CFIB می‌گوید افزایش هزینه‌ها بهبود کسب وکارهای کوچک را تهدید می‌کند
گروه می‌گوید داده‌های ورشکستگی کل داستان تهدیدی که کسب‌وکارها با آن روبرو هستند را بیان نمی‌کند.
یک گروه لابی تجاری روز پنجشنبه گفت، مشاغل کوچک کانادایی بیشتر از آنچه که داده های ورشکستگی فدرال نشان می دهد در معرض خطر سقوط قرار دارند، زیرا افزایش هزینه های عملیاتی تلاش های آنها برای جبران زیان های ناشی از همه گیری، موضوع را پیچیده می کند.
به گفته فدراسیون تجارت مستقل کانادا که گزارشی در مورد بهبودی منتشر می کند، تورم و کمبود نیروی کار تنها برخی از عواملی است که توانایی کسب و کارها را برای بازگشت به حالت عادی کاهش می دهد. در مصاحبه ای، دن کلی، رئیس CFIB گفت که این فشار تا پایان سال بیشتر خواهد شد، زیرا صاحبان مشاغل شاهد افزایش دیگری در طرح بازنشستگی کانادا و پرداخت های بیمه اشتغال خواهند بود.
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گروه می‌گوید داده‌های ورشکستگی کل داستان تهدیدی که کسب‌وکارها با آن روبرو هستند را بیان نمی‌کند.
یک گروه لابی تجاری روز پنجشنبه گفت، مشاغل کوچک کانادایی بیشتر از آنچه که داده های ورشکستگی فدرال نشان می دهد در معرض خطر سقوط قرار دارند، زیرا افزایش هزینه های عملیاتی تلاش های آنها برای جبران زیان های ناشی از همه گیری، موضوع را پیچیده می کند.
به گفته فدراسیون تجارت مستقل کانادا که گزارشی در مورد بهبودی منتشر می کند، تورم و کمبود نیروی کار تنها برخی از عواملی است که توانایی کسب و کارها را برای بازگشت به حالت عادی کاهش می دهد. در مصاحبه ای، دن کلی، رئیس CFIB گفت که این فشار تا پایان سال بیشتر خواهد شد، زیرا صاحبان مشاغل شاهد افزایش دیگری در طرح بازنشستگی کانادا و پرداخت های بیمه اشتغال خواهند بود.
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کلی گفت: «بسیاری از صاحبان مشاغل می‌گویند که دیگر نمی‌توانند ادامه دهند.
CFIB در گزارش روز پنجشنبه خود گفت که بیش از نیمی از صاحبان مشاغل مورد بررسی هنوز به سطح درآمد "عادی" قبل از همه گیری بازنگشته اند، در حالی که تقریباً از هر سه نفر، دو نفر هنوز بدهی های همه گیر دارند. گفته می شود که تنها 10 درصد توانسته اند بدهی خود را به طور کامل بازپرداخت کنند.
او گفت تعدادی از کسب و کارها در طول همه گیری ماندند و فکر می کردند که می توانند یک روز دیگر زندگی کنند و بجنگند، اما آنها به سرعت متوجه می شوند که ممکن است امکان پذیر نباشد.
او گفت: «تقریباً در هر ردیف از بودجه یک کسب‌وکار شاهد افزایش بوده‌ایم و این واقعاً توانایی آنها برای کسب سود را از بین می‌برد.»
این گروه خاطرنشان کرد که بسیاری از کسب و کارها اکنون با کمبود پولی که در طول همه گیری وام گرفته اند، از جمله وام های حساب تجاری اضطراری کانادا (CEBA) روبرو هستند. همچنین گفته شده است که بیش از یک نفر از هر شش صاحب کسب و کار کوچک کانادایی می گوید که در حال بررسی خروج از تجارت هستند.
با این حال، تمرکز اصلی این مطالعه این است که وقتی به وضعیت مشاغل کوچک کانادایی نگاه می‌کنیم، داده‌های رسمی ورشکستگی چقدر غیرقابل اعتماد هستند.
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CFIB در گزارش روز پنجشنبه خود گفت که بیش از نیمی از صاحبان مشاغل مورد بررسی هنوز به سطح درآمد "عادی" قبل از همه گیری بازنگشته اند، در حالی که تقریباً از هر سه نفر، دو نفر هنوز بدهی های همه گیر دارند. گفته می شود که تنها 10 درصد توانسته اند بدهی خود را به طور کامل بازپرداخت کنند.
او گفت تعدادی از کسب و کارها در طول همه گیری ماندند و فکر می کردند که می توانند یک روز دیگر زندگی کنند و بجنگند، اما آنها به سرعت متوجه می شوند که ممکن است امکان پذیر نباشد.
او گفت: «تقریباً در هر ردیف از بودجه یک کسب‌وکار شاهد افزایش بوده‌ایم و این واقعاً توانایی آنها برای کسب سود را از بین می‌برد.»
این گروه خاطرنشان کرد که بسیاری از کسب و کارها اکنون با کمبود پولی که در طول همه گیری وام گرفته اند، از جمله وام های حساب تجاری اضطراری کانادا (CEBA) روبرو هستند. همچنین گفته شده است که بیش از یک نفر از هر شش صاحب کسب و کار کوچک کانادایی می گوید که در حال بررسی خروج از تجارت هستند.
با این حال، تمرکز اصلی این مطالعه این است که وقتی به وضعیت مشاغل کوچک کانادایی نگاه می‌کنیم، داده‌های رسمی ورشکستگی چقدر غیرقابل اعتماد هستند.
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Buyers Refusing to Close May Not Be as Common as Some Think
As interest rates rise and home values continue to decline, worries about buyers refusing to close on deals have become increasingly common. But John Lusink, President of Right at Home Realty, says it may not be as prevalent of a problem as some may think.
Those in the industry, from real estate lawyers to mortgage brokers, have reported seeing an increasing number of buyers backing out of deals months after having their offers accepted and deposits submitted. In these instances, buyers typically back out for one of two reasons: either the declining value of the house no longer matches the amount the buyer offered months ago, meaning they can’t secure financing for the full price, or they would rather walk away and lose their deposit than go through with the purchase of a depreciating asset.
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As interest rates rise and home values continue to decline, worries about buyers refusing to close on deals have become increasingly common. But John Lusink, President of Right at Home Realty, says it may not be as prevalent of a problem as some may think.
Those in the industry, from real estate lawyers to mortgage brokers, have reported seeing an increasing number of buyers backing out of deals months after having their offers accepted and deposits submitted. In these instances, buyers typically back out for one of two reasons: either the declining value of the house no longer matches the amount the buyer offered months ago, meaning they can’t secure financing for the full price, or they would rather walk away and lose their deposit than go through with the purchase of a depreciating asset.
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But in an analysis of Right at Home Realty’s transactions year to date, Lusink found that less than 1% of deals involved a buyer who refused to close.
A Canada-wide analysis of this behaviour has not yet been carried out, but a recent report from Redfin that looked as US home sales, the real estate brokerage found that home buyers had backed out of 16.1% of pending home sales, the highest share since March or April 2020, when 17.5% and 16.3% of deals fell through, respectively.
The most recent sales data from the Canadian Real Estate Association revealed a 22.8% decline in home prices from the February peak to July, with pricey Ontario markets being hit the hardest. When buyers do back out, it’s often because the amount they offered months ago is higher than the current valuation, and with banks only lending on the lower of the two numbers, buyers are stuck having to pay the difference up front.
This, combined with rising interest rates that have bumped up the stress test needed to qualify for a mortgage, have left some buyers unable to secure all of the financing needed to go through with the purchase of a home.
“If people have gone past their guaranteed timeframe that they were able to lock in a rate, suddenly buyers are struggling to qualify,” Lusink said. “So really, a lot of this is to do with the market conditions suddenly having changed.”
Another issue Lusink has observed is that buyers who are considering backing out often aren’t fully aware of the consequences they could face. Not only will they almost certainly lose their deposit — typically 5% of the purchase price — but they could be taken to court by the sellers who have now been left trying to sell their home in a cooler market, inevitably for a lower price, and they can be on the hook for the difference.
“You are entering into a significant legal contract that has repercussions if you change your mind,” Lusink said. “There are cases highlighting some of the costs involved and they’re significant. It can be quite shocking. But I put the onus on us as realtors, we need to do a much better job of informing customers of how this all works.”
In fact, Lusink’s top tips for buyers to avoid a situation like this is to make sure you get approved for a mortgage in advance, and choose a realtor who is well-informed, will ask the right questions, and can guide you through the process.
“Treat it like a job interview, get their CV, find out what kinds of transactions they’ve done, and what kind of markets they worked in, because there’s a whole slew of realtors who got into this business in the last 10 years who have never known a down market,” Lusink said.
On the seller’s side, Lusink says a good realtor who will ask the right questions about the buyer is key.
“Make sure that the buyer has sufficient funds, is putting down sufficient funds as a down payment, and find out a bit about them,” Lusink said. “Are they employed? How long have they been employed? Are they approved? And, you know, pre-approval is nothing more than simply [the lender saying] ‘Yeah, we think we could approve you for a $500,000 mortgage,’ so that’s not the same as getting an actual approval.”
Looking forward, Lusink says there are still likely going to be buyers backing out of deals, but definitely not en masse.
“I think through the summer, which is typically our our busy closing time, we’ll continue to see some of this, but again, I’m cautious of calling it a significant issue,” Lusink said. “In terms of numbers, at this stage, I haven’t seen enough yet to be able to say ‘Oh, boy, this is a real big issue.’ I haven’t seen the data to support that.”
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A Canada-wide analysis of this behaviour has not yet been carried out, but a recent report from Redfin that looked as US home sales, the real estate brokerage found that home buyers had backed out of 16.1% of pending home sales, the highest share since March or April 2020, when 17.5% and 16.3% of deals fell through, respectively.
The most recent sales data from the Canadian Real Estate Association revealed a 22.8% decline in home prices from the February peak to July, with pricey Ontario markets being hit the hardest. When buyers do back out, it’s often because the amount they offered months ago is higher than the current valuation, and with banks only lending on the lower of the two numbers, buyers are stuck having to pay the difference up front.
This, combined with rising interest rates that have bumped up the stress test needed to qualify for a mortgage, have left some buyers unable to secure all of the financing needed to go through with the purchase of a home.
“If people have gone past their guaranteed timeframe that they were able to lock in a rate, suddenly buyers are struggling to qualify,” Lusink said. “So really, a lot of this is to do with the market conditions suddenly having changed.”
Another issue Lusink has observed is that buyers who are considering backing out often aren’t fully aware of the consequences they could face. Not only will they almost certainly lose their deposit — typically 5% of the purchase price — but they could be taken to court by the sellers who have now been left trying to sell their home in a cooler market, inevitably for a lower price, and they can be on the hook for the difference.
“You are entering into a significant legal contract that has repercussions if you change your mind,” Lusink said. “There are cases highlighting some of the costs involved and they’re significant. It can be quite shocking. But I put the onus on us as realtors, we need to do a much better job of informing customers of how this all works.”
In fact, Lusink’s top tips for buyers to avoid a situation like this is to make sure you get approved for a mortgage in advance, and choose a realtor who is well-informed, will ask the right questions, and can guide you through the process.
“Treat it like a job interview, get their CV, find out what kinds of transactions they’ve done, and what kind of markets they worked in, because there’s a whole slew of realtors who got into this business in the last 10 years who have never known a down market,” Lusink said.
On the seller’s side, Lusink says a good realtor who will ask the right questions about the buyer is key.
“Make sure that the buyer has sufficient funds, is putting down sufficient funds as a down payment, and find out a bit about them,” Lusink said. “Are they employed? How long have they been employed? Are they approved? And, you know, pre-approval is nothing more than simply [the lender saying] ‘Yeah, we think we could approve you for a $500,000 mortgage,’ so that’s not the same as getting an actual approval.”
Looking forward, Lusink says there are still likely going to be buyers backing out of deals, but definitely not en masse.
“I think through the summer, which is typically our our busy closing time, we’ll continue to see some of this, but again, I’m cautious of calling it a significant issue,” Lusink said. “In terms of numbers, at this stage, I haven’t seen enough yet to be able to say ‘Oh, boy, this is a real big issue.’ I haven’t seen the data to support that.”
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Immigration Will Prevent Full-Blown Housing Crash: RBC
While the Canadian housing market is indisputably undergoing a significant correction, it will be spared an outright crash due to steady demand from immigration, say prominent economists in a new analysis.
In a report titled “Proof Point: Demographics a powerful counterforce in Canada’s housing market correction,” RBC economists Robert Hogue and Carrie Freestone write that newcomers to Canada will help support the property market through its current downturn. They point out that the flow of new permanent residents is already on the rebound from their pandemic-era lows and are in fact set to hit record numbers, given Canada’s updated immigration targets.
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While the Canadian housing market is indisputably undergoing a significant correction, it will be spared an outright crash due to steady demand from immigration, say prominent economists in a new analysis.
In a report titled “Proof Point: Demographics a powerful counterforce in Canada’s housing market correction,” RBC economists Robert Hogue and Carrie Freestone write that newcomers to Canada will help support the property market through its current downturn. They point out that the flow of new permanent residents is already on the rebound from their pandemic-era lows and are in fact set to hit record numbers, given Canada’s updated immigration targets.
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“Canada is in the midst of a steep housing correction. And though this cycle has yet to fully play out, it’s unlikely to morph into the type of prolonged spiral observed in the US during the 2008 financial crisis. One of the main reasons: demographic demand for housing in Canada is strong — and it’s getting even stronger,” Freestone and Hogue write.
“We expect the number of Canadian households to rise by 730,000 by 2024 compared to 2021, adding 240,000 new households annually. Immigration is key to this surge: Ottawa’s targets are set to bring in a record 1.3M new permanent residents, adding 555,000 new households by 2024.”
Canada’s population is growing at a pace double that of the OECD average over the last decade.
“This surge, combined with shrinking household sizes, will strengthen demand for housing (whether owned or rented) and act as a powerful counter to sliding sales and prices — eventually putting a floor under the correction,” states the report.
As well, Hogue and Freestone point out, as Canadians are increasingly living in smaller groups, the overall number of households is on the rise; over 700,000 households will be formed by 2024. In fact, they say, this is an oft-overlooked “critical factor” on household demand; in the five years leading up to 2021, the average household size declined by 0.02 people, which spurred an increase in total household numbers by 140,000 (or 30,000 per year).
“This trend will be responsible for just under 90,000 of the 730,000 new households created by 2024 — and will provide a significant boost in housing demand,” states the report. Shrinking household size can be generally attributed to parents having fewer children, as well as the prevalence of one-person households — the most common type as of 2016, with 30% of Canadians living alone.
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“We expect the number of Canadian households to rise by 730,000 by 2024 compared to 2021, adding 240,000 new households annually. Immigration is key to this surge: Ottawa’s targets are set to bring in a record 1.3M new permanent residents, adding 555,000 new households by 2024.”
Canada’s population is growing at a pace double that of the OECD average over the last decade.
“This surge, combined with shrinking household sizes, will strengthen demand for housing (whether owned or rented) and act as a powerful counter to sliding sales and prices — eventually putting a floor under the correction,” states the report.
As well, Hogue and Freestone point out, as Canadians are increasingly living in smaller groups, the overall number of households is on the rise; over 700,000 households will be formed by 2024. In fact, they say, this is an oft-overlooked “critical factor” on household demand; in the five years leading up to 2021, the average household size declined by 0.02 people, which spurred an increase in total household numbers by 140,000 (or 30,000 per year).
“This trend will be responsible for just under 90,000 of the 730,000 new households created by 2024 — and will provide a significant boost in housing demand,” states the report. Shrinking household size can be generally attributed to parents having fewer children, as well as the prevalence of one-person households — the most common type as of 2016, with 30% of Canadians living alone.
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Forwarded from خرید و فروش املاک در تورنتو
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 شما 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 ما:
www.homelife.ca/Hojjatollah-Izady
فیسبوک ما:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام ما:
https://www.instagram.com/ihoizady/
واتس آپ ما:
https://wa.me/message/72TR24AJCPDPJ1
گروه تلگرام ما:
https://t.me/Buy_and_Sell_Property_in_Toronto
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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 شما 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 ما:
www.homelife.ca/Hojjatollah-Izady
فیسبوک ما:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام ما:
https://www.instagram.com/ihoizady/
واتس آپ ما:
https://wa.me/message/72TR24AJCPDPJ1
گروه تلگرام ما:
https://t.me/Buy_and_Sell_Property_in_Toronto
.
Housing Market Snapshot for July 2022
Real Estate Buyers and Sellers:
We are with you from the beginning to the end with a professional team in the field of selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home Home Evaluation
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers to Canada
- Non-residents of Canada Non-Resident
- Buying a house/condo for Investment Property investment
- Renovation services
☎️ Ways to contact us via Phone, Email:
+1 (647) 772-9502
hoizady@yahoo.com
.
Real Estate Buyers and Sellers:
We are with you from the beginning to the end with a professional team in the field of selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home Home Evaluation
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers to Canada
- Non-residents of Canada Non-Resident
- Buying a house/condo for Investment Property investment
- Renovation services
☎️ Ways to contact us via Phone, Email:
+1 (647) 772-9502
hoizady@yahoo.com
.
Ontario Housing Market Snapshot for July 2022
The Average Price of Homes in Ontario is Down 0.5%
In July 2022, the average price of homes sold across Ontario was $831,473, down 0.5% in comparison to June 2021.
Real Estate Buyers and Sellers:
We are with you from the beginning to the end with a professional team in the field of selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home Home Evaluation
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers to Canada
- Non-residents of Canada Non-Resident
- Buying a house/condo for Investment Property investment
- Renovation services
☎️ Ways to contact us via Phone, Email:
+1 (647) 772-9502
hoizady@yahoo.com
.
The Average Price of Homes in Ontario is Down 0.5%
In July 2022, the average price of homes sold across Ontario was $831,473, down 0.5% in comparison to June 2021.
Real Estate Buyers and Sellers:
We are with you from the beginning to the end with a professional team in the field of selling and buying your dream home.
services rendered:
- Providing loans with the lowest interest rates available in the market ( First, Second, Third Mortgages)
- Free evaluation of your home Home Evaluation
- Finding your dream home according to location and budget
- Obtaining complete market information in order to make the right decision when buying or selling a house/condo
- Special services for:
- First Time Home Buyers
- Newcomers to Canada
- Non-residents of Canada Non-Resident
- Buying a house/condo for Investment Property investment
- Renovation services
☎️ Ways to contact us via Phone, Email:
+1 (647) 772-9502
hoizady@yahoo.com
.
56% of Canadians say they can't keep pace with high cost of living, according to survey
Cutbacks on travel, driving, charity are common patterns among surveyed Canadians
Over half of Canadians say they can't keep pace with the current cost of living, according to a survey released Monday by the Angus Reid Institute.
The polling firm surveyed 2,279 Canadian adults who are members of the Angus Reid Forum from Aug. 8-10 and found that 56 per cent of them are struggling to keep up as high inflation and interest rates force them to tighten their belts.
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Cutbacks on travel, driving, charity are common patterns among surveyed Canadians
Over half of Canadians say they can't keep pace with the current cost of living, according to a survey released Monday by the Angus Reid Institute.
The polling firm surveyed 2,279 Canadian adults who are members of the Angus Reid Forum from Aug. 8-10 and found that 56 per cent of them are struggling to keep up as high inflation and interest rates force them to tighten their belts.
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Four in five respondents, or 80 per cent, said they have reduced some kind of spending in the last few months, with 57 per cent reporting they have trimmed discretionary expenses.
Three quarters of Canadians say they are stressed about money. While July inflation decreased to 7.6 per cent from a 39-year high of 8.1 in June, indicating that inflation has slowed down for the first time in over a year, food prices have risen 10 per cent since last year.
If there's one thing that all Canadians agree on, as indicated by this survey, it's a belief that grocery chains are taking advantage of high inflation to hike prices and boost their profits — a phenomenon coined "greedflation."
Inflation in Canada falls to 7.6% in first slowdown since June 2021
ANALYSISInflation's hit to consumer spending power means retailers may refocus on the low end
Seventy-eight per cent of Canadians were aligned in believing this is happening, regardless of demographics, though major grocery chains like Empire and Loblaws have denied it, saying they've become more efficient.
To help afford the necessities:
Over 40 per cent of Canadians say they are delaying a major purchase and driving less.
Thirty-two per cent cancelled or curtailed travel plans this year, while over a quarter opted to scale back on charitable donations as they adjust their budgets.
Nineteen per cent said they are deferring contributions to their tax-free savings accounts and retirement savings plans.
Canadians were given a scenario in which they would receive a non-conditional gift of $5,000 — and 10 per cent said they would use it to address immediate financial obligations, while 38 per cent would use it for long-term needs; 43 per cent would save the money while nine per cent would make a pricey purchase.
But if the opposite happened — in which they incurred a surprise expense of $1,000 or more — half said they would not be able to shoulder the expense. Thirteen per cent say any unplanned expense would be "too much," the polling firm said in its report.
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Three quarters of Canadians say they are stressed about money. While July inflation decreased to 7.6 per cent from a 39-year high of 8.1 in June, indicating that inflation has slowed down for the first time in over a year, food prices have risen 10 per cent since last year.
If there's one thing that all Canadians agree on, as indicated by this survey, it's a belief that grocery chains are taking advantage of high inflation to hike prices and boost their profits — a phenomenon coined "greedflation."
Inflation in Canada falls to 7.6% in first slowdown since June 2021
ANALYSISInflation's hit to consumer spending power means retailers may refocus on the low end
Seventy-eight per cent of Canadians were aligned in believing this is happening, regardless of demographics, though major grocery chains like Empire and Loblaws have denied it, saying they've become more efficient.
To help afford the necessities:
Over 40 per cent of Canadians say they are delaying a major purchase and driving less.
Thirty-two per cent cancelled or curtailed travel plans this year, while over a quarter opted to scale back on charitable donations as they adjust their budgets.
Nineteen per cent said they are deferring contributions to their tax-free savings accounts and retirement savings plans.
Canadians were given a scenario in which they would receive a non-conditional gift of $5,000 — and 10 per cent said they would use it to address immediate financial obligations, while 38 per cent would use it for long-term needs; 43 per cent would save the money while nine per cent would make a pricey purchase.
But if the opposite happened — in which they incurred a surprise expense of $1,000 or more — half said they would not be able to shoulder the expense. Thirteen per cent say any unplanned expense would be "too much," the polling firm said in its report.
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▪️حمام گرفتن در وان یا استفاده از دوش، مسئله این است.
▪️موسسه QS Supplies در تحقیق اخیر خود نشان داده که کانادایی ها ترجیح می دهند بیشتر در وان حمام کنند تا دوش بگیرند. از 46 شهر بزرگ کانادا ساکنان 33 شهر تمایل به استفاده از وان دارند. مارکهام، می سی ساگا، بری، و اوکویل از شهرهایی هستند که بیشتر ساکنان آن دوش گرفتن را به استفاده از وان ترجیح می دهند.
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▪️موسسه QS Supplies در تحقیق اخیر خود نشان داده که کانادایی ها ترجیح می دهند بیشتر در وان حمام کنند تا دوش بگیرند. از 46 شهر بزرگ کانادا ساکنان 33 شهر تمایل به استفاده از وان دارند. مارکهام، می سی ساگا، بری، و اوکویل از شهرهایی هستند که بیشتر ساکنان آن دوش گرفتن را به استفاده از وان ترجیح می دهند.
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More trouble incoming for the Canadian housing market
The Canadian housing sector must brace for more turbulent waters ahead, building on the significant deceleration seen over the past few months, according to BMO chief economist Doug Porter.
Recent figures show that despite some positive developments, the Canadian housing market has essentially entered bear territory, Porter warned.
“The inventory of unsold homes has risen to 3.4 months (seasonally adjusted) from an incredibly skinny 1.7 at the start of the year,” he said. “That’s getting back close to the much calmer conditions prevailing just before the pandemic when they were a bit above four months’ supply.”
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The Canadian housing sector must brace for more turbulent waters ahead, building on the significant deceleration seen over the past few months, according to BMO chief economist Doug Porter.
Recent figures show that despite some positive developments, the Canadian housing market has essentially entered bear territory, Porter warned.
“The inventory of unsold homes has risen to 3.4 months (seasonally adjusted) from an incredibly skinny 1.7 at the start of the year,” he said. “That’s getting back close to the much calmer conditions prevailing just before the pandemic when they were a bit above four months’ supply.”
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“A metric that’s a bit more concerning for the near term outlook is the ratio of sales to new listings, which has plunged to just above the 50 level after holding well above a record high 75 for all of 2021. In Ontario, that ratio has dropped to barely above 40, a level it has seen only once in the past 25 years (in the depths of the 2008/09 downturn).”
The decline was most apparent in sales prices. The latest data from the Canadian Real Estate Association showed that the actual (non-seasonally adjusted) national average home sales price was $629,971 in July, representing a 5% year-over-year drop.
“Prices have famously started to drop in many Ontario cities in recent months, including the GTA, but they’re still up a tad from a year ago,” Porter said. “This ratio says there is more weakness coming, and soon.”
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The decline was most apparent in sales prices. The latest data from the Canadian Real Estate Association showed that the actual (non-seasonally adjusted) national average home sales price was $629,971 in July, representing a 5% year-over-year drop.
“Prices have famously started to drop in many Ontario cities in recent months, including the GTA, but they’re still up a tad from a year ago,” Porter said. “This ratio says there is more weakness coming, and soon.”
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Scarborough Single Family
$870,000
Closing Date: FLEXIBLE
OVERVIEW
Cliffcrest bungalow with prime location! This Scarborough single family home is located minutes away from the Scarborough GO Station and many amenities. This property boasts a large 40 × 185ft allowing the future development of new builds as seen in the neighborhood
ENDLESS POTENTIAL!
PROPERTY DETAILS
• Single Family Bungalow
• 3 Bed & 2 Bath
• Building size ~ 1,700 Sq.ft
• Detached Garage
• Finish Basement
• Lot Size 40ft × 185ft
• Copper/PVC Plumbing
• Gas Furnace 2017
• AC 2015
• 100 amp breaker
HOW does this work?
If you decide you want the property, making an offer is easy.
Contact Hojjatollah Izady regarding your offer, or for any other questions on the property.
We have showings available!
Please DO NOT go directly to the address.
Interested In this Property?
If you have any questions, please contact Hojjatollah Izady:
647-772-9502
hoizady@yahoo.com
.
$870,000
Closing Date: FLEXIBLE
OVERVIEW
Cliffcrest bungalow with prime location! This Scarborough single family home is located minutes away from the Scarborough GO Station and many amenities. This property boasts a large 40 × 185ft allowing the future development of new builds as seen in the neighborhood
ENDLESS POTENTIAL!
PROPERTY DETAILS
• Single Family Bungalow
• 3 Bed & 2 Bath
• Building size ~ 1,700 Sq.ft
• Detached Garage
• Finish Basement
• Lot Size 40ft × 185ft
• Copper/PVC Plumbing
• Gas Furnace 2017
• AC 2015
• 100 amp breaker
HOW does this work?
If you decide you want the property, making an offer is easy.
Contact Hojjatollah Izady regarding your offer, or for any other questions on the property.
We have showings available!
Please DO NOT go directly to the address.
Interested In this Property?
If you have any questions, please contact Hojjatollah Izady:
647-772-9502
hoizady@yahoo.com
.
80,000 Mortgage Borrowers to Hit “Trigger Point” as BoC Keeps Hiking Rates
As the Bank of Canada continues to hike its trend-setting policy interest rate, the cost of borrowing for variable-rate mortgage holders rises in tandem. Now, a number of these borrowers could be facing down their “trigger rate”, when their monthly payments have increased to the point that they only cover the mortgage’s interest, with nothing going toward the principal debt.
In a bank earnings conference call, Neil McLaughlin, the head of Royal Bank of Canada’s personal and commercial banking department, said the lender anticipates “about 80,000 mortgages” will hit this point over the next several months, should the BoC continue its hiking trajectory.
It’s widely anticipated that the central bank will administer at least 75 basis-points-worth of increases before it achieves its neutral range of around 3.25%, with another rate bump assured in its September 7 announcement. The policy rate currently sits at 2.5%.
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As the Bank of Canada continues to hike its trend-setting policy interest rate, the cost of borrowing for variable-rate mortgage holders rises in tandem. Now, a number of these borrowers could be facing down their “trigger rate”, when their monthly payments have increased to the point that they only cover the mortgage’s interest, with nothing going toward the principal debt.
In a bank earnings conference call, Neil McLaughlin, the head of Royal Bank of Canada’s personal and commercial banking department, said the lender anticipates “about 80,000 mortgages” will hit this point over the next several months, should the BoC continue its hiking trajectory.
It’s widely anticipated that the central bank will administer at least 75 basis-points-worth of increases before it achieves its neutral range of around 3.25%, with another rate bump assured in its September 7 announcement. The policy rate currently sits at 2.5%.
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However, as McLaughlin points out, while a considerable number of borrowers could be impacted by their trigger rate, the hit should be minimal, with “an average increase” of $200.
As well, less than a third of RBC’s renewable mortgage balances will mature before 2025, “providing flexibility afforded with time,” stated an investor slide presented on the call.
“Those benefits include wage and income inflation, principal amortization and “proactive client outreach.”
Variable mortgage rates soared in popularity over the course of the pandemic, as the BoC kept its policy rate at a record low of 0.25%. As a result, as of this February, rates as low as 1.3% could be found at the most competitive lenders.
That spurred an uptick in floating-rate debt, especially as housing prices soared; data from the Canada Mortgage and Housing Corporation finds 53% of Canadians who took out a mortgage in the second half of last year chose variable, compared to 34% in the first half of 2021.
However, today’s rates are now in the 4.3% range, and floating-debt borrowers have been directly exposed to that increase, whether through higher monthly payments, or less going toward their mortgage principal.
But, as McLaughlin pointed out on RBC’s call, fixed mortgage rates remain the dominant rate type in the Canadian marketplace, which helps reduce — or prolong — the shock of higher rates on the economy. He stated that as the majority of the bank’s borrowers are locked into fixed rates, they’ll only need to contend with a higher interest rate environment at renewal time.
The Semi-Annual State of the Housing Market report from Mortgage Professionals Canada states that 66% of current mortgage holders have a fixed rate. According to a survey conducted by the organization, 26% of respondents reported having a variable rate, an increase from 21% last year. The MPC study also found that 37% of mortgage holders will need to renew within the next two years and “will likely renew at higher rates.”
However, several prominent mortgage analysts are raising the red flag when it comes to the impact hitting the trigger rate will have on borrowers.
“This ain’t a good thing,” said Ron Butler, mortgage broker at Butler Mortgages, in a tweet earlier today. “Imagine making mortgage payments for five years, the [sic] mortgage renewal date hits and the borrower has a triple disaster. Your mortgage amount increased. Amortization had to go from 30 years to 25 years. All available rates have greatly increased since you first bought the home. Sweet Jaysus, worst possible outcome.”
.
As well, less than a third of RBC’s renewable mortgage balances will mature before 2025, “providing flexibility afforded with time,” stated an investor slide presented on the call.
“Those benefits include wage and income inflation, principal amortization and “proactive client outreach.”
Variable mortgage rates soared in popularity over the course of the pandemic, as the BoC kept its policy rate at a record low of 0.25%. As a result, as of this February, rates as low as 1.3% could be found at the most competitive lenders.
That spurred an uptick in floating-rate debt, especially as housing prices soared; data from the Canada Mortgage and Housing Corporation finds 53% of Canadians who took out a mortgage in the second half of last year chose variable, compared to 34% in the first half of 2021.
However, today’s rates are now in the 4.3% range, and floating-debt borrowers have been directly exposed to that increase, whether through higher monthly payments, or less going toward their mortgage principal.
But, as McLaughlin pointed out on RBC’s call, fixed mortgage rates remain the dominant rate type in the Canadian marketplace, which helps reduce — or prolong — the shock of higher rates on the economy. He stated that as the majority of the bank’s borrowers are locked into fixed rates, they’ll only need to contend with a higher interest rate environment at renewal time.
The Semi-Annual State of the Housing Market report from Mortgage Professionals Canada states that 66% of current mortgage holders have a fixed rate. According to a survey conducted by the organization, 26% of respondents reported having a variable rate, an increase from 21% last year. The MPC study also found that 37% of mortgage holders will need to renew within the next two years and “will likely renew at higher rates.”
However, several prominent mortgage analysts are raising the red flag when it comes to the impact hitting the trigger rate will have on borrowers.
“This ain’t a good thing,” said Ron Butler, mortgage broker at Butler Mortgages, in a tweet earlier today. “Imagine making mortgage payments for five years, the [sic] mortgage renewal date hits and the borrower has a triple disaster. Your mortgage amount increased. Amortization had to go from 30 years to 25 years. All available rates have greatly increased since you first bought the home. Sweet Jaysus, worst possible outcome.”
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What Shifting Ontario Housing Markets Mean for Sellers
Over the last several months, rising interest rates have resulted in shifting Ontario real estate markets. What was once solidly sellers’ territory has teetered, offering an opportunity for buyers to pounce with planning and precision.
But just because the province’s markets have moved from a primarily sellers’ stance doesn’t mean that anyone looking to relocate is out of luck.
According to Raj Masrani, Broker of Record in Ontario for FairSquare Group Realty, the trick to listing a home for sale in current market conditions is simple: be pragmatic — and be informed.
“Those who sell just need to be realistic when pricing a home,” Masrani tells STOREYS. “It’s easy to get caught up with what homes were selling for in the last few months, however, the market has shifted, so sellers do need to make some adjustments in their list price.”
.
Over the last several months, rising interest rates have resulted in shifting Ontario real estate markets. What was once solidly sellers’ territory has teetered, offering an opportunity for buyers to pounce with planning and precision.
But just because the province’s markets have moved from a primarily sellers’ stance doesn’t mean that anyone looking to relocate is out of luck.
According to Raj Masrani, Broker of Record in Ontario for FairSquare Group Realty, the trick to listing a home for sale in current market conditions is simple: be pragmatic — and be informed.
“Those who sell just need to be realistic when pricing a home,” Masrani tells STOREYS. “It’s easy to get caught up with what homes were selling for in the last few months, however, the market has shifted, so sellers do need to make some adjustments in their list price.”
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