The Mortgage Report: April 5 Many modest-income Canadians who have never owned a home may never own a home, at least not an average home. That is, unless they can live almost anywhere (work remotely, for example), and/or they’re buying with someone else (e.g., a significant other). Here’s why… First-time homebuyers now expect to pay $433,000 on average, according to...
If you follow the real estate market—and who doesn’t nowadays?—you’ve likely noticed growing speculation about new mortgage rules. Home prices are seemingly out of control, with national average prices up a shocking 25% y/y — amid a recession no less. “Canada hasn’t had a market overheating of this scope since the late 1980s,” says RBC. A growing chorus of analysts...
—The Mortgage Report: Weekend Edition— Some commentators proclaim that home “prices can only go up,” but HouseSigma’s Market Temperature gauge shows it’s not peaches and cream everywhere. Market Temperature gauges the number of condos sold versus the number of active condo listings (inventory). Month-to-date, it’s plunged to the lowest level in HouseSigma’s records. If we close October at these levels...
Daily Mortgage Report – May 5 Trap Door for GTA Home Values: The average home price in the Greater Toronto Area fell a startling 11.8% versus March (those details). And Toronto’s drop wasn’t alone. Among the larger cities reporting April prices, Ottawa fell 6.8%, Calgary was down 5.3% and London dropped 5.4%. Vancouver is holding up for now, at basically...
Tiff Gets the Nod: Canada’s most important banker will soon be Tiff Macklem. Effective June 3, he’s taking over for Bank of Canada Governor Stephen Poloz. We’ll hear Macklem at BoC rate announcements for the next seven years and already he’s moving markets. Following his appointment Friday, he spoke of: downside risks to the economic recovery the fact that negative...
Hopefully Not Reality: Despite the government’s relief plan, including mortgage payment deferrals—1 in 10 (9%) of mortgagors say they won’t be able to pay their mortgage in three months or less (Source: DART & maru/BLUE Survey). Few in the industry expect anywhere near 9% defaults, but the numbers we do get may surprise people. Back in the 1980s, prime mortgage...
Spring is officially more than a month away, but in hot housing markets “spring” homebuying season has already begun. And it’s shaping up to be a competitive one, especially with the just-announced stress test easing. A recent survey from RE/MAX suggests that more than 6 in 10 real estate agents in major cities (62%) are seeing buyers being priced out...
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