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www.insideHALTON.com | OAKVILLE BEAVER| |Thursday, Thursday, June www.insidehalton.com | OAKVILLE BEAVER June23, 23,2016 2016 || 34 34 "Do these kinds of things typically end well? Usually not," she says of the trend. Real estate prices in cities within proximity to Toronto and Vancouver are also going up, as homebuyers seek more affordable alternatives, but it's a phenomenon isolated to only Ontario and B.C., Cooper says. The overall Canadian economy is still struggling to recover from the decline in oil prices. Cooper says that's the reason the Bank of Canada will keep interest rates low. "The economy is still underperforming and the Bank of Canada is likely not going to be raising interest rates this year." drop in home prices, which could be devastating when it comes time to renew mortgages, regardless of interest rates. "That's where the real risks are," she says. "That's where getting advice from financial planners and an accredited mortgage professional becomes really important." So far, affordability is only a major issue in Vancouver, Toronto and their neighbouring regions. Prices in other parts of the country, Cooper says, are not rising as rapidly, while provinces affected by the drop in oil prices ­ Alberta, Newfoundland and western Saskatchewan, are experiencing house price declines. Ottawa, where sales are keeping pace with the housing supply, is showing no signs of either rapidly escalating prices or a migration of homebuyers to the suburbs. In Montreal, the housing supply remains high, keeping prices from escalating, while in the Halifax region, average prices varied by housing type and sub-region. Prices are up in Halifax City, but down in neighbouring Dartmouth. But returning back to the whole country, roughly 70 per cent of Canadian households own their own home, says Cooper, and by far the majority enjoys a sufficient equity cushion to withstand a temporary correction. Sherry Cooper: Homeowners Should Be Mindful of Changes in the Market By Gordon Hamilton An expected increase in U.S. interest rates may not be repeated in Canada this year says Sherry Cooper, chief economist for Dominion Lending Centres. Another year of low interest rates means homeowners can defer worries about escalating mortgage payments, but even when rates do start to climb, Cooper expects the Dr. Sherry Cooper increases will be moderate and Chief Economist for gradual. Dominion Lending Centres Where homeowners should be evaluating risks, she says, is over the dramatic jump in real estate prices in Vancouver and Toronto, where foreign investment has been a factor driving the markets. Cooper believes there are real risks to home equity if that investment pipeline is closed, even partially. In those red-hot markets, some buyers are bidding above the asking price in emotionally loaded bidding wars. The issue on everybody's mind now, she says, is housing affordability in both Toronto and Vancouver, where some panic buying in the wake of the rising inflow of foreign capital has pushed prices further up. The exodus of buyers to other B.C. and Ontario locations in search of affordable housing has driven up prices there as well. Canada Mortgage and Housing Corp. warns in its most recent report on the Hamilton-Burlington region, for example, that there is evidence of overheating as Torontonians are moving further afield. Prices, according to one indicator tracked by CMHC, were up 8.8 per cent in 2015 and continue to be under substantial upward pressure. Similarly in BC, prices are rising in regions around Vancouver as well as in Victoria. For example, house prices in Victoria are reported to have risen a whopping 19 per cent year-overyear in May. Even with interest rates at generational low levels, homeowners with high household debt relative to their income are heavily exposed to the risk of rising interest rates, a potential future market correction, not to mention a slowdown in economic activity that might jeopardize their ability to make mortgage payments, Cooper says. A housing correction in these red-hot markets could cause a sudden 1-888-806-8080 www.dominionlending.ca call an expert - home services community notices Farmer's Market Farmer's Market Driveway Solutions YOUR DRIVEWAY & PATIO SPECIALIST Driveways Brick Work Flagstone Masonry John: 289-659-3383 John.drivewaysolutions@gmail.com Save on Hedge Trimming! Tree Pruning, Removals, Stump Removals. 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