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Would-be buyers are being forced to leave the cities they love.
Here are three alternatives to buying a home in a big city.
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The government is offering interest-free and payment-free loans for the first five years.
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"I'm sure it was a miserable night.''
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In a market where you need your parents' help to buy a house, only those whose parents own a house can buy.
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Toronto and Vancouver are joining an elite club of cities where many can't afford to buy housing.
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My kids want a back yard (and so does my dog), but I don't want to double or triple my mortgage for a piece of grass and a couple extra feet between me and my neighbours. Many have suggested we move farther afield, but I don't want to uproot the family, take my son out of his school and my daughter way from her friends -- that is the dilemma.
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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.
It will apply to non-principal residences that are left empty for six months of the year or longer.
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There is no shortage of people out there talking about why you shouldn't put your money into a home. But in my opinion, particularly for women and minorities who have traditionally been disenfranchised, owning your own home can be nothing short of an awakening.
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Meanwhile, Toronto's hot real estate market is spreading out.
An empty $1-million home would be taxed $10,000 per day.
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The Coal Harbour condo is going for $58.9 million.
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The benchmark home price fell ... to $919,300.
Vancouver International Flamenco Festival
VANCOUVER — The rate of foreign investment in Metro Vancouver housing has fallen to 1.3 per cent since the introduction of a new tax targeting international buyers, according to new data from the Brit...
Is Vancouver a city without duende? For those unfamiliar with the term, a creative force evoked in the art of flamenco, I defer to Garcia Lorca -- the poet killed by right-wing Spanish civil war era assassins whose work seems ever more resonant in our time of vulgar demagogues and neo-liberal pretenders.
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Frank Wu said Chinese investors have told him that the tax is discouraging them from buying property in the city.
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And a housing crash won't fix it.
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Things are expected so slow — or even reverse — from here on out, an expert said.
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There's an old saying in the real estate industry: Drive until you qualify. Can't afford a home in downtown Toronto? Maybe look a little further from the core -- perhaps Etobicoke, or Mississauga, or Milton, or... Just how far are young home buyers willing to drive?
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Foreign buyers are bailing on B.C.
You might say Vancouver housing has gone full hipster.
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Home sales in Metro Vancouver in September plunged by 32.6 per cent compared to the same month last year.
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Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.
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A long-standing exemption allows non-residents to buy homes and later claim a tax exemption on the sales of those properties.
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As many as 21 in total have the potential to be shut down. If residents of the east side are forced to move into more expensive neighbourhoods just in order to find a school for their children, homeowners may be forced to turn into renters as they arrive outside the comfort zone of their financial capabilities.
A lot can happen in a few months.
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"The question is where are people getting the money to buy these million-dollar homes?"
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From foreign buyers gobbling up properties sight unseen to young families trying to raise kids in condo towers, the Canadian housing market is a hot topic of discussion these days. But what do houses really cost these days?
The first time I heard the line "you're not stuck in traffic, you are traffic" I immediately liked it. People tend to ignore their participation and impact on a situation and often believe things are happening to them, not because of them. I wanted to explore this concept as it applies to the Canadian real estate, specifically the Vancouver and Toronto metro area housing markets.