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Blog by Micah Verceles

Self-employed increasingly turning to private lenders for mortgages

April 30th, 2019
The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage.

While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income.

According to the Bank of Canada, private lenders have doub ...

Toronto, Vancouver Condos Now Only For Top Earners: Report

April 29th, 2019
MONTREAL — If you need any further proof that big-city housing prices are out of control and a whole generation of Canadians risks being shut out of home ownership, look no further than a new report from real estate site Zoocasa.

Using data from Statistics Canada and the Canadian Real Estate Association, Zoocasa calculated that you would need to be in the top 10 per cent of Toronto's earners ...

Residential Market Commentary - New realities have home buyers adjusting

April 26th, 2019
Canadian home buyers continue to accept and adjust to the new realities of the market, but that doesn’t mean they are happy about it.

A home ownership survey conducted earlier this year suggests nearly 40% of homeowners see themselves as being (or having been) “house poor”. That means they are spending more than 30% of their total income on housing; mortgage, taxes, utilities and maintenance. ...

Apartment Therapy + The New Homesmiths | We Live in a Shipping Container

April 25th, 2019
Seven gray metal rectangles create a stacked array of straight lines on a quiet street in New Orleans. These shipping containers once traveled along the Mississippi River. Now stationary, they make up the extraordinary home of Kicker Kalozdi, founder of premium bag company DamnDog, and his wife Anne Kalozdi, who is a biomedical engineer. They designed and built this house made out of shipping ...

Bank of Canada maintains overnight rate target at 1 ¾ per cent

April 24th, 2019
The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.

Global economic growth has slowed by more than the Bank forecast in its January Monetary Policy Report (MPR). Ongoing uncertainty related to trade conflicts has undermined business sentiment and activity, contributing to a syn ...

Why house prices are unlikely to rise any time soon

April 19th, 2019
Prime Minister Justin Trudeau at a townhouse development in Maple Ridge, B.C., in March. (Darryl Dyck/CP)

Two years ago, the Canadian housing market experienced one of its hottest springs ever, with prices in cities like Toronto and Vancouver rising at an alarming rate. But since then, real estate has lost its sizzle, thanks to the implementation of foreign buyer taxes, higher interest rates ...

Mortgage Stress Test: The Operation Was a Success, But...

April 17th, 2019
CIBC's Deputy Chief Economist Benjamin Tal released a report on the effects of the B-20 rules.

You usually need to be in a recession to see household credit rising this slowly. And most of that slowing is happening in the mortgage space--not exactly surprising, given the ongoing adjustment in the housing market. The market is still in price-searching mode, and the adjustment is not over yet--e ...

Why 3D Printing Is The Future Of Housing

April 16th, 2019
Technology has drastically changed our lives over the years. Books, movies, and music have become digitalized. Cars are becoming computerized. Smartphones we carry in our pocket are more powerful than supercomputers from the mid 90’s. However, there’s one major aspect that has largely remained the same. And that is housing.

But that will all change with the advent of 3D printing, which will a ...

Patience, perspective key to surviving real estate slump

April 15th, 2019
From left, Kirk LaPointe, editor-in-chief at Business in Vancouver; Cynthia Jagger, principal at Goodman; Scott Brown, president and CEO of Fifth Avenue Real Estate Marketing; Carla Guerrera, founder and CEO of Purpose Driven Development, Planning & Strategy; James Lang, associate vice-president of Colliers International. Photo Dominic Schaefer

Since August, residential real estate sales in ...

Residential Market Commentary - Bond yield inversion: the case for calm

April 11th, 2019
Anyone who has been watching knows that bond yields are falling and taking fixed rate mortgages with them. The recent economic slowdown in both Canada and the U.S. has pushed down yields on five year government bonds on both sides of the border. Those yields are used as the basis for setting interest rates on fixed mortgages.

An economic indicator known as the yield curve is has been getting ...

NYC Apartment Tour | Penthouse 57 A - Madison Square Park Tower

April 9th, 2019
NYC Apartment Tour: $16 MILLION LUXURY APARTMENT! An exclusive luxury apartment tour at one of New York City’s most luxurious million dollar listing penthouse apartments: Madison Square Park Tower!

Spanning the entire 57th floor, this 4,655 square foot, four-bedroom, four and one half bath residence unquestionably features the most stunning 360-degree views in Manhattan. Designed for the most ...

Canadian incomes aren’t growing fast enough, and that’s a problem for Canada’s housing market

April 8th, 2019
Household income growth is grinding to a halt in Canada, and that’s bad news for future economic growth as a whole and the housing market in particular, suggests a recent report from Desjardins Economics.

Desjardins Deputy Chief Economist Mathieu D’Anjou notes in the economic study that while disposable household income shot up 3.4 percent in 2017, at last year’s close, growth had only inched ...

Falling home prices not only in Vancouver, but also in markets around world

April 4th, 2019
Prices for prime properties in distant cities increasingly move together in the same direction because they're all impacted by similar international trends in wealth creation and mobility.

A five-bedroom home with panoramic ocean views on Mathers Avenue in West Vancouver was just listed for sale at $3.8 million, which is 21-per-cent below its assessed value.

It was listed at the end of 2018 f ...

The Real Estate Board of Greater Vancouver - March 2019 Stats

April 2nd, 2019
Prospective home buyers remain on the sidelines in March

Metro Vancouver* home sales dipped to the lowest levels seen in March in more than three decades.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the ...

This chart shows how far BC’s housing market has fallen since tougher mortgage rules were introduced

April 2nd, 2019
To demonstrate how BC home sales activity has dropped off in the 14 months after policymakers changed the qualification process for uninsured mortgages, a provincial real estate association has drawn a line in the sand — or rather, a chart.

With the release of the British Columbia Real Estate Association (BCREA)’s February home sales statistics earlier this month, the industry association inc ...

Residential Market Commentary - Budget Help for House Hunters

April 1st, 2019
The new federal budget certainly got the attention of house hunters, realtors and mortgage professionals. Unfortunately the announcement turned into a cliff-hanger and we will have to wait for the next episode to find out what is really going to be delivered.

The budget contains two key components aimed at addressing affordability concerns and making it easier for first-time buyers to get a h ...