It’s getting a whole lot pricier to get a mortgage in Canada – with the economy back on track and household debt on the rise, policy makers have been tightening the interest rate reins at the fastest pace in a decade.
According to a recent survey conducted by Ipsos for the Royal Bank of Canada (RBC), 32% of Canadians are likely to buy a home within the next two years. This percentage is 7 points higher than last year and the increase is thanks to millennials.
The Bank for International Settlements (BIS), a Switzerland-based research and advisory organization comprised of the 60 central member banks that own it, has flagged Canada for a banking crisis in its latest quarterly review.
A new year usually means bringing out the bubbly – but homebuyers are less inclined to cheers the beginning of 2018, as January 1st ushered in regulations that make it tougher to get a mortgage.
Guideline B-20 is the latest crop of
There were some game-changing moves made last year that will surely impact Ontario homebuyers in 2018. Here are five that you should know about:
Principal home sales must now be reported to the CRA
A capital gains tax rule
Starting January 1, 2018, all uninsured mortgages will have to undergo a stress test, meaning you need to be approved at 2% higher than your agreed upon rate. This news has many people scrambling to secure a mortgage before the end of the year,