Since the slowdown in housing sales became effective a few years back, there has been a slowdown in the number of homeowners despite the ever-growing number of property developers in the country. That is the main reason why the bank of Canada came up with more stringent measures regarding the mortgage rules and interest rates targeting borrowers in the real estate market.
In fact, these measures were put in place to help slow down any entry of the new households in what is commonly referred to as the category of those who are deeply indebted in borrowing. Despite all that, the Canadian real statement market has been flourishing in a number of cities and property developers have strived to come up with new strategies that seem to work against the slowdown in housing prices. For instance, a visit to the website HomeAds shows a number of different categories of houses which are built to meet everyone needs in relation to the prevailing real estate market conditions in Canada.
While some regions have been hit hard with what experts think is a real estate bubble burst in Canada, the situation is totally different for most of the major cities when it comes to the new trends that are being adopted by both property developers and home buyers. And these trends could be the main factor that is contributing to keeping the real estate market in Canada afloat.
Still, on the real estate market trend, many families in Canada are now resorting to choosing ‘small living’ in comparison to suburban sprawls even though the housing prices are getting higher and higher every now and then. In the actual sense, the skyrocketing real estate, as well as rental markets in most parts of the country, have pushed some families further into choosing small species and still find the unexpected benefits.
Given that many families have decided to go ‘small’, there is a need to apply some creativity as a way to adapt to the new changes taking place. As a matter of fact, these changes still it allows such families to access some of the major social amenities in the area including parks, galleries, libraries and many more.
Also, this is a better way for kids to learn a great deal of diversification with which they would not have enjoyed in the suburbs. Therefore, kids can learn to cope with smaller spaces, become flexible and also learn how to be more creative when it comes to conflict resolution and problem-solving.
There has been a steady decline among those who can own their own homes in Canada since 2006 to present. This is according to the information collected and analyzed by Statistics Canada as indicated by the most recent census. For example, 67.8 % of Canadian households were able to own their own homes in the year 2016. However, this is somehow less than what was witnessed way back in 2011 where 69% of the households were already homeowners.
But lately, the situation has changed due to various factors among them being the inability of the younger generation to own their own homes unlike a few years back. At the moment, the 30-year-old millennials are not in a better position to own their own homes in comparison to their counterparts a few years back. Apart from that, many Canadians prefer moving to urban areas and this also contributes so much to the homeownership rates.
Now here comes the good news. Many households in Canada can afford condominiums as a new mode of living for most of the people in various cities. Apparently, almost two-thirds of those living in Condos own their own units. In other words, the skyrocketing housing prices have pushed most of the home buyers to look elsewhere in order to come up with a working solution.
As a result, condos have become the most sought-after commodities in the Canadian real estate market. This means that those property investors who have shifted to investing in condominiums stand to benefit more thanks to the changing trends where condos are becoming increasingly affordable compared to other types of houses in the same market. Therefore, it remains a win-win situation for both the home buyers and real estate developers. As the Canadian urban centers become popular, the real estate market continues growing as the demand for new shelters increases.
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