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A simple Google search of "political promises in Canadian real estate market" gives you an idea of where our minds are at this election. The sentiment is pretty clear. Canadians want to know what our next provincial government is going to do about the simmering B.C. real estate market?
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Budget 2017 proposes to invest more than $11.2 billion over 11 years in a variety of initiatives designed to build, renew and repair Canada's stock of affordable housing, and help ensure that Canadians have affordable housing that meets their needs. But so far it fails to address key market-related issues - again.
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Tight supply and strong demand will dominate the GTA market this year, resulting in double-digit home price growth, according to the Toronto Real Estate Board. While this forecast may be good news for existing homeowners, it might be the last thing prospective homebuyers in Toronto want to hear.
Prospective homebuyers face a growing list of challenges -- from skyrocketing prices in Vancouver and Toronto, to soft conditions in Alberta, to another round of mortgage rule changes. But there are some good reasons 2017 is still a good year to buy a home in Canada.
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Yes, thanks to insane prices and eroding affordability in Toronto, Hamilton - just 60 kilometres away - has been quietly building a reputation of its own as an up-and-coming real estate market.
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Canadians spoke loud and clear. They want a strong, collaborative national housing strategy to facilitate housing for those most in need, address the unique challenges facing indigenous peoples, eliminate homelessness, make housing more affordable and improve data collection, analysis and research.
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There's less than one week to go until the federal government tables its national housing strategy report on November 22, following months of consultations with the provinces and territories, industry experts and everyday Canadians. What will, or should, our national housing strategy look like?
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A balanced growth policy that respects and promotes sustainable development along with supplying more affordable shelter for families will help to ensure that the GTA grows while maintaining its competitive advantage in the global marketplace.
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The next several weeks are crucial in Canada's housing market. Ottawa's Let's Talk Housing initiative wrapped up consultations in late October, and is now working toward tabling the results on Nov. 22. But for anyone expecting a full-on housing policy on that date -- best not hold your breath.
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As many as 21 in total have the potential to be shut down. If residents of the east side are forced to move into more expensive neighbourhoods just in order to find a school for their children, homeowners may be forced to turn into renters as they arrive outside the comfort zone of their financial capabilities.
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City planners and developers need to realize that building a good mixture of home types for people of different incomes and ages, with amenities for people at all stages of their life, is what make a stable, healthy, vibrant city, and one where people want to, and are able to, stay and thrive.
When you buy a home, you don't buy a national market, or even a provincial, regional or municipal one. You buy one property in a local market. What's happening in your area could be completely different from that in another province, or certainly at the other end of the country.
There's no tax quite as popular as a tax on someone else. But will the people still be on board once the bills come in for collecting the Vancouver vacancy tax, or when the foreign investment tax has to morph to catch the money coming into the country? Or if housing prices are unaffected? Or if housing prices plunge and Canadian homeowners owe more than their home is worth?