Month: November 2016

CMHC: Increase in Minimum Down Payments

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CMHC: Increase in Minimum Down Payments

Canadians are taking on too much debt, and higher down payments would both reduce that risk and lower home prices, asserts head of federal housing agency

Federal regulators should consider increasing the minimum down payment on homes to reduce economic risks, according to the head of the Canada Mortgage and Housing Corporation (CMHC).

Federal regulators should consider increasing the minimum down payment on homes to reduce economic risks, according to the head of the Canada Mortgage and Housing Corporation (CMHC).

“I think the objective of supporting housing affordability demands that CMHC exploring a potential future path to higher minimum down payments,” Evan Siddall, CMHC president, and CEO, said in a speech in London last week.

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New Home Sales in Metro Vancouver

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New Home Sales in Metro Vancouver

“Metro Vancouver’s new home market was negatively impacted by the recent government initiatives to slow down sales activity in the region,” according to the latest quarter Urban Development Institute State of the Market Q3 2016 report, compiled by real estate think tank Urban Analytics and released November 17.

Just over 3,000 new multi-family home sales were recorded in 2016’s third quarter, which is a decline of 34 per cent from the same quarter last year and a drop of 55 per cent from the six-year record set in 2016’s second quarter, said the report.

The figures run contrary to recent media reports suggesting that the new home market is bucking the downward trend seen in Metro Vancouver’s resale market. There have also been several press releases issued recently to media by developers citing recent presales successes.

“Some developments are doing really well, but there is an overall slowdown in the new home market,” Jon Bennest, principal at Urban Analytics and one of the report’s authors, confirmed to REW.ca. “There are a number of reasons for this, and the new foreign buyer tax is just one of them. In fact the market was already showing signs of cooling prior to the introduction of the foreign buyer’s tax.” Read more

Trump Presidency and Canadians; Pros & Cons

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Trump Presidency and Canadians; Pros & Cons

We can all agree: a Trump presidency means some big changes are coming for Canada.

The world was on the edge of their collective seat as the Trump/Clinton battle for the presidency came down to the wire. As battleground states like Florida, Ohio and Pennsylvania turned red and Trump’s electoral support began to tower over Clinton’s, it became clear that a Trump victory wasn’t just a far-off possibility (as the polls had predicted only hours earlier), it was about to become a reality.

America is Canada’s largest trading partner, and the two countries share the longest continuous border in the world. It’s a foregone conclusion that whichever leader Americans selected, it was going to impact Canadians, too. Over 80% of Canadians indicated they believed a Clinton presidency would be better for Canada. But now that Trump has secured the vote, we’re facing a very different reality.

How will a Trump presidency and administration impact Canada?

Like the fallout from Brexit, that remains to be seen. However, based on all the election promises Trump made, some of the biggest changes Canadians can expect to see materialize in the coming months include: Read more

Richmond brothers win ‘toonie’ design contest for Canada’s 150th anniversary

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Richmond brothers win ‘toonie’ design contest for Canada’s 150th anniversary

Dr. Timothy Hsia learned he was one of the winners of the Royal Canadian Mint’s 2017 circulation coin series design contest from a call at the end of a long work day.

“I thought it was a patient calling and, actually, it turned out to be the Mint,” said Hsia, 32, a family doctor from Richmond, B.C.

“I was so thrilled. (It) couldn’t have been a better way to end that work week.”

Hsia and his brother Stephen, 30, worked on the design together. The public chose the winners.

The Mint revealed the winners to the public on Wednesday. The brothers’ design, which depicts the northern lights, will adorn Canada’s two-dollar coins — the toonie — next spring to celebrate Canada’s 150th anniversary.

Five other designs will adorn coin denominations — from nickels to toonies — during next year’s celebrations.

The unveiling ceremony was at Richmond City Hall where the brothers were awarded a $2,000 cheque, a trip to Ottawa for two in 2017 and the special edition set of coins. Read more

Vancouver Housing Market Report for October 2016

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Vancouver Housing Market Report for October 2016

Vancouver Housing Market Report for October 2016:

Current Vancouver MLS stats indicate an average house price of $1,104,193 and 1,075 new listings in the last 28 days. As of today, Vancouver housing market report data for October 2016  shows median days on market for a home is 19 days.

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Despite drops in sales and prices in Vancouver, a national report has just named the city as the top Canadian real estate market to watch in 2017 and millennials are playing a large part in that.

Emerging Trends in Real Estate 2017 suggests investors are continuing to shift from residential to mixed-use projects that combine housing with retail or commercial.

There are also predictions of more pressure on affordability over the next five years as increases in immigration keep demand for housing high.

The report, which was released jointly by PwC Canada and the Urban Land Institute, also finds Millennials are driving up Vancouver’s very tight rental market, searching for new, higher-quality units, closer to amenities and transit. It points out rental units have been in incredibly short supply for the past five years, adding that an emerging challenge is the lack of amenities from stores to schools in the downtown core.

While, nationally, the report predicts housing prices will drop about one per cent in 2017 with concerns of a bigger pullback in Vancouver and Toronto, it predicts Canada’s overall housing market is poised for a year of stability.

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