19 04, 2024

3 Major Mortgage Changes Coming

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30 Year Insured Mortgages Coming Back Effective August 1, 2024, 30-year Insured mortgages will be available to first-time buyers purchasing new construction only. There's no word yet on what the insurance premiums will be. Also, we don’t know what constitutes "new construction." Our guess right now is that it's any unsold/never-occupied, pre-construction or existing,

21 02, 2024

To Buy in the Winter or Not?

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There is an inverse relationship between mortgage rates and housing prices.  When the Bank of Canada lowers rates, more buyers venture into the market, increasing demand and consequently raising prices.  Typically, the housing market slows down during the winter months, picking up roughly around March/spring break time. This year has been a bit different. Typically

17 01, 2024

Housing Outlook for 2024

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Canada has welcomed well over 2 million immigrants in the past two years (2022, 2023) and proposes to increase the number of permanent residents in Canada from 465,000 in 2023 to 485,000 in 2024 and 500,000 in 2025 ( Housing remains a challenge as only 399,000 new household units were added to the market in

20 12, 2023

Mortgage Trends

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Mortgages rates and sizes have been trending downwards in the last quarter of 2023. Interest in mortgage renewals continued growing but peaked when the BOC (Bank of Canada) announcement stabilized their interest rate increases. Indeed, according to the data collected of all mortgages issued in the third quarter, as of September 4th,2023, mortgage renewals peaked

20 11, 2023

Early Housing Hibernation

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Winter is approaching and with it the chill of weather and a typical slowing of market sales and movement. This year, however, looks a little different.  Typically, sales slow in October and November and pick up again in springtime.  In Vancouver and Toronto, most notably, sales plummeting with Toronto seeing 17% fewer sales this past

18 10, 2023

Inflation Drops Again

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Statistics Canada reported on Tuesday, October 17, 2023, that the rate of increase of inflation has lowered from 4.1% to 3.8%.  According to their report, “deceleration in the cost of living was “broad-based” and stemmed from lower prices for a variety of goods and services, including travel, durable goods and some grocery items.”  According

20 09, 2023

New federal GST policy on rental construction

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On Thursday Sept 14, 2023, Justin Trudeau and the Federal Government announced a new tax policy repealing the Federal GST tax on new construction builds in a bid to encourage the construction of new rental buildings.  Some welcome this move, claiming it will be a game changer. Critics remain sceptic, pointing out that it

24 07, 2023

Inflation Drops

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Canada's inflation rate dropped to 2.8 per cent in June, the lowest level in over two years. This is good news for those who are worried about further interest rate hikes. Statistics Canada showed a brisk decline in gasoline prices compared with June 2022 which is the biggest reason for the drop. This brought Canada's official

19 06, 2023

Quick Interest Rate Recap

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The hot topic of the day is mortgage interest rates. While nothing things seems to be steady in this area, here is a brief recap of the latest happenings with regards to rates. Fixed mortgage rates: Fixed mortgage rates have been up and down since last July and for the most part have been sitting

24 05, 2023

Housing Prices Increasing Again

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After the slowing of real estate sales due to the unprecedented and unexpected rate increases seen last year, the market is starting to adjust and recover.  April housing data showed an average price of homes at $716,000 – an increase of over $100,000 from January.  For context, this is still 3.9 percent lower than the