Securing a mortgage just got a little more difficult. As you likely know, getting an uninsured mortgage in Canada requires you to prove you can keep up with payments if rates go up. This hypothetical rate, called the qualifying rate, is changing. On May 24, the Office of the Superintendent of Financial Institutions announced that they will be raising the qualifying rate effective June 1st.Continue reading “Are Canadians Ready For A Tougher Stress Test?”
From the stock market to the way we work, nothing is exactly “normal” right now. It’s impossible to look at a dramatic societal shift and not attribute it to the pandemic. But the housing market is a little bit of a different story.
Yes, many Canadians flocked to buy homes as interest rates dropped to record lows. Many chose to buy new homes in response to their new lifestyle, no longer needing to live in certain areas, or needing more space to work. No doubt, these COVID-related factors had a huge impact on the housing market. But they don’t tell the whole story of its explosive growth.Continue reading “Will the Housing Market Cool Off?”
I’m a bit of a hypocrite. Whenever I go for a haircut, the gym or even to visit my dentist there’s a tv and it’s usually tuned in to a news channel. For the record, I don’t watch the news. I’m the guy that asks them to change the channel. I’m not interested in constantly hearing about how terrible the world supposedly is.
My take… if you want to be depressed, watch the news. If you want to be aware and alert, choose where you get your information.Continue reading “The Good News”
Some great stats just came out in Genworth’s regional risk reports. Here are a few of the highlights.
As expected, Ontario’s housing market has been very healthy and active and has been picking up steam over the last 2 years.
Alberta’s economy has been hit hard over the past 3 years due to the inability to bring its biggest resource, oil and gas, to the market. We’ve all read and heard about the pipeline debacle. However, the housing market is rebounding as is shown in the stats. Let’s hope action is taken to get our western Canadians some positive changes.Continue reading “Genworth Regional Risk Report”
Something strange has been going on over the past decade. We’re often being told – and, in many cases, convinced – that it’s better to rent than to own.
I firmly believe everyone should own their home. In fact, I think we should own at least one investment property… and, in many cases, more than one, but I’ll get to that in a minute…
I can understand why many people, particularly Millennials, are believing it’s better to rent than own. After all, it’s easier to rent. Just look online for a condo or house for rent. Apply, sign the lease and you’re done. We’ll call this the Convenience factor.