Reading List - April 2022
Vancouver to hike empty homes tax to 5% in 2023
https://globalnews.ca/news/8792837/empty-homes-tax-vancouver-increase/
Vancouver city council voted unanimously Wednesday to approve increasing the city’s Empty Homes Tax from three per cent to five per cent for the 2023 reference year.
Canadian Real Estate Buyers Are Facing The Highest Mortgage Rates In A Decade
Five Year yields are important to real estate, influencing one of the key mortgage rates. As a result, Canadians should expect to pay the highest mortgage interest in a decade — and these rates are just getting started.
Mortgage rate trap is making the housing market worse
https://money.yahoo.com/mortgage-rate-trap-housing-market-203108693.html
“Existing homeowners have a disincentive to sell because every dollar borrowed costs more,” Mark Fleming, chief economist at First American Financial Corporation, told Yahoo Money. “The financially rational decision is not to sell.”
Bank of Canada lifts rates, promises more hikes to fight inflation
The Bank of Canada last hiked by 50 basis points (bps) in May 2000.
Vancouver rental prices have increased 30% in just one year
https://dailyhive.com/vancouver/vancouver-rental-prices-30-increase-one-year
The data is from Rentals.ca’s latest National Rent Report, which found Vancouver not only had the highest average rental price in the whole country at $2,925 but also posted the greatest year-over-year increase.
Priced out of Ontario, homebuyers turn their eyes to the Calgary real estate market
https://globalnews.ca/news/8771540/ontario-homebuyers-looking-west/
As Ontario’s sizzling real estate market puts home ownership out of reach for many Canadians, a growing number of prospective buyers are looking west in hopes of achieving their white-picket-fence dreams.