Canadians are in a better position to weather the housing downturn than they would have been 10 years ago thanks to an increased amount of equity in their homes, says a new report from RE/MAX Canada.
“Because rates were so low for so long, people were paying off big swathes of their mortgages month after month,” said RE/MAX president Christopher Alexander. Alexander said the high demand from a growing population, buoyed by immigration, and low inventories of housing were helping elevate home prices.
Despite the overall optimism of the report, Alexander acknowledged that the last year has been distressing for some homeowners.
Source: Financial Digest (financialdigest.net)
Too bad they can't afford to pay their mortgages or heat their homes but good news. Your house is worth more.
Realtors I feel are partly to blame with their tactics to get higher house prices
Let s ask those who s mortgages are up for renewal. That’ll be the day: when i take advice on the market remax and their realtors. lol
How is equity in homes good for Canadians - what they can use it to guarantee a HIGH INTEREST LOAN FOR MUCH NEEDED BORROWING JUST TO COVER BILLS/FOOD/MORTGAGE My god you will have people actually believing this s**t
Says a realtor.
No shit. Gov policy jacked up the price by hundreds of thousands on the avg home in GTA over a year. They can go down by a lot still and asset class still winning.
We must demand from govts to stop speculations with housing. Many cntrs have it. In Sweden if you sell it early you pay high percent of tax on your gain. Not worth speculating. Even Swiss have this. Spec with gold etc but not with housing, DEMAND IT. Use your so called democracy.
Wonder if the results would change using current market prices 😳
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