There was good news for home buyers yesterday as the Federal government announced changes to the insured mortgage stress test that will make it easier to qualify for a mortgage. The stress test was first introduced in 2016 for insured mortgages and its aim was to ensure that buyers could afford to meet payments in […]
Canada’s new Federal First-Time Home Buyer Incentive
The Federal government last week announced details of its planned First-Time Home Buyer Incentive, which is aimed at helping first-time buyers get a foot on the housing ladder. We took a close look at the details and consulted financing experts to see what this announcement could mean for home buyers in the Greater Toronto Area. […]
Prime Minister announces new National Housing Strategy
TORONTO, ON – Prime Minister Justin Trudeau announced the federal government’s new National Housing Strategy Wednesday, promising an investment of $40 billion over the next decade to improve housing affordability and reduce homelessness. Speaking outside a public housing development near Yorkdale mall, the Prime Minister outlined the plan, calling it a “once-in-a-generation, $40 billion […]
Your First Home Purchase: A Guide to Federal Tools and Credits
GREATER TORONTO – If you are considering buying your first home in 2017, you are not alone. Far from it, in fact – an October 2016 poll commissioned by the Toronto Real Estate Board (TREB)* revealed that first-time buyers will likely account for more than half of 2017’s home sales across the GTA. While the […]
Statistics Canada reports increase in Ontario’s private dwellings
OTTAWA – As many Greater Toronto real estate watchers know, activity levels in the local market are largely influenced by two key Ontario trends: the pace of the province’s population growth, and number of homes available to house its residents. Thanks to a recent issue of Statistics Canada’s The Daily, we now have a peek […]
CMHC Moves to Increase Mortgage Insurance Premiums
GREATER TORONTO – Aspiring homeowners looking to pay less than 20 per cent down may want to consider finishing their purchase before March 17, when the Canada Mortgage and Housing Corporation will put into effect a slight premium increase affecting all new mortgages protected by the insurer. Effective immediately on that date, owners who purchase […]
Hot Real Estate Market Driving Renovation Boom: CMHC
OTTAWA – With Greater Toronto’s resale real estate market recording higher-than-ever average prices, Ontario’s home renovation market has continued to expand at an impressive pace – overtaking even the province’s new construction market, in terms of investment dollars spent. According to the Canada Mortgage and Housing Corporation (CMHC)’s most recent Housing Market Insight briefing issued […]
Finance Canada Unveils New Measures to Protect Home Buyers
OTTAWA – Just eight months after announcing a higher minimum down payment for properties with an asking price of more than $500,000, Finance Minister Bill Morneau has unveiled three more adjustments to Canada’s housing and mortgage regulations. According to Morneau, the new measures include: Closing existing “loopholes” surrounding Canada’s capital gains tax exemption on the […]
Ontario, BC Helped Fuel January Home Price Surge: CREA
TORONTO – An unusually hot January for GTA real estate sales played a major role in what the Canadian Real Estate Association (CREA) has revealed to be a modest nationwide increase in existing-home sales activity for the same month. According to new data released by the association on February 16, January’s national home sales were […]
Market Update: CMHC Ups Required Down Payment for High-Worth Homes
TORONTO – Thanks to a new mortgage insurance change introduced by the Canada Mortgage and Housing Corporation, Canadians looking to buy a high-value property this winter may want to consider making their purchase by Valentine’s Day. As of February 15, there will be new mortgage insurance changes coming into effect that require buyers to pay […]