Canadian condos have shown tremendous price growth since 2016 but it is uncertain how much price growth potential remains in condos. Some major Canadian banks have forecast the real estate market in Vancouver and Toronto will hit a tipping point by the end of 2019. As the impact of interest rate increases, government regulation, and taxes work their way through the market toward the middle of 2018 the accuracy of these forecasts will be revealed.
The recent constitutional changes in China may create uncertainty for citizens and the future prospects for their children. They also cast doubt on the future for Hong Kong’s democratic institutions. This may lead to more capital flowing into Canadian real estate.
Mortgage fraud is on the rise and 16% of Canadians believe it is a victimless crime. Falsifying documentation to get a mortgage or lying on your application are grounds for a lender to cancel your mortgage and could lead to criminal charges.
Many home buyers have heard that you can withdraw (or borrow) money from your Registered Retirement Savings Plan (RRSP) to use toward their down payment without paying taxes. While this is true there are conditions. It's not really a withdrawal because you have to repay it over a fixed period of time. This strategy falls under what Canada Revenue Agency (CRA) calls the Home Buyers Plan (HBP).
It's easy to get caught up in the excitement of home shopping. With every open house we visit, we start to imagine what it would be like to live in our very own home. With all this excitement we often overlook the many surprising and stressful costs involved in this purchase.
There have been some updates to interest rate forecasts since our last review of rates in December. The overall trend is upward but there are differing opinions on how high rates will rise.
There are many benefits to dealing with Private Lenders, but they are usually not suitable as a long term solution to financing your home. Find out how they work, what they cost, and when to use them.
Most people don’t learn about title insurance until they’re signing documents at their lawyer or notary’s office and they learn they can pay a little extra for some insurance to cover an unlikely event. At Mortgage Sandbox, we believe it’s worth every penny and this article explains why buying it is a no-brainer.
