Sunday, 4 April 2021

How can the Canadian government cool the housing market?


Global News shows that as Canada’s home prices reach the "stratosphere," calls on the government to bring the housing market back to Earth - possibly with a soft landing - are growing increasingly urgent.

The average price of a home in Canada has climbed an eye-watering 25% to a record $678,091. And the housing frenzy shows no sign of cooling off. The Canadian Real Estate Association (CREA) expects the national average home price to keep climbing fast in 2021.

Mike Le Couteur looks at what options the federal government may have to address the overheating housing market, as they also prepare to unveil its first budget in 2 years.

Here are some interesting numbers of Home Value in USA over the years:

Year Median Home Value
1950 USA $7,400
1960 USA $11,900
1970 USA $17,000
1980 USA $47,200
1990 USA $79,100
2000 USA $119,600
2010 USA $221,800
2020 USA        $334,000

Think deeply and get expert advice about buying a house in 2021. Buying a home in 2021 will take more fortitude than usual. Mortgage rates are likely to stay low, but the pandemic economy has tightened lending standards and locked out buyers with bad credit from the best deals.

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in February 2021. See more details here: https://creastats.crea.ca/en-CA/

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