IMF warns Canada about hot housing market
April 26th, 2015
The International Monetary Fund, an organization of 188 countries working to serve global financial stability, warned Canada in a report last month that our overheated housing market is hurting our economy. Home prices are up over 60 per cent national wide since 200, while household debt has increased in the past decade to over 150 per cent of annual disposable income.
Much of the increase in Canadian home prices has come from the hot housing markets of Toronto, Vancouver, and Calgary. While the Calgary real estate market will be cooling noticeably now due to sharp drop in oil prices, the Toronto and Vancouver markets are still very strong. The latest Demographic International Housing Affordability Survey, which compares home prices to household incomes, rates Vancouver as the second least affordable housing market in the world. Only Hong Kong has less affordable housing than Vancouver.
If you are planning on selling or purchasing a home please call Zane Patni @ 604-657-1596.
