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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





News
19 March 2019

CMHC may provide 10% of your house purchase price

This year’s federal budget includes a tempting plan for potential first-time home buyers. It’s a plan which could make Canada's housing agency provide up to 10% of the purchase price of a home and reduce the mortgage burden for borrowers.

The program is called the First Time Home Buyer Incentive, and it may help improve housing affordability. The government directs $1.25 billion over three years for so-called shared equity mortgage.

Basically, it looks like a loan without interest rates, where you need to start paying off the debt not immediately. If you want to qualify, you need to show an annual household income of less than $120,000 and provide a 5% down payment, required by CMHC.

CMHC is the Crown corporation that supports most of Canada's real estate market, providing mortgage insurance. The new plan will increase the CMHC’s role in the market even stronger.

In case a potential buyer meets all the necessary requirements, CMHC will offer up to 10% of the value of a new home, or 5% of the value of the existing property at the resale market.

 
18 March 2019

It’s time to review mortgage stress test as home sales are dropping sharply

Calls for a B-20 review are getting stronger every day. As you know, a week ago the Toronto Real Estate Board (TREB) suggested for the second time Ottawa should reconsider the mortgage stress test. And now the British Columbia Real Estate Board (BCREA) followed the example. BCREA says the stress test has cut purchasing power by 20% and only worsened the housing affordability issue.

In February, there were only 4,533 residential home sales through the MLS system in British Columbia – it’s 27% lower than in February 2018. The average price was down by 9.3% to $678,625. Meanwhile, listings went up by 36.5% to 30,891 during the same period.

“As a result, even despite a strong B.C. labour market, sales were still weak last month,” - Brendon Ogmundson, BCREA’s deputy chief economist, noted.

“Lower mortgage rates will be a relief for homebuyers, improving the affordability slightly this spring”.

 
15 March 2019

What can higher rental demand lead to?

As cities become more and more expensive, young families start renting longer, and this may provide landlords with stable tenants for many years.

However, landlords need more flexibility in order to guarantee that.

According to Craig Watson, a landlord and sales agent with REMAX Escarpment Realty Inc., by allowing tenants to baby-proof his rental units, he doesn’t worry about the possibility of vacancy for a long time.

“Young families have been facing difficult times recently, as they have to cope with stricter mortgage rules,” - he noted. “They are switching to renting. I’ve had more young tenants than ever’’.

A good strategy for any property investor is to adjust to tenants, and as young families face strong challenges with homeownership, Watson recommends being accommodating.

“Know what they need in order to meet their requirements”, - he says. “When tenants request such things from me, I don’t see any problem with it.

 
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News

19 March 2019

CMHC may provide 10% of your house purchase price This year’s federal budget includes a tempting plan for potential first-time home buyers. It’s a pl...Read more >>

18 March 2019

It’s time to review mortgage stress test as home sales are dropping sharply Calls for a B-20 review are getting stronger every day. As you know, a we...Read more >>

15 March 2019

What can higher rental demand lead to? As cities become more and more expensive, young families start renting longer, and this may provide landlords ...Read more >>
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