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The reforms, which include greatly expanded eligibility for 30-year mortgage amortizations as well as a price cap increase for insured mortgages, are intended to make homeownership more attainable and affordable for Canadians.

First up, the Federal Government has increased the $1 million price cap for insured mortgages to $1.5 million, effective on December 15. Currently, mortgage loan insurance is not available for homes purchased for over $1 million, preventing many would-be-homebuyers, specifically first-time buyers and the younger generation, from purchasing a home with a down...

The reforms, which include greatly expanded eligibility for 30-year mortgage amortizations as well as a price cap increase for insured mortgages, are intended to make homeownership more attainable and affordable for Canadians.

First up, the Federal Government has increased the $1 million price cap for insured mortgages to $1.5 million, effective on December 15. Currently, mortgage loan insurance is not available for homes purchased for over $1 million, preventing many would-be-homebuyers, specifically first-time buyers and the younger generation, from purchasing a home with a down...

The Bank of Canada’s rate cut announced on September 4 will lead to a further improvement in affordability, especially for those using variable-rate mortgages. First-time buyers are especially sensitive to changes in borrowing costs. As mortgage rates continue to trend lower this year and next, we should experience an uptick in first-time buying activity, including in the condo market.

 Ontario - Housing Market Becoming More Affordable

September 5, 2024 -- Greater Toronto Area (GTA) home sales were down on a year-over-year basis in August 2024. New listings were up slightly over...

One of the primary goals of home ownership should be the building of equity in your home. Equity is simply the difference between the current value of a property and the balance of all mortgage obligations.

For example, if you have a home that is valued at $375,000 (based on an appraisal or a Comparative Market Analysis) and a mortgage balance of $175,000, you have $200,000 ($375,000 -$175,000) equity in your home. As long as the market remains stable, this is like money in the bank. As your house value increases over time and the mortgage payments you make reduce the level of your...

Many people are realizing the possibility of making money by investing in Canadian real estate. Investing in real estate is one of the modern ways of making money, but you need to know what you are doing to avoid losing money. Some people make this their occupation and others dabble in it from time to time.

To succeed as a real estate investor you must understand the factors that drive the real estate market in your area. Here are a few points to consider:
 
 
1- Mortgage interest rates
Low interest rates allow a greater proportion of renters to become homeowners, which in turn can...

It was encouraging to see an uptick in July sales relative to last year. We may be starting to see a positive impact from the two Bank of Canada rate cuts announced in June and July. Additionally, the cost of borrowing is anticipated to decline further in the coming months. Expect sales to accelerate as buyers benefit from lower monthly mortgage payments.

Ontario -  Market Gains Momentum Heading into Summer

Toronto, August 7, 2024 -- Greater Toronto Area (GTA) home sales in July 2024 were up compared to July 2023. While sales were up from last year, buyers continued to benefit from...

With energy costs eating up a larger portion of our income than ever before, it is very important to take all possible measures to conserve energy.  Here are some tips to help you save energy, save money, and do your part for the environment.

Heating and Cooling
About 60% of energy costs in a typical home are tied up in heating and cooling and 20% in hot water. So, these are the first places to look when it comes to saving energy.

Consider installing a programmable thermostat. In summer set the thermostat at 24°C while you are at home, and 28°C when you are away. Every degree you raise...

The First-Time Home Buyers Tax Credit (HBTC) is one of the measures provided by the federal government in 2009 to encourage investment in Canadian housing.

For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date).

The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit was $750. Each year, the credit is recalculated, so it may be...