August, 2021 RSS Icon
Found 3 entries for August, 2021.

While the housing affordability crisis is top of mind for many Canadians trying to get into the market, the chronic housing shortage that is the source of the problem, has been challenging many urban centres from coast-to-coast for years. 

Canada’s housing affordability crisis affects almost everyone, directly or indirectly. There are positive social and health benefits when housing insecurity is reduced. And, when housing becomes unaffordable for even the middle class, it can be the source of social unrest. Furthermore, the impact of the housing affordability crisis on the economy is significant. For example, the Toronto Board of Trade and WoodGreen Community Services recently found that the city’s housing shortage costs the economy and employers

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Canada’s housing market is facing an affordability crisis affecting everyone from new Canadians, to young professionals with large student loans, to first-time buyers struggling to get on the ladder. But of those young Canadians fortunate enough to enter the housing market, whether on their own or with financial help from parents or relatives, a significant number of them have decided to invest in multiple properties, likely hoping to take advantage of growth potential in the country’s housing market. 

“Young buyers are looking to capitalize on the real estate market by investing in a property that will appreciate over time,” said Karen Millar, sales representative, Royal LePage Signature Realty. “I have many younger clients who have purchased

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In a hot seller’s market with low inventory and house prices rising in many regions in Canada, many homebuyers are paying over the asking price. 

For example, a Bank of Canada report in April notes that roughly two-thirds of homes in the Greater Toronto Area were selling for more than the listing price in February of this year.

Whether these buyers found the perfect home and are willing to pay the elevated price, they believe the home is undervalued, or they just want to buy now before prices rise further, homebuyers need to consider the impact this will have on them if they are financing the purchase.

How does paying over asking impact financing?

Homebuyers that pay over asking may find it difficult to secure the full amount of the

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