Announcement from CMHC in Reference to Self-Employed Borrowers

Starting October 1, 2018,  it will be easier for the self-employed to qualify for a mortgage. CMHC just announced it’s giving lenders more guidance and flexibility to help self-employed borrowers. The move is designed to assist self-employed Canadians who may have a harder time qualifying for a mortgage as their incomes may vary or be less predictable. CMHC is providing examples of factors …

Foreign Buyers only 3.4% of Toronto Home Sales

Homeowners in Toronto and Vancouver believe that foreign investors are responsible for driving home prices upwards but there are no official statistics to support this theory. “It has been a misconception among Canadian home owners for a few years that foreign buyers have been the cause of the housing shortage and escalating sale prices. However, statistics are showing that foreign …

No more 30-year amortizations! – Ottawa tightening mortgage rules again!

The federal government is moving again to tighten the rules on mortgage lending in Canada amid growing concerns that the housing market is overheated and household debt levels are climbing to perilous levels, according to the Globe and Mail. As debt levels continue to reach record levels and the housing market has showed no signs of slowing down, the government …

To Buy or Not To Buy…..There is NO Question!

Buying a home today…at today’s prices, would have a home owner paying less per month than if that home owner bought a home 25 years ago…at 1987 prices! I was recently at a real estate symposium and we were discussing the affordability of homeownership in today’s market. We were talking about current purchase prices vs. historic low interest rates and …

Prices High & Inventory Low: Get the most $$$ for your home right now!

The Hamilton‐Burlington real estate board has just reported 819 property sales through the MLS for the month of January. This represents almost an 11 per cent increase in sales over the same month last year. They have also reported that 7.7 per cent fewer listings were taken in January 2012 compared to January of last year. The average sale price …

Low Mortgage Rates – Too Good To Be True?

What you should know about deeply discounted mortgage rates You’ve heard the expressions ‘cheapest isn’t always best’ OR ‘you get what you pay for’. This also applies to shopping for the best mortgage rates. When you are looking at paying off your largest investment over 25-30 years, it is easy to jump on the lowest rate available. But, the low-rate …

Global Market Mayhem May Keep Interest Rates Low.

Bank of Canada Governor Mark Carney’s plans to raise interest rates this fall have been put on hold as a result of the continued financial struggles in both the U.S. and Europe. It was originally believed that the bank would be raising rates this September, but recent indications suggest that we could be looking at rates dropping again before we …

May Market Update – Home sales drop, but prices remain high!

Canada’s real estate market is recovering, though it’s not all the way back, according to the Canadian Real Estate Association (CREA). But don’t expect falling sales to be reflected in the price you pay. CREA notes that, in spite of fewer homes changing hands, Canada’s average house price will rise four per cent to $352,500 per unit this year, and …

Housing market begins to cool

As anticipated, July 1st has come and gone leaving a cooling of the real estate market in its wake. With many buyers and sellers trying to complete transactions before July 1st due to the HST introduction, raising interest rates and new government regulations on real estate purchasing, we are now witnessing a collective SIGH in the market……the calm after the …