'If this isn’t a clear sign of foreign money in Canadian residential real estate, I don’t know what is,' according to a long-time mortgage expert. ronmortgageguy | GoldinYVR | pmcondon2 | Ayan604 | realestate realestatenews Vancouver mortgages
The fact that half of Vancouver homeowners are enjoying a mortgage free life reveals the unique nature of the Vancouver market, says the owner of a large Canadian mortgage brokerage.
For a city with a lower household income, the difference doesn’t make sense unless global inflows of wealth are considered. Median household income in Toronto is $84,000, according to Statistics Canada’s 2021 census data. Vancouver’s household income is $82,000. Calgary has the highest, at $98,000, and yet that city only has a mortgage-free rate of 35%.
Butler says the general belief among mortgage brokers is that the rate of free and clear title typically falls into the 37% to 42% range. Seattle is at a normal 37%, according to census data by demographics website Data USA. San Francisco is at 29%, and so is Los Angeles. New York is at 33%. The highest rate of free and clear title is in Vancouver’s priciest neighbourhoods, over 60% in Oakridge, Kerrisdale, Point Grey, and Shaughnessy.
“The advanced age of many owners gives them time to pay the mortgage off, and the using up of built-up equity in a long held home allows them to ‘move up,’ or downsize within the region, paying cash as a result,” he says. “[The third] is of course, global money investing in what has been a sound investment for decades, especially lately, in Vancouver real estate. They pay in cash but often with leveraged capital gotten from who knows where.
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.
Inflation Slows to 5.9% Despite Soaring Mortgage, Food CostsGrocery and mortgage costs were unrelenting in January despite inflating hitting the brakes a little. StatCan_eng | Canada economy mortage inflation interestrates finanace
Read more »
Mortgage Minute: Your Questions AnsweredIt's time for another mortgage minute. Frank Napolitano from Mortgage Brokers Ottawa joins us in studio to answer your questions.
Read more »
Mortgage billionaire Stephen Smith hires ex-TD banker to lead family officeStephen Smith hired an ex\u002DTD investment banker to run his family holding company as he looks to buy more financial\u002Dservices firms. Read on.
Read more »
Mortgage billionaire Stephen Smith hires ex-TD banker to lead family officeStephen Smith hired an ex\u002DTD investment banker to run his family holding company as he looks to buy more financial\u002Dservices firms. Read on.
Read more »
Mortgage billionaire Stephen Smith hires ex-TD banker to lead family officeStephen Smith hired an ex\u002DTD investment banker to run his family holding company as he looks to buy more financial\u002Dservices firms. Read on.
Read more »
'Possible power outages' as gusty winds expected in Metro VancouverIn other parts of Southern B.C. it could be worse
Read more »