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  2. Prosperity gap to widen, Conference Board says Growth in Quebec expected to hit 1.4% DAVID AKIN, Canwest News Service Published: 8 hours ago Booming Saskatchewan will lead all provinces in economic growth this year, while Ontario and Quebec will suffer through a difficult year, said forecasters at the Conference Board of Canada. The widening prosperity gap between the West and those in central and eastern Canada presents federal policy-makers with some unique challenges. The West may need policies that slow growth and curb inflation, while central Canada has few inflationary worries but needs some economic stimulus to encourage growth. In its semi-annual provincial outlook, the Conference Board says Saskatchewan's economy is booming thanks to surging commodity prices, particularly oil and potash, and as a result, the provincial economy there will grow by 4.2 per cent this year. In fact, the Conference Board said workers are leaving Alberta and heading to Saskatchewan to make their fortune. The report says that, as a result, retailers in Canada's flattest province may be in for a particularly good year. "The positive labour outlook, combined with lofty wage gains, is spurring a spending spree. Retail sales are expected to soar by 12.2 per cent in 2008," it said. Meanwhile, in Quebec, things will be a bit better this year, where growth of 1.4 per cent is expected. "Since the middle of 2007, the Quebec economy has been at a near standstill. The weakness in the manufacturing sector has eroded economic gains made in other industries,' the report said. Next door in Ontario, where manufacturers had particular trouble coping with the one-two punch of a fast-rising loonie and skyrocketing energy prices, economic growth will be just 0.8 per cent, the Conference Board said. Only Newfoundland and Labrador will see slower economic growth than Ontario this year. After a stellar year in 2007 with double-digit economic growth, the Conference Board said the pace in Canada's most eastern province is stalled. It predicts growth there of just 0.2 per cent this year. Overall, the Conference Board believes Canada's economy will grow by 1.7 per cent. The forecasters at the independent think-tank are much more optimistic than the Bank of Canada, which said last month it believes Canada's economy will grow by one per cent.
  3. Read more: http://www.montrealgazette.com/business/fp/Quebec+brewers+froth+over+cheap+beer/4072041/story.html#ixzz1AJsv4pHS
  4. Best deals in real estate by Don Sutton, MoneySense Wednesday, June 16, 2010 It’s a crazy time for real estate in Canada. Prices are sky-high, people are feeling pressured into selling into a hot market and buyers fear purchasing an overpriced home only to see the bubble burst. But MoneySense magazine has come to the rescue and crunched the numbers to identify the best real estate deals in the best cities. Using hard data on 35 major housing markets, the magazine has awarded a letter grade based on how reasonable the house prices are, whether home prices are likely to rise and how prosperous the local economy is. Surprisingly, none of the winning cities are Canada’s largest, but instead reflect medium-sized cities with affordable house prices that have the ability to grow strongly with local economic conditions. The best deals in real estate in Canada are to be found in Moncton and Regina, both of whom received an A-, while Fredericton, St. John’s, Ottawa, Gatineau, Winnipeg, Guelph and Saint John all received a B+. The criteria for the study was strict and comprehensive. MoneySense compared average rents to average home prices, which gives a great indicator of how valuable a home is. Next it compared local wages as to average home prices to see how long it would take for a family to purchase a home. The magazine also evaluated how quickly homes sold and prices increased over the years. Last, the economic environment of the city was also analyzed. The magazine looked at how fast a community grew, what the unemployment rate was and what kind of discretionary income the citizens had. This method avoided identifying cheap real estate in communities where prices were unlikely to increase due to a poor local economy or widespread unemployment. The analysis gives a comprehensive overview of where to get the best real estate deals in Canada. The study is also useful for identifying which real estate markets to avoid. For example, Abbotsford and Montreal both only rated Cs. MoneySense’s study also identified overpriced markets. For instance, Kelowna, B.C., scored well in the category of growth potential and has a great local economy. But the average house price makes it hard for the typical family to buy into the market. With this aspect in mind, Kelowna rated a D+ in the value category and a C+ overall. Windsor, Ont., where house prices are among the best values in Canada, is in the opposite situation. It rated an A for affordability, but since the city is slowly recovering from deep layoffs in the car industry, it only rates a C in the momentum category and a C+ for local economy, giving it a B+ overall. In concrete terms, what the best cities for real estate like Regina and Moncton have going for them is big-city growth and opportunities without big-city prices. While the affordability and growth value of a home are not always the prime reasons to buy in a particular location, knowing that your home is a sound investment in an economically vibrant city offers great peace of mind. Top 5 cities: 1. Moncton A- 2. Regina A- 3. Fredericton B+ 4. St. John's B+ 5. Ottawa B+ http://ca.finance.yahoo.com/personal-finance/article/moneysense/1662/best-deals-in-real-estate
  5. (Courtesy of The Financial Post) It is pretty easy you sign up with your credit card or debit and few days later you get your gold delivered to your front door I read somewhere else you can buy up to $6000 CDN worth of Gold per day so almost 6 ounces. Scotia Mocatta
  6. We get our petrol from Alberta, I know its more costly than a Saudi operation, seeing its oil sand and what not. Plus all the taxes, but with the situation in Libya why are people freaking out about oil production, when we have our own shit. For one why should our prices go up, if we produce and refine our own petrol The way I see it, if people in Canada raise their gas prices because of Libya, they are just profiting from people's stupid fear. Plus what we are paying doesn't make sense already, but thats just me. We pay around 0.16 cents per liter. Actually, I might have figured out my question. Seeing most oil prices are set by outside production (i.e OPEC) that was really effects the price, which to be if thats the case, fuck them and their oil politics and Canada and other countries should form a new oil union for other countries who want off OPEC oil and want something else. -end /rant.
  7. Hors Canada,mais intéressant de voir ce qui pourrait un jour nous arriver... Irish house prices to fall another 20pc, warns Fitch. Irish house prices could fall a further 20pc and inflict stiff losses on holders of mortgage bonds, with a growing risk of property defaults across the eurozone periphery, according to Fitch Ratings. http://www.telegraph.co.uk/finance/financialcrisis/9789129/Irish-house-prices-to-fall-another-20pc-warns-Fitch.html
  8. Corn-based ethanol: The negatives outweigh the positives JEFFREY SIMPSON From Wednesday's Globe and Mail July 30, 2008 at 7:58 AM EDT Canada's governments have done something really stupid in subsidizing corn-based ethanol, and requiring its increased use, but apparently cannot correct their mistake. As a policy to reduce greenhouse gas emissions, corn-based ethanol is a poor option; as a farm subsidy program, it's also a poor bet. Making matters worse, corn-based ethanol takes corn-for-food out of production, and moves land from other kinds of production into corn, thereby adding to what are already rising food prices. Governments, here and in the U.S., thought they were doing great things for the environment and helping farmers, too. Ethanol policy was, to quote the Harper government, a "win-win." Actually, it was a lose-lose policy for all but corn producers, who, naturally enough, have rallied furiously to protect their good fortune. Many researchers have exposed the follies of subsidizing corn-based ethanol production, the latest being Douglas Auld, in an extremely well-documented paper for the C.D. Howe Institute. Mr. Auld has surveyed the research literature about the putatively beneficial effects of corn-based ethanol on replacing gasoline. The theory is that such ethanol produces fewer greenhouse gas emissions than gasoline from a vehicle engine. Indeed, it does, but that simple statement ignores what energy is required to produce a litre of ethanol. When the so-called "lifecycle" of ethanol production is counted, Mr. Auld concludes (as have many others) that ethanol doesn't lower GHG outputs. Remember, too, that ethanol delivers less energy per litre than gasoline, so more litres of production are required to move a vehicle a certain distance. Mr. Auld, therefore, correctly concludes, "It is clear from the evidence to date that there is no consensus regarding the efficacy of corn-based ethanol either to reduce GHGs or reduce overall energy demands." But we aren't dealing with "evidence," rather with political optics from governments wanting to look "green" and from a desire to help farmers. And so, the Harper government replaced the previous special tax exemption for ethanol to a producer credit that will cost the country about $1.5-billion. To this sum were added loans, biofuel research grants plus mandatory ethanol content requirements. In other words, the government pushed up the supply of corn-based ethanol through subsidies, then pushed up the demand through regulation. Provinces got in on the act, offering producer credits and mandatory ethanol content requirements. Putting the provincial and federal policies together produced whopping advantages for ethanol of about $400-million a year. For such money, Canadians might expect at least some decline in greenhouse gas emissions. They will be disappointed. There will be few reductions, and Mr. Auld estimates that these might cost $368 a tonne - way, way higher than other per-tonne costs for eliminating carbon dioxide, the main climate-warming gas. By contrast, one part of the Harper government's proposed climate-change policy would see big companies that do not meet their intensity-based reduction targets paying $15 a tonne into a technology fund. World prices for carbon offsetting these days are about $30 a tonne. However, even if this form of ethanol is a climate-change bust, at least it's great for farmers. Not so fast. It's a boon to the corn producers, but to supply all the additional demand for ethanol, up to half the current farmland for corn will be used. As more land is diverted to corn for ethanol, there will be less corn for human and animal consumption. So whereas corn producers will gain, livestock producers will suffer. As their costs rise, so will the price of their products to consumers. It's wrong to blame the rush to ethanol for rising food prices here and abroad. Let's just say the rush contributes to the problem. Mr. Auld estimates that if you take the direct subsidies for ethanol production of $400-million a year, and add the costs of higher food to consumers, the wealth transfer to corn-based farmers could soon be about $800-million. It's the classic case of subsidies distorting markets: One group gains and mobilizes all of its resources to protect its gains, insisting these gains reflect the public good; whereas in reality almost everyone else loses but doesn't complain. So we have a silly policy with hundreds of millions of dollars going down the policy drain, achieving none of the objectives the politicians claimed.
  9. Builders face financing squeeze 'We can expect a solid demand for condominiums well into the future' TERRENCE BELFORD From Friday's Globe and Mail September 5, 2008 at 12:00 AM EDT Remember how A Tale of Two Cities starts? Charles Dickens writes, "It was the best of times, it was the worst of times." Stretch that theme a bit and you might be describing what is about to happen in the Toronto-area condominium market. First, the best of times. According to Urbanation Inc., which tracks condos from the Burlington border to Ajax and Whitby, there were a record 295 projects for sale at the end of June. Of these, 147 were under construction and another 38 new ones were ready to break ground. Behind those projects stood 151 different developers, and for many of them it was their first shot at building a condo. Those first-timers were mainly house builders who could no longer find building lots. Their choice was either to move into condos or fold their tents. So on the plus side, prospective buyers have never had greater choice. Now on to the worst of times. That impressive number of projects may prove to be the Greater Toronto Area's version of a Potemkin Village by the end of the year. Veteran market watchers say that up to a third of them are likely to be pulled from the market. Along with them, up to 50 developers may bite the dust. The reason? They are unlikely to find financing, says Barry Lyon. He is a 40-year veteran of the Toronto area real estate market. His company, N. Barry Lyon Consulting Ltd., provides research, marketing and project management to the condo and commercial sectors. "The U.S. credit crunch means the money to build just is not there," he says. "The tap has run dry." So, what determines who gets the money to build? In large part, GTA condo buyers. Developers need to presell about 60 per cent of the units in any project before lenders will take a look at providing the money to build. Equally important, they have to do it within reasonable time frames. As their marketing and sales teams scurry to sell suites, construction and carrying costs for high-priced land are ticking upwards. Mr. Lyon says he would not be surprised to see some developers pulling projects out of the market because those costs have risen to such an extent that they simply can't make a buck going ahead. "In some cases, even with 60 per cent sold, some developers are still going to have a hard time finding financing," he says. It is not that there is any lack of demand. It remains strong, says Jane Renwick, executive vice-president of Urbanation. But it is nowhere near the levels seen in 2007, which was a banner year for the industry. Thanks to record sales in 2007, 76 per cent of the 66,310 suites on the market at the end of June had already been snapped up. "I think a lot of last year's sales went to first-time buyers," she says. "I also think that most of them have now been absorbed so we are looking at a return to a more stable market — less of a gold-rush mentality." Again on the plus side of demand is the lure the GTA holds for immigrants. Ms. Renwick points out that of the 150,000 people who immigrate to Ontario in any given year, 100,000 of them make their way to the Toronto area. "If that trend continues, if we continue with high employment and if the economy continues to expand, we can expect a solid demand for condominiums well into the future," she says. That demand will continue to be strongest within the old city of Toronto. That is where 70 per cent of today's projects sit, says Mr. Lyon. It is also where prices are highest — an average $461 a square foot, versus $418 a year ago, according to Urbanation. Compare that with $294 in Scarborough, $254 in Pickering, $287 in Ajax and $313 in Aurora. Much of the difference is simply the cost of land to build on. But in that area Mr. Lyon suggests the coming shakeout may bring positive benefits to buyers. He says the loss of about a third of the developers today jockeying for land and bidding against each other to arrange construction crews likely means less competition for available resources. Less competition means lower demand and lower demand usually leads to, if not lower prices, then at least a much slower rise in prices. "It is going to be an interesting year," Mr. Lyon says. "By the end of 2008, the GTA's condo market may be a quite different place." Terrence Belford is a veteran journalist covering the Toronto real estate market.
  10. November 14, 2008 by Deyanira Bautista Filed under Montreal Market Report According to the Greater Montréal Real Estate Board’s MLS® system, there were 36,955 transactions from last year until now. 4% less sales compared to last year. In terms of property prices in the Metropolitan Area of Montréal, the median prices of single-family homes and plexes increased by 6% compared to the same period last year, condominium prices increased by 3%. Compared to the first 10 months of 2007, condo sales grew by 5% in the Montréal Metropolitan Area. On the other hand, sales of single-family homes decreased by 7%, and plex sales decreased by 5%. “The median price of a single-family home grew last month by 4 per cent, increasing from $220,000 in October 2007 to $228,000 in October 2008. The plex market retained a stable median price at $329,250, while that of condominiums fell slightly by 1 per cent. This decrease can be explained by the minor decline in median prices of condominiums on the Island of Montréal, the largest condominium market. October’s resale market continues to favour sellers, despite a 9 per cent increase in the number of active listings in the MLS® system.” Source: Montreal Real Estate Board http://montrealrealestateblog.com/
  11. http://montrealgazette.com/business/local-business/quebec-is-slowing-spending-but-its-a-far-cry-from-european-style-austerity "Unfortunately, the private sector hasn’t kept the rendezvous. Stéfane Marion, chief economist at the National Bank, notes that net private-sector employment has fallen by 30,000 in the province so far this year while Ontario has added 80,000 such jobs. Marion points to lingering fallout over the bitter charter of values debate under the preceding Parti Québécois government. Quebec lost a net 10,000 people last spring to interprovincial migration — the worst outflows since 1995-96. That didn’t help the job market." On the plus side, the economy does seem to be improving and stimulus is coming from other sources. Exports to the U.S. and Ontario are growing at a healthy clip, the cheaper Canadian dollar is a boost to manufacturers and lower oil prices are an added bonus to both businesses and consumers. Marion figures that Quebecers have received a $300-million break at the gas pump so far this year as prices have declined. That will ease the pain from an expected two-cents-per-litre jump in gas prices in the New Year to cover the cost to distributors of Quebec’s new cap-and-trade system for carbon emissions. And if you can believe Finance Minister Carlos Leitão, the pain is about to end for taxpayers who are tired of paying more and receiving less. Most of the measures needed to go from the current-year deficit of $2.3 billion to a balanced budget have already been identified, he said. Another $1.1 billion will still have to be found in the budget next spring. It’s about time, says Norma Kozhaya, chief economist at the Conseil du patronat du Québec which represents the province’s largest employers. Quebec has reached the limit on what it can absorb in the way of further tax increases and spending cuts, she argued. Kozhaya is worried about slow growth in the economy, pegged at 1.6 per cent this year and 1.9 per cent in 2015. “What’s important is to get more revenue from economic growth and not from new taxes and fees.” She would like to hear more of a pro-investment discourse from the Couillard government, especially when it comes to natural resources. In the meantime, there’s always 2017-18 to look forward to. That’s when Leitão talks boldly of a surplus and maybe even a tax cut — in what will be an election year.
  12. Canada's inflation rate jumps to 3.1 per cent Canwest News Service Published: 1 hour ago OTTAWA - The annual rate of inflation in Canada jumped to 3.1 per cent in June, the biggest rise in almost three year years, fuelled by soaring gasoline prices, Statistics Canada said Wednesday. Most economists had expected an overall inflation rate last month of 2.9 per cent from a year early, compared with a year-on-year increase of 2.2 per cent in May. "Gasoline prices increased 26.9 per cent between June 2007 and June 2008, significantly higher than the 15 per cent advance posted in May," the federal agency said. "June's increase was the largest since the 34.7 per cent gain reported for September 2005, when hurricanes Katrina and Rita disrupted the oil market," it said. "June's increase reflected both recent increases in pump prices, as well as the fact that gasoline prices had been on the decline in June 2007." On a monthly basis, inflation rose 0.7 per cent in June from May. "In addition to gasoline prices, mortgage interest cost, bakery products and air transportation also exerted strong upward pressure on the consumer price index in June," Statistics Canada said. Prince Edward Island and Alberta posted the biggest gains in consumer prices, rises 4.7 per cent and 4.4 per cent, respectively. Meanwhile, the core rate - which strips out volatile items, such as energy and food, and is used by the Bank of Canada to gauge inflation - rose by 1.5 per cent in June, the same rate as the previous month. On Tuesday, Statistics Canada reported that retail sales rose by a less than expected 0.4 per cent in May, with virtually all of the increase due to higher prices, especially for gasoline. However, Canadian consumers - thanks to the strong Canadian dollar - have not been as hard hit by rising prices for food and fuel. As well, pump prices have fluctuated over the past few months from the $1.20 range upwards to nearly $1.50 a litre, driving down consumption. The Bank of Canada's target for inflation is between one and three per cent, although it expects the rate to peak at 4.3 per cent early in 2009. The central bank has held its key lending rate steady at three per cent for the past two months after a series of reductions in an effort to spur spending amid an economic slowdown. However, the bank has signalled it is now balancing the need to encourage growth without fuelling inflation. "The sting of the steep pick-up in headline inflation is lessened by the fact that the Bank of Canada was already so public in calling for an eventual peak of more than four per cent by the turn of the year," said BMO Capital Markets economist Douglas Porter. "A further correction in energy prices (on top of the $20 drop in crude oil in the past two weeks) would go a long way to further dampening concerns about lofty headline inflation readings," he said. "With core holding steady at 1.5 per cent in June, right around where the bank looks for it to average in Q3, there's really not much to chew on here from a monetary policy stance." The Canadian dollar trading around 99 cents US following the inflation report, little changed from its Tuesday close of 99.16 cents US. Percentage change (May to June / June 2007 to June 2008): All-items +0.7 / +3.1 Food +1 / +2.8 Shelter +0.6 /+4.7 Household operations and furnishings 0.0 / +1.3 Clothing and footwear -0.5 / -0.6 Transportation +1.8 / +5.5 Health and personal care +0.1 / +0.7 Recreation, education and reading 0.0 / +0.4 Alcoholic beverages and tobacco products +0.2 / +1.6 Goods +1.1 / +2.5 Services +0.3 / +3.7 All-items excluding food and energy 0.0 / +1.2 Energy +4.4 / +18 Source: Statistics Canada Percentage change (May to June / June 2007 to June 2008): Newfoundland and Labrador +0.8 / +3.1 Prince Edward Island +0.5 / +4.7 Nova Scotia +0.6 / +4.2 New Brunswick +0.5 / +2.1 Quebec +0.4 / +3.1 Ontario +0.5 / +2.8 Manitoba +0.8 / +2.4 Saskatchewan +0.7 / +3.4 Alberta +1.5 / +4.4 British Columbia +0.7 / +3 Whitehorse +0.9 / +4.5 Yellowknife +0.8 / +4.5 Iqaluit +0.6 / +2.3 Source: Statistics Canada http://www.canada.com/montrealgazette/news/business/story.html?id=8187d0e4-0761-4d7e-a550-ad9f55369ca1
  13. Montreal house prices hold steady The Gazette Monday, October 06, 2008 Montreal's real-estate market remained steady during the third quarter, with average house prices experiencing single-digit gains, according to a House Price Survey report released yesterday by Royal LePage Real Estate Services. A decline in unit sales was recorded, however. While activity levels have rescinded since last year, average listing periods have actually shortened by a few days, compared to the same period 12 months prior. Of the 10 Montreal markets examined, the average price of a detached bungalow increased by 4.8 percent to $236,045, a standard two-storey home appreciated by 0.5 per cent to $336,381 and a standard condominium rose by 4.4 per cent to $204,336, year-over-year. "House prices in Montreal are inching upwards, despite an increase in listing inventory and the fact that there are slightly fewer unit sales," said Gino Romanese, senior vice-president of Royal LePage Real Estate Services Ltd. "When looking at Montreal's current housing market, we need to realize that 2007 shattered records," he added. "It's unrealistic to believe that that pace can be kept up for very long." © The Gazette 2008 http://www.canada.com/montrealgazette/news/business/story.html?id=952e9c04-7da1-4b47-8865-fd882d7d860b
  14. Deflation a concern in North America By Paul Vieira, Financial Post February 20, 2009 OTTAWA -- Inflation in North America is to remain benign for the months -- and perhaps years -- ahead, analysts say, as a shrinking global economy undercuts commodity prices and inventories in Canada remain at excess levels. Data were released in both Canada and the United States on Friday. The Canadian numbers, Bay Street economists say, further strengthen the case for the Bank of Canada to cut its key lending rate by a further 50 basis points on March 3. Further, the data indicate deflation remains a concern for policy-makers on both sides of the border. Statistics Canada said the headline inflation rate dropped for a fourth consecutive month, to 1.1% from 1.2%. The Bank of Canada’s core rate, which removes elements subject to volatile prices, such as energy, dropped to 1.9% from 2.4%. That is in contrast to the United States, where the cost of living rose 0.3% in January, the first climb in six months based on stronger energy prices. Last month, prices fell 0.8%. The U.S. numbers initially eased deflationary fears. Analysts, however, were not so confident. "The near-term risk has lightened a little bit, but if anything the medium-term risk may have been ramped up a notch or two by the clear evidence about how the global economy is sliding," Douglas Porter, deputy chief economist at BMO Capital Markets, said. "The deep dive in the global economy threatens to further undercut commodity prices, and more broadly, pricing power in other industrial goods." Mr. Porter said the BMO economics team envisages the global economy shrinking 0.5% this year. As it happens, economists at Toronto-Dominion Bank issued an updated outlook that forecasts a similar contraction in the world economy -- the first since the Second World War. "Deflation is not a paramount risk right now -- but it is a risk when you are looking at a global contraction," said Richard Kelly, the TD senior economist who issued the revised global forecast. The Bank of Canada had forecast inflation would dip below zero for two quarters this year, largely based on the big drop in energy prices. However, the central bank has dismissed concerns about deflation, calling risk "remote." Mr. Porter said he believes Canada can avoid deflation, "but my conviction is weakening given just how weak the global economy has become." In a related report, David Wolf, chief Canadian economist at Bank of America Securities-Merrill Lynch, said inventory held by Canadian companies remains at higher levels compared with their U.S. counterparts. As a result, this excess supply will attract lower prices -- which will further drive down inflation. Mr. Wolf added there remains an "excess" overbuilding of housing supply in Canada. "That will continue to be a factor that will put a lot of downward pressure on prices," he said, adding that new house prices make up a small component of the consumer price index. © Copyright © National Post
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  16. (Courtesy of CJAD) I am all for trying to get better prices and a larger selection of wine. Now the SAQ just needs to buy a spirits distributer in the US so we can get better prices on scotch, vodka and other hard alcohol.
  17. http://www.inman.com/buyers-sellers/columnists/stevebergsman/westmount-canadas-beverly-hills According to wikipedia, Place Belvedere is considered the most expensive street on the whole island. I guess when there is only 10 homes on it, would make sense.
  18. The (mis)adventures of an Anglo in Montreal Petra Hendrickson Issue date: 4/9/08 Section: Opinion Montreal less than 48 hours ago, I thought I would use today's column as part anecdote, part travel advice and part opinion. The advice, although the most practical portion of this column by far, is the least fun to write about, so I'll dispense with it first. Make sure you tell your bank you're going abroad. Otherwise, their fraud department might put a block on your debit card after you use it to pay for a cab ride. This results in you having to apply for a new debit card, which will then take around 10 business days to be delivered to you. If you need help with something, ask. I have no recollection of the only other time I've flown internationally, and I was a little apprehensive about the customs and immigration process. Chances are, one of your fellow travelers will be more than happy to talk you through the process ahead of time. Granted, most people scoff at the idea of Canada being considered "international travel." Nonetheless, a flight there requires you to go through customs and immigration before leaving the airport, and chances are, you'll find something there that looks unfamiliar. Gas prices in Canada (or at least Montreal), for instance, are not only by the liter, rather than the gallon, they're also in cents. So a liter of gas is advertised as costing 114.2. Before I asked a fellow American at the graduate school I was visiting about the gas pricing system, I was pretty shocked. I mean, I knew gas prices were more expensive everywhere else, but even this seemed a little steep. Also, although I ate food while I was there, the fact that all menu items (even at Tim Horton's!) were in French pretty much means that I'm not entirely sure what I ate. There was Lebanese food of some kind, what I was told was a Chilean steak sandwich and a couple flavored croissants, but as far as specifics go, I'm pretty much at a loss. Everyone I encountered in Montreal was willing to accommodate English speakers, which was definitely much appreciated. My cab driver on my 1 a.m. excursion to the airport informed me that not only should I not have been shy about speaking English and being American, the locals don't mind at all because Americans are notoriously good tippers. The logic seems to follow that the more willingly people speak English to the Americans in Montreal, the more grateful the Americans will be, and the better they'll tip. I have to be honest. At least in my case, it was true. Most of the Anglo community seems to know how to speak enough French to get by ("restaurant French"), and certainly recognizes enough French to be able to differentiate street names from one another and the like. It was really interesting to me the combination of recognition and absolute confusion I experienced in the Francophone environment. On the one hand, words like café and boutique were easy markers as to what a building contained. On the other hand, all the words I didn't recognize meant that at some point, everything started to look the same, and it was pretty disorienting. On the whole, I'm definitely glad I visited Montreal. It was pretty eye-opening as to just how utterly American I am. I like to consider myself worldly in outlook, and I still think that's true, but it also made me consider exactly how non-worldly my experiences have been. http://media.www.indianastatesman.com/media/storage/paper929/news/2008/04/09/Opinion/The-misadventures.Of.An.Anglo.In.Montreal-3311500.shtml
  19. http://www.cbc.ca/beta/news/canada/montreal/montreal-real-estate-tax-foreign-investors-vancouver-1.3704178 A new tax on foreign buyers in Vancouver has real estate agents predicting a spillover effect into other Canadian markets. But it's unclear if Montreal, often an outlier when it comes to real estate trends, will be among them. "I really don't think this is something that's looming for Montreal," said Martin Desjardins, a local realtor. The market here is "nothing compared to what's happening in Toronto and Vancouver," he said. The new 15 per cent tax, which took effect Tuesday, was introduced by the British Columbia government with the intent of improving home affordability in Metro Vancouver, where house prices are among the highest in North America. Ontario Finance Minister Charles Sousa has said he is examining the possibility of a similar tax "very closely," as a measure to address Toronto's skyrocketing home prices. Experts believe the Vancouver tax could exacerbate the booming housing market in Toronto and, potentially, affect other Canadian cities. Brad Henderson, president and CEO of Sotheby's International Realty Canada, said some foreign nationals could turn to areas not subject to a tax — either elsewhere in British Columbia or farther afield. "Certainly I think Toronto and potentially other markets like Montreal will start to become more attractive, because comparatively speaking they will be less expensive,'' Henderson said. However, the Montreal market has so far remained off the radar of foreign investors. France, U.S top Montreal foreign buyers the Canada Mortgage and Housing Corporation said the number of foreign investors in the Montreal area is small and concentrated in condominiums in the city's downtown. The report found that 1.3 per cent of condominiums in the greater Montreal region were owned by foreigners last year. That number jumps to nearly five per cent in the city's downtown. Residents of the United States and France accounted for the majority of foreign buyers, while China (at eight per cent) and Saudi Arabia (five per cent) accounted for far fewer buyers. Francis Cortellino, the CMHC market analyst who prepared the study, said it's difficult to determine whether the Vancouver tax will change the situation much in Montreal. "We're not sure yet what [buyers] will do," he said. "There are a lot of possibilities." In Montreal, Desjardins said the foreign real estate buyers most often operate on a much smaller scale, often consisting of "mom and pop investors" or people from France looking for a more affordable lifestyle. "I don't think it will ever be to the point where we'll have to put a tax," he said. Sent from my iPhone using Tapatalk
  20. Canada's housing market cools Home prices are still rising but much more slowly.Tyler Anderson/National PostHome prices are still rising but much more slowly. Resale price growth lowest in seven years Garry Marr, Financial Post Published: Friday, June 13, 2008 More On This Story TORONTO -- The Canadian real estate market is being flooded with homes, causing prices to start falling in some key markets, according to the Canadian Real Estate Association. The average price of a home sold last month in the country's top 25 markets was $337,071, an all-time record. But that record price was only up 1.1% from May, 2007 -- the smallest year-over-year increase in seven years. "The record number of new listings means more opportunities for buyers," said Gregory Klump. chief economist with CREA. "The resale housing market has evolved in just a few short months." CREA said there were 67,628 new units on the market in May, a 7% jump from last year. It was the second straight month that a record number of houses has gone on sale. The impact on prices is being felt most keenly in Alberta. The average price of a home sold in Calgary last month was $418,881, a 2.4% drop from a year ago. Edmonton sale prices averaged out at $340,499, down 4.8% from a year ago. Unit sales in both Alberta cities are also plummeting. Calgary homes sales were off 34.2% from a year ago while Edmonton sales were down 34.8% during the same period. The home sales are dropping across the country. CREA said on a national basis sales were off 16.9% in May from a year earlier.
  21. Dana FlavelleBusiness Reporter Dana Flavelle Business Reporter There’s a bill before the U.S. Congress that would allow Americans to bring back $1,000 worth of Canadian goods duty-free after just a few hours of shopping across our border. Meanwhile, Canadians can’t bring back anything from the U.S. duty-free until they’ve been away for 24 hours. Even then the limit is $50. This protectionism is one of the reasons U.S. retailers who open up shop in Canada can charge higher prices here than in their home market, an economics professor says. “There are two reasons prices are higher in Canada,” said Ambarish Chandra, a professor with the University of Toronto’s Rotman School of Management. “It is more expensive. Retailers here have to pay higher taxes and have somewhat higher costs. But a larger part of it is because they can get away with it.” Canadians can complain all they like but unless they do more cross-border shopping, retailers here will charge whatever the market will bear, Chandra said. The same barriers exist online: Canadians are charged duty on items shipped across the border. The Consumers Association of Canada says it has lobbied Ottawa to raise the limits, noting the maximum exemption - $750 after a week-long stay - hasn’t changed in more than 15 years. But the consumer group says its efforts are always opposed by Canadian retailers. The Retail Council of Canada denies it has lobbied the government on this issue. “In an age when you can shop around the world, travellers’ exemptions would be the least of our concerns,” said council president and chief executive Diane Brisebois. “We have not had any conversations with the government about exemptions.” Ottawa doubled the exemption for 48-hour trips outside the country to $400 from $200 in 2007, but has no plans to make further changes at this time, said a spokesperson for federal Finance Minister Jim Flaherty. “We continually monitor the adequacies of the travellers’ exemption for Canadians. This includes taking into consideration the impact of any further modifications on the government’s budgetary balance and the impact on Canadian retailers,” the minister’s office said in a written statement. The U.S. currently allows $200 for same-day shopping. The issue of retail price parity arose again this week after some Canadian customers complained U.S. retailer J. Crew is charging higher prices in its new Canadian store and on its Canadian website than in its U.S. stores and on its U.S. website. The difference in the stores averages 15 per cent; the difference online is up to 40 per cent, once taxes and shipping are included. Canadians have been railing about price differences between the two countries ever since the Canadian dollar rose to parity with the U.S. greenback in 2007 after years in the doldrums. “It’s come to the fore again because the Canadian dollar is so strong and so many U.S. retailers are coming here,” said Lynn Bevan, a partner with the consulting firm RSM Richter in Toronto. Bevan said retailers who bring their operations north of the border face a slew of higher costs, from duty and freight to real estate and labour. Overhead costs in Canada are spread across fewer stores, and in some cases the Canadian business is separately owned and must pay royalty and other fees to the U.S. parent. “It’s not like Canadian retailers are making out like bandits,” she said. Prices were on average 20 per cent higher in Canada than in the U.S. on a broad range of goods from DVDs to luxury cars to golf balls, according to a survey last April by Doug Porter, deputy chief economist at BMO Capital Markets. The only times the price gap has closed in the past four years are when the Canadian dollar has dropped below the U.S. greenback, Porter said. http://www.thestar.com/business/article/1043928--canadians-need-higher-duty-free-limits-prof-says
  22. Un article du New York Time sur un penthouse à Vendre à Montréal. à Source: New York Time Album Photo INTERNATIONAL REAL ESTATE For Sale in ... Montreal By CLAIRE McGUIRE WHAT A one-bedroom penthouse apartment with industrial details and panoramic views of Montreal HOW MUCH 1,995,000 Canadian dollars ($1,866,400) SETTING This 10-story former factory was built in 1912 in the Paper Mill District near the financial district and Old Montreal. It shares the top floor with two other apartments, and overlooks several museums, the old port and the Chinatown neighborhood. Montreal is situated on several islands at the point where the Saint Lawrence and Ottawa rivers merge. It is about 325 miles north of New York City. Montreal is known internationally for its architecture and design, its strong arts scene and its vibrant gay community. INSIDE The apartment has an open layout; only the bedroom, bathrooms and a sitting room are enclosed. It would be easy to create an additional bedroom. The bedroom has an en suite bathroom and a walk-in closet with one wall made of opaque glass. There is a double-sided fireplace between the living room and the kitchen. The floors are of blue-stained hardwood in some places and slate tile in others. The high ceilings, painted brick walls and textured concrete pillars recall the building’s industrial history. The apartment’s seven arched windows overlook the city, three at the front of the building and four along one side. OUTSIDE A skylight in the kitchen could be enlarged to provide roof access, and the apartment’s owners have the right to create a private rooftop garden. The ground floor of the building has a restaurant, and all building entrances have electronic security doors. The apartment comes with two indoor parking spaces. Next door, the grounds of St. Patrick Church offer the nearest green space. The area has many bicycle paths, and the building is within walking distance of the city’s financial district, as well as cafes, museums and art galleries. HOW TO GET THERE The apartment is 25 minutes by car from the airport, and two blocks from Montreal’s main train station. WHO BUYS IN MONTREAL Louise Latreille, a real estate agent with Sotheby’s International Realty Quebec, said that she had seen an increase in buyers from Morocco, Lebanon, United Arab Emirates, China and Japan — and that many foreigners were buying condos for their college-age children. Most of the city’s American buyers spend winters in Florida or California and summers in Montreal, she added. European buyers tend to look for homes in the mountains, not in Montreal itself. Meanwhile, many Canadian empty-nesters are moving back to the city, looking for “something chic and exclusive,” she said. MARKET OVERVIEW Sandra Girard, senior analyst of the Montreal market for the Canadian Mortgage and Housing Corporation, says the market has been less active this year than it was in 2007. According to Ms. Girard, the number of transactions in the first half of 2008 was 3 percent lower than in the same period last year. However, 2007 broke records for the number of real estate transactions, making a slight slow-down inevitable, because “the activity registered in 2007 is difficult to sustain.” Meanwhile, sales prices continue to increase at a slower rate. Ms. Girard said overall prices for residential real estate increased 4 percent in the first half of 2008, compared to 8 percent in the same period last year. Ms. Latreille says condominiums continue to be popular among buyers in Montreal. A report by the Canadian Mortgage and Housing Corporation and the Greater Montreal Real Estate Board shows that prices for single-family detached homes increased less than 2 percent in the 12-month period to June 2008, while condo prices increased more than 7 percent over the same period. BUYING BASICS Stéphane Hardouin, a notary and partner in the law firm Sylvestre Lagasse in Sherbrooke, Quebec, says legal fees in Quebec are usually 1,200 to 1,800 Canadian dollars ($1,146 to $1,719). If the property is financed, he said, buyers usually pay an additional 750 Canadian dollars ($716) to the notary, and a mortgage registration fee of 137 Canadian dollars ($131). Buyers pay for an inspection, costing 600 to 1000 Canadian dollars ($573 to $955). Mr. Hardouin says the seller pays around 1,000 Canadian dollars ($955) for a surveyor’s certificate, and also the real estate agent’s commission of 5 to 7 percent. A goods and services tax, or sales tax, is assessed on new homes and on real estate agent commissions, he said. This tax is 12.875 percent. Land transfer taxes in Canada are different for each province. In Quebec, transfer taxes are paid directly to the municipality, Mr. Hardouin said. Montreal’s transfer tax, commonly called the “welcome tax,” has a graduated structure based on the purchase price. The first 50,000 Canadian dollars ($47,800) is taxed at 0.5 percent. The next 200,000 Canadian dollars ($191,100) is taxed at 1 percent, and amounts over 250,000 Canadian dollars ($238,900) are taxed at 1.5 percent, he said. USEFUL WEB SITES Official portal of Montreal: ville.montreal.qc.ca Official tourism website of Montreal: http://www.tourisme-montreal.org Divers/Cité, Montreal’s gay and lesbian arts festival: http://www.diverscite.org Old Montreal official site: http://www.vieux.montreal.qc.ca Greater Montreal Real Estate Board: http://www.cigm.qc.ca LANGUAGES AND CURRENCY French is the official language of Quebec, while English and French are the official languages of Canada; Canadian dollar (1 Canadian dollar=$0.93) TAXES AND FEES Maintenance fees are 907 Canadian dollars ($865) a month. Municipal property taxes for this apartment are estimated at 11,800 Canadian dollars ($11,255) a year. Ms. Latreille says this figure is 25 percent lower than the normal tax rate because the building is historical. Additionally, school tax is 2,535 Canadian dollars ($2,372) per year. CONTACT Louise Latreille, Sotheby’s International Realty Quebec (514) 287-7434; http://www.sothebysrealty.ca Mon bout préféré: