In Canada, one of the top stories continues to be the real estate market and mortgage rates.
During the course of a property being sold, there is, or certainly should be a contract. This sets out the responsibilities of the buyer and the seller.
Comparing this month to the last or even to the same time a year ago, it appears that the market is rebounding. The number of sales has increased. New listings have increased from April as well as the active listings.
In the business of real estate, there are a number of mortgage options. One of those is the Vendor Take Back (VTB). This is where the seller takes on a dual role as lender.
First-time home buyers often start by going to open houses or looking online for a place that will accommodate the size of their family, location appropriate, or other issues.
The calendar has turned to a new month, and with the close of the first quarter of 2023, March has brought us into April.
Whenever you apply for a new credit card, take advantage of a special payment program at a department store, or make a major purchase, you can expect that there will be a check of your credit status, also known as a credit inquiry.
A mortgage broker is a middleman between people who want to obtain financing on a property and lenders who are willing to fund the mortgage.
Mortgages are issued for a specific period of time, or term, that is calculated in years. For instance, you have been issued a 5-year mortgage, meaning the payments are set for that period of time.
We look at the data from last month to see whether there has been any shift in the market that would indicate whether this will be a beneficial year or whether consumers will need to be concerned. In Toronto, we notice two slightly differing directions.