Category: Uncategorized
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Mortgage pressure not likely to unhouse many homeowners
A new survey reveals that downsizing, upsizing, and relocating are the main reasons homeowners consider selling. Market timing is crucial for achieving desired sale prices, according to 23% of respondents. Financial strain is a less common reason for selling, with only 11% citing unmanageable mortgage payments. Downsizing is the top reason at 37%, followed by…
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Live Large on a Budget: Alberta’s Affordable Cities
A new report has detailed the top four most affordable major cities in Alberta. Red Deer: Ranked 3rd in Canada for affordability (25.7% of income for mortgage), with average home price of ~$393K.
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Alberta Surpasses Record for Home Construction in a Month
Alberta started construction on over 4,100 homes in May, marking a record high for any single month. Alberta achieved the highest number of new home starts in a single month on record.
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$400K Budget? Homebuying in Affordable Alberta Markets
Alberta dominates the list of the 23 most affordable housing markets in Canada in 2024. Avg Home Prices: – Alberta West: ~$462K – Central Alberta: ~$380K
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Alberta Rents on the Rise: Bucking the National Trend
Alberta rents continue to climb despite stabilization in other parts of Canada. In Alberta, the avg listed rent price ↑ 17.5% yearly to sit at $1,787 in May 2024.
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Save on Housing: 2 Alberta Cities!
1. Red Deer in Q1 2024: – House price: $392,900 – Monthly mortgage payment: $2,050v- Household income: $95,900 – Affordability Factor: 25.7%
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Would-be homebuyers are still staying on the sidelines in Canada.
New data from the Canadian Real Estate Association shows a 5.9% decrease in home sales compared to last year. Higher interest rates are expected to limit sales and pressure housing prices. The impact of these rates is still affecting the market, with challenges for both homeowners and new residential construction. Despite speculation of further rate…
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Edmonton: 5th Most Affordable City for Housing in the World
A housing affordability report ranked Edmonton as the world's 5th most affordable major city for Housing. This means Edmonton has a relatively low median home price compared to median household income.
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30 Year Mortgages for First-Time Buyers
In Budget 2024, the federal government will allow up to 30 year mortgages for first-time homebuyers of new builds starting August 1, 2024. This change aims to help younger Canadians enter the housing market by lowering monthly payments. Eligibility criteria include being a first-time homebuyer and purchasing a newly constructed home. The measure will apply…
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Edmonton Boosts Budget for Housing, Infrastructure Renewal
Edmonton's 4-yr capital budget ↑ $263M to $10.4B. The increase is mainly for affordable housing projects and infrastructure renewal.