[VANCOUVER] Canadian housing once seemed so infallible that the head of the world's biggest asset manager in 2015 described Vancouver condos as a better store of wealth than gold. Read more at The Business Times.
Since the economy began shuttering in mid-March to slow the spread of coronavirus, policymakers have raced to buttress the property market. Banks are offering mortgage holidays, including to landlords with multiple loans on investment properties.
That virtuous circle just popped. The City of Vancouver fears it's heading for insolvency after it surveyed residents and found that 45 per cent of households say they can't pay their full mortgage next month and a quarter expect to pay less than half of their property tax bills this year. Today, Canadian households owe C$1.76 for every dollar in disposable income. In Vancouver, that spikes to about C$2.40 - a ratio that puts the so-called supercar capital of North America on par with Iceland before the global financial crisis.
That's most likely to come from investors, half of whom weren't generating enough cash to cover the cost of owning their rental properties, Veritas found in a survey last September. Confronting a swiftly collapsing pool of renters, more than 200 Canadian listings have exploded across Vrbo and Airbnb in recent weeks pitching themselves as isolation or quarantine havens, many offering Covid-19 discounts, according to data from Toronto-based Harmari, which analyses online classifieds. Former Airbnb rental units have also cropped up in sales listings.
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