February 2013

Found 6 blog entries for February 2013.

Mayor Naheed Nenshi has issues with Doug Griffiths, the Municipal Affairs Minister. The two never did see eye to eye politically, but this past Wednesday the animosity got turned up a notch. Griffiths not only took his time during a radio show interview to note that the province isn’t seriously considering  Calgary’s negotiating brief, he called the mayor a political peacock.

Nenshi noted that the province went over the 53 page brief, denied most of it outright and left in two or three items considered negotiable. That is not a city charter or anything close. The items refused and left in were not disclosed by the mayor.

Griffiths has not been shy in touting the unwillingness of the province to grant either Edmonton or Calgary ways to increase revenue via…
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Vancouver and Toronto have been the key players in the condo market for quite a while now. But it appears that those markets are seeing a bit of a cool down and other cities are stepping in to fill the void. The reports that condo sales across Canada are dwindling may be a tad premature, at least in Calgary. That city has seen their highest level of condo sales in six years.

Altus Group just released a report noting that multi family home sales in 2012 showed an increase of 26 percent when compared to 2011. That year saw 4,180 condos change hands, not quite the 5,868 seen in the banner year of 2005, but a definite indicator that the condo market is very much alive. Reasons cited for this increase include an improving economy and increased consumer…
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Rent-to-own, or RTO, is an alternative way to sell real estate which can benefit both the buyer and the seller. But things can and do go wrong if procedures aren’t followed and the paperwork is less than stellar.

One recent incident occurred in Kelowna. A couple ended up moving to Alberta and listed their home with Kelowna Home Deals, a RTO firm. To date they have yet to receive any money either from the tenant or the buyer. That means the couple, now paying on a home in Alberta, must now also carry the mortgage on the Kelowna home. Together that is costing them $4,400 per month, and they’ve been paying this since September of 2012.

When they investigated they found that the owner of Kelowna Home Deals, Dell Burnett drew up a tentative contract that gave…
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Canadians have benefited from the stock market being more profitable and have nicely increased their household wealth. But economists are still concerned that most are only targeting three to four percent of their earning towards retirement. The suggested percentage is nine percent, which would help most people reach their retirement and other financial goals.

Chief Economist Douglas Porter, from BMO Capital Markets made this assessment after studying the stock market trends and then the saving patterns of the average Canadian. Porter did note that raising interest rates would help those saving money but that is not a viable option, at least not at the moment.

Porter also looked at the debt ratio, which right now sits at 165 percent of the average disposable…
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The Calgary International Airport (YYC) is setting records. In 2012 13.6 million people travelled through the facility. That is a six percent increase over numbers in 2012. What’s more, during the last nine years, eight saw a yearly increase. The exception was 2009 at the height of the recession. Calgary International Airport is already the fourth busiest airport in Canada, generating some $6 billion per year in revenue.

Jody Moseley, speaking for the Calgary Airport Authority, also noted that cargo handling also saw an increase of five percent in 2012, with 117,000 tonnes being processed. Since an improvement in economy usually means an increase in shipments, Calgary’s economy is in great shape.

Passengers using Calgary International Airport now have more…
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The Canadian Mortgage and Housing Corporation has changed its tune. For the first time the Crown agency is doing away with prepayment penalties. No longer will those wanting to break or payoff their mortgage be changed with steep fees for not carrying those mortgages to term.

This particularly benefits those in co-op housing complexes. The Co-operative Housing Federation of Canada was quick to show their appreciation. This past Tuesday their executive director, Nicholas Gazzard, praised CMHC for their change of heart. He noted that this financial change eases the amount of money owed to the Crown, allows affordable housing to remain so and spurs more housing construction and/or renovations, therefore creating more jobs.

Social housing projects already in…
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