Lenders have a rule of thumb when giving out mortgages, that no more than 32% of your household income can go towards your mortgage (no more than 32% can be dedicated to cover principal+interest, property taxes and utilities). So looking at where the average GTA home prices stand now can people realistically move into the housing market, be it for the first time or move within it? Where is affordability going and are prices justified?
Take a coffee break and watch this excellent 20 minute presentation by Jason Mercer, TREB Senior Manager of Market Analysis given earlier this month. The first part tells of where we are in terms of justified home prices, the second of where we expect to go. See how factors such as interest rates (the Bank of Canada controlling inflation), the labour force recovery and the increases to living costs and utilities all work together to shape the outlook of home prices for 2011/2012. Are home prices on the rise or are we looking at a period of decline?
Take a coffee break and watch this excellent 20 minute presentation by Jason Mercer, TREB Senior Manager of Market Analysis given earlier this month. The first part tells of where we are in terms of justified home prices, the second of where we expect to go. See how factors such as interest rates (the Bank of Canada controlling inflation), the labour force recovery and the increases to living costs and utilities all work together to shape the outlook of home prices for 2011/2012. Are home prices on the rise or are we looking at a period of decline?
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