Hello, everyone.
I provide you with Canada’s news headlines for real estate news for today.
Calgary’s millennials own more real estate than those elsewhere in Canada, Royal Lepage survey suggests
According to CBC News,
Calgary millennials own more real estate than their generational counterparts, but new mortgage rules could change all that.
That’s the findings of a new survey done by Royal Lepage that shows Calgary’s younger population owns more real estate than others of the same age elsewhere in Canada.
The detail is here.
Pattie Lovett-Reid: Why home prices have continued to climb
According to BNN,
Across the country in major urban areas, Calgary saw the greatest increase in mortgage-borrowing power at (161 per cent), more than Vancouver (118 per cent), Montreal (115 per cent) and Toronto (100 per cent).
In simple terms, the Fraser Institute highlights this increase in borrowing power means that an average Canadian family, dedicating the same share of their income to monthly mortgage payments, can afford a mortgage that’s more than twice as big now as it would have been in 2000.
Given the low interest rates and rising income levels, homeowners have been able to bid up the price of homes — and with limited inventory, home prices have escalated.
The detail is here.
Calgary landlords converting office spaces for residential use
According to The Globe and Mail,
Artis, one of the largest real estate investment trusts in Canada, is preparing to repurpose four of its downtown Calgary offices into residential buildings. The company, founded in 2003, also plans to reclassify a surplus office land site near Stampede Station to accommodate a 300-unit multifamily development.
The detail is here.
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Also published on Medium.
