Daily Market Update

by on 29 Dec 2014
Vancouver house prices concern businesses
It’s not just those who are looking to buy or sell property that are interested in the price of homes, many businesses keep an eye on prices as part of their hiring plans. In Vancouver, for example, the high prices are a concern for companies as they seek to attract and retain employees who will need higher wages to persuade them to remain in the area rather than seeking more for their dollars elsewhere. The increase in demand for property in Canada’s city cores -- and the supply in response -- may work for young single professionals or downsizing baby-boomers, but for those starting or growing their families, it can lead to a difficult choice. Government figures show a net increase in the numbers of 25 to44 year olds leaving Vancouver in the last three years. Not only is that a key demographic for workforces, but if families are leaving it will have a negative effect on the community mix. There are schemes to help with affordability; however these generally help those in the lower income brackets whereas the middle income earners are more likely to move elsewhere. Read the full story.
Lawyer quits profession over aboriginal condo development
A lawyer involved in the deal between the federal government and the Indian Residential Schools has admitted he failed in his representation of aboriginals over Leduc’s Bellavera Green development. Leslie Meikeljohn has resigned from the Law Society of Alberta before disciplinary action and has left the profession. Meikeljohn didn’t pay the $100,000 per unit agreed in sales contracts and failed to disclose mortgages that existed on some of the properties. No charges have been brought against Meikeljohn although creditors did come after him when the condo development ran into trouble in 2011 and developer Kevyn Frederick disappeared. Frederick was involved in mortgage fraud in the 1990s and has been the subject of multiple legal actions in recent years. Hundreds of condo owners have been left out of pocket after the Leduc Fire Department declared the development unsafe. Read the full story.
Why ‘Days on Market’ may be meaningless
One of the metrics used by homebuyers may be meaningless due to the tactics used by some realtors. Writing in the Huffington Post, online realtor Nathan Dautovich says that some agents ‘reset’ the Days on Market figure by de-listing and then re-listing a property that doesn’t sell quickly, making it appear as if it has only been for sale for a short time. While this may be misleading to individual buyers, it also skews market data. Dautovich argues that if the data is based on false figures it could be disastrous for the industry. He suggests that regulators should ensure that the information is not manipulated and, in the meantime, buyers should be thorough in their research of a property’s history. Read the full story.


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