Foreign buyer taxes and recreational property prices up significantly.
Toronto condo prices down $20K.
Bank of Canada deputy governor Toni Gravelle cautioned that “it’s too early to be definitive” about how well Canadian mortgage holders are faring with the expiry of COVID-19 payment-deferral programs, even as the data show that the heavily indebted household sector has weathered the pandemic remarkably well so far.
Strong homebuilding activity in North America will mean tight wood supply and demand for several more years, according to the top executive of the world’s largest lumber producer.
Home prices have spiked in resort towns, cottage country and tourist areas across most of Canada, as the pandemic’s work from home trend pushes buyers to escape the city for nature and more space.
Mortgage investors will carry unpleasant memories of this year’s surging prepayment speeds, yet as the calendar flips there appears little chance of near-term relief.
The work-from-home trend continues to increase property sales and prices outside the core areas of Toronto and Vancouver, while depressing downtown condo prices as buyers seek bigger spaces.
In Vancouver, which has Canada’s most expensive real estate, home sales slid 17% on an unadjusted basis compared with a month earlier, the Real Estate Board of Greater Vancouver said Wednesday. Prices were more or less flat in both cities compared with October.
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