Canada’s wealth is increasingly in the west
New statistics from StatsCan show that Toronto is still Canada’s largest metropolitan economy but there is a trend towards the western provinces contributing a higher proportion of the country’s GDP. The agency’s analysis of the 33 major metro regions reveals that, over an eight-year period, Regina had the highest GDP per capita at $65,404 followed by Calgary at $61,246 and Edmonton at $59,941. On a per capita basis Toronto is also beaten by Ottawa, St John’s and Saskatoon, and contributes $48,532 to GDP. Read the full story.
Is the commercial property market in trouble?
Concern is growing over the sustainability of prosperity growth in the commercial sector. The Canadian Real Estate Sentiment Survey
from the Real Property Association of Canada (REALpac) and FPL Advisory Group says that, although the economy is improving, international conditions are not so bright and low interest rates and readily-available debt are not guaranteed to last in the longer term. There is also a question over older commercial property; will there be enough tenants to fill the vacancies created as businesses move into new buildings? Read the full report.
Calgary non-profit sells 500th homes
Calgary’s city-owned non-profit affordable housing agency has just sold its 500th home. Affordable Homes Calgary Corporation brings down the upfront costs of buying a home and has been doing so for five years. As a first step on the housing ladder, the scheme helps the wider housing market. When owners sell or refinance, the agency keeps a percentage of resale values.
U.S. market improves
The property market south of the border is improving with stability in interest rates boosting confidence. There are also proposals to allow down payments as low as three per cent and many Americans are viewing now as their best chance to take advantage of highly favorable conditions that may not be repeated for a while.
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