Daily Market Update

by Jamie Henry14 May 2015
Canadian real estate executive among victims of Amtrak crash
An executive from mortgage lender Wells Fargo has been named as one of the victims of the Amtrak train crash which killed seven people in Philadelphia. Abid Gilani was Canadian and has family links in Ontario although he and his wife moved to the US many years ago. Mr Gilani was a senior vice-president with the bank’s real estate team and was a father of two. The company said in a statement: "Our hearts go out to all those impacted by this tragedy."
Size matters less than quality to Canadian homebuyers
Canadian homebuyers are willing to compromise on the size of their new home but some things are not negotiable. That was one of the findings in a survey of 12,000 homebuyers conducted by the Canadian Home Builders’ Association. Its inaugural survey of the preferences of recent homebuyers found that 35 per cent would like a single-family detached 2-storey home but while 22 per cent would adjust their size requirements none would lower expectations of quality or energy efficiency. The ‘must-haves’ in a new home include walk-in closets and energy-efficient appliances; both were considered vital by 68 per cent. More than half (53 per cent) of those surveyed said that their community should have walks and cycle paths and parks were also important for 41 per cent. The demographic of those buying homes, including first-home buyers, is dominated by generation X (46 per cent) with millennials (gen Y) making up 38 per cent. Unmarried couples with no kids make up a large percentage of all buyers of new homes.
Longer mortgages are the choice for more homeowners
The majority of Canadian homeowners would welcome the opportunity to lock in their mortgages for longer according to a new survey from CIBC. The poll conducted for the mortgage lender by Nielsen found that 47 per cent would opt for a medium-term and 27 per cent would seek a longer-term mortgage if they were to acquire, refinance or renew a mortgage today. Just 19 per cent would look for a shorter term home loan. Interest rates are not going to stay low for ever and that is clearly on the mind of homeowners. Barry Gollom, Vice President, Mortgages and Lending at CIBC. "With more than 1 in 4 Canadians now saying they would choose a longer term of 7 or 10 years, we may be seeing the start of a shift to longer terms." The poll also found that 62 per cent of those with a mortgage believe it will be at least ten years before they are mortgage-free. 

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