25 Nov 5 Things Changing Canadian Real Estate
5 Things Changing Canadian Real Estate
Canadian real estate was once something well understood. Since the unexpected results of the U.S. election results the Canadian real estate market has followed suit.
- Mortgage rates are on the rise, with RBC Bank, being one of the first to implement the rate increase
- New mortgage rules The Canadian government has imposed tighter mortgage rules trying to ensure that Canadians can afford their mortgages. An overheated Vancouver market was cooled by the new 15% tax imposed on foreign buyers as well as a 1% tax added to properties left vacant for more than six months
- Ontario doubles it’s tax rebate offered to first time buyers and Vancouver’s market in response to the new tax gets chilled.
- Calgary, once a booming real estate market was hit hard when oil prices reached low levels. The Calgary market is now, more balanced.
- Foreign Investment is coming to Montreal as compared to Vancouver and Toronto, Montreal remains a relative bargain!
Read the full article from BNN
Just six months ago, many Canadians were confident in their understanding of the housing market. Historically-low borrowing costs were showing no signs of moving higher, Calgary continued to suffer under the weight of low oil, and price gains in Vancouver and Toronto looked unstoppable. A lot has changed since then.
Canadian home resales and prices rose in October as the nation’s long housing boom continued, two separate reports showed on Tuesday, but analysts said higher borrowing costs have increased the risk of a correction.
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