Today`s news on real estate

[EdRenkema]

Compare these articles to REIN research

http://ca.pfinance.yahoo.com/ca_finance_ge...-prices-peaking
http://www.canadianbusiness.com/rankings/b...tolive/list.jsp

 

[BMironov]

Hi Ed,

Thanks for providing interesting links. As you can see, REIN research is not different from what posted in these links. We all speak about the same economy and see the same facts.

Thanks,
Boris

 

[mrlaframboise]

Glad to see Ottawa, my home town, is ranked the #1 best place to live.
To Kick Start the New Year, on Jan 4th we added another Ottawa positive cash flow property to our portfolio. We closed on a 5 plex at 9.6% below appraised value. Problems finding financing on a 5 plex these days (grey area) worked in our favor in renegotiating a substantial price reduction. By doing some minor work, increasing the rents (on closing date we filled in an empty unit with a new tenant with a rent of 13% higher then previous owner was renting it for) and reducing the expenses (e.g. replace the 5 electric hot water heater rentals with 1 natural gas heater), we can easily create a 15-20% forced appreciation within the next 12 months on this one (excluding our nice and steady market appreciation in Ottawa).

We are currently looking at a couple of larger multi units we want to buy with some JVs before the usual spring rush kicks in.

Happy New Year!

Marc Laframboise
[email protected]