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Canadian Real Estate is not as Risky as we think

Fri, 20 Jan 2012 10:19:56 -0800

Claims that Canada’s housing market is ready to pop are exaggerated, say economists at BMO Nesbitt Burns.

Instead, they say the market can more realistically be labelled “moderately overvalued” based upon a comparison of house prices with personal income.
They also note that mortgage servicing costs for “typical” homebuyers are running near the long-term norm of 34%.

Barring a sharp spike in mortg...

Look for 5% to 10% drop in home prices in first half of 2012

Fri, 20 Jan 2012 10:25:21 -0800

Mortgage rates offer lower costs

Got this from a great Mortgage company. Market still seems strong. Buyers are in control and it is even more important to have representation in this economic environment.

Homeowners see lower costs with lower rates: RBC
Updated: Fri Nov. 25 2011 15:25:49

CTVNews.ca Staff

Canadian homeowners caught a modest break during the third quarter as mortgage costs receded sli...

Will Victoria homes drop in value in 2012?

Mon, 23 Jan 2012 12:31:05 -0800

According to Christine Dobby in her Dec 19, 2011 FP article we can expect to see a 5% to 10% drop in home prices during the first half of 2012. This is coming from predictions made by economists at Bank of America Merrill Lynch.

It's hard not to get really depressed with all the doom and gloom prophecy that we get bombarded with on a regular basis. CMHC is warning Canadians about the rising hou...

Must have for luxury homes in Victoria

Mon, 23 Jan 2012 12:22:50 -0800

Imagine you have a house that you want to purchase but it desperately needs a new kitchen. You have the down payment but after that you have no cash to do the reno.
Consider a purchase plus improvement finance option. Stay within your pre-approved mortgage limit and find a house that needs renos priced 10% below that limit. The bank will roll the cost of the renovation into your mortgage and let...

Is Victoria Affordable?

Mon, 30 Jan 2012 07:50:23 -0800

8th Annual Demographia International Housing Affordability Survey

According to the report "housing in Canada is moderately unaffordable". They writers suggest that affordability is measured by icome versus house value. In order for houses to be affordable they cannot exceed 3 times the average annual income. It is clear that in Victoria this is not the case.

Although certain markets in Canada wer...

TRENDS AT A GLANCE a CMHC 2012 report

Mon, 13 Feb 2012 07:15:18 -0800

Mortgage Rates

Short-term mortgage rates and variable mortgage rates are expected to remain near historically low levels. The outlook also assumes that mortgage rates will remain flat through most of 2012 and start increasing moderately in late 2012 or early 2013. This will continue to support housing demand.

Employment

In the 12 months to December 2011, employment grew by 1.2 per cent while the u...