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
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
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
Attempting to understand the new mortgage rules
As new mortgage rules take effect this week that make stress-testing mandatory for all insured mortgages, I’m left scratching my head. The new rule requires a stress-test for all insured mortgages, i.e. it will affect any prospective buyer with less than
Buying your first home will cost more than you think
If you’re buying your first home, you’re probably focusing on saving enough money for the downpayment. That’s a great start, but you should know that there are many other fees and expenses that come with buying a home.Depending on who you ask, it is
What does the new mortgage rule mean for first-time buyers?
On October 17, 2016, most first-time buyers will have less borrowing power when it comes to being approved for a mortgage. Whenever less than 20% is put down on a home, the mortgage needs to be insured. The new rule states that every insured mortgage
These tips will help you stick to your monthly budget
With the price of housing steadily on the rise with no signs of slowing down, it seems more important than ever to stick to your monthly budget. Whether you’re saving for your first home, paying off a mortgage, or content renting, the high cost of living
A few quick pointers regarding your new home warranty
As reported in April, Urbancorp Group, a decades-old property developer in the GTA, filed for bankruptcy in the spring, with about a thousand homes under construction as of late 2015. With that in mind, I’m listing a few quick pointers regarding your new
6 creative ways to start saving for the down payment on your first home
A recent study found that almost two-thirds of millennials expect to own their first home in Toronto. With the city’s average purchase price nearing half a million dollars, owning a home is no easy feat. Nonetheless, young aspiring first-time homebuyers
Will 300,000 Canadians soon have more debt than assets?
This week, the Canadian Centre for Policy Alternatives released a study by senior economist David Macdonald that says a home price decline of 20% would leave 169,000 families under 40 in a negative-equity position, with more debt than assets. “Declines
