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Housing costs are "well outside rational limits."
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The Liberals aimed at Toronto, but may have hit the Maritimes instead.
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During this B.C. election, decision-makers say they're acting on climate change and conserving the environment without acknowledging that out-of-control housing costs work in direct opposition to those goals. Hundreds of thousands of people commute into and out of cities they cannot afford to live in.
The biggest threat to our strong real estate market and local economy is a generation of buyers who, in pursuit of the housing dream, throw caution to the wind, assume a crippling mortgage, and take on more debt than they can handle.
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Borrowers should make sure they can handle a hike in interest rates.
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Land use rules mean Toronto built too many condos, too few single-family homes.
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Spring has long been associated with the start of renovation season. Perhaps it's the warm weather that's stirring your inner do-it-yourselfer. Or, maybe, it's Canada's rising home prices that are the real wake-up call. And it's not just the price of the homes themselves that's increasing.
House prices rise as the population falls, and other fun factoids from Canada's senseless housing market.
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If the loonie hadn't fallen, Vancouver real estate would be twice as expensive as New York's today.
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As a mortgage broker working almost exclusively in B.C. for the last five years, I was curious to see how B.C.'s new foreign buyer tax and new mortgage qualifications would change my business. While some of the impact was predictable, I've been wholly surprised by its effect on other aspects.
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The slump in new housing construction in the GTA, which is the worst observed in the past 15 years, can be addressed if one were to understand the fundamental axioms of urban economics. The land is a heterogeneous good whose fertility (profitability) varies widely over space. The provision of low productivity land in undesirable remote places does not qualify as land supply.
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Skyrocketing home prices dominated the headlines in 2016, and it's no surprise that housing unaffordability remains the news of the day as we wrap up the year. Affordability has hit an eight-year low in the third quarter of 2016.
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Canadians are a little more sour than usual on the housing market these days.
Good news for Canadian financial stability, bad news for the house-hungry.