Village of Chester Market still moving at a steady pace. Please have a look at the variety of property we sold in 2005. Oh and selling prices ranged from $100,000 to $4,000,000. So contrary to popular belief I believe we have a vibrant market in the village.
Inman News (subscription) reports that the Canadian Real Estate Association ’s national multiple listing service in November rose to the fourth highest seasonally adjusted monthly level on record.
Vacation Home - Village of Chester
…Inman goes on to say “A seasonally adjusted total of 41,724 homes traded hands in November, representing a gain of 1.6 percent compared to the previous month. Higher activity in Alberta and Ontario more than offset fewer sales in British Columbia and Quebec, the association reported.”
…The CREA Report says “Sales activity set new records for the month of November on a national basis and in … Nova Scotia and Newfoundland. Year-to-date, actual (unadjusted) sales increased compared to the same period in 2004 in … Nova Scotia.”
In addition, Dollar volume set a new monthly record in … Nova Scotia, and reached its highest level ever for the month of November in every other province except Prince Edward Island.
The national MLS residential average price hit $219,060 in November, shattering all previous monthly records, the association reported.
…MLS residential average price reached its highest monthly level on record in Alberta, Ontario and Quebec, and set new records for the month of November in every other province except Newfoundland, the association announced.”
INMAN REAL ESTATE NEWS - REPORTS RECORD PACE FOR CANADIAN HOME SALES
Village of Chester - Overlooking the Harbour
Inman News (subscription) reports that the Canadian Real Estate Association ’s national multiple listing service in November rose to the fourth highest seasonally adjusted monthly level on record. With sales activity looking to set a new annual record for 2005.
Inman goes on to say “A seasonally adjusted total of 41,724 homes traded hands in November, representing a gain of 1.6 percent compared to the previous month. Higher activity in Alberta and Ontario more than offset fewer sales in British Columbia and Quebec, the association reported.” With “Year-to-date, transactions were running 4.9 percent ahead of levels recorded during the first 11 months of last year.”
The CREA Report says “Sales activity set new records for the month of November on a national basis and in … Nova Scotia and Newfoundland. Year-to-date, actual (unadjusted) sales increased compared to the same period in 2004 in … Nova Scotia.”
In addition, Dollar volume set a new monthly record in … Nova Scotia, and reached its highest level ever for the month of November in every other province except Prince Edward Island.
On the Front Harbour - Village of Chester
The national MLS residential average price hit $219,060 in November, shattering all previous monthly records, the association reported.
Here is hard evidence that our real estate is appreciating. Inman reports, “Average home prices rose 11 percent compared to the same month in 2004. November was also the sixth consecutive month in which year-over-year price growth exceeded 10 percent. MLS residential average price reached its highest monthly level on record in Alberta, Ontario and Quebec, and set new records for the month of November in every other province except Newfoundland, the association announced.”
The report includes all housing types. MLS data is available from the Conference Board of Canada.
~Edited for content~ Dec 23, 2005
~ Original Copyright 2005 Inman News on quoted content.
Make plans to sit back on your deck to enjoy all the activities on the Front Harbour in the Village of Chester over the seasons! Fabulous views from all the principle rooms enhance the enjoyment of this newly constructed home.
?The open design of the main floor is great for entertaining! The master bedroom includes an ensuite, dressing room and a deck. Some of the special features include: upper level laundry, hardwood floors, ceramic brick / radiant heating, low-e windows, deck. The lower level, 860 sq. ft., has great potential : home office, flat or lots of storage for all your nautical gear!
?All the advantages to living in the Village are only a short stroll away: the Yacht Club, Playhouse and interesting shops! Only $499,000 Canadian Dollars
**Interior pictures will be posted shortly.
Rear-Admiral “Debby” Piers, has died aged 92. He was a young Canadian officer in charge of a slow convoy to Britain which was severely mauled by U-boats; the episode led to the Royal Navy insisting that the Canadians withdraw from the North Atlantic for further training.
When the 42 ships of Convoy SC 107 set off in October 1942, Piers’s destroyer Restigouche was the only ship with high-frequency direction-finding (HF/DF) equipment, which he had scrounged from the US Navy at Londonderry.
…He took a keen interest in the welfare of his sailors and, in a hard-hitting report of his own, recommended better equipment, more home leave and regular mail, longer work-up periods, fewer short-term appointments and better individual training.
…As Senior Officer of Convoy Escort Groups in the North Atlantic, he has, by his vigorous leadership and aggressive attack, been an inspiration to those under his command.”
…Piers experienced his baptism of fire during the evacuation of France when Restigouche, under the command of Lieutenant-Commander Horatio Nelson Lay, was ordered to assist in evacuating the 51st Highland Division’s wounded from St Valery, near Dieppe.
…The following year, Piers was the newly-appointed captain of Restigouche when she struck an uncharted rock in Placentia Bay, Newfoundland, while escorting Prince of Wales, on which Churchill and Roosevelt held their Atlantic Charter meeting; when she had to put in for repairs, he returned to Halifax, where he married Janet Macneill.
In late 1943 Piers became training officer at Halifax, where he made inspirational speeches about the duty of officers in privileged positions toward their fellow men, while insisting upon very high standards in exercises.
…In 1952 he was Assistant Chief for Personnel and Administration to the Supreme Allied Commander, Atlantic, then returned to sea as commanding officer of the cruiser Quebec and as commander of the First Canadian Escort Squadron.
…But in 1977 he was appointed Agent General of Nova Scotia in London, where he promoted the province’s use of tidal energy, publicised the first international gathering of the clans in the province and helped to organise industrial seminars around the country; the following year he was made a Freeman of the City of London.
…”Debby” Piers, who died on November 1, married Janet Macneill, the former wife of Peter Aitken, second son of Lord Beaverbrook, in 1941: he had been smitten since first seeing her on stage at Halifax when, aged six, she played a fairy in a production of A Midsummer Night’s Dream.
Rear-Admiral ‘Debby’ Piers
Rear-Admiral “Debby” Piers, who has died aged 92, was a young Canadian officer in charge of a slow convoy to Britain which was severely mauled by U-boats; the episode led to the Royal Navy insisting that the Canadians withdraw from the North Atlantic for further training.
When the 42 ships of Convoy SC 107 set off in October 1942, Piers’s destroyer Restigouche was the only ship with high-frequency direction-finding (HF/DF) equipment, which he had scrounged from the US Navy at Londonderry. Four other corvettes in the escort either had new captains or were fitted with unreliable radar and short-range ASDIC. When they were attacked west of Cape Race, Newfoundland, by an estimated 17 U-boats, Piers used his HF/DF to sweep aggressively around the convoy, driving off most of the shadowers.
But eight ships were sunk on the first night, and seven more in the next week. Piers fought fiercely, but when he limped into Liverpool, the Royal Navy’s criticism was harsh.
Senior officers claimed that the Royal Canadian Navy had expanded too rapidly, had taken on too many tasks and was poorly trained. Admiral Sir Max Horton’s report pointed out that 80 per cent of the convoy’s losses had occurred when it was under Canadian command in the western Atlantic. This ignored the difficulties under which the convoy had sailed, and singled out Piers’s youth and inexperience. Certainly Piers was young; he was earning less than his ship’s doctor. But he had been senior officer on convoys on at least seven occasions without losing a ship; and he had been in the North Atlantic for three years.
The Canadians stuck by Piers, and he left Restigouche in June 1943 with a reputation as a fine seaman and brilliant tactician. He took a keen interest in the welfare of his sailors and, in a hard-hitting report of his own, recommended better equipment, more home leave and regular mail, longer work-up periods, fewer short-term appointments and better individual training. The ensuing reforms greatly improved the RCN’s fighting performance.
The citation for his DSC in 1943 declared: “This officer has served continuously in His Majesty’s Canadian destroyers since the commencement of hostilities. As Senior Officer of Convoy Escort Groups in the North Atlantic, he has, by his vigorous leadership and aggressive attack, been an inspiration to those under his command.”
Desmond William Piers was born on June 12 1913 into one of the founding families of Halifax, Nova Scotia. His father called him Desy, which was transmuted into Debby when he was a baby. In 1932 Piers graduated from the Royal Military College, Kingston, to become the first cadet to join the Royal Canadian Navy. He trained at sea in the Royal Navy and returned to Canada in 1937 as first lieutenant of “Rusty Guts”, as Restigouche was known.
Piers experienced his baptism of fire during the evacuation of France when Restigouche, under the command of Lieutenant-Commander Horatio Nelson Lay, was ordered to assist in evacuating the 51st Highland Division’s wounded from St Valery, near Dieppe. Lay asked Piers to send someone ashore to get in touch with the Highlanders. Looking in his cabin mirror, Piers told himself: “Piers, you’re the one who’s going ashore,” and replied to himself: “Aye Aye, Sir.” After he had packed binoculars, a signal lamp, chocolate bars and a bottle of whisky in his golf bag, he was told by Lay: “Piers, you’re a bloody fool. But okay, find out what’s going on and signal it back.” Ashore, Piers found Major-General Victor Fortune, who was refusing to leave because he wanted to hold the perimeter defences to allow more men to get away, and Piers narrowly avoided accompanying him into captivity. The propeller of his boat was damaged, and he could make only a half knot out to where Lay waited for him inshore.
The following year, Piers was the newly-appointed captain of Restigouche when she struck an uncharted rock in Placentia Bay, Newfoundland, while escorting Prince of Wales, on which Churchill and Roosevelt held their Atlantic Charter meeting; when she had to put in for repairs, he returned to Halifax, where he married Janet Macneill.
In late 1943 Piers became training officer at Halifax, where he made inspirational speeches about the duty of officers in privileged positions toward their fellow men, while insisting upon very high standards in exercises. He also helped to thwart German prisoners of war who had escaped from Bowmanville, Ontario; he controlled the shore side of operations from the lighthouse at Pointe Maisonnette, New Brunswick, though U-536, which had come to pick them up, evaded the trap set.
At the Normandy invasion, Piers commanded the new destroyer Algonquin, which bombarded the shore in support of Canadian and American troops. He also served in Arctic convoys.
In February 1945 he took part in a mock winter Olympics in northern Russia, winning the 100 yards dash; his crew played ice hockey against the locals, which they lost 3-2.
With the return of peace, Piers was second-in-command of the Canadian aircraft carrier Magnificent, and obtained a pilot’s licence; but he also had to quell a protest by ratings exasperated by his maintenance of tough wartime discipline. He held influential appointments in headwaters during an intense period of the Cold War, and was at the centre of decisions concerning the RCN’s commitment in Korea as well as about Canada’s maritime commitment to Nato. In 1952 he was Assistant Chief for Personnel and Administration to the Supreme Allied Commander, Atlantic, then returned to sea as commanding officer of the cruiser Quebec and as commander of the First Canadian Escort Squadron.
Piers returned to the Royal Military College as commandant, and in 1960-62 served as Assistant Chief of Naval Staff (Plans) at naval headquarters. He was chairman of the Canadian Joint Staff and commander of the Canadian Defence Liaison Staff in Washington.
Piers retired in 1967 to his house, the Quarter Deck, at Chester, Nova Scotia, where he took up community work. But in 1977 he was appointed Agent General of Nova Scotia in London, where he promoted the province’s use of tidal energy, publicised the first international gathering of the clans in the province and helped to organise industrial seminars around the country; the following year he was made a Freeman of the City of London.
While thoughtful and considerate of his people, Piers set high standards for himself, and expected the same of others.
At a dinner to commemorate the Battle of the Atlantic two years ago, he played a harmonica and delighted his friends by dancing to the tunes of his own shanties.
He gave 12 acres of land to the Nature Conservancy of Canada in order to ensure public access to one of the last wild headlands of Canada.
“Debby” Piers, who died on November 1, married Janet Macneill, the former wife of Peter Aitken, second son of Lord Beaverbrook, in 1941: he had been smitten since first seeing her on stage at Halifax when, aged six, she played a fairy in a production of A Midsummer Night’s Dream.
• Out-of-province purchasers also helped bolster sales throughout 2005, explains Polzler. “Thirtyfive per cent of major Atlantic centres cited purchasers from other parts of Canada and the United States as a factor in their marketplace. Those centres included Summerside, Bridgetown, Annapolis Royal, Digby, Pictou County, Moncton, Saint John, and Miramichi.
• Oceanfront property remains coveted in most markets on the Atlantic seaboard, with
appreciation outpacing average price increases in many areas. The East Coast continues to be attractive to European and Middle-Eastern purchasers because of affordability. Prices in Atlantic Canada pale in comparison to neighbouring Cape Cod and Martha’s Vineyard.
Red-hot Atlantic Canada housing market
“Record performances still expected in 2005”
Mississauga, ON (Oct. 17, 2005) – Despite concerns over rising energy costs, most major
housing markets in Atlantic Canada are expected to post record performances in 2005, according
to RE/MAX.
The RE/MAX Atlantic Market Trends Report found that 41 per cent of markets surveyed in the
region had experienced some softening in sales activity in September, but most had rebounded by
month’s end. Leading in terms of percentage increase in unit sales is the Northern New
Brunswick region (including Miramichi), where year-to-date figures available* are up a
substantial 27 per cent over 2004 (341 vs. 268 units). Average price appreciation is greatest in
New Brunswick’s Edmundston where values have climbed 22 per cent from $90,000 to $110,000
year-to-date.
“Increases in energy costs may have served to deter some purchasers from entering the market in
September, but once the initial shock wore off, activity across the region recovered,” says
Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic
Canada. “Consumer confidence levels overall remained high in most of the markets surveyed.
Purchasers were buoyed by solid economic performance, lower unemployment levels, and
relatively stable interest rates. The recent rate hike may have even prompted some fence sitters to
enter the residential marketplace.”
The top five performing markets in the Atlantic Provinces year-to-date in terms of unit sales are as follows: Northern New Brunswick at 27.2 per cent (341 vs. 268 units), Bridgetown, Annapolis Royal, and Digby at 23 per cent (140 vs.114 sales), Grand Falls at 18 per cent (107 vs. 90 units), Saint John at 17.7 per cent (1,164 vs. 989 units), and Edmundston at 14 per cent (142 vs. 125 units). Price increases were greatest in Edmundston at 22 per cent, Middleton, Greenwood at 20 per cent ($130,000 vs. $109,000), Moncton at 8.6 per cent ($123,681 vs. $113,897), Bridgetown, Annapolis Royal, and Digby at 8.5 per cent ($93,500 vs. $86,200) and Grand Falls at eight per cent ($135,000 vs. $125,000).
Luxury home sales were a serious factor in 53 per cent of the markets, says Polzler.
Uncharacteristically strong activity was reported in nine of the 17 markets surveyed, including
Charlottetown, Summerside, Bridgetown, Annapolis Royal, Digby, Middleton, Greenwood,
Halifax-Dartmouth, Pictou County, Moncton, Bathurst, and St. John’s, Mt. Pearl, Conception
Bay.
“The significant increase in upper-end sales may have contributed to the double-digit appreciation
reported in some markets,” notes Polzler. “These sales would artificially inflate prices in areas
where smaller volumes were reported.”
First-time buyers continued to be the engine driving real estate activity in the Atlantic. Entrylevel purchasers fuelled demand for housing priced from $75,000 to $125,000 across the board. A shortage of this type of product was reported in 29 per cent of markets, including Summerside, Bridgewater, Pictou County, Grand Falls, and Fredericton. Low inventory levels overall were reported in 35 per cent of markets – Summerside, Middleton, Greenwood, Bridgewater, Truro, Pictou County, and Grand Falls. Conversely, 41 per cent of markets reported an increase in the number of homes listed for sale – Charlottetown, Bridgetown, Annapolis Royal, Digby, Halifax- Dartmouth, Saint John, Edmundston, Fredericton, and St. John’s.
Out-of-province purchasers also helped bolster sales throughout 2005, explains Polzler. “Thirtyfive per cent of major Atlantic centres cited purchasers from other parts of Canada and the United States as a factor in their marketplace. Those centres included Summerside, Bridgetown, Annapolis Royal, Digby, Pictou County, Moncton, Saint John, and Miramichi.
Highlights:
• Given the strength of the first-time buyer segment of the market, it comes as no surprise that
the popularity of condominium apartments has surged in Atlantic Canada, particularly
Halifax-Dartmouth, Truro and Fredericton.
• Bungalows, however, remain the product of choice by far, fuelled by first-time buyers,
boomers and retirees. (Unlike other areas of the country, single-family detached homes
remain an affordable entry-point for most first-time buyers in the Atlantic)
• Oceanfront property remains coveted in most markets on the Atlantic seaboard, with
appreciation outpacing average price increases in many areas. The East Coast continues to be attractive to European and Middle-Eastern purchasers because of affordability. Prices in Atlantic Canada pale in comparison to neighbouring Cape Cod and Martha’s Vineyard.
Christine Martysiewicz Eva Blay/Charlene McAdam
RE/MAX Ontario-Atlantic Canada Point Blank Communications
905-542-2400 416-781-3911
* Year-to-date (January to August 2005)
Source: Canadian Real Estate Association, Local Real Estate Boards
edited by Tim Harris, Broker, Tradewinds Realty Inc.
Chester, N.S. Canada
www.seanovascotia.com
email: Tim Harris
When the Canadian Broadcasting Corporation (CBC) television show, Singalong Jubilee popularized the lyrics of the old song Farewell to Nova Scotia, they didn’t think someday people might begin to take them literally.
Maharishi Mahesh Yogi, creator of the Global Country of World Peace, wants to put two islands off Canso to work for peace.
The man who turned the Beatles onto meditation has named George and Piscatqui islands in eastern Nova Scotia as the North American Islands of World Peace.
…The ceremonies will include a bagpipe version of the world peace song, a satellite connection over which the Maharishi will make his keynote address and a cornerstone to mark the area for a peace palace.
James Miligan our Tradewinds Realtor covering the Eastern Shore of Nova Scotia has a new feather in his cap. James was the listing agent for George and Piscatqui islands which have been sold to the World Peace Movement. The Global Country of World Peace was created by Marharishi Yogi of Beatles fame.
Great going James and peace man.
Peaceful plans set for islands
By NASREEN GULAMHUSEIN
Maharishi Mahesh Yogi, creator of the Global Country of World Peace, wants to put two islands off Canso to work for peace.
The man who turned the Beatles onto meditation has named George and Piscatqui islands in eastern Nova Scotia as the North American Islands of World Peace.
PISCATQUI ISLAND
An hour-long inauguration will take place this afternoon at 1 p.m. on the islands.
“It is a very special day,” Bill Overall of the Global Country of World Peace said Tuesday in a phone interview. “We are expecting at least 50 people.”
The group is dedicated to creating permanent world peace. Maharishi is the creator of transcendental meditation, which he believes is the basis for creating global peace.
The group decided to name one island off each of the world’s seven continents a world peace island. The purpose of these islands is to create unity among the continents and set up centres of world peace.
The group wanted to set up on the islands off North America that got the first rays of sun each day. George and Piscatqui islands were chosen because they were the islands farthest east of Nova Scotia that were for sale.
Peter Cameron, a teacher of transcendental meditation, will be the master of ceremonies for the event.
“The long-term goal for having islands as the location for this institution … is that it can have some kind of independent status from the rest of the land mass in the continent — kind of like the Vatican or the United Nations.”
The ceremonies will include a bagpipe version of the world peace song, a satellite connection over which the Maharishi will make his keynote address and a cornerstone to mark the area for a peace palace.
“We will also raise 44 flags including the Canadian flag, the world peace flag and all of the provincial flags,” Mr. Cameron said.
Mr. Overall said Maharishi will preside over all seven inaugurations equally, from a distance.
“Maharishi will be in Holland during the event but he will be online live with the group who is inaugurating in the Canso Bay,” he said.
Mr. Overall said the George and Piscatqui islands were purchased last year for about $100,000.
GEORGE ISLAND
“We have plans to build a university of world peace and a peace palace, which will be used for educational purposes,” said the Canadian national co-ordinator for the peace initiative.
The peace palace will include exhibition and lecture halls, offices, residential rooms and a dining hall.
Ray White, the mayor of Canso, will be attending this afternoon’s inauguration. “We are interested in any development in the area, but the development has to take into consideration the historic artifacts that may exist on those two islands,” he said.
Mr. White said he received an invitation to the event last week and has since been researching the group who wants to rename the island.
“Our participation tomorrow will be one of getting information to find out more about the project.”
Mr. Overall says the peace group has no intention of destroying the hiking trails and park that exist on the island.
“We want to work peacefully with nature and with the local authorities as well,” he said.
“But we do want to start building very soon.”
Mr. Overall said the Global Country of World Peace hopes Canso will benefit from the planned projects.
“Canso has had some very hard times, and we hope this can be the start of something very amazing for that area of Nova Scotia.”
3 articles
INMAN NEWS
Prices have increased
http://www.lendinguniverse.com/RealEstateNewsStory.asp?story_id=48197&url=999
HALIFAX LIVE
NDP still saying “save our shores”
http://www.halifaxlive.com/artman/publish/coast_290905_773.shtml
New York Times Article
The Allure of buying an island
http://www.luxuryrealestate.com/scripts/index.php?siteScript=siteNews&cat=MemberPress&ID=237
tim
Is A Canadain Home an Investement for a US citizen? The answer is yes, but read these words courtesy of Inman News Read the rest of this entry »
Alan Steel writes about Nova Scotia. His article is pretty much accurate. Interesting angle and certainly paint a great picture of our province.
“The language is English. The land mass is slightly smaller than Ireland. Although it’s not an island there’s 4,600 miles of stunning coastline. There are 85 golf courses, and Bill Clinton flies in to play a round. Within an hours drive of where I’m staying there are 40 golf courses. Amazingly, the area is on the same latitude as Bordeaux and Northern Italy.” and “So, if you’d like to invest in a second home in one of the safest places in the world, where property prices are cheap on an international scale, and where Baby Boomers from the US, Canada, and Europe are increasingly likely to drive up property prices for the next 20 years, have a look at Lunenburg County, Nova Scotia. “
Nova had it so good
By Alan Steel
I wonder what the rich people are doing today?
It’s eleven o’clock in the morning. It’s sunny and warm enough to sit on the huge shaded deck in T-shirt and shorts. There’s a nice breeze drifting up from the sea two hundred yards away. Too early, unfortunately, to enjoy a chilled local wine at a mere three pounds a bottle [$8.82CAD - $7.58USD - €6.21EUR]
You probably know I think houses are overpriced in the UK and elsewhere as everybody wants to invest in property instead of stockmarkets. The herd is still buying up homes in the Med. Florida is also a favourite despite the likely worsening weather patterns. And in Malibu California the property market is so overheated it costs over one million pounds for an ocean front mobile home! [$2 millionCAD - $1.8millionUSD - €1.4millionEUR]
But hey – I’ve stumbled on a secret haven where property prices are cheap by any standards. And I reckon they’ll increase substantially for the next 20 years as record numbers of post-war Baby Boomers look for holiday or retirement homes by the sea.
So where is this? Let’s see if you can guess. Summer temperatures regularly hit the low 80’s. The climate is dry. Winter brings snow. Petrol is only 45p a litre. [$1.30CAD - $1.11USD - €.91EUR] The legal system is based on UK law. Buying property is open to non-residents. And, like Scotland once contracts are exchanged, the deal is done.
The language is English. The land mass is slightly smaller than Ireland. Although it’s not an island there’s 4,600 miles of stunning coastline. There are 85 golf courses, and Bill Clinton flies in to play a round. Within an hours drive of where I’m staying there are 40 golf courses. Amazingly, the area is on the same latitude as Bordeaux and Northern Italy.
The cost of living is well below that of the UK, with world-class steaks, fish suppers, and the best Italian sausages you can eat. There are only one million residents in this vast area. Half of them live in the capital, which boasts one of the finest natural harbours in the world. And they enjoy Highland Games and Celtic music festivals.
It’s a five-hour cheap flight from Glasgow and an hour and half from New York. Liverpool on the Mersey is only an hour’s drive away.
If you’re tempted to buy a home here you’re in good company. Famous part-time residents attracted by the craggy coastline and quaint fishing villages include Paul Simon, Jack Nicholson, Billy Joel and Roger Moore. Got it yet? Let me give you one more clue – it’s the second sunniest state or province in North America. It’s Nova Scotia, Canada, with its strong Scottish ties.
So what will a second home set you back? There’s a huge range from as little as £25,000 [$11,930CAD - $10,260USD - €8,400EUR]for a three-bed house on several acres to huge ocean front estates at £1,000,000 plus. [$2 millionCAD - $1.8millionUSD - €1.4millionEUR]
I’m based in Lunenburg County, south west of Halifax. Within around one hour’s drive of the airport, there are lots of homes, mainly oceanfront, at ridiculous prices. How about a big four-bedroom colonial style property overlooking Lunenburg’s bay for £95,000? [$45,360CAD - $39,000USD - €31,940EUR]
The jewel in the crown is the village of Chester, already known as the retirement capital of Canada thanks to its stunning waterfront, yacht club, theatre and golf course. Prices are higher here, but building restrictions mean that demand should continue to outstrip supply. But you can still find good deals. For example, you can snap up two side-by-side homes overlooking the sea with six bedrooms and room for a tennis court for £300,000. [$626,200CAD - $540,200USD - €440,000EUR]
Buying costs are very reasonable. There’s a 1% purchase tax [ed - in some areas], and all the other costs, typically are below £1,000, even for a home costing about £250,000. Non-residents selling property would pay UK capital gains tax thanks to a double tax agreement. Steve Lumb a Chester based estate agent confirms it is possible to obtain mortgages from a Canadian bank although it will make absolutely certain that you can afford the repayments. Canadian variable interest mortgages are at a 3.8% interest rate. Five year fixed rates are below 5%. You may of course prefer to borrow from a UK lender.
So, if you’d like to invest in a second home in one of the safest places in the world, where property prices are cheap on an international scale, and where Baby Boomers from the US, Canada, and Europe are increasingly likely to drive up property prices for the next 20 years, have a look at Lunenburg County, Nova Scotia.
Courtesy of the Daily Record, 19 July 2005.
© 2004 Alan Steel Asset Management. all rights reserved.
About the author:
Alan Steel - Chairman
Alan was an actuarial student in 1969 with Scottish Widows so he understands the industry algebra. He became an IFA in 1973 - formed Alan Steel Asset Management in 1975. He has survived 3 stock market crashes.
