It’s no secret that the residential real estate market relies on a steady stream of first-time home buyers. A constant and consistent demand from young buyers is what keeps housing prices from declining. Unfortunately, new mortgage rules are making it harder for cash-strapped buyers to qualify for current real estate prices. In a logical economy, housing prices would have to … Read More
Why You Need an Emergency Fund When Buying a Home
You wouldn’t go skydiving without a parachute, or walk across a tightrope without a safety net, yet thousands of people buy homes in Canada each year without an emergency fund safely tucked away in the bank. When you take out a mortgage with no savings, you’re flirting with disaster. An unexpected job loss, drop in income, home repair, medical situation … Read More
Bank Holds Overnight Rate at One Percent
The overnight rate held steady yesterday as the Bank of Canada announced that it would maintain its traget of 1 percent. This leaves the prime lending rate at 3 percent. It’s now been more than two years since the prime rate has increased, giving variable rate mortgage holders the upper hand on higher interest costs.
How To Save For Your Down Payment
According to a recent TD Canada Trust survey, nearly 60 percent of Canadians were disappointed in the size of their down payment. These findings aren’t all that surprising; in a world of record-setting consumer debt, slim savings and lacklustre investment returns, saving for a sizeable deposit can seem like an exercise in futility. And yet, the bigger your down payment, the less … Read More
Toronto and Vancouver Markets Begin to Cool
Home sales in Canada’s two hottest markets, Toronto and Vancouver, have already begun to cool thanks to new mortgage rules. According to the Toronto Real Estate Board, July home sales in the city slipped 1.5 percent compared to a year ago. Properties in Vancouver dropped 11.2 percent from June. Concerns about a bubble in both communities had been mounting since … Read More