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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com



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News
13 December 2019

Millennials' new interest for suburbs may lead to higher real estate prices in 2020

The recent report by Royal LePage says home prices in Canada are expected to rise by 3.2% in 2020, with Montreal, Ottawa and Toronto leading the way, as millennials switching from condos increase the demand alongside immigration and weaker effects of mortgage restrictions implemented last year.

The cost of a two-storey detached house in Montreal could go up by 6% next year and reach $581,300, marking the fourth year in a row with gains larger than 4% due to positive economic indicators and a sellers’ market, the report shows.

The price of the same property in Toronto is expected to go up by 4.5% to $1,027,200 in 2020, as a restrained supply and growing population increase the demand, Royal LePage noted. Ottawa may show a 5% gain to $547,600.

 
12 December 2019

What could we expect from mortgage rates in 2020?

This year was full of surprises for the national mortgage market. A recent report by the British Columbia Real Estate Association (BCREA) shows how the year started with a growing vector of Canadian yield curve and forecasts of rate increases from the central bank.

However, as the yield curve got different and the Bank of Canada kept the rates unchanged, we’ve seen certain volatility in mortgage rates, supported by the US-China trade war and other factors from outside.

And what can we expect from the next year?

 
11 December 2019

Mortgage stress test worsens housing supply issue and makes homes even less affordable

Today, Canada is showing sustained economic and strong population growth. Millennials and new Canadians are creating households and they express strong desire to have their own real estate, especially amid low interest rates. It seems that with such conditions we should see growing home sales and supply increasing alongside demand, supporting the prices at normal levels. However, the real estate supply is restrained and home prices are growing sharply in the major markets.

Michael Bourque, CEO of the Canadian Real Estate Association, blames the government for it. In his opinion, a strong focus on lowering household debt has dominated the policy, while the main reasons of this undersupply (excessive red tape, fees, taxes and nimbyism) are almost not affected.

In case we want to solve the housing affordability issue in Canada, governments need to review their policy mix and address those reasons, starting with a more flexible mortgage stress test.

First of all, it’s necessary to view mortgage debt in the Canadian context. Canadian consumers show some of the highest rates of home ownership and mortgage borrowing in the entire world. Nevertheless, Canadians use their mortgage debt responsibly with making additional payments or accelerating paying off in other ways.

 
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News

13 December 2019

Millennials' new interest for suburbs may lead to higher real estate prices in 2020 The recent report by Royal LePage says home prices in Canada are ...Read more >>

12 December 2019

What could we expect from mortgage rates in 2020? This year was full of surprises for the national mortgage market. A recent report by the British Co...Read more >>

11 December 2019

Mortgage stress test worsens housing supply issue and makes homes even less affordable Today, Canada is showing sustained economic and strong populat...Read more >>
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