Quebec foreclosure rates dropping

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The number of properties that went into foreclosure, or were seized by mortgage lenders because of non-payment of debt, fell by 15 per cent in Quebec last year to 2,356.

That compared with 2,782 properties seized in 2009. The findings were reported recently by economist Paul Cardinal of the Quebec Federation of Real Estate Boards.

Toronto startups make the home-buying process easier

Buying a house in Toronto is something I haven't cared to learn about until now. Sure, it's great to be educated about the home-buying process, but for me it was always depressing to learn about the sky-high condo prices downtown, where I want to eventually buy a property. So instead of researching mortgage rates and figuring out the difference between pre-construction and resale properties, I've been renting in ignorant bliss, slowly saving up for the elusive down payment.

This spring when I realized that by George, I might actually have enough to buy a place this decade, I set out to learn as much as I could about the home-buying process. While researching, I discovered a couple Toronto-based startups that are making buying a home a simple process for potential buyers, both pre- and post-purchase.

Canada sees dip in housing prices, starts in July

The price of a new home in Canada edged down in July for the first time in more than a year and fewer were built in August, evidence that a real estate slowdown seen this summer in the resale market is beginning to bleed into the new home sector.
Statistics Canada reported that its new housing price index fell for the first time in 13 months, declining 0.1 per cent in July from its level in June. That reversed what was seen between May and June, when new house prices rose 0.1 per cent.
Reinforcing that trend, the annualized rate of housing starts dropped three per cent in August compared to July, according to the Canada Mortgage and Housing Corp., to 183,300 from 188,900. Both single and multiple-dwelling starts dropped during the month.

Homburg Canada Real Estate Investment Trust announces closing of over-allotment option associated with its recently completed initial public offering

MONTREAL, June 29 /CNW/ - Homburg Canada Real Estate Investment Trust ("HCR") (TSX: HCR.UN) announced today that pursuant to an over-allotment option granted under the underwriting agreement dated May 14, 2010 between HCR, Homburg Canada REIT Limited Partnership, Homburg Invest Inc. ("Homburg Invest"), Homburg Canada Incorporated and a syndicate of underwriters led by TD Securities Inc. (the "Underwriters"), the Underwriters have purchased 1,628,900 additional units of HCR ("Units") at a price of $10.00 per Unit, of which 651,560 Units were issued and sold by HCR from treasury for an aggregate gross consideration of $6,515,600 to HCR and 977,340 Units were sold by Homco Realty Fund (199) Limited Partnership, a subsidiary of Homburg Invest (which acted as a promoter of HCR), as a secondary offering of a portion of the Units it holds for an aggregate gross consideration of $9,773,400 to Homburg Invest. The net proceeds to HCR from the exercise of the over-allotment option will be used by HCR to fund growth opportunities and acquisitions and for general working capital purposes.