Real Estate News Headlines // August 16th 2016

Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines

The Canadian Real Estate Association says July marked the third consecutive month of fewer home sales, as the Vancouver market slowed.
The association said Monday the number of transactions fell 1.3 per cent nationally between June and July, as more than half of all markets tracked showed declines in July — including Greater Vancouver and the nearby Fraser Valley, which slipped 6.7 per cent and 14.0 per cent, respectively.
The national sales in July were also down 2.9 per cent compared with the same month a year ago, as Greater Vancouver fell 18.3 per cent and the Fraser Valley lost 10.4 per cent.

A year ago, when Bank of Canada Governor Stephen Poloz cut interest rates for the second time in six months, we knew we’d have to take the bad with the good. Slashing the bank’s overnight rate in half to 0.5 per cent would surely further inflate regional real estate bubbles. But that, we figured, was just the price to pay in order to fuel non-energy exports and a sustainable recovery.

We live in historic times — at least in terms of skyrocketing student debt and house prices. Today’s young adults are crunched in an inordinate number of ways.
Last year the Canadian Federation of Students announced that “today’s students are the most indebted generation in Canadian history,” graduating with an average of $28,000 owed. The average Canadian home price, meanwhile, jumped to $503,301 in June, according to the Canadian Real Estate Association, and much higher in hot markets such as Toronto and Vancouver.
For someone new to the work force, these can feel like two competing goals. Should you pay off those loans or jump into the housing market before it’s too late?