Victorians spending more than half of their income on home ownership costs

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

No increase in mortgage costs seen for Sept.

Toronto Sun- Homeowners aren’t likely to face higher mortgage costs for at least the next month and some banks may even follow the Bank of Montreal in cutting new fixed-rate loans to compete for a dwindling number of buyers, specialists said.

According to a panel of mortgage experts polled by online mortgage rate comparison site RateSupermarket.ca, both fixed-rate and floating rate mortgages will remain unchanged for the next 30 to 45 days.

The sharper-than-expected slowdown in the Canadian economy, which grew at 2% in the second quarter, coupled with a barrage of negative data from the U.S., has increased the likelihood that Bank of Canada governor Mark Carney will pause in his interest rate tightening cycle in September.

Before Tuesday’s gross domestic product numbers, most economists had expected one more increase before rates went on hold…

No increase in mortgage costs seen for Sept. | Money | Toronto Sun

Prices up, but may be at ‘plateau,’ report finds

Times Colonist- Prices moved up for Greater Victoria homes in the second quarter of this year, but the region’s high inventory is pushing down some parts of the market, a spokesman for real estate company Royal LePage said yesterday.

"Homes are generally selling below asking price, and significantly so in some condominium cases," said Carol Geurts of Royal

LePage Coast Capital Realty in Victoria.

"It appears prices may have reached a plateau for the moment, in that much of the price growth we expected for 2010 has already happened."

Condos in the lower end of the price range are most popular, while it can be more difficult to move those priced at $500,000 and up. "I think it goes back to the economy."

Yesterday, the Multiple Listing Service showed 1,001 listings for condominiums for sale in Greater Victoria. Of those, 28 were priced at $1 million and up, with the highest at $4.2 million for a 4,060-square-foot condo at Songhees…

Prices up, but may be at ‘plateau,’ report finds

House prices and sales to decline, market survey says

Times Colonist- House prices continued to climb higher across Canada in the second quarter of 2010, but sales and prices are expected to fall in the coming months, according to a Royal LePage House Price Survey and Market Forecast released Wednesday.

In the second quarter of 2010, the average price of a detached bungalow in Canada was up nine per cent to $331,868 compared to a year ago. Two-storey homes rose 8.7 per cent to $367,835 and condominiums rose 7.3 per cent to $230,014. Average prices in Vancouver were up 16.6 to 19.1 per cent for the month while prices in Toronto rose by an average of 7.7 to 11.4 per cent.

The survey said by the end of 2010, home price appreciation will average 6.8 per cent year-over-year nationally, while home sales will increase by just over one per cent compared to 2009…

House prices and sales to decline, market survey says

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