However, the average price for a home sold last month is up.
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Justin Trudeau is perpetuating a myth about the middle class. In reality, it has devolved into a new working class that is both white collar and blue collar - a world defined by massive levels of student debt, sky-high housing prices and the perpetual cycle of short-term contract work without benefits.
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Notwithstanding foreign buyers, surcharges and tightening qualification measures, it is quite evident that Ottawa has been complacent in allowing foreign buyers to buy up the roofs over our heads. Indeed, with little else to sell, our economy has depended on it.
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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.
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But only if you live in one of the "hot" cities.
It's bad news for prospective buyers. It could be bad for the market, too.
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Be careful what you wish for.
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With housing prices on the rise in both Canada and the United States, the next few years will be very interesting for those who are in or thinking about entering the real estate market. Traditionally the real estate market in Canada and the United States has moved in similar directions, but in recent years, the situation has changed.
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"Why rent when you can buy?"
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"Hey, forecasting is hard."
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"Progress" has been replaced by "housing crisis."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.
Canada's housing market has been helped by low interest rates in recent years.
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My suggestion to people concerned about housing in Toronto and Vancouver is to stop looking for a scapegoat, stop searching for someone to blame, and start coming up with real, workable plans. The first step is to accept that high housing prices are justified based on supply and demand and devise a workable strategy that can either increase supply or reduce demand based on current market conditions. Be part of the solution, not the problem.
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Canada’s riskiest housing markets are not in the booming metropolises of Vancouver and Toronto, but smaller Prairie cities Winnipeg and Regina, according to the latest assessment by the federal housin...
It was fun for home owners while it lasted.
OTTAWA - The Canadian Real Estate Association raised its home sales forecast Monday on the back of stronger than expected sales in recent months following a slow start to the year.The association said...
TORONTO - The Teranet National Bank national composite house price index rose 0.9 per cent in June from the previous month. The increase came as prices were up in seven markets out of the 11 tracked b...
Ottawa may need to step in again to cool an overheated housing market that is showing no signs of slowing, according to a global credit rating agency. Fitch Ratings said Monday that Canadian home pri...
Canada's real estate market may be resting on a house of cards, say some experts in a Reuters poll. The news agency surveyed 16 housing experts and almost all of them are worried that prices could fal...
If anything, the housing market has improved, with prices consistently going up and properties selling at a good rate. Why have all these experts been wrong? It isn't all about dollars and cents and what can give the best return on investment. Instead, emotions play a large role in the home-selling process, and they may ultimately prevent or at least delay any slowdown in Canadian real estate.
A radical deceleration in house prices could have a comparable impact upon people's psyches, let alone their finances. After years of unbridled appreciation in the value of their primary asset (.ie. their home), many have developed an ardent confidence based upon the expectation of a continuance of this trend.
Canada's housing market is falling in the country's major cities and it could very well drag the economy down with it, a prominent housing analyst said on Thursday. Ben Rabidoux, an analyst and strate...
We constantly hear headlines proclaiming the 'Toronto Housing Market' is this or that, but in fact, each neighbourhood within the city has its own housing market, as unique as its culture. Understanding the many factors that shape housing prices in each of these markets, as well as knowing where prices are trending, is an important part of a successful home purchase.
OTTAWA - Canada's real estate bonanza of the past decade has come to end and the long-term trend as one of the most profitable places to invest is also not encouraging, a new research paper from the T...
TORONTO, Cananda - The Teranet-National Bank index of Canadian housing prices continues to show effects from cooler demand for residential properties in most big markets.The December price index was u...
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TORONTO - There's mounting evidence October was a weak month for sales of Canadian housing.A new monthly analysis by Teranet shows Canadian housing prices declined last month compared with September —...
This week, novelist and columnist Steve Marche draws lessons from Canada's success for Bloomberg.com, in a cleverly titled piece, "Hardheaded Socialism Makes Canada Richer Than the U.S." Times are good today, but they may not be so good in a few years.
OTTAWA - Statistics Canada says its new housing price index rose 0.2 per cent in April, following a 0.3 per cent increase in March.On a year-over-year, the index was up 2.5 per cent in April, followin...
The average selling price of a Canadian resale home was a little less than one per cent higher in April compared to the same month a year ago. The average home sold for $375,810 across the country in...
Canada's top banker suggests the housing market could be headed for trouble in parts of the country where home prices are high. In an interview airing Saturday on CBC Radio's The House, Carney told h...
OTTAWA - Despite ongoing concerns about household debt, home ownership is becoming more affordable in Canada, not less, says new research by the Royal Bank.RBC's latest report says home affordability...
OTTAWA - Statistics Canada says its new housing price index rose 0.1 per cent in December, after a 0.3 per cent increase in November.The agency says higher prices in Toronto, Oshawa and Montreal were...