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Showing posts from March, 2017

New affordable rental homes for Kingston

March 31, 2017
by via CMHC News Releases — All Releases

Ontario Finance Minister Charles Sousa confirmed Monday the plans to include housing affordability measures in his upcoming budget.

The housing package in the budget will concern the red-hot housing market in the GTHA, while taking into account different circumstances in the rest of the province, Sousa said.

Speculative investing in the real estate market

Speculative investing in the real estate market — buying a home in the hope of turning a profit rather than to live in — is believed to be one of the culprits behind the soaring house prices.

Finance Minister Charles Sousa said earlier this week that the upcoming provincial budget will include measures to cool the housing market.

Although no specifics were forthcoming.

Enhanced affordable housing and repair programs for Nova Scotia

March 29, 2017
by via CMHC News Releases — All Releases

There is growing demand that Toronto follow Vancouver’s example

In the GTA, with home prices at astronomical levels, with little connection to average incomes, people have been moving into condominium dwellings, or apartments, to raise families. There is growing demand that Toronto follow Vancouver’s example and institute a tax on foreign buyers, as well as implement a progressive surtax on pricey homes owned by people who don’t pay income tax, in an effort to temper the market.

For native-born Canadians, the assumption of the ability to afford a single-family home used to be taken for granted

In many other places in Canada, it is still the case. In Toronto and Vancouver, not the case any more.

Preserving social housing in Mulgrave Park

March 28, 2017
by via CMHC News Releases — All Releases

Record high new condo sales and record low new low-rise inventory.

The Building Industry and Land Development Association (BILD) released its new home sales figures for February 2017, announcing record high new condo sales and record low new low-rise inventory.

Toronto runaway house prices

Outrage in the Toronto area about runaway house prices increase alongside the house price.

mini baby boom

We are entering a "mini baby boom".
The offspring of the original baby boomers are starting to have kids of their own.

New affordable housing coming for seniors in Parksville

March 24, 2017
by via CMHC News Releases — All Releases

Toronto real estate bubble

Home bought more than 30 years ago for $178K, now has a million-dollar price tag.

Most investment properties purchased in 2016 are losing money every month

The buyers can only count on price appreciation to produce a profit which is dangerous.

Zeal for rental properties was found in Durham Region

Demand has increased more than 400 per cent in about four years in such areas as Whitby, Ajax and Oshawa.

Speculators are buying up residential real estate all around the Greater Toronto Area

pushing house prices into bubble territory.

Don't underestimate the cost of ownership.

Beyond the initial purchase price of a real estate asset, that includes legal and administrative fees, taxes and upkeep as well as time and attention.

There are ups and downs to any market

whether that is real estate or stock portfolios

All of the homes in RiverBend Golf Community are built by award winning homebuilder, Sifton Properties Limited.

The kids have all moved out and you’re looking for a home that is designed to suit your new lifestyle - it’s time to downsize and upgrade to RiverBend Golf Community!

All of the homes in RiverBend Golf Community are built by award winning homebuilder, Sifton Properties Limited. Sifton is a family owned and operated company, with over 90 years of experience building some of the finest communities in London. When complete, RiverBend will consist of over 400 homes – 325 of which have already been built.

Homebuyers can choose from a unique collection of one-floor designs, including single detached homes ranging 1,812 to 2,548 square feet and attached villas ranging from 1,534 to 1,756 square feet, priced from the $300’s. All homes offer spacious kitchens and great rooms, soaring ceilings, luxurious master retreats, covered porches, and large windows to showcase your view of the magnificent community you call home.

4 VISIBLE SIGNS OF AN UNDERVALUED NEIGHBOURHOOD

Imagine finding an up-and-coming neighbourhood where you can invest in real estate. Buying pre-construction is often the smarter alternative to maximizing your profits, and with new condos popping up all over the place in Toronto, choosing wisely means predicting the price behaviour of a given neighbourhood’s realty.

Click the button below to learn how you can identify an undervalued neighbourhood so you can get the most out of your property investment and find the smarter alternative.


http://blog.empirecommunities.com/2016/05/undervalued-neighbourhood.

New rental housing helps single mothers and vulnerable women in Saanich

March 17, 2017
by via CMHC News Releases — All Releases

New second-stage housing funding for Indigenous women and children

March 17, 2017
by via CMHC News Releases — All Releases

"Home prices across the GTA and surrounding areas appear to be detaching from fundamentals and are simply unsustainable,"

"Home prices across the GTA and surrounding areas appear to be detaching from fundamentals and are simply unsustainable,"
TD warned.

The average detached house in the city itself now costs $1.57 million

and in the neighbouring suburbs it's $1.11 million, CREA says.

Why Canada needs to tax foreign buyers to solve housing problems

If there is no tax for foreign buyers, domestic buyers are forced to be foreign buyers tenants, or forced to live far away from work, creating traffic jam.http://www.financialpost.com/m/wp/fp-comment/blog.html?b=business.financialpost.com/fp-comment/lawrence-solomon-whos-to-blame-for-torontos-crazy-real-estate-market-surprise-its-politicians


The Greater Toronto Area is heading into a catastrophic housing bubble

The sale of detached homes averaging $1.2 million in February, a 32.5-per-cent increase over a year earlier.

Canadian household debt as a share of income rose to a fresh record in the fourth quarter

Data from Statistics Canada showed on Wednesday in a report likely to underscore concerns consumers are becoming overly indebted.

The housing market in the Greater Toronto Area is in serious need of government intervention

If living in Canada's largest metropolis is to remain affordable, according to a new report by Canadian Imperial Bank of Commerce.

Rising house prices make people wealthier on paper

But they also threaten to seriously damage the personal finances of those who borrow more than they can truly afford to buy a home.

Toronto's real estate market is for sure affected by limited supply and increasing demand

But outright greed has played a role in the growing real estate bubble in the Greater Toronto Area as well.

Statistics Canada reported that the value of building permits issued by Canadian municipalities increased

Statistics Canada reported that the value of building permits issued by Canadian municipalities in January rose by 5.4 per cent from the previous month to hit $7.6 billion, including $5.1 billion in the residential sector.

The Paris-based Organisation for Economic Co-operation and Development flags Canada housing market as risk

The OECD flagged Canadian house prices as a risk in a report it released last June on Canada. That concern remains, with the OECD on Tuesday reporting that Canada’s house price-to-risk ratio is at its highest level since 1980.

New affordable rental homes coming to Cambridge

March 13, 2017
by via CMHC News Releases — All Releases

New Affordable Rental Housing for Seniors

March 13, 2017
by via CMHC News Releases — All Releases

Improvements to seniors and low-income housing in Lethbridge underway

March 10, 2017
by via CMHC News Releases — All Releases

The average price of homes sold in the Greater Toronto Area in February soared 27.7 per cent

The average price of homes sold in the Greater Toronto Area in February soared 27.7 per cent compared with a year ago, while the number of properties sold rose 5.7 per cent, the Toronto Real Estate Board said.

The average price of a detached home in Toronto passed the $1.5 million mark for the first time last month, the city's real estate board said Friday, adding fuel to worries about a housing bubble.


Canadian housing starts trend upwards in February

March 8, 2017
by via CMHC News Releases — All Releases

What to check when visiting open house

Is there enough room for my family, now and in the future? Remember, as kids grow so does the space they require!
Are there enough bedrooms, bathrooms, closets and storage space?
Is the yard big enough?
Will my furniture fit the space?
Do I like the neighbourhood? Always take a walk around and explore the area.
Does anything need to be repaired or replaced? If the seller won't be taking care of such issues, repairs or replacements could add hundreds or even thousands of dollars to the true cost of buying the property.

Victoria home prices have surged

And the driving force behind the hot market is foreign buyers.

New affordable rental homes for women in Ottawa

March 3, 2017
by via CMHC News Releases — All Releases

Household debt-to-income ratios are repeatedly breaking new records

Household debt-to-income ratios are repeatedly breaking new records, now approaching 170 per cent including mortgage and non-mortgage debt, driven by the buy-now-pay-more-later policies of low interest rates that the Bank of Canada believed would stimulate our economy.

Improvements to seniors lodges in rural Alberta underway

March 03, 2017
by via CMHC News Releases — All Releases

The Home Buyers’ Plan (HBP)

You may be able to tap into your Registered Retirement Savings Plan (RRSP) to get a bigger down payment. 
The Home Buyers’ Plan allows first time homeowners to withdraw up to $25,000 from their RRSP without tax consequences as long as it is repaid in the specified timeframe.

If you’d like to withdraw money under HBP, you need to fill out a Form T1036 for your financial institution. If you don’t complete the form, your withdrawal will be considered income and you will receive a T4RSP to report it on your tax return.

You need to have a 20 per cent down payment in order to avoid paying CMHC insurance fees.

A home inspection can help to uncover any defects or problems that otherwise may not be discovered until it is too late.

A home inspection can help you flag issues and determine the ultimate value of the home, while providing a checklist of future to-do’s so you know what you’re getting into and how much they may cost. 
For example, if you are buying a home in the summer, you still need to make sure the furnace works. It may cost a few hundred dollars but it is money well spent if it uncovers major issues.

Nearly a quarter of Canadians are house-poor or house slave

Be realistic about what you can afford According to Statistics Canada, nearly a quarter of Canadians can be considered “house-poor.” 
The Canada Mortgage and Housing Corporation (CMHC) defines this as spending 30 per cent or more of household income on housing costs.

When determining the mortgage you can afford, make sure you consider unexpected expenses and regular home maintenance costs. Even if you buy a new home, you will need to plan for major expenses in the future.

Buying a house is one of the most monumental moments in life.

It’s a big financial undertaking, and it can be an emotional experience as well.