Some great stats just came out in Genworth’s regional risk reports. Here are a few of the highlights.
As expected, Ontario’s housing market has been very healthy and active and has been picking up steam over the last 2 years.
Alberta’s economy has been hit hard over the past 3 years due to the inability to bring its biggest resource, oil and gas, to the market. We’ve all read and heard about the pipeline debacle. However, the housing market is rebounding as is shown in the stats. Let’s hope action is taken to get our western Canadians some positive changes.
Continue reading “Genworth Regional Risk Report”
Something strange has been going on over the past decade. We’re often being told – and, in many cases, convinced – that it’s better to rent than to own.
I firmly believe everyone should own their home. In fact, I think we should own at least one investment property… and, in many cases, more than one, but I’ll get to that in a minute…
I can understand why many people, particularly Millennials, are believing it’s better to rent than own. After all, it’s easier to rent. Just look online for a condo or house for rent. Apply, sign the lease and you’re done. We’ll call this the Convenience factor.
Continue reading “Why are We Being Poorly Advised Against Homeownership?”
I reviewed some recent stats that explain how overall mortgage growth has fallen to its lowest level in the past 17 years!
Overall, mortgages outstanding across Canada total more than $1.5 trillion. And, while this total continues to increase year over year, the rate of growth has decreased. We should pay attention to this!
Typically, when we experience lower mortgage growth or no growth at all, house prices will follow suit and come down.
But, why aren’t the banks up in arms over this given that they make huge profits by lending money? (More on this below.)
Continue reading “Mortgage growth has slowed… so why are BANKS winning & CONSUMERS losing?”
Remember all those pessimists who were calling for a housing bubble or collapse?
If you listened to them and rented for the past eight years, how much would you have lost? How much would your rent have increased since then? And would you still be able to rent that condo or house… or would your landlord possibly have plans to sell it and leave you out in the cold?
We used to expect an economic slowdown or recession every five years. But something happened after the last big recession in 1990. Since then, there has really only been one recession: in 2009.
This came off the heels of the infamous US subprime mortgage crisis that crippled most of the world’s economies for years. Yet, in Canada, we got off relatively easy. Our slowdown lasted less than a year.
Continue reading “Housing slump? Recession? Not so fast…”
Earlier this year, I voiced my disagreement with the real estate pessimists who said a real estate crash or bubble was forming. Click here to read more.
This same more positive outlook is backed up by CMHC’s latest Housing Market Insight report for Ontario courtesy of regional economist Ted Tsiakopoulos.
Below are some key highlights from CMHC’s report:
Continue reading “Real Estate Rebounds in June as Expected!”