OSFI’s new mortgage rules decreases home affordability. OFSI’s (Canada’s banking regulator) has published final guidelines for its mortgage qualification rule. It will impose tighter standards on the uninsured market. Lenders will be required to “stress test” all uninsured mortgage loans at the greater of the Bank of Canada’s five-year (5) posted rate or 200 […]
home affordability
CMHC elevates red flag about housing, warns of Toronto, Vancouver price spillover
In toronto real estate, the head of the federal housing agency is raising a red flag about the government of Canada’s real estate sector, saying affordability fears have spilled over from the country’s two most expensive cities to nearby markets. In an opinion piece written Monday in the Globe and Mail, CMHC CEO Evan […]
Toronto housing market staying stronger, while Vancouver’s slowing down – TD Bank
In toronto real estate, Toronto continues to maintain its housing market momentum whiles Vancouver real estate market looks to be softening. In a report published Tuesday, TD Bank said Vancouver has started what is expected to be a modest correction, which will be reinforced by the recent implementation of the land transfer tax on […]
Toronto home affordability has significant drop in 26 years – RBC
In Toronto real estate, RBC said that the overall cost-of-ownership measure hit 60.2 per cent of median pre-tax income at the end of June, 2016, mainly due to a run-up in single-detached home costs. RBC said the level of Toronto’s aggregate affordability measure was the highest since the third quarter of 1990. However, the bank’s […]
Royal Bank Monitors A Close Eye On Housing In Toronto, Vancouver
In toronto real estate, Royal Bank CEO David McKay says the lender is “closely monitoring” the real estate markets in Vancouver and Toronto, where home prices have been climbing at a breakneck pace. “The short supply of single-family homes in both cities — coupled with strong demand fuelled by household formation, including net immigration […]
