Almost half a year has passed since the new mortgage rules that forced even homebuyers with a larger down payment to undergo a financial stress test have been rolled out. What has happened since then? Home sales have recorded double-digit drops in Toronto and other big markets. On a positive note, however, the pace at…
Mortgage rules. October 2016 saw a drastic change in banking policies who lend money to homebuyers by adding more regulations against those with unfavourable incomes but want expensive homes. October 2017 also saw some additional changes with more enforced regulations. So what will 2018 bring? The 1st of January 2018 will see…
This weeks’ blog will be a little different. We thought we’d cover a story taking place in a provincial electoral district in British Columbia that is feeling the effects of the mortgage rules set out by the federal government in October 2016. The MP of Chilliwack-Hope Mark Strahl has recently come out to make a…
Two weeks ago, I wrote about questions you should be asking a real estate agent at an open house, especially if you were very keen on it. This time, here are many questions you and a broker like me will ask one another if you want to get a good mortgage deal for said house! The…
Ontario’s Finance Minister, Charles Sousa, made the following statement a couple of weeks ago, “Purchasing your very first home is one of the most exciting decisions in a young person’s life, but many are worried about how they will be able to afford their first condo or house,” he told the Legislature Monday. “Improving housing…
Our mid-month blog has come earlier than scheduled due to the recent big news about mortgage rules changing, which are going to be discussed here. So what exactly is happening? Sadly, rates are going up for consumers and many people will have trouble acquiring mortgages because the housing market will change and high-ratio buyers will…
