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The average house price in Canada for October was just under $506,000.
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Measures to promote supply are needed, but the resulting new-build supply won't be cheap.
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You won't necessarily see a 28 per cent reduction in sticker value, however.
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We examined vacancy and rental rates (two-bedroom) from Canada Mortgage and Housing Corp., and validated these findings with the latest data on population, employment and wage growth. Our research was further guided by insight from investors and other experts.
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The entire economy - including government revenues and thereby the services offered by these governments - depends on wild property speculation. And everyone is praying that it can somehow be maintained.
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Every five years, statisticians, analysts and economists eagerly await the slow release of Census data by Statistics Canada. In early February the population and dwelling count tables were released. The figures that immediately caught the attention of the public was the difference between the total dwellings and dwellings "occupied by usual residents."
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According to various forecasts, Toronto is poised to be the hottest real estate market of 2017 -- and it's well on its way to scorching, if January numbers are any indication. According to the Toront...
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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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NIMBYism isn't just about anti-development. It can be viewed as "anti-change," and its ripple effect is far-reaching. What happens when cities stop attracting new residents and business? Let's just say that aging populations and infrastructure typically do not support growth.
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Regardless of your reasons for selling your home, success starts with a great first impression. Having recently bought and sold my own home, I quickly discovered that smart sellers learn from someone else's mistakes rather than their own.
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Anything in Toronto with an ocean view?
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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.
Toronto has established itself as a hot market for residential condos, but more recently, the office-condo trend has started to make waves through the city, potentially becoming the next big investment opportunity.
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What came next was terrible.
Under the new mortgage rules, which take effect on Oct. 17, all new insured mortgages must qualify for the amount at a rate of 4.64 per cent, which is an average of the big banks' current posted mortgage rates. This is the case even if the rate offered by your lender is lower.
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Buying a home with a median income isn't an impossible task.
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.
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The agent said it's possible the home was originally overpriced.
Many Canadians are experiencing difficulties finding a place to live within their budget in neighbourhoods they have lived in for years, and the problem is only getting worse.
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When Canadians return from celebrating the Canada Day long weekend, they can expect early July to be hot with discussion of potential changes in mortgage regulations and housing policy. Again. Only this time, the changes could have some real teeth to them.
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"This is a bubble. A very big bubble. And it is going to end in tears."
Real estate agents can talk about the upside of buying right now, but they don't explain the downside of carrying massive debt. Yes, you may build some equity if you purchase a home, but if you've mortgaged 90 per cent of it, very little of your payments in your first five to 10 years will go towards repaying principal.
And how about that ocean-side view?
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"The government should not be taking a lax approach to these practices."
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Thirty-six is the new 30 for first-time home buyers in Canada -- meaning that the average age of current home buyers is 36, while the majority of current home owners bought their place before they were 30. Considering that millennials are typically 25 to 34 years old, many are left asking the question: are millennials buying homes?
You don't even want to see what it will cost you to upgrade from a condo to a house.
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The problem the housing bears have had is they are reading the same fairy tales about Canada's housing market that the housing bulls continue to suggest all Canadians keep reading. It's time to stop turning the pages and start reading what the words are really saying.
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In the spirit of the NCAA March Madness basketball tournament, YPNextHome put together our own bracket of championship housing markets across Canada. It's East versus West, as city market takes on city market to determine the eventual Canadian slam-dunk champion.
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While the prospect of purchasing a home for the first time in Canada is an exciting and important step, many newcomers choose to rent for the first several months to a year (or longer) after their arrival. Before deciding whether to rent or buy, it's important that you know what you can afford, weigh the options available and take the time to make the right decisions that will ensure a successful future in Canada.
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Strong historic home price growth might be an expected result, given that real estate is a proven performer over the long term. But looking at price growth in these four-year windows from now to 1984 shows some pretty staggering appreciation.
"Progress" has been replaced by "housing crisis." Many neighbourhoods, municipalities and even metro areas have experienced annual double-digit house price inflation over the past decade, forcing many middle-income individuals and households to make tough choices about where they want to live.