Unlike many other countries, Canada allows people from all over the world to buy property in their country. They apply no restrictions to the type or the amount of property that that non-residents can buy. However, the rules for borrowing money to buy that property are somewhat different between residents and non-residents. Who Is a...
Even though pre-approvals offer no guarantees when circumstances change, realtors prefer their clients to have one before they start the search for a new home. In Canada pre-approval follows a process of whereby the mortgage lender screens the client to determine his ability to make repayments against a mortgage. The outcome is an estimate of...
Thinking of buying a home? Why not start by getting your mortgage pre-approved? It takes the uncertainty out of buying a house. At the end of the process you’ll know how much you can spend and what your repayments will look like. Likewise, if you plan to get the house inspected, have the appraisal done...
The International Monetary Fund, also known as the IMF, had some things to say about the current mortgage stress test. As of Tuesday, they warned law and policy makers all over Canada to keep the mortgage stress test rules where they are, and to not ease them lower. This is mostly due to the fact...
According to reports from various housing market specialists, both Toronto and Vancouver have incredibly pricey housing markets. However, Vancouver has been deemed to be worse. As Toronto housing market somewhat stabilizes, Vancouver deflates even further. This is likely due to the fact that Vancouver is constantly being hit with fraudulent money, rich immigrants, and a...
Many of Those Turning To Private Lenders Are Notably Self Employed In Toronto, the amount of people turning towards private lenders is growing, fast. It’s important to note that among these people, many are self employed. This is often because those who are self employed struggle far more to prove their income. This is in...
Over the course of nearly a decade, the Canadian housing market rocketed upwards in terms of pricing. Although it may not have been intended, many claim the increase is due to the attempted rescuing of global capitalism as of 2008. Firefighting: The Financial Crisis and Its Lessons, a brand new book published by Ben Bernanke,...
Following a significant slowdown late February, the Canadian housing market’s annual has started up as of March. This information comes from a report released by the Canada Mortgage and Housing Corporation. According to CMHC, the Canadian housing market starts spiked upwards up to nearly 200,000 units, at 192,527. In February we saw 166,290. The increase...
According to the Toronto Real Estate Board, it takes 11 days longer to sell a home than what was previously thought and displayed. TREB’s 50,000 plus customers are to be provided with a complex, yet refined look at how the Toronto housing market is actually doing. This report was released by Jason Mercer, director of...
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