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Benjamin Tal Economic Outlook – Pt. 1
I had the pleasure of attending a discussion held by Benjamin Tal last week where he discussed his views on the North American economy and the impact it is going to have on our housing and mortgage markets. There are some significant differences between the economies in Canada and the US......some are surprising and some are expected. There is no shortage of news and commentary in the media these days, but Mr Tal does a good job of interpreting the data and telling you how it will affect your world. My next few posts will be spent analyzing Mr Tal's thoughts and providing some commentary on the future of our housing and mortgage markets. The first thing we need to understand is the amount of debt Canadians and Americans carry. Surprisingly (atleast I found it surprising) American's are experiencing their highest saving rate in 20 years. The amount of debt compared to income is actually falling for the first time in history. Canadians will actually have a higher debt to income ratio than the US within 6 months. Obviously the economic events of ...
Increase In The Cost of Home Ownership
According to a study completed by RBC, the cost of owning a single family, detached home in Canada has increased to about 43% of a family's before tax income. Although this is up by about 1.2% over the previous quarter it is still not as high as the 52% we saw in the spring of 2008. The record high was 57% which was reached in the second quarter of 1990. RBC goes on to say the increase is due to a slight rise in mortgage rates combined with an increase in the price of houses. The Canadian Real Estate Association also released some stats on home prices across Canada. They found house prices are up over 20% compared to October of last year resulting in the largest year over year increase in 20 years. Part of what is driving this increase is a shortage of supply in the housing market and record low interest rates. The increased demand created by the interest rates is not being met due to a decrease in housing supplies which results in bidding wars and increased prices. This is great if you are a seller, but extremely discouraging if you are a buyer. Phil Soper from Royal ...
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