I was reading the Globe website today and saw this article about a mortgage broker in Toronto who thinks that the mortgage changes are a good thing for consumers.
Attractive mortgage rates lured more home buyers into the market in 2010. Doom and gloom predictions brought on by the HST, tighter mortgage rules and projected interest rate increases failed to materialize.
As has been mentioned in numerous media outlets the past week, the federal government has made the decision to further tighten the regulations regarding mortgage lending on high ratio mortgages. The changes are due to take effect on March 18th.
I found this article today in the Globe and Mail commenting on Federal government plans to make lending more difficult again in order to curb an increase in debt levels. Among the discussions that are supported by the banks are to make mortgage borrowing more difficult. (more…)
If recent news reports about our collective appetite for credit are any indication, Canadians may wake up in the new year with a doozy of a post-holiday debt hangover.
As new or future homeowners, make it your resolution in 2011 to commit to a long-term program of debt and expense reduction. Pay yourself with the savings, either through lump sum payments on high interest lines of credit, your mortgage or your retirement fund.
By some reports, including those by Statistics Canada and TD Canada Trust released this week, real estate speculators hoping to take advantage of a housing market crash may be waiting a long time.
Housing sales activity weakened in the latter half of 2010, but home prices didn’t tank like some feared after the boom earlier in the year. Statistics Canada figures released today show that indexed new housing prices across Canada rose for the third consecutive month in October, albeit modestly. Leading the way was Saskatoon, driven by lower unemployment and higher labour costs than in other Canadian cities. Calgary was among those markets that saw a dip in prices.
The Vancouver Sun is now reporting on the newest housing sales statistics for the month of September…and guess what? Sales increased in September from the month before. The article states that there is more balance in the market now due to less properties for sale and a further decrease in mortgage interest rates has also helped.
I have been reading the content of my website recently and I feel many of the things I write are helpful to new or experienced owners or real estate and much of it is positive information about the real estate market and encouraging of others to buy a home or use home equity to refinance your mortgage to improve your financial situation.
Evidence of strength in the Vancouver housing market recently has been reported by the Vancouver Sun. The increase in housing starts, which is basically the the building of new homes, has increased across all of Canada in August of 2010 compared to August of 2009, and Vancouver is regarded as the 5th hottest market for housing of 27 markets across Canada.