Vancouver detached home sales have dropped nearly 40% compared to a year ago and you know what that means?
The market for detached homes in Vancouver has softened so much that it is “beginning to enter buyers’ market territory,” says the president of the region’s real estate board.
Now get out there and transact!
Toronto is becoming a better and better investment as prices fall, you just need to buy when they’ve stopped falling. Right now they’re seeing quite a price drop.
Re-sale home prices in the Toronto region dropped 12.4 per cent, or about $110,000, year over year in February.
The average price fell to $767,818, from $875,983 for all housing categories, including detached, semi-detached, town homes and condos.
The number of sales also plunged nearly 35 per cent last month compared to Feburary 2017 — to 5,175 transactions from last year’s record 7,955, according to the latest statistics from the Toronto Real Estate Board (TREB) on Tuesday.
Read the full article here.
You know Vancouver is hot, but did you know that house prove gains in the Fraser valley are outpacing Vancouver? Southseacompany points out this CBC article with the details.
“The Canadian Mortgage and Housing Corporation says demand for less expensive condominiums and apartments in North Delta, Surrey and Langley has inflated prices at a sharper rate than in Vancouver.”
“”Those municipalities have some of the most affordable units in the region, particularly for condos,” he (Eric Bond, a regional analyst with CMHC) said. “For first-time buyers, given the price increases we’ve seen in the rest of the region, often those units are what’s most interesting to them.”
Read the full article here.
Southseacompany shared this article, looks like everyone’s mortgage is going to get more expensive:
The Bank of Canada raised its benchmark interest rate to 1.25 per cent Wednesday and signalled that, barring certain risks, more hikes are likely in the rest of the year. That’s creating an unusual situation for Canadians: for the first time in years, those renewing mortgages will be faced with higher rates and an increase in payments.
Even before Wednesday’s decision, five of the country’s largest banks hiked five-year fixed rates 15 basis points to 5.14 per cent last week. (CIBC is still offering 4.99 per cent.) In a country where consumers have grown accustomed to low rates, and where households are burdened with record levels of debt relative to income, this kind of change is worth noting. A recent survey published by insolvency trustee MNP Ltd.found 48 per cent of Canadian respondents were $200 or less away from being unable to fulfill their monthly financial obligations, an eight point increase since September.
Read the full article over at Macleans.
A growing issue in Vancouver real estate is that of foreign buyers. Statistics Canada claims that non-resident foreigners own 7.6% of the value of homes within the city of Vancouver.
Now clearly it is possible to talk about this issue without devolving into racist generalizations and hate, but some commenters on this site have a very difficult time doing so.
There are a number of parties that have no interest in changes to the current market and these parties are served best by angry racist rantings. What better way to distract from the issue at hand and paint any discussion of foreign buyers as racist?
So good job you knuckle-heads, those that profit in a run-away housing bubble thank you!