Source: The Canadian Press  Link: http://www.edmontonsun.com/news/canada/2009/08/26/10619921.html

TORONTO — The Frigidaire division of Electrolux Canada Corp. said Wednesday it is voluntarily recalling nearly 43,000 stoves sold throughout Canada and the United States over a seven-year period.

The company issued warnings about safety hazards related to its Frigidaire and Kenmore Elite freestanding electric ranges with rotary knobs and digital displays. Frigidaire said the stoves’ elements may heat up without being turned on, fail to cool down after being turned off, or heat to different temperatures than those specified by users.

The recall covers 42,955 units — 22,125 Kenmore stoves and 20,830 ranges bearing the Frigidaire brand.

The company said models sold in Canada have not been linked to any serious injuries or property damage, but added there have been six minor incidents south of the border.

The affected ranges were sold across Canada between June 2001 and September 2008 through a variety of retailers.

Sears Canada, which sold the units in its brick-and-mortar stores and through online and hardcopy catalogues, said it would conduct free repairs for any concerned customers.

Frigidaire, which is offering the same service, urged consumers to stop using the stoves immediately until repairs are completed.

Customers are encouraged to contact Frigidaire at 1-877-609-7857, or phone Sears Canada at 1-866-691-9948.

Below is the list of model numbers affected by the recall, as provided by Frigidaire. Model and serial numbers are located inside the drawer at the base of the unit on the righthand side of the frame.

Kenmore Elite Model Numbers Beginning Serial Number Rangemwith these Letters and Numbers

C970-68802 VF122xxxxx to VF831xxxxx

C970-68803

C970-68804 or

C970-68808

C970-68809 NF122xxxxx to NF806xxxxx

C970-68830

C970-68832

C970-68833

C970-69803

C970-69804

C970-69808

C970-69809

Frigidaire

CGLEFM97DB VF122xxxxx to VF831xxxxx

CGLEFM97DS

CPLEF398AC or

CPLEF398DC

CPLEFM99EC NF122xxxxx to NF806xxxxx

CPLEFZ98GC

PGLEF388CS

PGLEF388ES

Source: Realtors Association of Edmonton

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New in Canada’s Economic Action Plan

Through Canada’s Economic Action Plan, the federal government will introduce a First-Time Home Buyers’ Tax Credit (HBTC) to help with the purchase of a first home. This measure is expected to cost $30 million in 2008-2009, $175 million in 2009-2010 and $180 million in 2010-2011. 

About the Initiative

The HBTC will assist first-time homebuyers with the costs associated with the purchase of a home, such as legal fees, disbursements and land transfer taxes, which are a particular burden for first-time homebuyers, who must also save for a down payment.

The $5,000 non-refundable HBTC amount will apply to qualifying homes acquired after January 27, 2009, and will provide up to $750 in federal tax relief.

A qualifying home is generally considered to be a housing unit located in Canada that the individual or individual’s spouse or common-law partner intends to occupy as the principal place of residence no later than one year after its acquisition.

Any unused portion of an individual’s HBTC may be claimed by the individual’s spouse or common-law partner. When two or more eligible individuals jointly purchase a home, the credit may be shared but the total credit amount claimed cannot exceed $5,000.

How It Works

First-time homebuyers purchasing a home will be able to claim the HBTC on their income tax returns, starting in 2009. Claimants should ensure that documentation supporting the purchase transaction is available if requested by the Canada Revenue Agency. Claimants are also responsible for making sure that all applicable eligibility conditions are met. 

Who Is Eligible

First-time homebuyers are eligible. An individual is considered a first-time homebuyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the year of the home purchase or in any of the four preceding calendar years. Special rules apply for the purchase of homes that are more accessible or better suited to the personal needs and care of an individual who is eligible for the Disability Tax Credit. In these situations, the HBTC can be claimed, even if the first-time homebuyer requirement is not met. 

How to Find Out More

For more information, please visit the Department of Finance Canada website or the Canada Revenue Agency website.

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At the mid-point of the year, the REALTORS® Association of Edmonton is confident that the local real estate market has regained stability. The 9,741 sales of residential properties sold through the Multiple Listing Service® in the first six months surpassed the six month year-to-date figure for last year (9,567) and residential sales in June set a new record for the month. Residential sales in June totalled 2,552 units which surpassed the 2007 record of 2,203 units sold and was the third best month for unit sales in MLS® System history.  

“Buyer confidence, especially among first time buyers, was evident in Edmonton despite lingering economic concerns in other markets,” said Charlie Ponde, president of the REALTORS® Association of Edmonton. “When mortgage rates looked like they might start to rise, many potential buyers locked in lower mortgage rates and then went searching for a qualifying home.”

Listing activity slowed slightly from last month (down 0.03%) with 3,179 residential listings. The strong sales drove the sales to listing ratio to 80% from 68% last month. Prices continue to climb with one month increases of 0.6% for single family dwellings and 1% increases for condominiums. The average* SFD sold for $369,859 in June as compared to $367,672 in May or $351,870 on January 1. Condominiums sold for $247,071 on average in June; up from $244,734 in May and $234,286 at the start of the year. At the end of 2008 Q2, SFDs sold for $381,384 and condos sold for $262,365.

“Last year prices fell from the high point in March. This year prices have just continued to climb,” said Ponde. “Prices typically decline slightly in the second half of the year but the drop, if it occurs, will not be precipitous.”

The average days on market was 60 days or more early in the year but dropped to 49 in June; another indicator of buyer enthusiasm. At the end of June there were 6,785 residential properties active on the MLS® System (2.65 month supply at current sales volumes) which offers a wide range of choice for those eager buyers.

Highlights of MLS® activity

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which may vary.

Source: The Realtors Association of Edmonton

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The trend continue in the Edmonton real estate market with a strong market in at the entry level (under $350,000) demand.  This segment of the market is what is the driving force and ultimately will continue to drive valuations up.

As of this morning there were 2,250 single family homes listed in Edmonton proper.  In the previous 30 days there were 993 sales.  That would give us a listing to sales ratio of 2.27:1 well below the 4:1 ratio we need in Edmonton for a stable or neutral market.

With the trend being what it is I expect to see valuations to start to increase initially in the lower price ranges and eventually transfer to to higher price ranges as these people who sold in the lower price ranges start to look and buy in the higher price ranges.

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