May 31, 2008
CANADA FOLLOWING THE STATES?
Financial Post: Jacqueline Thorpe reports that Garth Turner states that Canada is following the US in sub-prime mortgage lending. Turner states that there is currently a decline in housing sales because prices are now beyond the reach of the average buyer.
Like the US, in order to keep the industry going, mortgage companies will start subprime lending. Turner also stated that the trend is already beginning with the 40 year mortage that has just recently started in Canada. However, Derek Holt, vice-president of Scotia Capital dismisses Turner's claims citing that Canada has a much more rigourous standard than its southern neighbour. Furthermore, demand for living space has always been driven by income and wealth.
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June 27, 2007
Affordability in Manitoba Increases the Demand for Housing
With the average housing prices in Winnipeg at $194,590 according to Multiple Listing Services (MLS), Winnipeg has become the most affordable housing market in Canada. In Calgary, the average house prices is currently at $487,523 and Saskatoon’s average house prices is at $233,917. While house prices have increased, it still remains one of the lowest in Canada.
May of 2007 real estate sales continue to break existing records in MLS. Over 1600 homes has been sold throughout Manitoba compare to the previous record of 1500 homes prior. 55% of all homes were sold above their listed price. According to Statistics Canada, there is an increase in homeownership in the provinces of Alberta, Saskatchewan, and Manitoba. According to Wes Schollenberg, president of the Winnipeg REALTORS Association, the current trend of the market is a reflection of what is happening across the prairies. The average increase of house prices in Edmonton increased by 47.3% last year. Saskatoon increased by 44.1%, and Winnipeg can only follow suit. |
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