Hello, everyone. Happy Canada Day!
I provide you with Canada’s news headlines for real estate news for today.
Who will win and lose if the central bank raises interest rates?
According to CTV News,
Another month of solid growth for the Canadian economy in April and upbeat survey results from the Bank of Canada have strengthened expectations that the central bank will soon begin increasing interest rates for the first time in seven years.
Higher borrowing costs would have far-reaching implications for average Canadians, rate-sensitive industries and the broader economy.
Here is a breakdown of some potential winners and losers.
Toronto Home Affordability Hits Worst Level On Record
According to HuffPost Canada,
Housing affordability in Greater Toronto hit its worst level on record in the first quarter of 2017, Royal Bank of Canada said in a report issued Thursday. The bank’s affordability index for the city hit 72 per cent — meaning an average household would have to spend 72 per cent of its income to afford an average home.
The detail is here.
Forget buying a house in Toronto: Cottages are the new ownership dream for young people, says report
According to CBC,
With the high cost of real estate in Toronto pricing many first-time homebuyers out of the market, millennials are starting to look outside the city — way outside.
They’re not looking with the intention of buying a home, but rather buying a recreational property like a cottage, cabin or ski chalet.
The detail is here.
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Jethro Seymour, Toronto Real Estate Broker, Looking For Best Leaside Real Estate Listings? Contact Me!
Also published on Medium.
