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 […]
CMHC Reports Drop in Foreign-Owned GTA Condos
TORONTO – Although 2016 found the GTA under the microscope for its sky-high real estate prices, new numbers from the Canada Mortgage and Housing Corporation (CMHC) have indicated that foreign ownership of condos may not be a major contributor to “seller’s market” conditions. Based on vacancy research conducted in October and November, the Corporation’s newest […]
“Solar Shingles:” Coming Soon to a Home Near You?
When famed innovator Elon Musk purchased the USA-based SolarCity earlier this year, it was hardly his first notable foray into sustainable tech. At the helm of electric automaker Tesla, Musk’s vision was what drove many Americans towards considering a fully electric motor for their next car – not only as a greener purchase, but a […]
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 […]
CMHC Ups Refund for Green Home Owners
OTTAWA – In Ontario, a mortgage insured by the Canada Mortgage and Housing Corporation (CMHC) has long been a popular option for first-time home buyers. It’s also an especially convenient route for buyers seeking out an environmentally efficient home, who since 2004 have been able to take advantage of a Green Home premium refund of […]
GTA Condos 3.3% Foreign-Owned: CMHC
Newly completed condos in city core most popular among foreign buyers GREATER TORONTO – Looking to buy a GTA condo this year? You’re definitely not alone, but according to newly-released statistics, the majority of your competition will likely be Canadian residents. In Greater Toronto, investments made by foreign buyers have long been perceived as a […]
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 […]
Canadian Housing Starts Exceed End-of-Summer Expectations
TORONTO – According to new figures from the Canada Mortgage and Housing Corporation (CMHC), nationwide housing starts experienced an unexpected boost last month – fuelled largely by condominium development across the GTA. The CMHC’s report issued October 8, and entitled September 2015 Housing Starts in Canada, reveals that the country’s seasonally adjusted annual rate (SAAR) […]
CMHC to Increase Insurance Premiums for Some Mortgages
TORONTO – Effective June 1, 2015, home buyers planning to shell out a down-payment of 10 per cent or less will be facing slightly higher premiums on their insurance from the Canadian Mortgage and Housing Corporation (CMHC). The increase, which applies to insured mortgages for “residential housing of one and two units,” will see those […]