Canadian Real Estate News Headlines (April 28th 2019)
Hello everyone. How are you?
I provide you with Canada’s news headlines for real estate news for today.
‘Sell before you buy’ is the new housing market battle cry
It’s spring, but the real estate market in much of Canada has yet to exit hibernation.
Home sales in Metro Vancouver for the month of March plummeted to the lowest level since 1986, according to the Real Estate Board of Greater Vancouver. Activity in Alberta and Saskatchewan was more than 20 per cent below its 10-year average for the month, the Canadian Real Estate Association (CREA) said. In Toronto, sales volumes were flat.
Granted, there are still signs of life in some parts of the country. Sales in Quebec and New Brunswick, for example, were well above average.
But many Canadians who need to sell a house this year will likely meet unfamiliar market conditions — those of a slow-moving housing market. Real estate agents, meanwhile, are dusting off their playbook from a decade ago, before the housing craze began.
So what does it take to sell your house in these conditions?
How high on the income ladder do you need to be to afford a home in Canada?
No one but those perched atop the income ladder can afford to buy a home in Toronto and Vancouver, a new study confirms. For first-time homebuyers hoping to buy an average house with an average wage, the Prairies are a much better place to be, data compiled by real-estate search site Zoocasa.
Canadian Real Estate Buyer Exuberance Is Crashing
Canadian real estate buyers aren’t so sure about sending prices higher near term. The US Federal Reserve Bank of Dallas (Dallas Fed) released quarterly exuberance indicator for Q4 2018. The indicators, a measure of emotional premiums paid, plummeted over the past year. The drop brought the indicator to the lowest levels in four years. Now to see whether emotional premiums paid over the past 15 quarters can stick.
Jethro Seymour, Top Toronto Real Estate Broker
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