It’s that time of the week again.

It’s Friday Free-for-all time! This is our regular end of the week news round-up and open topic discussion thread for the weekend. Here are a few recent links to kick off the chat:

-Who wants to try for 200%?
-Rate fears push down dollar
-Cognitive disconnect
-We love us some debt
-Real Estate School
-Whats a mortgage default?
-The RE-tirement plan

So what are you seeing out there?

Post your news links, thoughts and anecdotes here and have an excellent weekend!

After the IMF issued yet another warning on the Canadian housing market Joe Oliver decided its time to speak up.

There is no housing bubble basically, but they will continue to keep an eye on the situation.

And yet the foreboding predictions keep coming. Goldman Sachs warned of a “large correction” in Canadian real estate in 2013. That same year, The Atlantic magazine called Canada “the biggest housing bubble in the world” and the OECD issued a report that listed Canada’s as one of the most overvalued housing markets in the world. Earlier this year Deutsche Bank said Canada was in “serious trouble” with its supposedly overinflated house prices. Capital Economics’ David Madani has been standing by his call for a “day of reckoning” for Canadian housing since 2011.

That no reckoning has come to pass yet may explain why Mr. Oliver and the Bank of Canada’s anxiety has cooled.

“In a way, it’s strange,” said Mr. Porter. “Because if anything the market does seem to have gotten a bit more overheated — especially in Toronto and Vancouver.”

Apparently it’s not just the Bank of Canada that thinks Canadian RE buyers are suckers. The IMF is issuing yet another warning of potential problems in the Canadian Real Estate Market.

The International Monetary Fund is raising red flags about Canada’s housing market, warning that moves by Ottawa in recent years to tighten mortgage lending standards and boost oversight of the country’s financial system haven’t gone far enough.

Household debt levels remain well above those in other Western countries, the organization said in a commentary posted to its website Monday. Home prices have jumped 60 per cent in the past 15 years and remain overvalued from 7 per cent to 20 per cent, in line for a “soft landing” over the next few years, the IMF said.

At the same time, it reiterated its call for Canada to collect more data on its housing market and to centralize oversight of the financial sector. As it stands, regulation remains fractured among the Department of Finance, the Office of the Superintendent of Financial Institutions, the Canada Mortgage and Housing Corporation and provincial governments all playing separate roles in regulating the housing the market.

Read the full article in the Globe and Mail.

It’s the end of another work week and that means it’s Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

-Realtor Hunger Index at 54%
-Savings rate hits 5 year low
-Zoocasa to stop publishing data
-First Sellers market in 4 years
-No more rate cuts?
-Highest gas prices in North America
-How do you make a return?
-Sell your toys, don’t buy a house
-Squamish bankruptcy for Rommel
-What to talk about instead of RE?
-Consumer debt hits $1.53 Trillion

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Take a look at this list:

Calgary
Winnipeg
Edmonton
Gatineau
Halifax
Hamilton
Oshawa
Montreal
London
Kitchener
Kingston
Ottawa
Quebec
Regina
Saguenay
Saint John
Sudbury
St.John’s
St. Catharines
Sherbrooke
Saskatoon
Thunder Bay
Toronto
Trois Rivieres
Vancouver
Victoria

Know what those 26 cities have in common?

They’re all Canadian for one, but they are also places where house prices have doubled or tripled over the last 15 years.

As special as Vancouver is, it’s apparently not unique when it comes to rising prices.

Thanks to Joe Mainlander for pointing this out, original data source is Toronto Condo Bubble.

Friday Free-for-all!

February 27th, 2015

It’s that time of the week again…

Friday Free-for-all time!

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

-What size house are you happy with?
-CMHC no longer loans for condo dev
-Bidding wars spread to suburbs
-Minimum loan payment reduced
-Low rates to save housing market?
-Shiller worried about canada prices

Thanks to southseacompany and everyone else for the links!

So what are you seeing out there? Post you news links, thoughts and anecdotes here and have an excellent weekend!

West Vancouver is considering limiting the size of ‘Monster Homes‘ and that’s got both sides of the issue up in arms. The primary concern from some residents is that a proposed size limit would bring down property values:

“At first glance, this is flawed, to say the least,” said Russell Lane, who said he and his wife were “one of the owners of one of the larger properties and our house is on it. It’s not a ‘monster property,’ or whatever the description is, but a house that was built appropriate to current regulations.”

He said it would be unfortunate if the municipal government created, in effect, two classes of properties, where older houses that were built to code would be more attractive to buyers than homes built after a policy change.

Meanwhile North Delta brought in similar limits several years ago:

Delta Mayor Lois Jackson said her community limited the size of new North Delta homes to 3,552 square feet several years ago and feels the policy has worked well, with few complaints from builders or owners of would-be monster homes.

“We were having problems with some very large homes being built, some as large as 9,000 square feet or bigger,” she said. “Allowing an unlimited amount of square feet in new homes was not taking the community in the direction it wanted to go.”

Read the full article in the Vancouver Sun.

At this time of year most people are thinking about topping up their RSP to get a bit of a tax break, but unfortunately some Canadians are making plans to cash out their RSP before retirement to pay for living expenses.

As politicians wring their hands over Canadians’ lack of retirement savings, figures obtained by Global News from years of tax filings indicate a significant jump in the number of Canadians making early withdrawals from their RRSPs – not for housing or education, but simply to make ends meet.

The biggest increase was from 2007 to 2009, when 1.86 million Canadians took out RRSP cash early. That figure dipped slightly by 2012, to 1.82 across Canada, but remains about 7 per cent above 2007 levels nationally, 12 per cent above 2007 levels in Quebec and almost 10 per cent above in comparatively wealthy Alberta.

Read the full article over at Global News.

It’s that time of the week again…

Friday Free-for-all time!

This is our regular end of the week news roundup and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

-GV: sales up, prices slip
-PTT a ‘drag’ on RE economy
-What are you paying for rent?
-Vacant homes target by thieves
-TD forecasts dip in Calgary
-but they’re already down YOY

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

The latest data from the Canadian Real Estate Association is now showing about half of the countries markets with rising and half with dropping prices.

Toronto and Vancouver are doing well so far with a year over year increase of 4.9% and 1.8% .

The big winner? That would be St. Catharines with a YOY increase of 16.1%.

The overall average house price grew 3.1 per cent in the year to January, to $401,143. That’s the smallest increase since April, 2013, but it’s largely a story of two still-hot housing markets: Toronto and Vancouver. Strip out those two cities and average house prices are down 0.3 per cent over the past year.

Home sales, meanwhile, are 2 per cent lower than they were a year ago, CREA numbers showed.

Major energy industry centres like Calgary, Edmonton, Saskatoon and Regina saw some of the sharpest declines in housing demand, TD economist Diana Petramala noted.

There is “a widening regional wedge” in Canada’s housing markets, Petramala wrote in a client note, as oil-importing cities’ housing markets benefit from lower oil prices while producer cities struggle.

Read the full article here.

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