The federal government is moving again to tighten the rules on mortgage lending in Canada amid growing concerns that the housing market is overheated and household debt levels are climbing to perilous levels, according to the Globe and Mail. As debt levels continue to reach record levels and the housing market has showed no signs of slowing down, the government …
To Buy or Not To Buy…..There is NO Question!
Buying a home today…at today’s prices, would have a home owner paying less per month than if that home owner bought a home 25 years ago…at 1987 prices! I was recently at a real estate symposium and we were discussing the affordability of homeownership in today’s market. We were talking about current purchase prices vs. historic low interest rates and …
Prices High & Inventory Low: Get the most $$$ for your home right now!
The Hamilton‐Burlington real estate board has just reported 819 property sales through the MLS for the month of January. This represents almost an 11 per cent increase in sales over the same month last year. They have also reported that 7.7 per cent fewer listings were taken in January 2012 compared to January of last year. The average sale price …
Housing Prices To Remain Stable Into 2012
The Canadian housing market will grow at a much slower pace compared to the surge seen in the past decade. Home resales are expected to grow by 0.9 per cent this year and remain unchanged in 2012, while home prices will increase by 4.4 per cent this year and 0.4 per cent in 2012. Garth Turner will have you believe …
Global Market Mayhem May Keep Interest Rates Low.
Bank of Canada Governor Mark Carney’s plans to raise interest rates this fall have been put on hold as a result of the continued financial struggles in both the U.S. and Europe. It was originally believed that the bank would be raising rates this September, but recent indications suggest that we could be looking at rates dropping again before we …
‘For Sale By Owner’ Founder Needs Broker to Sell His Apartment
Colby Sambrotto, founder of the website ForSaleByOwner.com, which lets people sell their own properties, has sold his two-bedroom apartment with the help of a real-estate broker at a 6% commission. “At first he wouldn’t let me increase the price,” [the broker] said. “I told him I know what I am doing-the market is picking up.” Not only could the For …
Think Beyond the MLS to get your home sold!
Spring time is when a lot of home owners decide to put their homes up for sale. The internet has done wonderful things for the real estate industry by giving sellers the opportunity to market their homes on many real estate websites. When you are choosing a realtor, one of the first questions you should ask is “how will you …
May Market Update – Home sales drop, but prices remain high!
Canada’s real estate market is recovering, though it’s not all the way back, according to the Canadian Real Estate Association (CREA). But don’t expect falling sales to be reflected in the price you pay. CREA notes that, in spite of fewer homes changing hands, Canada’s average house price will rise four per cent to $352,500 per unit this year, and …
Rising Personal Debt a Concern says Bank of Canada
Low interest rates will “create their own risks” for the economy as it pertains to household debt levels, says the Bank of Canada deputy governor. With household debt reaching extraordinary high levels, the Bank of Canada urges people to show prudence in their personal finances. Bank of Canada governor Mark Carney also warns of the risks posed by overstretched Canadian …
Housing market begins to cool
As anticipated, July 1st has come and gone leaving a cooling of the real estate market in its wake. With many buyers and sellers trying to complete transactions before July 1st due to the HST introduction, raising interest rates and new government regulations on real estate purchasing, we are now witnessing a collective SIGH in the market……the calm after the …