Toronto index stopped trending down in January

In January the Teranet–National Bank National Composite House Price IndexTM rose 0.3% from the previous month, a tic higher than the historical average for January and a second consecutive monthly increase. However, only four of the 11 metropolitan markets surveyed showed gains – the first time since January 2016 that a rise in the Composite [...]

By | 2018-02-15T20:04:45+00:00 February 15th, 2018|Uncategorized|Comments Off on Toronto index stopped trending down in January

2018 CMHC Prospective Home Buyers Survey

In October 2017, CMHC surveyed 2,507 prospective home buyers on-line. Respondents were all prime household decision-makers who intend to purchase a new home within the next two years, including approximately 1,500 First-Time Buyers, 500 current owners, and 500 previous owners. The survey results highlight that: • First-Time Buyers and Previous Owners share the same top [...]

By | 2018-02-15T20:02:55+00:00 February 15th, 2018|Uncategorized|Comments Off on 2018 CMHC Prospective Home Buyers Survey

Vancouver the main driver of the Composite in December

Vancouver the main driver of the Composite in December says Teranet and National Bank of Canada Without Vancouver, the Composite index would have declined for a fourth month in a row. The strength of Vancouver’s index is consistent with continued tight home resale market conditions. Toronto’s index declined for a fifth consecutive month, but the unsmoothed [...]

By | 2018-02-15T20:01:39+00:00 February 15th, 2018|Uncategorized|Comments Off on Vancouver the main driver of the Composite in December

Bank of Canada increases overnight rate target to 1 1/4 per cent

The Bank of Canada today increased its target for the overnight rate to 1 1/4 per cent. The Bank Rate is correspondingly 1 1/2 per cent and the deposit rate is 1 per cent. Recent data have been strong, inflation is close to target, and the economy is operating roughly at capacity. However, uncertainty surrounding [...]

By | 2018-02-15T20:00:51+00:00 February 15th, 2018|Uncategorized|Comments Off on Bank of Canada increases overnight rate target to 1 1/4 per cent

Fourth Quarter Housing Market Trends Seal 2017 as ‘the Year of the Condo’

According to the Royal LePage House Price Survey, Canada’s residential real estate market saw strong, but slowing year-over-year price growth in the fourth quarter of 2017. While year-over-year aggregate appreciation remained high in the Greater Toronto Area (GTA) and Greater Vancouver, two-storey and bungalow home values softened in the GTA, slightly declining on a quarter-over-quarter [...]

By | 2018-02-15T20:00:09+00:00 February 15th, 2018|Uncategorized|Comments Off on Fourth Quarter Housing Market Trends Seal 2017 as ‘the Year of the Condo’

Time for a mortgage review

The start of a new year almost always inspires individuals to commit to resolutions that will improve the quality of life. And in the spirit of the new year, new you mantra, a mortgage review reminder is aptly timed. Many mortgage holders underestimate the value of proactively reviewing their finances and in particular their mortgages. [...]

By | 2018-02-15T19:59:06+00:00 February 15th, 2018|Uncategorized|Comments Off on Time for a mortgage review

Non-Resident ownership of condo apartments remains low and stable: CMHC

The share of condominium apartments owned by non-residents remains low in the 17 Canadian Census Metropolitan Areas (CMAs) surveyed, with the majority reporting shares of less than 1%. Non-resident ownership shares remained stable in Vancouver and Toronto, while Montreal saw an increase. Toronto, Vancouver, Montréal, Halifax, Victoria and Gatineau have non-resident ownership shares above 1% [...]

By | 2018-02-15T19:58:30+00:00 February 15th, 2018|Uncategorized|Comments Off on Non-Resident ownership of condo apartments remains low and stable: CMHC

Happy Holidays

We would like to take this opportunity to wish you and your families a safe and happy holiday season and an even better new year.

By | 2018-02-15T19:57:50+00:00 February 15th, 2018|Uncategorized|Comments Off on Happy Holidays

Construction intentions for multi-family dwellings in Montréal continue to climb

In October, the value of permits for both single-family and multi-family dwellings increased in the CMAs of Montréal and Toronto. However, in the Vancouver CMA, both residential components fell, offsetting the gains in September. Municipalities in the CMA of Montréal issued $538.1 million in permits for multi-family dwellings in October, higher than in Toronto ($409.2 [...]

By | 2018-02-15T19:57:09+00:00 February 15th, 2018|Uncategorized|Comments Off on Construction intentions for multi-family dwellings in Montréal continue to climb

Housing Market Digest by Will Dunning, Economist for Mortgage Professionals Canada

The Office of the Superintendent of Financial Institutions (“OSFI”) now requires that all residential mortgages by federally-regulated lenders must be “stress-tested”, at two percentage points above the contract interest rate (or the 5- year posted rate, if that is higher). In combination with the requirements for mortgage insurance, about 90% of all new mortgages will [...]

By | 2018-02-15T19:56:24+00:00 February 15th, 2018|Uncategorized|Comments Off on Housing Market Digest by Will Dunning, Economist for Mortgage Professionals Canada

Employment increased by 35,000 in October

In October, employment rose for youth aged 15 to 24, while it was little changed for the core-aged population of 25- to- 54 year-olds, and for people 55 and older. The largest employment increase was in Quebec, followed by Alberta, Manitoba, Newfoundland and Labrador, and New Brunswick. At the same time, there was a decline [...]

By | 2018-02-15T19:55:14+00:00 February 15th, 2018|Uncategorized|Comments Off on Employment increased by 35,000 in October

Canadian home sales edge up again in October

According to statistics released by The Canadian Real Estate Association (CREA), national home sales posted a modest monthly increase in October but remain below levels recorded one year ago. “Newly introduced mortgage regulations mean that starting January 1st, all home buyers applying for a new mortgage will need to pass a stress test to qualify [...]

By | 2018-02-15T19:49:34+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian home sales edge up again in October

Tips to take charge of your finances and live within your means

(NC) Are you stressed about money? Being in control of your spending is one way of reducing stress in your life. According to Statistics Canada, most of us are burdened with high levels of household debt. Simply put, too many people are spending more than they earn. They are saving less and not saving enough [...]

By | 2018-02-15T19:48:01+00:00 February 15th, 2018|Uncategorized|Comments Off on Tips to take charge of your finances and live within your means

Bank of Canada maintains overnight rate target at 1 per cent

The Bank of Canada today maintained its target for the overnight rate at 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Inflation has picked up in recent months, as anticipated in the Bank’s July Monetary Policy Report (MPR), reflecting stronger economic activity and [...]

By | 2018-02-15T19:46:21+00:00 February 15th, 2018|Uncategorized|Comments Off on Bank of Canada maintains overnight rate target at 1 per cent

OSFI tightens mortgage rules

The Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 − Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions. The changes to Guideline B-20 reinforce OSFI’s expectation that federally regulated mortgage lenders remain [...]

By | 2018-02-15T19:45:34+00:00 February 15th, 2018|Uncategorized|Comments Off on OSFI tightens mortgage rules

Easy ways to keep more money in your pocket

It goes without saying that most of us would appreciate a little more money in our pockets. Believe it or not, it's actually an achievable goal. In fact, a few simple tips can help you uncover meaningful savings each and every month. Need some ideas? Here's a little inspiration to get you started: 1. Pack [...]

By | 2018-02-15T19:43:21+00:00 February 15th, 2018|Uncategorized|Comments Off on Easy ways to keep more money in your pocket

Bank of Canada increases overnight rate target to 1 per cent

The Bank of Canada is raising its target for the overnight rate to 1 per cent. The Bank Rate is correspondingly 1 1/4 per cent and the deposit rate is 3/4 per cent. Recent economic data have been stronger than expected, supporting the Bank’s view that growth in Canada is becoming more broadly-based and self-sustaining. [...]

By | 2018-02-15T19:38:55+00:00 February 15th, 2018|Uncategorized|Comments Off on Bank of Canada increases overnight rate target to 1 per cent

Bank of Canada Increases Prime again Sept 2017

Many of us were surprised today when Bank of Canada Governor Stephen Poloz announced another increase in the Prime rate raising it to 3.20%. This means that your mortgage rate has likely risen by the same .25%. The Variable rate mortgage has consistently been an excellent choice because of the savings we've generated compared to [...]

By | 2018-02-15T19:38:02+00:00 February 15th, 2018|Uncategorized|Comments Off on Bank of Canada Increases Prime again Sept 2017

Canadian home sales fall further in July

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in July 2017. Highlights: National home sales fell 2.1% from June to July. Actual (not seasonally adjusted) activity in July stood 11.9% below last July’s level. The number of newly listed homes edged back by 1.8% from June [...]

By | 2018-02-15T19:36:59+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian home sales fall further in July

Decline in single-family component moderated by gain in multi-family dwellings

Canadian municipalities issued $8.1 billion worth of building permits in June, up 2.5% from May and the second highest value on record. Higher construction intentions for multi-family dwellings and commercial buildings were mainly responsible for the national increase. All building components reported gains in June, except for single-family dwellings. The value of residential building permits [...]

By | 2018-02-15T19:35:34+00:00 February 15th, 2018|Uncategorized|Comments Off on Decline in single-family component moderated by gain in multi-family dwellings

Is a home equity line of credit right for you?

(NC) Buying a new home is an exciting but often stressful experience. The variety of financing options now offered by lenders is overwhelming. One of the most popular options is a home equity line of credit. With interest rates typically lower than other forms of credit, this line of credit can help you reach your [...]

By | 2018-02-15T19:34:10+00:00 February 15th, 2018|Uncategorized|Comments Off on Is a home equity line of credit right for you?

Bank of Canada increases overnight rate target to 3/4 per cent

The Bank of Canada is raising its target for the overnight rate to 3/4 per cent. The Bank Rate is correspondingly 1 per cent and the deposit rate is 1/2 per cent. Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy. The Bank acknowledges recent [...]

By | 2018-02-15T19:32:07+00:00 February 15th, 2018|Uncategorized|Comments Off on Bank of Canada increases overnight rate target to 3/4 per cent

Canada Day

This is an opportunity to gather in our communities, from coast to coast to coast, and to proudly celebrate all we have in common. It is an opportunity to celebrate our achievements, which were born in the audacious vision and shared values of our ancestors, and which are voiced in nearly all of the languages [...]

By | 2018-02-15T19:30:58+00:00 February 15th, 2018|Uncategorized|Comments Off on Canada Day

Professionals who can help you with home buying

Because purchasing a home is probably the biggest investment you will ever make, you’ll definitely want a team of professionals working with you throughout the process. The Real Estate Agent  Helps you find the ideal home Writes an Offer of Purchase Negotiates on your behalf Gives you important information about the community Can help you [...]

By | 2018-02-15T19:28:06+00:00 February 15th, 2018|Uncategorized|Comments Off on Professionals who can help you with home buying

A good credit report and credit score are important factors in determining whether or not you will be approved for a mortgage. Here are some simple steps you can take to maintain a good credit history, and improve your chances of being approved.

What is a Credit Score Your credit score is a number that illustrates your financial health at a specific point in time. It also serves as an indicator of your financial past, and how consistently you pay off your bills and debts. This is one of the factors mortgage professionals consider in qualifying you for [...]

By | 2018-02-15T19:26:16+00:00 February 15th, 2018|Uncategorized|Comments Off on A good credit report and credit score are important factors in determining whether or not you will be approved for a mortgage. Here are some simple steps you can take to maintain a good credit history, and improve your chances of being approved.

CMHC’s 2017 Mortgage Consumer Survey

In March 2017, CMHC completed an online survey of 3,002 recent mortgage consumers, all prime household decision-makers who had undertaken a mortgage transaction in the past 12 months. Sixty-five percent had undergone a mortgage renewal, 15% had refinanced their mortgage, and 20% had purchased a home with mortgage financing (11% First-Time Buyers and 9% Repeat [...]

By | 2018-02-15T19:21:40+00:00 February 15th, 2018|Uncategorized|Comments Off on CMHC’s 2017 Mortgage Consumer Survey

Michael Campbell on housing affordability in Canada

The following is an excerpt from the VERICO Economic Report written by Michael Campbell The key to understand is that there is a big difference between addressing the affordability problem through reducing demand versus increasing supply. So far politicians have focused on reducing demand by implementing the foreign buyers tax in Greater Vancouver and just recently in Toronto, (and [...]

By | 2018-02-15T19:17:19+00:00 February 15th, 2018|Uncategorized|Comments Off on Michael Campbell on housing affordability in Canada

BOC maintains overnight rate target at 1/2 per cent; projects moderate growth in Q2

The Bank of Canada is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Inflation is broadly in line with the Bank’s projection in its April Monetary Policy Report (MPR). Food prices continue to decline, mainly because of intense [...]

By | 2018-02-15T19:14:17+00:00 February 15th, 2018|Uncategorized|Comments Off on BOC maintains overnight rate target at 1/2 per cent; projects moderate growth in Q2

Canadian home sales drop in April

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined in April 2017. Highlights: National home sales fell 1.7% from March to April. Actual (not seasonally adjusted) activity in April was down 7.5% from a year earlier. The number of newly listed homes jumped 10% from March to April. [...]

By | 2018-02-15T19:13:14+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian home sales drop in April

Value of building permits falls in March. Vancouver reports the largest decline, while Montréal sees the biggest increase.

The value of building permits issued by Canadian municipalities fell 5.8% to $7.0 billion in March, marking a second consecutive monthly decrease. Nationally, the decline was mainly the result of lower construction intentions for multi-family dwellings, particularly in British Columbia and Ontario. All provinces and territories, except Ontario and Quebec, registered decreases in the total [...]

By | 2018-02-15T19:10:47+00:00 February 15th, 2018|Uncategorized|Comments Off on Value of building permits falls in March. Vancouver reports the largest decline, while Montréal sees the biggest increase.

Ontario just introduced a 16-point plan to control real estate, including a Foreign Home Buyer Tax

On April 20, 2017, the Ontario government introduced the Ontario's Fair Housing Plan, a 16-point plan to control real estate, address the demand for housing, increase supply, and protect buyers and renters. The 16 measures in the plan include a legislation that would implement a new 15 % Non-Resident Speculation Tax (NRST), similar to the 15 % [...]

By | 2018-02-15T19:08:36+00:00 February 15th, 2018|Uncategorized|Comments Off on Ontario just introduced a 16-point plan to control real estate, including a Foreign Home Buyer Tax

Wynne Not helping Sellers Win!

The non resident buyers tax is really a measure to try and eliminate speculative participation in the residential real estate market in Ontario. Sousa said that they estimate foreign buyers account for approx 8% of purchases being made. This may account for a reduction in offers from these sorts of individuals but the government is [...]

By | 2018-02-15T19:05:10+00:00 February 15th, 2018|Uncategorized|Comments Off on Wynne Not helping Sellers Win!

Canadian home sales climb in February

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in February 2017. Highlights: National home sales rose 5.2% from January to February. Actual (not seasonally adjusted) activity in February was down 2.6% from a year earlier. The number of newly listed homes was [...]

By | 2018-02-15T19:04:04+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian home sales climb in February

Easily increase your home’s resale appeal

By Scott McGillivray (NC) Homes that show well and have great features typically sell faster than their counterparts, sometimes for a premium. If you want your home to stand out, a little effort can go a long way. Try these tips to create an enticing first impression. 1. Clean. A neat, clean home shows pride of [...]

By | 2018-02-15T19:02:38+00:00 February 15th, 2018|Uncategorized|Comments Off on Easily increase your home’s resale appeal

Canadian housing starts trend upwards in February

Housing starts are now on pace to hit 204,669 units in Canada, whereas January saw them hitting 200,255 units, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. Monthly highlights - Condominium starts in the Montréal area increased considerably [...]

By | 2018-02-15T19:00:40+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian housing starts trend upwards in February

CREA Updates and Extends Resale Housing Market Forecast

The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2017 and 2018. Canadian housing market trends continue to display considerable regional divergence. In British Columbia, activity in the Lower Mainland has cooled markedly from all-time highs [...]

By | 2018-02-15T18:58:47+00:00 February 15th, 2018|Uncategorized|Comments Off on CREA Updates and Extends Resale Housing Market Forecast

CMHC to Increase Mortgage Insurance Premiums on March 17

CMHC (Canada Mortgage and Housing Corporation) will increase its homeowner mortgage loan insurance premiums effective March 17, 2017. Premiums are calculated based on the loan-to-value ratio of the mortgage being insured. Lenders typically require mortgage loan insurance when a homebuyer makes a down payment of less than 20 %. The premium can be paid in [...]

By | 2018-02-15T18:52:19+00:00 February 15th, 2018|Uncategorized|Comments Off on CMHC to Increase Mortgage Insurance Premiums on March 17

Bank of Canada maintains overnight rate target at 1/2 per cent

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 % and the deposit rate is 1/4 per cent. CPI inflation rose to 2.1 % in January, reflecting higher energy prices due in part to carbon pricing measures introduced [...]

By | 2018-02-15T18:50:50+00:00 February 15th, 2018|Uncategorized|Comments Off on Bank of Canada maintains overnight rate target at 1/2 per cent

Canadian home sales edge down from December to January

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were down slightly in January 2017 on a month-over-month basis.   Highlights: - National home sales declined 1.3% from December 2016 to January 2017 - Actual (not seasonally adjusted) activity in January was up 1.9% from a year earlier - [...]

By | 2018-02-15T18:48:14+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian home sales edge down from December to January

Canadian Housing Starts Trend Increased in January

The trend measure of housing starts in Canada was 199,834 units in January compared to 197,881 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly [...]

By | 2018-02-15T18:44:40+00:00 February 15th, 2018|Uncategorized|Comments Off on Canadian Housing Starts Trend Increased in January

RRSP Contributions: lump sum payments or monthly withdrawals?

We’re in full RRSP season and many Canadians wonder what the best option is between lump-sum payments every winter and monthly withdrawals. Contributing to you RRSP has several advantages: aside from the obvious retirement savings, RRSP contributions are deductible and can be used to reduce your tax. An RRSP also gives you a certain degree [...]

By | 2018-02-15T18:40:37+00:00 February 15th, 2018|Uncategorized|Comments Off on RRSP Contributions: lump sum payments or monthly withdrawals?

First Time Home Buyers: how you can harness the power of your RRSPs

RRSP season is here! Use the first 60 days of the year to max out contributions to your RRSP. You have until March 1st, 2017 to reduce your 2016 income and get a higher tax refund. There are several advantages in maxing out your contributions to your RRSP. All of the income you earn in the [...]

By | 2018-02-09T15:54:02+00:00 February 9th, 2018|Uncategorized|Comments Off on First Time Home Buyers: how you can harness the power of your RRSPs

Bank of Canada maintains overnight rate target at 1/2 per cent

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States. The Bank has [...]

By | 2018-02-09T15:39:27+00:00 February 9th, 2018|Uncategorized|Comments Off on Bank of Canada maintains overnight rate target at 1/2 per cent

Canadian Housing Starts Trend Declined in December

The trend measure of housing starts in Canada was 198,053 units in December compared to 200,105 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. CMHC uses the trend measure as a complement to the monthly [...]

By | 2018-02-09T16:18:02+00:00 February 9th, 2018|Uncategorized|Comments Off on Canadian Housing Starts Trend Declined in December

Bank of Canada rate cut still on the table – Q4 2016 Economic Update with Michael Campbell

The following is an excerpt of an article written by VERICO’s Economic Consultant Michael Campbell and published on the VERICO blog. Read the full article on the VERICO blog   There is no pressure in Canada to raise rates says VERICO Economist, Michael Campbell. "While 3rd quarter economic growth was good, the recovery in energy in the [...]

By | 2018-02-09T16:20:31+00:00 February 9th, 2018|Uncategorized|Comments Off on Bank of Canada rate cut still on the table – Q4 2016 Economic Update with Michael Campbell

Canadian home sales cool in November

According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were down on a month-over-month basis in November 2016. Highlights: National home sales fell 5.3% from October to November Actual (not seasonally adjusted) activity remained 1.6% above levels in November 2015 The number of newly listed homes edged down 0.4% [...]

By | 2018-02-09T15:31:43+00:00 February 9th, 2018|Uncategorized|Comments Off on Canadian home sales cool in November

B.C. Premier Announces First Time Home Buyer Assistance

This morning B.C. Premier Christy Clark announced the Home Owner Mortgage and Equity (HOME) Partnership program. Through the B.C. HOME Partnership program, the Province is helping first-time home buyers by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first five years. Here [...]

By | 2018-02-09T15:27:53+00:00 February 9th, 2018|Uncategorized|Comments Off on B.C. Premier Announces First Time Home Buyer Assistance

Financial literacy: When Living Together Means Living Better

Are you thinking about moving in together? This decision might be an opportunity to improve your financial situation by combining your income and expenses and doing some long‑term planning. Advantages of a relationship Being a couple is bound to have an impact on your income and expenses. Living under the same roof is much less [...]

By | 2018-02-09T15:24:27+00:00 February 9th, 2018|Uncategorized|Comments Off on Financial literacy: When Living Together Means Living Better

CMHC Report: Foreign Ownership in Canada’s Housing Market Remains Low

The share of foreign ownership in condominium apartments remains low in major Census Metropolitan Areas (CMAs). This analysis is the result of combined insight from two Housing Market Insight reports released by Canada Mortgage and Housing Corporation today — a national look at foreign ownership and a second report delving deeper into Montréal. National Report Highlights - Foreign [...]

By | 2018-02-09T16:33:04+00:00 February 9th, 2018|Uncategorized|Comments Off on CMHC Report: Foreign Ownership in Canada’s Housing Market Remains Low

Bank of Canada keeps its target for the overnight rate unchanged

The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/2 per cent. The Bank Rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent. Economic data suggest that global economic conditions have strengthened, as the Bank anticipated in its October Monetary Policy Report [...]

By | 2018-02-09T15:12:19+00:00 February 9th, 2018|Uncategorized|Comments Off on Bank of Canada keeps its target for the overnight rate unchanged