Monthly Archives: June 2016

Month: June 2016 Add your mortgage lender in your big-reno team

  The home renovators should consider the lending requirements of  the of financial lenders first. Banks and other lenders don’t care about homey aesthetics, paint colours or kitchen fixtures. Their taste squarely revolves around whether a house that needs refinancing for a renovation is more or less livable, and not a construction site. Mortgage brokers explain that ignoring this preference among lenders can make reno financing more difficult.   Small renos can easily be paid for through a home equity line of credit, for instance, which tends to keep lenders at bay. But when home renos involve, say, breaking an existing mortgage

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Month: June 2016 Luxury real estate in Canada becomes pricier and pricier

  According to the Royal LePage Carriage Trade Luxury Properties 2016 Report, Canada’s luxury residential real estate market has seen a notable increase in foreign buyer activity over the last 10 years, with some realtors suggesting that more than 25% of luxury properties now purchased by foreign buyers. This report analyzed the luxury real estate market in four cities: Greater Toronto Area, Greater Vancouver, Greater Montreal Area and Calgary markets, and defined luxury as any property that cost no less than four times the average home price in these cities. The data shows a significant price appreciation in Canada’s luxury neighbourhoods across all four regions in

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Month: June 2016 The reasons Canada’s interest rates might stay low

    The Bank of Canada governor expressed confidence that regulatory changes were limiting home loans to those best able to finance them. It was the clearest statement yet that the central bank’s controversial decision to keep interest rates ultra-low won’t be altered over worries about a housing bubble or rising household debt levels. Unlike their elected representatives in Ottawa—who continue to fetishize the economic virtue of balanced budgets—individual Canadians know what to do when presented with a once-in-a-lifetime opportunity to borrow money for virtually nothing. Household debt as a percentage of disposable income was was 163.3% in the first

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Month: June 2016 More foreign buyers are investing in Canadian luxury homes

  The Canadian real estate is an attractive market for foreign buyers these days. But for all of the attention and debate on the matter, we understand shockingly little about just how much of the market is foreign-owned and what affect that has, particularly on house prices. Royal LePage, Canada’s largest real estate company, tried to demystify some questions around foreign real estate ownership by surveying its market advisors about their experiences with luxury housing sales. But the results, published on Thursday, raise more questions than they answer. Perhaps the most intriguing, and perplexing, stat in the report is that

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Month: June 2016 How to Secure Your Facebook Timeline That You Prefer

  There’s a lot of buzz about the new Facebook Timeline feature. The new Facebook timeline makes your profile look a lot more newspaper-like and lets you take a look down memory lane in an instant. Before the addition of the Facebook Timeline, you could only visit your Facebook past by clicking the “older entries” link or by scrolling down to the bottom of the page and waiting for the auto-refresh feature to pull older content. The Facebook Timeline now has a convenient list of years on the right side of the screen. It allows you to easily jump to

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Month: June 2016 5 Ways You Could Share Your Location NOT Knowing It

  Just about every smart phone out there, except for a few dinosaurs used by a grandparent or two, has GPS-based location services built into them. Our cell phones can pinpoint our locations, record and track our location history, and relay location data to apps for many different purposes. Some of the ways our location information is shared is obvious to us, but sometimes we may not even realize that we are providing this information. Let’s Look at 5 Ways That You Might be Sharing Your Location Information Without Even Realizing It.   1. Geotagged Pictures When you first set

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Month: June 2016 Canadian banks can withstand severe housing crisis, Moody’s says

Ratings agency Moody’s says that despite soaring home prices and household debt levels, Canadian banks could weather the effects of a severe housing downturn. In its latest report, published Monday, Moody’s says it conducted stress tests to determine the impact on major Canadian banks in the event of a 25-per-cent drop in home prices countrywide. The analysis also included an additional 10-per-cent decline in Ontario and British Columbia, where prices have skyrocketed in recent years. The ratings agency says that under such a scenario total direct losses to the banking system would reach almost $18 billion. However, Moody’s says the

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Month: June 2016 Toronto housing boom unsustainable, Bank of Canada says

  Toronto homebuyers should not expect the frantic pace and blistering prices of the housing market to continue, warns the head of the Bank of Canada. “Prospective homebuyers and their lenders should not extrapolate recent real estate performance into the future when contemplating a transaction,” Stephen Poloz said Thursday with the release of the bank’s semi-annual financial system review. It was a caution to consumers not to get caught up in the frenzied market conditions that see many GTA homebuyers bidding tens, sometimes hundreds of thousands of dollars, over list prices as demand continues to outstrip the supply of housing,

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Month: June 2016 High house prices making home ownership in Toronto and Vancouver unaffordable

  Soaring home prices in Toronto and Vancouver are testing levels of affordability not seen since the early 1990s, when the country was in a recession and mortgage rates were north of 10 per cent. “In Toronto, we’re not as bad as 1990, but we’re not that far from it either,” said Robert Hogue, senior economist at the Royal Bank. In Toronto, home ownership costs — including mortgage payments, utilities and property taxes — for a single detached home were 71.4 per cent of the median household income. The average for the city since 1985 is 55.5 per cent, according

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Month: June 2016 592 Manning Ave., Toronto – Sold Price $1,820,000

  592 MANNING AVE., TORONTO ASKING PRICE  $1,488,800 SELLING PRICE  $1,820,000 PREVIOUS SELLING PRICE  $908,888 (2014) TAXES  $5,281 (2015) DAYS ON THE MARKET  3 The Action: In mid-April, 2016, Little Italy had a small but steady stream of properties available, so this updated, semi-detached Victorian across from Harbord Collegiate Institute was staged in an extra effort to woo buyers. One shopper among the first 50 visitors quickly made a preemptive offer. Although challenged by three other bidders, the original offer emerged victorious, $331,200 over asking. What They Got: Built circa 1890, this 2 1/2-storey dwelling was recently gutted and remodelled in

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