The Canadian Real Estate Market has been put into a tailspin. It has been induced by overzealous and misguided government officials. The latest mortgage rules that are being put in place are nothing short of pure stupidity and a lack of fundamental understanding of how the market is structured. The two major markets that are…
DetailsNew rules hit housing market in Canada. Once again in an attempt to protect the already fragile banking sector in Canada, the liberal government has passed new rules that will impact and impede most people’s ability to purchase and refinance mortgages. Some of the new rules will be put in place as early as October…
DetailsThe big news this week is that the heads of Scotia Bank and National Bank are urging Ottawa to increase the Minimum Down Payment on all homes under $1 Million to at least 10%. As it stands Home buyers in Canada today must put a minimum of 5% Down Payment on all homes under $500k…
DetailsThe Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 percent. The Bank Rate is correspondingly 3/4 percent and the deposit rate is 1/4 percent. The global economy is progressing largely as the Bank anticipated in its January Monetary Policy Report (MPR). Financial market volatility, reflecting heightened…
DetailsThat’s right! We’re slowing headed into another buying season in Quebec. Many Quebecers and Canadians alike are contemplating the sale of their property or perhaps that first purchase. This blog entry will focus on the latter. First time home buyers are my favorite clients to work with. Maybe it’s the former teacher within me that’s speaking. There is so much…
DetailsA couple of weeks ago I had a client tell me that his bank advised him that all banks calculate penalties the same way. Well although on the surface banks will use similar methods to calculate the penalty. What differs is what rates they use to determine the penalties. Many don’t realize this but virtual…
DetailsIt will come as no surprise to many listeners of the Real Estate Show to find out that Bank of Canada cut the key overnight rate down to .50% today. However, we once again are seeing banks attempting to put money in their pockets by not following through with a full prime rate reduction. The…
DetailsOver the past few months, I have had the privilege and honour to help hundreds of people discover a mortgage solution that meets their needs. Some clients came to me because they were prospective first-time homeowners. Others came to me because they were in the process of downsizing their home. Others needed to reorganize and…
DetailsOn April 2nd, 2015 the CMHC conducted its annual review of the various products and services that it offers and it found that the largest group of defaulting mortgages is those who put a down payment of less than 10%. With these findings, they now have decided to increase once again the amount charged to home buyers. This is…
DetailsBy Eleni Akrivos – mtltimes.ca If you are a buyer and just found your perfect home at the right price, the next logical and crucial step is the home inspection. Are you ready? As a seller, you may be excited to have an agreed upon offer to purchase, yet to move forward with the transaction,…
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