Who's winning the housing market?
As you probably already know, Canada's housing market is on fire right now – and existing homeowners are reaping the benefits. People who already own homes are flooding the market, Bloomberg reports, leveraging surging home prices and declining mortgage rates to borrow against one property to buy a new one. Some are using it as an investment opportunity to boost their retirement funds, forcing many first-time homebuyers to resort to renting even as rent prices climb across Canada.