Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
We’re about to turn the page on 2018, and many may feel not a moment too soon. Climbing fixed rates weren’t the only thing making mortgages less accessible in 2018. This was the first full year to measure the impacts of new federal mortgage rules. Provincial policies in B.C. and Ontario also.... More »
Canada's biggest bank has cut its five-year fixed-term mortgage rate, a move other banks are likely to try to match in short order..... More »
Though the real estate market is nowhere as hot as it was, let’s say, two years ago, the fact of the matter is that home prices are going down, and some people are still looking to buy. Rising interest rates and a stricter mortgage stress test may have led to a decline in affordability, but i.... More »
The number of homes sold in Toronto and the surrounding area fell in 2018 as homebuyers and sellers grappled with a new reality of higher interest rates and stricter mortgage rules..... More »
We’re about to turn the page on what was a challenging year for the mortgage and housing markets. But so far 2019 isn’t looking like it will be much better. That’s according to a slew of forecasts that have been released recently, most of which forecast moderating home sales, falling home prices and weaker economic […]
Whereas 2017 was the all-encompassing epitome of red-hot real estate markets across the country, 2018 started off on a quieter note. The year kicked off with a decline in sales, as changes to the Residential Mortgage Underwriting Practices and Procedures (referred to as B20) introduced by the Office of the Superintendent of Financial Institutions (OSFI) came into effect in on January 1. And eventually sales stabilized, but we’re still not seeing those record gains and prices that made prominent headlines back in 2017.
Now, this doesn’t mean that the Canadian real estate market is going through a correction; it simply shows how the public reacted to new provincial and municipal housing policies that were meant to stabilize the market anyway.
For potential home buyers who have been on the edge of their seats these past few years, these shifts in the market may be hard to digest. Let’s take a look back on the past year and understand what 2019 may bring.
What did home sales data look like throughout 2018?
Back in March, the Canadian Real Estate Association (CREA) reported that sales volume had dropped in February by 16…