The majority of Canadians are in debt but nearly half of them are trying to pay off their dues ahead of schedule, according to a survey conducted for a major bank.
The study, commissioned by CIBC, found that 72 per cent of respondents said they held some form of debt such as a mortgage, student loan or credit card.
However, about 49 per cent of those responding to a phone survey conducted for ...
Posted by Sherif Nathoo
on May 28, 2012
If you had to earn a living predicting home prices and could use just one indicator to do it, which would you choose? I asked two top economists that question. Their answer was the same: housing affordability. “Affordability is a key variable. It gives you a lot of information,” says CIBC deputy chief economist Benjamin Tal. “When affordability is good, demand usually ...
Posted by Sherif Nathoo
on May 25, 2012
Toronto builders call it stability but their latest statistics show condominium sales are down 20.2% this year and now prices are falling.
The Building Industry and Land Development Association says there were 7,047 high-rises purchased over the first four months of the year, down from 8,833 for the same period a year earlier. The average high-rise apartment sold for $431,800 in April, off 3.5% ...
Posted by Sherif Nathoo
on May 24, 2012
If there’s one thing that potential house buyers seem to agree on, it’s that if a homeowner lists their house for sale at a given price, and someone is willing to pay that amount or more, the seller had better get out a pen and sign the deal.
In fact, many people are surprised that the seller doesn’t have a legal obligation to do so.
Nothing much gets house hunters more riled ...
Posted by Sherif Nathoo
on May 23, 2012
In an inflated property market, many homeowners may choose to undertake renovations rather than move in order to get more out of their home and limit any potential fall in value in the event the market turns around.
But some improvements may cost more than the value they add to a property, experts say, so it’s important to consider what kind of work to have done. Here are five points to ...
Posted by Sherif Nathoo
on May 22, 2012
Buy now and pay later deals, also known as deferred payment financing, can be used to your advantage, as long as you understand the details and read the fine print.
After moving into our new home, my husband and I decided to buy new bedroom furniture. We went to Leon’s furniture store, where we bought a king-size bed and mattress set, chest of drawers, night stand, and dresser with mirror. ...
Posted by Sherif Nathoo
on May 18, 2012
When I was looking at condos and townhouses last year, I knew getting into the housing market wasn’t going to be easy – especially as a single female who wanted to buy in Vancouver. But it turns out I’m not alone. A recent RBC Home Ownership pollindicated that among Canadians who plan on buying a home within the next two years, women are more likely than men to take the ...
Posted by Sherif Nathoo
on May 17, 2012
Home sales in April gained 0.8 per cent compared with March, boosted by strength in Toronto and Calgary, the Canadian Real Estate Association said Tuesday.
On a year-over-year basis, the association said there were 49,480 homes sold in April, up 11.5 per cent from 44,370 a year ago when sales slowed following a tightening of mortgage lending rules that came into effect in March 2011. ...
Posted by Sherif Nathoo
on May 16, 2012
For most Canadians their home is the biggest investment they'll ever make — but they might be surprised to learn you can use it for more than just sleeping.
People generally don't think of their homes as a potential pile of cash in the bank, but experts say it's something worth pondering now that home prices in Canada may have hit their peak.
In fact, analysts say if finance is ...
Posted by Sherif Nathoo
on May 15, 2012
Toronto could see house prices hit the stratospheric levels of Vancouver’s within a decade unless ways are found to cool demand or boost the supply of single-family homes, says one of the city’s leading housing experts.
Too much concern has focused on Toronto’s condo boom and fears it’s about to go bust when the bigger issue for the city is the “dramatic” ...
Posted by Sherif Nathoo
on May 14, 2012