Canadian homebuyers are finally getting used to the mortgage stress test, and that’s good news for the market’s future
The mortgage stress test that policymakers introduced in January 2018 has undeniably cooled the Canadian housing market — but homebuyers are adjusting to stricter standards, one expert suggests.
The recent stability seen in some of Canada’s biggest markets is here to stay, suggests one of the country’s leading real estate companies.
A year and a half after federal policymakers toughened up qualification rules to tame an unruly market and reduce risk to the economy, Canada’s mortgage market is showing signs of recovery.
Most experts anticipate that the next time the Bank of Canada adjusts its policy rate, it’ll make a cut.
Thanks to tighter mortgage qualification rules and higher-priced real estate—particularly in the greater Vancouver and Toronto areas—it’s not always easy to qualify for a mortgage on your own merits.
A growing portion of Canadian households are finding it harder to service their assortment of debts, according to new data from Statistics Canada’s latest Survey of Financial Security.
Today, about 50% of first-time home buyers use their RRSP savings to help finance a down payment. If you are a first-time homebuyer, the Home Buyers Plan (HBP) allows you to withdraw money from your Registered Retirement Savings Plan (RRSP) tax-free to make your down payment.
Criticism is piling up for the federal government’s First-Time Home Buyer Incentive, set to kick off this September.
The post Is Canada’s First-Time Home Buyer incentive a ‘bridge to nowhere’? appeared first on Livabl .
The stress tests most mortgage applicants in Canada face are defective — but rather than scrapping them, policymakers should make changes.
Canadian construction costs are rising, and that has contributed to home price increases as developers build in growing expenses to their pricing models.
The moderation of Canada’s housing market means reduced revenue for the Canada Mortgage and Housing Corporation.
A rush of homeowners are going to renew mortgages next year and when they do, they’ll most likely be faced with higher interest rates than when they signed on last. Will they be able to keep up with payments?
A minimum down payment of 5% is required to purchase a home, subject to certain price restrictions for homes purchased above $500,000 and 1 million.
The Bank of Canada isn’t budging on its policy rate, at least at the moment, and that’s good news for borrowers.
There are signs that Canada’s housing market is about to get hotter.
There was a 3.5% rise in Canadian home sales in July compared to June and unadjusted activity was up 12.6% year-over-year.
National home sales are slowly recovering from their dip in February, but are still 10% below the highs reached in 2016 and 2017.
Compared to last week, a smaller share of Canadians believe that real estate prices will be higher in 6 months.
Depending on the circumstances surrounding your bankruptcy, generally some lenders would consider providing mortgage financing.
I recently had clients who were refinancing their mortgage completely reject a very attractive offering from one of the big chartered banks.
Homeownership rates are higher now than they were two decades ago according to a new analysis from Statistics Canada.
The struggle has been real for Alberta’s biggest housing markets — but the province’s embattled urban centres are showing some signs of improvement, local real estate boards report this month.
Mortgage stress testing did more than just make it tougher for many Canadians to purchase a home — it also eroded their confidence in the housing market.
But Canadians seem to be regaining their confidence, more than a year and a half after policymakers introduced stress testing for uninsured mortgages.
Stressed out about Canada’s mortgage stress test? Mortgage-comparison website RateSpy recently rounded up four “loopholes” for homebuyers trying to qualify under the tougher rules.
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