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.
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.
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?
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.