Here’s a daily helping of fresh Canadian mortgage news (the italics are the Spy’s 2 cents).
Reader note: RateSpy’s mortgage news is now at → RATESDOTCA.
- Housing market moderates in April compared to March (CREA)
- Prices shot up a record 41.9% year-over-year in April, a number that’s misleading given April 2020’s 10% drop. There is still just two months of inventory out there, however.
- Leading economist says measures taken to cool housing market won’t work: ‘If you believe that Toronto is unaffordable now, just you wait’ (The Record)
- Raising interest rates to deal with Metro Vancouver home prices has pros, cons: expert (CityNews 1130)
- Exasperation with government grows among brokers (Mortgage Broker News)
- This broker argues the stress test causes higher prices because people don’t list their existing homes when they can’t qualify for a mortgage. Really? Aren’t those same people also removed from demand because they can’t qualify?
- Revealed – what worries first-time home buyers the most (Mortgage Broker News)
- The Bank of Canada is charting a path toward a real estate crash (Toronto Star – Subscription)
- Condo Buyers Will Pay More for a Den, Even if Unit Size is the Same (Storeys)
- Attention condo dwellers: Check if your coat closet will fit a small desk.
- ‘Worse and worse every day’: Home builders roiled by product shortages, volatile prices (The Globe & Mail – Subscription)
- Building costs won’t always be this berserk. As we speak, lumber prices are falling like a rock—down 22% in one week.
- Vancouver real estate: properties flipped multiple times show prices can increase up to 555 percent (The Georgia Straight)
- There’s no ‘silver bullet’ for fixing Toronto’s housing affordability crisis. But here are five ways to ease the pain (Yahoo News)