Last week, The National Post reported on the Canadian Mortgage and Housing Corporation (CMHC) and their growing insurance load coverage. According to the story, the CMHC is edging closer to a $600-billion government-imposed limit on mortgage default insurance, backing nearly $541-billion in mortgages. If the demand grows for mortgage default insurance, the CMHC will need to request a limit extension … Read More
More Rules Rumoured for Hot Canadian Real Estate Market
The Government of Canada is considering imposing stricter rules on mortgages due to the nation’s seemingly overvalued housing market. Bank of Canada’s Governor, Mark Carney, and Finance Minister, Jim Flaherty, have been focused on the nation’s rising debt load for more than a year, stating that things must change in order to avoid serious economic repercussions. Ironically, instead of encountering … Read More
Why Now is a Good Time to Buy
Thinking about buying a home? Well, stop thinking and start looking. The stars have aligned in the Canadian real estate market, creating what many in the industry are calling “the perfect storm” of market potential. From condos to single-family homes, now’s the time to lock in a mortgage rate and enter the world of real estate investing.
How Much Does Mortgage Insurance Cost?
As a first-time homebuyer, chances are you’ve never heard of mortgage default insurance. More often than not, it isn’t until you’re sitting across from your lender that you learn about this expensive requirement. You see, in order to qualify for certain types of mortgage products in Canada you are required to be “insured”. While most insurance products are designed to … Read More
Should You Use Your RRSP To Buy Your First Home?
Purchasing your first home can be tough, especially when it comes to scrounging up a sizable down payment. In Canada, you must be able to cough up a 20% down payment in order to avoid purchasing costly mortgage insurance. If you’re struggling to find enough cash to meet this requirement, don’t throw in the towel quite yet. Under the Home … Read More