When you buy a home, a lot of the money you spend isn’t going towards your home equity. The cost of homeownership includes the money you spend on fees, taxes and interest. These costs do not increase the value of your home nor do they reduce the principal on your mortgage.
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CALGARY – The percentage of first-time home buyers in Calgary who are willing to break their budget for the right house is the highest in Canada, according to a new report by BMO.
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The Calgary resale home market is solidly in favour of sellers, with homes selling at a much quicker pace last month than they did in February 2013.
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Trico Homes’ new duplex designs are off to a strong start in Legacy.
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EDMONTON – The Realtors Association of Edmonton says youthful buyers were responsible for the highest October home sales in five years.
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Homeownership remains cheaper than renting nationally and in all of the 100 largest metro areas. But rising mortgage rates have narrowed the gap between the cost of buying and the cost of renting. The 30-year fixed rate is now 4.80%, compared with 3.75% one year ago (according to the Mortgage Bankers Association, or MBA). This jump in rates has raised the cost of buying relative to renting. As a result, buying is 35% cheaper than renting today, versus being 45% cheaper than renting one year ago.
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No matter what the Federal Reserve announces Wednesday on tapering, it “can’t change housing demographics,” Toll Brothers CEO Douglas Yearley told CNBC. That’s why he said he won’t even hazard a guess on what the Fed will do.
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Sam Lustgarten could be one of the growing number of “career renters” real estate companies think Millennials will become — at least in the near term.
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Home price growth is decelerating nationwide, but of course housing is a regional story.
And in Southern California, the market is still exploding.
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Kerry Fisher lost at least eight homes in the past four months to faster and more cash-rich buyers.
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