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.
Does owning a home give you a retirement advantage over lifetime renters?
If you’re a millennial or member of Gen Z, the biggest financial non-event of the decade is the housing market correction. In his weekly column, Rob Carrick writes about what happens when young adults in this country cannot afford to buy and own homes.
In an expensive housing market, both owners and renters are going to have a hard time saving for retirement. Owners do have a retirement saving advantage in being able to access their equity by downsizing to a cheaper home, but many owners don’t want to. And while renters are running a high risk of accumulating debt, the debt burden on owners should not be underestimated either, writes Carrick.
Canadian home prices rise in March as new listings sit at 20-year low
The Canadian housing market started to show signs of a rebound in March, with demand increasing and monthly home prices rising for the first time since the Bank of Canada started raising interest rates, writes Rachelle Younglai. After declining for 12 consecutive months, the national home price index rose 0.2 per cent to $709,000 from February to March, and home sales rose slightly for the second straight month. The number of new listings fell 5.8 per cent in March to hit a 20-year low.
This week’s lowest mortgage rates in Canada
It was a sleepy week for mortgage rates, writes Robert McLister. The only changes among nationally advertised offers were a five basis point increase in the lowest variable and 10-year fixed rates. (One basis point is one-hundredth of a percentage point.)
What a housing shortage means for the future of work
A tight labour market means employers have to work much harder to attract and retain talent, writes Stacy Lee Kong. Some companies have been thinking about housing for years now, but most employers who are thinking about housing aren’t entering the real estate market – in addition to being expensive, there’s just not that much land available in the cities where housing needs are the highest. Instead, what some companies are doing is offering small grants or interest-free loans to help employees.
Home of the week: Sub-penthouse with Toronto views
33 Lombard St., unit 4304, Toronto
The 1,729-square-foot unit provides an open space for living and dining with bedrooms on either side. Outside, a 521-square-foot balcony wraps around the corner unit. There’s a gas barbecue, and spaces for dining and lounging.
The current owner, who often works early in the morning, enjoys coffee outside. “I’ve seen many a sunrise – my social media is often a photo of the sunrise,” he says.
The east view looks over the Cathedral Church of St. James below and extends as far as the Scarborough Bluffs. To the south, the unit offers a view of Lake Ontario and Toronto Islands. The financial district to the west provides skyline views at night.
What do you think is the asking price for this condo?
a. The asking price is $2,349,900.