Renovation boom with older homeowners aided by stay-at-home adult children, according to CMHC
TORONTO — It’s hard to downsize when your adult children are still living at home, a situation proving to be a key factor in the booming renovation market.
Canada Mortgage and Housing Corp. said in a report Tuesday that young adults staying home longer have persuaded parents in the 55-64 cohort to pour more money into their aging homes to create more space rather than put the house up for sale. more details....
New numbers show multi-million dollar homes in Vancouver bought by low-income buyers
Numbers compiled by NDP housing critic David Eby found that a surprisingly large number of multi-million dollar properties on Vancouver’s west side were owned by people who list their occupations as either “homemaker” or “student.”
Eby did a search of 250 land titles and found that 32 of west side properties — worth a total of more than $107 million — were owned by people in professions with relatively low incomes. He pointed to a $2.3-million home owned by a waitress. More details...
Finance Minister Bill Morneau unveiled sweeping changes that will affect all pockets of the housing market.
Ottawa has taken a broad brush to curbing risks in the housing market, unveiling new measures to crack down on speculation by foreign investors and make it harder for homeowners to dig themselves deeply into mortgage debt.
Finance Minister Bill Morneau announced a series of changes, including more stringent “stress testing” for borrowers who take out insured mortgages and rules aimed at mortgages with high down payments.
Sylvie Ann Messer