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Taghousing market

The Tide Turns for the Canadian Housing Market

Just a few months ago, all anyone could talk about was the red hot housing market. Sky high property values. Historically low interest rates. It’s amazing how quickly the conversation can change. As expected, the market has cooled. And while we’re not necessarily in a buyer’s market just yet, things are certainly trending that way. If you’re looking to purchase an additional property, or you’re a first time homebuyer, this could pose an opportunity. 

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Will Lockdowns Have an Impact on the Housing Market?

Well, here we are again. Right back where we were last year. Provinces across the country have reintroduced restrictions that will no doubt leave a lasting impact on our economy. The housing market of course is no exception.

In my estimation, there will be quite a few similarities between our current situation and the one we faced last winter. However, there are some ways in which this lockdown could prove slightly different.

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Are Canadians Ready For A Tougher Stress Test?

Securing a mortgage just got a little more difficult. As you likely know, getting an uninsured mortgage in Canada requires you to prove you can keep up with payments if rates go up. This hypothetical rate, called the qualifying rate, is changing. On May 24, the Office of the Superintendent of Financial Institutions announced that they will be raising the qualifying rate effective June 1st. 

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Will the Housing Market Cool Off?

From the stock market to the way we work, nothing is exactly “normal” right now. It’s impossible to look at a dramatic societal shift and not attribute it to the pandemic. But the housing market is a little bit of a different story. 

Yes, many Canadians flocked to buy homes as interest rates dropped to record lows. Many chose to buy new homes in response to their new lifestyle, no longer needing to live in certain areas, or needing more space to work. No doubt, these COVID-related factors had a huge impact on the housing market. But they don’t tell the whole story of its explosive growth.

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The Good News

The Good News

I’m a bit of a  hypocrite.  Whenever I go for a haircut, the gym or even to visit my dentist there’s a tv and it’s usually tuned in to a news channel.  For the record, I don’t watch the news. I’m the guy that asks them to change the channel. I’m not interested in constantly hearing about how terrible the world supposedly is.

My take… if you want to be depressed, watch the news. If you want to be aware and alert, choose where you get your information.

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