The housing declines observed nationwide last month might be a disturbing indicator that the current mortgage rules are actually too heavy-handed, according to Ryerson University associate professor Murtaza Haider and real estate industry veteran Stephen Moranis.
Researchers predict Canadian home price gains will grind to a halt in the coming years — and when values do get on the road to recovery, the pace of growth won’t be anything like the last price runup.
For prospective homebuyers, there are several financial hoops to jump through on the way to property ownership: growing a healthy downpayment, securing a preapproval, and finding a home that fits within budget, to name a few.
Study after study highlights how long it takes households to scrape together a downpayment in markets like Toronto and Vancouver (spoiler, it’s 102 months for the former and 340 months in the latter) So what chance does a single person have?
The trend for Canadian housing starts was steady in January with 208,131 units improving on December’s 207,171 units.
Young Canadians are facing difficult financial decisions with the cost of living increasing and the cost of becoming a first-time homebuyers unaffordable for many.
2018 could have been the hottest year on record for Canadian home sales (if not for this policy change)
The Canadian housing market had a rough year in 2018: sales dropped by 11 percent while the 4.1 percent decline in average price was the worst performance seen since 1995.
An analysis from LowestRates.ca has found that, in 2018, Canada’s largest banks – RBC, TD, BMO, Scotiabank, CIBC, and National Bank of Canada – were consistently the most expensive options.
Why do we stay with them? Complacency is a big reason. A lack of knowledge is another.
The B-20 mortgage guidelines continue to be cited by Realtors for falling home sales and there have been countless calls for them to be changed or scrapped.
The association that represents more than 11,000 Canadian mortgage professionals says that Ottawa’s policies have harmed the housing market.
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