If you’ve been renting or living at home and you’re now ready to buy your own place, you’ll likely want to know how much you can afford. While your finances are a significant factor, getting a mortgage pre-approval is a way to ensure you know exactly how much buying power you have. What is a…
Canada’s largest bank sees a bottom to sales, but thinks there’s more pain for home prices—at least near-term. That’s the take from RBC, that feels home prices are stabilizing but will fall further. Don’t expect a quick recovery either, with affordability challenges weighing down future sales. Canadian Real Estate Sales May Have Found A Floor Canadian…
After a year of rapidly rising interest rates and falling home prices, 2023 should see more balanced conditions return to most housing markets across the country. Re/Max Canada forecasts that national prices will fall by a modest 3.3% in 2023 compared to 2022 values. However, certain regions are expected to see sharper declines than others,…
A new chapter has begun in the Canadian real estate industry, with the government banning non-Canadians from buying property across the nation, to help cool off housing prices from East to West. However, certain exceptions and conditions apply… Canada’s foreign buyer ban will allow some exceptions for international students, temporary residents, and refugees, the Canada…
A common goal for many mortgage borrowers is to get their mortgage paid off as soon as they can. Who doesn’t want to be mortgage-free? Pretty much all mortgages come with prepayment privileges, regardless of the lender. They are not created equal, however, so it’s important for you to have a good understanding of how…
Canadian banks are trying to ease the burden on homeowners who can’t keep up with the rapid rise in interest rates by extending mortgage amortizations and, in some cases, adding unpaid amounts onto the loan principal, tools that can stave off default in the short term but that may come with longer-term consequences. After hiking…
Most mortgages need to be renewed at least once before they’re eventually paid off. Unless you have the cash to pay off your balance in your first mortgage term, you’re likely part of the roughly 66% of Canadian homeowners who carry a mortgage and must renew it at the end of their term. A mortgage renewal is simply…
The headline is not meant to be random, or fearmonger. The housing market has been experiencing a constant rise in interest rates this year, and we wonder if the bubble is about to pop? It was a soundbite that appeared to pave the way for a prolonged Canadian housing market boom: Bank of Canada governor…
Canadians have many different reasons to hunt for a second property. Some want the source of income that an investment property can provide; others want to secure housing for a child during post-secondary education. There are those who simply want a rural retreat, like a country home or cottage. Whatever the reason, there are in fact many multiple-property owners in Canada. In British…
It’s getting a bit tricky out there with the real estate market and home ownership. Amongst many banks, globally, the Bank of Canada’s rising interest rates have some variable-rate mortgage holders thinking about the upside of locking in a fixed rate, according to experts who spoke to Global News. Some industry experts were interviewed to understand what is currently happening…
