The housing market gap is growing says new report
A new report by Brookfield RPS shows that the speed at which house prices in Toronto, Vancouver and Calgary are growing compared to the rest of Canada is increasing. Over the past year prices in the three hottest markets gained 9 per cent, while in the rest of the country it was 3 per cent. In a decade the ‘hot 3’ saw prices rise 83 per cent while elsewhere the gains were 60 per cent. Read the full story.
Home Capital booms from tighter bank regulations
Canada’s largest non-bank lender is enjoying a boom in business fuelled by the big banks’ tighter lending requirements. Home Capital’s quarterly results show a 28 per cent increase in mortgages from a year earlier and it’s not all about high-risk loans either as ‘traditional’ mortgages with loan-to-value ratios of 80 per cent or less grew by 35 per cent. The Toronto based company says that some who would have qualified for a bank loan before now don’t due to the tougher regulations and are turning to the non-bank sector. Read the full story.
Regina taxpayers face hikes
Taxpayers will face increases of 4.3 per cent in their property taxes next year according to the latest budget. If the proposals are approved it will also mean an 8 per cent rise in water and sewer prices. The new rates mean an extra few hundred dollars to pay. One per cent of the property tax increase will go towards upgrading residential streets. Read the full story.
Private BC island for less than the price of a Calgary house
With the average price of a single-family house in Calgary you could own a whole island. Far from being the domain of only the richest in the world, islands off the BC coast are surprisingly affordable. While the average detached family home in Calgary will cost you above $500,000, a private island less than 50km from Fort St. James offers 20 acres of exclusive land for just $335,000. OK so you’d need to be happy living in a log cabin but that surely fits perfectly with the lifestyle. For closer to a million dollars you could have a private island with a house. Read the full story.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate