Real Estate in the News

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Average home prices to fall in 3 oil-producing provinces next year: CREA
Canada’s national average house price is expected to edge higher by 1.4 per cent in 2016, to $448,700 — with Ontario leading the other regions with an increase of 2.9 per cent. Also read “The housing bubble has already popped in some parts of Canada“.

Led by Toronto, home price gains blow past expectations
Economists had predicted a slight month-over-month gain of 0.1% nationwide, according to Reuters. However, Canadian new home prices rose 0.3% in October. The Toronto and Oshawa region led the increase. In that region, prices were up 0.5%, with builders citing market conditions and higher land costs as prime movers in the increase.

Mortgage rule changes: The five most important things for your clients
Dollars and cents: For someone purchasing a $700,000 home, a common list price in Toronto and Vancouver, the minimum down payment required will rise by $10,000 to $45,000. Also read “Waiting to see if new mortgage rules will pop a bubble or prevent one: Don Pittis“.

Debt-to-income ratio rose to 163.7% in third quarter, Statistics Canada says
Canadians owed almost $1.64 for every dollar of disposable income they earned in the third quarter, Canada’s national statistics agency said Monday.

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