Author Archives: Girafo

Sold house prices in Toronto

With Mongohouse shut down due to ongoing dispute with the Toronto Real Estate Board, there are some alternatives to get sold listings data. You have to register to view sold prices.  

New CMHC shared equity mortgages are a bad idea

You probably heard in the news about a new shared equity mortgages program announced in 2019 budget. It will provide a first time home buyer with additional 5% downpayment on resale properties and 10% on new builds. Again, they release a program without a clear guidelines on how it will work. The rules as we […]

Bank of Canada increases target rate by 0.25%

Bank of Canada increased overnight target rate by 0.25% to 1.75% on October 24, 2018. Prime rates at the banks expected to increase by 0.25% to 3.95%. It will affect variable rate mortgages and lines of credit. The global economic outlook remains solid. The US economy is especially robust and is expected to moderate over […]

Canada’s largest real estate board sues listings website for $2M

The Toronto Real Estate Board is suing property listings website Mongohouse for $2 million, alleging that the anonymously-run page is illegally accessing, copying and distributing proprietary data. The board, which is the largest in Canada and represents more than 50,000 realtors across the Greater Toronto Area, filed the lawsuit last month in Federal Court asking […]

Average Canadian house sold for $481,500 last month

July marked the first time this year that average house prices eked out an annual increase, the Canadian Real Estate Association said Wednesday, as the impact of tougher mortgage rules implemented earlier this year is starting to wane. “This year’s new stress test on mortgage applicants continues to weigh on home sales, but its effect […]

Changes for self employed Canadians

Recently CMHC (mortgage default insurer) announced they will make it easier for self employed clients to qualify for a mortgage. New rules will take effect October 1, 2018. We will have to wait and see what kind of impact it will have on real world transactions. Changes aimed at giving lenders more guidance and flexibility […]

28% of Canadians fear bankruptcy

Twenty-eight per cent of respondents to a new survey, which was conducted on behalf of MNP from June 15 to June 19, said another rate increase will hurdle them toward bankruptcy, while 42 per cent say if rates rise much more they’d fear for their financial well-being. While both readings were down modestly from the […]

Canadian delinquencies will likely rise this year says Equifax

Canadian delinquency rates, which have been declining since the last recession, will probably reverse and begin to climb by the end of 2018 as the central bank presses ahead with interest rate increases, according to the country’s largest credit reporting firm. Regina Malina, senior director of analytics at Equifax Canada, predicts late payments on the […]

Condo Speculators In Toronto and Vancouver A Risk To Economy

In its financial system review released last week, the Bank noted that the housing markets in many Canadian cities have reversed themselves. After years of single-family homes rising in price faster than condos, condo prices are now rising rapidly even as the detached home market cools. “This greater activity — even as carrying costs (including […]