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As Of January 1/18, It Will Be Harder To Get A Mortgage

As Of January 1/18, It Will Be Harder To Get A Mortgage

Canada’s banking regulator has tweaked its new mortgage stress-testing rule, ensuring home buyers will not have an unintended incentive to sign up for shorter-term mortgages. The Office of the Superintendent of Financial Institutions published revised final guidelines Tuesday for its controversial stress-testing rule, which requires buyers making down payments of more than 20 per cent […]

New Proposed Rules Will Reduce Your Buying Power

New Proposed Rules Will Reduce Your Buying Power

A proposal by Canada’s banking regulator to expand “stress tests” for mortgage borrowers will reduce how much house Canadians can afford by 21 per cent, says a new report from mortgage comparison site Ratehub. Reducing affordability by that much is likely to lead to a 10- to 20-per-cent decline in house prices, said James Laird, […]

Pay Down Your Mortgage Or Invest?

Pay Down Your Mortgage Or Invest?

With home values rising by 20 per cent or more each year in the sizzling markets of Vancouver and Toronto, the unprecedented returns are outstripping even risky investments. In 1996 the average price of a Vancouver-area home was $288,300; in 2016 it’s $879,600. In the Greater Toronto Area, in 1996 it was $198,150 and now […]

Mortgage Insurance Premiums Set To Rise

Mortgage Insurance Premiums Set To Rise

Canada’s federal housing agency is hiking the cost of mortgage loan insurance for homebuyers starting March 17, as part of new regulatory requirements requiring it to hold more capital to offset risks in the country’s red-hot real estate market. Canada Mortgage and Housing Corp. said Tuesday it doesn’t anticipate the increases will have a major […]

First-Time Buyers Beware!

First-Time Buyers Beware!

If you’re a first-time homebuyer hoping to live in the big city, beware the government’s new borrower “stress test.” It could relegate you to the ’burbs. The new rule requires all insured borrowers to prove they can afford a payment at the posted five-year fixed rate (which is currently 4.64 per cent). That could kill […]

Ontario Doubles First Time Buyer Rebate

Ontario Doubles First Time Buyer Rebate

In an effort to help first-time homebuyers—but not hurt the equilibrium of housing markets outside of Toronto—the Ontario Liberal government announced today that they’ll double the first-time homebuyers’ maximum Land Transfer Tax refund to $4,000. This increased rebate will take effect January 1, 2017 and will mean that eligible homebuyers in Ontario would pay no Land […]