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Former Bank of Canada Governor David Dodge said the increase in spending in the federal government’s new budget will make the central bank’s battle against rising prices more difficult.
Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
Mortgage rates in the US climbed past 7% for the first time this year.
Mortgage shopping isn’t getting much easier these days.
Blackstone Inc. collected more fees from big retail funds and credit strategies during the first quarter, compensating for the slower pace of deal exits.
Jun 6, 2016
As housing prices continue to climb in cities like Vancouver and Toronto, a growing number of Canadians are using Airbnb to offset their mortgage costs, according to Aaron Zifkin, Airbnb’s Country Manager for Canada.
“We’re seeing a really interesting pattern now with the millennials,” he told BNN in an interview. “People who cannot afford to buy their first home are actually supplementing their mortgage payments by renting out an extra room or some space in their place.”
In Metro Vancouver, the average price of a detached home topped $1.5 million dollars in May, a 37 per cent increase from last year.
Similar homes in Toronto’s 416 area code region now fetch more than $1.2 million, a 15 per cent year-over-year increase.
With home prices rising, household debt is climbing, too -- especially when compared to disposable income.
Zifkin says Airbnb recently completed a study finding “more than 50 per cent of the income generated by Airbnb rentals are people that are using it for everyday experiences to pay for things like rent, mortgages, and average utilities.”
There are currently about 50,000 Airbnb listings across Canada.
Zifkin says the vast majority are listed by people who treat the properties as their principal residence. “The average person in Canada is renting out their place for only about four or five days a month, so this is only a very occasional behaviour.”
