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April Real Estate Newsletter

Friday, April 6th, 2018

 


Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Masters
Website: www.davedry.com
Blog: blog.davedry.com
Direct: 780 446 3727
Fax 1 866 217 4642

201, 10555-172 Street, NW, Edmonton, AB   T5S 1P1

Ph: 780.483.2122

110 – 5 Giroux Road, St. Albert, AB T8N 6J8

Ph: 780.460.8558

105, 4302-33 Street, Stony Plain, AB T7Z 2A9

Ph: 780.963.2285

 

The best and worst places in Canada to buy a home on one income

Thursday, March 22nd, 2018

If you ever dreamed of buying property on your own — without a partner, without a co-ownership arrangement, without family support — Greater Vancouver is definitely not the place to do it.

Greater Vancouver is the least affordable place in Canada to buy property on a single income, according to a new study conducted by Toronto-based real estate brokerage Zoocasa.

The most affordable? Saint John or Greater Moncton in New Brunswick, or Trois Rivieres in Quebec.

Using February 2018 home price data from the Canadian Real Estate Association and median household income data from Statistics Canada, the study calculated each city’s home-price-to-income ratio by looking at how many years it would take to pay off the average home if a buyer contributed the equivalent of 100 per cent of their annual income to the purchase price.

Of course, if you don’t already have the equivalent saved up, it’s not realistic to contribute all of your annual income into a home purchase, but this affordability measure does show where in Canada purchasing a home might be easier on a single-income household. The higher the ratio, the longer it would take to pay down the home.

The top three most affordable places to purchase a home on a single income were Saint John, N.B., Greater Moncton, and Trois Rivieres, Que., all tied with a ratio of 4.

These are the top 10 cities in Canada where it would take the shortest amount of time to pay off a home purchase.ZOOCASA / HANDOUT

Meanwhile, the top three least affordable places to purchase a home on a single income were Greater Vancouver, the Fraser Valley, and Greater Toronto, with ratios of 28, 25 and 19 respectively.

“Financial experts commonly recommend restricting shelter costs to just three times one’s annual income — however, this is outstripped by even the most affordable market in Canada,” according to the study.

“Owning the average-priced home of $171,596 in Saint John, N.B., on the regional median income of $39,163, would still require four times the homeowner’s annual earnings.”

On a double income, Greater Vancouver’s home-price-to-income ratio is still 12, while the Fraser Valley’s ratio is 9.

A number of cities on the most affordable list, however, do fall within the parameters of the old guideline, with Saint John and Greater Moncton, Trois Rivieres, Fredericton, and Saguenay, Que., all coming in with a ratio of 2.

These are the top 10 cities in Canada where it would take the longest amount of time to pay off a home purchase.ZOOCASA / HANDOUT

The 5 Most Affordable Home Markets

• Saint John: 4 (average home price: $171,596, median one-person income: $39,163)

• Greater Moncton: 4 (average home price: $174,800, median one-person income: $39,456)

• Trois Rivieres: 4 (average home price: $153,591, median one-person income: $34,745)

• Fredericton: 5 (average home price: $179,981, median one-person income: $34,724)

• Saguenay: 6 (average home price: $161,587, median one-person income: $29,125)

The 5 Least Affordable Home Markets

• Greater Vancouver: 28 (average home price: $1,071,800, median one-person income: $38,164)

• Fraser Valley: 25 (average home price: $795,100, median one-person income: $31,568)

• Greater Toronto: 19 (average home price: $751,700, median one-person income: $39,560)

• Okanagan Mainline: 18 (average home price: $509,545, median one-person income: $28,900)

• Victoria: 17 (average home price: $642,800, median one-person income: $37,793)

 

Taken from the Vancouver post March 22 2018.

 

 

 

 

 

 

Making your Real Estate needs my Priority

 

 

 

 

Dave Dry
Realtor, Century 21 Masters
Website: www.davedry.com
Blog: blog.davedry.com
Direct: 780 446 3727
Fax 1 866 217 4642

 

201, 10555-172 Street, NW, Edmonton, AB   T5S 1P1

Ph: 780.483.2122

 

110 – 5 Giroux Road, St. Albert, AB T8N 6J8

Ph: 780.460.8558

 

105, 4302-33 Street, Stony Plain, AB T7Z 2A9

Ph: 780.963.2285

 

Unisured mortgages on the rise as rules tighten

Tuesday, March 20th, 2018

Canada’s uninsured mortgage market reached an eight-year high in January as government steps to reduce taxpayer exposure to the housing market gain traction, according to data from the country’s banking regulator.

Mortgages that don’t require homeowner insurance surged 19 per cent from a year ago, accounting for about 53 per cent of the $1.13 trillion (US$864 billion) of home loans at Canada’s federally regulated banks, data from the Office of the Superintendent of Financial Institutions show. Insured home loans fell 6.5 per cent from a year ago.

Uninsured mortgages have taken an increasing share of the nation’s housing loans since 2012 as the government moved to reduce the chances of the kind of taxpayer-funded bank bailouts that happened after the U.S. housing crash a decade ago.

Still, the slowdown of residential mortgage volumes continues, with banks posting a 5.3 per cent increase from January 2017, down from a recent high of 6.6 per cent in May, the data show. The trend reflects the sentiments of executives of Canada’s Big Six banks, who commented on a cooling mortgage market in recent weeks after reporting earnings results for the first quarter.

Uninsured mortgages have taken an increasing share of the nation’s housing loans since 2012. Ernest Doroszuk/Toronto Sun/Postmedia Network

“The slowdown in mortgage growth has been evident since the middle of last year, reflecting the impact of prior policy measures, as well as three interest rate hikes by the Bank of Canada,” DBRS Ltd. said in a March 19 note.

In January, OSFI made it more difficult for those with more than a 20 per cent down payment to qualify for loans. The measures, known as B-20 guidelines, requires borrowers to qualify at the greater of the Bank of Canada’s five-year benchmark rate or 2 percentage points higher than the offered mortgage rate. Prospective borrowers have increasingly been turning to alternative lenders to qualify.

“With new mortgage rules taking effect on January 1, home sales have showcased two straight months of declines,” Barclays Plc analyst John Aiken said in a March 16 note to clients. “While stronger home sales at the end of 2017 could still buoy mortgage growth in the second quarter, we anticipate new mortgage origination volume could be tested in the back half of the year.”

Bloomberg.com

Taken from: http://business.financialpost.com/real-estate/mortgages/uninsured-mortgages-soar-to-8-year-high-even-as-canadas-housing-market-cools March 20 2018

 

 

 

 

 

Making your Real Estate needs my Priority

 

 

 

 

 

Dave Dry

Realtor, Century 21 Masters
Website: www.davedry.com
Blog: blog.davedry.com
Direct: 780 446 3727
Fax 1 866 217 4642

 

201, 10555-172 Street, NW, Edmonton, AB   T5S 1P1

Ph: 780.483.2122

 

110 – 5 Giroux Road, St. Albert, AB T8N 6J8

Ph: 780.460.8558

 

105, 4302-33 Street, Stony Plain, AB T7Z 2A9

Ph: 780.963.2285

 

March Real Estate Newsletter

Tuesday, March 6th, 2018

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Masters
Website: www.davedry.com
Blog: blog.davedry.com
Direct: 780 446 3727
Fax 1 866 217 4642

201, 10555-172 Street, NW, Edmonton, AB   T5S 1P1

Ph: 780.483.2122

110 – 5 Giroux Road, St. Albert, AB T8N 6J8

Ph: 780.460.8558

105, 4302-33 Street, Stony Plain, AB T7Z 2A9

Ph: 780.963.2285

February 2018 Real Estate Newsletter

Friday, February 9th, 2018

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

January 2018 Real Estate Newsletter

Thursday, January 4th, 2018

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

 

December 2017 Real Estate Newsletter

Saturday, December 2nd, 2017

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

November 2017 Real estate Newsletter

Wednesday, November 1st, 2017

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

 

Bonnie Doon open house Oct 14

Thursday, October 12th, 2017

Please join me for an open house on October 14 from 2-4 pm.

Freshly painted.

Move in ready for you or your renters.

Large oversized double car garage, heated and insulated, ideal for the handyman or mechanic.

36 x 122 ft lot great for redevelopment.

 

 

Details

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

 

October 2017 Real Estate Newsletter

Tuesday, October 3rd, 2017

 

Making your Real Estate needs my Priority

Dave Dry
Realtor, Century 21 Vantage Realty Ltd
Website: www.davedry.com
Blog: blog.davedry.com
Office: 780 483 2122
Direct: 780 446 3727
Fax 1 866 217 4642

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the REALTORS® Association of Edmonton. Trademarks used under license from CREA.
MLS® MLS REALTOR® Realtor