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.
Take The Globe’s business and investing news quiz
As home prices soar, Habitat for Humanity helps higher-income Canadians buy properties
The latest sign of how unaffordable Canada has become: a charity that’s historically provided lower-income families with no-interest loans to buy a home is now seeing its client base shift to higher income brackets. Habitat for Humanity is witnessing a profound change in who it is assisting, reports Rachelle Younglai.
Should parents sell half their home to their adult kids and share the space?
In the usual narrative of family assistance in home buying, parents give down payments to their adult children to buy a place of their own. In his weekly column, Rob Carrick looks at the reverse scenario: A couple bought a share of the home owned by their parents, and now the four of them occupy different floors of the duplex.
This week’s lowest available mortgage rates
The mortgage market always has its eyes on the five-year government bond yield, which guides fixed rates, writes Robert McLister in his weekly mortgage rundown. That yield zoomed to a new high since the global financial crisis on Thursday. The catalyst was U.S. rates, McLister says. They rocketed higher as inflation-unfriendly data raised the prospect of another Federal Reserve interest rate hike in September.
Should you count your home as part of your nest egg? A practical guide
Traditionally, financial advisers have cautioned against relying on home equity to fund their retirements. But without adequate savings, many retirees may see it as their best option. Ana Pereira looks at a few factors to consider when deciding whether to count your home in your retirement nest egg: Do you own it outright or are you paying off a mortgage? Do your registered savings and other investments support positive future cash flows? Do you have funds set aside to cover potential elder care needs?
Home of the week: Modern infill in a Toronto neighbourhood with a friendly vibe
7 Freeman Rd., Toronto
The house offers a substantial 6,000 square feet of living space with five bedrooms, five bathrooms and a three-car garage. Designed as an open-concept house with individual “pocket” spaces the home is ideal for a family to spend time together while giving everyone their own space.
The house also sits on slightly higher ground than the homes around it, allowing the view of the city to remain mainly unobstructed.
What do you think is the asking price for this house?
a. The asking price is $2,695,000.