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BMO's latest report on Canadian real estate affordability paints a bleak picture for young adults, with affordability worse than it has been since 1988. The report reveals that in Greater Toronto and Vancouver, households need to spend 79% and 78% respectively of their median income on a mortgage. This is not including additional costs such…

The Real Estate market in Canada has performed well despite the Bank of Canada rate hikes. Toronto sales [↑](color-green) 7.8% yearly, reflecting robust market demand.

According to research from online mortgage provider Nesto, the income required to qualify for a mortgage in most provinces in Canada has increased, except for British Columbia where affordability has slightly improved. British Columbia still has the highest income requirement to qualify for a mortgage at nearly $200,000, while Alberta has seen one of the…

BC home sales to ↓ 2.8% in 2023, ↑ 6.1% in 2024. .

When searching for a mortgage, it is essential to compare lender costs such as interest rates and closing fees. It is advisable to shop lenders within a 45-day window to avoid multiple credit inquiries negatively affecting your score. Home buyers typically opt for a 30-year conventional fixed-rate mortgage, but it is important to understand all…

Bank of Canada's rate hikes and hawkish signaling may slow down housing market activity. Anticipated rate cuts by the Bank of Canada in 2024 may stimulate sales and prices. Low supply in the resale market due to healthy job markets and lengthened amortizations; expected rise in listings next year. Low supply in the resale market…

Coquitlam is attempting to ease the housing crunch by dropping the rent for tenants in new below-market housing suites and adding a cheaper type of housing for renters near the Millennium Line. The proposed changes to the zoning bylaw are receiving mixed reviews and will go to a public hearing in September. If approved, the…

Coun. Robert Mazzarolo has voted against the first reading of a bid by Domus Projects to build 59 townhouses in the Burquitlam enclave of Oakdale due to his objection to the studio units and one bedroom units. Mayor Richard Stewart argued that the project provides family-friendly and senior-friendly housing. The public hearing on the rezoning…

The British Columbia Real Estate Association (BCREA) recently released its 2023 Third Quarter Housing Forecast Update, forecasting Multiple Listing Service® (MLS®) residential sales to decline 2.8% to 78,640 units this year. Prices have been resilient, with average prices in BC varying widely throughout the year and reaching just over $1 million in May. For 2024,…

Home prices rising in Lower Mainland, prompting buyers to seek affordable options. Kamloops is the most affordable city, with avg home price of $539.8K, and saving ~$450K vs the provincial avg.