This year will bring some new challenges and opportunities for housing. Here are five things you need to know about Canadian real estate in 2018. More local than ever First, there's no such thing as a Canadian real estate market. You buy one home on one street...
It's January 2018, prospective homebuyers, and you know what that means: The new mortgage stress test is in play. But what you may not know is how much it's going to impact your homebuying budget. Nor would you be alone: A new study from ReMax estimates...
From @CBC: Big banks move to match Bank of Canada's rate hike Central bank notes 'uncertainty about the future of NAFTA' as it hikes rate for 3rd time since last summer Canada's biggest lenders have raised their prime lending rates on the same day the country's central bank...
Tougher mortgage stress-testing rules could make it impossible for 40,000 to 50,000 Canadians to buy a home each year, driving down real estate sales and reducing the anticipated pace of new mortgage-lending growth, according to a new analysis. A report by Mortgage Professionals Canada, a national...
More than a third of Canadians aren’t aware of the upcoming changes to mortgage regulations or how they will affect their ability to purchase a property in the future, says a recent survey conducted by Leger on behalf of Re/Max. Fifty-eight per cent are aware of...
Once upon a time, 25 years was the standard amortization on a Canadian mortgage. Today, no less than 63 per cent of new low-ratio mortgages by value, have amortizations over 25 years. That's a surge of 11 percentage points in just two years. Meanwhile, six in 10...
But They Said It Was Portable… The question most often asked: ‘Is my mortgage portable?’ The answer most often given: ‘Yes.’ This answer is increasingly wrong. In reality you qualify to move ~80% of the balance… maybe. If you are thinking of: Moving (upsizing or downsizing) Locking a variable-rate mortgage...
Additional Financing with a “Blend and Extend” Mortgage Prepayment Privileges You need additional financing. Do you prepay your existing loan? We remind readers that commercial mortgage borrowers do not enjoy the privileges afforded personal borrowers. Section 10 of the Interest Act, allowing borrowers to repay loans after...
Mortgages and Paperwork Paperwork-it’s a fact of life. You need it and we as mortgage professionals also need it. Below is a list of must have documentation BEFORE you start going through the mortgage approval process. Personal Information This will be the basic information we require to start...