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Surging real estate wealth is a golden opportunity for some to accelerate retirement plans Surging real estate wealth is a golden opportunity for some to accelerate retirement plans This report by Jason Heath, The Financial Post  Surging real estate wealth is a golden opportunity for some to accelerate retirement plans | Financial Post   Some British Columbia and Ontario residents could do downsizes of $1 million or more and live in comparable homes   Real estate prices across the country have been on a tear with MLS Home Price Index benchmark prices up nationally by 13.9 per cent year over year in September, according to the Canadian Real Estate Association (CREA). Vancouver Island, Chilliwack, New Brunswick, Moncton and 17 Ontario real estate boards, including Toronto, saw one-year price increases of more than 30 per cent. There were 15 Ontario real estate boards with price increases of more than 100 per cent over the past five years, with Bancroft taking the prize with a 164.5 per cent price difference from five years ago. For those in position to capitalize, the increase…

One million new homes needed in Ontario in next 10 years to end 'cruel game of musical chairs' One million new homes needed in Ontario in next 10 years to end 'cruel game of musical chairs' This report by Stephanie Hughes, The Financial Post  One million new homes needed in Ontario in next 10 years to end 'cruel game of musical chairs' | Financial Post   With Ontario’s population growing rapidly, one policy think tank argues that Canada’s most populous province will need about one million new homes over the next 10 years. Ottawa-based Smart Prosperity Institute and Ontario Home Builder’s Association arrived at the near-million home figure after exploring how many homes and what types of homes would be needed to reach the needs of the anticipated 2.27 million more people who will reside in the province over the next 10 years, according to the Ontario Ministry of Finance. The report determined that 910,000 homes will be needed for new families, 65,000 units will address current supply gaps in the market, and 25,000 would provide a cushion for any other unexpected…

Parents gave their adult kids more than $10-billion to buy houses in the past year Parents gave their adult kids more than $10-billion to buy houses in the past year This report by ROB CARRICK, The Globe and Mail Parents gave their adult kids more than $10-billion to buy houses in the past year - The Globe and Mail  The Canadian housing market’s secret sauce is parents helping first-time buyers with down payments. According to a report due to be issued Monday by CIBC Economics, parents gave their kids just more than $10-billion in down-payment help over the past year, which was 10 per cent of total down payments over that period. Just less than 30 per cent of first-time buyers got this help, which averaged $82,000. The CIBC report is one of the first attempts to dig into the impact that parental gifts are having on a housing market where prices have surged higher for more than a decade. Low interest rates, immigration and a pathological drive to own homes have mostly fuelled the housing market. Parental money is a final ingredient – the secret sauce. “Given the…

Canadians are on a home reno tear — and they're taking out more loans to pay for it Canadians are on a home reno tear — and they're taking out more loans to pay for it. Consumer lender says hot housing market helping spur renovation spending party. This report by Victoria Wells, Financial Post Posthaste: Canadians are on a home reno tear — and they're taking out more loans to pay for it | Financial Post When it comes to spending on home renovations, Canadians don’t appear to be slowing down, and many are taking on loans to finance projects, according to data from one consumer lender. Simply Group says loan applications for home improvements grew 30 per cent in the second quarter of 2021 compared to the first, when large swathes of the economy were still under lockdown restrictions. Once reopening was fully underway in the summer months, the appetite for renos still didn’t fade. Canadians jumped right into summer improvement projects. Simply Group says through August 2021, the lender saw a 15 per cent rise in loan applications compared to July. And from…

The great real estate cool-down has come The great real estate cool-down has come This report by Danny Sinopoli, Special to National Post The great real estate cool-down has come | Windsor Star During the first week of August, a home seller in Hamilton received a purchase offer amounting to $100,000 above the asking price. But rather than thank the real estate gods for their munificence, the Steeltown homeowner rejected the bid, convinced that a better one was just around the corner. It was the latest instance, says Rob Golfi, the realtor whose office attempted to broker the deal, of how inflated expectations in still-hot-but-cooling Canadian markets such as the GTA are causing home sellers to miss out on otherwise profitable exchanges. As Golfi recalled the Hamilton case in an interview recently, the property in question remained unsold. “Many [sellers] are realizing weeks later that they botched a great offer and regret becoming overly confident and unsatisfied with the offers they declined,” says Golfi, whose firm, RE/MAX…

Build, build, build' — but be smart, Windsor forum on housing to urge Build, build, build' — but be smart, Windsor forum on housing to urge This report by Doug Schmidt at The Windsor Star was first published July 27, 2021 'Build, build, build' — but be smart, Windsor forum on housing to urge | Windsor Star     For years and years, Windsor’s planners and policy makers had to focus their attention on negotiating blight, population loss, the hollowing out of the city’s urban core and emptying neighbourhoods. That’s all changed. Even in the midst of the worst global pandemic in a century, Windsor’s housing prices were skyrocketing and new construction start announcements continued at a brisk pace. With the end of the COVID-19 nightmare barely in sight, the City of Windsor is already experiencing unprecedented growth. It should be good news, but other challenges are now emerging — including a looming housing affordability crisis — and some are calling for a fundamental reevaluation of the pathway forward. “Housing is a critical…

CMHC changes underwriting practices on mortgage loan insurance CMHC changes underwriting practices on mortgage loan insurance This report by The Canadian Press was first published July 5, 2021   CMHC changes underwriting practices on mortgage loan insurance | CTV News Source: A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS/Jonathan Hayward OTTAWA -- Canada Mortgage and Housing Corp. is easing its underwriting criteria for mortgage loan insurance after changes it made last year were not effective and caused it to lose market share. The federal housing agency said Monday that it returned to considering a gross debt service ratio of up to 39 per cent and a total debt service ratio of up to 44 per cent for borrowers who have a strong history of managing payment obligations. Gross debt service refers to the maximum amount of gross annual income that can be used for home-related expenses like mortgages, heat or condo fees, while total debt service is calculated when these expenses are combined with monthly…

Walkerville listed among "coolest neighbourhoods" in North America Walkerville listed among "coolest neighbourhoods" in North America Mary Caton The Windsor Star Source: Walkerville listed among "coolest neighbourhoods" in North America | Windsor Star Maybe they should rename it Coolville. A travel photo gallery published Friday by www.msn.com included Walkerville among the 41 “coolest neighbourhoods in North America. “Low crime rate, great schools, accessibility to medical services, and pride of ownership are some of the characteristics that make a neighbourhood great,” the website article said. “But what makes a neighbourhood cool? The following neighbourhoods all have a few things in common, including: good food, plenty of arts and culture, a vibrant nightlife scene and, perhaps most importantly, a distinct lifestyle.” Featuring a photo of Willistead Manor, the article noted the area was “famous for its connection with entrepreneur Hiram Walker, founder of Canadian Club whisky. It certainly can give us a boost. It…

Know Your City! #YQG Know Your City! #YQG Amanda Slatford, LC Platinum Realty Inc. Source: https://stayrcc.com/windsor/attractions/ If you live in Windsor-Essex County, there is a good chance you know some of the local staples. From Colosantis, in the county, to the Windsor Sculpture Park along the Detroit River. The variety of attractions in the #YQG is beyond what many people may first expect when coming to the area. Sure, we have the Casino and the Detroit Skyline… but what about the things you can find in your very own neighbourhoods? Let’s check out what the local areas of Windsor-Essex have to offer! Downtown Windsor Source: https://blog.remax.ca/how-did-windsor-become-the-hottest-housing-market-in-canada/ The Heart of Windsor is Downtown. From Caesars Casino to Ouellette Avenue, the downtown nightlife has much to offer. A variety of restaurants, bars and nightclubs are just some of the reasons to venture Downtown. You will also find one of the ports of entry to the United States in Downtown Windsor.…

These are the most affordable cities in Ontario to buy a house! These are the most affordable cities in Ontario to buy a house Sean Davidson Multi-Platform Writer, CTV News Toronto Published Thursday, May 6, 2021 2:46PM EDT TORONTO -- The most affordable cities in Ontario to buy a home have been revealed. Zolo, an independent real estate marketplace, determined the most affordable cities using a variety of factors, including average income, unemployment rate, and population growth.  From there, each city was given a total score out of 100. The list was broken down into the most affordable in large, medium and small-sized cities.  It will come to almost no one’s surprise that not a single city in the Greater Toronto Area made the list.  So which did? According to Zolo, Windsor tops the list as the most affordable large-sized city in the province.  The average home price in that city is $534,000 while the median household income is $82,840. That makes the home price to income ratio 6.45. The home price to income ratio means it would take the average…

So, you sold your house? What comes next isn't always smooth sailing So, you sold your house? What comes next isn't always smooth sailing From sales falling through to struggling to find your next home — here's what some sellers are facing Katerina Georgieva · CBC News Source: https://www.cbc.ca/news/canada/windsor/sold-your-house-what-comes-next-1.6004632?fbclid=IwAR0PFvCpmX099-35s-0NXGDPvrEumVZr_nUKZ5leBedzIlkFJ7FDeYUdQOo Michael Margaritis sold his home for a huge profit, but securing a home afterwards was still a tedious process. (Katerina Georgieva/CBC) Michael Margaritis just sold his 4.5 acre Oldcastle property for $1.35 million. But soon he and his family were in a race against time to purchase a new home.   "I was a rich man without a house," he said.  He said the selling part was easy, but what followed was a struggle. Margaritis had gone from a seller cashing in on a hot housing market, to becoming a buyer trying to buy a home in that same market. It's a tough transition that many sellers are facing, with home…

Forget Pent-Up Demand, Let’s Talk About Pent-Up Housing Supply Source: https://www.creacafe.ca/forget-pent-up-demand-lets-talk-about-pent-up-housing-supply/ By The Numbers Shaun Cathcart/April 21, 2021 Forget Pent-Up Demand, Let’s Talk About Pent-Up Housing Supply On Thursday, April 15, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of March. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members. As everyone already knows, home sales have been setting major records since last summer. In previous posts I’ve said the market wouldn’t be able to keep that up at the busy time of year absent a big increase in new listings—the only stat that hasn’t been setting records recently. Well, they did, and it did! The 76,259 residential properties that traded hands via Canadian MLS® Systems in March 2021 was the highest level of any month ever—and by quite a margin—almost 14,000 sales…