Will the Hot Canadian Real Estate Market Be Slowing Down? Some Factors and Co Factors to Consider.
In my ~27 years since starting into Real Estate back out of high school in 1991, I have learned a few things.
Today here I take a quick look at some of these factors and co factors involved.
Saving Money For Entry In a Hot Market Is a Tough Go.
Buying a home in Canada can feel overwhelming that is for sure. It can be slippery and hard to gain traction.
Recently, a report by the National Bank Of Canada shows that 9 straight worsening quarters housing affordability in Canada has been a fact:
Those figures really sting for people in Canada’s most expensive cities.
In Toronto, an average family would have to save in excess of 100 months for a down payment. In Vancouver that number JUMPS to 353 months.
It is Fall in Canada, and there has been a cooling off even if just slightly, in the tough Vancouver and Toronto markets.
-- But a CIBC report recently mentioned this trend may not be around much longer.
Benjamin Tal, deputy economist for CIBC, states that a supply side shortage in Vancouver and Toronto markets along with expected increased immigration in the years to come means that long term - the housing market in Canada’s biggest cities will keep rising.
The big bank's s report is just a best guess as we know.
Regardless, for those saving, the next few months is a good chance to catch your breath. Assess your finances, see if that down payment is where you would like it to be.
Those able to meet the new mortgage stress tests, and are ready to buy, need to know the dates and deadlines/numbers- which can lower your purchasing power by up to ~21%.
- 2018 could be a good time to pull the trigger on a purchase before that treadmill starts up again.
Thanks for reading, have a nice day.
If you liked this blog post - please Resteem it and share good content with others!
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Some of my recent blogs:
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Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
In my ~27 years since starting into Real Estate back out of high school in 1991, I have learned a few things.
Today here I take a quick look at some of these factors and co factors involved.
Saving Money For Entry In a Hot Market Is a Tough Go.
Buying a home in Canada can feel overwhelming that is for sure. It can be slippery and hard to gain traction.
Recently, a report by the National Bank Of Canada shows that 9 straight worsening quarters housing affordability in Canada has been a fact:
Those figures really sting for people in Canada’s most expensive cities.
In Toronto, an average family would have to save in excess of 100 months for a down payment. In Vancouver that number JUMPS to 353 months.
It is Fall in Canada, and there has been a cooling off even if just slightly, in the tough Vancouver and Toronto markets.
-- But a CIBC report recently mentioned this trend may not be around much longer.
Benjamin Tal, deputy economist for CIBC, states that a supply side shortage in Vancouver and Toronto markets along with expected increased immigration in the years to come means that long term - the housing market in Canada’s biggest cities will keep rising.
The big bank's s report is just a best guess as we know.
Regardless, for those saving, the next few months is a good chance to catch your breath. Assess your finances, see if that down payment is where you would like it to be.
Those able to meet the new mortgage stress tests, and are ready to buy, need to know the dates and deadlines/numbers- which can lower your purchasing power by up to ~21%.
- 2018 could be a good time to pull the trigger on a purchase before that treadmill starts up again.
Thanks for reading, have a nice day.
If you liked this blog post - please Resteem it and share good content with others!
--
Some of my recent blogs:
--
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
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Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
--
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
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PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
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The housing market is absolutely crazy. I purchased my home 19 years ago at what seems now a steal. Today it has tripled in value, and it's almost paid for. So now the question just eating me. Do I sell for that dream property in the woods on a lake or do I sit on it and wait. Real Estate is brutal in my community as it is so transient with the Military. Nothing is moving. We also as a community sadly endure the highest rate of Welfare and ODSP, so nothing is moving. The other question to ponder is can I afford to buy this Spring and hold another mortgage? At the price of Steem these days lol fluctuating so much, I think not. So I will endure and wait for my little piece of Heaven.
Well, as we discussed this week (and I did reply back to you on some of it the other day again) ---- it will be no surprise to you....
I have been pretty outspoken on a lot of subjects over the years, including on the record with tons of gov't people on them.
I have even called out the regulators in the real estate sector risking targeting for my RE license and other things but the truth is the truth. They are sloppy, lazy, overreaching, and I have told them all this, tied right to my file/RE license on the record, period, full stop.
Finance regulated by gov't and not the markets first -- is a fraud IMHO -- on the record many times with the Bill C-51 privacy issues, AND with the www.COMER.org project -- suing the Feds for the fraudulent banking systems/policy here tied to the Central Banks!!!
You raise good questions and I think there is a correction coming in many markets -- crypto included.
I was a loyal Steemian, thru all the politics, bullying, harassment, flags, backstabbing, collusion, nonsense, some of which I have discussed with you.
Steem has refused to hardly move from the ~$1 mark the last year, if you look at the trends,.
If I had started powering down a bit in the last year, rather than being loyal --- my crypto portfolio would be triple what it is now.
When I told you my love has grown cold...... I meant it.
I know what I am doing with my real estate and crypto largely --- oh if only you knew a good honest realtor LOL
Thank you for your insight once again! An honest realtor, it is so cut throat. They are a rare breed. Keep staying true to who you are as a realtor, and I wish you all the best with your career!
nice thanks to your experience it's nice to take advantage of your experiences
Thanks @barrydutton its nice to see another fellow real estate professional and steemian bringing value here. Im definitely following and resteeming as real estate is also my main focus on here and its interesting to learn about the Canadian real estate market! Wish you much success!
You will like the next post going up now then
LOL
TM Barry Dutton!
lol nice ill check it out!
We've got Mark Carney now in the UK. My mortgage payments have just gone up. Luckily the payments are relatively low, as I've always been suspicious of mortgages.
I have been pretty outspoken on a lot of subjects over the years, including on the record with tons of gov't people on them.
I have even called out the regulators in the real estate sector risking targeting for my license and other things but the truth is the truth.
Finance regulated by gov't and not the markets first -- is a fraud IMHO -- on the record many times with the Bill C-51 privacy issues, AND with the www.COMER.org project -- suing the Feds for the fraudulent banking systems/policy here tied to the Central Banks!!!