Homeownership In Canada

This paper will argue how Canada's housing market is at an all time high, we are known in Vancouver for having the most expensive housing market. This expensive market is not just a Vancouver problem, it is an issue growing through out the nation and is depriving the average citizen to be able to purchase a house in there life time. There is a major issue with the state of our market and how it effects out current citizens. Issues have been arising where the average wage in Vancouver is estimated at seventy seven thousand per family house hold, yet the average costing home as reached between five hundred thousand in the

In conclusion, homeownership in the United States have decline over the past years even being the lowest it has ever been, but has had an improving and strong market beginning in 2012 after a 27% decline from the 2006 peak, and the increasing homeownership rate is a worthwhile policy to allow the United State economy to

Canada 's housing market is at an all-time high, they are known in Vancouver for having the most expensive housing market. This expensive market is not just a Vancouver problem, it is an issue growing throughout the nation and is depriving the average citizen to be able to purchase a house in their lifetime. There is a major issue with the state of the market and how it affects the current citizens. Issues have been rising where the average wage in Vancouver is estimated at seventy-one thousand per family household, according to the Vancouver Sun (2014), yet the average costing home as reached between five hundred thousand in the municipality to over one million within Vancouver, according to articles by Beth Lindsay (2015) of the Vancouver Sun, and Troy Landereville (2015) of The Maple Ridge Times.

Canada’s housing market was one of the best for the recent years, but even with all the concern of household debt home prices will still have risen by 5.5 per cent in 2016. Their House prices have nearly doubled in the past decade to keep up with the costs of oil. They continue to have troubles selling houses but continue to build more, as well as condominiums and apartments. Their “New Government” continues to watch housing closely

This survey was introduced to observe the way society lives in today's world, and how they live paycheck to paycheck. The Canadian Payroll Association had a conclusion after this survey that most Canadians are not happy with the way they live. Because of the weak economy, Canadians believe that they are not going to be able to retire at an early age, there just won't be any money saved. Statistics prove that the economy in the housing market is the biggest factor most families face in today's world because society dictates that we need things in life to survive. People are living above their means, and that’s why the credit card companies are getting richer.

The desire for home ownership is something embedded in our DNA. Claiming property and owning a house is a critical part of the “American Dream.” Home ownership represents more than just a place to rest your head at night. Your home is the environment that serves as a setting for your journey through life. It’s the place of your children’s first steps, family birthdays, barbeques, amongst many other significant events. Your home is the backdrop that describes you and your family. Although many American’s were financially hurt by the trillions lost in the home equity market during the housing bubble, there is and will always be a desire to own a home. The most vital part is that American’s who lost their homes during the crash, learn from their past, so that they do not repeat a foreclosure.

Why has the price of canada housing increased all time high over the years? this year?

Meanwhile, yearly house price inflation rates in the top 20 cities are running in line with the national trend. The cities with the highest rates of increase are Seattle (+12%), Portland (+10%) and Dallas (+9%). Lower tier property prices appear to be more volatile than their high end counterparts in both Seattle and Portland. Meanwhile, the three cities with the lowest rates of house price inflation are New York (+3%), Washington (+4%) and Cleveland (+5%). Furthermore, rising house prices appear to be having an adverse impact on affordability. According to the National Association of Realtors, rising prices are offsetting higher disposable incomes and stable mortgage rates, and affordability has consequently been declining since January 2015. Partly driving the increase in prices is a lack of available supply of existing single family homes for sale. The number of months’ of unsold inventory was just below 4 in March and availability has been gradually falling since 2014. Additionally, there is a relatively tight supply situation for new single family homes for sale, which is also helping to support prices.

As of December 2015 more single family homes entered the marketplace for sale and with sales volumes increasing as these properties appreciate in value. Today’s trend has recovered more than 50% when comparing the previous real estate market peak year prior to

Some may reason that the cause of this decrease in homeownership is a result of rising prices of housing, or blame heavy debts such as student loans. Meanwhile, others may believe the fast paced lifestyle of today does not allow for one to buy a house and settle down for life without some circumstance driving them to move to a different location. These all remain factors in the reduction of homeowners over the past decade, but the question still remains if these are the only factors. Perhaps today’s generation prefers the high density living and atmosphere offered by apartments, while previous generations prefered a more tight knit but small community. Modern living also often involves plenty of uncontrollable events, so it is sometimes necessary to give way in order to be successful in the long run.

In the article “How to fix wealth inequality”, Hecht (2014) raises houseownership as a factor to minimise wealth inequality, and brings up an issue over how the poor are more affected than the rich, while listing several factors that deter poor people from getting homeownership. According to Hecht (2014), despite declining house prices and interest rates, homeownership is out of reach for low income families because they are vulnerable financially in post-recessions. Moreover, there is ongoing progress on reducing education fees so that young people could graduate without being saddled with debts which deter them from having houseownership in the future. Throughout this article, he highlighted the importance of houseownership as being an asset which can be passed from one generation to the next thus reducing the economic disparity.

In my opinion, the greatest change to the city of Toronto would be the development of affordable housing which would provide it’s residences with more cash flow. The rental market today is out of control. It is impossible to rent a two bedroom apartment for less than $1200.00, which would likely be in a sketchy neighbourhood. The apartment listings today show some rentals up to $4500.00! The only people who could afford to live in a decent area are people who have two incomes well above minimum wage. There are a vast majority of people who are single income earners, and at minimum wage. The housing market is just as impossible to buy since the prices of homes are around the $1 million dollar range. These homes are not grand and luxurious,

Michael Lewis exposes the truth about the American real estate problem. Millions of American have bought homes they cannot pay for it. Banks have lent out mortgages that people cannot pay it. Propagandists have promised that real estate value will always rise. Some days it seems that partial of the nation is financially under water. Michael Lewis wrote this article to acknowledge the consequence of the horrific real estate crash, and the financial consequences that will get to the middle classes of people.

To begin, a brief history recap of the financial crises in 2008 will be given. Following that will be a breakdown of how the financial systems were set up in Canada and the U.S. We will then, in detail, discuss the Canadian and the U.S financial markets, in particular, the housing market and how each country was affected by the 2008 financial crisis. Lastly, we will proceed to evaluate the overwhelming differences between Canada and the U.S; from their core financial system to mortgages that allowed the Canadian market to remain excluded from the dire consequences of the US market recession, which followed shortly after the financial crisis.

Establish Credibility: According to US News, the great American dream of owning a home appears poised for a comeback. Real estate company Trulia reports that in many parts of the country, rents are rising while housing prices are falling, making buying a home more affordable. Trulia found that in 98 out of 100 major metropolitan areas, including Detroit, Atlanta, and Cleveland, buying has become more affordable than renting.” I think the mortgage catastrophe of 2001 left prospective home buyers afraid of buying a house without being extremely certain that is the right decision.