Sue Mukerji - Team 3000 Realty Ltd

Some eye opening statistics!
Canadian household debt (Oct. 2023):
📈 Surpassed GDP
📊 Highest % among G7 nations
In the past decade (2013-2023):
Household debt surged from $1.79T to $2.90T (⬆️62%)
Main driver: Mortgage debt soared from $1.18T to 2.16T (⬆️82%)
Credit :

Have your say fight for affordable rent! Sign the petition and share!

End the Canadian Rental Crisis: Sign the Petition to Keep Home Costs Down 7,500 signatures are needed, let’s get there by the end of the day?

Wondering where you can drop off your donations for the REALTORS Care® Blanket Drive? Check out our list of participating real estate offices across the Lower Mainland, all ready to accept your gently used or new blankets and winter clothing.

👉 Find a drop-off location: https://bit.ly/3UrUkyp

Your donations will bring comfort to those in need this winter, and every little bit helps. Thank you for your support!

This will be a game changer for S.Surrey/White Rock residents

This would be huge for South Surrey/White Rock! Credit : Dailyhive.com

Jennifer Keesmaat former Chief Planner Toronto

Make no mistake, Canada is a nation of renters: Fully one-third of Canadians rent their homes, with higher percentages in our major cities.

Meanwhile, the vast majority of our already-insufficient rental stock was built before the 1980s and is aging out, making the rental shortage the most acute dimension of our overall housing shortage.

Eliminating the massive structural deficit in the supply of rental homes in Canada will take a whole-of-government approach.

theglobeandmail.com/opinion/articl…

While eliminating the sales tax on new rental construction is an important step, there’s more that can be done to reach our rental housing target:

✔️ Reinvigorate affordable construction financing programs by lowering the effective borrowing rates.

✔️ Provincial governments should follow Ontario’s example and act quickly to remove the provincial portion of HST.

✔️ Jurisdictions that levy development charges on new housing can waive those costs on rental and affordable housing projects.

✔️ Expedite approvals processes for projects that have significant affordable and rental housing components

✔️ End exclusionary zoning practices that have made it illegal to build new multifamily housing

✔️Implement as-of-right permissions for developments with affordable rental housing specifically.

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Any thoughts? The squeeze is on middle class families 😕

In Toronto, Canada, restaurants have seen a double-digit decline in people dining in, suggesting pullback in discretionary spending, per OpenTable.

In Montreal, the industry's recuperation appears to have stagnated, as year-over-year growth in in-person dining for this month has remained at zero percent thus far.

Anyone find this graph disturbing 🤦‍♀️

Graph credit Reventure Consulting Mortgage applications to buy a house in the US are now lower than back during the post real estate recession GFC time period of 2009 to 2015.

Four out of 10 mortgagors must borrow to cover daily expenses, up 45 per cent since the survey began in August, 2020.

Seventeen per cent of mortgagors are falling behind on their bills such that they have to use costly online or payday lenders.

Government intervention keeps mortgage defaults at bay, at a cost Mortgage relief from Ottawa will keep arrears artificially low for longer, but give it time

https://my.matterport.com/show/?m=NsyMRpHChFn
New Listing #312 13910 101 Ave $489,900. The Breezeway 55+ AGE RESTRICTED complex on a quiet street with lots of parking. Walk to Skytrain, shopping, restaurants & Holland Park. Spacious 1238 sq ft 2 Bedrooms 2 Bath (5 piece ensuite). Pvt front entrance with a big porch feels like entrance to a house. Deck off Lvg room is very spacious and overlooks green space. 1 Parking & 1 Storage incl. Self managed strata, low fees $366. Open June 24th 1-3 PM

As much as a quarter of some lenders’ mortgage portfolios have amortization periods well beyond 40 years.

Bank of Canada watching trend of longer amortization periods among borrowers - Mortgage Rates & Mortgage Broker News in Canada The Bank of Canada is investigating a growing trend of borrowers extending their mortgage amortization periods amid persistently high interest rates and ongoing inflationary pressures.

Although this happened a few years ago - with the recent announcements by the Provincial govt plans for housing - this might be the way of the future!

Delta family pushes alternative idea to deal with housing crisis | CityNews Vancouver The Higgins family in Delta has torn down their rancher and now moved into four small homes -- all on the same lot.

The B.C. government will legalize all secondary suites in B.C., taking the choice away from municipalities. In some communities, secondary suites are still illegal!
Starting next year, the province will offer loans up to a maximum of $40,000 for homeowners to build and rent secondary suites.

B.C.'s housing plan aims to increase 'missing-middle' housing, legalize all secondary suites The province's new housing plan also includes an overhaul in municipal zoning rules and a crackdown on short-term rentals. Find out more.

Major Vancouver developer Coromandel Properties has filed for insolvency, seeking protection from its creditors.

It has 16 active real estate projects with $700 million in outstanding debt!

Many new homes at risk, as major Vancouver developer files for insolvency | Urbanized Vancouver developer Coromandel Properties is insolvent, based on its new filing in the Supreme Court of British Columbia seeking protections.

Researchers found the top five per cent of homes as of 2018 had a median value of $3.7 million, but the median income tax paid by the homeowners was $15,800 – 0.42 per cent of their home’s value.

Owners of Vancouver's most expensive homes pay very little tax, UBC study finds A new study from the University of British Columbia has found owners of the most expensive properties in Vancouver are paying very little income tax.

The national average home price is forecast to decline 5.9% on an annual basis to $662,103 in 2023 - CREA

CREA Updates Resale Housing Market Forecast /CNW/ - The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via Multiple Listing Service® (MLS®) Systems of Canadian...

n November, a Vancouver think tank that advocates for generational equity, reported that it takes 27 years for an average young person to save 20 per cent for the down payment on a GTA home. It took baby boomers about six years, said Generation Squeeze.

How the dream of the single-family starter home vanished — Toronto Star Liz Scanlon and her husband bought their first home in 2002, for $250,000, which at the time seemed like a big but manageable debt.

The increase in mortgage rates through September of this year cost Canadians (with existing mortgages at the start of the year) an extra $17 billion in interest payments.

David Rosenberg: Canada's housing bubble has finally popped — don't underestimate the impact Another 25% decline in home prices would strip $1 trillion off Canadians' wealth. Find out more

Premier David Eby has announced legislation to stop strata councils from adopting restrictions against renting condos or banning children from their strata.

Eby seeks to end renter restrictions by some stratas, set housing targets for municipalities B.C. premier announces new legislation that would remove rental and age restrictions in strata buildings and set affordable housing targets.

Cheers 🥂 Have a safe & Happy Halloween!

Please donate generously to this years Blanket drive! Looking for Winter clothes, Jackets, blankets etc!

Good news for the Public - Beginning on November 7, 2022, the Fraser Valley Real Estate Board (FVREB) will display historical sale prices on Realtor.ca for residential properties. For all active listings, the previous sale price information will be displayed in cases where a sale took place one year or more before its most recent MLS® listing date

Real Estate Listings in Canada: houses, condos, land, property | REALTOR.ca Find your next residential or commercial property with Canada's largest real estate website - REALTOR.ca. Our complete database of real estate listings will make finding your next place easy!