Eric Ouellette have created the best view of the falls yet. We hook into the first and fastest of Zip Zag’s lines and fly 150 metres across the canyon suspended 40 metres above it. I’ve now zip lined a dozen times on three continents, and once you get over the “I’m flying” factor, it’s all about the surroundings. It doesn’t come more dramatic than Grand Falls. A sheet of fine mist, courtesy of the raging water below, refreshes in middle of the ride. Zip Zag even has a nighttime zip by spotlight.
Our next pleasant surprise is Hartland, where we drive through the world’s longest covered bridge, and – since every road trip needs a quirky roadside attraction – we stop at Florenceville’s Potato World museum. Here we learn about New Brunswick’s contribution to the French fry (it’s the world’s largest producer of French fries), try a surprisingly delicious potato smoothie and pair our hand-cut potato chips with chocolate sauce and brown sugar. It doesn’t taste bad, just mismatched, like chili sauce on ice cream.
By the time we reach the seaside village of St. Andrews, we’re loaded up on lobster roll and eager to find whales with Fundy Tide Runner, a whale-watching operator on the wharf that has the fastest boat in town. The whales were having none of it, but there were two beautiful Finnish doctors sitting up front, loving the speed and rugged coastline along with the rest of us.
Men in kilts greet us back at the wharf. Off-Kilter Adventure’s Kurt and Jeff lead mountain-bike tours around St. Andrews. Jeff happens to be a master mural painter responsible for a good deal of the town’s visual character. Kurt – a phys ed teacher/personal trainer/George Clooney look-alike – has loaded up his good stories and regales us throughout our ride. We’re laughing almost as much as we’re pedalling. We bike through tall flowers and into forest, along abandoned train tracks and across pebble beaches, learning about St. Andrews and its people, from guides who live and love this town.
We have just enough time to explore Saint John, New Brunswick’s biggest city. We learn about the city’s long history in the excellent New Brunswick Museum, stroll around uptown and head over to the river for one last adventure. I’ve always been fond of jet boats – their speed, agility and how they can spin on a penny. To really see what they’re capable of, we pop into Reversing Falls Jet Boat Rides, the daredevils at this tour company use the Fundy tides crashing into the Saint John River as if it were a class 5 rapid playground.
The pilot, Harry Cox, has been kayaking these extraordinary rapids for more than 20 years, and knows exactly where to spin his boat in a powerful whirlpool, or drench his passengers in enormous swells. He pulls a tight, white-knuckle spin just inches from a huge rock, sending screams from his passengers, aged 10 to 65. Quite frankly, after all the jet boating mayhem I’ve experienced in places like New Zealand, I just didn’t think Canada had it in her, much less New Brunswick.
At the airport, I read an item in a local newspaper about New Brunswick abandoning the “Be… in this place” slogan on its provincial licence plates. The provincial government is considering setting up a public forum to take suggestions for a new slogan. “Canada’s tidal province?” “A province of character?” My bet: “New Brunswick: full of surprises.”
By: Robin Esrock
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