The Canadian government expected a cool down on the housing market after Premier Kathleen Wynne announced new housing rules earlier this year. The new package of Canadian house market measures includes imposing a 15% speculators tax on non-resident buyers.

With the package, the government also seeks to erase the loophole that made it possible for landlords to increase rent on units constructed after 1991.

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Strong Economic Fundamentals For The Housing Market

The housing market remains solid. This is backed by favorable mortgage rates and job outlook.

In the first quarter of the year, the number of unemployed individuals fell. This is the lowest recorded rate for unemployment since the economic recession.

Mortgage rates are set to increase in the next two or three years. The forecast is an increase of 2%. But as of the moment, mortgage rates are still favorable to buyers.

Real Estate Sales Growth

Home values in Canada are still posting positive growth. Values rose in April, marking fifteen consecutive months of positive growth. When compared to last year’s records, home prices have risen by about 10%. That places the average for current prices at about $560,000. Data are sourced from the Canadian Real Estate Association.

Moderate Growth

Despite government efforts to curb speculations, industry stakeholders are still optimistic that it will not have a significant effect on prices. Data gathered from Canada’s largest housing markets show that there seems to be only a little deviation. Normalization and growth in these markets are expected in the near future.

In Toronto, prices are expected to increase with houses worth more than $1 million to lead housing units in sales. Vancouver’s upscale homes will keep on recovering until the market normalizes. Cautious recovery is expected for the market in Calgary, while modest growth is forecast for Montreal.

No More New Policies

It isn’t uncommon for an experienced mortgage broker to persuade homeowners to stick to their current housing situation. This is because prices continue to go up. In Toronto proper, sales for houses priced at $1 million or higher rose by 44% compared to last year. Houses valued at $4 million went up by about 147 percent over the same period.

Industry experts predict that strong sales will continue as the country approaches the spring buying season. For as long as the government will not intervene by introducing additional policies, the trend will continue, according to them. Government interventions often result to unintended consequences, they added.

High Prices Force Many To Strategize

Recent purchasers have one advice: get to buy with a little help from friends. Experts say that the number of first-time homebuyers doing this approach is increasing. This is after sky-high prices have already eroded affordability.

Those who have bought houses via this approach say that their goal is just enter into the market and build some equity in the short term. But since prices are also soaring high elsewhere, most of them are changing plans. It is better to stay put, according to them.

Friends can stay in one home long-term and expand the house or renovate it to accommodate their growing families. 

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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