Provinces launch 'full-scale attack' on home prices — but it likely won't be enough to slay housing dragon
Real estate industry experts say the focus should be on creating more supply
Ontario increased its non-resident speculation tax to 20 per cent and expanded its coverage across the province.
Provinces from B.C. to Nova Scotia are rolling out a wave of new measures aimed at reining in rampant home price appreciation, but many in the real estate industry question whether the moves alone will be enough to tame the country’s housing dragon.
A Bank of Montreal report last week, characterized the latest policy changes and the Bank of Canada’s anticipated interest rate moves as a “full-scale attack on Canada home prices.”
Among the new measures is a cooling off period introduced in B.C., that would give buyers an unspecified amount of time to be revealed later this year to change their minds after making an offer, leeway to pursue a home inspection or perform other due diligence.
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Real estate industry experts say the focus should be on creating more supply
Ontario increased its non-resident speculation tax to 20 per cent and expanded its coverage across the province.
Provinces from B.C. to Nova Scotia are rolling out a wave of new measures aimed at reining in rampant home price appreciation, but many in the real estate industry question whether the moves alone will be enough to tame the country’s housing dragon.
A Bank of Montreal report last week, characterized the latest policy changes and the Bank of Canada’s anticipated interest rate moves as a “full-scale attack on Canada home prices.”
Among the new measures is a cooling off period introduced in B.C., that would give buyers an unspecified amount of time to be revealed later this year to change their minds after making an offer, leeway to pursue a home inspection or perform other due diligence.
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Market Watch Infographic - March 2022
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
.
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
.
Today in Ottawa the Government of Canada unveiled the 2022 Federal Budget.
We are concerned that today’s Budget includes new provisions that will limit the homeowners’ ability to choose how they sell their greatest asset by banning the traditional offer process, which is a massive step back.
The economic plan also contains several measures, including $10 billion in new spending, that will help address Canada’s housing affordability crisis.
Highlights of the Budget include:
1. Banning foreigners from buying homes in Canada
2. Tax-free savings accounts for first-time home buyers
3. $4 billion in incentives for municipalities to build more homes quickly
.
We are concerned that today’s Budget includes new provisions that will limit the homeowners’ ability to choose how they sell their greatest asset by banning the traditional offer process, which is a massive step back.
The economic plan also contains several measures, including $10 billion in new spending, that will help address Canada’s housing affordability crisis.
Highlights of the Budget include:
1. Banning foreigners from buying homes in Canada
2. Tax-free savings accounts for first-time home buyers
3. $4 billion in incentives for municipalities to build more homes quickly
.
Average Home Price Drops in March as Supply Surges
March was a continuation of the hot late-winter real estate streak, as sales activity in the GTA clocked in at the third-highest level for the month, and capped the second-best first quarter on record.
A total of 10,955 homes traded, a 30% decline from the record-smashing 15,628 sold in March 2021, but a 20% uptick from February activity.
Supply came roaring back to the market with a vengeance, helping to considerably alleviate some of the tight competitive conditions experienced by home buyers. A total of 20,038 new listings were brought to market, an increase of 41.6% from February. While still marking an 11.9% annual decline, that the drop was well outpaced by sales has taken pressure off of the GTA’s sales-to-new-listings ratio, easing to 70.5% from last month’s 72.2%.
End-of-month active listings came in at 10,167 — down -4.1% year-over-year, but up 45.5% from last month, indicating the overall inventory of homes for sale is rebounding from record lows.
March was a continuation of the hot late-winter real estate streak, as sales activity in the GTA clocked in at the third-highest level for the month, and capped the second-best first quarter on record.
A total of 10,955 homes traded, a 30% decline from the record-smashing 15,628 sold in March 2021, but a 20% uptick from February activity.
Supply came roaring back to the market with a vengeance, helping to considerably alleviate some of the tight competitive conditions experienced by home buyers. A total of 20,038 new listings were brought to market, an increase of 41.6% from February. While still marking an 11.9% annual decline, that the drop was well outpaced by sales has taken pressure off of the GTA’s sales-to-new-listings ratio, easing to 70.5% from last month’s 72.2%.
End-of-month active listings came in at 10,167 — down -4.1% year-over-year, but up 45.5% from last month, indicating the overall inventory of homes for sale is rebounding from record lows.
The Feds Have Pledged They’ll Build 100,000 New Homes. But At What Cost?
The federal government is not unlike the operator of heavy equipment: even a small move can cause unintended damage or disruption. That is why Ottawa’s decision to use this budget to address the fact that home prices have doubled since they took power in 2015, is bold — and just a little bit scary.
As anticipated, Canada’s new federal budget has made the national housing supply crisis a centrepiece of spending and policy plans. It allocates $10B over the next five years to spur the construction of new homes, including co-op and low-income housing. It also bans non-Canadians from investing in Canadian real estate for two years.
It is boldly tackling this complex and evolving issue at a time when borrowing costs are rising and commodity prices are also climbing. Even without the widespread shortage of skilled trades and labour, the cost of building homes is likely to increase steadily.
.
The federal government is not unlike the operator of heavy equipment: even a small move can cause unintended damage or disruption. That is why Ottawa’s decision to use this budget to address the fact that home prices have doubled since they took power in 2015, is bold — and just a little bit scary.
As anticipated, Canada’s new federal budget has made the national housing supply crisis a centrepiece of spending and policy plans. It allocates $10B over the next five years to spur the construction of new homes, including co-op and low-income housing. It also bans non-Canadians from investing in Canadian real estate for two years.
It is boldly tackling this complex and evolving issue at a time when borrowing costs are rising and commodity prices are also climbing. Even without the widespread shortage of skilled trades and labour, the cost of building homes is likely to increase steadily.
.
Canada’s Largest Real Estate Markets Could Soon Peak: Report
There are nascent signs that tight real estate market conditions in Canada’s two largest cities are beginning to loosen and slow price appreciation.
However, that also means affordability challenges will persist — even though price appreciation will decelerate, Canada’s rising interest rate environment will preclude market participation for countless Canadians. But, early as it is, the Bank of Canada’s March 2 25 basis point increase sent Canadians a ‘now or never’ signal and sales may have exacerbated demand, RBC contends. Nevertheless, as interest rates continue rising — RBC anticipates additional 1.5% increases by the end of the year — fewer homes will change hands.
Is the GTA Topping Out?
Although the spring market, which is the busiest time of the year in real estate, has begun, sales activity in the Greater Toronto Area is tamer than usual, as transactions on the resale market declined by 30% year-over-year in March.
.
There are nascent signs that tight real estate market conditions in Canada’s two largest cities are beginning to loosen and slow price appreciation.
However, that also means affordability challenges will persist — even though price appreciation will decelerate, Canada’s rising interest rate environment will preclude market participation for countless Canadians. But, early as it is, the Bank of Canada’s March 2 25 basis point increase sent Canadians a ‘now or never’ signal and sales may have exacerbated demand, RBC contends. Nevertheless, as interest rates continue rising — RBC anticipates additional 1.5% increases by the end of the year — fewer homes will change hands.
Is the GTA Topping Out?
Although the spring market, which is the busiest time of the year in real estate, has begun, sales activity in the Greater Toronto Area is tamer than usual, as transactions on the resale market declined by 30% year-over-year in March.
.