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:
--
@barrydutton/after-i-had-climbed-grouse-mountain-in-vancouver-in-54-mins-and-recovered-a-bit
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.
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:
--
@barrydutton/after-i-had-climbed-grouse-mountain-in-vancouver-in-54-mins-and-recovered-a-bit
If you feel my posts are undervalued or you want to donate to tip me - I would appreciate it very much.
--
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
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PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
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
EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Monero (XMR) - d8ecb02c09f70ec10504b59b96bc1f488af28b05933893dfd1f55b113e23fbff
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL