MovingInCanada.com - Recent News Stories
Here are the most recent news stories posted for MovingInCanada.com:
Housing Start up in January 2016
Canada: Canadian housing starts rose a further 0.5% in January to a seasonally adjusted annual rate of 207,408, Canada Mortgage and Housing Corporation reported Wednesday, with data continuing to show a divergence between British Columbia and Ontario, where two of Canada's largest and most expensive markets are locat
4 of Top 5 North American cities for quality of life are in Canada
Canada: Canadian cities have the best North America offers, according to Mercer's annual comparison of the quality of life of 430 locations around the world. In fact, Vancouver, Toronto and Ottawa finished ahead of all 17 American and 41 Asian cities ranked by Mercer.
Foreign home buyers: How other countries limit money from abroad
BC/ON: It was revealed this week that the Canada Mortgage and Housing Corporation is trying to keep tabs on foreign money in Canada's residential real estate market. The national housing agency has come under fire in recent years for a conspicuous lack of reliable data about the money coming from abroad and how it may be contributing to soaring home prices in cities like Vancouver and Toronto.
CMHC revs up search for foreign flows into soaring housing markets
Canada: Canada’s housing agency, looking for new methods to track foreign ownership in the country’s soaring real estate markets, may tap money laundering police and classify international university students as foreign buyers, according to internal documents.
Crooked mortgage Industry Participants: More Perspective
Canada: It’s been a tough nine months in the press for mortgage brokers. Off the top of my head, I can think of four headline stories of broker fraud in the major media, including one of the whoppers of all time, the Home Trust fiasco.
Alberta Oilpatch: A Growing Minefield
Canada: As crude began a precipitous decline, putting oil-town Fort McMurray, Alberta, on the brink of depression, and homes there have lost one-fifth of their value. One of the most concerning alarm bells is Alberta’s surging unemployment rate, a historical precursor to defaults.
Pricey Canadian housing market to lift economic growth this year: Reuters poll
Canada: Canada's housing market will be a net contributor to economic growth in the coming year, impelled by rising prices, but become a drag soon after due to a slowdown in buying and high levels of household debt, a Reuters poll found
Royal LePage forecasting 3% decline in Calgary house prices in 2016
AB: Calgary home prices remained stable during the fourth quarter of 2015 and will experience only a small decline this year despite the city’s challenged economy, Royal LePage said in a local market outlook released Wednesday.
Expectations of Bank of Canada rate cut grow
Canada: The odds that the Bank of Canada will lower its key interest rate next week are rising as some of the country's big banks join the growing chorus predicting a cut. The Bank of Montreal updated its forecast Thursday to predict the central bank will cut its key interest rate next Wednesday when it releases its updated forecast for the economy.
Canada housing starts slow in December
Canada: The pace of home starts fell 18 percent in December, the biggest one-month drop in three years, as developers put a chill on new Toronto condominium developments during the month, Ottawa-based Canada Mortgage & Housing Corp. said Monday. The drop in December capped what was largely a strong year for the industry, with housing starts reaching their highest levels since 2012. Those gains were driven by a surge in Toronto condo construction that has even raised concerns developers in Canada’s biggest city may be overbuilding.
Housing market risk 'high' in Toronto, Winnipeg and Regina, CMHC says
ON,MB, SK: Housing market risk 'high' in Toronto, Winnipeg and Regina, CMHC says. The housing agency looks at market conditions in 15 major housing markets across the country. While most markets get a low or moderate risk in the CMHC's eyes, the agency singled out Regina, Winnipeg and Toronto for being in a possible danger zone.
Windsor ranks among top three Canadian cities for real estate investors
Canada: A new report calls Windsor the third best city in Canada for real estate investment returns — topping Toronto and Vancouver. Analysts at SpendTree, a Canadian start-up company, looked at residential investment returns for 34 Canadian markets between 2010 and 2015, considering both home appreciation and income potential from renting.
Fed chair Yellen tells Canadian homeowners to watch out: Don Pittis
Canada: The financial analysts think they have it figured out. After listening to U.S. Federal Reserve chair Janet Yellen's speech and her wily answers to questions from reporters, the consensus seems to be that a rate rise is coming later this year — the first one probably in September
Canada's housing boom sparks spinoff mini-booms
Canada: Canada’s housing boom is rippling through to related sectors, from renovations to gardening. As The Globe and Mail’s Tamsin McMahon reports, the latest statistics show home sales climbing in May to their highest in about five years, and average resale prices rising by more than 8 per cent over the course of a year.
Low vacancy and low interest rates drive multi-family housing starts in Kelowna
Canada: Demand for new homes in the Kelowna area continues to be strong, especially for multi-family dwellings such as townhouses and condo units. According to the Canada Mortgage and Housing Corporation’s spring 2015 outlook, the combination of a low vacancy rate and low interest rates is driving this year’s housing starts
Canada housing agency softens outlook for starts for 2015, 2016
Canada: Canada's federal housing agency on Monday gave a cooler outlook for housing starts this year and next, saying that lower oil prices are contributing to differences across the country's regional markets.
Canada faces looming housing crisis as one in five renters forced to pay 50% of income on home
Canada: The study says the long, steady decline in federal subsidies for social housing has left provinces, territories and municipalities struggling against market forces that are making it increasingly difficult for low- and modest-income renters.
Fitch warns on Canada’s condo market
ON: Ontario’s housing market is overvalued by about 25 per cent, a dangerous level that threatens not only home price growth in the province, but the overall Canadian economy, says a new report from New York-based Fitch ratings agency.
Regina, Winnipeg housing markets high risk, CMHC says
Canada: CMHC says Canada's housing market is modestly overvalued, and says the high-risk cities are not the overheated markets of Vancouver and Toronto, but the more unlikely candidates of Regina and Winnipeg. In Regina, the inventory of completed and unsold units, particularly condos, is at a record high, the housing agency said.
Canadian housing starts rebound more than expected in March
Canada: The report from the Canadian Mortgage and Housing Corp showed the seasonally adjusted annualized rate of housing starts rose to 189,708 units last month from a downwardly revised 151,238 units in February. This exceeded the 175,000 that economists had expected
Canada household debt ratio hits new record of 163.3%
Canada: Cuts to the Bank of Canada overnight lending rate appear to be the driver behind consumers ratcheting up their debt, which Statistics Canada said Thursday reached record levels in the four quarter of 2014.
Canadian housing starts fall sharply in February
Canada: report from the Canadian Mortgage and Housing Corp (CMHC) showed the seasonally adjusted annualized rate of housing starts fell to 156,276 units last month from a downwardly revised 187,025 in January. That fell short of the 180,000 economists had expected.
Canada housing agency sees moderation in housing starts in 2015
Canada: Canada's federal housing agency softened its forecast for housing starts in 2015, saying it expects the pace of new home construction to gradually moderate in the coming years.
Canadian banks on brink of mortgage price war
Canada: Canada’s major banks are heading into a renewed mortgage price war in the wake of the Bank of Canada’s surprise decision to cut interest rates.
Canada Housing Starts Slow to Weakest Since March Amid Oil Rout
Canada: Builders began construction on the lowest number of homes in Canada in 10 months amid a collapse in crude prices.
Condo overbuilding in Canada
Canada: I’m not at all surprised that our government-backed housing agency—the Canada Mortgage and Housing Corporation—is warning condo builders to sell more of their current inventory before building more condos.
Condos made up more than a third of Canadian housing starts
Canada: Condominiums accounted for more than one-third of all Canadian housing starts last year, and more than half of the total in several of the country's biggest cities, the Canada Mortgage and Housing Corp. says.
Housing starts fell 7% to just 183.6K in October
Canada: Housing starts fell 7% to just 183.6K in October, the lowest since March. The decrease in starts was felt in both rural (-6.8%) and urban areas (-7%).
Housing sales dip in January
Canada: Click link for map of average home prices by community. Sales of existing homes declined in January as compared with the previous month, according to Canadian Real Estate Association data. The national average price climbed registered at $401,143.
Average Canadian house price hit $401K in January, up 3.1% in past year
Canada: If hot markets in Toronto and Vancouver are stripped out of the calculation, house prices have actually dropped in the past year, with the average price outside those two cities now $312,280, a decline of 0.3 per cent.
After 86 years, Williams Moving and Storage files for bankruptcy
AB/BC: After being in business for 86 years, Williams Moving and Storage has filed for bankruptcy. Unifor Local 114, which represents the employees in B.C. and Alberta, says both union and non-union workers will likely be shorted their last pay cheques and all accumulated banked hours, such as vacation pay, will not be paid out. NOTE: Williams Moving & Storage (Cranbrook) Ltd., which includes Cranbrook and Lethbridge branches, is not affected by this news. They remain open and operating.
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