The Great Canadian Real Estate Continues To Fly Sky High

House prices are coming down like “London Bridge is falling down”?

Dream on …

Housing Bubble or not, all indications suggest no one believes Chicken Little: “The sky is falling!” …

Canadian Real Estate Could Still Get Way More Expensive

Huffington Post Canada – ‎Jul 16, 2016‎
Global comparison puts Canadian home affordability in perspective.
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Aggregate price is appreciating at the fastest pace since 2006, realtor group says 
Canadian Real Estate Association says home sales slipped last month 
Canadian house prices surge: ‘Your home made more than you did last year’ 
Canadian home sales decline further in June 

Is China one of the key factors why the real estate “gravy train” keeps zooming to the Neverland?

China, A Main Source Of Canada’s Foreign Real Estate Investments

HiBusiness (blog) – Jul, 18, 2016
However, proof of such demand is hardly more evident elsewhere than in the amount of foreign real estate investment coming intoCanada from countries such as India, the United Kingdom and in particular, China. This Asian country is no stranger when it …
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Meanwhile, more municipalities are asking for power to go after empty nests …

Victoria asks province to grant it powers to implement vacancy tax

CBC.ca – Jul 18, 2016
Vancouver says it will only apply the tax to homes left vacant for an entire year. City staff in Victoria have been asked to start collecting data on how many properties are vacant and Loveday says Victoria doesn’t know yet if it needs an empty home …
Good thing is Ottawa wants you to know the Liberal government is very “humane”, that MPAC assessments rise just very marginally ie. so is your property tax.
Anyway, what is the ongoing inflation rate like? 9%?

Ottawa MPAC assessments rise just 0.9% a year

CBC.ca – Jul 18, 2016
The new assessed values for 2016 will be used to calculate a property’s taxes from 2017 to 2020. Increases are phased in over four years, which represents only a rise of 0.9 per cent a year, for the average Ottawa home.
Airbnb is the reason why renters are having a hard times? “Blame that bugger” -Pink Floyd

New data shows more than 5000 short-term rentals Vancouver

CBC.ca – Jul 18, 2016
New numbers released by the City of Vancouver show up to 5,000 active short-term rentals in the city with 85 per cent of those on Airbnb.
Meggs calls Vancouver’s 5000 Airbnb-style rental properties ‘worrisome’ 
Vancouver to study impact of Airbnb, similar services 

Meanwhile, it does sound like the real estate business is equally hot south of the border: –

Rate-starved US banks happily gobble mortgage business

Yahoo News – Jul 18,2106
In earnings reports last week, JPMorgan Chase & Co , Wells Fargo & Co and Citigroup Inc said they originated $94 billion worth of new mortgages during the second quarter in their core mortgage operations, an increase of $23 billion, or 31 percent, over …

 

Same belief that a super Housing Bubble has been created … And the same Chicken Little: “The sky is falling!” … No one cares.

As Rates Sink, Housing Bubbles Rise

Wall Street Journal – ‎Jul 16, 2016‎
OTTAWA—Low interest rates around the world are fueling a familiar threat of housing bubbles, and central bankers in a number of key economies feel powerless to stop them

What a Brit newcomer thinks of the Great White North … No worry, it sounds like a positive one. Mostly compliments. Good bloke.

10 Differences I’ve Noticed Between Canada And The UK

Huffington Post Canada – Jul 18, 2016
Even your biggest cities have empty subway carriages and you don’t have to be a multimillionaire to live in a detached house. Coming from a country smaller than British Columbia and with a population almost twice that of the whole of Canada, we can’t …

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