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"Progress" has been replaced by "housing crisis."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.
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...