Tag Archive for Tag: mortgage insurance

Tag: mortgage insurance Vancouver’s Housing Market is Gloomy – Yet Unaffordable For Household Incomes Of $120,000 Yearly

  Vancouver’s Housing Market is Gloomy – Yet Unaffordable For Household Incomes Of $120,000 Yearly   The housing numbers out of Vancouver, once among the world’s hottest real estate markets, are getting more dismal with each passing month.   Sales in April, 2019 were the lowest in 24 years for a month that typically kicks off the busy spring homebuying season. Benchmark prices are down 8.7 per cent from their peak in mid-2018 and the number of homes sitting on the market has ballooned by nearly half, according to the Real Estate Board of Greater Vancouver.   Yet those awaiting

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Tag: mortgage insurance Interest Rate up inject to homebuyers’ challenges, more first-time buyers may not qualify

  The interest rate up and third Bank of Canada rate hike this year could shut more first-time buyers out of the Toronto region’s housing market. It will increase hundreds of dollars to some homeowners’ challenge mortgage payments. More first-time buyers may not qualify for mortgage.   The central bank has raised its key lending rate 0.25 to 1.75 per cent on October 24, 2018. Similarly, Canada’s big banks boost their prime rates by a quarter of a percentage point to 3.95 per cent from 3.70 per cent, effective October 25. The bank previously raised rates by 0.25 percentage points

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Tag: mortgage insurance Toronto condo buyers face the market squeeze

  One of the interesting surprises of the resale marketplace in 2016 in the Greater Toronto Area was the strength of the condo market. The lack of listings in the single-family home category persuaded many potential purchasers to take another look at high-rise living. The trend appears to be continuing in 2017. In 2016, sales of condo units in the GTA increased by 20.3 per cent compared to the condo sales in  2015, according to Toronto Real Estate Board. That compares with a 10.5 per-cent increase for detached houses in 2016 in comparison with 2015. The average selling price of

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Tag: mortgage insurance Bank costs will increase with end of Canada’s ‘unique’ mortgage system

  In toronto real estate, the days when Canada’s banks could offload much of the risk of underwriting mortgages onto taxpayers may be drawing to a close. Canadian Finance Minister Bill Morneau disclosed plans Monday to begin consultations on sharing the risk of mortgage default with the country’s lenders. The move was part of a package of measures designed to stabilize the housing market after years of soaring prices in Vancouver and Toronto. While it’s not clear what form that risk-sharing will take — a deductible on mortgage insurance may be one option — any move will likely require Canadian

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