Victorians spending more than half of their income on home ownership costs
Filed Under Main Content · Tagged: Bank Canada, Bank Of Canada, Bungalow, Economics, Fifth Consecutive Quarter, Greater Victoria, Home Ownership Costs, Household Income, Housing Affordability, Mortgage Payments, Property Taxes, Proportion, Rbc, Royal Bank Of Canada, Second Quarter, Single Family, Victorians
Times Colonist- The cost of owning a single-family bungalow in Greater Victoria climbed for the fifth consecutive quarter, says a new housing affordability report from the Royal Bank of Canada.
According to RBC Economics, ownership costs — the proportion of median pre-tax household income required to service the cost of mortgage payments, property taxes and utilities — for a single-family bungalow in this city in the second quarter hit 50.5 per cent of household income. That was considerably above the national average of 42.9 per cent…
Victorians spending more than half of their income on home ownership costs
Home ownership costs continuing to climb despite slowing activity: RBC
Filed Under Main Content · Tagged: Affordability, Canada, Consecutive Quarter, Downturn, Economics Research, Economist, Hogue, Home Ownership Costs, Mortgage Rates, Ottawa Citizen, Owning A Home, Rbc, Resale Market, Rose, Slowdown, Tandem
Ottawa Citizen- The cost of owning a home in Canada rose for the fourth consecutive quarter despite the slowdown in the resale market, according to a housing report released Monday by RBC Economics Research.
"Higher mortgage rates in tandem with a further appreciation in home prices boosted the monthly costs associated with carrying a mortgage on a typical home," said RBC senior economist Robert Hogue. "This extended the deteriorating trend in affordability since the middle of last year."
But despite the downturn, he said affordability remained "within a safe range…”
Home ownership costs continuing to climb despite slowing activity: RBC
Rookie mistakes to avoid when buying a home
Filed Under Main Content · Tagged: Buying A Home, Canadian Mortgage And Housing Corporation, Cmhc, Emotions, Favour, First Time Buyers, First Time Homebuyers, Homework, House Sales, Mark Salerno, Moving, Pace, People, Rookie Mistakes
The Star-They’re often heedless, emotional, rigid and, even worse, uninformed.
Experts say they see the same rookie mistakes in first-time homebuyers who are entering the housing fray: they don’t do their research, underestimate their finances, and let their emotions carry them away.
But with falling house sales and declining prices in the GTA, first-time buyers may find that market conditions are currently in their favour.
“We’re moving towards a balanced market right now,” said Mark Salerno, GTA district manager at the Canadian Mortgage and Housing Corporation (CMHC). “Because the pace of sales has slowed, houses remain listed for longer, which gives people more time to do research, and do their homework without any pressure…”
Rookie mistakes to avoid when buying a home – thestar.com
Victoria’s housing market improves
Filed Under Main Content · Tagged: Abbotsford, Canada Vancouver, Conference Board Of Canada, Economist, Housing Market, Housing Starts, Metropolitan Areas, Times Colonist Victoria, Victoria Market
Times Colonist- Victoria, Vancouver and Abbotsford recorded increases in housing starts in August, with expectations that all three housing markets will remain positive, according to figures released yesterday by the Conference Board of Canada.
Vancouver showed a sharp increase and was ranked fifth of 27 metropolitan areas surveyed by the Conference Board.
"We expect more improvement in the next year," said economist Jane McIntyre, who wrote the report…
