BC = No HST, and That’s Good News for the Housing Market!
Last week’s referendum in British Columbia to scrap the HST had just about every Canadian wondering if the same thing could happen in their own province. In some maybe; in Ontario, no. Laws are different here and as such, we’re likely to live with the HST until some good-loving politician gets rid of it. But the people of BC are currently rejoicing and it’s no wonder why. With HST gone, residents are going to pay nearly half what we do in taxes for the things we buy, and that includes big purchases like a home mortgage.
Read moreHousing Correction Won’t Happen, because Canada doesn’t Need One
Canadians were waiting and waiting for a housing correction, and many experts said that one was indeed necessary in order to slow down the amount of empty homes sitting on the market. And, with supply already far exceeding demand, more home starts would only mean more useless supply; and that could land Canada right back into a recession. But, according to the newest report from the Canada Mortgage and Housing Corp.(CMHC), no correction will be made – because none is needed.
Read moreCost of Living is Too Expensive, and Vancouver is to Blame
The Housing Trends and Affordability report was released today by RBC Economics Research and it proved once again what many have been murmuring about for months now – that the cost of home ownership in Vancouver is so high, it’s skewing the picture for the entire country.
Read moreWhat Goes Up Must Come Down
Homeowners have been clapping their hands in glee since this past spring, while renters have been wringing theirs in worry. All of this because home prices keep going up, up, up. Good news for those who already own or are thinking about selling, bad news for those who are thinking about buying and the high mortgage that’s going to come with it. But just how long are prices going to stay at the top for? And just how high are current home prices anyway?
Read moreCanadian Home Sales are Up!
There’s good news for both home sellers and home buyers after The Canadian Real Estate Association released statistics showing just how many Canadian homes are starting to sell. While the stats don’t show an increase throughout the entire country, there is enough of an upswing right now to make any Canadian looking for a home and a mortgage finally feel good about it again!
Read moreThe Southern Ontario Housing Market
Since this blog tends to focus either on national topics or the Toronto real estate market, I thought it’d be a good idea to have a look at how the real estate markets of other cities in Southern Ontario are doing at the moment. The data I will present is taken from the most recent…
Read moreThe Mysterious Vancouver Housing Bubble: Part 2
It seems to be a weekly occurrence now to hear about some new data attempting to explain the ever-rising home prices in Vancouver. This week, Benjamin Tal, deputy chief economist at CIBC, pointed to some data from Landcor Data Corp. which estimated that only 10% of foreign transactions in Vancouver over the past five years…
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