Daily Market Update

The paperwork required when buying in Alberta is about to increase…Home insurance claims rise … And why the younger generation are aiming to be mortgage free in their 30s…

 

More Paperwork for Alberta Real Estate Deals

A rule change by the Real Estate Council of Alberta will be implemented on 1st July and will add an extra document into the real estate process. Service agreements, which sellers are already be used to, will now also be signed between buyers and agents. The idea is to have everything set out clearly so that buyers are fully aware of what the Realtor does, how they get paid and any other important details. Often this information is spoken about or implied, but can lead to confusion or dispute. Read the full story.

 

CMHC No Longer Insuring Condo Developments

The Canadian Mortgage and Home Corporation has announced that it will no longer be insuring construction of  condo developments in a move designed to cool the housing market. CMHC currently has $378 CAN of insurance for condo construction. Although this impacts on developers, there is no change for individual homebuyers. CMHC hasn’t actually provided any of this insurance for three years, so this move is really just an official removal of the product. Read the full story.

 

Canada Sees Rise in Home Insurance Claims

The latest edition of JD Power’s Canadian home Insurance Study says that the level of customer satisfaction with insurance companies has increased. This is just as well, as the number of claimants has also gone up, largely due to weather-related claims. In the western provinces there is perhaps some work to be done though, as that part of the country has seen the greatest number of weather claims and also the lowest satisfaction rating. One key finding that is worth noting; when informed of a premium increase, customers are more ‘satisfied’ if the reasons for the extra cost are explained to them. Read the full story.

 

The Co-Op Housing Crunch

At a meeting over the weekend, members of housing co-operatives from across Canada discussed how to protect the homes of around 50,000 Canadians on low incomes who are facing uncertainty as the current federal agreements come to an end. Co-operative Housing Federation of Canada’s annual conference is calling for government to agree new arrangements to establish cost-shared rent supplements to protect some of the most vulnerable in society including the elderly and disabled. Read the full story.

 

Mortgage Free in Your 30s? It Can Be Done…

For those of us who are already in our forties, these stories may have to read through envious eyes. An increasing number of young Canadians are opting to pay off mortgages quickly and those with good incomes are choosing to pay down their biggest debt to give them greater freedom for the future. The recent economic crisis and the ongoing uncertainty, especially in the jobs market, may account for much of this thinking. Once you are mortgage free, challenges such as losing your job or starting your own business become less of a burden. Read the full story.

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