Daily Market Update

Are Mom & Dad responsible for the overvalued market in Ontario? It’s a positive outlook for Calgary…while affordable homes are celebrated homes in Moncton.

 

Ontario Market Overvalued – Thanks to Mom and Dad?
The Canada Mortgage and Housing Corporation (CMHC) are launching a study into how gifting from ‘the bank of Mom & Dad’ may be affecting the overvalued market in Ontario. The CMHC wants to try to work out to what extent funding from parents and grandparents, richer generations due to house price increases and inheritances, may be allowing younger buyers to pay over-value prices for their homes. Lenders report that there has been an increase in finance from parents running into tens or even hundreds of thousands of dollars. Read the full story.

Overcharging in High River
The sole contractor working for the Alberta provincial government has overcharged taxpayers according to other contractors. The cost paid to demolish nine flood hit homes was around $38,000 each with one demolition contractor saying it should have been less than half the amount, even when asbestos removal was factored in. Municipal Affairs Minister Greg Weadick said the province was satisfied it had paid a fair price for the demolition work. Read the full story.

Positive Market Prediction for Calgary
The spring 2014 Calgary Housing Market Outlook has some positive points with MLS residential sales looking good for this year and into next, with low mortgage rates and rising incomes helping more people to afford a home. However next year may be a little slower than 2014 due to net migration and employment growth rates both likely to slow down. There is also expected to be an increase in rental inventory as there is currently a low vacancy rate. Read the full story.

New Affordable Housing in Moncton
With the market hot across much of Canada, the number of people requiring affordable social housing is increasing. The Canadian and New Brunswick governments were both celebrating the opening of a new development of 30 affordable homes in Moncton yesterday. The finance was from federal and provincial sources and will provide new homes for low-income singles and those with disabilities. Federal funding for increasing affordable housing is also designed to help the labour market by supporting the use of apprentices in construction. Read the full story.

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