'Someone paid a quarter-mil more than asking for this Riverdale semi," screams the headline on The Globe and Mail website.
Click on the video link and the seller's ecstatic real estate agent guides you through the fully renovated 2,000-square-foot, four-bedroom Victorian home in the leafy inner-city Toronto neighbourhood.
The Canadian housing market keeps soldiering on and, while much focus is cast on
brash calls of overvaluation, mortgage rate wars and mortgage rules,
demographics are playing a less-publicized yet important role,` Bank of Montreal
economist Robert Kavcic said in the report released Thursday.
`The baby boom generation grabs most of the attention on this front, but
their children, the echo boomers, pack a heavy economic punch as well.`
Even though there are just under 10 million Canadian baby boomers aged 49 to
67, they are actually outnumbered by those aged 20 to 38.
Three little-known, but affordable Canadian housing markets
We all know that cities such as Calgary and Toronto are driving Canadian home prices to record highs.
But Brookfield RPS poured through its database to come up with some of the best-performing markets you`ve never heard of, and it found some affordable urban outskirts where home prices are doing well.
June 16, 2014, Ottawa ` Housing starts in Canada were trending at 184,438 units in May, according to the Canada Mortgage and Housing Corporation (CMHC).
The trend, a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts, held steady from the 183,872 units reported in April.
The Canadian Real Estate Association bolstered its forecast for home price growth this year, but that doesn`t mean homeowners across the country should cheer. The red-hot Canadian home prices that we keep hearing about are not actually a national phenomenon.
The head of Canada Mortgage and Housing Corp. is shifting the priority of the mortgage insurer to helping Canadians buy homes they need, not the bigger, pricier homes they might want.
Chief executive officer Evan Siddall said in an exclusive interview that his first six months on the job have been focused on building an organization that will be more flexible and transparent, one that will do more to emphasize its social housing role and less to subsidize the banks. And one that will only help Canadians purchase homes they need. That will result in fewer and smaller new insurance policies, and will stem the risk to Canadian taxpayers of losses at CMHC should the housing market slump.
Canada finance minister sees soft landing for housing market
OTTAWA--Canadian Finance Minister Joe Oliver said Monday he's comfortable the country's housing market is headed for a soft landing, although added the government could take further measures to reduce taxpayers' exposure to housing.
His comments came after a meeting with Canadian private-sector economists in Ottawa, in which they laid out their view of the economy over the medium term. The most recent survey from economists, released Monday, indicate they expect 2.2% economic growth in 2014, or a down a notch from the 2.3% forecast in the government's 2014 budget plan.
CMHC's goal for housing market stability, not growth
This is a watershed year for Canada Mortgage and Housing Corporation (CMHC).
We are a 67-year-old company with a proud history but also a new, more focused mission, one that recognizes our role during the financial crisis and seeks to build an even stronger housing system for Canadians.
Canadian home sales saw a significant jump in May; the Canadian Real Estate Association says the number of home sales processed through MLS rose 5.9 per cent from April to May.
Sales rose in four out of every five local housing markets in May and the biggest increases were in Calgary, Greater Toronto and Montreal.
OTTAWA -- Canadian home sales picked up on May as buyers came back into the market helped by low mortgage rates, but economists cautioned against the momentum continuing.
The Canadian Real Estate Association said Monday that home sales through its Multiple Listing Service system were 5.9 per cent higher compared with April, the largest month-over-month increase in nearly four years.
Weak central Canada a big risk to Canada's economy
OTTAWA ` Finance Minister Joe Oliver was warned in a meeting Monday with top Bay Street economists that Canada's economy is at risk unless there is more job creation in central and eastern Canada.
One of those economists, Douglas Porter, chief economist at BMO Capital Markets, told reporters after their meeting with Oliver that Alberta alone has accounted for 80% of the entire country's new jobs in the last year. Porter said current high oil prices will likely only worsen that concentration of job growth.
How will rising mortgage rates affect Canadian housing prices?
A 2 percentage point increase in mortgage rates would likely cause a significant price correction in the Canadian housing market if it happened all at once, but not if it took place gradually between now and the end of 2016, says Bank of Montreal economist Robert Kavcic.
Ottawa, June 17, 2014 ` Western Canada can expect the fastest growing provincial economies in the country this year and again in 2015, with Alberta resuming its customary place at the top of the list. The near-term outlook is looking increasingly positive for Manitoba and British Columbia, while Saskatchewan's growth will slow sharply, according to the Conference Board's Provincial Outlook: Spring 2014.
"Economic prospects have brightened for several provinces, as the expected strengthening in the U.S. economy will help boost real GDP growth on this side of the border over the next two years," said Marie Christine Bernard, Associate Director, Provincial and Territorial Forecast. "Atlantic and Central Canada are expected to gather more momentum in 2015, and even stronger growth is expected in Western Canada."
CMHC looks to fill research gaps on housing market
Canada Mortgage and Housing Corp. is going to be releasing more data about the state of the country`s housing market, amid complaints from economists that there is too much we don`t know.
CMHC CEO Evan Siddall says that the crown corporation is looking to fill some of the research gaps that exist, that it will also be releasing more information about its own portfolio, and that it is considering publishing its own analysis of how healthy Canada`s housing market is.
Jobs for life? Maybe it's not a thing of the past afterall
New CIBC report finds Canada's job market increasingly stable with workers staying employed longer than ever before
Job stability in Canada, which was projected to be a thing of the past, is stronger than it ever has been with those holding a job with the same employer for five years or longer sitting at a record high, finds a new report from CIBC World Markets.
Canadians are richer than ever, and cutting back on mortgage debt
Canadians are getting the message on their ugly debt levels, at the same time as their wealth increases.
Mortgage debt in Canada rose just 0.6 per cent in the first quarter of the year, to $1.1-trillion, marking the slowest pace since the depths of the financial crisis in early 2009, Statistics Canada said.
Private lenders step into mortgage void left by banks
Private lenders have been moving aggressively to fill a growing void in the wake of Canada`s tighter mortgage lending rules, offering loans to desperate homeowners that, with fees, can range from 12 to more than 30 per cent interest rates, leaving some people at risk of losing their properties.
Mortgage brokers say they are seeing more people ` especially self employed or those who bought preconstruction condos or houses before Ottawa further tightened lending guidelines ` now scrambling to get mortgages or approvals to refinance their properties.
Vacancy rates in senior's housing residences at 9.7 per cent
OTTAWA, June 19, 2014 ` The vacancy rate for standard spaces[sup]1[/sup], which dominate seniors` residences in Canada, decreased slightly over the past year, reaching 9.7 per cent in 2014, compared to 10.3 per cent in 2013, according to the Seniors` Housing Report ` Canada Highlights edition released by Canada Mortgage and Housing Corporation.
The average vacancy rate for all standard and non-standard spaces also decreased, to 8.7 per cent in 2014 from 9.2 per cent in 2013. `While the total number of spaces for seniors increased in 2014, this was slightly outpaced by an increase in the total number of residents,` said Bruno Duhamel, Manager, Housing and Economic Analysis. `This led to a slight decrease in the overall vacancy rate in 2014.`
BlackBerry set to complete sale of Canadian real estate by August
TORONTO ` BlackBerry Ltd disclosed on Monday that U.S. real estate investment company Spear Street Capital is buying the majority of the embattled technology firm`s Canadian real estate holdings for $305 million. Waterloo, Ontario-based BlackBerry announced in March it had reached an agreement to sell the vast majority of its real estate holdings, as part of a plan outlined earlier this year to strengthen its balance sheet. At the time, BlackBerry did not disclose the name of the buyer or terms of the deal.
