Affordability Financial News

The federal government’s removal of GST for rentals in Canada is a welcome step to create more housing affordability but its impact on rents likely won’t be felt any time soon, experts told Global News.

living wage calculations reflect costs in June 2023, and take into account government transfers added to the family’s income, like child benefits, as well as deductions subtracted, like taxes and EI premiums.“The wage should be enough for the family to avoid severe financial stress, support the healthy development of their children, and participate in their social, civic, and cultural communities,” the report said.The report, released Thursday, said the living wage is $7.85 to $11.59 higher than what the minimum wage will be next month.“Working people deserve to work to live, not just live to work,” the report said.

Even a sharp recession is unlikely to restore affordability to Toronto’s housing market, according to a new study from Desjardins that should give pause to those looking for a chance to buy in.

Homeownership remains a key goal for many Americans, but it continues to become one of the hardest to achieve with tight supply pushing up real estate prices and lowering affordability nationwide.

India are set to rise steadily in single digit percentages over the coming years along with economic growth, according to a Reuters poll of property analysts who expect affordability for first-time buyers to worsen. Following a relatively modest 250 basis points of interest rate rises from the Reserve Bank of India to 6.50%, expectations of a resilient economy have underpinned property market strength, along with relentless demand for housing. Average home prices were expected to rise 7.0% nationally this year and next, according to the Aug. 14-31 Reuters poll of 12 property analysts, up from 6.0% and 5.5% in a June poll. The outlook was more upbeat and stable compared with companion polls of property markets in developed economies, where house prices are expected to fall or stagnate after surging as much as 50% during the COVID-19 pandemic. There was no such panic buying of property in India during the past three years, with modest rises of 2-3% annually leaving more room for house prices to climb. «Multiple factors are driving the real estate market in India: a healthy economy, market optimism, higher estimated GDP, economic diversification...(and) inflation is under control, which is adding to renewed optimism,» noted Ankit Kansal, managing director of 360 Realtors. While July consumer price inflation was running well above the top end of the RBI's 2-6% tolerance range, it is expected to ease back over coming months as food price inflation subsides.

“Apartment swap only,” begins the advertisement for renter Adam Reider’s three-bedroom, ground-floor apartment in Montreal’s sought-after Notre-Dame-de-Grâce neighbourhood.The spacious home, which also has access to a private yard, parking and an unfinished basement, is listed at $960 per month on Facebook marketplace. It’s right by the Metro system and provides easy access to downtown.

The Mike Aubrey Group Executive Vice President and principal Mike Aubrey discusses whether the housing market has hit bottom on 'Cavuto: Coast to Coast.' 

real estate consultant released its 'Affordability Index' for the top eight cities for the first six months of the 2023 calendar year. The index tracks the EMI (Equated Monthly Instalment)-to-income ratio for an average household. It indicates the proportion of income that a household requires, to fund the EMI of a housing unit in a particular city.

By David Rosenberg and Atakan Bakiskan

Redfin CEO Glenn Kelman says its hard to fault the Fed for overdoing rate hikes when there are other persistent sources of inflation.

DLF Chairman Rajiv Singh remains bullish on India's housing sector and expects strong sales momentum to sustain on the back of rapid urbanisation, improved affordability and aspirational need. Singh also noted that the sector is witnessing a consolidation in demand towards credible and organised real estate developers. In a message to DLF's shareholders in annual report for 2022-23, Singh said the housing sector continues to experience strong demand.

Less expensive cities with strong local economies climbed The Wall Street Journal/Realtor.com Emerging Housing Markets Index in the first quarter, another sign that many home buyers are giving priority to affordability.

Mortgage rates hit their highest level in almost three years, further straining affordability in a market where prices have risen steeply.

U.S. housing affordability worsened in the fourth quarter as home prices rose alongside mortgage-interest rates.