{"id":17479,"date":"2021-03-04T11:11:00","date_gmt":"2021-03-04T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17479"},"modified":"2021-02-26T12:49:02","modified_gmt":"2021-02-26T20:49:02","slug":"canadians-spending-extravagantly-on-homes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/03\/canadians-spending-extravagantly-on-homes\/","title":{"rendered":"Canadians Spending Extravagantly on Homes"},"content":{"rendered":"<p style=\"text-align: justify;\">Purchasers are spending money on more expensive homes in Canada\u2019s biggest cities and it\u2019s trickling down the ladder, making housing more prohibitive for the people most affected by the pandemic.<\/p>\n<p style=\"text-align: justify;\">\u201cExisting home sales have shifted towards more expensive housing types in Vancouver, Toronto, Ottawa and Montreal and away from generally less expensive apartment condominiums and attached dwelling,\u201d said a new report from the Canada Mortgage and Housing Corporation. \u201cThese markets have also seen a shift in the distribution of sales towards higher price ranges.<\/p>\n<p style=\"text-align: justify;\">\u201cThis shift likely reflects the uneven distribution of the economic impacts of the pandemic, with higher-income households able to maintain their income through adapting to work from home. In contrast, those employed in lower-paid industries were less able to adapt to pandemic conditions so that, in combination with a sharp decline in new migrants to Canada, relative demand for less expensive housing types fell.\u201d<\/p>\n<p style=\"text-align: justify;\">To be clear, demand from immigrants and lower wage earners for less expensive housing has greatly diminished, but relatively well-heeled Canadians priced out of the single-family market are climbing down the housing ladder and buying whatever they can afford. According to Robert Mogensen, a mortgage broker, their ranks are swelling.<\/p>\n<p style=\"text-align: justify;\">\u201cIf they had their sights set on a single-family home, with the way pricing has gone on more modest ones, they\u2019re being pushed down into townhouses and condominiums,\u201d said Mogensen of The Mortgage Advantage. \u201cI\u2019ve had a number of clients you\u2019d assume would have no trouble, like dentists, doctors and lawyers, who\u2019d be looking specifically for single-family homes, not qualify. Maybe because they were getting started in their professions, but they\u2019d have to start looking at townhomes, which are typically for middle-of-the-road income earners, and now it\u2019s driving the price of townhomes up.\u201d<\/p>\n<p style=\"text-align: justify;\">Mogensen says the fierce competition at the higher end of the housing market\u2014where he\u2019s seeing multiple offers on almost everything, as well as \u201ccrazy offers with no conditions\u201d\u2014is trickling as far down as the condominium market.<\/p>\n<p style=\"text-align: justify;\">\u201cBuying activity for higher-end homes has picked up from where it was a year ago, and now it\u2019s working its way right down the scale. The condo market is starting to heat up as well for exactly the same reason the townhouse market is.\u201d<\/p>\n<p style=\"text-align: justify;\">At the same time, the economic impact of the pandemic is disproportionately affecting younger Canadians and lower-income households, who are watching the cost of housing soar to new heights from the sidelines.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite increased government transfers to these households, their exposure to negative employment effects meant they were less likely to purchase a home during the pandemic than other households,\u201d said the CMHC report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/despite-pandemic-canadians-spending-extravagantly-on-homes-334520.aspx\" target=\"_blank\" rel=\"noopener\">Despite Pandemic, Canadians Spending Extravagantly on Homes<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasers are spending money on more expensive homes in Canada\u2019s biggest cities and it\u2019s trickling down the ladder, making housing more prohibitive for the people most affected by the pandemic. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/03\/canadians-spending-extravagantly-on-homes\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17479","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadians Spending Extravagantly on Homes &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/03\/canadians-spending-extravagantly-on-homes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadians Spending Extravagantly on Homes &#8226; 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