Greater restrictions around short-term rental properties seems inevitable.
A McGill University professor has found some eyebrow-raising numbers regarding short-term rentals in B.C.
…“The report underscores the need for the Province of B.C. to implement a province-wide short-term rental registry and platform accountability measures to save tenants billions in rent and address housing supply, attainability, and affordability,” the study said. Here is a direct video link.
A new report from RATESDOTCA found that Canadians who took a five-year insured $500,000 variable-rate mortgage in the low-interest days of 2021 would be paying $23,579 more in cumulative interests by September 2023 compared to a fixed-rate mortgage option. See Variable rate mortgage holders on the hook for thousands in interest:
The figure represents 63 per cent in added interest compared to fixed rates, while mortgage payments in this scenario climbed nearly $1,000 per month.
Fixed-rate mortgages had been the norm in Canada for years, but as of July 2022, variable-rate mortgages represented 57 per cent of total mortgage quotes in Canada, according to RATESDOTCA.
The rate shock impact is discussed further in the segments below.
James Laird, co-founder and co-CEO of Ratehub.ca, joins BNN Bloomberg to discuss the company’s recent research on the disparities between home prices in Canada and the incomes required to buy a home. Here is a direct video link.
The discussion below covers similar impacts in America, where mortgage rates (30-year fixed) are nearing 8% and new auto loans a record 10%. Meanwhile, delinquencies on the lowest quality “subprime’ auto loans are already higher than during the 2008 financial crisis.
Ted Rossman, Bankrate senior industry analyst, joins ‘The Exchange’ to discuss the rising cost of mortgages, high mortgages cutting homebuyers’ purchasing power, and risks involved in homebuyers’ betting on refinancing. Here’s a direct video link.
Excellent overview of key data in this segment.
Danielle DiMartino Booth, CEO & Chief Strategist of QI Research, returns to Forward Guidance to share her views on the September meeting of the Federal Reserve’s Open Market Committee (FOMC). Filmed on September 20, shortly after Fed Chair Jay Powell’s press conference. Here is a direct video link.
