In toronto real estate, O’Neil McLean is a tenacious entrepreneur who thought a second mortgage would give him some breathing room to catch up on bills after he depleted his own savings to bootstrap a business venture. Instead, that loan has ballooned to three times what he originally borrowed, has dragged him through a […]
Toronto Mortgage Posts
Renters causing demand for new Toronto highrise construction
In Toronto real estate, a study by real estate consultant Urbanation and obtained by CBC News shows much of Toronto’s high rise construction in 2016 is being fuelled by demand from renters who are either unable or unwilling to pay record prices for real estate. It’s a significant change from the previous decade’s boom, which was spurred primarily by […]
30 year mortgage becomes new norm in Toronto and Vancouver with soaring home prices
The loans with 30-year amortizations, as opposed to 25 years, are slowly becoming the norm for consumers with a down payment of 20 per cent or more. That segment of the market is often referred to as the less risky, low-ratio mortgage market: Since the loans have more equity, it takes a more pronounced […]
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 […]
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 […]
