Realtor sees ‘troubling’ downturn in Toronto housing as sales drop 44%. New numbers suggest the rapid decline in Toronto home sales is accelerating. Here is a direct video link.
As we wrote on Monday, because income gains have not kept pace with escalating costs, Canadians have been refinancing to delay bankruptcy.
Canada’s federal housing agency says the average scheduled monthly mortgage payment for new loans climbed to $1,328 in the fourth quarter of 2016, up 4.6 per cent from $1,269 a year ago. Here is a direct video link.
As pointed out by betterdwelling.com, boasting the most expensive real estate in Canada, BC also has one of the lowest median incomes in the country. Even in its largest, wealthiest city, income has only moved up 10% while Vancouver’s home prices have risen 172% in the last 15 years.
Also see: Chinese Media is now warning that Canada’s housing crash will be worse than the US in 2008. With China itself in the midst of the biggest debt bubble in history, perhaps it takes one to know one.