Canada’s big-city mayors want action on affordable housing crisis BY DENE MOORE, THE CANADIAN PRESS Record levels of household debt, soaring living expenses and changing demographics mean big city dwellers can no longer rely on owning a home, said Vancouver’s mayor on Thursday. The mayors of Canada’s largest cities say there is a growing housing […]
BoC: “Toronto condo glut could destabilize economy”
The Bank of Canada is warning that an “abrupt correction” of Toronto’s overheated condo market could quickly spread to the rest of the housing market, threatening the broader economy. The central bank reiterated its concern Thursday about a glut of unsold condominiums, particularly in Toronto, in a twice-yearly review of the health of the financial […]
Bank of Canada thinks the Condo Bubble is very much alive
Bank of Canada warns on Toronto condo market High level of unsold units in the pre-construction phase pose ‘elevated’ risk to economy A high number of unsold units in Toronto’s condo market make the system vulnerable, the Bank of Canada warned Thursday. The Bank of Canada is issuing among its starkest warnings to date about […]
Overvalued homes is no property bubble ?
According to OECD chief, overvalued house prices will not lead to a crash … that’s not how economy works. Now you wonder what will lead to a crash … perhaps real estate bubble is a phenomenon during the Great Depression only ? OECD chief on Canadian housing: It’s not a bubble (just way overvalued) MICHAEL BABAD The […]
Skyrocketing Toronto condo starts could be ‘last hurrah’
Sky-high Toronto condo numbers renew fears of overheated market Toronto’s skyline, known for the towering cranes that drove Ottawa to tame home prices, will soon be dotted with several more. Canada’s biggest city already tops the list for the most high-rises and skyscrapers under construction in North America. It was also Toronto’s frothy condominium market […]
Canada’s housing downturn kills jobs and threatens to shake up real estate commissions ?
Housing slowdown to worsen, cost 150,000 jobs, mortgage group says Canada’s housing market is slowing dramatically in terms of both sales and construction, dragging down economic growth and putting some 150,000 jobs at risk in coming years, a mortgage industry association warns in its spring report. As new home sales slow, jobs disappear The bread […]