Brace yourself. Affordability of housing continues to deteriorate, and latest reports indicate the situation could get worse before it gets better, causing a huge hit to the Canadian economy.

Far fewer Canadian cities meet the traditional affordability benchmark where housing costs are less than 30 per cent of household income, recent data from prop-tech company Zoocasa revealed.

Reports indicate that...

Calgary’s housing market has been showing a great deal of variability this year. By September, citywide conditions had settled into balance, but several neighbourhood clusters kept prices close to last year’s levels, while some others showed modest gains.

Calgary’s Split Market

By late summer, it became apparent that Calgary wasn’t moving as a single market. The composite benchmark sat at $572,800,...

The federal and Ontario governments have stepped up to the plate by cutting the sales taxes on new homes for first-time buyers. It took them a while to get there, but to their credit, they did.

Once legislation is passed, a first-time buyer who purchases a new home up to $1 million will no longer have to pay the five-per-cent GST or eight-per-cent HST. It will be retroactive to May 27. For homes purchased...