Home prices to drop, new report predicts — and even Toronto and Vancouver won’t be immune

[Financial Post - September 23, 2020] Moody's predicts prices for all housing types to fall more than 7 per cent The pandemic will punish Prairie house prices the most in Canada, but even hotspots Toronto and Vancouver will see prices drop on the back of rising rental market vacancies and lower immigration rates, according to a new report. Average single family detached house prices will fall by 6.7 per cent next year as the recovery stalls, economic stimulus fades and debt problems [...]

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Sharp drop in foreign students and immigrants slowing real estate

[Vancouver Sun - August 27, 2020] House prices are more or less flat in Vancouver and Toronto, which are considered gateway cities for global migrants. Rental prices are softening in Vancouver and Toronto and housing prices are soon to follow as the number of new immigrants and foreign students falls sharply because of border restrictions aimed at combatting the spread of COVID-19. Average rents have dropped by eight per cent in Vancouver and Toronto in recent months. Hundreds of thousands of dwellings [...]

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A tax on home equity would hurt Canadians during the best of times — but right now it would be reckless

[The Star - August 15th, 2020] Every so often, an idea comes along that is so out of touch and unfair that it unites pretty much everyone in their disapproval. Recently, the Canadian Mortgage and Housing Corporation (CMHC) appeared to be doing exactly that when media reports suggested the federal housing agency is researching a new home equity tax on primary residences. According to reports, CMHC is spending $250,000 in partnership with the University of British Columbia’s School of Population to investigate [...]

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Government is why housing in Canada is unaffordable and more taxes won’t help

[Financial Post - August 5, 2020] Opinion: A home equity tax would be but the latest example of politicians using housing as their personal ATM The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their [...]

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Canadian home sales, prices hit record high in July as low mortgage rates drive buyers into market

[Globe and Mail - August 17, 2020] Canadian home sales and prices surged to a record high in July, as buyers flooded the market and took advantage of low mortgage rates after the coronavirus pandemic briefly slowed activity in the spring. The number of homes sold jumped 26 per cent on a seasonally adjusted basis from June to July, according to the Canadian Real Estate Association, with Toronto, Montreal and Vancouver soaring along with surrounding regions such as Hamilton-Burlington in Ontario [...]

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Toronto, Vancouver among biggest property bubbles in the world, UBS says

[CBC - September 28, 2019] 9 years salary to buy a house in Vancouver, more than 6 in Toronto Swiss investment bank UBS has deemed Toronto and Vancouver to have among the world's biggest housing bubbles, with mispricing that's even more pronounced than it is in expensive cities like Paris and San Francisco. In an annual report published Thursday, the Swiss bank looked at 20 cities around the world that are considered to be financial centres, local metropolises that are hubs for [...]

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B.C. Realtors still not allowed to openly publish home sale prices

Photo: John Barbisan, president of the Fraser Valley Real Estate Board: home sellers have a right to privacy. [Source: Vancouver Courier - August 30, 2018] Toronto real estate agents ordered to release data to general public, while it remains restricted to real estate professionals in B.C. Last week, for the first time in Canada, the general public could see exactly what any home sold for through the Toronto Real Estate Board (TREB), but that information is not permitted to be published by [...]

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Ontario’s rent and housing reform: 16 big changes, explained in charts

[Source: The Globe and Mail, April 20, 2017] On Thursday, Ontario announced it would widen its rent-control rules and take pages from B.C.'s playbook to bring skyrocketing housing prices down. Here are the highlights. Rental housing What Ontario is doing: Expanding rent control to all private rental units Introduce legislation to strengthen the Residential Tenancies Act Making sure multiresidential apartment buildings are charged property taxes at similar rates to other residential properties A $125-million program over five years “to further encourage the construction of new rental [...]

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Saving money with a semi-detached house (aka: Duplex in BC)

[Source: Moneysense.ca, February 8th, 2017] For buyers dead-set on moving into a single family house, there seems to be little room to budge. The price-tag for detached urban homes is out of reach for many, but that’s doesn’t mean a move to a condo apartment is the right step. For some buyers, no amount of amenities or nearby transit stops are enough to give up on a private backyard, more living space or the freedom to renovate. Lengthy commute times be [...]

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Bought your first home? Don’t hurry the renovations

Pat Giles and his wife bought a house a year and a half ago. They’re already thinking about renovating the kitchen. A brand new kitchen is a tempting prospect, but it is neither a short nor a cheap renovation. Mr. Giles, 36, is keenly aware of this. He’s associate vice-president of real-estate secured lending with Toronto-Dominion Bank, and regularly talks about renovation financing with colleagues across Canada. He’s following the same advice he and his colleagues give to clients. “For us, [...]

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