US construction spending jumps 1.3% in October

US construction spending jumps 1.3% in October
SILVER SPRING, Md. — U.S. construction spending jumped 1.3% in October, the fifth straight monthly increase, again on the strength of single-family home building. The October gain follows a strong upward revision to 0.5% in September, from a previous estimate of a 0.3% gain, the Commerce Department reported Tuesday. It’s the largest increase since a 2.8% jump in January, before... Read More

Home prices rise in cottage country amid demand from remote workers, retirees

Home prices rise in cottage country amid demand from remote workers, retirees
  TORONTO — Home prices are increasing in Canada’s cottage country as more buyers look to move there full-time, according to a report released Monday by Royal LePage. Prices of single-family recreational homes rose 11.5 per cent to an aggregate of $453,046  in the first nine months of the year, the real estate brokerage said. The data from Royal LePage... Read More

US home price gains accelerate as pandemic shakes up housing

US home price gains accelerate as pandemic shakes up housing
  WASHINGTON — U.S. home prices jumped in September as strong demand, low-interest rates and the smallest number of available homes on record combined to push up housing costs. The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, showed that home prices rose 6.6% in September from a year earlier, much higher than its 5.3% increase in August. That... Read More

Sales surge at Lowe’s as the homebound take on more projects

Sales surge at Lowe’s as the homebound take on more projects
  Lowe’s sales surged in the third quarter more people took on projects at home during the epidemic. Shares, however, slumped before the opening bell Wednesday on an outlook that some saw as pessimistic. Revenue increased to $22.3 billion from $17.4 billion a year ago. That beat the $21.08 billion that analysts surveyed by Zacks Investment Research were calling for.... Read More

Manulife buys two-tower residential property in Gatineau for $63 million

Manulife buys two-tower residential property in Gatineau for $63 million
  TORONTO — Manulife Financial Corp.’s investment management business says it has purchased a luxury residential property in Quebec for $63 million. Manulife Investment Management says the property is called Le Vibe and is a recently built residential complex in downtown Gatineau. The property includes two eight-storey towers with a total of 180 units and views of the Parliament Buildings... Read More

CMHC says annual pace of housing starts climbed higher in October

CMHC says annual pace of housing starts climbed higher in October
  The annual pace of housing starts increased three per cent in October compared with September, Canada Mortgage and Housing Corp. said on Tuesday, although the increase was less than some economists predicted. The seasonally adjusted annual rate of housing starts rose to 214,875 units last month compared with 208,715 in September, the national housing agency said. Economists surveyed by... Read More

CREA says October home sales edged back from record high set in September

CREA says October home sales edged back from record high set in September
Home sales in October set a record for the month, even as they fell back from the all-time monthly high set in September, the Canadian Real Estate Association said on Monday, The association said October sales were down 0.7 per cent from September. However, sales last month still set a record for October as they gained 32.1 per cent compared... Read More

CPP Investments portfolio grows 5 per cent in Q2 with widespread positive returns

CPP Investments portfolio grows 5 per cent in Q2 with widespread positive returns
TORONTO — CPP Investments says its portfolio of retirement funds performed well during the summer months, adding $22.3 billion or five per cent in net assets since the previous quarter. The independent investment manager for the Canada Pension Plan says it had $456.7 billion in assets as of Sept. 30, up from $434.4 billion at the end of June. Most... Read More

California voters reject revamp to property tax system

California voters reject revamp to property tax system
  SAN DIEGO — California voters rejected a proposal to partially dismantle the state’s 42-year-old cap on property taxes, a move that would have raised taxes for many businesses in a pandemic-hobbled economy. Following Tuesday’s update to the vote count, Proposition 15 had only about 48% support and was trailing by more than a half-million votes. The loss is another... Read More

Tax issues can become complicated when selling a cottage

Tax issues can become complicated when selling a cottage
Canadians are out in droves this fall in pursuit of a vacation home or cottage as the country hunkers down for a long winter amid the COVID-19 pandemic. However, both buyers and sellers need to keep tax implications in mind as the rules change when multiple properties are involved, experts say. Jamie Golombek, managing director of tax and estate planning... Read More