Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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The Most Surprising Tip to Burn Your Mortgage Faster + MORE Mar 4th
High home prices got you down? Many people, particularly millennials, feel like the dream of homeownership is out of reach, especially in Toronto and Vancouver – Canada’s most expensive real estate markets. However, buying a home and being mortgage-free in a short amount of time is possible.
Le.... More »
Watch: What is the mortgage stress test? Mar 5th
If you’ve purchased a home in the last several years, or plan to buy one soon, there’s a good chance you’ve heard about the mortgage stress test. Since 2018, the stress test has served as a set of rules banks and lenders use to determine if you qualify for the mortgage you want. It’s possibl.... More »
The State of the Mortgage Market: 2020 + MORE Mar 14th
Mortgage Professionals Canada has released its latest State of the Mortgage Market report today, which is chock full of new stats and insights into the Canadian mortgage market. Despite regular headlines about rising home prices and overvaluation in the country’s largest centres, the report fi.... More »
How to protect your investments if the inflation genie sparks interest rate hikes Jan 19th
Now is a good time to prepare your finances for rising interest rates as they affect everything from the makeup of your portfolio to your mortgage.... More »
Latest in Mortgage News: Newton to Provide Free TransUnion Access to its 6,000+ Velocity Users + MORE Jun 28th
Starting today, the more than 6,000 mortgage brokers who use the Velocity mortgage operating system will gain free access to TransUnion credit reports for the remainder of the year. The offer is part of a campaign by Newton Connectivity Systems, which operates Velocity, to encourage greater diversif.... More »
Canada’s subprime mortgage providers are increasingly teaming up with unregulated rivals to sidestep rules designed to clamp down on risky lending, even as regulators have tightened lending standards to shield borrowers in case a decade-long housing boom goes bust.
First-Timers Delaying Homebuying
– canadianmortgagetrends.com
Nearly half of Ontario’s first-time buyers say they’ll delay their home purchase as a result of the federal government’s new mortgage rules introduced in October. As part of the government’s new stress-testing measures, buyers with less than a 20% down payment must now prove they can afford a payment at the BoC benchmark rate (currently 4.64%). That change alone will force approximately 45% of first-time homebuyers to postpone their purchase while they continue building up their down payment, according to a recent Ipsos poll conducted for the Ontario Real Estate Association (OREA). “It’s important to remember who’s being affected by measures that READ MORE
Canadian Homebuyers May Have A Fighting Chance In 2017
– walletpop.ca
Luxury house at dusk in Vancouver, Canada. (Photo: Kara Mysh via Getty Images)
Written by Wayne Karl
Prospective homebuyers face a growing list of challenges — from skyrocketing prices in Vancouver and Toronto, to soft conditions in Alberta, to another round of mortgage rule changes.
But there are some good reasons 2017 is still a good year to buy a home in Canada — if you can afford it.
1. A pause for the cause
Slowing price growth in Vancouver and Toronto is a positive development for would-be buyers. Spared from double-digit price growth year after year, purchasers will no doubt appreciate a pause, as it may crack open a window of opportunity.
“[Supply] is not what is pushing new homes to record prices – stupidity is.”
Affordability is a serious concern in these two markets. In the GTA, resale home sales in Toronto hit a record high in 2016 for the second consecutive year, according to the Toronto Real Estate Board (TREB). The overall average price for 2016 was $729,922 — up 17…
Calgary real estate board sees overall market stabilizing this year
– canadianbusiness.com
CALGARY _ The Calgary Real Estate Board says the city’s housing market is expected to stabilize, with some prices forecast to rise this year.
In its 2017 forecast, the board says benchmark detached house prices are projected to climb by 0.8 per cent in 2017 after falling 4.7 per cent since oil prices began falling in 2014.
Benchmark condo prices are expected to fall another two per cent this year, though that comes after falling 11.3 per cent since the economic downturn began.
For all types of homes, sales volume is expected to climb three per cent from last year to 18,335 properties sold _ though that remains off long-term averages.
Still, board chief economist Ann-Marie Lurie says high unemployment, rising mortgage rates, low net migration, and a slow recovery in the energy sector are expected to continue to weigh on the housing sector.
She emphasized that any recovery will be slow, with some ongoing risk as uncertainty in the economy continues.
The post Calgary real estate board sees overall market stabilizing this year appeared first on Canadian Business – Your Source For Business News.
In its 2017 forecast, the board says benchmark detached house prices are projected to climb by 0.8 per cent in 2017 after falling 4.7 per cent since oil prices began falling in 2014.
Benchmark condo prices are expected to fall another two per cent this year, though that comes after falling 11.3 per cent since the economic downturn began.
For all types of homes, sales volume is expected to climb three per cent from last year to 18,335 properties sold _ though that remains off long-term averages.
Still, board chief economist Ann-Marie Lurie says high unemployment, rising mortgage rates, low net migration, and a slow recovery in the energy sector are expected to continue to weigh on the housing sector.
She emphasized that any recovery will be slow, with some ongoing risk as uncertainty in the economy continues.
The post Calgary real estate board sees overall market stabilizing this year appeared first on Canadian Business – Your Source For Business News.
