March 12, 2018
Excepts from an article in REP online by Armina Ligaya of the Associate Press:
Canadians’ collective household debt has climbed to $1.8 trillion as an international financial group sounds an early warning that the country’s banking system is at risk from rising debt levels.
The country’s credit-to-GDP gap is 9.6, above the group’s critical red zone threshold of nine. This indicator measures the gap between the country’s credit-to-GDP ratio and the overall long-term trend over time _ a widening of which can indicate a possible financial imbalance. Canada is one of four countries in the red zone on this metric along with Hong Kong, China and Switzerland, at 30.7 per cent, 16.7 per cent and 16.3 per cent, respectively. The United States, for comparison, is -6.9
As well, Canada’s debt-service ratio, which measures interest payments and amortizations relative to income, is at 2.9 per cent. That surpasses BIS’ critical threshold on this measure of 1.8 per cent. Canada is one of five countries in the red on this metric, again along with Hong Kong and China at 6.9 per cent and 5.1 per cent, respectively. The debt-service ratio in both Russia and Turkey were also showing signs of risk, at 1.8 per cent and 6.1 per cent, respectively.
how this affects the Newmaket real estate market has yet to be seen, as there is still a lot of good employment in the area, but it’s a troubling sign as to why the government is taking, what might seem to be, some extreme measures with regards to financing requirements.
it’s harder to qualify for mortgages for many buyers which is a contributing factor for a decline in prices… as well as a switch from Sellers Market to Buyers Market.
Posted by dtoombs at 6:36 AM
Posted in uncategorized
March 1, 2018
February numbers are in for all of Newmarket:
– 81 Sales
– $744,316 Average Price (all housing types)
– $715,000 Median Price (all types)
– 46 Detached Sales ($878,096 Average Price)
– 14 Semi-Detached
– 7 Townhomes
– 14 Condo’s
For reference against February 2016 numbers (because 2017 figures are not a great comparison… it was a wacko year)
– 122 Sales
– $721,937 Average Price (all types)
– $695,000 Median Price
– 87 Detached Sales ($813,170 average price)
– 16 Semi-Detached
– 9 Townhomes
– 20 Condo’s
AS you can see from the numbers above, it’s really just detached homes which have seen the most significant slow down.
I’ll be working on the market report over the next couple of days, and if you want to subscribe to receive it in your inbox, signup here: http://eepurl.com/0vv4n
Posted by dtoombs at 6:36 AM
Posted in market-data ,real-estate-market
I am a real estate Broker with Coldwell Banker The Real Estate Centre, in the town of Newmarket, which is located about 30 minutes north of Toronto, Ontario, Canada. I love my wife, our dog and my town!
Referred to as “Mr. Newmarket” by my friends, I love making sure friends, family and perfect strangers know how great a town we live in and try to get as many people involved as best I can with local events and charities.
This blog is intended to help Buyers, Sellers, Tenants & landlords better understand what is going on in the local real estate market.