In a continuing trend, British Columbia is still the least affordable region in Canada to live, led by Vancouver and Victoria. Vancouver is also the second least affordable city among major international housing markets, trailing only Hong Kong.
Just in time for the Spring 2020 real estate market, Canada's finance minister has announced changes to the stress test used to qualify insured and insurable mortgages. The government originally introduced a minimum qualifying rate in 2016 to ensure that home buyers would be able to afford their homes even if interest rates rise, incomes change, or families are faced with unforeseen expenses.
It probably comes as no surprise to residents of British Columbia – especially those in Vancouver, Victoria and the Fraser Valley – but the province once again has the least affordable homes in Canada. Toronto and Nanaimo round out the top 5, at third and fifth respectively.
Like many journeys, the road to bad credit starts with a single step – or misstep in this case. Whatever your situation, once you've started having trouble with your credit score, it can be difficult to find your own way back to a strong financial situation. But you have some money saved in your RRSP, so why shouldn't you use that to get out of debt? While it seems like an easy solution now, you might regret your decision in the future.
A new international survey shows that Vancouver continues to be the least affordable city to buy a home in Canada – and ranks third internationally. But would you believe that Victoria comes in at second on the list in Canada, less affordable than all of the other major markets considered in the study?
Feb 10 2015
The Year of the Micro Condo?
Set to hit the country's largest real estate market, this year could see the micro condo taking off.
With more single people wanting homes and higher prices making some Canadian cities unaffordable for single and low income households, smaller homes may prove to be the solution.