Canada federal offices sell for $1.64B

The federal government is selling nine office complexes, including two in Ottawa, to a private Vancouver developer for $1.64 billion -- $400 million more than the appraised value for the properties. At the same time, the union representing many of the federal workers in the buildings labelled the deal "a give-away of colossal proportions."
The deal involves the sale of government property to Larco Investments Ltd., but also requires the federal government to lease back the office space for 25 years. That substantially reduces the risk to the new private owner.

Canada real estate is hot-hot-hot

Canadians seem to be in the throes of a home-buying frenzy. The most intense activity is in cities in western Canada. The number of home-sale transactions in Canada is projected to rise by 8% this year (as opposed to a 5.7% decline in the U.S. seen by the National Assn. of Realtors). And the average price, nationwide, should pop up by 9.5% to about $285,000. (The realtors association doesn't calculate a U.S. average sale price, but it predicts that the 2007 median -- the point at which 50% of homes sold for less and 50% for more will decline 1.4% this year, to $218,800.)

Real estate spinoff $220m a year in Nova Scotia

The economic spinoff from real estate sales in Nova Scotia tops $220 million annually, according to a recent report by Altus Clayton Research. The study, released by the national agency earlier this summer, found that the average housing transaction in the province generated $20,300 in spending beyond the purchase of the home and property.

The Toronto housing market hit a record in early August.

The Toronto Real Estate Board reported yesterday 3,838 properties were sold at an average price of $355,829 in the first half of August. The number of resales was up 17 per cent from the same time in 2006. "Secondly, the luxury market is not a trendsetting segment that is large enough to impact other segments of the housing market." The real estate board said sales rose significantly in early August in west Agincourt, Rexdale, the downtown core and south Richmond Hill.