In the year 2000 the bank lending interest rate in Canada was 7% but by last year it had fallen to 2.7% while incomes increased, more than doubling the amount that homebuyers could borrow
Credit rating firm Moody’s says that Canada’s economy is in good shape; with a stable banking system and a near-balanced budget; but there is concern over the housing market.
The latest figures show that Canada’s inflation was under control in September.
Business groups are angry that tax breaks on commercial property will be withdrawn pending an appeal on split-use land assessments.
Being near good transport links is often a must-have for homebuyers and developers are prepared to ensure that their projects have the best transit facilities, even if they have to fund them.
While it still leads Canada’s economies the falling oil prices are a concern for Alberta’s energy fuelled economy.
With plenty of positive data still flowing Canadians are upbeat about the housing market, but some experts are now insisting that we’ve seen the peak and that the boom is over.
The value of land currently used as surface parking lots means that many of the lots are starting to disappear in favour of housing developments.
A new report from CIBC World Markets suggests that Canada’s homeowners are paying down their mortgages faster than thought.
Despite a positive year-over-year result, national home sales were down in September; the first monthly decline since January.
The rise in house prices has begun to ease according to the latest survey from Royal Le Page.