That’s the bad news. The good news is; owning a home probably remains the best investment you will ever make over the long term.
RBC Economics — a conservative and relatively accurate source for housing market projections — recently released a report calling for a 12 per cent price correction for the housing market from last February’s peak, by next winter. That’s cold comfort for homeowners watching their investment shrink from a valuation that never really was. Many stories are emerging in the media of homeowners selling below their arbitrary asking price and referring to the difference as a loss; like it was money in the bank.
And that’s why it’s called a correction; a return of an asset price to its real intrinsic value. Economists with the Canada Mortgage and Housing Corporation have long said the average price of an average home has consistently risen at least five per cent each year in any 25-year period since the Second World War, and there’s no foreseeable reason for the future to be any different.
after rising for a decade or more. homes still have plenty of value
Not if you live in Calgary
I know. And I have been panicking. It's like my home is losing $2,500 per day in its value since March. Longer I hold of selling, the lower the price.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The crypto collapse has flooded the market with Rolex and Patek - BNN BloombergThe collapse in cryptocurrencies is easing supply of the most sought after watches on the second-hand market, depressing prices for hard-to get-Patek Philippe and Rolex models.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Toronto apartment rents soar 20% to record with market tightening - BNN BloombergToronto tenants are saying goodbye to the era of COVID-19 discounts, with rents fully recovering pandemic losses and reaching record levels, according to new data. Consumer is getting smoked every which way right now 😬 People are bidding up the rents to postpone their home buying by 2 or 3 years as by then home prices would have declined by over 40% due to rising interest rates. It's a smart strategy. Owning a home today is like inviting big losses in its value. While Shambhavi Anand knowingly broke 🇮🇳abortion law(20wks) TWICE (6 & 7mnths-A Criminal Offense) aborted 7mnths alive girl child then fled 2🇨🇦 BrockUniversity GoodmanSchool 2 b 'Future Business Leader' business BloombergCA BW cdnbiz UWSFL cdnpoli
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Prem Watsa's Fairfax couldn’t dodge Q2 market turmoil - BNN BloombergCanada's most famous investor, who is often compared to Warren Buffett, couldn’t dodge the market turmoil.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Spotlight: Travis Fleetwood, co-founder of Ghost Drops, on moving from the legacy to legal market'We needed a hype strain in Canada, something that checks all the boxes, and I think First Class Funk is that strain,' says Travis Fleetwood, co-founder and creative director of GhostDrops_ — via TheGrowthOp cannabiscommunity medicalcannabis
Source: calgaryherald - 🏆 64. / 52 Read more »
Posthaste: Why Canada's housing market slump could make affordability even worseRental needs to figure into the solution but these days there is little motivation for developers to build, says a CIBC report. Read more. Isn’t that the idea ? If it improved the affordability there wouldn’t be a slump
Source: nationalpost - 🏆 10. / 80 Read more »
Posthaste: Why Canada's housing market slump could make affordability even worseRental needs to figure into the solution but these days there is little motivation for developers to build, says a CIBC report. Read more.
Source: calgaryherald - 🏆 64. / 52 Read more »