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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





11 September 2019

Most Canadians blame foreign buyers for home prices increase

The recent poll by Equifax shows that almost two out of three Canadians consider foreign housing investment to be the main reason of a sharp home prices increase.

It says 61% of Canadians pointed to foreign finances as the most significant factor pushing the prices higher at Canada’s already hot real estate markets.

The number rose to 69% in case of the respondents thinking about getting a mortgage loan. Meanwhile, 78% believe the federal government has to interfere and help potential buyers, with 70% saying it’s necessary to focus on the first-time buyers.

According to the survey, 48% of Canadians believe the mortgage stress test should be eased for first-time buyers, while 47% would like to apply this easier regime to all buyers, and 38% want to eliminate the test.

In August, BMO chief economist Douglas Porter warned that with the current tendency, the most significant risk for the national market is not a possibility of a real estate crash, but a comeback to the previous sharp prices growth.

The reason is that although interest rates below 2% help borrowers, it may also lead to another wave of speculation among rich foreigners benefitting from Canada’s real estate markets.

“Canada’s policymakers need to figure out other methods of control over the market speculation (especially from other countries) amid conditions with rates below inflation, or even below zero,” – he added.

 

 

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