Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.
The housing crisis chose van life for this 57-year-old grandmother
Terri Smith-Fraser, a nursing assistant, was renovicted from her Halifax apartment last spring when the cost of rent for her two-bedroom apartment more than doubled. Unwilling to be a burden on her adult daughters or find a roommate, she decided van life – usually associated with the young and adventurous – was her only viable option. Suddenly a bronze 1998 GMC Savana purchased in January, 2022, was home.
“I’m a grandma. I’m not a 20-year-old nomad snowboarder. I’m just your regular person who goes to work every day, and I live in a van,” Ms. Smith-Fraser told The Globe and Mail.
Three reasons why mortgage refinances are disappearing
Mortgage refinances have fallen off a cliff. They’re down by 32 per cent, according to the latest data from the Canada Mortgage and Housing Corporation (CMHC). People still need to refinance, but there are three reasons why they can’t, Robert McLister writes in his column:
- Tumbling home values
- Soaring rates
- The stress test
And here’s what to do about it if you’re in this boat.
This week’s mortgage rates: Markets price in another dose of tough rate medicine
“Higher for longer” is again the buzzphrase in Canada’s rate market. So much for the mini-U.S. banking crisis, which drove rates lower for all of two months, McLister writes. Now we’re dealing with a U.S. debt ceiling mess and persistently disappointing inflation indicators, not the least of which is stubbornly low unemployment. Both those factors have been driving rates higher.
Four in five Ontario housing investors live in the province: Statscan
More than 80 per cent of individual home investors in Ontario live in the province, according to a new report from Statistics Canada. Just 3 per cent of individual home investors reside elsewhere in Canada and 16 per cent live outside of the country, reports Rachelle Younglai.
The story is the same in British Columbia, Manitoba, Nova Scotia and New Brunswick, which does not reflect the spike in investor buying that occurred during the COVID-19 real estate boom. The study provides a window into investor buying patterns, which have come under scrutiny as home prices and rents have soared across the country.
Home of the week: An urban manse on Toronto’s Humber River
3 Riverside Trail, Toronto
From the street the home is an imposing two-storey stone manse at the top of a circular driveway with bay windows flanking the formal entrance. The foyer is a festival of detailed millwork and wainscotting that continues into the central hall and then into the formal rooms flanking the entrance. All of the doorways and windows in this space have modest arches, which adds a bit of Hobbit-like character.
The second floor has more of the original woodwork and arched windows, and the landing at the top of the stairs is generous enough for another formal sitting area with ravine views, and a balcony.
What do you think is the asking price for this house?
a. The asking price is $7.59-million.