Daily Market Update

by 07 Apr 2015
Genworth follows CMHC with premium increases
Canada’s largest private mortgage insurer says it will match CMHC’s increase in premiums for its highest risk loans. Genworth will increase its premiums by 15 per cent on June 1, 2015; the same percentage and date as the federal agency. The new rate for a loan-to-value ratio up to 95 per cent is 3.6 per cent, up from 3.15. For a loan-to-value ratio from 90.01 to 95 per cent, but a non-traditional down payment, the new rate is rising from 3.35 per cent to 3.85 per cent. Read the full story.
Vancouver house prices to hit $4.4 million
A credit union in Vancouver is warning that the city’s detached single-family homes will cost an average of $4.4 million by 2030 if current trends continue. Vancity says that the current average of $1.9 million for a new or existing detached home will more than double in the next 15 years if left unchecked. Although industry experts say that the projection is fantastical and theoretical, Vancity says it is meant to sound the alarm on escalating prices. The Globe and Mail reports that the credit union’s figures show tha,t in the decade from 2005, the average selling price of single-family homes increased 173 per cent. Darcy McLeod from the Real Estate Board of Greater Vancouver says that a combination of low mortgage rates, limited land base and migration to the province from overseas and elsewhere in Canada are all contributing to the rising prices. Read the full story.
Edmonton has enough vacant lots to house almost 8,000
There’s enough vacant land in Edmonton to house at least 7,700 people, according to the latest report on the city’s older neighbourhoods. The city’s planners used figures from last spring that show there is space in 92 established neighbourhoods for 1,469 new homes, but with changes to zoning there could be much more. James Sutton, president of the Canadian Home Builders Association in the city told the Edmonton Journal that he doubts there is space for as many homes as the report suggests, but he welcomed the city’s report. He said that builders support the aim of increasing density in Edmonton. Read the full story.

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