It’s not the mortgages, it’s the borrowers

The Globe and Mail- Mortgage rates remain close to historical lows, but the cost of buying a house at the end of 2009 was up about 19 per cent from what it was at the end of 2008, with an average price of $332,461.

At first glance, the $16,623 required for the minimum 5-per-cent down payment doesn’t sound too steep. But mortgage default insurance would add close to $8,700. Add closing costs and moving costs and you’re looking at $35,000 to get into an average-priced home with just 5 per cent down.

And then there are the extra costs of owning a home versus renting. Between upkeep, utility bills, property taxes and just buying stuff, you’re certain to have much higher expenses…

It’s not the mortgages, it’s the borrowers – The Globe and Mail

December jump in housing sales drives up Greater Vancouver home prices

Vancouver Sun- After plummeting to lows not seen since the 1980s, Lower Mainland real estate markets saw a rush in the second half of 2009 that pushed sales well above an economically challenged 2008 and prices back on an upward slope toward previous peaks.

Aided by the slashing of mortgage rates, cut to the bone in step with the Bank of Canada’s measures to stimulate the economy, new buyers poured into the market…

December jump in housing sales drives up Greater Vancouver home prices

Home prices see first annual rise in 10 months

Vancouver Sun-  Resale prices for Canadian homes rose for a sixth consecutive month in October — and were up on an annual basis for the first time in nearly a year — as the country’s real estate market continued to recover from recessionary lows, according to a report released Wednesday.

The Teranet-National Bank resale house price index of major markets increased 1.27% during the month from September. Year-over-year, prices were up 0.57% — marking the first rise in 10 months…

Home prices see first annual rise in 10 months