Considering the record immigration levels we are seeing, the experts feel there will be a strong need for both rental and home ownership in the Greater Toronto Area and even expanding to the Greater Golden Horseshoe.
One of the hurdles for a first-time homebuyer is to save enough money for a down payment, ancillary expenses, and reserve. In 2022 the First Home Savings Account (FHSA) was approved by the federal government.
A credit score is a three-digit number that a service, like Equifax, assigns. It represents their opinion of whether or not you are a good credit risk.
No one wants to pay more for something than necessary. That includes interest on your mortgage. There are some situations where you can reduce the overall amount of interest you pay during the term of your loan.
During that previous month, there were a fair number of new listings, but sales lagged. With the continued increasing inflation and the Bank of Canada raising the interest rate, fewer potential buyers even tried to secure loans or pre-approvals.
It seems as though it won’t stop. Canadian interest rates have now climbed to 5% over the past week. This is remarkably high and will have an effect on everyone. The first group is obvious. Someone is trying to buy a new house. It could be a first-time buyer, an upgrade or move to an…
It seems like every day, we hear more about the growing concern of interest rates and the pressures it puts on individuals. Mortgages and home equity lines of credit (HELOC), combined as real estate secured debt, is now at about $2.3T.
A reverse mortgage is a loan that provides cash in the amount of current equity, and the loan is repaid when the home is sold.
When a mortgage is issued, it has a definite time period or term. Depending on how the mortgage is written, it can be a few months or years.
June brings us to the end of the second quarter as well as the end of the first half of the year. This is also one of the telling points since it is the height of the home real estate market.