Municipal governments are starting to put green standards in place for developers and builders to follow to help protect the planet. But will it really work?
The impact of the COVID-19 coronavirus outbreak is being felt across the world, but what will it do to Canada’s housing market?"
The short answer, of course, is that no one really knows, but the latest assessment of the housing market by RBC Economics suggests that things are about to get rocky.
Senior economist Robert Hogue said that the “light was on” in the housing market in February but that it is “about to be turned off.”
“The world has changed in March,” he wrote in the RBC Monthly Housing Market Update. “And so has the outlook for the Canadian housing market.”
Hogue said that fears of the spread and social distancing are set to decimate house viewings and buyers are likely to take a wait-and-see approach.
Then there’s the impact that Canadians’ investments have suffered from falling asset values. Hogue notes that some homebuyers would be relying on these investments to fund their down payment.
Despite mortgage rates remaining low, especially following recent interest rate cuts and the potential for more, consumer confidence is likely to outrank them.
Sales plunge but what about prices? Hogue’s outlook is that home sales will plunge in the coming weeks before a rebound at some (undeterminable) point.
But he expects home values nationally to be resilient with tight supply in many markets providing a cushion against correction.
For Toronto, Vancouver, Ottawa, and Montreal, recent price escalations are predicted to cool but there could be tougher conditions for the Prairies where market conditions are softer and the oil price fall will be a further blow.
The survey shows that buying a home in a major city centre has risen 5% since last year.
The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.
Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.
For Real Estate News and Market Updates & VIP Access to Exclusive Real Estate Investment Opportunities
Canadian Real Estate Wealth Media Corp. needs the contact information you provide to us to contact you with news and market updates and to share real estate investment opportunities. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.
Many Torontonians and GTA investors perceive Windsor in a different light. But the reality is, it's a growing city that has much to offer investors, homebuyers, students, immigrants, and retirees alike.
While Calgary has continued to increase in popularity, prices have remained steady unlike in markets like Toronto and Vancouver. It holds many benefits for investors.
The Scott McGillivray Real Estate Fund helps people understand passive real estate investing. Scott McGillivray himself has been speaking to people about how to invest in real estate for over 15 years.
From February 2022 to April 2022, there have already been significant price decreases. However, that doesn't mean affordability is around the corner.
According to OSFI, the real estate market in Canada has seen a massive run-up resulting from low-interest rates and supply/demand imbalances.
“Sign up for our daily newsletter to get the latest news, updates and offers delivered directly to your inbox.”