09 Jan New Year, New Home: What You Need to Know Before You Buy
This week in nobul news: start 2019 off on a high note – new year, new home; young families are abandoning all hopes of raising their kids in a condo; and borrowing rates are (still) hitting Canadians hard. Read all about the real estate news affecting you.
New year. New home.
Canada’s 2019 housing market is already looking to distance itself from the chaos of its unruly 2018 counterpart. Experts are largely unanimous that the days of rapid house price growth are over in pretty much all Canadian housing markets. The next few years are likely to see slower sales and tepid, if any, price growth. But what does this mean for you? Learn more, plus four other real estate predictions for the new year.
Is the dream of owning a detached home in Canada’s largest cities a thing of the past? More and more modern urban families are not against raising young families in high-rise condominium buildings, but the costs are certainly proving prohibitive. What is the solution to this twenty-first-century, Canadian real estate problem?
Canadians are borrowing at the highest mortgage rates in over 5 years
Canadian real estate buying power is, apparently, taking a hit. According to the Bank of Canada (BOC), recent numbers show that first-time borrowers have been paying the highest mortgage rates in years. Why should you care? The higher the interest rate, the less credit is extended to mortgage borrowers. Just something to think about when you go to sign on the dotted line.