Real Estate
Prime Rate Update
The Bank of Canada raised its benchmark policy rate Tuesday to 0.75% even though it scaled back its growth outlook on the belief budget cutting among households and governments in advanced economies is expected to “temper” the pace of the global recovery. Plus, the bank pushed back the date at which it expects the Canadian [...]
Read More >>Pre-Construction Assignment
Here’s a great email I received from a Mortgage Broker friend at Mortgage Alliance. It is a brief overview of an Assignment deal. This segment of the Pre -Construction condo market is gaining popularity in Toronto. contact me anytime if you have any questions! What is Assignment? A common question raised during the pre-construction process [...]
Read More >>HST & Real Estate
HST? – How It Affects 12 Matters In Ontario Real Estate Beginning July 1, 2010, there will be sales tax in Ontario of 5% + 8% = 13% (12% in British Columbia) replacing the former 5% GST (Goods and Services Tax) and the former 8% PST (Provincial Sales Tax). 1) HST and Mortgage Brokerage Fees [...]
Read More >>Energy Efficient Homes
DID YOU KNOW… Today’s home builders offer a wide variety of energy efficient options. These range from certified Built Green or R2000 finished homes, to individual features such as high efficiency heating systems, upgraded insulation and ENERGY STAR appliances. Whether you’re building or buying a new home, ask your builder about the following energy efficiency [...]
Read More >>Interest Rates
Today, Bank of Canada warned that it will be raising interest rates. At mid-morning, the dollar was up 1.6 cents to 100.14 cents US. The Bank of Canada kept its key lending rate unchanged , but warned that its low-rate policy has a limited future.
Read More >>March Resale Home Market
Geater Toronto Realtors reported 10,430 sales through the MLS® in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948. “The strong rebound in the [...]
Read More >>CMHC Restrictions
Effective April 9, CMHC is adding more restrictions to its Self-Employed stated income product. Self-employed borrowers who choose to apply under this program, and not verify their income using traditional means, will have to put down 10% when purchasing a home (instead of 5% today). Stated income applicants who wish t…o refinance will be limited [...]
Read More >>Changes to Mortgage Rules
Yesterday the federal government announced changes to the rules for government-backed insured mortgages (less than 20% down payment). The rules are listed below. Below to each rule, I have added my comments. I hope my comments clarifies any doubts you may have. As always, if you have any questions please feel free to contact me. [...]
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