While Toronto house prices have soared, the latest census figures show population growth in the city has begun to slow
Housing helped keep the economy humming in 2016 while oil prices lagged, but an economist warns a long-term dependence on real estate is a crisis in the making
The 0.1 per cent gain was short of analysts’ expectations for an increase of 0.2 per cent. National prices have risen steadily on a month-over-month basis for nearly two years. The index excludes apartments and condominiums, which account for about one-third of new housing.
The Toronto Real Estate Board says red-hot property sales in Canada’s largest city picked up in January where 2016 left off, with transactions up 11.8 per cent year-over-year despite a double-digit drop in new listings.
The Toronto Real Estate Board reports that 5,800 homes were sold in the GTA in January at an average price of $770,745. That works out to more than $3.9 billion in total housing sales for Canada’s largest city. To put that in perspective BNN looked at what you could buy for that money.
The evidence is building that Canada’s housing markets — particularly Toronto and Vancouver — are going out of whack.
Rising house prices and consumer indebtedness, particularly among already indebted Canadians, is a worry because the economic picture could change without warning, Bank of Canada’s Deputy Governor Sylvain Leduc said on Monday.
The British Columbia government has started accepting applications for its new interest-free loan program for first-time home buyers. BNN’s Jameson Berkow has the details.
British Columbia’s premier has announced her government is amending its tax on foreigners buying property in Metro Vancouver.
Are you willing to stretch the financial facts just a little to qualify for a mortgage you might not otherwise qualify for? If the answer is yes, you aren’t alone.