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Dear
Nitesh,
Here are some housing stats and mortgage information published by CMHC
and other housing agencies in Canada.
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On avg, Households spent more than $11,000 in
renovations in 2006
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The new Renovation and Home Purchase survey enables
Canadians to get timely information about market trends. This survey is
a part of CMHC's enchanced surveys and reports.
Here are some of the reasons why households decided to renovate:
61% - Add value/Sell their house
30% - Home needed repairs
Top 3 renovations in 2006:
34% - Remodelling of rooms
32% - Painting or wall-paper
32% - Hard surface flooring / Wall to wall carpeting
Read more...
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Housing Now
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A report released last month by CMHC shows that the
number of hours needed to work to rent decreased in 15 major cities
across Canada. In 2006, a person earning average hourly wage had to
work 115 hours in order to bring the average rent for a 2 bedroom apartment
to 30% of his/her income. On the other hand, the number of hours
required per month at the average hourly rate to bring the mortgage
payment to 30% of his/her gross income increased by 27 hours, compared
to 2005, to 229 hours.
In Toronto, on average, the number of hours needed to work to own a
house was 275, an increase of 18 hrs from 2005. Whereas, the number of
hours needed to rent went down to 154, a decrease of 4 hours from 2005.
These stats are based on a average hourly wage across Canada, which was
$21.88 in 2006, an increase from $20.99 in 2005.
To read the full report, click here.
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Hope you found
this month's edition of Housing Stats & Mortgage Market Information
usefull and informative. I look forward to providing you with more
insider's knowledge next month.
Nitesh Kumar, AMP
Mortgage Consultant
T 416.419.2566
F 905.671.9753
E info@niteshkumar.com
W www.NiteshKumar.com
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