Canada Archives - Page 5 of 11

30Aug

COVID-19: Use CERB aid extension to plan for tax, debt obligations, says credit counsellor

[Vancouver Sun - August 29, 2020] The transition from CERB to EI will squeeze down the incomes of many British Columbians, but not planning for debts and taxes will come with consequences, says the Credit Counselling Society’s Scott Hannah British Columbians who are relying on the Canada Emergency Response Benefit face some tough decisions when the program ends Sept. 27 that credit counsellors worry they aren’t preparing for. The concerns start with not accounting for future tax liabilities that will be owing [...]

Canada, COVID-19

30Aug

A tax on home equity would hurt Canadians during the best of times — but right now it would be reckless

[The Star - August 15, 2020] Every so often, an idea comes along that is so out of touch and unfair that it unites pretty much everyone in their disapproval. Recently, the Canadian Mortgage and Housing Corporation (CMHC) appeared to be doing exactly that when media reports suggested the federal housing agency is researching a new home equity tax on primary residences. According to reports, CMHC is spending $250,000 in partnership with the University of British Columbia’s School of Population to investigate [...]

British Columbia, Canada, Toronto, Ontario, Vancouver Real Estate

30Aug

CERB is transitioning to EI. What does that mean?

[CBC - August 21, 2020] New benefits are introduced and EI is being revamped. Here's what you need to know The federal government announced on Thursday that the Canada emergency response benefit (CERB) will be extended an additional month and then transition to a modified employment insurance (EI) program. The changes will come into effect on Sept. 27 and will be in place for one year, with three additional programs proposed for those who do not qualify for EI. Here's what you need to know about [...]

Canada, COVID-19

29Aug

Government is why housing in Canada is unaffordable and more taxes won’t help

[Financial Post - August 5, 2020] Opinion: A home equity tax would be but the latest example of politicians using housing as their personal ATM The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their [...]

Canada, International Influence, Toronto, Ontario, Vancouver Real Estate

28Aug

After a record-breaking summer, Canadian real estate braces for autumn uncertainty

[CTV News - August 20, 2020] TORONTO -- Canada's housing market shattered records in July despite the economic uncertainty surrounding the COVID-19 pandemic -- and with the usually busy fall real estate season drawing near, experts are divided about whether the boom will continue. Last month marked the highest monthly sales figure on record, the Canadian Real Estate Association reported, while the national average sales price jumped to a record $571,500. Part of the fuel behind rising prices has been driven by [...]

Canada, COVID-19, Economic Outlook

28Aug

Canadian home sales, prices hit record high in July as low mortgage rates drive buyers into market

[Globe and Mail - August 17, 2020] Canadian home sales and prices surged to a record high in July, as buyers flooded the market and took advantage of low mortgage rates after the coronavirus pandemic briefly slowed activity in the spring. The number of homes sold jumped 26 per cent on a seasonally adjusted basis from June to July, according to the Canadian Real Estate Association, with Toronto, Montreal and Vancouver soaring along with surrounding regions such as Hamilton-Burlington in Ontario [...]

Canada, COVID-19, Economic Outlook, Toronto, Ontario

01Jul

Reopening Canada: The economy survived the crash, but making it thrive again will depend on all of us

[Financial Post - June 25, 2020] 'Fundamentally, humans are scrappy and resourceful when faced with crises,' one small-business owner says “We survived.” Chrissy Durcak, chief executive and founder of Montreal-based Dispatch Coffee, was talking about her company, but she could have been talking about the broader economy, too. In April, the COVID-19 crisis was so terrible that the Bank of Canada couldn’t rule out the possibility that we were in the early stages of a depression. While not its base case, the central [...]

Canada, COVID-19, Economic Outlook

24Jun

How to get around Canada’s harsh new mortgage rules – Come July 1, 2020, it will be a lot harder to get the feds to back your mortgage.

[Financial Post - June 16, 2020] The tighter lending rules coming into force July 1 will make it harder for some Canadians to buy homes, but mortgage pros say panicking won’t do you any good. The Canadian Mortgage and Housing Corporation (CMHC) announced plans in early June to reduce borrowing limits, demand higher credit scores and restrict down payments for anyone who needs default insurance from the agency. That kind of insurance is mandatory for “high-ratio” buyers putting less than 20% [...]

Canada, Mortgage Rate Outlook

06Jun

Mortgage rule changes: CMHC tightens requirements for homebuyers

[Yahoo Finance - June 4, 2020] Qualifying for a mortgage is about to get harder for anyone who doesn’t have at least a 20 per cent down payment for a home, which is likely to have an outsized effect on first-time buyers. Canada Mortgage and Housing Corporation (CMHC) is tightening its rules to qualify for an insured mortgage. At least one applicant’s credit scores will need to be 680, up from the previous minimum of 600. To ensure borrowers can keep up [...]

Canada

18Apr

Major lenders begin to cut fixed mortgage rates

[Globe and Mail - April 16, 2020] Fixed mortgage rates are creeping lower this week, as the funding markets that banks and other mortgage lenders use to raise money for loans have begun to normalize after weeks of outsized volatility. Toronto-Dominion Bank brought its five-year fixed rate down to 3.09 per cent from 3.24 per cent this week, and several other major lenders including Royal Bank of Canada and MCAP have also reduced their rates. Five-year fixed-rate mortgages ranged between 2.39 [...]

Canada, COVID-19, Economic Outlook, Mortgage Rate Outlook