Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
A $200,000+ income is now needed to qualify for an average mortgage in Toronto & Vancouver Dec 22nd
High home prices and rising interest rates over the course of 2022 have made it significantly harder for buyers to qualify for the average mortgage, driving RBC's affordability measure to its worst-ever level..... More »
Equitable Bank’s mortgage arrears rate triples amid surge in renewals + MORE Mar 13th
Equitable Bank saw its mortgage arrears rate triple over the past 12 months now that a majority of its clients have renewed at higher interest rates..... More »
Latest in Mortgage News: Toronto and Vancouver Home Sales Surge in September Oct 8th
The fall was supposed to herald in a period of more subdued housing activity and home price growth. But preliminary September data for the Greater Toronto and Vancouver areas tells a very different story. In the GTA, home sales reached a new record of 11,083, representing a 42.3% gain compared to Se.... More »
Despite Uncertainty, Canadians Are Keeping Up With Mortgage Payments + MORE Oct 5th
You might have heard some sensationalist news stories over the past year about Canadian homeowners over-borrowing. With the employment rate so low, and mortgage debt so high, how could Canadians possibly keep up with their payments? Headlines spewed dire warnings that once payment deferrals expired,.... More »
Should I sell and rent or get a reverse mortgage? + MORE Jul 7th
I’m an 82-year-old widowed woman, and my savings are depleting fast. I feel privileged, as I have the luxury of owning my own two-bedroom, one-bathroom condo.
I have two options: to selI and rent a one-bedroom apartment, probably starting at $2,000 a month, or staying in my home and getting.... More »
Canadian home sales see biggest monthly drop in 7 years
– moneysense.ca
OTTAWA — Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday.
Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.
“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” CREA chief economist Gregory Klump said in a statement.
Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.
“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” CREA chief economist Gregory Klump said in a statement.
Where to Buy Canadian Real Estate 2017
“The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages…
The Globe and MailHousing sales fall in most markets across CanadaThe Globe and MailHouse sales fell in a majority of markets across Canada in June, suggesting the real estate sector is cooling just as interest rates are starting to climb and Ottawa is proposing tougher mortgage rules. Sales fell in Toronto and most nearby cities …Canada's home sales fall most in 7 years, as Toronto market plungesFinancial PostHome sales across Canada fall 6.7 per cent, biggest monthly drop in seven yearsThe Daily Courier (subscription)Canada Housing Sales Decline Steeply in June — UpdateFox BusinessMortgage Broker News -Radio Canada International -New Kerala -insauga.comall 25 news articles »
(Ben Nelms/Reuters)OTTAWA — Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday.
Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.
“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” CREA chief economist Gregory Klump said in a statement.
“The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages…
Home sales across Canada fall 6.7 per cent, biggest monthly drop in seven years
– canadianbusiness.com
Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday, the latest evidence that a cool-down in the housing sector is taking hold.
Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.
Home sales are down 14.1 per cent from the record level set in March.
“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” CREA chief economist Gregory Klump said in a statement.
“The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages…
Transactions last month were down 6.7 per cent compared with May on a national basis, the third consecutive monthly decline, with the Greater Toronto Area registering a 15.1 per cent drop.
Home sales are down 14.1 per cent from the record level set in March.
“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” CREA chief economist Gregory Klump said in a statement.
“The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages…
