The Canadian government has announced new mortgage policies that will take effect on December 15, 2024. These changes are designed to help first-time homebuyers and current mortgage holders: For Insured Mortgages (less than 20% down payment): The maximum purchase price will increase from $1 million to $1.5 million. The maximum amortization period extended from 25 years to 30 years for …
The market is heading towards a balanced market and that means there is going to be more negotiating between buyers and sellers and this is the return of conditions! Not the condition of a house, conditions that if aren’t met, you can back out of the deal! In this blog, I’ll go over: how seller’s market affects conditions the difference …
Home prices have dropped by $400k since February and here’s why you should upsize now. If you’re trying to time the market, how do you know when you should jump in? Interest rates have been going up and are expected to continue to go up some more. Prices have been dropping and are expected to continue to cool down some …
What is Mortgage trigger rate? A trigger rate is when your interest portion exceeds your mortgage payment. It only applies to variable-rate mortgage holders that are on a fixed payment schedule. Calculate your trigger rate is to use the following formula: (Payment amount X # of Payments per year / Balance owing) X 100 = Trigger rate in per cent. …
After I bought my first house at the peak in 2017, I watched the price drop by $100k within weeks of getting the keys. Buying real estate can be a stressful time, it’s a lot of money, a huge investment, if you’re like me, all of your life savings. The market can change on a dime and that can cause …
Last updated on March 28, 2023 The Parliament of Canada passed legislation – the Prohibition on the Purchase of Residential Property by Non-Canadians Act on June 23, 2022. This law prevents non-Canadians from buying residential property in Canada for 2 years starting on January 1, 2023. The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to direct …
Is our blind bidding system the reason why housing prices have gotten out of control? Would you prefer an open auction system to buy and sell real estate? Canada currently has a blind bidding format when it comes to offers. Only the seller can see what offers look like. In multiple offer situations, buyers don’t know what other offers are, …
Imagine being slapped with a 6 figure bill 2 days before closing on your preconstruction townhome? This actually happened in Clarkson, Mississauga just last week. This report came out that a handful of buyers were stuck with a $70k-170k bill 48 hours before closing or they face losing out on their purchase. The builder said these are all development charges …
Toronto rental prices have jumped by 20% or more in June from last June! Data from Rentals.ca shows the average 1 bedroom increased by 18.5% over last year and 2 bedrooms have increased by 23.4%! Average rental price of 1 bedroom median price in Toronto is $2100, an increase of 5% from last month and 2 bedrooms have grown 2.7% from …
2022 has been quite a rollercoaster of a year. In Q1, we saw home values surge almost 30% year over year in values. With historical low-interest rates and the demand for housing was the main driving force. Inflation was rising fast and the Bank of Canada (BOC) started increasing the interest rates. Mortgage rates were at 2.7%, 4 rate hikes …
