Canadian home sales drop 3.1% as ‘sense of panic’ sweeps western markets

TORONTO — Sales of existing homes in Canada slipped further in January as the drop in oil prices hurt homebuyer demand in western Canada, the Canadian Real Estate Association said on Tuesday, with one analyst saying seller panic has set in. Canada’s oil capitals look set for their first major housing correction since 2008 TD […]

Canada’s oil capitals are headed for their first major housing correction since 2008, TD warns

Home prices in Canada’s oil capitals will suffer a correction this year as plunging oil prices turn the nation’s housing market upside-down, say TD economists. Prices are on track to fall as much as 10% in Calgary, Edmonton and St. John’s Newfoundland over 2015 and into 2016 as the collapsing oil industry hits growth, incomes […]

Toronto leads gains in new home prices, while Calgary market declines

Canadian new home prices rose 0.1% in December from the previous month, led by gains in the nation’s largest city, government figures showed. Toronto prices rose 0.2% from November, and by 2.5% for all of last year, Statistics Canada said Thursday from Ottawa. Prices rose 1.7% nationally from the same month a year earlier. New […]

Alberta home resales to slide 16%, RBC says

Sales of existing homes will slide 16% in Alberta this year as a plunge in oil drags down the provincial economy, according to Royal Bank of Canada. Oil prices are making housing forecasts a tough call in Alberta Plunging oil prices have made it almost too difficult to predict what will happen in the Calgary […]

Why more Canadians are turning to non-traditional lenders for mortgages

OTTAWA — Squeezed out by stricter bank regulations, a growing number of mortgage-hunting Canadians have been turning to non-traditional lenders to overcome borrowing hurdles like bad credit. The proportion of mortgages given out by alternative institutions, other than banks or credit unions, remains small at roughly 2.2% of the entire market, said a recent analysis […]

IMF says housing in Canada overvalued by as much as 20%

Canada’s housing market is overvalued by as much as 20%, says the International Monetary Fund which is forecasting a soft landing for the sector. Follow Financial Post On Facebook On Twitter The IMF opinion, released Friday, is for the country as a whole and it noted there are important regional differences when talking about overvaluation […]

Should you withdraw from your RRSP to buy a house?

Certified financial planner Jeanette Brox says young Canadians still have a good reason to withdraw from their retirement plan to buy a house: current prices. Ms. Brox, who works for Investors Group, says taking money out of an RRSP is the only way some first-time buyers can scrape together enough for a down payment. “I […]

With rate cut, sub-2% mortgimageages are coming to a bank near you

If you’ve ever dreamed of living somewhere else — maybe Rio, Berlin, Trieste — the value in your Canadian home right now could take you further than ever before. With rate cut, sub-2% mortgages are coming to a bank near you By this time next week, Canadians borrowing for a home might be looking at […]

Bad news for borrowers: The economy could improve this year

Indebted people aren’t going to like the return to stronger economic growth. Rising interest rates will offset any benefits they get when the economy accelerates from the sluggish pace of recent years. If you owe a lot, plan now for higher rates to avoid nasty surprises ahead. The decline of oil prices adds some uncertainty […]

Real estate flippers beware, the taxman is watching

With the economy in turbulence, some Canadians have openly started to wonder whether our housing market may be next. Despite that possible scenario, the temptation to buy, renovate and then sell real estate at a profit is still irresistible for many. And, if you don’t know how to get started, a number of U.S. TV […]

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