With home prices climbing stratospherically over the last five years and a mortgage stress test now in place, homebuyers are seeing their purchasing power chopped more than ever - especially young families and first-time buyers.
The Canada Mortgage and Housing Corporation released its quarterly Housing Market Assessment, reporting that the country’s housing market overall is still highly vulnerable, mostly due to price acceleration and overvaluation.
There was a story in the Vancouver Sun recently about a detached home listed for just under $1 million. With single-family home prices falling in the area, could the detached homes actually tumble to an affordable price?
The 15th Annual Demographia International Housing Affordability Survey: 2019 was recently released, rating middle-income housing affordability with third quarter 2018 data. Once again, Toronto is found among the least affordable cities in the world.
Toronto real estate and Vancouver real estate get compared a lot, mostly because they’re the hottest housing markets in Canada. What we’re seeing in Vancouver that we’re not seeing in Toronto right now is the uptick in resale home listings.
The Angus Reid Institute released the results of its Pain Index for Metro Vancouver and the Greater Toronto Area, reporting that housing affordability has replaced transit as the top concern for most GTA residents.