Buying a home is a momentous occasion in anyone’s life. Thankfully, Canada Mortgage and Housing Corp. has some suggestions that can help you navigate the ins and outs of the home-buying process. (more…)
That is the question, but there is no easy answer that’s right for everyone
It’s an age-old question that still gets hotly debated, particularly by young adults who are determining where they are going to live: should I rent or should I buy?
It’s not an easy question to answer, and there are no clear right or wrong answers.
“One of the big things to contemplate is your time focus, because when you do buy a home, it is a long-term commitment. It does involve a five-year mortgage that’s amortized over 25 years,” said Tim Gensey, a market analyst with Canada Mortgage and Housing Corp. (CMHC) in Calgary. “On the other hand, renting allows you to be a lot more flexible. You have to really consider where you are in your life and what your needs are.
Challenges continue for Calgary’s rental market
“Very cautious optimism” is how Gerry Baxter, executive director of the Calgary Residential Rental Association, describes the industry’s view of Calgary’s current rental landscape.
While Canada Mortgage and Housing Corp. (CMHC) pegged Calgary’s rental vacancy rate at seven per cent last fall – the highest it’s been in more than 25 years – Baxter says he thinks residential vacancies in the city are actually closer to the eight-to-10-per-cent range.
“There’s been some slight improvement in the rental market over the last few weeks, but it’s still a challenge to rent,” said Baxter, attributing the slack rental market to the economic downturn that started in late 2014 and early 2015.
How economic indicators actually drive the housing market
What do unemployment, migration and oil prices have in common? Apart from being touchy subjects at a party, they all influence the Calgary housing market to some extent. Understanding how and why that happens could provide an advantage when planning a home sale or purchase.
“In many cases the impact is indirect,” said Ann-Marie Lurie, chief economist for CREB®.
One part of that impact relates to demand.
How Calgary’s housing market stacks up against other major centres
When it comes to the housing market and the availability of affordable options, people often lose sight of the big picture. Instead of obsessing over the minute details of the market in any one particular city, it can be helpful to take a step back and examine things in a broader context to provide points of comparison. This dose of perspective helps one to remember that while $400,000 might seem like a lot to ask for a detached home in one city, in another major metropolitan area, people might be hard pressed to find a home for less than twice that amount. (more…)