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First-Timers Delaying Homebuying
– canadianmortgagetrends.com
Canadian Homebuyers May Have A Fighting Chance In 2017
– walletpop.ca
Written by Wayne Karl
Prospective homebuyers face a growing list of challenges — from skyrocketing prices in Vancouver and Toronto, to soft conditions in Alberta, to another round of mortgage rule changes.
But there are some good reasons 2017 is still a good year to buy a home in Canada — if you can afford it.
1. A pause for the cause
Slowing price growth in Vancouver and Toronto is a positive development for would-be buyers. Spared from double-digit price growth year after year, purchasers will no doubt appreciate a pause, as it may crack open a window of opportunity.
“[Supply] is not what is pushing new homes to record prices – stupidity is.”
Affordability is a serious concern in these two markets. In the GTA, resale home sales in Toronto hit a record high in 2016 for the second consecutive year, according to the Toronto Real Estate Board (TREB). The overall average price for 2016 was $729,922 — up 17…
Calgary real estate board sees overall market stabilizing this year
– canadianbusiness.com
In its 2017 forecast, the board says benchmark detached house prices are projected to climb by 0.8 per cent in 2017 after falling 4.7 per cent since oil prices began falling in 2014.
Benchmark condo prices are expected to fall another two per cent this year, though that comes after falling 11.3 per cent since the economic downturn began.
For all types of homes, sales volume is expected to climb three per cent from last year to 18,335 properties sold _ though that remains off long-term averages.
Still, board chief economist Ann-Marie Lurie says high unemployment, rising mortgage rates, low net migration, and a slow recovery in the energy sector are expected to continue to weigh on the housing sector.
She emphasized that any recovery will be slow, with some ongoing risk as uncertainty in the economy continues.
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