Canada’s new mortgage rules: 5 things..

Canadians looking to buy homes between $500,000 and $1 million will have to put down larger down payments as new federal rules took effect Monday. The new rules aim to slow the breakneck pace of price growth in the red-hot markets of Toronto and Vancouver without affecting markets that are lagging. Homebuyers in Canada now […]

Springtime mortgage wars 2016..

It’s become an annual springtime tradition in Canada, one that’s arrived a little early this year: The mortgage rate war.  Ontario’s Meridian Credit Union kicked things off Tuesday with the announcement of a one-year fixed-rate mortgage at 1.69%.  Read more…

Poloz plays down China turmoil

Bank of Canada Governor Stephen Poloz says Canadians should get used to both a cheap dollar and some inflation as the country continues to grapple with the shock of falling commodity prices. The Canadian dollar, now at less than 71 cents (U.S.), is working to offset billions in lost revenue from exports of oil and […]

Sellers beware

The Ontario Superior Court has once again underscored how completing a seller property information statement (SPIS) can be a risky move for vendors.  This general rule of buyer beware applies to defects that a purchaser could have discovered by means of a routine inspection (known as a “patent defect”) and also “latent defects” (those not discoverable […]

New high rise self storage…

There is an evolution underway in self-service storage, with upscale options a new niche market. Increasingly, some businesses and homeowners are prepared to pay a premium for climate-controlled, concierge-style services in suburban and downtown locations.  Read more..   

Fed rate hike amid turmoil..

Last week’s volatility in the markets, highlighted by further implosions in the high-yield and energy segments, won’t deter the Federal Reserve from raising interest rates on Wednesday. But the turmoil complicates the central bank’s communications challenge, particularly the need to wrap the hike in heavily conditional and responsive packaging. Read more…

Condo prices could skyrocket…

Toronto condo prices could skyrocket 40 percent, predicts major developer A major real estate developer is brushing off fears of a bubble in Toronto’s red-hot condo market. “My prediction, and I’ve been pretty accurate to date, is we are going to have a 30-to-40% increase in values of the condo market in downtown Toronto over the […]

Mortgage fraud thrives in Canada

Earlier this year, Home Capital Group Inc., the country’s largest alternative mortgage lender, revealed it had cut ties with 45 mortgage brokers after an anonymous letter to the company’s board of directors sparked an investigation into forged documents, such as fake employment letters and income statements. Collectively, the brokers who were fired generated nearly $1-billion […]

What common law couples should know

A lot of people assume that common law relationships are the same as marriage after a certain number of years.  This is both correct and incorrect.  It’s correct in the fact that certain rights are acquired in a common law relationship, but the matrimonial home is still just that – the matrimonial home. You need […]

The Bank of Mom and Dad

The Bank of Mom and Dad is helping buoy up the Toronto housing market…. ‘Gift letters’ have become a common form of currency as young buyers struggle to save down payments.  Helping out the kids with a home purchase is not new. But the amounts being signed over have reached staggering heights in the GTA, […]

Vancouver’s high rental prices

Vancouver renters share the pain of high housing prices Vancouver isn’t just one of Canada’s most expensive housing markets for buyers, but also renters. According to new data released by the Canada Mortgage and Housing Corporation (CMHC), the highest average monthly rent was $1,345 for a two-bedroom, primary purpose-built apartment in Vancouver. Calgary had the […]

Leaving the cottage to family?

Plan ahead to deal with taxes if you want to pass your cottage to your children Sitting by the lake and watching the grandchildren cannonball off the dock might be the dream of many cottage-owning baby boomers. But handing down the cottage to those grandkids so that they might one day do the same can […]