"Canadian homeowners have likely gained a reprieve from an expected increase in mortgage rates this year. Economists say rates will dip slightly in response to the Bank of Canada's surprise move Wednesday to cut its trend-setting interest rate to 0.75 per cent, from one per cent, to soften the blow of dropping oil prices on the Canadian economy. "This signals that low interest rates will be with us a while longer," said Avery Shenfeld, the chief economist at CIBC World Markets, noting that the central bank's rate cut will likely mean a corresponding 0.25 drop in variable, or floating, mortgage ...
Mortgage Rates to Decline Following Bank of Canada Rate Cut
January 21, 2015Market Reports Toronto Condo Market News Toronto Real Estate News Toronto Condo News Investing in Real Estate Toronto Condo Buyers Toronto News First-Time Buyers Mortgages
Sales Dip in November while Selling Prices Increase
December 5, 2012Market Reports Toronto Condo Market News Toronto Real Estate News Toronto Condo News Toronto Condo Buyers Toronto Condo Sellers Toronto News Mortgages
The Toronto Real Estate Board reported 5,793 sales in November 2012 – down by 16% compared to November 2011. “Transactions have been down on a year-over-year basis since June, after being up substantially in the last half of 2011 and the first half of 2012. Some buyers pulled forward their decision to purchase, which has impacted sales levels in the second half of 2012,” said Toronto Real Estate Board (TREB) President Ann Hannah. “Stricter mortgage lending guidelines, including a reduced maximum amortization period and a purchase price ceiling of one-million dollars for government insured mortgages, have prompted some buyers to ...
Government Announces Further Tightening of Mortgage Regulations
June 22, 2012
The Federal Finance Minister announced further changes to Canada’s mortgage rules. Four measures were announced: 1. Amortizations reduced to 25 years 2. Refinancing limited to 80% 3. Properties purchased at over $1 million no longer eligible for mortgage insurance 4. GDS and TDS set at 39% and 44% CAAMP believes that Canadians understand the importance of paying down their mortgages. These changes, together with new OSFI underwriting guidelines – also to be announced today -may precipitate the housing market downturn the government so desperately wants to avoid. The changes take effect July 9, 2012. CAAMP was pleased that it was again successful in ensuring ...
Is there ever a bad time to invest in a rental property?
June 1, 2012Toronto Condo Market News Toronto Real Estate News New Toronto Condos Investing in Real Estate Toronto Condo Buyers Toronto News Toronto Condo Information Toronto Rental Market Real Estate Tips Mortgages
Is there ever really a good or bad time to get into the real estate rental market? The answer is yes, and also no; it all depends on your current financial situation. If the Toronto residential market is used as a barometer we can see that residential real estate has treated us quite well over the past 20 years. From 1992 to 2011 the average sale price for a home in Toronto increased from $214,971 to $465,412, according to the Toronto Real Estate Board. That’s a 116.50% ROI over 20 years or 3.94% compound annual return, and that’s just the ...
Banks’ mortgage war may lure new homeowners
March 11, 2012
Canadians are getting another chance to sign a mortgage at historically low rates, and for some it may be enough to push them to take a leap in the overheated real estate market. On Thursday, Toronto-Dominion Bank, (TD-T 82.090.390.48%) Royal Bank of Canada (RY-T 56.86-0.07-0.12%) and Canadian Imperial Bank of Commerce (CM-T 74.98-1.13-1.48%) trimmed the rate on four-year mortgages to 2.99 per cent – following Bank of Montreal’s (BMO-T 57.890.380.66%) move on Wednesday to cut its five-year mortgage rate to the same level. BMO also chopped its 10-year rate to 3.99 per cent. But these cuts to historically low levels, like similar moves in ...
Is Homeownership Right for You?
March 9, 2012
Buying a home is one of the biggest emotional and financial decisions you’ll ever make. But homeownership isn’t for everyone. There are vast differences between renting and owning a home, and each has its pros and cons. So how can you be sure homeownership is right for you? To help you make the right decision, Canada Mortgage and Housing Corporation (CMHC) offers the following list of questions you should ask yourself before you decide whether or not it’s time to buy: – Do you have the financial management skills needed to handle all of the financial responsibilities that come with ...
Why are mortgage rates hitting record lows?
January 18, 2012
All across the country, mortgage specialists and brokers are busy fielding calls from people who’ve just heard about this week’s record low mortgage rates. Bank of Montreal made the biggest splash by announcing a five-year fixed-rate mortgage of 2.99 per cent – the lowest advertised rate for such a popular mortgage term by any major Canadian bank, ever. Yes, there are more restrictions than usual attached to this mortgage and it’s supposedly just a two-week promotion. But other big lenders – like the Royal Bank – have already begun to match BMO’s offer. TD Canada Trust and Scotiabank now have ...
A Condo as an Investment
October 7, 2011
Using real estate as the driving force to get rich is a common choice amongst Toronto’s wealthiest. In the words of Donald Trump, who has seen some good days in the real estate market, “It’s tangible, it’s solid, it’s beautiful.” When considering real estate as an investment, GTA residents know that one of the fastest-growing property types are condominiums. But is a condo a wise investment? Consider the advantages listed below. • You can purchase in a prominent area, such as Yorkville or Forest Hill, for a fraction of the price of a house. • Condos are usually easier to ...
Buying Your First Home: Three Steps to Successful Mortgage Shopping
October 2, 2011
Buying a home is probably the biggest financial decision you will ever make, and for most people, it requires getting a mortgage. You can follow three steps to make sure you get the mortgage that’s best for you: • figuring out what features you need and want in a mortgage; • getting pre-approved for a mortgage; and • understanding your rights when you apply for a mortgage. You have decided that you want to purchase a home. There are some important questions you need to ask yourself before and during the mortgage process such as: • How much of a ...
Rent vs. Buy
September 29, 2011Investing in Real Estate Toronto Condo Buyers Toronto Rental Market Real Estate Tips First-Time Buyers Mortgages
Determine which is more economical, renting or buying, based on your payments and accomodation information. Click on the Rent vs. Buy Calculator below, to find out. Rent vs. Buy Calculator Casey Ragan “Toronto’s Condo Authority” Toronto Condos and Lofts Find Me on Facebook Follow Me on Twitter Link to Me on LinkedIn