This is What a Housing Correction Looks Like

Written By  Neil Sharma PUBLISHED: 9:49 AM JUN 2, 2022 The Greater Toronto Area’s housing market is in the incipient stage of a price correction — one that, it could be argued, is long overdue — but the recent drop in home values could be more dramatic in some areas than others, prompting fears of […]

Two-fifths of Canadians rue their debt loads

The proportion of Canadians who regret their current debt levels has reached its greatest level in recent history, according to the latest Consumer Debt Index by insolvency practice MNP LTD. The study found that approximately 40% of Canadians are concerned about their existing debt loads, and 43% regretted the amount of debt that they have […]

Luxury market designation timely in light of market conditions

A new course and education certificate for specialization in the luxury home market is timely in light of a Sotheby’s International Realty Canada report that declared the sector is thriving again. The Luxury Home Mortgage Advisor designation, offered online and in-class, will teach mortgage professionals how build networks of high net worth individuals, among whom […]

Interest rate announcement left out an important word

The Bank of Canada’s decision to increase interest rates to 1.75% Wednesday was not a surprise to many, but an omitted word is perhaps more so. Dr Sherry Cooper, chief economist of Dominion Lending Centres says it was interesting that Governor Stephen Poloz did not continue to say that rates would rise “gradually”. “Market watchers […]

Stewart’s vows for Vancouver may not be enough – observers

Vancouver mayor-elect Kennedy Stewart has promised to build 85,000 new rental homes over the next decade, but Urban Development Institute chairperson Jon Stovell argued that this plan won’t do much to improve affordability in the red-hot market. “Without any land cost at all, the cost of a 600 square foot studio would be $1,800 to […]

‘Lifestyle mortgages’ for savvy seniors

There exists a propensity to look at reverse mortgages as only necessary for indebted seniors, but they are also a great way for savvy, well-heeled seniors to buoy their investment portfolios. “The one thing I disagree with is it’s not only a mortgage designed for people to pay off debt,” said Darlene Vilas, a mortgage […]

Vancouver home sales figures for May released

Home sales across Metro Vancouver tumbled last month, when compared with May 2017 and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes. The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the […]

Detached sector continues to weigh on this region’s sales

Sales of detached homes in Calgary have declined to levels not since for a decade. Weakness in that property type continues to impact overall sales activity, which in May was down 19% year-over-year and 26% below longer-term averages with total sales of 1,726 units. Calgary Real Estate Board’s latest figures show that the detached sector […]

Property tax hikes the best route for B.C. right now – economist

With Vancouver having the lowest property tax rates nationwide, it’s high time for the provincial government to impose higher real estate taxes to offset outsized price growth, according to a leading economist. In a recent though piece for the Vancouver Sun, CCPA-BC public finance policy analyst Alex Hemingway noted that not even the recently implemented […]

Pressure eases for Fraser Valley homebuyers

Homebuyers in the Fraser Valley region are able to shop for their dream home a little more comfortably as inventory rises. But the increased choice comes as sales continue to decline with Fraser Valley Real Estate Board reporting a 35.1% decrease in May compared to a year earlier. There were 1,758 sales processed through the […]

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