Today is June 13 2017. This is a Real Estate News Update
Dad, can I borrow some money for a house?
A CHMC survey shows that 18% of first time homebuyers received part of the downpayment with help from a family member. The survey did not say whether this was a loan or a gift.
The second wave
The Toronto market is mirroring what was seen in Vancouver in the wake of the tax on foreign buyers. But interest rates are expected to be higher later this year and that should sustain the cooling effect in Hogtown where it seemed to have just paused things in Raincouver.
Catching the cashing out train as it leaves the station
In the GTA and all around the Golden Horseshoe of plenty, sellers finally came out of hiding and flooded the market with new listings. Buyers reacted with a punishing disdain. How quickly things can change, eh?
Housing starts up in KWC
Single-detached and townhouse starts are up. Demand is strong due to the tight resale market and the influx of GTA households looking to purchase a more affordable home. New single-detached prices in the Kitchener Waterloo Cambridge market are approximately half of the cost of the same type of dwelling in Toronto.
Work is set to begin on a major project on the block of land bounded by King Street East, Madison Avenue, and Charles and Cameron streets. There will be two apartment buildings, one with 14 floors and another with 18 floors.
Crash test dummies
American lenders were giving money to anyone, whereas Canadians must do much more to prove they can afford their payments. There is no crash coming, not like the American one and not nationwide that is guaranteed (predicted and promised).
Canadian mortgage market has remained stable
Vancouver and Toronto continue to record some of the lowest delinquency rates in Canada despite high prices. Our market is not going to crash (at least not anytime soon).