Could this market be the next to implement a foreign buyer tax?
Households across Canada have reached record-high debt levels, with credit-market debt including mortgages, consumer credit and non-mortgage loans growing 163.3 per cent.
A new report suggests that British Columbia could see a mass default on mortgages if there was a widespread crash in house prices.
The housing market will continue to be “buoyant” throughout this year but with “significant diversity” across regional markets.
The level of household debt in Canada rose to 163.3 per cent of disposable income in the fourth quarter of 2014.
A Vancouver mansion has sold for an eye-watering $51 million.
Brokers are calling for a higher barrier to entry into the industry, and many believe the first step lies in establishing a more rigorous curriculum for attaining the broker designation.
Brokers are already considering diverting clients from one big bank to another, following a recent change to a popular mortgage product.
February marked the fourth straight deceleration of the country’s housing price index, an early sign of cooling housing markets across the country, despite a 4.4 per cent increase over the same period last year.
Toronto is one of the ten most economically important cities in the world.