It probably comes as no surprise to residents of British Columbia – especially those in Vancouver, Victoria and the Fraser Valley – but the province once again has the least affordable homes in Canada. Toronto and Nanaimo round out the top 5, at third and fifth respectively.
There has been a lot of speculation about the impact of foreign property ownership on real estate prices over the past couple of years. In joint research from Canada Mortgage and Housing Corporation (CMHC) and Statistics Canada, we can finally see some numbers and what they mean for our local housing market.
The countdown is on to January 1st, when the latest mortgage rules from OSFI will come into effect! A recent survey by Re/Max found that over 40% of Canadians don't even know about the upcoming changes, and another 40% don't think – or aren't sure – that the new rules will affect them. At the same time, nearly half of Canadians are considering purchasing a home in the next five years. A home is the largest purchase most of us will make, so do you really want to go into that decision without all the facts?
Equifax has confirmed that 8,000 Canadians may have had their personal information – names, addresses, and Social Insurance Numbers – or credit card information compromised in a breach by hackers earlier this year. An outside cybersecurity firm completed the forensic analysis to determine how many people were affected.
The federal government has confirmed a new mortgage stress test that will come into effect on January 1, 2018. The new qualifying rules will apply to home buyers looking for an uninsurable or conventional mortgage. You will need to qualify on either the Bank of Canada benchmark rate (4.89% at time of writing, updated weekly) or your mortgage contract rate + 2% - whichever is higher. Currently, buyers in this situation only need to qualify at their contract rate.
Jul 12 2017
The Bank of Canada today (July 12, 2017) raised the interest rate on overnight lending for the first time in 7 years. Many people are wondering, what does this mean for my variable rate mortgage?
Apr 24 2017
We saw last month (March 2017) continue with a very familiar local real estate trend of high demand with low inventory, forcing prices to increase as buyers battle for the limited number of homes that are on the market.