Blog

Renovating vs selling your home: What’s best for you?

What do you do if you love your home’s location and the area, but the home no longer fits your growing family’s needs? Do you stay and renovate your existing home or find a home that meets your developing criteria? “At some stage, many homeowners, particularly those still living in their starter homes, will be faced with the decision of either moving or renovating their existing home to accommodate their needs,” says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa. Many homeowners, particularly those still living in their starter homes, will be faced with the decision of either moving or…

Mar 05, 2018 / by admin / No Comments

2018 Might Just be The Year to Buy a Home

Canada’s new mortgage rules guaranteed to “ Further Slow Down the Market ” Canada’s real estate market is bound to take a hit this year thanks to the government’s new mortgage rules that took effect on January 1st. The rules, aimed at making sure Canadians can afford to meet their monthly mortgage payments if interest rates rise, will intentionally make it harder for buyers to qualify for an uninsured mortgage. Buyers who are making down payments of more than 20 percent on a home, do not need mortgage insurance — they will now have their incomes “stress-tested” on a mortgage…

Jan 03, 2018 / by admin / No Comments

Foreign Ownership Below 5 per cent in Toronto, Vancouver Housing Markets

Homes in Vancouver and Toronto purchased by non-residents tend to be more expensive than those owned by locals, according to a new report from Statistics Canada that comes amid intense debate over the role of foreign buyers in the country’s hottest housing markets. In long-awaited figures, the agency also said that non-residents owned 7.6 per cent of all homes in the city of Vancouver and 4.8 per cent in the wider region. In Toronto, non-residents owned 4.9 per cent of properties and 3.4 per cent in the larger region, Statscan said, using estimates gleaned from land registries, tax records and…

Dec 22, 2017 / by admin / No Comments

Think you have until next year for new stress tests? Think again.

Canadians looking to buy a home before new mortgage rules sap their purchasing power may not have a much time — or as many options — as they think, warn market observers. While the country’s banking regulator has set January 1, 2018 as the date for new stress tests to take effect, the expectation is that many federally regulated lenders will usher in the changes before then. “Just a word of advice for anyone looking to purchase or refinance in the next couple of months: the banks could move up the policy date,” Samantha Brookes, CEO and founder of Mortgages of…

Nov 17, 2017 / by admin / No Comments

Toronto Realtors See Market Stabilizing With October Sales Gain

Transactions climbed 12% from September, average prices rose However 5th decline in benchmark prices signals mixed picture Canada’s largest housing market showed signs of life in October after months of cooling demand and declining prices, the Toronto Real Estate Board said. Home sales in Toronto rose about 12 percent from September, an above average move and one that points to “stronger fall market conditions,” the realtor group said Thursday. Transactions were still down 27 percent from a year earlier. Average prices climbed 2.3 percent to C$780,104 ($606,200) in October from a year earlier, and were up almost 1 percent from September, the…

Nov 10, 2017 / by admin / No Comments