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Wednesday , 29 March 2017

Monthly Archives: December 2014

Lowest rate not the only feature to look for in a mortgage

With regard to real estate, the year 2014 in Canada can be summed up this way: home prices and sales went up, mortgage rates stayed down. The government tinkered with mortgage rules back in April, but those rules affected lenders and insurers more than borrowers, so consumers barely noticed. In May, Canada Mortgage and Housing Corporation (CMHC) said it would insure fewer high-ratio mortgages, but this had little impact on buyers. That same month Investors Group announced a record-low variable rate mortgage at 1.99 per cent. The summer housing market in Toronto was one of the hottest in the past ten years. Throughout the year, there was a great deal ... Read More »

December home sales held back by lack of supply: TREB

The mid-December home re-sale report from the Toronto Real Estate Board (TREB) shows that the year will end on a high. In the first half of the final month of the year, sales were up a modest 1.9 per cent compared to one year ago. There were 2,496 sales through TREB’s MLS service in those two weeks. Listings, however, were once again down, prompting TREB president Paul Etherington to comment that the lack of listings has been “a drag” on sales this year. Toronto households are “upbeat” about buying a home, but the lack of listings continues to frustrate some would-be buyers, said Etherington. In the segment where supply is ... Read More »

Vacancy rates low for condo rentals, foreign ownership negligible: CMHC

Rental vacancy rates increased slightly in some areas of the country between October 2013 and October 2014. This happened because the supply of purpose-built rental apartments rose by 2.7 per cent in those twelve months, a rate that outpaced the number of occupied units, according to the fall Rental Market Report from Canada Mortgage and Housing Corporation (CMHC). The vacancy rate varies considerably across the country, of course. If you are looking for an apartment in Saint John, New Brunswick or Moncton you should have no trouble finding something suitable. The vacancy rates there were 9 per cent and 8.7 per cent respectively. In Toronto, however, your search could be ... Read More »

Toronto building wins prestigious international award

An international panel headed by no less than three sitting English lords and comprising architects, designers, writers, advertising and public relations people, real estate developers and other industry experts has selected a Toronto building as its Best International Residential High-rise Development of 2014. The building is One Bloor, a project of Great Gulf, now rising at the corner of Yonge and Bloor. The International Property Awards, sponsored by Rolls-Royce Motor Cars, are open to residential and commercial property professionals from around the globe. This year more than 2,000 companies took part, from 103 different countries, according to a press release from Great Gulf. It is the “largest, richest and most ... Read More »

Household debt higher, net worth too: Statistics Canada

The thing about debt is, as long as you can afford to pay it, it can be a good thing. If consumers had no access to credit, household consumption would fluctuate wildly, causing a range of problems in the wider economy. In Canada, the level of household debt is now at a record-high level. Statistics Canada reports that “leverage,” meaning the ratio of debt to disposable income, reached 162.6 per cent in the third quarter of 2014. This means that we owe $1.63 for every $1 we earn. Should the average Canadian worry about this? It sounds frightening enough, owing more than we earn, until we consider the next part ... Read More »

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