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Archive for August, 2010
A good reason to pick up a copy of The Gazette today— Jay Bryan’s article on page B1 offers some keen insights into Canadian housing prices. [Read online here]
Conflicting house price reports from CREA and Teranet-National Bank House Price Index make for a confusing price analysis—are prices rising or falling? However, statistical problems with both reports mean that these numbers may not tell us anything. The bottom line, according to Bryan, is that we’re heading for a price stagnation if not a slight price drop:
So what’s the truth? We’ll try to get closer to that, but if you don’t enjoy economic analysis, here’s a reasonable bottom line: the real-estate market is neither booming nor collapsing. Instead, it’s likely headed for a couple of years of either stagnation or mild price declines.
The reason we can’t be more precise is that the housing market seems to be faltering after a powerful recovery, a condition that makes it particularly hard to measure prices accurately.
At turning points like this, CREA’s monthly measure of average home prices is highly valued. It gives the quickest indication of when and how much the market might be weakening.
We have seen this phenomenon in Westmount: according to Andy Dodge‘s analysis of Westmount sales, prices have taken a steep dive since the beginning of this year. As Bryan reminds us, a decline in house prices can have a devastating effect on the economy as a whole, which we have recently seen in the U.S. markets.
What’s your take on the situation? Do you think we’re headed into a housing market slowdown?
As you can see, our favourite colour here at McGuigan Pepin is green! That’s why, in an effort to be more environmentally conscious, we have stopped sending out our paper newsletters. You can keep up with us here on the blog, or at our Facebook or Twitter accounts. You can also create a profile on the site and save properties that interest you.
Are you a real estate broker, looking to grow your business in an exclusive, boutique realty setting? McGuigan Pepin is currently recruiting for growth opportunities!
Why work for McGuigan Pepin?
McGuigan Pepin is the ideal choice for brokers both new and experienced. You will receive administrative support, and individual assistance from experienced certified brokers.
We offer a competitive commission structure, and excellent advertising rates.
What we’re looking for:
- Bilingualism is a must! (If you speak more than two languages, please let us know!)
- Must hold a current OACIQ license.
- Experience preferred but not required.
- Full time brokers preferred.
- Basic computer literacy.
Please send your C.V. and cover letter by one of the following routes:
4431 Ste-Catherine Ouest
Westmount, QC H3Z 1R5
You’re going to see a new face here at McGuigan Pepin! Walter Staniec joins us after a long career in the fur and textile industry in Poland, Canada, and the United States. He speaks four languages, including Polish and Russian. We are proud to add Walter to our growing team of industry professionals.
Joan found this fantastic photo over the weekend, of Brian McGuigan and George Bush Sr.! It was taken in 1993 at the Lyford Cay club in Nassau, Bahamas.
If you have been following the McGuigan Pepin news, you’ll recall that earlier this year, Joan and Brian visited Italy for the annual European Luxury Real Estate conference, and that one of their stops was the Palazzo Tornabuoni in Florence.
From their website:
Palazzo Tornabuoni is a Palace Residence Club—a private residence club in a stately home. Thirty-eight elegant studio, one, two, and three-bedroom residences are located within the framework of the restored 15th century palace. […] Palazzo Tornabuoni is located in the historic heart of Florence, in a central neighbourhood that hosts not only museums and historic monuments such as the Uffizi, the Ponte Vecchio and the Duomo, but also Florence’s premier designer boutiques. Each residence is fully furnished and exquisitely accessorized by one of Italy’s most talented interior designers. Under the management of Four Seasons Hotels & Resorts, the Club Staff ensured worry-free enjoyment of your time in Italy.
Click here to read their latest newsletter!
If you’ve been to the McGill campus lately, you may have noticed that construction is underway on the new McGill University Health Centre, as well as the Glen, Lachine, and Mountain campuses. This is a $2.25-billion redevelopment project designed and maintained by the McGill Health Infrastructure Group, which includes SNC-Lavalin and Innisfree.
The project is set to include nearly thirty specialties for adults in emergency care, diagnostic services, ambulatory clinics, and inpatient units; facilities specially designed for pediatric care; ultra-modern laboratories for the Research Institute; a cancer centre; and a Centre for Innovative Medicine.
If you’re curious about this project and how the committee plans to mitigate impact on the surrounding areas during construction, you’ll be happy to know that the MUHC is holding an information session on September 9th. You can find details in local newspapers, or check their website at muhc.ca/construction.