September’s housing starts fell less than originally expected says the Canada Mortgage and Housing Corp. Housing data released on Tuesday showed that housing starts fell to a seasonally adjusted annualized rate of 220,215 units last month. This was down from 225,328 units in August, but was still well above the predicted drop to 207,50o, according to poll of analysts from … Read More
Housing Market Cooling Across Canada
The Canadian housing market has begun to correct itself, or at least that’s what the numbers show. A combination of market fatigue, stricter mortgage rules and a decrease in property affordability are believed to be contributing to the long anticipated correction. Home sales fell 5.8 percent in August from July. Sales are down 8.9 percent year over year. With that … Read More
Questions to Help You Avoid Mortgage Penalties
Thinking about opting out of your fixed rate mortgage in order to take advantage of ultra low variable rates? Be careful! Interest rate differential (IRD) charges – commonly referred to as mortgage penalties – could leave a large dent in your wallet if you’re not careful. Unfortunately, banks have historically made it nearly impossible to figure out just how expensive … Read More
New Barriers for First-time Home Buyers
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
Canadian Housing Market at Tipping Point
According to economists at the Bank of Nova Scotia, Canada will soon boast a more than 70 percent homeownership rate. The question now is whether or not the nation’s housing market has reached the tipping point (the United States is believed to have cracked the same 70 percent threshold just before the housing bubble burst in 2008). Growing concern over … Read More