NEWS
Is this a good time to buy a home in Canada?
Is this a good time to buy a home in Canada?
Before the Bank of Canada (BoC) began lowering its benchmark interest rate earlier this year, some analysts predicted that falling rates would spark a significant turnaround in the real estate market. But even after three consecutive rate cuts, that scenario hasn’t played out.
Rent increases for apartments are dropping across Canada, but not in Saskatchewan
The soaring rates in Saskatchewan can be attributed in large part to people coming from other jurisdictions, also known as in-migration, said Giacomo Ladas, a spokesperson at Rentals.ca.
The average rent in the province is still the lowest in the country, which makes it attractive to some people living elsewhere. Nationally, the average asking rent for an apartment was $2,193 in September.
When Renting Beats Buying a House in Canada
Homeowners are usually considered better off than tenants, and it’s true. Based on Statistics Canada numbers, between 1999 and 2019, the net worth of homeowners has increased from $325,000 to $685,000 in constant dollars, meanwhile that of tenants, from $14,600 to $24,000, reports Stéphane Desjardins, journalist and author of a recently published book.
Recent policies that may make home ownership more affordable for eligible newcomers to Canada
On April 11, 2024, Deputy Prime Minister/Finance Minister Chrystia Freeland announced several new housing affordability measures designed to help first-time buyers and current homeowners.
In light of the federal restrictions on foreign home buyers last year (more on that later), newcomers to Canada may be curious if they are eligible for any of the recently announced housing affordability measures.
Canada wants to build millions of homes. But does B.C. have the workforce to do it?
Canada's latest federal budget aims to address housing challenges by setting a target of building 3.87 million new homes by 2031, supported by significant funding. However, concerns arise within B.C.'s construction industry regarding a looming labor shortage, potentially undermining the housing goals. The industry emphasizes the need for skilled trades workers to meet ambitious targets, highlighting challenges in recruitment and training. Despite a growing population, immigration patterns have not adequately supplied the construction labor market with skilled workers.
Are you renting with no plans to buy? Here's what the federal budget has for you
The 2024 federal budget aims to address housing affordability for millennials and Gen Z renters, emphasizing initiatives beyond homeownership. While measures for first-time homebuyers are highlighted, attention is also directed towards renters, particularly those with no plans to buy. Key initiatives include funding for building more rental units, especially student housing, and proposals for retrofitting older homes for energy efficiency.
Do You Want to Buy a House in Canada? Not So Fast
Like many countries during the pandemic, Canada saw huge price increases for both sales and rentals as borrowing rates plunged to record lows, taking inventory with them. In the midst of a bruising election campaign in 2021, Prime Minister Justin Trudeau’s Liberal Party of Canada took a swing at a housing crisis that was becoming a political crisis.
Now is a great time to buy (don't let interest rates tell you otherwise)
It is always a good time to buy. Right now, home prices are lower than they have been in years. Yes, the interest rate cost is higher, but if renting is your alternative, you are essentially paying a 100% interest rate. None of that money is going towards providing you equity or any sort of return. Outside of providing you with a roof over your head, of course.
Toronto’s housing prices will continue to decline, but at a slower pace, new report predicts
The drop in housing activity due to soaring interest rates may be stabilizing in Toronto in what is expected to be a quiet fall market across Canada, according to a new RBC report. As market activity remains well below pre-pandemic levels countrywide, the report says the last four months have been “very quiet” in Toronto, indicating the sharp declining trend in the housing market seems to be stabilizing.
Quiet fall housing market across Canada
Unsurprisingly, soaring interest rates are keeping the temperature significantly down for Canada’s housing markets this fall. Activity remains well below pre-pandemic levels in most markets and prices are softening further from peaks reached earlier this year. There were some interesting nuances emerging from the latest local real estate board reports though.
To rent or buy? Here's what to consider, according to a Canadian CPA
Let’s face it, many Canadians are feeling the heat of the current housing market situation. Following another interest rate hike, home ownership is down, rental costs are up and, for those in BC and Ontario — the two most expensive provinces to live — the tumultuous market isn’t going away anytime soon.
Buy a House or Rent One in Vancouver: Which is the Better Option?
The average price of a single-family detached house is $1,248,000 in Vancouver. This is way more than the average price of similar houses in Canada, which is $531,000, or around that price range. Now the question is, which investment should you go for? Or, which investment is affordable for you? Paying rent for years eventually accumulates to the amount that a house costs right now. But do you have the money to pay the down payment and mortgage payments of your house?
Here is how much the average apartment costs to rent in Vancouver in June 2022
Vancouver continues to see the highest rental prices in Canada, for both one and two-bedroom units. The average cost of a one-bedroom apartment in May 2022 was $2,377, which is a 1.8 per cent increase over last month and a whopping 19.1 per cent year-over-year increase.
Housing market slowdown continues, with average selling price down 13% since February
Canada's housing market continued to cool down from its red-hot pandemic pace in May, with the average price of a Canadian home that sold during the month going for $711,000, a decline of more than $100,000 in the past three months.