Canada’s three major urban centres have experienced a downturn recently, with an increase in unsold inventory from this time in 2011. Is Canada’s reliance on credit to blame?
The Bank of Canada has maintained its overnight lending rate at 1 per cent – for the 16th consecutive time. What does this mean for borrowers and investors alike – and will the rate rise any time soon?
There’s no way around it – kids are expensive! It costs an average of $242,000 to raise that bundle of joy to the age of 18. For new parents, though, the first year of costs can be an especially terrifying challenge.
The province you reside in can make a big difference when it comes to buying a home. A Housing Trends and Affordability report by RBC sheds more light on on what potential buyers and current homeowners can afford, based on their income, mortgage payments and property taxes.
The CMHC had added their predictions to the cooling housing market pile – and they’re fortunately less extreme than past calls of a 10 per cent drop. While they’re forecasting a slowdown in pricing, new construction and existing home sale figures, Canada’s housing market is still sitting pretty compared to the U.S., where 4 million homeowners are now underwater on their mortgages.
It can be argued that Canada has weathered the economic storm better than most, but recent studies show that investor sentiment and confidence has taken a dip. When you factor in recent national job losses, a cooling housing market, and contracting pensions, just what kind of shape is our economy in?
The Canadian housing market is getting downright chilly. As we experience the after effects of the new mortgage rule changes announced last month, it’s clear that coast to coast, our markets are in for a correction. What does this look like for the urban hot spot markets – especially hardest-hit Toronto?
RateSupermarket.ca reviews the Canadian Mortgage and Housing Corporation’s (CMHC) predictions for 2009-2013. All of which indicate a continued slow-down in the real estate and building markets in Canada.