The theme for 2012 mortgage rules was pretty obvious: crack down on homebuyers who were looking to purchase a home with little money down. Changes barring cash-back mortgages by the Canada Mortgage and Housing Corp. made it clear that regulators wanted to dissuade cash-poor consumers from taking on more debt. Yet, even despite these changes, first time homebuyers can still … Read More
What if the Government Didn’t Back Mortgages?
Saving for a down payment on a home takes dedication, perseverance, and sacrifice. For many, it also takes a long, long time. According to a recent report from Rate Supermarket, come 2020 the average cost of a home in Canada will be $553,000. To accumulate a measly 5 percent down payment for such a home, recent graduates should expect to spend … Read More
Avoid Homebuyer’s Regret With These Tips
While buying a home is the biggest investment the average Canadian will ever make, many first-time home buyers still don’t take the time to perform sufficient financial due diligence before signing their offer to purchase. A recent survey commissioned by TD Canada Trust has found that the two biggest regrets include not saving for a larger down payment and not doing enough … Read More
What To Do When Housing Prices Fall
It appears as though the seemingly infinite rise of Canadian housing prices has finally come to an end. After years of marvelling at record breaking list prices and historically low mortgage rates, the tides have finally shifted. Phrases like “cooling market” and “slow sales” are gracing national headlines, causing buyers and sellers alike to contemplate the repercussions. If we’re to … Read More
Ten Tips for Aspiring Homeowners
Thinking of buying while interest rates are still low? Follow these tips to ensure that your finances are ready for a long-term investment.