There are signs that homeowners’ worst-case scenario is happening more often as the Toronto-area real estate market continues to cool
The Canadian dream of home ownership is usually focused on the beginning: the search for and acquisition of a house. But sometimes the dream becomes nightmare, when you lose your house and the bank or some other creditor takes it and sells it off.
The house is in a desirable area on 15 acres of land – there are other multimillion-dollar homes on the same street – but the couple couldn’t find a buyer for the initial $3.499-million list price, or any of the other half-dozen relisting and repricing attempts. Finally, earlier this year, the bank called the loan. The eight-bedroom, six-bathroom country house is on the market again – listed by their bank -- for $2.75-million. Ms.
The financial troubles the McLuckies found themselves in were exacerbated by an inability to sell their home as the local and regional real estate market saw dramatic drops in sales of detached homes.In 2017, TREB recorded 92,394 home sales in its MLS system, which was 18 per cent lower than the 113,000 sales in 2016.
Mr. De Luca has studied the mass foreclosures that took place in the U.S. real estate market after the 2008 financial crisis, and while he remains convinced Canada’s not looking at anything close to that level of homeowner disruption, he does worry that rising borrowing costs leave many Canadians vulnerable to shocks.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Home Capital profit rises on increased mortgage originationsThe alternative mortgage lender says it earned $35.8 million or 46 cents per share for the quarter ended Dec. 31
Read more »
Telecoms industry sees need to tighten network security, regardless of HuaweiTelecoms industry sees need to tighten network security, regardless of Huawei GlobeTechnology
Read more »
Ontario regulator failed to make planned checks on risky mortgage brokersThe FSCO planned to complete five on-site examinations of mortgage brokerages identified as risky this fiscal year. But as of Dec. 31, 2018, it had not finished any of them, according to data provided to Reuters
Read more »
How mortgages and market volatility could impact earnings for Canada’s big banksThe banks are about to report on what has traditionally been the strongest quarter of the year, but this year might be different
Read more »
Ontario regulator failed to make checks on risky mortgage brokers, documents showThe findings call into question whether mortgage brokers, which originate 30 to 40 per cent of new loans, are being adequately supervised
Read more »
Deep freeze in housing market suggests mortgage rules have overshot their markHaider-Moranis Bulletin: A decline in sales in January 2018 was expected, the decline this January was disturbing
Read more »
The mortgage ‘stress test’ has started harming Canadians more than it helpsThe mortgage ‘stress test’ has started harming Canadians more than it helps fpcomment
Read more »