Canada Archives - Page 11 of 11

21Nov

Real Estate Market Has a Record October but Headwinds Coming From Higher Rates

[Source: Financial Post, November 15, 2016] TORONTO — Canadian existing home sales reached a record level in October, data published Tuesday shows, but the market faces an increasing threat from tighter mortgage rules, which have helped send interest rates higher. The Ottawa-based Canadian Real Estate Association, which represents about 100 boards across the country, said there were 42,473 sales last month across the country, a two per cent increase from a year earlier and the best-ever showing for the month. October’s sales [...]

Canada, Toronto, Ontario, Vancouver Real Estate

20Nov

Minimum Down Payment Requirement – Effective February 15, 2016

Chana Charach, MB CANADA - NEW MINIMUM DOWN PAYMENT REQUIREMENT - Effective February 15, 2016 For homes priced up to $500,000.00 the minimum down payment is 5% For homes priced over $500,000.00 the minimum down payment is 5% plus 10% on the portion above $500 k. Example: If you want to buy a $750,000 home, you'll need to have a minimum down payment of $50,000, which is what you get when you add five per cent of $500,000 and 10 per cent [...]

Canada

20Nov

Vancouver to Continue to Lead Canadian Economic Growth For the Next Year

[Source: BIV, November 14, 2016] Vancouver will lead the country in terms of economic growth in both 2016 and 2017, according to a Conference Board of Canada report released November 14. Overall this year, the city will see growth of 4%, driven in large part by the construction sector, followed by an increase of 2.8% next year. “Vancouver is on track to boast the fastest-growing metro area economy for the second straight year in 2016, as the region’s housing market remains one [...]

British Columbia, Canada, Vancouver Real Estate

20Nov

New Tax Reporting When You Sell Your Home – Effective 2016 Tax Year

How principal-residence tax changes will affect every Canadian homeowner [Source: Globe and Mail, Oct. 06, 2016] Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they [...]

British Columbia, Canada, Vancouver Real Estate

20Nov

How will the new ‘Stress Test’ impact you?

Chana Charach, MB Today's home buyer will be looking at lower purchase price limits now that the new 'stress test' has taken effect. At this point it is impossible to say with absolute clarity what the impact of this change will be. It is estimated that the new 'stress test' will reduce the amount of mortgage that borrowers qualify for by about 20 - 30%. This will have a significant effect on first time buyers because it will be harder to [...]

Canada, Vancouver Real Estate