Calgary outpaces province

Calgary outpaces province  

Single-family home construction starts in Calgary and area hit 3,085 in the first six months of 2013

Photograph by: Files , Calgary Herald

Construction starts of single-family homes during the first half of 2013 in the Calgary area were the highest of all urban centres in Alberta — outpacing activity from a year earlier, says a federal agency. Read More

Did the Flood Frustrate Your Real Estate Contract?

This is a repost from my good lawyer friend Jeff V. Kahane as he and I have had many questions about it.

Did the Flood Frustrate Your Real Estate Contract?

     We’ve all seen the horrific images over the past weeks of those directly affected by record flood waters. What we haven’t seen reported in the mainstream media is those who have been directly impacted by virtue of having bought or sold a property, and settling on a possession date during or after the flood.
     Many questions arise when realtors, lenders, lawyers, and others in real estate-related professions face the daunting prospect of resolving these untimely transactions. Let’s explore just one of those aspects which has inevitably arisen: sellers or buyers wanting to get out of their purchase contract as a result of the floodwaters affecting their property in question.
     The law contains a legal doctrine known as “frustration of contract” which applies in certain limited circumstances to discharge parties from their obligations under a contract. The doctrine is an exception to the principle of caveat emptor, or ‘buyer beware’ and requires three requirements: 1) a supervening event; 2) beyond the control of the parties; and 3) the incident must have been beyond the contemplation of the parties.
     Inevitably, the question arises of how frustrated a purchase contract must be before a seller or buyer can get out of the contract. Does 2 inches of river water in a home give a purchaser reason to avoid taking possession of the house? Does the prospect of months of necessary remediation give a seller grounds to terminate their contractual obligations (possibly with the underlying prospect of having the province pay for a brand new basement which the selling home-owner always longed for)?  
     The third requirement above is the one which creates the most uncertainty. If you find yourself in this situation you should seek legal advice from a qualified lawyer. But generally speaking, a real estate purchase contract may be terminated due to frustration when something occurs between the signing of the contract and the possession date which renders it physically impossible to fulfill the contract or transforms one or both parties’ obligations into something radically different than that undertaken at the time the purchase contract was entered into.
     At the end of the day, it falls to the parties, with the advice of a lawyer, to determine how much frustration is too much for the contract to be successfully completed. For a more thorough discussion on this topic and many others please visit our blog at www.kahanelaw.com/blog.

Why you should NOT renew your mortgage with the bank … The BANK has the BANK’S interests ahead of yours – ALWAYS!

Why you should NOT renew your mortgage with the bank … without checking with a broker (me) first, because the BANK has the BANK’S interests ahead of yours – ALWAYS!

Below is an article that shows the bank does not have your best interest in mind. Because they are paid to make money, not help you make the best decision for your finances.  I get calls like this every day from incorrect mortgage payoffs to bad advice overall. Now you can see how clear it is with this example. Read More

Calgary house price growth best in Canada

Calgary house price growth best in Canada

 2.3% hike in May for repeat home sales   By Mario Toneguzzi, Calgary HeraldJune 12, 2013 9:07 AM      

Calgary realtor Shayna Nackoney-Skauge.

CALGARY — Calgary experienced the best monthly growth rate in house prices in May for repeat home sales across the country, according to a new report released Wednesday.

The Teranet-National Bank National Composite House Price Index said prices in Calgary were up 2.3 per cent from the previous month. Read More

Calgary housing market smashes records in May

The people that buy high end homes are often “job creators” and able to see what is happening in their business. They can see that things are going well now and are looking better in the future. All great for our continued economic prosperity in Calgary.

Prices and luxury home sales reach new lofty levels

CALGARY — Calgary’s resale housing market set a number of records in May.

According to preliminary, unofficial data on the Calgary Real Estate Board’s website, new levels were reached during the month for median and average MLS sale prices in the single-family market as well as for total residential sales in the city. Read More

Canada: #1 housing, 3rd Overall in Quality of Life!

Canadians best-off in housing, 3rd overall in new OECD “Quality Of Life” survey!

How typically Canadian, we do really well in the survey of best Quality of Life then say … well we’re 3rd so, you know, that’s just fine, sort of … at least we are pounding our mortgages out in 1/3 less time than we thought we needed. Maybe it is time for the government to let the tourniquet off of the mortgage rules for a bit so we can buy our homes again.  Read More