Housing starts up in six largest cities but construction still not closing supply gap + MORE Sep 28th

The Canada Mortgage and Housing Corp. says construction of new homes in Canada’s six largest cities rose 4% year-over-year during the first half of 2024, but housing starts were still not enough to meet growing demand.

A FOUR PART SPECIAL EDITION… PART 2 of 4

Canada’s mortgage lending rules and policies are broken.  They just don’t work.  And the more our Federal government tries to help, the worse it gets.  This is a 4 part series of what our government can do to make home ownership affordable.

IDENTIFY THE PROBLEMS.

1. QUALIFYING IS TOUGHER THAN EVER BEFORE

Canadians can’t afford to buy or rent a home due to the high monthly cost. Home prices and rental rates have exploded! No surprise there.  

Simple math.. Even a below average home, let’s use a $500,000 mortgage @ 4.69% will cost you $2,820/mth.  Add in property taxes, home insurance and

utilities and basic maintenance and you are looking at least another $700/mth. That’s $3520/mth on the very low end.  Let’s face it, $500,000 isn’t gonna get you very much these days. 

RENTING… The average rent for a 2 bdrm home is $2300/mth in Canada’s largest 35 cities. (Toronto and Vancouver are well over $3,000/mth)…

In Canada, a credit history is a person’s track record of using credit (borrowing money) and repaying debt. Your credit history can affect many aspects of your financial life—from getting approved for a credit card or renting an apartment to taking out a mortgage or a car loan, among other things. In some instances, even potential employers may check your credit report (a summary of your credit history).

If you’re a newcomer to Canada, a recent graduate, a student or a young adult, your credit score—a number calculated based on your credit history—is likely low or non-existent, meaning that you don’t have enough credit activity to even determine a score. One of the most beneficial things you can do for your financial health is to learn how to build your credit history in Canada.

Featured CREDIT CARDS

featured

Balance transfer credit card

An ideal option for cardholders looking to consolidate and manage debt, the card has a 0% balance transfer offer for 12 months (with 3% transfer fee)…

OSFI has confirmed that it will remove the requirement for lenders to apply the Minimum Qualifying Rate (MQR) to straight switches of uninsured mortgages.