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Canada is a great growing country. Thousands of people immigrate to Canada each year. The first thing these people need is a home to live in. Most of them at first rent their places but later when they get settled and get a confident job, they buy a property. In this topic we will learn where in Canada is more demanded for properties, how this demand effects the housing market, how rates effect the market, and a way to buy a property when you do not have enough money.

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Based on this website, the first highest price is British Colombia and the second highest is Ontario. Therefore, these two provinces are highly demanded. If you move your mouse across the map in this website, you can compare the prices for different provinces and territories. You also can compare the 2018 and 2017 prices that shows how they have been changed. In British Colombia the average price has been decreased, but in Ontario it has been increased.
I have chosen this website because it shows and compares different prices. The most interesting part is the high price in Northwest Territories which amazed me.

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Instructions

Hover over any province on the map for a quick glance at current and year-ago price levels.

Although not displayed on the map, national and major market data are also available using the drop-down menus.

Use the drop-down selection menus below the map to view detailed information and compare two areas.

The Canadian Real Estate Association compiles monthly statistics on activity over Multiple Listing Service® Systems of Canadian Real Estate Boards and Associations.

This map displays the latest statistics for major markets and provinces across Canada, compiled from reports provided by real estate Boards and Associations on activity over their MLS® Systems.

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Instructions Hover over any province on the map for a quick glance at current and year-ago price levels. Although not displayed on the map, national and major market data are also available using the drop-down menus. Use the drop-down selection menus below the map to view detailed information and compare two areas.

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This image clearly shows how new rules impacts buying a home. As long as the income is the same, the power of purchasing a house is lower.
https://www.huffingtonpost.ca/2016/10/08/canada-mortgage-rules-millennials_n_12391596.html

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The millennial which are the children of the baby boomers are one of the biggest demographics who are getting the age to buy a home. Besides, immigration is growing up. These factors will cause raising the housing price. However, increasing the mortgage rate by Bank of Canada, put an stop on increasing the housing market price. In 2018, a borrower need to go under Stress Test which shows if they can afford to pay back their mortgage. They will do the test even they have a high credit score.
I chose this website to show how mortgage rate has effected the market price. The interesting part is even if your credit score is high, you still need to do the Stress Test.

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What a difference a year makes in Canada's housing market.

Let's say you purchased a typical Toronto home in March 2016. It would have cost you, on average, $688,011 -- an unimaginably high amount to many people just a few years earlier. If you decided to sell that home one year later in March 2017, it would have fetched around $916,567 -- an incredible $228,556 more.

But let's say you had hung onto it for another five months, until after the Ontario government slapped a tax on foreign buyers and expanded rent control. It would have been back down to $732,292.

That roller-coaster ride was all too familiar to people in Vancouver. Prices there shot up 31 per cent from $708,500 in August 2015 to $933,100 one year later, in August 2016, before cooling back down to $896,000 in January 2017, four months after British Columbia implemented a foreign buyers' tax.

The direction of prices in Vancouver has since reversed again. A new record average of $1,046,900 was set in November.

Things haven't been nearly as volatile in many other parts of the country but the typical home prices nationwide did rise 13 per cent between the third quarter of 2016 and the third quarter of 2017, from $555,000 to $628,000.

Thankfully for those hoping to jump into the market, 2018 could be the year the market finally calms down. Experts say that while some factors will continue to push prices upward, other factors are likely to push them back down, meaning that, overall, prices shouldn't rise nearly as quickly.

Royal LePage expects a 4.9-per-cent increase next year to $661,919 for the typical home in the 53 cities it tracks. RBC, meanwhile, predicts just a 2.2-per-cent increase in the national average, to $501,400.

Here are five of the factors expected to keep the market more balanced in 2018.

1. OSFI's Stress Test rules

The government regulator known as the Office of the Superintendent of Financial Institutions will require all homebuyers taking out mortgages from the lenders that it regulates to meet a "stress test" as of Jan. 1. That means buyers going to a Big Five bank for a mortgage will need to prove they can afford the Bank of Canada prime rate, even if their lender plans to give them a lower rate. For example, if the prime rate is 4.99 per cent, a buyer would need to show he or she can afford a 4.99 per cent interest rate even if they have such excellent credit that they're offered a mortgage at 2.99 per cent interest.

That two percentage point difference might not sound like much, but it would translate to hundreds of dollars per month on a typical mortgage, thereby reducing the amount for a house many people can afford.

Phil Soper, President of Royal LePage, says that the new rule will take some transactions out of the market because many of the people who were planning to "move up" to a pricier house will no longer qualify for bigger mortgages.

That could push prices down somewhat, and first-time homebuyers could benefit because they usually don't have a 20 per cent down payment, which means that they have long been subject to the same stress test when taking out mandatory mortgage insurance.

That said, Soper thinks the stress test may also have a subtler effect on the market than some believe. He points out that banks have already been putting people under their own internal stress tests for years, even if they don't advertise it. What's more, people renewing mortgages with the same lenders won't be tested, Soper says. He also points out that the rule only applies to OSFI-regulated lenders, but not to what he calls "grey market" lenders.

TD Economics estimates that the new rule will cut demand for homes by five to 10 per cent, shaving two to four per cent off prices.

Toronto-based broker John Pasalis points out that many people who might have been affected will have rushed to buy houses before the Jan. 1. deadline, so the true impact is "anyone's guess."

2. Interest Rates

The amount of interest that lenders charge homebuyers reflects the cost of borrowing from the Bank of Canada, so when the Bank of Canada raises rates (usually when the economy is growing), lenders pass that cost on to consumers with higher mortgage rates. The higher the rate, the lower the number of people who can afford homes. When fewer people are buying, prices fall.

With the economy growing at a healthy pace, Royal Bank economists say that they expect the Bank of Canada to hike its overnight rate by another 100 basis points to two per cent by the end of 2018.

TD Bank, meanwhile, says that the impact of rising rates "will be felt disproportionately within a few key markets where affordability is the most challenged: Vancouver, Toronto and Montreal."

Soper agrees. Overall, he thinks the impact of rising rates on prices will be modest. "Mortgage rates will still be lower than they were 10 years ago and five years ago," he points out.

3. 'Peak millennials'

The children of the baby boomers, known as millennials, make up one of the biggest demographics in history, and they're reaching home-buying age in record numbers.

Statistics Canada reports that there will be a projected 2,559,200 people between the ages of 25 and 30 in 2018 -- up 150,000 from five years earlier.

"The pent-up demand for housing from millennials is enormous," Soper says. "It's just such a large cohort of people that are moving into the prime first-home space."

Royal LePage hired a company to survey 1,000 millennials in June and they found that only 35 per cent of them already owned a home. Of those who didn't yet own, 69 per cent said they wanted to buy within the next five years.

That means that even if some people are pushed out of the market by things like the OSFI stress test and rising interest rates, there could be many other first-time buyers looking to take their place, pushing prices up.

4. Immigration growth

Another factor that can push prices up is immigration.

Canada added between 236,800 and 281,000 immigrants annually between 2004 and 2014. The Liberals boosted the number to 296,000 in 2016, an expected 300,000 in 2017, and are targeting 310,000 in 2018.

Soper says immigration will continue to increase demand, pushing prices up, particularly in the big cities where new immigrants are most likely to settle.

5. International policy decisions

Sometimes policy decisions in other countries can affect the market here.

The last time there was a major nationwide drop in home prices in Canada was between the fourth quarter of 2007 to the first quarter of 2009, when prices fell 11 per cent, according to CMHC.

Pasalis, the president of Realosophy Realty, says that "a lot of that was consumer confidence" related to the foreclosure crisis in the United States, where policymakers had allowed all kinds of risky lending that was never actually a problem in Canada.

"People were freaked out about the housing markets around the world," Pasalis says. "If consumers start becoming less confidence, they hit pause on a lot of things."

An example of a policy decision that could impact Canada in 2018 is New Zealand's plan to ban non-resident foreigners from buying resale homes. While it's a small country, that decision could push wealthy global investors to take a closer look at Canada, driving up prices here. "These are certainly concerns," Pasalis says.

Taken together, Pasalis and Soper, along with RBC and TD, all forecast that prices will continue to rise in most parts of the country, but at a more modest pace.

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Is 2018 the year to buy a home? 5 factors that could affect housing prices

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What a difference a year makes in Canada's housing market. Let's say you purchased a typical Toronto home in March 2016. It would have cost you, on average, $688,011 -- an unimaginably high amount to many people just a few years earlier.

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Nowadays, when prices are very high, co-ownership can be a good idea to buy your first house. However, you need to determine that each person how much is paying, and the percentage of the ownership needs to be clear. The owners will be recognized as joint tenant or tenant-in-common. Not only they will share the down payment, but also all expenses will be shared. This especially helps first buyers if they do not have enough money for down payment, or if their income is not enough to cover the expenses such as monthly payments for mortgage.
This website is useful because gives people an idea how to manage their investment in housing market.

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What is title?

Title is a legal term meaning registered owner of real property. When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses. The issue of whose name is on the title is frequently important when one individual is putting up most or all the money for the purchase. Title can also be held by other than individuals, such as partnerships and corporations.

How many people can be on title?

Title can be held by one person, or by two or more people as "joint tenants" or "tenants in common". If the owners are registered as joint tenants, it means that if one of them dies, the property belongs to the surviving joint tenant. Only the last surviving joint tenant can leave the property to someone in his or her Will. If the property is held by tenants in common, however, if one of the owners dies, the property will belong to whoever is the beneficiary of the person's estate. In other words, a tenant in common can leave their share of the property to whomever they wish in their Will because it does not automatically belong to the other tenant in common.

What percentage does each owner have?

In the case of joint tenancies, each joint tenant is deemed to own the same percentage of interest in the property. For example, if there are two joint tenants, each owns 50%, if there are four joint tenants, each owns 25%. This is not the case with tenants in common. With tenants in common the property can be owned in whatever percentage shares the owners decide. For example, one person may have a 75% interest and another may have the remaining 25%.

Ownership of matrimonial home

Most lawyers will recommend that married or common-law couples own their home equally as joint tenants. This will make them each full owners, and the survivor will become the sole owner if the other dies first. This arrangement prevents the property being tied up in probate proceedings and may result in significant tax savings. (Be aware, however, that there are still administrative and legal costs associated with transferring title to a surviving joint tenant.)

It is also important to know that matrimonial property laws can override your decisions on who holds title. In Ontario, the matrimonial home is a special asset and its value will be split by the spouses even though only one name is on the title.

Adding a child or other third party (such as a relative or business) as a joint tenant can be risky. The danger here is that your property could become entangled in that person's financial or marital problems. That said, a lawyer may be able to help structure an agreement to avoid such difficulties.

For business or tax planning reasons, you may want your property owned by one spouse alone. Your lawyer should also discuss the estate planning consequences with you. When property titles are held in joint tenancy, it can make drafting your Will more complex. For example, if you want to pass your property on to a child or someone else, the Wills of both joint tenants must address this wish.

If your property is already in one individual's name and you are considering transferring it to a joint tenancy, seek the advice of your lawyer. The provincial government may levy a fee based on the value of the property. HST may also be owed if the added name on the title is not a spouse.

Ownership of other properties

If more than one individual is purchasing a property, and they do not want to leave their share to the other owner in the case of their death, it is best that they own the property as tenants in common. This is often the case when people are purchasing a property as an investment, and where the individuals are not related to each other. In these situations, it is also important that the amount each individual is paying and the percentage ownership that each will have is carefully considered before the purchase is made, thereby avoiding last-minute closing issues.

Ownership of property is an important issue and can be quite complicated. For further information and assistance, consult a real estate lawyer.

If you are selling your home and would like to avoid paying real estate commissions, contact PropertyGuys.com . Selling with PropertyGuys.com gives you all the tools and guidance you need for a one-time flat fee.

If you are buying a home and want to know how much of a mortgage you qualify for, use the Scotiabank mortgage calculator .

For legal help to close your real estate deal, contact our preferred lawyers at Axess Law . They offer a low cost, flat rate legal fee and have multiple locations, open 7 days a week.

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Title and ownership of property - Legal Line

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What is title? Title is a legal term meaning registered owner of real property. When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it. You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses.

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This individual indicates that in Canada right now we have the low interest rate and the high price level in housing market. However, he believes this is not a good time to buy or sell the properties. He is concerned of the political movements in China and Russia that will effect the economy in the U.S. and Canada. He says these two countries will make their currency backed with their gold which will cause a war. He believes if the things get bad, it is time to buy a house and vice versa.
This video was a little shocking of how world can effect our lives in our own country. It was a dark video to me.

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Canadian Real Estate Market Forecast 2018

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In this video I have learnt that the middle class in Canada are shrinking. He has suggested in this vidio to buy a property or start a small business to stay in this class. He also provides some data and statistics to show how the housing market has been changed during the years. He also introduces a website that he has picked his data from. Between 1991 to 1996, the market price decreased, and some people sold their houses, but in the next 6 years period, the price increased again.
I used this YouTube because showed me graphs that helped me to understand the housing market and why people decided to sell their properties in a specific period of time.

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Second Look at Toronto's Largest Real Estate Crash

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This specialist believes the reason of high housing price in Vancouver is money laundering. Based on his opinion, the Chinese have transferred lots of money and bought houses that causes increasing the prices. He believes someone needs to speak up and stop this because people buy houses, but they leave them vacant. He believes by stopping this the housing market can be affordable for middle class families. He has also mentioned the mortgage fraud in Toronto which is under investigation. He offers to sell your house in Vancouver and rent a place or move out.
The reason for high market price in Vancouver was interesting. I liked the idea that someone needs to do something to help middle class to buy their homes.

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Ex-Wall Street trader predicts Vancouver housing market implosion

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This picture explains how the interest rate is a factor for deciding to buy a house or not. As this shows, when the interest rate is low, it is a good idea to buy a house even the price seems to be high . We will pay less interest during the mortgage's life which means we will pay less in total.
http://rutenbergblog.com/what-does-250000-buy-on-long-island/

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Tenants-in -Common is a way to share owning a property with others. All those people together shape the ownership and at the same time share the costs and expenses regarding the property.
http://langleynotarypublic.ca/joint-tenancy-part-2-of-4-joint-tenancy-vs-tenancy-in-common/

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1.What did you learn about the topic that most surprised you?

2.Provide a real-life example of how this topic is relevant or interesting for you.

3.Which research did you find most interesting?  Why?

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My Learnings from Housing Market in Canada.docx