Canadian Hotel Income Properties

This time it was the British Columbia Investment Management Corp., with $85-billion in assets under management, that snagged Vancouver-based CHIP Real Estate Investment Trust with a $19.10-a-unit offer, a 22% premium over what the REIT was trading at before it announced March 27 that it was considering a strategic review that could include a sale. The decision by CHIP to consider a possible sale came as the federal government introduced new guidelines to qualify for REIT status and a huge tax advantage. Ottawa has demanded that 95% of any REIT's income come from "passive investments," basically rent, but also has said hotel income doesn't qualify.

Hot summer... for real estate

These days, the average home stays on the market for 38 days, according to the Real Estate Board of Greater Vancouver. “People are looking for value in the market, they are looking for good value and they find it here in Richmond,” she said, noting the coming improvements to local rapid transit, such as the Canada Line. “We definitely are building more multi-family (residences) and people are recognizing that this transportation linkage is very important.”

Canadian housing starts move lower in July

Canada's federal housing agency said home starts will decline this year and next because of higher housing costs and mortgage rates, while sales of existing homes and spending on renovation will keep rising. Construction of new homes will decline to 220,000 units this year from 227,395 in 2006, and then to 207,200 units in 2008, the Ottawa-based Canada Mortgage and Housing Corporation said today. Starts will decline in every province except Quebec, Manitoba and Saskatchewan.

The condo house

"Every condominium, any condominium, it's a lifestyle choice," says Josh Nelson, who specializes in condos for Ripco Real Estate in Calgary. "It's wanting certain things done for you. That'll go anywhere across the country." But what if you could have a house with the services of a condo? Which brings us back to Rosedale. The $5.5-million home is a blend of condominium and freehold house. As an optional feature, the purchaser can have all the perks of condo living -- landscaping, maintenance, even a concierge -- while owning the home outright.