Think you are ready to be a homeowner? Here’s exactly how you can tell! 1) You have a budget Factor in homeowner’s insurance coverage, property tax, fees, upkeep costs, and the best available home mortgage rate. 2) You have a sizeable down payment. Generally, you’ll need a down payment worth 20 % of the house price. 3) You have a … Read More
Housing Slow Down Has Started
The future of Canada’s housing market rests in the hands of the nation’s buyers, or at least that’s what the latest housing stats would have us believe. Signs are everywhere that Canada’s once red-hot real estate market is about to freeze over, thanks to a combination of tighter mortgage rules and increasing consumer debt levels. Not only are home sales … Read More
Housing Starts Not Bad in September
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
Consumer Debt Impacts IMF’s Outlook for Canada
Canada’s economic outlook took a big hit this morning as the International Monetary Fund downgraded the nation’s financial outlook. Inflated consumer debt levels and a shaky housing market were at the heart of the downgrade, which was announced in Tokyo this morning at the IMF-World Bank annual meeting. The Washington-based global lender’s quarterly World Economic Outlook downgraded Canada’s economic advance … 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