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Wednesday , 29 March 2017

Monthly Archives: October 2016

White House weighs in on housing shortage, urges removal of local barriers to development

The latest housing market report from the Canadian Real Estate Association noted that the inventory of homes for resale in Toronto and the GTA is at an unprecedented low level. All existing homes for resale would be bought in less than a month at current rates of sales activity in the city, the report claims. The inventory of new homes for sale was also at an all-time low in September, according to the Building Industry and Land Development Association (BILD), with just 1,379 new homes available for purchase. Ten years ago, there were 16,560 homes available. BILD places most of the blame for this shortage on Ontario government policy, namely ... Read More »

CREA warns of cascade effect as first-time buyers may be priced out of housing market

How short is the supply of resale housing in the GTA? At current rates of sales activity, all available housing inventory would be “liquidated” in less than a month. The Canadian Real Estate Association says that this “tight balance” between housing supply and demand in the Toronto area is “without precedent.” In the wider Greater Golden Horseshoe region (Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo-Cambridge, Brantford, Niagara, Barrie and cottage country), inventory stands at between one and two months. In the rest of the country, the number of months of inventory is a more solid 4.7 months, a number that has remained unchanged since April. Prices, of course, tend to rise in such ... Read More »

It’s Cyber Security Awareness Month: some tips for staying safe

The top ten cyber scams in 2015 cost Canadians an estimated $1.2 billion, according to the Ontario Provincial Police. Around 80,000 people become victims of cyber criminals every single day, falling for phishing scams (the most common), money laundering scams (also known as the Nigerian scam), greeting card scams that seem legitimate but infect your computer with malware, lottery scams that require you to pay a small “fee” in order to collect your winnings, extortion scams, romance scams, phoney antivirus scams, ransomware, stolen identity scams involving a hijacked Facebook profile, and various get-rich-quick scams. What’s important to remember is that the scammers are becoming increasingly sophisticated, and it is therefore ... Read More »

National housing markets healthy pending changes to mortgage eligibility rules

Recently announced government measures to rein in Canada’s residential real estate market have not yet had much impact on the way the market has performed, both in terms of sales numbers and prices. The latest Royal LePage House Price Survey shows that nationally, the price of a home in Canada in the third quarter increased 12 per cent compared to one year ago, rising to $545,414, as measured by the Royal LePage National House Price Composite. The price of a two-storey home rose 13.7 per cent to $649,635, and the price of a bungalow increased 11 per cent, to $459,481. The average condominium price rose 5.8 per cent, to $360,679. ... Read More »

Canadians score well for financial literacy, though that’s not saying much

In its first attempt to assess how financially literate the citizens of certain countries are, the Organization for Economic Cooperation and Development (OECD) finds that overall levels of financial literacy are relatively low. Using the three criteria of financial knowledge, financial behaviour, and financial attitudes, the survey of thirty participating countries found that the average score was just 13.2 out of a possible 21. Canada tied for third place with Norway with a score of 14.6, following France (14.9) and Finland (14.8). The report’s premise is that financial education, consumer protection and financial inclusion are essential ingredients for the financial empowerment of individuals and the overall stability of the financial ... Read More »

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