The data shows there has been a surge in first home buyers, with eight out of 10 buying established houses rather than building.

REIWA’s president David Airey says they are buying near established infrastructure.

“Well it seems to be that the preference for these young, generally young, home buyers is to buy an established property that is near infrastructure such as shopping, and transport and roads, rather than in the newer areas where there’s less of those established facilities,” he said.

Mr Airey says this is good news for the overall market.

“The most popular price ranges are between the 300 and the 500 thousand dollar pricing, that’s where most of the activity is,” he said.

“But as more and more of those properties sell, those sellers tend to buy more expensive property so it’s likely that this level of activity will lead to an increase and an improvement across the whole market.”

Rates are lower because they tend to track the yield on the 10-year Treasury note. Last week’s disappointing report on March job growth led more investors to sell stocks and buy Treasurys, which are considered safer investments. As demand for Treasurys increases, the yield falls.

Employers added a meager 120,000 jobs last month — half the monthly pace from the previous three months. Many economists downplayed the weak March figures, noting that a warmer winter may have led to some earlier hiring in previous months.

The mild winter has helped lift expectations for the housing market after four years of sluggish sales.

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Dynis, LLC leased 4,532 square feet at 1600-1640 E Parham Rd. in Henrico County.

Old Dominion Warehouse & Distribution expanded in its current location and now lease a total of 59,877 square feet at 2819 Bells Rd. in Richmond.

Cannon’s Online Auctions, LLC leased 14,000 square feet in the TJ Maxx Shopping Center at 9125 W. Broad St. in Henrico County

Commonwealth Sports Medicine leased 6,218 square feet in Short Pump Commons at 4300 Pouncey Tract Rd. in Henrico County.

Aqua Tots leased 4,400 square feet in Merchants Walk Shopping Center at 7504-7598 W. Broad St. in Henrico County.

GOPEEL, LLC leased 2,800 square feet at 5805 School Ave. in Henrico County, VA.

TPS Displays leased 2,352 square feet at 2421 Westwood Ave. in Henrico County.

Avenue 42 leased 1,050 square feet at 16 E. Main St. in the City of Richmond.

“During the past year investors have been swooping into the market to take advantage of bargain home prices,” said Lawrence Yun, NAR’s chief economist, in a news release. “Rising rental income easily beat cash sitting in banks as an added inducement.”

Forty-one percent of those who bought a home as an investment purchased more than one property, he added. In all, 1.23 million homes were sold to investors last year.

The increased investor demand is helping to absorb some of the foreclosure volume hitting the market, Yun said, adding that bank-owned inventory isn’t lingering on the market for long.

The number of vacation-home buyers increased 7% last year, according to the report. Vacation-home sales totalled 502,000 last year.

Combined, sales of investment and vacation homes last year had a market share higher than any year since 2005, the NAR reported.

Read more real-estate news in this week’s pages, including a Home Economics about spring home improvements that will save you money and a Realty Q&A about alternatives to reverse mortgages.

The NAR report doesn’t reveal many surprises: For a while now, it has been clear that real-estate investors are buying. But the steep increase is a reminder of just how many are making purchases, and what it could mean for the stability of housing markets.

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Renters Warehouse was named the largest and fastest growing property management company in Minnesota by Inc. Magazine. In addition it is ranked #3 in the nation. These positions enabled the company to become the largest property manager in Minnesota. Renters Warehouse was also featured in the Inc. 500 fastest growing privately held companies in America.

Faced with offering some mortgages that are barely profitable, or in some cases even lose money once costs and commissions are factored in, some banks are reconsidering their strategies.

“After costs, we’re not making much,” said one senior bank executive at one of the Big Five banks. “You’re doing five years’ worth of work for nothing. It’s pretty frustrating.”

Other lenders have quietly started backing away from the deep discounts.

Bank of Nova Scotia (BNS-T 56.200.571.02%) informed brokers this week that it was pulling its 2.99-per-cent rate on four-year, fixed-rate mortgages. The move is significant because it suggests the ultralow rates could soon dry up. After engaging in a similar price war in January, several banks pulled their offers off the market early amid fears that profit margins were getting too thin. However, the battle was reignited when BMO reintroduced discount rates last month.

While Scotiabank, Canada’s third-largest lender, wouldn’t say whether its loans were unprofitable, market watchers say mortgage brokers’ commissions could eat into the thin profit margins on the cheapest mortgages for banks, making them break-even propositions or unprofitable. While mortgages sold directly from branches have a bigger cushion built in, some banks are struggling with the strategy of pushing mortgages at unattractive spreads.

Independent lender Street Capital Financial Corp. told brokers recently that it has begun offering 2.99-per-cent rates on four-year, fixed-rate mortgages. But its president, Paul Grewal, hopes he doesn’t have to offer that rate for long.

“For us, the 2.99 [per cent rate] is really a defensive offer in light of the Bank of Montreal offer that’s in the marketplace right now,” he said. “I think eventually you’ll see a number of lenders pull away from the 2.99, because it’s just not sustainable at today’s spreads.”

Bank of Montreal’s 2.99-per-cent offer on a five-year mortgage is set to expire March 28. Another bank said the sector is watching closely to see what the bank does before making a decision. If BMO extends the offer, some may be forced to keep pace.

BMO is trying to rebuild its market share in the mortgage market, after losing considerable business over the past few years. The bank is employing a strategy of low rates up front, hoping to attract customers who also want to move accounts, while hoping to make bigger margins off customers down the road when they refinance.

Amid the price war, policy makers are worried the rates will entice borrowers to take on larger mortgages than they otherwise would. That will add to consumer debt levels, which are already at record highs, as well as further fuel the housing market.

Ottawa’s frustration with the banks appeared to hit a new level this week, with Finance Minister Jim Flaherty warning them that it will be their fault if the housing market continues to overheat.

“We have bank executives in Canada going out and saying ‘You know, really the rules on insured mortgages should be tightened up,’” Mr. Flaherty told reporters. “Well, they must forget that they are actually the ones that issue the mortgages. It’s their market. It’s not my market. They decide what they want to charge in interest rates.”

So far, Scotiabank appears to be alone in its decision to walk away from the price war. However, it’s likely other banks will follow suit, with some executives saying they never wanted to cut rates so low.

RBC said it only moved in response to BMO, which it referred to as a “market attacker.” Bank of Montreal has made it a priority to try to rebuild its market share in the mortgage market, after losing considerable business over the past few years.

PIRET acquired the property with equity from the bought deal financing announced January 25, 2012 and with a first mortgage financing of $6.5 million at an expected interest rate of 3.85% and maturing in five years. The asset was acquired at an attractive capitalization rate of 7.76%.

After completing this transaction, PIRET’s portfolio will total approximately 4.6 million square feet.

PIRET’s units are listed on the TSX Venture Exchange under the symbol AAR.UN.

About Pure Industrial Real Estate Trust (PIRET)

PIRET is an unincorporated, open-ended investment trust established for the purposes of acquiring, owning and operating a diversified portfolio of income-producing industrial properties in both primary and secondary markets across Canada. PIRET focuses exclusively on investing in industrial properties and is the only publicly traded vehicle in Canada that offers investors exclusive exposure to Canada’s industrial asset class.

Bhoja Air’s fleet currently consists of three Boeing 737-200 aircrafts acquired from British Airways South Africa on dry lease. An addition of a 737-400 aircraft and another 737-200 will complete the preliminary fleet.

Starting with a daily 18:00 PST flight from Karachi to Lahore and a 20:45 PST flight from Lahore to Karachi, Bhoja aims to add a midnight coach flight KHI-LHR-KHI as well. Other sectors to be offered are Islamabad, Multan and Sukkur, which will begin by this month’s end. International destinations will include Saudi Arabia, UAE, Europe and the United States which will begin shortly thereafter.

Talking about the corporate goals of the airline, Mr Omar Jalil, Director Management Information Systems said

“Our corporate goal is to create a value based airline. Currently domestic air travelers are paying exorbitant prices for few services leaving a lot to be desired. Secondly we are also focused to change passenger perception. Every passenger travelling on Bhoja Air will experience the essence of Pakistani hospitality. We feel that passengers want to be pampered and want cheaper fares with quality service, which is why our concentration is on crew training and in-flight catering to provide the best possible service in the sky. We endeavor to be an airline for those who love to fly.”

Bhoja Air’s business model allows it to accommodate a broad spectrum of travelers. From those who wants to fly to their desired destinations in an extremely affordable manner, to those who wish premium service with check-in assistance, airport pick/drop services, in-flight touch screen entertainment and additional legroom, Bhoja strives to accommodate them all.

Bhoja Air realizes the importance of good food to the common Pakistani traveler and provides fresh, wholesome and flavorful meals to all of its passengers.

Bhoja Air has an introductory tariff of 1999/-(plus tax) to any destination on any domestic flight. It will aim to maintain this tariff with a mixture of new age marketing and smart advertising to capitalize on the low cost passenger market.

Federal finance minister Hafeez Shaikh, speaking at the event of the Bhoja Air test flight on 3^rd March 2012  said the entry of Bhoja Air will enhance competition and provide better service to airline travelers. He added that this is a good omen and wished the airline well.

The Minister said that despite the global economic slow down, this growth of four percent will be a sign of strength of Pakistan’s economy which is progressing towards self-reliance. This growth, he added, will be after a gap of three years.

Bhoja Air follows a rigorous in flight and on ground safety protocol with numerous checks and cross checks ensuring safety of the ground staff, crew and most of all, the passengers on board.

Mr. Omar Jalil further stated:  “Safety is our number one priority and no compromises will be made for this endeavor. All the acquired aircrafts have been maintained as per the international standards of aviation safety and have met all the mandatory requirements of the civil aviation authority (CAA) of Pakistan.”

Surprisingly little impact was felt due to foreclosed properties as anticipated. Florida did not experience the mammoth effect that was anticipated in 2011. Now, it is the multifamily and real estate markets that will lead the economic recovery. Job growth is expected to be stimulated by new development and construction of commercial properties.

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