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Spring has sprung, and while spring season is normally an occasion to celebrate, with days growing longer, weather getting warmer and real estate heading into busy season, everything feels a little different this year. Canada's real estate markets are dealing with myriad of issues.
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As the saying goes, good things come in small packages. In fact, this may be the mantra for many homebuyers in 2017, given the steady rise in real estate prices. National housing affordability hit an eight-year low in the third quarter of 2016, according to the latest Housing Trends and Affordability Report issued by RBC Economics Research.
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The most commonly repeated explanation for the price surge last year and into 2016 is an increase in foreign buyers, especially Chinese buyers looking to launder their ill-gotten funds. Anecdotal evidence of this happening is at record high, but actual data to support it is severely lacking.
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Have you ever tried to get a mortgage in Canada? You need to qualify. You need to provide tax assessments, pay slips, T4s -- you need to prove your income and verify in triplicate that you'll be able to pay the mortgage. With good income and great credit, you're not a huge credit risk.
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Regardless of your motivation, renting is a great option for many of us across the country. Affordability and convenience are just a couple reasons why people prefer this option and others just like the change of scenery and inspiration that a new neighbourhood can offer. Here are some of the cities in Canada with the greatest increases and decreases in housing rental costs.
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Stock Market: Traders will be keeping an even closer eye than usual on economic events at home and abroad after major indexes in Canada and the U.S. officially moved into correction territory last week, largely on fears of a greater than expected slowdown in China.
Armchair economists from Toronto to Vancouver are debating the existence of a housing bubble, and I'm not taking sides. Maybe there is a bubble and maybe there isn't. But if you've been thinking about your worst-case scenario, you're in good company.
Canadian levels of consumer debt, especially mortgage debt, were termed “unsustainable” by ratings agency Fitch in a report that gives a negative outlook for Canadian banks. Fitch gives Canada’s bank...
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Ever notice how everyone seems to be wrong about Canada’s housing market? The pessimists predicting a housing bubble collapse have been wrong so far, but so have the optimists, who have been calling f...
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TORONTO - A Bank of Montreal report on first-time home buyers says the average budget has increased to $316,100.That's up nearly six per cent from an average of $300,000 in last year's report on first...
Canada has the most overvalued housing market among 20 developed countries, says a report from Deutsche Bank. The new report comes as real estate giant Re/Max predicts an “exceptionally healthy” year...
What if Canada had a housing market correction and no one noticed? That’s what real estate expert Phil Soper says has played out over the past year: the sharpest decline in home sales since the Great...
Last week we compared what your money would buy you in Vancouver vs. Newfoundland. This week, we are looking on Prince Edward Island.
TORONTO - The average Canadian homeowner doesn't think they'll be mortgage-free until they're 57 — two years longer than what they expected last year, a survey by CIBC suggests.The survey also found t...
Home sales fell a whopping 15.8 per cent year-over-year in February, according to the latest numbers from the Canadian Real Estate Association (CREA). It's more evidence that the slump over the past h...
Stable is not a word that can be used to describe much in today's economy. A notable exception is the Canadian dollar. The loonie has soared in a reasonably tight range around parity with the U.S. dollar for 3 years now. Although exporters would prefer a lower level, the stability has made activity and cash flows somewhat more predictable. Now, the loonie is losing some loft; what's happening?
As of December, US housing starts are just shy of the million mark, up 37 per cent over December, 2011. In contrast, Canada's January starts plunged 20 per cent compared with year-ago data, eking out just 161,000 units. Are we headed for recession while the US economy recovers?
OTTAWA - Statistics Canada says the value of building permits issued by municipalities declined 11.2 per cent to $5.7 billion in December, following a 14.5 per cent drop in November.The agency says th...
The number of Canadian homes sold last month dropped more than four per cent from the level in June 2011, the first year-over-year decline in sales volume since April 2011, the Canadian Real Estate As...
When we see real estate prices in the news, we often get a lumped valuation of a specific city or country as a whole. The reality is that no matter how the market is performing, there will always be neighbourhoods that are increasing and ones that are in decline. Why is that? Here are few factors that can affect local real estate prices in any city.