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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
NORTHERN STAR (FOR NOW...)
In contrast to the US, Canadian growth is accelerating sharply going into the second quarter, following a solid gain in domestic demand to start the year.
Fast, and accelerating, population growth, and remarkably strong employment growth are providing a solid underpinning to consumer spending and the housing market.
Positive export data suggest that the ongoing strength in domestic demand will be buttressed by net exports in the second quarter, and possibly beyond.
Canadian inflation is at the Bank of Canadas target, in sharp contrast to the US, where it has moved away from the Feds objective. This gives the BoC room to keep rates on hold if inflation remains on target.
Downside risks remain important and are all linked to US-centric developments, with worries about US trade policy ongoing despite the pause with China.
Recent Canadian developments stand in sharp contrast to events in much of the rest of the world. Whereas US growth is clearly decelerating, Canadian growth is on an upswing, with recent indicators pointing to a very sharp rebound from a somewhat sluggish start to the year. Canadians appear to be, for the time being, largely insulated from the broader malaise facing the global economy as consumer and business confidence has improved sharply in recent quarters, owing to strong sales and job creation. While there are a number of factors suggesting that the growth rebound observed will persist through 2020, there is a risk that a divergence between Canadian and US outcomes may not last.
Source: Scotiabank Economics
CANADA — SETTING THE AUTUMN TABLE
The Bank of Canada will have the opportunity to set a course of action or, more likely, inaction for some time at least into the Fall when it delivers its latest policy communications on Wednesday July 10.
Key may be how the BoC views external risks that it warned had increased in May. Further, watch for key guidance toward Q3 GDP. Recall that the BoC only forecasts out a quarter at a time and the April MPR published quarterly GDP growth up to 2019Q2. While it has to revise up that 1.3% estimate for Q2 to something that would probably be deep in the 2s perhaps bordering upon 3%, how the BoC views the durability of this improvement relative to potentially temporary and distorted drivers is key by way of assessing 2019H2 risks.
In the meantime, the case for the BoC to stand pat on rates for some time is guided by the following points:
The BoC is starting at a more relaxed policy stance than the Fed with slightly negative real rates and below its neutral rate. This gives the BoC more of a policy buffer against downside risks;
The BoCs preferred core inflation measures are on- if not a smidge above-target at 2.1% y/y while the Feds preferred gauge is well below 2% at 1.6%.
C$ weakness is the flip side to the implications of US dollar strength. The CAD rally of about a nickel since early June has been backed by firmer commodity prices. Further C$ appreciation may be limited if the Fed cuts because US monetary policy easing is already significantly priced in;
Canadas economy is on the rebound in Q2 whereas the US is decelerating;
Domestic trade policy risks are less negative for Canada now given the CUSMA deal that is pending passage in the US and Canada (but passed in Mexico) and the reversal of steel and aluminum tariffs and reciprocal actions;
housing markets are stabilizing in Canada, driven by job growth, lower mortgage rates and distance from B20;
nonfarm payrolls disappointed in May but Canadas job growth has remained strong this year;
Canada has imported bond market easing driven by Fed rate expectations and to a degree can ride along the Feds coat tails.
Source: Scotia Economics