Canada’s housing industry continues to develop stronger, regardless of repeated marketplace-cooling measures and an economy that is struggling. The concentrate of their paper is on individuals who bought houses for investment purposes—and the extent to which they were influenced to jump into the market by properties on their block becoming flipped or an immediate neighbour investing in actual estate—but the outcomes speak to the broader mindset about sharply rising prices.
The emergence of apartments and apartment-condominiums in Canada’s largest urban centres not only reflects a way of life option, but also important demographic, financial and societal changes—increasing immigration, declining household size, changing household characteristics, an aging population, high rates of single-household properties in some places, land shortages and development policies in Canada’s key cities.
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When Finance Minister Bill Morneau announced the most current adjustments to CMHC mortgage insurance final December, he also proposed forcing banks to hold much more capital against mortgages in cities exactly where property costs are higher relative to borrowers’ incomes—like Toronto and Vancouver.
If you assume the average house price in Canada will continue to appreciate at its current pace—which, according to the Canadian Actual Estate Association, drove the average cost to $470,297 in January, up 17 per cent from a year earlier—then the typical abode in Canada will hit the $21-million mark in about 24 years (not accounting for inflation).
