Canada’s Federal Housing Agency is hiking the cost of mortgage loan insurance for home buyers starting March 17, as part of new regulatory requirements requiring it to hold more capital to offset risks in the country’s red-hot real estate market.
Canada Mortgage & Housing Corp, said Tuesday it doesn’t anticipate the increases will have a “significant impact” on home buyers & experts the changes will add about $5 to a monthly mortgage payment for those with an average CMHC insured loan of approximately $245,000.
But taken together with other changes recently put in place in an effort to cool down Canada’s housing market, James Laird, co-founder of interest rate-comparison website RateHub, says that CMHC increase will have an effect on home buyers, particularly those who will be purchasing properties for the first time.
MetroNews -The Canadian Press- Jan 2017
Roller Coaster for First Time Buyers
Royal Bank hikes rates day after province offers tax refund
First time Buyers in Toronto’s hot property market mush be wondering when they will catch a break...More
Condo Prices Soaring
Average cost of single bedroom unit increases by 7.2%
A one bedroom condo for one’s own? Try $1,777 a month in Toronto.
The average price for such a cozy space has shot up 7.2% from the same time last year, according to the new report from the Toronto Real Estate Board (TREB)......More
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HOW REAL ESTATE MARKET CONDITIONS AFFECT YOUR OFFER PRICE
If you are buying a home, then, before you decide on whether this home is your dream home, the following checklist will help you look at prospective homes with a critical eye. We suggest printing this page and putting it on a clipboard. When you find a home that really interests you, mark the features you see and note their general condition on this list.
When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision.
A hot market is a "sellerís market". During a sellerís market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a "deal" on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire.