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economy

New Canadian mortgage rules effective April 19 2010

February 16, 2010

Insisting that Canada is not facing a housing bubble, Finance Minister Jim Flaherty announced a tightening on mortgage lending rules, which he says will “help prevent negative trends from developing.”
Effective April 19, 2010 the following changes will take effect.
Home buyers must qualify for their mortgage using the five-year fixed mortgage rate, regardless of the term [...]

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Mortgage lending requirements in Canadian banks about to get tougher

February 16, 2010

Canada’s Finance Minister, Jim Flaherty will announce this morning a change in lending rules that will further limit the amount of cash buyers can borrow to finance a home according to a report on Globe and Mail.
Stimulus cash, and historically low interest rates have created an enticing environment for Canadian home buyers who have flooded [...]

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Flaherty raises some specific actions he could take to cool Canadian housing

December 21, 2009
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For the first time since he initially acknowledged concern over a potential bubble in Canadian housing markets, Finance Minister Jim Flaherty has openly indicated in an interview for CTV’s Question Period that higher down payments and shorter amortization periods are both on the table “if” there is further evidence of a bubble.
“If we see further [...]

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Greater risk in Canadian housing markets remaining hot than cooling down: TD

December 2, 2009

TD Bank Financial Group released a “Resale Housing Outlook” yesterday that provides some insights into the potential consequences of the quick recovery that the Canadian housing market experienced over the past year. It’s a pretty interesting, “where we’ve been, where we may be headed” report. Some of the ideas that caught my attention from the [...]

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Lake Placid will miss City of Saskatoon’s payment deadline

October 30, 2009

Media Release
Release: Immediate
Date: Friday October 30, 2009
Contact: Mike Lobsinger, Chief Executive Officer Lake Placid Group of Companies
(Saskatoon, SK, Canada): Michael E. Lobsinger, Chief Executive Officer of the Lake Placid Group of Companies, announced today that Lake Placid is in a situation where delays have arisen around the deadline with the City of Saskatoon. For this, [...]

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Grocery store to open in downtown Saskatoon

October 27, 2009
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Renovations are already underway on the main level of the 2nd Avenue Lofts in downtown Saskatoon. According to a media release issued by The Partnership yesterday, the retail space located at the corner of 2nd Avenue North and 23rd Street East will be home to the Uptown Market, a full service independent grocery store which [...]

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Saskatoon Trades and Skills Centre to undergo major expansion

October 16, 2009
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The trades training centre at Mount Royal Collegiate will undergo a $3.6 million dollar expansion in a joint effort between the federal and provincial government according to a story on the Star Phoenix website. Nearly $3.2 million dollars in funding will be provided by Western Economic Diversification Canada while the province contributes roughly $366,000.
“In order [...]

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How to take advantage of the Home Renovation Tax Credit

September 30, 2009
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Part of “Canada’s Economic Action Plan” includes a Home Renovation Tax Credit that could help you save up to $1,350 on eligible home improvements when goods are purchased or professional services are performed after January 27, 2009 and before February 1, 2010.
The Home Renovation Tax Credit is a federal non-refundable tax credit based on eligible [...]

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River Landing Village delayed again: Star Phoenix

June 20, 2009

According to a story in today’s Star Phoenix, Lake Placid Developments is seeking a one-year extension on the current deadline to complete the excavation of the building site for its proposed $200 million River Landing development.
In a letter to the city, the developer requested an extension to June 30, 2010. City manager, Murray Totland will [...]

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Saskatoon’s River Landing Village now for sale, construction to begin soon

May 5, 2009

I received this email today stating that the title issues we previously heard about that were holding Lake Placid back on the River Landing Village project have been resolved and that construction will begin “as soon as changes are complete.”

Dear Norm,
“The legislation needed to move forward with two of the biggest private developments in the [...]

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Housing starts tumble across Canada; Saskatoon among the hardest hit

March 9, 2009
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Housing starts across Canada continued to weaken through the month of February falling 59% nationally and 69% in Saskatchewan, according to “Preliminary Housing Start Data” released by Canada Mortgage and Housing Corporation today.  Only British Columbia and Prince Edward Island showed larger drops as both provinces saw starts decline 76% in February compared to the [...]

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