3 in 4 Canadians couldn’t afford a 20% down payment if they had to re-purchase the home they live in. 66% say homes in their neighborhood are overpriced (and 88% of Albertans!).
The data, provided by Angus Reid, reflects the ascent in Canadian home prices in recent years.
As usual, the bubble bandits are calling for another downturn in western Canada’s real estate market. The Tyee says mortgage rate increases are the straw that might break the market’s back this time. Thanks to rising rates, they say, it now costs $500/month more to finance the “typical” $715,000 Vancouver house than it did two years ago.
Attention lenders: Sounds like a market is building for interest-only 100% financing. Better throw a no-proof-of-income feature in for good measure. :)
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