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Why that Title Insurance that is being requested is a good idea!
The first year in their home there were no surprises. However, after a particularly cold spell last winter, their pipes froze solid and their home was anything but cozy. The contractor called in to thaw the pipes promptly instructed them to contact the City of Winnipeg. While dealing with the pipe issue, the City provided them with a copy of a building permit dated in 2012 that outlined approval for an 84.5 square foot addition to the front of the existing dwelling. But the addition was never built, despite the permit. Why?
After further investigation, the Gietzes learned that the City had issued a bylaw violation, which required the previous homeowners to repair plumbing and electrical work, as well as an improper stair guard leading to the basement before the addition could be constructed. The floor joists and foundation also required major structural repairs. The City now demanded the Gietzes comply with the bylaw violation within 14 days otherwise face potential legal action.
The bylaw violation notice from the City triggered coverage from FCT because the homeowners were being forced by a governmental authority to remedy an existing structure because it was built without a required building permit.
FCT hired an engineer to complete the report on structural repairs to the floor joists and foundation. In the summer of 2014, work began on the home to fix the foundation, plumbing, electrical and structural issues. This work was paid for by FCT. During this major renovation, Tim and Brittany had to move out of their home for over three months while the work was being completed Thankfully, all temporary housing costs were also covered under their FCT policy.
Let go of the hassle and stress with help from FCT
Before the end of 2014, the Gietzes got word from the City of Winnipeg that the final inspection was completed and the bylaw violation was closed. They moved back in to celebrate Christmas 2014 in their safe and newly renovated home.
For a couple of hundred dollars, paid once when we bought the home and no annual premium, we realized a significant benefit. Without the team at Castle Mortgage Group to inform us about the great insurance program that FCT has, we would have ended up with debt that we could not pay off for years. I cannot even imagine having to come up with the money to complete such a major renovation only months after purchasing the home. FCT fixed our home and provided us with a housing allowance while we were displaced. Since this has happened, I have now joined the team at Castle Mortgage Group and make sure toalwaysrecommend that our clients purchase this insurance. states Mrs. Gietz.
*FCT refers to the FCT group of companies. Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company Limited. The services company does not provide insurance products.
From Original blog by WendyRinella
Vice-President, Corporate Affairs, FCThttp://winnipeg.ctvnews.ca/winnipeg-couple-ordered-to-pay-more-than-100-000-in-repairs-to-get-their-home-up-to-code-1.2250027
BOC maintains overnight rate target at 1/2 per cent; projects moderate growth in Q2
The Bank of Canada is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
Inflation is broadly in line with the Banks projection in its April Monetary Policy Report (MPR). Food prices continue to decline, mainly because of intense retail competition, pushing inflation temporarily lower. The Banks three measures of core inflation remain below two per cent and wage growth is still subdued, consistent with ongoing excess capacity in the economy. The global economy continues to gain traction and recent developments reinforce the Banks view that growth will gradually strengthen and broaden over the projection horizon. As anticipated, growth in the United States during the first quarter was weak, reflecting mostly temporary factors. Recent data point to a rebound in the second quarter. The uncertainties outlined in the April MPR continue to cloud the global and Canadian outlooks.
The Canadian economys adjustment to lower oil prices is largely complete and recent economic data have been encouraging, including indicators of business investment. Consumer spending and the housing sector continue to be robust on the back of an improving labour market, and these are becoming more broadly based across regions. Macroprudential and other policy measures, while contributing to more sustainable debt profiles, have yet to have a substantial cooling effect on housing markets. Meanwhile, export growth remains subdued, as anticipated in the April MPR, in the face of ongoing competitiveness challenges. The Banks monitoring of the economic data suggests that very strong growth in the first quarter will be followed by some moderation in the second quarter.
All things considered, Governing Council judges that the current degree of monetary stimulus is appropriate at present, and maintains the target for the overnight rate at 1/2 per cent.
Canadian home sales drop in April
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined in April 2017.
National home sales fell 1.7% from March to April.
Actual (not seasonally adjusted) activity in April was down 7.5% from a year earlier.
The number of newly listed homes jumped 10% from March to April.
The MLS Home Price Index (HPI) was up 19.8% year-over-year (y-o-y) in April 2017.
The national average sale price rose 10.4% y-o-y in April.
Home sales over Canadian MLS Systems fell by 1.7% in April 2017 from the all-time record set in March. April sales were down from the previous month in close to two-thirds of all local markets, led by the Greater Toronto Area (GTA) and offset by gains in Greater Vancouver and the Fraser Valley.
Actual (not seasonally adjusted) activity was down 7.5% year-over-year, with declines in close to 70% of all local markets. Sales were down most in the Lower Mainland of British Columbia, where activity continues to run well below last years record-levels. The GTA also factored in the decline, with faded activity compared to record levels set in April last year.
Sales in Vancouver are down from record levels in the first half of last year but the gap has started to close, CREA President Andrew Peck. Meanwhile, sales are up in Calgary and Edmonton from last years lows and trending higher in Ottawa and Montreal. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to.
Homebuyers and sellers both reacted to the recent Ontario government policy announcement aimed at cooling housing markets in and around Toronto, said Gregory Klump, CREAs Chief Economist. The number of new listings in April spiked to record levels in the GTA, Oakville-Milton, Hamilton-Burlington and Kitchener-Waterloo, where there had been a severe supply shortage. And with only ten days to go between the announcement and the end of the month, sales in each of these markets were down from the previous month. It suggests these housing markets have started to cool. Policy makers will no doubt continue to keep a close eye on the combined effect of federal and provincial measures aimed at cooling housing markets of particular concern, while avoiding further regulatory changes that risk producing collateral damage in communities where the housing market is well balanced or already favours buyers.