Let’s forget about hot and cold real estate markets for a second. I realize that’s hard to do with so many media outlets pushing opinions. But, let’s look at historical trends and patterns that have remained consistent for well over 30 years.
The Spring housing market is the best time to sell. Sale prices are usually highest from February to June. It’s also going to provide buyers with the most selection as the number of listings usually increases.
But, it’s important to remember, however, that the Spring’s not always the best time to buy.
Continue reading “When’s the best time to BUY a home? December, of course!”
Could 2018 be the year where the pessimists finally get their way? I hate to admit it, but this could be the year where buying a home may not be a good idea.
OK, just kidding!!!
But after years of seeing countless articles and posts about rising interest rates, housing affordability issues, mortgage stress tests disqualifying some people from being able to buy, higher personal debt levels, NAFTA economic fears and Donald Trump (ok, Trump has nothing to do with this, but you can’t write an article these days without blaming him, right?!), does it still make sense to buy a home?
Yes! There is positive news. You can still buy a home. And you can still qualify for a mortgage.
Continue reading “Buying a home is cheaper than renting. Don’t be intimidated!”
There’s nothing surprising about the loosening of mortgage standards to spur growth. In the last real housing bubble of 1990, banks and government brought in stricter lending rules, making it tougher for borrowers to get a mortgage.
Fast forward to the present. We’ve yet to see a housing bubble or market crash, but the government has taken drastic – perhaps even unheard of – precautions to slow the housing market.
In 1990, I was working for the largest trust company in Canada. I can tell you that it has never been harder to qualify for a mortgage than it is today!
Continue reading “Looser Mortgage Standards Hit the UK! Is Canada Next?!”
Ever since the US 2008 sub-prime mortgage crisis, we’ve seen a never-ending string of change. Mortgage lending rules have become tougher and tighter. Underwriting is stricter and more thorough. (As usual, the government has not missed an opportunity to stick their nose into your business by making lenders ask for more income documentation.)
The rule of change is that it takes around six months for consumers to adjust.
Continue reading “Six Months was What it Took to Absorb Latest Mortgage Changes!”
Earlier this year, I voiced my disagreement with the real estate pessimists who said a real estate crash or bubble was forming. Click here to read more.
This same more positive outlook is backed up by CMHC’s latest Housing Market Insight report for Ontario courtesy of regional economist Ted Tsiakopoulos.
Below are some key highlights from CMHC’s report:
Continue reading “Real Estate Rebounds in June as Expected!”