Found 3 blog entries tagged as residential property.

A year ago, housing affordability dominated national conversations as the Canadian real estate market exploded in growth, across major urban centres and rural communities alike.

For the last couple of months, it seems like this discussion has shifted, with affordability taking a back seat given recent moderation in the market following the unprecedented “COVID boom.”

The average price for a home in Canada was sold for about $630,000 in July, recent data from the Canadian Real Estate Association (CREA) confirm. This is down five per cent from the same time a year ago. When the red-hot markets of Toronto and Vancouver are removed from the equation, the typical price for a residential property falls to roughly $525,000.

Despite the last several…

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What Are the Monthly Expenses of Carrying a Home

When prospective homebuyers are exploring the Canadian real estate market and searching for a residential property, many typically only concentrate on the sale price, monthly mortgage payments and interest rates. But this doesn’t tell the whole story. To get a more-accurate picture, and create a realistic budget, homebuyers should find out what are the monthly expenses of carrying a home.

In recent weeks, many reports have surfaced suggesting that some buyers regret their decision to buy at the height of the market, which peaked during the pandemic. While the primary concern is that housing prices have started to come down and borrowing costs have begun climbing, potentially eating away at equity, families are also worried…

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Why is housing supply so low_construction

There is no other way to sugar-coat what is happening in Canada’s housing market: The nation is facing a severe supply shortage. Why is housing supply so low?

Current market conditions, be it record-low inventories or strengthening demand, have sparked a housing affordability crisis. With interest rates on the rise and an inevitable increase in the mortgage stress test, buying a home within typical Canadian incomes and budgets will become more difficult this year, and potential into the foreseeable future.

But while factors such as historically low-interest rates and pandemic-era pent-up savings have contributed to the current housing frenzy, the fundamental principle of supply and demand has been the chief component in…

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