Winnipeg Free Press
The FOMO market
Local real estate market is as hot as ever, yet Winnipeg remains one of most affordable cities in Canada for first-time buyers By: with Joel Schlesinger Save to Read Later
Like everyone else buying a home these days, Mackenzie Kolton paid over listing price for the single-family home she recently purchased.
Like everyone else buying a home these days, Mackenzie Kolton paid over listing price for the single-family home she recently purchased.
But paying a premium was well worth it to the 20-something Winnipegger, working in the non-profit sector with LGBTTQ+ youth. I was looking at the next three to five years of my life, and I realized that rent is almost as expensive as a mortgage with the expectation I had for living space, says Kolton, who saved enough over several years for a five per cent down payment on a modest home.
Good morning!
Skyrocketing home prices have convinced a large number of young Canadians to abandon their dreams of homeownership for good, says a recent poll.
According to the RBC Spring Housing Poll released this week, 36 per cent of Canadians under 40 who aren’t homeowners think buying a house has become permanently out of their reach. That number rises to 39 per cent in Ontario and 41 per cent in the Western provinces, which include British Columbia, Alberta, Saskatchewan and Manitoba.
The poll, which surveyed 2,000 people over the age of 18, found 62 per cent of all Canadians expect most people to be priced out of the market in the next decade.
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Bosley Real Estate Ltd.
More new listings are arriving on the Toronto-area real estate market now that warm spring weather is here, but so far the new inventory is being quickly absorbed by the strong demand.
“We would have to get a boatload of product in order to feed the demand,” says Patrick Rocca, broker at Bosley Real Estate Ltd.
Canada Grapples With Familiar Housing Bubble as Demand Surges Amid COVID Support
Mortgage stress test still a powerful tool for cooling down hot market, says economist
Canada’s red-hot housing market is once again drawing calls for actions to cool it off lest the “bubble” bursts and creates grief across the economy. But given the extraordinary federal pandemic support and the Bank of Canada lowering interest rates to near zero to prevent a deep recession, a worrisome rise in house prices driven by a surge in demand was widely predicted.
The number one problem plaguing the housing market from a long-term perspective is inadequate supply to meet the demand, says Benjamin Tal, CIBC’s deputy chief economist.