Will New Mortgage Rules Disrupt the Market?

Last October, the federal government introduced mortgage rules that required anyone needing mortgage insurance (less than 20% down payment) to pass a ‘stress test’ to prove that they could afford the payments if mortgage rates were to increase. The Bank of Canada’s posted rate, approximately 2% higher than the rates actually available, was chosen as… Read More

Financial Don’ts When Getting Ready To Buy A Home

If you’re in the process of buying a home, you’ve probably already met with a lender who advised you on what to do and what not to do during the escrow process. But if you’re just getting ready to buy or plan on doing so in the near future, following a few financial tips can… Read More

Top Tips To Pay Down Your Mortgage Faster

With interest rates at an all-time low, many Canadians are taking advantage of the savings by refinancing their mortgages to consolidate debt, make home renovations, invest in real estate or other ventures, or moving up the property ladder. Here are some great ideas from Kerri Nelligan, a Home Financing Advisor at ScotiaBank, to take even… Read More

Toronto Real Estate Board Predicts Strong 2017 Market

TREB Logo

On January 31, 2016, the Toronto Real Estate Board published a report reviewing the  2016 Toronto area real estate market and forecasting the outlook for 2017. Highlights of the report include: There were 113,133 residential freehold and condo properties sold in the GTA in 2016. This was an all-time record, and it was 11.8% higher… Read More

Prices and Sales Fall in December — But Are Still Much Higher Than Last Year

prices-dec-2016

Toronto Prices in December were 6% lower than in November, and sales were 38% lower, but the market remained much stronger than last year. Our market follows a predictable seasonal pattern, with prices & sales at their lowest ebb in July/August and again in December/January. So the drop in sales and prices in December was… Read More

Untangling the New Mortgage Rules

The Federal Government has made two recent changes to the eligibility rules for government-backed insured mortgages: Effective October 17, all borrowers seeking high ratio (less than 20% down payment) mortgages must qualify based upon the Bank of Canada’s five year fixed posted rate (also known as the ‘Mortgage Qualification Rate’ or MQR). Presently the MQR… Read More

Toronto Market Continues to Accelerate

prices_sept_2016

After a comparatively strong summer season, it wasn’t surprising to see sales and prices spike upward in September. After all, that’s part of the normal seasonal pattern. What was surprising was the size of the spike. The average price for all property types in the Greater Toronto Area was more than 20% higher than in… Read More

Will New Mortgage Rules Slow The Toronto Market?

As of October 17, new mortgage qualification rules will come into effect. These new rules will make it more difficult for many homebuyers to qualify for a mortgage by requiring all insured mortgages to be underwritten based on the Bank of Canada’s Mortgage Qualifying Rate (MQR). The MQR was introduced in 2010 in response to… Read More

Know Your Credit Score!

Know Your Credit Score

It’s virtually impossible to live without credit: imagine doing without credit cards, mortgages, car loans and the myriad other things that we buy on time… including rent. Your access to this credit is controlled by your credit score, and a poor credit score can make life miserable to say the least. Your credit score is… Read More

Toronto Prices Going Exponential

Prices_1996_to_Present

Toronto area prices continued to climb steeply in May, averaging 16% above May of 2015. Prices have risen each year for the past 20 years, which might be some kind of a longevity record for a real estate boom. Prior to 1996, prices fell for 5 years following the bursting of a speculative bubble in… Read More