Buy or sell first? Softening housing market gives owners options

[Globe and Mail - August 4, 2022] Last summer, when the Salters sold the Calgary home they had been renting out since their move to the quiet Cariboo region of British Columbia a few years earlier, the Calgary market was hot. This year, when they decided to move back to the city, the COVID-19-inspired buying spree in rural Canada had increased the value of their Cariboo property significantly, while the Calgary real estate market was decidedly cooler. “The market drastically slowed after [...]

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B.C. property owners face $52K in real estate fees even though sale never happened

[CTV - May 1, 2022] When Mike Armstrong and his wife Jessica set out to sell two cabins nestled in the trees at Lake Errock east of Mission, they had planned to use the proceeds to move to Vancouver Island to be closer to family. He never expected five years later they would be left facing tens of thousands of dollars in real estate commission fees without having sold either of the properties. “Never. No, no. I mean, who would?” he said. [...]

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Canada’s bank regulator keeps mortgage stress test unchanged despite spiking home prices, rising household debt

[Globe and Mail - December 17, 2021] Canada’s bank regulator said it is not changing the mortgage stress test, calling the borrowing rules “adequate,” even as home prices continue to accelerate and household debt rapidly increases. The Office of the Superintendent of Financial Institutions, or OSFI, said the mortgage stress test for uninsured mortgages will continue to require borrowers to qualify at a rate of 5.25 per cent. The Finance Department also said the rate would remain the same for borrowers [...]

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