The old real estate tenet "don't buy a house more than three times your income" has little merit in today's market. Between the trifecta of record low borrowing costs, monumental price gains and a dire lack of supply across the Greater Toronto Area, working out how much you can afford to spend on your dream home isn't exactly clear.
Now that B.C. has introduced a 15-per-cent foreign buyers' tax intended to calm real estate purchases by non-Canadian residents, speculation is rampant that similar legislation is on its to Ontario -- or more specifically, Toronto. Like their counterparts in Vancouver, realtors in Toronto want nothing to do with such action.
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?
Time and time again the issue of the First Nations housing crisis makes it into the media. And every time I see it I ask myself why things aren't done right the first time. The mouldy, boarded up, plastic-covered shacks are literally third-world, yet they are considered housing rather than something to be bulldozed.
It's been a long time coming, but the Evergreen Line is finally almost here. The tunnel is drilled, and the stations are coming to life with welcoming, open plazas. In early 2017, living in Burquitlam, Port Moody and Coquitlam will no longer necessitate a long commute or a costly Westcoast Express ticket.
With the average price of a detached home out of most first-time buyers' reach, those with less than $1 million to spend have a few options. A lot of people are becoming creative with their buying power and choosing to utilize more unusual or unconventional options to solve the issue of affordability.
In a world of financial and economic inter-connectedness it would be foolish to suggest that there won't be any knock-on effects from the hitherto number four largest economy worldwide in its political convulsions, but from this particular writer's standpoint, Canada's economy is sailing safely going forward.
Hopefully during your life as a renter you haven't had to rely on the Residential Tenancies Act too much. If that's not the case, you're likely well versed in some part of your rights, but maybe not all of them. Many of us renters rely on hearsay information we've picked up over the years and as it turns out, a lot of it is misconstrued or, in some cases, completely wrong.
Housing markets in Toronto and Vancouver are extremely hot, and average prices are skyrocketing. Every new data release, real estate report, and housing related comment is scrutinized, debated and analyzed in painstaking detail. A red flag is raised, an alarm bell is sounded, a stern warning is issued or extreme caution is urged by both domestic and international housing analysts and economists almost daily. How does this end?
It's June and school will soon be out for the summer. What better time to teach your kids about... real estate? Why? There's actually more than 500,000 reasons to do so. The number is really 508,097 -- as in dollars, the average price of a home in Canada as of April 2016, according to the Canadian Real Estate Association. This represents a 13.1-per-cent year-over-year price gain. We need to educate our kids about the realities of property ownership before it overwhelms them.
If you rent, you know how important it is to stretch your monthly budget in order to get a place you love. The line between 'wants and needs' must be clearly drawn, and once you have your budget, it's time to make the most of it. RentSeeker... is here to help you stretch that budget with 10 tips to save you money so you can maximize your housing budget and find an apartment you'll be excited to call home.