Ontario’s housing market ‘under siege’ by record debt burden

ONTARIO — Ontario’s housing stock is in “a complete state of siege” and it’s getting worse by the day, the head of the province’s housing regulator said Thursday.

The Ontario Association of Realtors is warning the provincial government that its current “housing affordability crisis” has “become more serious” and the situation is “getting worse by day.”

The association’s president, Michael A. Buss, said Ontario’s real estate market is on the verge of a historic correction that could wipe out all the gains Ontario made in the past decade, from the creation of the single-family home to the construction of the new high-rise condo tower.

“It’s just a total meltdown.

And we’re just witnessing it,” Buss said in an interview.

Ontarians are now paying about $7,500 more for a home than they did a decade ago, according to data released by the provincial housing agency last week.

That’s up nearly 14 per cent from the $6,600 average home price, according a report from the Ontario Association.

Buss said Ontario is still at a high point for home prices, but the province is not seeing the level of activity that it did a year ago.

There are fewer homes sold in the province, he said.

If that trend continues, Buss warned that the real estate industry will suffer a significant blow, adding that it would be “the equivalent of the whole economy collapsing.”

Ontians are now struggling with record debt levels, Bump said, adding he hopes the government will help the province.

I think that is a really big step for Ontario,” Bump told The Canadian Press.

However, he added that the government needs to work on addressing the issue of rising mortgage debt and finding a way to lower it while still making sure there is a safe and stable home market.

He said the government should also look at creating more affordable, high-quality housing in the Greater Toronto Area.

In addition to raising the minimum home price to $1 million, Bumps plan would see a 5 per cent increase in taxes on mortgage interest, an additional 2.5 per cent tax on capital gains and a 5.5-per-cent tax on real estate sales, all of which he said would help the housing sector.

A key to getting the debt under control is creating more housing, he argued.

It’s not a question of if, it’s when,” Bumps said.

“We’re going to have to do a better job of creating more homes in this country.

What we’re seeing right now is the housing market is under siege.

It’s just getting worse.”

Mortgage debt has reached record levels, with Ontario now sitting at $4.8 trillion, according the B.C. government.

For the first time in decades, Ontario has a debt-to-income ratio of nearly 300 per cent, with household debt at over 100 per cent of disposable income, according Buss.

Since 2011, the province has increased its mortgage interest rates, which were initially set at 1.25 per cent but have since risen to 2.75 per cent.

And in July, the Ontario government increased the maximum annual mortgage payment to $500,000 from $400,000, to help pay down debt.

This increase has been accompanied by an increase in interest rates on all mortgages, from 1.5 to 2 per cent over the last five years.

While Ontario’s current high-debt crisis is a crisis, Busters plan will likely help address some of the issues that are hurting Ontario, he noted.

We’re still in the middle of a housing crisis, and we have a long way to go,” Busters said.”

If we can’t get out of this, it could be a whole lot worse.

What to watch for from the Clippers’ season opener

The Clippers were the last NBA team to lose at home in their first three games of the season.

Now that they’ve got their first game under their belt, they’ll be asked to do it again.

With Blake Griffin gone, it’ll be the Clippers second home game against a team they haven’t beaten in the playoffs since the 2009-10 season.

But the Clippers will also be playing against the Warriors in their third game of the regular season, and there’s no guarantee they’ll get much rest, either.

There’s a chance that their opening night home game will feature their starting five of DeAndre Jordan, Jamal Crawford, Chris Paul, and Griffin.

Those four players were expected to be starting players for the Clippers, and their presence could be huge.

Jordan is the only other NBA player on the team who could be counted on to start at point guard.

He has averaged 20.3 points, 6.7 assists, and 2.6 rebounds in 29 games this season, all of which have come in the first half.

Crawford is the Clippers best player, averaging 15.2 points, 7.7 rebounds, and 1.9 assists per game.

Paul is also the only player on this team who can consistently defend multiple positions, and he’s had a terrific season with 14.5 points, 8.4 rebounds, 2.1 assists, 2 steals, and two blocks per game in 36 games.

That’s a lot of shooting and rebounding.

But they’ve struggled to make shots off the dribble, and they’ve been struggling to defend the ball.

The Warriors, on the other hand, have been playing more defensive sets than the Clippers have, and that’s helped them.

Curry has been the only point guard on the Warriors to have at least 30 points and 10 rebounds in the season opener.

The only other point guard who’s averaged at least 15 points and 12 rebounds in a game this season is Andre Iguodala, who played in three games this year.

The Clippers will be facing the Warriors without their top three scorers and without the kind of scoring the Warriors are known for.

So, what to watch?

It’s not as if they haven to worry about that, because the Clippers are just a game away from becoming the first team in NBA history to win five games at home.

They’ll have to win three games to get there, though.

They’re still far from a lock to do that, and this is a team that can lose at any point during the regular campaign.

They still have a few games left, though, and those games will help them get a feel for how their offense will be and what it’ll take to get them to the playoffs.

They’ve won 10 of their last 12 games on the road.

The playoffs are just months away, and it’s hard to predict just how well this team will do, especially since they’re so far from the top of the standings.

But, barring a few more games and a miracle, the Clippers could be a legitimate contender in the West, and should be one of the best teams in the NBA.