{"id":252,"date":"2015-11-29T08:14:50","date_gmt":"2015-11-29T16:14:50","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=252"},"modified":"2015-11-29T11:30:37","modified_gmt":"2015-11-29T19:30:37","slug":"canadians-feel-priced-out-of-their-own-neighbourhoods","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/11\/canadians-feel-priced-out-of-their-own-neighbourhoods\/","title":{"rendered":"Canadians Feel Priced Out of Their Own Neighbourhoods"},"content":{"rendered":"

38% of Canadian homeowners felt that housing in their area is unaffordable<\/strong><\/em>
\nAre you trying to buy a home right now? Do you feel priced out of the market? According to a new Manulife Bank of Canada study you\u2019re not alone.<\/p>\n

Is your neighbourhood affordable?<\/strong>
\nMore than a third (38%) of Canadian homeowners felt that housing in their area is unaffordable with the most pessimistic outlook coming from those living in British Columbia.
\nThe survey revealed that 46% of those looking to buy in one of Canada\u2019s largest urban areas\u2014Vancouver, Calgary, Edmonton, Toronto, and Montreal\u2014would describe their housing market as
\naffordable. The perceived lack of affordability was most acute in Vancouver, where just one in three (33%) of buyers indicating that housing was affordable.
\nBut not everyone in Canada saw housing affordability as an issue. About 68% of buyers looking for a home outside of the largest Canadian cities described their real estate market as affordable\u2014with the most optimistic homeowners located in Atlantic Canada (where 83% described their neighbourhood as affordable).<\/p>\n

Housing prices expected to increase<\/strong>
\nAccording to the survey results, Canadians don\u2019t expect housing affordability to get better over the course of the next year\u2014with two in three homeowners anticipating house price increases in their area.
\nHowever, homeowners in Alberta, Manitoba and Saskatchewan didn\u2019t share this sentiment, with almost one in five (19%) expecting prices to decline in the next 12 months.<\/p>\n

Housing costs put pressure on household budgets<\/strong>
\nThe survey also found that more than a quarter (27%) of homeowners didn\u2019t feel they could handle an unexpected household expense, such as a major car repair or a furnace replacement, while 38% reported already being \u201ccaught short\u201d over the past year with an unexpected expense.
\nThose facing unexpected expenses found a variety of ways to cover the bills\u2014with 33% using a line of credit, 32% using a high-interest credit card to cover the cost, 23% using money from their emergency fund savings, and 14% borrowed money from a family member.
\nThe size of our rainy-day accounts also suggests that Canadians are less prepared for unexpected expenses than they believe. Only 24% of home owners reported setting aside $5,000 for an emergency; half indicate they either have \u201c$1,000 or less\u201d, or don\u2019t know how much they have for emergencies.<\/p>\n

\u201cThe challenge faced by many Canadians is that their income is relatively stable from month-to-month, but their expenses can vary significantly,\u201d Rick Lunny, president and CEO, Manulife Bank of Canada, explained in a press release. \u201cAccess to rainy day savings or a low-cost line of credit are good options to safeguard against these fluctuations. However, if your backup plan is to carry high-interest credit card debt or borrow from a family member \u2013 you could be putting undue stress on your finances or relationships.\u201d<\/p>\n

Canadians Feel Priced Out of Their Own Neighbourhoods<\/a> by Romana King | Money Sense<\/p>\n","protected":false},"excerpt":{"rendered":"

38% of Canadian homeowners felt that housing in their area is unaffordable Are you trying to buy a home right now? Do you feel priced out of the market? According … [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":[13],"tags":[],"class_list":["post-252","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"\nCanadians Feel Priced Out of Their Own Neighbourhoods • 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\/2015\/11\/canadians-feel-priced-out-of-their-own-neighbourhoods\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadians Feel Priced Out of Their Own Neighbourhoods • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"38% of Canadian homeowners felt that housing in their area is unaffordable Are you trying to buy a home right now? 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