Canada Real Estate Is Still Very Rosy

Canadians richer than ever, and cutting back on mortgage debt

Debt growth eases

Canadians are getting the message on their ugly debt levels, at the same time as their wealth increases.

Mortgage debt growth slowed: Statistics Canada

Mortgage debt in Canada rose just 0.6 per cent in the first quarter of the year, to $1.1-trillion, marking the slowest pace since the depths of the financial crisis in early 2009, Statistics Canada said.

Canadians’ household debt ratio drops asmortgage borrowing slows to 5-year low …

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Still, we are confused …

Reading Toronto’s real estate market is no easy task

Last week the Canadian Real Estate Association reported that sales across the country rose 5.9 per cent in May compared with April.

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Mirror, mirror on the wall … What’s happening ?

The Magic Mirror says why don’t you buy this baby … ?

This is a 3 bedroom, 2 bathroom house on a 35 x 106 foot lot overlooking the beltline at 271 Chaplin Crescent.

Though I would want to paint all that wood and I can’t figure out how they wash dishes in that sink…

I really like this house.

But considering that it is on a 35 foot lot, it will probably get torn down and replaced with something like the house down the street on the deeper 30 foot lot at 289 Chaplin Crescent.

This house is listed at $1,199,000.

The house at 289 Chaplin Crescent recently sold for $3,350,000.

So for $2 million, you could build a pretty great house!

But, this is also a great house as it is (even if it is a little tired and isn’t exactly big).

There is no way this is going for asking.

I am thinking more like $1,350,000.  Maybe even $1.4.