Condo sales up by 34 per cent in Waterloo Region's latest real estate report
Condo sales are rising in Waterloo Region, according to the Cornerstone Association of Realtors.
The organization released its latest real estate report on Friday, highlighting a 34 per cent increase in condo sales in June compared to the year before.
Meanwhile, the sale of detached homes went up 5.6 per cent during the same timeframe, the sale of townhouses went down 17.4 per cent, and semi-detached home sales dropped 25.4 per cent.
The average cost to buy a detached home remained stable at $896,770, a 0.2 per cent year-over-year decrease.
The average price to buy a semi-detached home was also relatively unchanged at $649,039, representing a 0.5 per cent decrease.
But the price for a townhome and apartment-style condo dipped 6 per cent and 5.7 per cent, respectively. The average buyer paid $624,754 for a townhome and $435,435 for a condo.
Houses stayed on the market for an average of 27 days in June, compared to 18 days last year.
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CBC
2 hours ago
- CBC
The chaos at Kamloops council continues as mayor's pursuit of forensic financial audit fails
The divide at Kamloops city council appears to be wider than ever following the recent defeat of a controversial motion put forward by Mayor Reid Hamer-Jackson to conduct a forensic audit of all city departments and management practices. Several tense exchanges erupted as the mayor tried to convince at least four of the eight other members of council to support his wish to hire a third-party investigator. Hamer-Jackson has sparred with the rest of council since the fall of 2022, when they were all elected, repeatedly complaining about property taxes being too high and the need to find savings. Early in the debate last week, the mayor accused Coun. Mike O'Reilly of violating conflict of interest rules involving the purchase of land from the city by Comet Industries in 2020, when O'Reilly was two years into his first term on council. He's the president and CEO of that real estate holding and development company. O'Reilly fired back, saying he always recuses himself from any discussions involving his private interests. "Mr. Mayor, you can't speak about me in my professional role with Comet Industries," said O'Reilly. "I completely removed myself from any conversations with the City of Kamloops. We pay people a significant amount of money to act on behalf of Comet. It almost seems like you're trying to get me in a conflict." Replied the mayor: "I had citizens asking me how Comet Industries buys a piece of property for $35,820, appraised for $90,000? I still can't explain it to those citizens. This is not a witch hunt. This is a forensic audit to do the same type of thing the TNRD did." Hamer-Jackson was referring to a 2021 investigation which found several examples of waste at the Thompson-Nicola Regional District. City administrators have confirmed the land sale mentioned by the mayor involving Comet Industries was fair value. The transaction involved the purchase of less than half an acre rather than the full acre assessed price quoted by Hamer-Jackson. Hamer-Jackson also sparred with Coun. Katie Neustaeter, who asked him to focus on the motion instead of raising topics not allowed to be discussed in open meetings. "Are you just gonna continue attacking, or can we debate your motion?" she asked. Hamer-Jackson accused her of violating discussion guidelines. "You're out of order. I'm gonna ask the CAO to ask you to leave." "Then let's go together happily. You step out. I'll step out," Neustaeter replied. The argument escalated to the point where Hamer-Jackson was asked to call the question on the audit before everyone on council had a chance to weigh in. The motion was defeated 8-1. "You guys remind me of a pack of coyotes," said Hamer-Jackson, prompting Coun. Bill Sarai to say: "You sank your own notice of motion." Nearly every past motion from the mayor has failed, but this one got to the point where it was at least considered by the rest of council. After the motion was defeated, O'Reilly told CBC Kamloops the scope of the proposed forensic audit was too wide. "Mayor Hamer-Jackson threw everything off the rails, which again is very much consistent with what he's done since he took office. The way the motion was written, it was in attack mode," said O'Reilly. "I find it rich when we're looking at trying to find cost savings, he doesn't have to look any further than in the mirror. He's cost the city ... it's getting close to over a million and a half dollars." The mayor left the meeting immediately after it was adjourned and didn't take reporter's questions. Neustaeter accused the mayor of being his own worst enemy. WATCH | Kamloops mayor refuses to heed council's call to resign: Kamloops mayor refuses to heed council's call to resign 1 year ago Duration 1:53 City council in Kamloops, B.C., has formally called on Mayor Reid Hamer-Jackson to resign after a scathing report by a provincially appointed municipal adviser was made public on Tuesday. But, CBC's Marcella Bernarndo explains, the mayor is refusing to resign. "We came in there in good faith. We did our homework. He made it absolutely impossible," said Neustaeter. Neustaeter also pointed out the purpose of a forensic audit is to find evidence of fraud, and Hamer-Jackson has shared no evidence of that. Neustaeter has been sparring with Hamer-Jackson — in public and in court — since the spring of 2023. On July 7, they will both go before a B.C. Supreme Court judge at the Kamloops courthouse. That's where Neustaeter will seek the dismissal of a defamation lawsuit filed against her by the mayor in June 2023 after she made a public statement on behalf of council accusing him of crossing personal and professional boundaries. Hamer-Jackson claims that led some people to wrongly believe he may have sexually harassed her. Neustaeter wants the matter tossed out under provincial legislation, which rids the courts of actions considered a drain on time and money. If lawyers for Neustaeter convince the judge that the mayor's case against her is frivolous, it could be dismissed, and he could be forced to cover her legal costs. That impacts taxpayers in Kamloops because they're currently covering Neustaeter's legal fees. The mayor's legal costs must be paid by him. He says it's partially why he's trying to sell his home, his boat and the commercial property he owns on West Victoria Street. For the last year, the rest of council has been asking the mayor to resign. He responded by holding a news conference last summer, declaring he plans to seek re-election. The province has been asked to help resolve the discord at city hall, but Municipal Affairs Minister Ravi Kahlon says there's no way to force the mayor to leave. Kahlon recently confirmed he's trying to update the Municipal Affairs Act, so what's happening in Kamloops — which has been seen in some other — won't be tolerated. WATCH | B.C. government to rein in dysfunctional councils: B.C. government to rein in dysfunctional councils 24 days ago Duration 2:12 The B.C. government says it's looking at how to rein in dysfunctional city councils. A number of communities — most notably Kamloops — have been paralyzed by councillors and mayors investigating and sometimes suing each other, instead of focusing on city business. Justin McElroy has more on what prompted the government's action, and how it could deal with the issue. Kahlon also told CBC Kamloops taxpayers should be concerned that more than a million dollars has been spent on legal issues involving the mayor. "If I were a citizen of Kamloops, I would be pissed, quite frankly, because we elect our officials to treat each other with respect … those are dollars that could have gone to infrastructure. Those are dollars that could have gone to important community services," said Kahlon. "We've seen the situation here in Kamloops, but also in a few other communities, which leads me to believe something more comprehensive is needed."
CTV News
2 hours ago
- CTV News
Christopher Liew: How do I fix a bad credit score?
Christopher Liew is a CFP®, CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at Blueprint Financial. Mistakes happen. Perhaps you've missed a few payments, maxed out a credit card, or have an account that's been sent to collections. Unfortunately, these seemingly small mistakes can be the difference between a great and a problematic credit score. The good news is that your credit score doesn't have to stay stuck. Below, I'll share some simple tips to help you fix your past mistakes, get negative items removed from your credit report, and rebuild a fresh, more positive credit profile. The effect of credit mistakes on your score Marriage and relationship counsellors often quote the 'magic' 5:1 ratio - the idea that for a relationship to be successful, each negative interaction should be balanced by at least five positive interactions. While it's not an exact ratio, the same principle largely applies to your credit profile. You can do everything right (pay your bills on time, keep your credit utilization rate low, etc.), and your score will slowly increase over time. However, the one mistake you make (a 30-day late payment, maxing out your credit card) can cause a drastic overnight drop in your score. Negative marks on your TransUnion or Equifax credit report will typically remain for six to seven years, acting like anchors that hold your score back, even if you've done everything right since your mistake. While negative marks can often be corrected or deleted, this process can often take months or years, making it imperative to avoid them as much as possible. How do I increase my credit score? You'll find no shortage of credit myths on social media designed to give you false hope or fill you with fear. That said, here are the most practical, time-tested ways to help you fix your credit. 1. Check credit report for mistakes Your credit report often isn't as infallible as you may believe. This is why it's important to check your credit reports from both Equifax and TransUnion periodically. Sometimes, lenders or creditors you work with can make mistakes resulting in misreported negative marks on your report, bringing down your score. For example, I've had friends who've made all of their payments early or on time, only to find out later that the lender misreported a late payment due to an administrative error. By law, Equifax and TransUnion are required to provide Canadians with free credit reports (updated monthly) upon request. If you want even quicker updates, both credit bureaus also offer paid credit monitoring services that will update you in real time as your credit report changes. If you find any mistakes on your credit profile, you should contact both the lender and the credit bureaus to clear the issue up and get the negative mark changed on your credit report. 2. Pay down credit card balances Even if you have no missed payments and make all of your monthly payments on time, a high credit card utilization rate can bring your score down, as it shows irresponsible use of credit. Ideally, you should try to keep your revolving credit utilization rate under 30 per cent. For example, if you have a $10,000 credit card, you should avoid carrying a balance of over $3,000 into the next billing cycle. If you have cards with a balance of more than 50 or 60 per cent of their spending power, paying these balances down can be a quick way to get your score back on track. 3. Avoid new credit inquiries New credit inquiries, especially when applied for frequently in a short period of time, can deal a sharp blow to your credit. This is why realtors caution new home buyers to avoid applying for any loans or credit cards until they've closed on their house. Whenever you apply for a new credit card, a loan, or a rental unit, you'll receive an inquiry mark on your credit report that will remain on your report for two years. Ideally, you should try to keep your inquiries to fewer than two or three in a one-year period. 4. Consider a debt consolidation loan If you are in a very difficult situation, such as facing bankruptcy or falling far behind on payments, a debt consolidation loan could be an option to explore. This is a special type of personal loan that combines multiple debts into one more manageable payment. Instead of juggling several high-interest accounts, you would make a single monthly payment, often at a lower interest rate. This simpler structure can help you stay organized and avoid missed payments. Keep in mind that applying for a debt consolidation loan can cause a temporary drop in your credit score because of the hard inquiry and the new credit account. However, if the alternative is bankruptcy, consolidating your debt is often the better choice in the long run. It can help protect your credit from more severe damage and set you up to rebuild your score over time. Debt consolidation loans are usually best suited for serious financial hardship, not minor cash flow issues. It is important to review all your options and speak with a financial professional before deciding 5. Get a secured credit card If you've shot your credit and blown your chance at being trusted with a traditional credit card, the best way to rebuild trust with creditors is to apply for a secured credit card. These work a lot like prepaid debit cards, and you start by 'reloading' them upfront. The difference is that each time you reload your secured card, you'll receive a positive credit card payment mark on your report. How long does it take to fix your credit? Repairing your credit isn't an overnight process, especially if you have accumulated multiple negative marks over a long period of time. In a best-case scenario with just a couple of negative marks on your report, you might be able to get mistakes removed or deleted within a few months. For more complicated cases, credit repair can easily take a year or longer as you go back and forth with creditors and credit bureaus. That said, the alternative is waiting six or seven years for negative marks to gradually fall off of your credit. While credit repair can be tedious, it can also fast-track the process of getting back on top of your personal finances. More from Christopher Liew:
Globe and Mail
3 hours ago
- Globe and Mail
Sheertex founder Katherine Homuth in dispute with Muskoka township over cottage venture
Prominent entrepreneur Katherine Homuth is dedicated to recreating a nostalgic cottage experience that brings community members together on a lake a couple of hours north of Toronto, but has found herself in a fight over her latest venture with the local township. Ms. Homuth has had a portfolio of startups, most notably founding rip-resistant tights maker Sheertex, the brainchild she spent years raising before suddenly departing earlier this year. Those years were harsh, she said, but not regrettable. Her time at the company led her to develop the 'scar tissue' for future business bouts. In her newest venture, Ms. Homuth and her husband, Zak Homuth, plan to host what they've titled 'Sunday House,' launching this Sunday at their principal residence near Port Carling, Ont. The service – priced at $750 a person over the age of 2 – will allow members to participate in a canoe and kayaking regatta and enjoy eight summer Sundays of food and activities at their home: a multimillion-dollar, nearly two-acre property on Lake Muskoka. The Homuth property is a short boat ride from Port Carling, a town which resembles the summer resort community in the movie Jaws (minus the shark). The main street is bordered by Adirondack chairs on the sidewalks and an ice cream shop is just far enough from the docks for kids to finish their cone before buckling on a life jacket and squeezing into a motorboat. But the Homuths' business proposal, launched with the hope of drawing together that community, was rejected by the Township of Muskoka Lakes for contravening local bylaws. They plan to operate Sunday House under two bylaws – as a home-based business and as a short-term rental (renting to Sunday House as a business). The Homuths expect it will meet the conditions of at least one of those rules. However, in an e-mail that Ms. Homuth shared with The Globe, a township employee told her that neither of those approaches will comply with the bylaws, citing issues such as parking availability, the scale of the event and the size of the buildings used. But, she said she remains confident in her plan. 'They don't want there to be a way that it could exist, which is just super bizarre to me,' she said. After striking out in negotiations with the township, Ms. Homuth posted an open letter online outlining how she believes the township has erred. Township officials turned down a request for an interview, but township communication adviser Mia Palantzas said in an e-mailed statement that the community considers all proposals within applicable bylaws and legislation. 'As this matter involves ongoing discussions between the Township and a property owner regarding plans for their land, we're not in a position to provide further comment,' Ms. Palantzas said. The Homuths said they are prepared to defend their business plan if the township penalizes them for being in contravention of bylaws, but they are hoping it does not come to that. 'Being told we can't use our property in a way that we believe we have a legal right, which we also believe has a noble cause to it, is definitely something I'm willing to fight for,' Ms. Homuth said. The Homuths' vision is driven by Ms. Homuth's childhood memories of visiting her grandparents' cottage in Lake Manitou in Quebec, where life was intertwined with the local community. They want to create that same sense of community in Muskoka for their two-year-old son. At her grandparents' cottage, an orange towel would be hung on the deck railing to signal to the grandkids outside that it was breakfast time. Similarly, an orange towel will signal the opening of Sunday House at 8 a.m., launching a seven-hour day of water and beach activities and games alongside a small breakfast and a hefty lunch meal. So far, about 30 people have signed up, including neighbours who are being given free memberships, Ms. Homuth said. Most are people in the area with their own cottages and are looking for access to the waterfront or for a deeper sense of community, she added. She said that part of being part of a community is contributing – in this case, to the cost of operating Sunday House for the day, which will make the venture more sustainable long-term. The couple said they are expecting to lose money in the end, because the cost won't fully cover food and staffing, including lifeguards. But she compares it to the energy of a church community or full-family, intergenerational hangouts. 'People don't have that, a lot of people, any more, but there was a lot of good in that ritual,' Ms. Homuth said. While Ms. Homuth said she spent thousands of dollars to advertise Sunday House, some – including locals – milling about Port Carling on Thursday had never heard about it. Tyler Puley, whose family has owned a cottage at Walkers Point on Lake Muskoka for nearly two decades, said the idea sounds interesting. With his eyes trailing his bouncy three-year-old daughter outside a town shop, he said, 'the sense of community, especially among kids, it's a little harder to get here.'
