Canadian Real Estate Prices To See The Sharpest Drop In Global Downturn: Goldman - Better Dwelling - Better Dwelling Jul 4th
Around one in four Canadians say they will be forced to sell their properties if interest rates climb much higher, according to a recent survey from Manulife. The survey also found more than one in five homeowners expect rising interest rates to have a “significant negative impact” on their overall financial situation, while 18 per cent of Canadians are concerned that they will no longer be able to afford their current home.
Manulife conducted the survey before the Bank of Canada, or BoC, raised its key interest rate by 0.5 percentage points to 1.5 per cent in June in an attempt to tame inflation. (The BoC could announce up to four more hikes through 2022.) So far, the higher overnight rate has had a cooling effect on some parts of Canada’s housing market; home sales fell as much as 38.8 per cent in the Toronto area and 31.6 per cent in the Vancouver area year-over-year in May…
Joining Peter Politis, CEO of Greybrook Realty Group, three panellists whose expertise span private equity, urban planning and development, addressed what needs to be done for Canada to remain among the most attractive countries for people, expanding businesses and investment.
Stephen Diamond, CEO of Toronto-based real estate development company Diamond Corp, and Jordan Robins, EVP and COO of First Capital shared their takes on Toronto’s development boom, its comparison to other cities, achievements and fallbacks. This led to somewhat of a debate over the best practices to ensure urban centres remain livable for residents and their role in fuelling our continued economic growth…