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 […]
NDP Leader Jagmeet Singh announced another step in his plan to take real action to address the housing crisis. When it comes to tackling the housing crisis, NDP Leader Jagmeet Singh and the NDP team are on the side of Canadians with solutions that will make it easier to own a home now. “For too […]
A shareholder of Home Capital Group Inc. is urging the alternative mortgage lender to spend $60 million to buy back its shares.
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 […]
Canada’s mortgage stress test is reinforcing the migration of home buyers from Toronto to Hamilton in search of deals. And that is adding to the already competitive market created by the stress test, which is cutting the buying power of house hunters in Hamilton. Industry experts say the stress test is pushing buyers into smaller homes and in some cases, […]
For many Canadians, higher interest rates are reason to grumble. But for the country’s 3.4 million subprime borrowers, they could spell disaster. Borrowers with impaired credit histories may have limited access to emergency funds compared with their prime counterparts, giving them less wiggle room when debt servicing costs rise. That puts them on the frontline […]
According to a new BMO report released today, the prospect of rising interest rates does not seem to be dampening the home buying plans of Canadians. Nearly one quarter (23 per cent) are still planning to buy a home as their primary residence in the next year, for an average expected price of $474,000. That […]
Two of Canada’s biggest lenders have hiked their benchmark mortgage rates, with Toronto-Dominion Bank raising its posted five-year fixed rate by 45 hundredths of a percentage point and Royal Bank moving its up by 20. While homeowners don’t usually pay posted rates on their mortgage, they are used to calculate IRD penalties on fixed rate […]