Victoria’s largest source of tax revenue is inefficient, constrains property investment and will need replacing with support from the federal government, an inquiry has been told. The Legislative Council’s Economy and Infrastructure Committee is examining land transfer duty fees, known as stamp duty, which is tax paid by a purchaser on a property. Victorian Treasury…
Some Young Canadians Are Downsizing Their Homes to Cut Back on Their Expenses
Last month, Chelsea Hunt and her husband concluded that the cost of living had skyrocketed to a point where they could no longer afford to stay in their apartment and needed to move. “We were living paycheque to paycheque,” the 26-year-old said. “We were having to borrow money from one of our parents at different…
Surging Mortgage Rates Could Drive Home Prices Down 20 Percent: Dallas Fed
November 17, 2022
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Surging mortgage rates are now threatening to drive U.S. home prices down as much as 20 percent, according to a new study. Many prospective buyers have been pushed out of the market due to rising home prices and higher mortgage rates. The sharp rise in mortgage rates this year “boost the odds of a severe…
Toronto’s House Prices Will Continue to Fall, but Not at the Speed Seen This Spring: RBC Report
Despite soaring interest rates that have dampened Toronto’s housing market in recent months, a new RBC report says the slide in activity “seems to be stabilizing.” “The last four months have been very quiet but the sharp declining trend seems to be stabilizing,” said Robert Hogue, assistant chief economist at RBC, in his Nov. 7…
Trudeau Says Government Must Be ‘Careful’ Not to Accelerate Inflation
Prime Minister Justin Trudeau said today the federal government must be “careful” moving forward not to implement programs and policies that will accelerate already-spiking inflation rates. At a press conference in Ottawa, Trudeau said the government would “do what is necessary to support vulnerable Canadians as we move forward, taking into account inflation.” “But also…
Housing Prices Could Fall by 20 Percent in 183 Cities Across US: Study
According to a new study published in Fortune, if the U.S. economy falls deeper into a recession, housing prices could dip by as much as 20 percent in 183 cities nationwide. The data from Moody’s analytics reveal that 183 of the 413 top housing markets are “overvalued” by more than 25 percent. If the slump in the housing…
3 Reasons Not to Tap Your Home Equity Right Now
August 24, 2022
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Soaring real estate values mean many homeowners are awash in equity—the difference between what they owe and what their homes are worth. The average-priced home is up 42 percent since the start of the pandemic, and the average homeowner with a mortgage can now tap over $207,000 in equity, according to Black Knight Inc., a…
The Start of the 2022 Housing Crash
Empty homes have started to pile up across the country. Inventory is surging, along with price cuts in cities least expected. Counties where there has been a large influx of buyers—such as in Tampa, Fla.; Dallas, Tex.; and Phoenix, Ariz.—are now seeing a large influx in inventory. The housing market is in bubble territory due…
Top US Housing Bubbles
Many cities are experiencing housing bubbles. Some reasons include pent-up buying left over from the pandemic, or people who are nesting more since they are working remotely. In addition, many people are using real estate as a hedge against inflation. And some are just following jobs and lower state taxes. When choosing your next home, it’s…
Chinese Cities Push Collective Buying of Homes Amid Shrinking Government Income
Since June, at least nine Chinese cities have been reportedly encouraging residents, including government employees, to “group buy” designated properties in an effort to boost local property sales. Group buying, also known as collective buying, offers products and services at significantly reduced prices on the condition that a minimum number of buyers make the purchase….
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