Residential Market Update from First Financial← Back to Blog
Toronto has recently joined Vancouver in the Million Dollar Club regarding real estate. This has brought some stress down on Ottawa and what they plan on doing about their 2012 policy of not providing CMHC (Canada Mortgage and Housing Corp.) coverage for houses at these skyrocketing prices.
Even through the pressure, the chances of Ottawa changing their policy is slim as a newly revealed confidential report to the Finance Department shows that CMHC continues to be concerned about the high level of debt to income in Canadian homes. They're also continuing their efforts to limit "taxpayer" exposure to the risks of a real estate collapse.
With the exclusion of Vancouver and Toronto, the average price for a home in Canada was recorded at $312,000 in January. As soon as real estate in Toronto and Vancouver get taken into the equasion, the average price rises to $401,000- increasing the costs by $89,000.
Real estate in Vancouver continues to break records, and is speculated to escalate to the ghastly average of $2.1 Million by the year 2030, compared $1.3 Million average in 2014.
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