The cost of owning a home hit its highest level since 1990 in the latest quarter, according to a report released today by RBC Economics.The bank says a long upward trend in house prices driven by a strong economy that has seen growth in the job market is to blame.The affordability study, which measures how […]
New housing prices rise in January: StatsCan
New condo starts lead the charge
Rapidly rising house prices have driven many migrants back to their province of origin
The U.S. got into the current slowdown/recession because consumers took advantage of low interest rates and used their homes as ATMs. Will they make the same mistake again?Already, applications for refinancing mortgages have more than doubled since December because of the sharp decline in U.S. mortgage rates, says Stéfane Marion, assistant chief economist at National […]
Fewer Canadians expect home prices to rise
After a 22% drop in profits last year, Canada’s residential construction industry can expect profitability to decline further in 2008, according to the Conference Board’s Canadian Industrial Outlook: Canada’s Residential Construction Industry – Winter 2008.“With a growing inventory of new homes, declining housing starts and weaker price growth, builders’ profits are expected to shrink over […]
Foreclosures up 57%
Sales slide for sixth month in a row
The “house rich” can monetize their equity — but not without risk or debt