Forward House was founded in 1957 and incorporated as a private, non-profit organization in 1962. The price of Canada’s biggest export, oil, has crashed over the past two years, much like iron ore and coal prices in Australia. According to Bosley Real Estate, who’s listing the property, the house dates back to 1869, or right after Confederation. Assuming incomes rise by 2% per year that means national prices need to drop at -3% per year for seven years to revert.
Canada´s economy shrank by an annualized rate of 1.6% in Q2 2016, the biggest decline since Q2 2009, amidst a decline in exports, especially for energy products, according to Statistics Canada Battered by the oil price decline Canada´s economy grew just 1.2% last year, less than half the 2.5% growth seen in 2014.
Since the advent of the GFC, it has become commonly accepted that the global real estate booms originated from rapidly expanding bank credit or private mortgage debt. Under the Constitution Act 1867 , the Queen and the Governor General and the Queen’s ministers and other public servants, not the House of Commons, govern Canada. But there aren’t a lot of things that happen in Canada where a huge number of us huddle around the fire together and cheer for the same team. Or you can’t blame the Realtor when you only want to pay $400,000 but all the houses in that neighbourhood are $700,000. Even though the U.S. economy was brought to its knees following a housing market collapse in 2007, house prices in Canada have risen in nearly a straight line, surpassing affordability limits of the average Canadian buyer.
The large, timber-framed house miraculously survived the bombardment of the Normandy invasion on June 6, 1944, and in the aftermath of the war became a familiar landmark, rising in the smoky background of many black-and-white photos and newsreels of Canadian troops landing on the shore of this Normandy village.
We have houses that are ugly, houses that are energy hogs, houses that have poor layouts, houses that are a major tax burden, houses that didn’t fit their use, houses that are oriented the wrong way, houses that are disposable, houses that only suit younger people, houses that are always dark inside, and so on.