LCW CHAIR BY CHARLES & RAY EAMES
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VASA INTESTINA BY LISA JONES
BEACH CHAIR BY JOE WILKERSON
WOOD YOU LIKE TO SIT DOWN?
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CANOE CHAIR BY HUGO FRANCA
VASA INTESTINA BY LISA JONES
BEACH CHAIR BY JOE WILKERSON
CANADIANS & HOME EQUITY
More cash in our homes
Canadians have more equity in their houses than Americans, says survey
Garry Marr, Financial Post
Canadians have more equity in their houses than Americans, says survey
Garry Marr, Financial Post
Published: Thursday, April 23, 2009
National PostThe study for the Canadian Association of Accredited Mortgage Professionals shows Canadian homeowners have, on average, 72% equity in their house, compared with 43% for Americans.
Canadians continue to have more than two-thirds more equity in their home than Americans, according to a new survey.
The study for the Canadian Association of Accredited Mortgage Professionals shows Canadian homeowners have, on average, 72% equity in their house, compared with 43% for Americans.
"It is a very positive part of the Canadian housing story," said Jim Murphy, chief executive of Toronto-based CAAMP. "Canadians pay down their mortgages. Canadians are just more conservative than Americans."
The study also found that Canadians have dramatically reduced the amount of equity they are taking out of their home. A year ago 22% of Canadians had accessed the equity in their home through measures such as lines of credit. Today that is down to 15%.
"This speaks to the whole thing about people belt-tightening," said Mr. Murphy.
Despite the drop in prices in the Canadians marketplace, only 2% of Canadian mortgage holders have negative equity, in which the value of their mortgage is higher than the value of their home.
About the only new risk Canadians seem to be taking on is longer amortizations. While 83% of Canadians have an amortizations of 25 years or less, the number with 30-year and 35-year amortizations is rising. In the past six months, 46% of new mortgages have been for amortization of more than 25 years.
"I don't think it's a worry because [Canadians] are paying down their mortgages," said Will Dunning, chief economist with CAAMP, noting the percentage of Canadians in arrears on their mortgage is rising but the total is still 0.38% of all mortgage holders. "That's the middle of historical averages."
Mr. Dunning said the study also indicates that subprime mortgages are likely a very small percentage of the Canadian marketplace. Only 2% of all Canadian mortgages have interest rates of 8% or higher -- the low-water level for what would constitute the rate on a sub prime mortgage.
The survey did show that Canadians are also taking advantage of continued drops in interest rates by increasingly buying into variablerate products. CAAMP says 28% of Canadians have variable-rate products that are tied to prime. The number is rising, with 36% of new mortgage orientation in the past 12 months going into variablerate products.
With the Bank of Canada's decision to lower rates another 25 basis points and its commitment to not change rates for another year, Canadians are expected to continue to take advantage of a record-low prime rates, which are 2.25% at most financial institutions.
National PostThe study for the Canadian Association of Accredited Mortgage Professionals shows Canadian homeowners have, on average, 72% equity in their house, compared with 43% for Americans.
Canadians continue to have more than two-thirds more equity in their home than Americans, according to a new survey.
The study for the Canadian Association of Accredited Mortgage Professionals shows Canadian homeowners have, on average, 72% equity in their house, compared with 43% for Americans.
"It is a very positive part of the Canadian housing story," said Jim Murphy, chief executive of Toronto-based CAAMP. "Canadians pay down their mortgages. Canadians are just more conservative than Americans."
The study also found that Canadians have dramatically reduced the amount of equity they are taking out of their home. A year ago 22% of Canadians had accessed the equity in their home through measures such as lines of credit. Today that is down to 15%.
"This speaks to the whole thing about people belt-tightening," said Mr. Murphy.
Despite the drop in prices in the Canadians marketplace, only 2% of Canadian mortgage holders have negative equity, in which the value of their mortgage is higher than the value of their home.
About the only new risk Canadians seem to be taking on is longer amortizations. While 83% of Canadians have an amortizations of 25 years or less, the number with 30-year and 35-year amortizations is rising. In the past six months, 46% of new mortgages have been for amortization of more than 25 years.
"I don't think it's a worry because [Canadians] are paying down their mortgages," said Will Dunning, chief economist with CAAMP, noting the percentage of Canadians in arrears on their mortgage is rising but the total is still 0.38% of all mortgage holders. "That's the middle of historical averages."
Mr. Dunning said the study also indicates that subprime mortgages are likely a very small percentage of the Canadian marketplace. Only 2% of all Canadian mortgages have interest rates of 8% or higher -- the low-water level for what would constitute the rate on a sub prime mortgage.
The survey did show that Canadians are also taking advantage of continued drops in interest rates by increasingly buying into variablerate products. CAAMP says 28% of Canadians have variable-rate products that are tied to prime. The number is rising, with 36% of new mortgage orientation in the past 12 months going into variablerate products.
With the Bank of Canada's decision to lower rates another 25 basis points and its commitment to not change rates for another year, Canadians are expected to continue to take advantage of a record-low prime rates, which are 2.25% at most financial institutions.
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Console + Buffet Tables
modern storage console
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Two sliding doors conceal three adjustable shelves. Three open compartments display dinnerware, art and collections. Wood construction. Assembly required. Chocolate finish with polished-nickel door handles or acorn/white finish with wood door handles.
framed sideboardPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Two sliding doors reveal side-by-side compartments, each with an adjustable shelf. Wood construction. Some assembly required.
bookshelf consolePlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
For the entry, living room, bedroom or office. Two open shelves for books or display below, two drawers for hidden storage above. Wood construction with oak-veneer finish. Assembly required.
angled-leg sideboardYour order requires more information.
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Two frosted-glass doors conceal two adjustable shelves; behind the third, a wine rack holds 24 bottles of your favorite vintage. Wood construction. Assembly required.
wine barPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Serve and store your favorite libations. Solid wood/wood construction. Equipped with a removable serving tray, 12-bottle wine rack and two storage compartments for bottles, wine glasses, and more. Some assembly required.
modern farm dining consolePlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Simple, clean lines are rendered in wood construction with a durable sungkai wood veneer, smoothly textured and beautifully grained. Convenient storage with two shelves for dining room or entryway. Each piece is a unique creation. In select stores only. Simple assembly. Natural.
Hudson low media consoleYour order requires more information.
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Low expanse top and two spacious doors that open to storage space. Can accommodate a 27" tube TV or a 46" flat screen. Wood construction, metal legs. Assembly required. Acorn/gunmetal legs (shown) or chocolate/polished nickel legs.
narrow leg media standYour order requires more information.
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Store more with style. Long brushed-metal handles, clean lines and tapered legs. Drawers on smooth metal glides. Hardwood construction.
THE GREAT PRETENDER
Designing with new technology in the style of days gone by, Joe Wilkerson presents the M21 Flat Panel Console. Design a room around it or add it to enhance an already chic space. Anybody for I Love Lucy in HD?
Check it out: http://www.wilkersonfurniture.com/
A PACE THAT COULD NOT BE SUSTAINED...OBVIOUSLY
Building permit value drops 15.9%
Canwest News Service
Canwest News Service
Published: Tuesday, April 07, 2009
The value of Canadian building permits fell 15.9% to $3.7-billion in February, led by a big decline in the non-residential sector in Ontario, Statistics Canada said yesterday.
Most economists had expected a decline of between 3.5% and 4% during the month, following a revised drop of 6% in January.
Non-residential permits plunged 30.5% to $1.6-billion in February. "This decline was due to a drop in Ontario and decreases in four other provinces," the federal agency said.
The value of residential permits was down 0.3% to $2.1-billion, with an increase in multiple-dwelling intensions in British Columbia "nearly offset the declines in the residential sector in six provinces," it said.
Ian Pollick, economics strategist at TD Securities, said, "This is a weak report and further suggests that the pace of building activity has come against pretty strong economic headwinds over the past few months, as growth has been under pressure."
"And as the correction garners momentum, the pace of construction activity will likely continue to moderate in the near term." he said.
In the non-residential sector, the value of institutional building permits fell declined 56.4% to $363-million in February, compared with a 64.2% decline the previous month.
"The decrease came mainly from construction intentions for medical buildings in Ontario and Quebec and a decline in permits for educational institutions in Ontario and Alberta," Statistics Canada said.
Commercial permits dropped 20.4% to $972-million, with the declines mainly in office and recreational intensions in Ontario. Meanwhile, industrial permits rose 14.3% to $236-million-- rebounding from a 50.8% drop in January -- with gains reported in six provinces.
In the residential sector, municipalities issued $756-million worth of multi-family permits, up 10.6% from January. "The value of multi-family dwelling permits nearly quadrupled in British Columbia, while Quebec, Saskatchewan and Ontario reported declines," the agency said.
The value of Canadian building permits fell 15.9% to $3.7-billion in February, led by a big decline in the non-residential sector in Ontario, Statistics Canada said yesterday.
Most economists had expected a decline of between 3.5% and 4% during the month, following a revised drop of 6% in January.
Non-residential permits plunged 30.5% to $1.6-billion in February. "This decline was due to a drop in Ontario and decreases in four other provinces," the federal agency said.
The value of residential permits was down 0.3% to $2.1-billion, with an increase in multiple-dwelling intensions in British Columbia "nearly offset the declines in the residential sector in six provinces," it said.
Ian Pollick, economics strategist at TD Securities, said, "This is a weak report and further suggests that the pace of building activity has come against pretty strong economic headwinds over the past few months, as growth has been under pressure."
"And as the correction garners momentum, the pace of construction activity will likely continue to moderate in the near term." he said.
In the non-residential sector, the value of institutional building permits fell declined 56.4% to $363-million in February, compared with a 64.2% decline the previous month.
"The decrease came mainly from construction intentions for medical buildings in Ontario and Quebec and a decline in permits for educational institutions in Ontario and Alberta," Statistics Canada said.
Commercial permits dropped 20.4% to $972-million, with the declines mainly in office and recreational intensions in Ontario. Meanwhile, industrial permits rose 14.3% to $236-million-- rebounding from a 50.8% drop in January -- with gains reported in six provinces.
In the residential sector, municipalities issued $756-million worth of multi-family permits, up 10.6% from January. "The value of multi-family dwelling permits nearly quadrupled in British Columbia, while Quebec, Saskatchewan and Ontario reported declines," the agency said.
OWNING IS IN AGAIN
Canada's housing market shows signs of life
Jamie Sturgeon, Financial Post
Jamie Sturgeon, Financial Post
Published: Wednesday, April 15, 2009
Rock-bottom interest rates combined with some relief from Ottawa to pull the housing market out of its tailspin, industry experts said Wednesday - temporarily, at least.
The cautious optimism stems from fresh figures released by the country's real estate board that show the second consecutive rise in monthly existing-home sales in March after months of decline.
The number of homes bought and sold last month rose by 7% to 31,135 units, seasonally adjusted, compared with February, which was already more than 10% better than January, the Canadian Real Estate Association said.
The pair of readings counter months of declining sales volumes across the country as the market crumbled in tandem with the rest of the economy.
Now, with a little help from the Bank of Canada and federal legislators, the market appears to be stabilizing.
"Interest rates and government stimulus are what's helping right now," said Ron Lawby, president of Century 21 Canada LP, one of the largest realtors in the country.
Lenders have dropped their rates in lockstep with the central bank, while recently introduced incentives from Ottawa are "causing people to say, ‘This is a time I can access the market,'" Mr. Lawby said.
Specifically, two measures introduced within the federal budget's stimulus plans are bringing buyers around; an increase in the allowable withdrawal from registered savings plans for first-time buyers to $25,000 from $20,000; and a tax credit of $5,000 home buyers may count against their incomes.
"Housing markets are starting to show signs of buyer interest," said Dale Ripplinger, president of CREA.
As the aim of the incentives from Ottawa would suggest, the greatest demand is occurring down market.
"It really is first-time buyers," Mr. Lawby said. "We're seeing some activity moving up, but the majority is in entry-level homes."
Other indicators released by CREA Wednesday suggested some stability is returning.
The average price for homes sold remained depressed yet the year-over-year decline is shrinking.
The average residential price across Canada was $288,641, or 7.7% lower last month than the average price recorded in March, 2008. Yet it was the narrowest year-over-year margin registered in the last six months, and the second month in a row in which the pace of decline eased.
"People are looking at the cost of borrowing money - with interest rates as low as 3% - combining that with the fact that there is cheaper product on the market and [they're] stepping in," said Michael Polzler, regional director for Re/Max Ontario-Atlantic Canada.
The flood of unsold listings is also drying up. CREA said Wednesday 208,755 existing homes were for sale last quarter, down 6.4% from the final quarter of 2008.
Still, most economists were reserved in declaring a firm bottom is at hand. Bank of Nova Scotia's Derek Holt said the two-month bounce in sales signals "sounder conditions" but cautioned that there remains plenty of new homes that need to be bought.
"Inventories are still high which speaks to downside risks to prices," he wrote in a note to clients. The upturn is also benefiting from seasonality, Century 21's Mr. Lawby said, noting sales are usually strongest between the beginning of March and June.
Millan Mulraine, economics strategist at TD Securities said a worsening employment picture means the bank expects "overall housing market activity to remain soft in the coming months."
Meanwhile, new data from the United States Wednesday indicated its moribund real estate market is showing signs of life - or at least a small degree of optimism.
After the National Association of Home Builders/Wells Fargo index of builder confidence reached a record-low of 8 in January, it rose higher than expected to 14 last month. The index of current single-family home sales rose to 13, while the gauge of buyer traffic was also higher from February as sentiment among builders in all four regions in the U.S. improved.
The confidence survey asks builders to characterize current sales as "good," "fair" or "poor." A reading of below 50 is considered poor.
Rock-bottom interest rates combined with some relief from Ottawa to pull the housing market out of its tailspin, industry experts said Wednesday - temporarily, at least.
The cautious optimism stems from fresh figures released by the country's real estate board that show the second consecutive rise in monthly existing-home sales in March after months of decline.
The number of homes bought and sold last month rose by 7% to 31,135 units, seasonally adjusted, compared with February, which was already more than 10% better than January, the Canadian Real Estate Association said.
The pair of readings counter months of declining sales volumes across the country as the market crumbled in tandem with the rest of the economy.
Now, with a little help from the Bank of Canada and federal legislators, the market appears to be stabilizing.
"Interest rates and government stimulus are what's helping right now," said Ron Lawby, president of Century 21 Canada LP, one of the largest realtors in the country.
Lenders have dropped their rates in lockstep with the central bank, while recently introduced incentives from Ottawa are "causing people to say, ‘This is a time I can access the market,'" Mr. Lawby said.
Specifically, two measures introduced within the federal budget's stimulus plans are bringing buyers around; an increase in the allowable withdrawal from registered savings plans for first-time buyers to $25,000 from $20,000; and a tax credit of $5,000 home buyers may count against their incomes.
"Housing markets are starting to show signs of buyer interest," said Dale Ripplinger, president of CREA.
As the aim of the incentives from Ottawa would suggest, the greatest demand is occurring down market.
"It really is first-time buyers," Mr. Lawby said. "We're seeing some activity moving up, but the majority is in entry-level homes."
Other indicators released by CREA Wednesday suggested some stability is returning.
The average price for homes sold remained depressed yet the year-over-year decline is shrinking.
The average residential price across Canada was $288,641, or 7.7% lower last month than the average price recorded in March, 2008. Yet it was the narrowest year-over-year margin registered in the last six months, and the second month in a row in which the pace of decline eased.
"People are looking at the cost of borrowing money - with interest rates as low as 3% - combining that with the fact that there is cheaper product on the market and [they're] stepping in," said Michael Polzler, regional director for Re/Max Ontario-Atlantic Canada.
The flood of unsold listings is also drying up. CREA said Wednesday 208,755 existing homes were for sale last quarter, down 6.4% from the final quarter of 2008.
Still, most economists were reserved in declaring a firm bottom is at hand. Bank of Nova Scotia's Derek Holt said the two-month bounce in sales signals "sounder conditions" but cautioned that there remains plenty of new homes that need to be bought.
"Inventories are still high which speaks to downside risks to prices," he wrote in a note to clients. The upturn is also benefiting from seasonality, Century 21's Mr. Lawby said, noting sales are usually strongest between the beginning of March and June.
Millan Mulraine, economics strategist at TD Securities said a worsening employment picture means the bank expects "overall housing market activity to remain soft in the coming months."
Meanwhile, new data from the United States Wednesday indicated its moribund real estate market is showing signs of life - or at least a small degree of optimism.
After the National Association of Home Builders/Wells Fargo index of builder confidence reached a record-low of 8 in January, it rose higher than expected to 14 last month. The index of current single-family home sales rose to 13, while the gauge of buyer traffic was also higher from February as sentiment among builders in all four regions in the U.S. improved.
The confidence survey asks builders to characterize current sales as "good," "fair" or "poor." A reading of below 50 is considered poor.
Modern Desks&Cabinets
jay desk + hutch Please choose a wish list name to send product to, or make another selection in the "ship to " menu.
Small wonders. A roll-out extension doubles your work space. Top with the hutch for extra storage. Wood construction.
T desk chairPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Comfortable seating with a contemporary slant; chromed metal base raises, lowers, swivels and rolls on five casters.
swivel leather desk chairPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Sleek, supportive seating for the home office. Luxe Italian leather, wrapped over an adjustable chromed-metal frame on five sturdy rolling casters for easy movement.
tubular desk chairPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Cushioned gray wool felt seat swivels on a height adjustable, black nickel base.
bond file cabinetsPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Substantial storage for files and office supplies. Wood construction. Oak veneer.
classic lateral + mobile file cabinetsPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Simple, traditional office storage in substantial wood construction. Assembly required.
lateral cabinet: Two large file drawers hold both letter and legal files.
metal-leg file cabinet + cubbyPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Contemporary storage with top drawer for office supplies, bottom for hanging letter or legal files. Wood construction, with polished-nickel drawer pulls and legs. Cubby: Stylish open storage with an adjustable shelf.
wide 2-drawer + rolling file cabinetsPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Rolling file cabinet: Roomy upper supply drawer; letter-size hanging files fit below. Rolls beneath desk for compact storage. Five casters, two locking. Wood construction.
cadman file cabinetYour order requires more information.
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Two upper drawers hold stationery and supplies; bottom drawer holds letter/legal files. Four removable casters (two locking). Assembly required.
morgan mobile file cabinetYour order requires more information.
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Stow supplies in upper drawer, letter or legal files below. Five casters (two locking). Fully assembled.
morgan lateral file cabinetYour order requires more information.
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Extensive storage for letter or legal files. Two drawers open on smooth extension glides. Assembly required.
Desks and File Cabinets
cadman workstationYour order requires more information.
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Straightforward styling combines with easy modularity. Add the corner unit between two desks to create an expansive L-shaped workstation. Powder-coated steel frame. Assembly required. White with frosted glass or silver with slate-toned glass.
parsons desk with drawersPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Versatile entry console or office essential with clean, straight lines and wood construction. Two drawers close flush for a smooth surface. Simple assembly.
parsons mini deskPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Scaled for smaller spaces, with clean lines and wood construction. Single flush drawer. Simple assembly.
bond desks + wedge unitPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Functional modular office essentials with a contemporary slant. Cantilevered desktops sit atop angled legs. Wood construction. Simple assembly. Oak veneer.
tapered-frame deskPlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Simple lines meet substantial proportions for a striking work space. Wood construction. Assembly required.
bond desk, smallYour order requires more information.
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Functional modular office essentials with a contemporary slant. Cantilevered desktops sit atop angled legs. Two drawers. Wood construction. Simple assembly. Oak veneer.
bond desk, largeYour order requires more information.
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Functional modular office essentials with a contemporary slant. Cantilevered desktops sit atop angled legs. Pullout keyboard tray on left, drawer on right. Wood construction. Simple assembly. Oak veneer.
morgan desk + wedge unitYour order requires more information.
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Functional modular designs for rooms of all sizes. Use the wedge unit between two desks to create a wraparound workspace. Wood construction. Assembly required.
ashford deskYour order requires more information.
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A veritable all-in-one office system. Pull-out top "drawer" folds down into a working surface or storage space for a laptop. Includes supply drawer, large letter-sized file drawer and a cabinet with sliding door and adjustable shelf. Wood construction.
sawhorse worktablePlease choose a wish list name to send product to, or make another selection in the "ship to " menu.
Modern industry. An expansive glass tabletop rests upon two sleek steel-plated legs with a black nickel finish. Simple assembly.
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