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I provide you with Canada’s news headlines for real estate news for today.
Canadian Housing Slump Deepens With First Drop in Values in Decades
Canadian home values fell last year for the first time in three decades amid falling prices in some of the country’s priciest markets, even as debt burdens increased.
The value of residential real estate in Canada held by households dropped C$30 billion ($22.5 billion) in the fourth quarter to C$5.10 trillion, from C$5.13 trillion in the same quarter the previous year, Statistics Canada reported Thursday. The 0.6 percent decline is the first decrease in country-wide home values in data going back to 1990.
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Canada Real Estate Slowdown Hinting a Possible Recession
Following a decade of economic growth, forecasts predict that Canada is about to enter a phase of recession. The weak oil prices combined with household debt and a decline in residential real estate investment have prompted analysts to anticipate a slowdown in the years to come.
Canadian Mortgage Holders Are Paying Over 27% More Interest Than Principal
The Great Canadian real estate binge may be giving a few owners indigestion. Statistics Canada (StatCan) numbers show interest on mortgage debt reached a new high in Q4 2018. The spike is due to interest payments rising almost ten times faster than the pace of principal payments.
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