Even though housing prices have decreased in many markets across Canada, housing costs remain elevated and affordability is “significantly worse today than what it was a year ago”, according to John Pasalis, president and broker at Realosophy.
Even though housing prices have decreased in many markets across Canada, housing costs remain elevated and affordability is “significantly worse today than what it was a year ago”, according to John Pasalis, president and broker at Realosophy Realty Inc.
“So it's more expensive to actually buy a home [now] and of course rents have surged, so housing affordability is actually significantly worse today than when it was even a year ago.” Amid high demand for rental units, some apartment companies are increasing rent turnover. The country’s largest apartment landlord,, reported record rent turnovers in its latest quarter, up 24.3 per cent.
Pasalis explained that the country’s largest province Ontario needs up to 2.5 million homes over the next 10 years to keep up with demand and new residents.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meet the Agent: John Genereaux, Sotheby's International Realty CanadaMeet John Genereaux, an agent with Sotheby's International Realty Canada who knows how important branding is - for everyone involved. JohnGenereaux | realestate meettheagent realestatenews
Read more »
Housing affordability 'significantly worse today' than a year ago: Broker - BNN BloombergEven though housing prices have decreased in many markets across Canada, housing costs remain elevated and affordability is “significantly worse today than what it was a year ago”, according to John Pasalis, president and broker at Realosophy.
Read more »
Food prices continue to climb even as inflation easesFood prices grew by 10.4 per cent year-over-year in January, according to data released Tuesday by Statistics Canada. That compares with an overall annual inflation rate of 5.9 per cent for the month
Read more »
Food prices continue to climb even as inflation easesTORONTO — As overall inflation slows, the cost of food continues to climb for Canadians — but experts say there should be some relief by the end of the year.
Read more »
Gold's medium-term fundamentals remain bullish even if prices fall below $1,800 - AnalystsKitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
Read more »
Shea Weber traded again, even though he's not playingThe all\u002Dstar defenceman is now with Arizona, but probably only on paper.
Read more »