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Calgary Herald
05-07-2025
- Business
- Calgary Herald
Spending on restaurants takes a bite out of ability to save for a home
Take a pass on the costly steak dinner and save more for a down payment. A new survey examining the impact of spending choices has suggested that Calgary first-time buyers seeking to save up for a home would need to forgo 40 years of steak dinners at a restaurant to come up with a 20 per cent down payment on the average priced home. Zoocasa recently released a report with tongue — or maybe steak bite — firmly planted in cheek to illustrate how Canadian first-time buyers' spending habits impact their ability to save for a down payment. Article content Article content It points to Statistics Canada data showing households spend on average about $3,351 annually on dining out and delivery, or about $65 a week. Article content Article content Article content The national realty firm then compared how many years, based on that sum, it would take if a first-time buyer instead saved the money for a down payment to purchase the average-priced home. Article content In Calgary, it would take about 40 years to save about $133,000, or roughly 20 per cent of the average priced home of about $667,000. Article content That's slightly above the national average of 41 years to come up with about $138,000 for a down payment for the average priced home in Canada of about $666,000. Article content If that seems like a long time, consider Greater Vancouver, where the average price exceeds $1.268 million. There, it would require a buyer to go without restaurant visits and takeout for 76 years to come have a 20 per cent down payment of about $254,000. Article content Zoocasa notes that giving up this discretionary expense can help individuals save more for a down payment, but the strategy is obviously not sustainable or practical. Article content
Vancouver Sun
19-06-2025
- Business
- Vancouver Sun
'Disappointing at best': Vancouver real estate prices falling, but sales slow
House prices have fallen more in Metro Vancouver than in the rest of the country, but that has not necessarily translated into increased sales. The average house prices in Greater Vancouver fell to $1.2 million in April from $1.3 million in April 2024, a 6.6 per cent decline. By comparison, Greater Toronto had a 4.2 per cent decline in prices in the same period, according to Zoocasa, a real estate listing site and company, which analyzed monthly benchmark prices released by the Canadian Real Estate Association. Nationally, there was an average 3.5 per cent drop. The most significant price drops in Metro Vancouver were in eastern Burnaby, where the benchmark price fell seven per cent from May 2024 to May 2025 to $1.09 million. West Vancouver saw a six per cent drop to $2.49 million, and Richmond saw a 5.2 per cent decline to $1.13 million. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Meanwhile, the number of sales, year-over-year, is still falling here and in some other markets, but nationally, there were early signs that the number of sales may be increasing. In May, residential sales in Metro Vancouver totalled only 2,228, a sharp 18.5 per cent drop year-over-year and more than 30 per cent below the 10-year average. Across the country, home sales fell a more moderate 4.3 per cent, year-over-year, in May, according to the real estate association. But they were up 3.6 per cent from April to May, the first month-over-month increase at the national level in more than six months, driven largely by the Toronto and Calgary markets. The senior economist at the Canadian Real Estate Association, which represents hundreds of thousands of real estate agents, boards and associations, was careful to say the national trend of sales and prices is only based on one month of data. Real estate boards use what is known as the MLS Home Price Index, which is a benchmark price that tracks so-called typical homes in different categories. Homes are chosen yearly for being 'in the middle of the pack' when it comes to quantitative attributes, such as above-ground square footage or number of rooms, and having qualitative features, such as a fireplace or access to a garage. Boards prefer this index since taking an average of sale prices in an area in a given month to calculate how much they have increased or decreased can be skewed if there is a large sale or an unusual one. However, using the average of sale prices is a closer indicator of what is happening in real time in a market. Real estate agents in Metro Vancouver note there are additional factors when thinking about home prices and the overall market. Surrey-based real estate agent Mayur Arora said that real estate board benchmark and average prices don't include sales of new units, mostly condos and townhomes. Some developers have been discounting prices of these to move them, and including these would give a truer snapshot of overall market prices. Everyone is looking for signs of what will motivate buyers who have been sitting on the sidelines, said Arora. 'Spring has been disappointing at best. It feels like being in a swimming pool and you can't touch the bottom, but your toe can feel that this is it soon,' he said, explaining that buyers want to know that prices have stabilized before buying, which may be why sales are down or flat even though prices have fallen. Vancouver real estate agent Kevin Banno recently put a North Vancouver home on Delbrook Avenue under contract for about $300,000 over its asking price of $1.999 million. He thought the large lot with views, but a rundown, vacant home on a street with much more expensive homes worth between $4 million to $6 million might draw a builder or developer. Banno received eight offers all over the asking price, an indication of how the market is eager to buy certain properties and how much money there is sitting on the sidelines for these, said Arora. This isn't the case for other listings where there is a lot of selection of the same kind of product, said Banno. 'There's no urgency. If it's a duplex on a single-family lot on the east side or the west side, it's just crickets. You get the classic line, 'I loved it and I have 12 more to see.'' jlee-young@
Calgary Herald
04-06-2025
- Business
- Calgary Herald
Posthaste: Homeowners up for renewal are in for a wake-up call
Article content Article content Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time. Article content A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada's 2025 Financial Stability Report. Article content 'Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,' Zoocasa Inc. said in a report. 'As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.' Article content Article content Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020, homeowners in Vancouver and Toronto would face monthly payment increases of $132 and $117, respectively, according to real estate platform Zoocasa calculations. Article content Article content The report said people in every single one of Canada's 26 most populated regions would pay more per month if they had to renew their mortgage, though just five would pay more than $1,000 annually: Fraser Valley, B.C., ($2,496), Greater Vancouver ($1,584), Greater Toronto Area ($1,404), Victoria ($1,188) and Hamilton-Burlington ($1,020). Article content 'For regions like Fraser Valley, where affordability was already stretched, these changes represent a more dramatic shift in household budgets,' Zoocasa said. 'This highlights a crucial point for homebuyers: it's not just about the sticker price of the home. The long-term cost of borrowing can vary widely depending on where you live and how much room you have in your budget when the rates inevitably change.' Article content Article content There are, however, pockets where the increases amount to less than $1 per day. Article content Article content Mortgage holders in Saint John, N.B., and Trois-Rivières, Que., would see the lowest annual increases at an additional $300, while those in Saguenay, Que., ($324) and Newfoundland and Labrador ($336) would only witness moderate increases. Article content On top of growing mortgage payments, Canadians are also facing more debt than ever before. Equifax Canada recently said 1.4 million Canadians missed a credit-card payment in the first quarter.
Yahoo
04-06-2025
- Business
- Yahoo
Posthaste: Homeowners up for renewal are in for a wake-up call
Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time. A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada's 2025 Financial Stability Report. 'Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,' Zoocasa Inc. said in a report. 'As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.' Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020, homeowners in Vancouver and Toronto would face monthly payment increases of $132 and $117, respectively, according to real estate platform Zoocasa calculations. The report said people in every single one of Canada's 26 most populated regions would pay more per month if they had to renew their mortgage, though just five would pay more than $1,000 annually: Fraser Valley, B.C., ($2,496), Greater Vancouver ($1,584), Greater Toronto Area ($1,404), Victoria ($1,188) and Hamilton-Burlington ($1,020). 'For regions like Fraser Valley, where affordability was already stretched, these changes represent a more dramatic shift in household budgets,' Zoocasa said. 'This highlights a crucial point for homebuyers: it's not just about the sticker price of the home. The long-term cost of borrowing can vary widely depending on where you live and how much room you have in your budget when the rates inevitably change.' There are, however, pockets where the increases amount to less than $1 per day. Mortgage holders in Saint John, N.B., and Trois-Rivières, Que., would see the lowest annual increases at an additional $300, while those in Saguenay, Que., ($324) and Newfoundland and Labrador ($336) would only witness moderate increases. On top of growing mortgage payments, Canadians are also facing more debt than ever before. Equifax Canada recently said 1.4 million Canadians missed a credit-card payment in the first quarter. But there is some optimism for buyers in the condo market as prices fall and the number of available units grows in many parts of the country. Condo sales in the Greater Toronto Area fell 21.7 per cent year over year in the first quarter of 2025 as new listings climbed 25.2 per cent. 'Ultimately, this might encourage more leveraged landlords to resort to forced sales and add supply to a market that is already softening,' Zoocasa said. to get Posthaste delivered straight to your of Nvidia Corp. have rebounded more than US$1 trillion in the past two months and investors expect the stock to climb even higher. The computer chip company quelled concerns about issues such as U.S. trade tensions and revenue growth at a recent investors' meeting, which has led to the sudden surge. The stock has now rallied more than 45 per cent since April, but is still down eight per cent from January. Read more here. 9:45 a.m.: Bank of Canada interest rate announcement Today's Data: Labour productivity for the first quarter, U.S. ADP National employment report Earnings: Dollar Tree Inc., MongoDB Inc. Bank of Canada expected to hold policy rate as bar to cut is 'quite high' Airline traffic in Canada is up — just not to the United States BMO sees Bank of Canada rate falling to 2% Trump's 'revenge' tax could see dollar dive 5% Summer is approaching and it's important to make a budget, including any camps children plan on attending, day trips and longer vacations, says credit counsellor Mary Castillo. Often, a staycation is the most cost-effective strategy, but treating it like a true vacation is important. Read more on how to have fun this summer, but spend less. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@ with your contact info and the gist of your problem and we'll find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ Canadians are missing credit payments at rates not seen since the financial crisis Burning your mortgage is going the way of rotary phones and station wagons Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Vancouver Sun
04-06-2025
- Business
- Vancouver Sun
Posthaste: Homeowners up for renewal are in for a wake-up call
Many Canadian homeowners are in for a round of sticker shock because more than half of them are nearing their mortgage renewal time. A whopping 60 per cent of outstanding mortgages are up for renewal in 2025 or 2026, according to the Bank of Canada's 2025 Financial Stability Report . 'Most of these are five-year, fixed-rate mortgages that were secured during the pandemic, when interest rates were historically low,' Zoocasa Inc. said in a report. 'As a result, a large number of households will see their monthly payments increase, with some experiencing a significant rise.' Assuming a 10 per cent down payment and a 4.94 per cent fixed rate in 2020, homeowners in Vancouver and Toronto would face monthly payment increases of $132 and $117, respectively, according to real estate platform Zoocasa calculations . Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The report said people in every single one of Canada's 26 most populated regions would pay more per month if they had to renew their mortgage, though just five would pay more than $1,000 annually: Fraser Valley, B.C., ($2,496), Greater Vancouver ($1,584), Greater Toronto Area ($1,404), Victoria ($1,188) and Hamilton-Burlington ($1,020). 'For regions like Fraser Valley, where affordability was already stretched, these changes represent a more dramatic shift in household budgets,' Zoocasa said. 'This highlights a crucial point for homebuyers: it's not just about the sticker price of the home. The long-term cost of borrowing can vary widely depending on where you live and how much room you have in your budget when the rates inevitably change.' There are, however, pockets where the increases amount to less than $1 per day. Mortgage holders in Saint John, N.B., and Trois-Rivières, Que., would see the lowest annual increases at an additional $300, while those in Saguenay, Que., ($324) and Newfoundland and Labrador ($336) would only witness moderate increases. On top of growing mortgage payments, Canadians are also facing more debt than ever before. Equifax Canada recently said 1.4 million Canadians missed a credit-card payment in the first quarter. But there is some optimism for buyers in the condo market as prices fall and the number of available units grows in many parts of the country. Condo sales in the Greater Toronto Area fell 21.7 per cent year over year in the first quarter of 2025 as new listings climbed 25.2 per cent. 'Ultimately, this might encourage more leveraged landlords to resort to forced sales and add supply to a market that is already softening,' Zoocasa said. Sign up here to get Posthaste delivered straight to your inbox. Shares of Nvidia Corp. have rebounded more than US$1 trillion in the past two months and investors expect the stock to climb even higher. The computer chip company quelled concerns about issues such as U.S. trade tensions and revenue growth at a recent investors' meeting, which has led to the sudden surge. The stock has now rallied more than 45 per cent since April, but is still down eight per cent from January. Read more here. Summer is approaching and it's important to make a budget, including any camps children plan on attending, day trips and longer vacations, says credit counsellor Mary Castillo. Often, a staycation is the most cost-effective strategy, but treating it like a true vacation is important. Read more on how to have fun this summer, but spend less. Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Plus check his mortgage rate page for Canada's lowest national mortgage rates, updated daily. Visit the Financial Post's YouTube channel for interviews with Canada's leading experts in business, economics, housing, the energy sector and more. Today's Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@ . Bookmark our website and support our journalism: Don't miss the business news you need to know — add to your bookmarks and sign up for our newsletters here
