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Month: November 2018

Home Renovation

Canadian housing market to remain “stable and subdued”: BMO

“[The Canadian Real Estate Association] will release the full set of October housing market data [this week], and the overall picture will continue to look stable/subded,” writes Kavcic. “National sales are estimated to be down 6 percent year-over-year, slightly improved from September’s 8.9 percent year-over-year decline.”

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Tax

Montreal draws ever-closer to implementing foreign buyer taxes

“We must avoid at all costs what is happening in Vancouver and Toronto, where 90% of projects are sold to investors. Montrealers must be able to own their own city,” Laurence Vincent, co-president of development company Prevel, said in an interview with Montreal-based markets observer Yury Shupilov.

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Canada Flag

Canada’s housing starts are steadily slowing down – CMHC

Preliminary housing starts data for October 2018 are pointing to a national market that is steadily slowing down due to pressure from various factors, according to the Canada Mortgage and Housing Corporation (CMHC).

“The national trend in housing starts declined for a fourth consecutive month in October, which leaves the trend at its lowest level since February 2017,” CMHC chief economist Bob Dugan stated in the starts report.

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HELOC

New Rule Targets HELOC Holders Seeking a Second Mortgage

“Many of the rule changes over the past 10 years have made it really hard to buy a home beyond your primary residence,” he said. “This rule change is focused squarely on that. It has no effect on your owner-occupied residence, but will make it more difficult to purchase a second home or rental property. Many clients will be forced to choose between the security of having a credit facility should they require it, and purchasing that second property.”

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Computer Work

1 in 4 Canadians are in subprime or near-prime credit categories

A quarter of Canadians are in subprime or near-prime credit categories, which is adding to their fears of checking their credit score.

While 96% say they believe a good credit score is important, just 41% know theirs according to a Leger poll for Refresh Financial, a FinTech which helps Canadians with their credit history.

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Stairs

New high-end home mortgage advisor course opens

Working with luxury homeowners and high-net-worth individuals and families can be intimidating. Fortunately, a new certification course is available to help mortgage professionals who want to specialize in serving this unique market.

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Consult

Research reveals preference for single family homes

Despite rising housing costs, eight out of ten young, urban families in Canada’s key metropolitan areas would prefer to live in a detached single family home if money was no object.  This was one of the main highlights in a recent report released by Mustel Group and Sotheby’s International Realty Canada on home ownership trends among modern families.

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Mortgage Professionals Canada

Lender Insights from the 2018 National Mortgage Conference

Mortgage professionals from across Canada descended on Montreal last weekend for the annual National Mortgage Conference.

Hosted by Mortgage Professionals Canada, the annual gathering was once again well attended, with about 1,200 participants and 60+ exhibitors at the Exhibitor Expo.

The two-day event featured a mix of educational sessions, industry updates, networking events and keynote speakers.

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Homes

43% of Canadian families have given up on the dream of a low-rise home

The majority of young Canadian families would prefer to live in a single detached home, but many have given up on the dream of ever being able to buy one.

In fact, 43 percent of families surveyed in a recent report from Sotheby’s International Realty Canada said that high detached home prices meant they had to settle for higher density housing.

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Buildings

Genworth MI reports “solid” business results, lower delinquencies

“We continue to enjoy solid business results this year, with another low loss ratio of 14% for the third quarter,” said Stuart Levings, President and CEO. “While housing markets continue to normalize, they are generally well balanced, and employment remains strong, which is positive for our longer term business performance. As part of our ongoing focus on capital efficiency, we are pleased to have completed another $50 million share buyback under our normal course issuer bid during the quarter, underscoring our view that business fundamentals remain strong.”

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Blog

Cannabis shortage compounding industry’s worries

Exceeding even optimistic estimates, Canadians’ demand for recreational marijuana in the wake of the October 17 legalization has reached stratospheric heights – enough for major producers and sellers to struggle hard to keep up.

According to the Ontario Cannabis Store, it received 100,000 orders in just the first 24 hours of its operation.

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