Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Tuesday, April 4th, 2023…
Today is Nat. School Librarian Day, Vitamin C Day and Hug a Newsperson Day (or podcaster)
At least one major Canadian Bank thinks that house prices in Canada are poised to dramatically go up. Scotiabank points out that the Band of Canada and the Fed Government are acting in opposing fashion, and that the Federal Govt might just win this race.
While the Bank of Canada has been keeping interest rates higher to cool the housing market, the Fed’s policies are stimulating the real estate market. Policies like increased immigration and the new Tax Free Home Buyer Savings Plan are encouraging buyers to enter a housing market that is low on supply, at least nationally.
For more info, read this article here: https://boknows.homes/e6988560
Speaking of housing affordability… RBC has devised an ‘affordability measure’ which is based on the percentage of income a typical household would spend on home ownership costs.
Nationally, the average is at 62.8%. But in the late stages of 2022, Vancouver hit the ridiculous mark of 98.1%, making it the most unaffordable city in which to own a home. The average MLS price for a home in greater Vancouver is 1.2 Million dollars.
For more info, read this article here: https://boknows.homes/9d515310
Meanwhile, back in River City, the average house is around $340,000, and the average condo around $240,000.
And unlike the national average, our market has plenty of homes to choose from….at least for now.
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