It’s no secret that Canada is currently in the throes of a housing market cooldown, with the pace of home sales falling in April and national house prices also on the way down. New figures released by the Canadian Real Estate Association (CREA) revealed that the country’s home price index fell 0.6% between March and…
Also known as cliff vesting, it’s the process by which employees earn the right to receive full benefits from their company’s qualified retirement plan account at a specified date, rather than becoming vested gradually over a period of time. The vesting process applies to both qualified retirement plans and pension plans offered to employees. The CMHC’s CEO Evan Siddall…
In last Wednesday’s blog, we took a look at some of the factors that made the real estate market in Canada a difficult one to enjoy, and couldn’t put the blame on one thing in particular. It was not a particularly positive update to share, but at least things were made more sense of. This…
We recently wrote about and shared a story about the CMHC wanting to help all young Canadians buy homes by proposing a shared equity plan. As intriguing as this idea is, many suggest it’s a strange idea and probably will not benefit anyone in the long run. The federal government proposed a budget that includes…
New week, almost new month, and it’s already springtime! January may have gone by slowly, and now we’re already looking at the summer… What has this meant in the Canadian economy and the real estate market? The federal government announced the 2019 budget last week, and without going into too many details, have launched a…
It’s a weird ride so far for Canadian homebuyers. Outside investments, income that is not rising the way they wish, and the mortgage stress test all affecting their big plans for a home of their own. There are three things strongly in their minds when they think of investing in real estate: 1) The fear…
This weeks’ blog is a Q&A we read about with real estate experts, who gave some advice on some important things to consider before signing a purchase contract for your new condo. Q: Who should I consult with when I want to purchase a condo? The CMHC suggests that prospective buyers consult with a real…
Big news for the real estate market! The market for houses with basement apartments may soon be getting more attention. The Canada Mortgage and Housing Corporation (CMHC) has announced it will now allow 100% of the rental income from legal secondary suites to be used when qualifying for a mortgage. Currently it allows just 50%….
CMHC will no longer insure self-employed mortgages without income validation. So this is obvious now that self-employed people have better chances to get mortgage using mortgage brokers than regular lenders such as banks. It is extremely hard to navigate which lenders specialize in self-employed mortgages or have more favorable terms for the self-employed. Mortgage brokers…
Mortgage default insurance, also known as “mortgage insurance” helps Canadian buy a home sooner and with a lower down payment. It protects lenders against any loss caused by unpaid payments, or a property sale that does not generate enough money to pay the outstanding balance. According to The Financial Post, starting May 30th, 2014, Canada Mortgage and Housing…
