Trump, the fall of Free Trade Agreements, the rise of the Greater Toronto Area and more Trump.
Welcome to January’s Real Estate Roundup. 2017 is off to a potentially decisive start in regards to the global economy, with President Elect Donald Trump officially taking the his place as President of the United States of America. But, while most headlines read Trump, there are plenty of others also related real estate, mortgages, investing and the economy. Here is this month’s Real Estate Roundup:
The start of the Trump presidency may well be a combative one, especially in respects (or lack there of) to free trade agreements. Greg Bonnell of the Business News Network breaks down what U.S. President Donald Trump means when he says “unfair trade,” and what it could spell for countries like China, Japan, Germany, Mexico, and Canada.
Likely one of Trump’s first targets will be NAFTA, the North American Free Trade Agreement. He describes the deal as “the worst trade deal in history,” which leaves many politicians and business owners in Canada worried about the implications the absence of such a deal may have. But as Claire Brownell of the Financial Post describes, the end of a deal that oversaw US$1.3 trillion in traded goods and services between Canada, the US and Mexico may not mean the end of our economy as we know it.
– Financial Post (hyperlink: http://business.financialpost.com/news/nafta-its-less-important-to-canada-than-you-might-think)
In other news (yes, there’s other news) a Nova Scotia human rights board has made a big move on Jan. 30, when they ruled in favour of an insurance claim by a patient seeking repayment for his medical marijuana expenses. The Canadian National Medical Marijuana Association said it believes the ruling is a potentially precedent-setting case that could lead to more coverage for cannabis patients. Like it or not, it seems marijuana will continue to have a larger and larger impact on our economy.
The big news in Canadian Real Estate comes out of Toronto this month, where the average price of a home has risen by $40,000 compared to last month – a 5% month-on-month increase in housing prices. Homes in the GTA have climbed 22.3% from January 2016 to January 2017. Explore the interactive map of the GTA’s housing market by clicking through to the link below.
– Better Dwelling (hyperlink: https://betterdwelling.com/city/toronto/toronto-real-estate-rises-5-percent-january-2017/#_)
And finally, it’s time again to think about RRSPs. Before the March 1 deadline, make sure to brush up on all your RRSP knowledge with this valuable overview compiled by Tri City’s very own Carolyn Lair.
– 2017 RRSP Rules (hyperlink: TBD)
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