Canadian Real Estate News Headlines (March 12th 2019)

Hello everyone. How are you?

I provide you with Canada’s news headlines for real estate news for today.

Canada's Housing Market Is Breaking Some Alarming Records Right Now

Canada's residential real estate market has slowed considerably over the past year, a fact the industry chalks up to a tough new mortgage stress test and rising interest rates.

This is having an impact on the broader economy. Canada's GDP growth slowed to a snail's pace of 0.4 per cent annualized in the fourth quarter of 2018, dragged down in part by falling residential investment, which has slid 7.5 per cent over the past year.

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Why are hundreds of luxury Vancouver mansions being rented for cheap?

In Vancouver, where sky-high real estate prices have made ownership impossible for many, it’s suddenly not too difficult to live like a king. 

Many of the mansions have ocean views and offer luxury amenities such as swimming pools, in-home cinemas, built-in saunas and wine cellars. In several cases, the homes are fully furnished. 

The city of Vancouver is facing a crisis in housing affordability, with one bedroom units averaging about $1,730 per month.

But these rentals offer a single room in a multi-bedroom house for anywhere between $700 and $1,500, with more than 5,000 empty bedrooms available across the city.

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CMHC reports annual pace of housing starts slowed in February

 The annual pace of housing starts slowed in February as higher mortgage rates and less stimulative economic conditions helped soften demand, Canada Mortgage and Housing Corp. said Friday.

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