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Blog by Micah Verceles

Five Reasons To Get Pre-Approved For A Home Loan

September 30th, 2013
ou’ll know how much you can afford.
Due to increased restrictions on the mortgage industry, what you could borrow five years ago may not be 
the same as it is today. You can minimize anxiety and last minute loan surprises if you know what you 
qualify for before you begin to shop. 
Spend more time looking at the right homes.
Before you spend hours of your time house hunting, its importan ...

Canada's soaring real estate market: Feel good now, pay later

September 27th, 2013
House prices have appreciated by about 6 per cent annually during the past 15 years, triple the rate of inflation. (Deborah Baic/The Globe and Mail)

It’s a bad thing for Canada if housing prices keep rising.
 
Soaring house values are the most significant financial event of the past decade for the typical household. Now, it’s time to question how much good has come of it.
 
The housing boom has certainly been a major contributor to our economy, which came through the past five difficult years in comparatively good shape on a globa ...

Flaherty Talks Mortgages With CAAMP

September 26th, 2013

Finance Minister Jim Flaherty met with CAAMP last week in Toronto. The Minister meets annually with stakeholders such as CAAMP and, as can be expected, housing and the mortgage market topped the agenda.
 
The objective of the meeting was to discuss the health of the industry as assessed by CAAMP.
 
Click here for details about the issues raised and discussed courtesy of CanadianMortga ...

Vancouver Special Renovations

September 23rd, 2013

The Loft Cube

September 22nd, 2013
The loft cube is designed for people on the move. When they change locations they can take their home with them. Mobile living units, which can be placed on flat roofs by helicopters or cranes, designed by Werner Aisslinger.


A clear mortgage policy

September 21st, 2013

The Canadian housing and mortgage markets receive extensive attention by economists, analysts and the media. The purchase of a home, after all, is the largest financial commitment that an individual will make in his or her lifetime.
 
Since 2008 and the height of the financial crisis, the federal government has been active from a policy perspective in making sure that the housing market ...

Consumers turned around the housing market

September 20th, 2013
August sales numbers seem to reflect the trend as they rose 2.7% from July on a seasonally adjusted basis. On a year over year basis, sales were up 11.1% in August.
Gerry Kahrmann/Postmedia NewsAugust sales numbers seem to reflect the trend as they rose 2.7% from July on a seasonally adjusted basis. On a year over year basis, sales were up 11.1% in August.
  Twitter Google+ LinkedIn Email C ...

Self-employed? Prepare for a long conversation with your mortgage broker

September 19th, 2013

If you’re self-employed and about to apply for a mortgage, be prepared for some serious form-filling. Getting financing isn’t as easy as it used to be, say mortgage brokers — and for the 15% of Canadians who earn money for themselves without a steady employer’s salary, it’s harder still.
“Back in the day, five years ago you could hold up three fingers and say ‘I promise I earn $100,000, ...

TD Economics: Canadian National Balance Sheet Accounts - Q2 2013

September 18th, 2013

Data Release: National balance sheets remain relatively stable
  • Canadian national net wealth advanced 3% in the third quarter, mostly driven by increased residential real estate gains and a better international net debt position.
  • While net worth advanced for all sectors of the economy, both households and governments became more indebted, while the corporate sector remained the o ...

CREA: Canada’s home sales to beat expectations as buyers rush to lock in low rates

September 16th, 2013

OTTAWA — The Canadian Real Estate Association raised its outlook Monday for homes sales this year as it reported a 11.1% jump in August sales compared with a year ago.
 
The industry organization said it now expects sales of 449,900 homes this year compared with a June forecast of 443,400.
 
CREA reported 454,573 sales in 2012.
 
The association said sales across the country have im ...

Luxury home sales expected to climb: study

September 14th, 2013
Sales of luxury homes will likely gain momentum in the fall, fuelled by demand from international investors, according a new report from real estate sales and marketing company Sotheby’s International Realty Canada.

Sales of luxury homes will likely gain momentum in the fall, fuelled by demand from international investors, according to a new report from real estate sales and marketing company Sotheby’s International Realty Canada.
 
The company said Tuesday that sales of high-end homes worth at least $1 million were up in major Canadian urban markets in the first half of the year compared with the ...

Already record home prices rise further 2.3%, but no bubble seen

September 13th, 2013
Canadian home prices are at record highs as the real estate market rebounds, climbing 2.3 per cent in August from a year earlier.
On a monthly basis, prices rose 0.6 per cent in August from July, according to the Teranet –National Bank house price index released today.
As The Globe and Mail’s Tara Perkins has reported, Canada’s housing market has bounced back smartly since the government mo ...

OSFI to consult public before making changes

September 12th, 2013

 


OSFI has held off on further tweaks to underwriting rules, but amid speculation that it may soon spring into action, one representative has assured MortgageBrokerNews.ca the public - including brokers - will be allowed their say.

“If we decide to revise Guideline B-20 we will undertake public consultations,” Annik Faucher of OSFI told MortgageBrokerNews.ca. “No decisions have yet been r ...

Luxury home sales expected to heat up this fall, as high-end condo sales pick up in Toronto

September 11th, 2013

TORONTO — Sales of luxury homes will likely gain momentum in the fall, fuelled by demand from international investors, according a new report from real estate sales and marketing company Sotheby’s International Realty Canada.
The company said Tuesday that sales of high-end homes worth at least $1-million were up in major Canadian urban markets in the first half of the year compared with the ...

Mortgage Rates, What Now?

September 10th, 2013

economic-cycleWe’re at one of those points in the economic cycle where mortgage rates get especially confusing.

On the one hand, we see the Bank of Canada confirming that it has no plans to raise short-term interest rates for several months (maybe several quarters). And on the other hand, we have bond traders pushing up long-term interest rates to two-year highs.

That's got many wondering:

a) whic ...

Mortgage Rates to Rise

September 9th, 2013
The Federal Government of Canada allocates $85 Billion to insure mortgages in Canada through the Canada Mortgage and Housing Corporation.  With the Real Estate market's increased activities this year CMHC has used upwards of $66 Million to help lenders guarantee repayment on their mortgage-backed investments.
As of August 2013 CMHC is limiting the dollar amount of total mortgages insured to ...

Why real estate doomsayers continue to be wrong

September 8th, 2013
Mandy Coz needs a lead. She isn’t the first sales rep from a nearby real estate brokerage to cold call my parents’ home in the suburbs on behalf of a family that badly wants to become our neighbours. But she’s the most recent and she’s on the hunt for a new seller. Her clients “lost out” on another property on our street.
“This summer has been a bit unusual,” says the RE/MAX Premier Inc. sal ...

Owning a home became less affordable in the second quarter

September 7th, 2013

Owning a home in Canada became slightly less affordable in the second quarter of 2013, according to RBC Economics Research’s latest 
Housing Trends and Affordability Report.
 
Erosion in affordability didn’t hinder activity as home resales and housing starts have shown renewed vigour since the spring across the country, reversing part of the cooling that took place in the second half of ...

Vancouver house sales roar back

September 6th, 2013


Greater Vancouver home sales roared ahead 52 per cent last month, raising the prospect of a new phase of stability in Canada’s most expensive housing market.

The number of properties sold on the Multiple Listing Service reached 2,514 in August, up from 1,689 sales in the same month a year earlier, the Real Estate Board of Greater Vancouver said Wednesday. The increased activity marks the ...

Price of Canada’s ‘most expensive’ house plummets

September 5th, 2013
Canada's Most expensive Home

Owners of the West Vancouver house once listed as Canada’s most expensive have dropped their asking price to $12.9 million from $37.9 million. 


They also appear to have switched real estate agents in their bid to sell the fixer upper at 3810 Marine Drive.

The aging house on the half-acre of prime oceanfront real estate remains on the market seven months after the whopping price tag firs ...

Regulator eyes tighter mortgage rules

September 4th, 2013

Canada’s banking regulator has been gathering detailed mortgage information from financial institutions, in what could be a precursor to changes in the rules for home loans.
The Office of the Superintendent of Financial Institutions (OSFI) has spent months considering a tightening of mortgage rules for lenders, a decision that’s being weighed as the housing market begins to pick up after ...

Why Your Mortgage Term Matters

September 3rd, 2013
Choosing the mortgage term that’s right for you can be a challenging proposition for even the savviest of homebuyers, as terms typically range from six months up to 10 years.

By understanding mortgage terms and what they mean in dollars and sense, you can save the most money and choose the term that is best suited to your specific needs.

The first consideration when comparing various mort ...

Change coming to Vancouver’s Commercial Drive

September 2nd, 2013

Commercial Drive is an old Vancouver working class neighbourhood where community street festivals are the norm and Grandview Park doubles on weekends as an informal flea market. It’s the antithesis of Robson Street or Fourth Avenue, where consumerism rules.

But no neighbourhood is immune to change, and city planners have spent a large part of their year coming up with a community plan th ...

Rate Hikes and Housing: TD Research

September 1st, 2013

rates-mortgagesIn just a few short months, long-term mortgage rates have burst higher by almost ¾ of a percentage point.

People naturally want to know if the hikes are sustainable, and how they’ll affect the overall housing market.

TD Economics weighed in on these points in a report last week. Here’s a quick overview of the implications TD foresees, and some observations of our own…

  • Future Ra ...