Thursday, July 29

housing market

Economy, home price inflation, Home Prices, Homebuyers, Homebuying, Housing, Housing Affordability, housing market, Markets, Real Estate, US housing boom, US Housing Crisis, us housing market

Wait until 2022 to buy a house, economists say

Prospective homebuyers will face low supply and high prices for at least another year. The US doesn't have enough homes to meet demand, and builders are struggling to keep up. Economists see price growth cooling in 2022, but only if construction picks up and demand holds steady. LoadingSomething is loading. ...
Apartment List, apartment rentals, Economy, housing market, inflation, inflation gauge, inflation outlook, Markets, Real Estate, rent inflation, Rent prices, shelter inflation, US housing boom, US Housing Crisis, us housing market

Your rents are going to keep going up

Rent prices soared 9.2% in the first half of 2021, tripling the average pace and exceeding the pre-crisis trend. Shelter inflation is set to keep climbing as millennial demand booms, analyst Logan Mohtashami said. That upswing risks turning higher inflation permanent, as rent prices are tougher to rein in. LoadingSomething is loading. ...
Case-Shiller, Economy, Home Price, home price inflation, Home Prices, housing market, Markets, Real Estate, S&P CoreLogic Case-Shiller home price index, US housing boom, US Housing Crisis, us housing market

House prices rose in April at the fastest rate on record

Home prices soared 14.6% year-over-year in April as the nationwide supply shortage intensified. The jump is the largest since the S&P CoreLogic Case-Shiller index began tracking data in 1987. Home prices have surged through 2021 as builders struggle to catch up with unprecedented demand. LoadingSomething is loading. ...
Biden economic plan, Biden stimulus, economic outlook, Economic Recovery, Economy, Features, Government Spending, housing market, Labor Market, Markets, Remote Work, Stimulus, US housing boom, US Housing Crisis, us housing market

3 fundamental changes from the pandemic economy that could become permanent

Some elements of the pandemic-era economy are likely to stick around well after the recovery. Experts warned the post-crisis economy would be different, and now it's becoming clear how. From remote work to a red-hot housing market, 4 fundamental shifts could be permanent. See more stories on Insider's business page. The post-pandemic economy is taking shape.Fifteen months after the US first plunged into lockdown, the economy is well on its way to a complete reopening. Spending is up, businesses are rehiring, and Americans are — slowly — returning to work. Economists largely agree that economic output will grow at the fastest rate s...
Economy, housing market, Mortgages, Real Estate

Canadians piling on mortgage debt at dizzying pace amid housing boom

Breadcrumb Trail Links Real Estate News Mortgages Economy Household mortgage debt grew by 1 per cent in April to $1.69 trillion, the fastest pace in more than a decade Author of the article: Bloomberg News Shelly Hagan Publishing date: Jun 18, 2021 • 7 minutes ago • 1 minute read • 9 Comments The average sale price for a home in Canada has surged 38 per cent to $688,208 over the past year. Photo by Peter J. Thompson/National Post files Article content Canadians are piling on debt to purchase property at the fastest pace in more than a decade amid a pandemic-driven housing boom. Household mortgage debt grew by 1 per cent in April to $1.69 trillion (US$1.4 trillion), Statistics Canada reported Friday in Ottawa. That's the fastest pace since 2010....
condominiums, condos, housing market, Real Estate, Toronto

Toronto condo prices surge — but so do listings, signalling weakness on the horizon

Article content continuedWhen inventory begins to widely outpace sales, as was the case here, it signals a weakening market as supply is outstripping demand. The Financial Post reported last week that micro condos — units under 500 sq. ft. — had already entered a buyer's market because of how much supply had already outweighed demand.The shift, according to TRREB chief market analyst Jason Mercer, is being led by investors who are putting units up for sale on the market en masse."There may be some uncertainty over the economy and you've seen strong appreciation in the value of your asset on paper over time so you might say now may be the time to realize that appreciation in real terms," ​​said Mercer.Both the traditional rental and short-term rental markets in Toronto are struggling in ...
Canadian Economy, Economy, housing market, Mortgages, Real Estate

Toronto condo dwellers flock to exurbs, creating domino effect across Southern Ontario real estate

Article content continuedA home has to be an office, maybe two offices, a classroom, a gym — much more than they were beforeConrad Zurini, broker"This is what's happening: People are looking for more space," he said. "A home has to be an office, maybe two offices, a classroom, a gym. These homes have become much more than they were before."Zurini said millennials make up the majority of those leaving Toronto for Hamilton. There, the average house price sat at $662,257 as of the end of the August, according to the Realtors Association of Hamilton-Burlington. The additional interest from Toronto has turned it into one of the hottest markets in Ontario.Danielle Grant, a sales representative for Hamilton-based Ambitious Realty Advisors describes an environment where buyers must be willing t...
cmhc, housing market, Mortgages, Real Estate

Toronto and Vancouver now joined by two more Canadian cities with’overvalued’ homes

Article content continuedOil price woes exacerbated by the pandemic subdued housing markets in Edmonton and Calgary. Photo by David Bloom/Postmedia News filesThe economist stood by the agency's previous forecast that average house prices could decline by up to 18 per cent, noting they had nearly touched a 12 per cent drop in April and that many risks from the pandemic and other factors remained, although prices have rebounded since . "I don't think we're out of the woods, yet," he said.High household debt, a jump in deferred mortgages, the temporary nature of increased disposable income from federal programs to alleviate pandemic job losses and the pandemic's impact to delay long-term decisions are all weighing on the market, Dugan said."I'm not convinced we have sustainable basis for h...
Haider-Moranis Bulletin, housing market, Mortgages, Real Estate

Canadian housing showing strength, but not all markets are firing equally

Article content continuedAnother sign of trouble was recently revealed by Canada Mortgage and Housing Corp. (CMHC), which reported higher mortgage deferral rates in resource-extraction economies. Deferral rates were 21 per cent in Alberta, and 14.8 per cent in both Saskatchewan and Newfoundland, compared to 10.1 per cent in Ontario and 5.6 per cent in Quebec.The largest price increases over five years were recorded in smaller towns within the commuter shed of more populous markets. For example, benchmarked five-year prices in July increased by 88.5 per cent in the Niagara Region and 66 per cent in the Hamilton-Burlington area near Toronto. Similarly, prices were up by 75 per cent in Fraser Valley near Greater Vancouver.The accelerated price increases in the satellite towns near large ur...