Housing market weakness means stress for boomers considering whether to downsize in retirement

As ever, the story on housing prices is best told on a city-by-city basis. Vancouver sales hit a 33-year low in March and the benchmark price fell 7.7 per cent on a year-over-year basis. Sales in Toronto were flat, while prices edged up marginally. February data for other cities showed Calgary, Edmonton and Halifax were down, Winnipeg was up a bit and Ottawa, Montreal and Saint John were strong.But there are national trends that can’t be ignored.

The positive spin on home prices is that mortgage rates have pulled back a bit from recent highs and are still cheap if you judge on a long-term basis. You can still find five-year fixed-rate mortgages around 3 per cent, which is a big help in the expensive markets in and surrounding Toronto and Vancouver.

Another benefit of staying put in the family home is that you don’t need to be a real estate market watcher. You’ll most likely sell your home way in the future because it’s too big a burden and move into a retirement community or long-term care facility. Your move will happen when it happens.

globemoney WELL I GUESS ITS A STRESS FOR 'CHINESE LAUNDERED MONEY IN CANADA HOUSING CASINOS BUSINESS ETC!!', I MEAN CANADIANS CANT AFFORD HOUSING AS IS AND 'LAUNDERED MONEY!'| HAS AFFECTED CANADA ECONOMY SO IF THEY DECIDE TO PULL 'LAUNDERED MONEY OUT OF CANADA' GUESS THEN CANADA'S ECONOMY

globemoney Rent your children’s bedrooms to those who can’t afford full rent and get some help around the house at the same time during your golden age. 😉

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

In a slowing Toronto housing market, realtors feeling the pinchAs the deals dry up, some agents are quitting, getting rid of the fancy cars, or turning to side-hustles like driving for Lyft I wonder if it has something to do with everyone and their mother being agents these days. “Before … they had $20,000 income [a month], now they have $2,000 and they don’t know who to pay first.” ... Oh come on. DONT WORRY BE HAPPY!! THE 'HUMAN RIGHTS ABUSING!!' COMMUNIST CHINESE 'LAUNDERED BLOOD MONEY IN CANADA!!' IS JUST LOOKING FOR A NEW AREA IN CANADA TO MAKE IT UNAFFORDABLE FOR CANADIANS TO BUY A HOME!!?
Source: globeandmail - 🏆 5. / 92 Read more »

Canada’s Risky Housing Market Has Traded Places With The U.S., IMF SaysPolicymakers were right to tax foreign buyers and reduce how much you can borrow, a new report finds.
Source: HuffPostCanada - 🏆 61. / 53 Read more »

Buying blind: Cannabis marketing restrictions leave little brand awareness in the new recreational marketThe government’s rules on cannabis advertising are nothing if not strict. But that has also ensured that no major brand names have emerged yet, another reason for the sector’s slow start globebusiness This picture doesn’t represent the products being sold legally ... this is a image of the illegal marketplace ... I expect more out this news source globebusiness ecsvan globebusiness Not as if buying weed was an educated decision to begin with...
Source: globeandmail - 🏆 5. / 92 Read more »