Canadian Real Estate News Headlines (February 11th 2019)
Hello everyone. How are you?
I provide you with Canada’s news headlines for real estate news for today.
First-Time Toronto Real Estate Buyers To Use “Current Home” To Fund Down Payments
The Toronto Real Estate Board conducted their annual buyer survey, giving some useful insights to the industry. The thing that stood out most to use was a chart on how first-time buyers intend to buy their first home. 10% of first-time buyers plan on using equity from their “current home” to buy their next one. First-time buyer. Existing home equity.
The Last Time Canadian Household Debt Grew This Slow Was 1983
Canadian households have abruptly cooled their appetite for credit. Bank of Canada (BoC) numbers show households reached a record level of debt in December 2018. Despite reaching new highs, Canadians are less keep on borrowing right now. It’s not just due to the decline in home sales either – consumers are starting to cool their borrowing as well.
Real estate vulnerable despite falling prices: CMHC
Home prices have fallen in overheated parts of the country but Canada Mortgage and Housing Corporation (CMHC) says the real estate market remains vulnerable.
CMHC says third-quarter price declines in Toronto and Victoria aren’t enough to warrant removing the label, which has been in place for ten quarters in a row. But CMHC says that could change.
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