Thunder Bay ranked top city for real estate deals
Thunder Bay received top marks for the best deals in the market "based on housing value, price momentum, economic strength and rental income potential." The researchers at the magazine used statistics from the Canada Mortgage and Housing Corporation, the Canadian Real Estate Association, Environics Analytics and WealthScapes 2014 to compile their list. Doug Murray, the CEO of the Thunder Bay Economic Development Commission, said real estate is a good selling point for the city. "This is an opportunity to say,'not only do we have businesses for sale in Thunder Bay that are probably cheaper than what you'd get in Toronto, but we also have a housing market that you can own a house and a business at the same time and still make money.' It's a lot cheaper." The magazine noted the average household income in Thunder Bay was $78,000 and the average price for a home just under $209,000. Calgary was second on the magazine's list of best real estate buys, with Barrie, in southern Ontario, rated third.
Household debt grows to new record high
Canadians’ household debt burden hit another record high in the final quarter of 2014, as debts grew faster than the sluggish pace of disposable income. According to the Globe and Mail, statistics Canada reported that the ratio of household credit-market debt (mortgages, loans and credit cards) to disposable income, the key measure of consumers’ debt burden, was a record 163.3 per cent in the fourth quarter, up from 162.7 per cent in the third quarter. Statscan said credit market debt grew 1.1 per cent in the quarter, slower than the 1.5 per cent reported in the previous quarter, but disposable income grew slower than the debt load for a third straight quarter. The historically high household debt load has been an ongoing concern for the Bank of Canada, which has long flagged it as a source of potential risk to the country’s economic and financial stability. The residual effects could impact tors and their ability sell.
Get an inside look of the $51.8-million mansion that sold in Vancouver
And the Vancouver Sun has an inside look at the latest jaw-dropping sale was a $51.8-million mansion on three lots, one of which overlooks the ocean. the Point Grey home was owned by Don Mattrick, the CEO of social gaming company Zynga and former head of Xbox at Microsoft, and his wife, Nanon De Gaspé Beaubien-Mattrick, a tech investor and heiress to a Canadian telecom fortune. The sale, which was not listed and not conducted by agents, is one of the biggest ever to hit the B.C. residential market. Read full story here