New report calls stress test for uninsured mortgages ‘unnecessary’ Image

New report calls stress test for uninsured mortgages ‘unnecessary’

Canada’s financial regulator, the Office of the Superintendent of Financial Institutions (OSFI), wants homebuyers with uninsured mortgages to qualify with a stress test. A recent report from the Fraser Institute says the stress test is “unnecessary” and

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What exactly affects your credit score? Image

What exactly affects your credit score?

On the hunt for your first home? Getting pre-approved is crucial so you are aware of how much you can afford. That way you don’t fall in love with something out of your budget. But what determines your qualifying amount? Your credit score is a major

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71% of first-time buyers use their own savings for a down payment Image

71% of first-time buyers use their own savings for a down payment

The Canada Mortgage and Housing Corporation (CMHC) released the results of its annual Mortgage Consumer Survey, announcing some not-so-shocking statistics about first-time buyers. The survey was completed by 3,002 mortgage consumers that participated in

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Are we all actually real estate addicts? Image

Are we all actually real estate addicts?

Interesting read by Ian McGugan in the Globe and Mail’s Report on Business this week: “Face it, Canada — you’re a real estate addict, and no one wants a cure.”As the percentage of Canadians who own their own homes hits 70%, the majority of the population

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Taking a closer look at capital gains tax Image

Taking a closer look at capital gains tax

Since October, subtle changes to the Principal Residence Tax Exemption (PRE) have meant that Canadian sellers and buyers must disclose transactions on their principal residences to the government. Somehow I missed until recently that the administration

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Perform post-holiday CPR on your savings account Image

Perform post-holiday CPR on your savings account

No matter what you celebrated last month, the holidays are notorious for mercilessly squandering savings. After all, it’s hard to stay on budget when you’re faced with parties, potlucks and pricey gift exchanges, all packed into two weeks. Now that the

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CMHC increasing mortgage insurance premiums Image

CMHC increasing mortgage insurance premiums

The Canada Mortgage and Housing Corporation (CMHC) just announced that it is increasing its mortgage loan insurance premiums, effective March 17, 2017. Don’t worry, it shouldn’t affect your ability to afford a home.  Mortgage loan insurance is necessary

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Don’t buy a fixer-upper until you ask yourself these questions Image

Don’t buy a fixer-upper until you ask yourself these questions

Fixer-uppers are not for the faint of heart. As Toronto’s housing market continues to evolve, some ambitious buyers are attempting to transform undesirable dwellings into dream homes. But unfortunately, renovating a fixer-upper can be a long and

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How are homeownership and unemployment connected? Image

How are homeownership and unemployment connected?

Evan Siddall, chief executive of Canada Mortgage and Housing Corporation (CMHC), told a Bank of England audience last week that we should be thinking about raising down payment requirements for insurance-backed loans. Since 1998, the Canadian government

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5 questions move-up buyers need to ask themselves Image

5 questions move-up buyers need to ask themselves

With the rising price of housing in the Greater Toronto Area (GTA) and surrounding areas and the recent mortgage rule changes, first-time buyers aren’t the only ones struggling. The average price of a new low-rise home in the GTA is nearly $1 million, so

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