While CMHC has got a lot wrong over the last year, this seems to be more on point. Key stat if you look at the graph is projected sales in 2022 & 2023. Does that look like a bubble to you? Yeah, me neither. #mortgage #realestate
Still pretty phenomenal numbers for April, but not surprisingly, they're down a bit from an historic March. I still don't expect this to become a downward trend though. #mortgage #realestate
Home sales are still flying. TD sees the market cooling off toward the end of the year, but that doesn't mean a decline in prices.
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I've talked about this before, but #mortgage pre-approvals are not underwritten and supporting paperwork has not been scrutinized by a lender. It's a guideline, nothing more. A mortgage professional will let you know about any areas of concern. #realestate
I think it's important to emphasize that the coming change will only impact a small subset of buyers and only by a fairly modest amount. I don't think this is either a necessary nor a very impactful change.
Are we going to see an increase to the Prime rate soon? It looks like that may be on the table for later this year. But don't expect it to run up to pre-covid levels yet. #mortgage #realestate
No surprise, but the Bank of Canada announced today that the overnight rate will hold at 0.25%. They've also raised the economic outlook for Canada, forecasting higher growth than previously expected. #mortgage #realestate
This article references the situation in Quebec, but it's the same here in Ontario. The government really needs to step in and give buyers an opportunity to get their financing approved before waiving conditions. #mortgage #housing
Canadian #realestate keeps on rolling. It will be interesting to see what happens over the next 2 months as vaccination rates increase vs. this 3rd wave that's hitting us. #mortgage
Changes are coming to #mortgage rules effective June 1st. Some mortgages will be stress tested at a higher rate (5.25% vs 4.79%). This only applies to uninsured mortgages, meaning:
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👉 Refinances 👉 Amortizations > 25 years
👉 Some B lending products
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I touched on this a couple of weeks ago. There are two big problems with capital gains tax on principal residences: 1) The move will be phenomenally unpopular; and 2) It won't do anything to cool down the #realestate market. In fact, it could turn up the heat. #mortgage
This would make it slightly harder to get a #mortgage, but once again, fails to address the real problem: a lack of supply. It seems like everybody gets this except for the government. #realestate
Have we reached the peak of the #realestate market? Not so fast says TRREB. It comes down to supply and demand, and while demand remains high, supply is still sadly lacking. #mortgage
For the last year, it's been hard to make a case for variable rates when you can lock in for 5 years, in some cases well below 2%. However, now that fixed rates have jumped up, variable looks like the better deal again. #interestrates #mortgage
More good news for the Canadian economy: Consumer confidence, one of those leading indicators, is running high. When consumers feel confident in the economy, they're more likely to spend which spurs additional economic activity. #mortgage #realestate
Slapping a capital gains tax on principal residences would be political suicide, so I don't see it happening. It ignores what a home primarily represents: a place to live; and suggests that it is more of an investment than anything else. #mortgage #realestate
Some good points here. One thing that all bankers learn to do early is to mitigate risk. With #mortgage money still flowing and no signs of banks turning off the tap, it tells you a lot about their appetite for residential #realestate, even in the present environment. http://bit.ly/3lBjeLS
While I've generally brushed off the talk of a #housing #bubble for most of the last dozen years, I do have some concerns that the price increases over the last few months are getting out of control. Certainly the current pace is not sustainable. However, I don't see a flood of homes suddenly hitting the market and the demand is still there. My bet is that prices will likely start to flatten over the next 6 months. #mortgage #realestate
It's been a while since my last blog... I hope it was worth the wait. #mortgage #realestate
How do we fix the economy as covid restrictions crawl to an end? It's going to depend on all of us. When making travel plans, try to stay in Canada, and here are some other key areas. #mortgage #realestate #economy http://bit.ly/30IG4HK
Those of us on the Aaron Phinney Team have been recognized for being among the top teams at #Mortgage Architects! Being on a great team makes all the difference, both for myself and for what it means to my clients. #realestate
Fixed rate #mortgages have already started to climb. Will variable rates be next? The Bank of Canada will increase their overnight rate eventually, but the big question is, "when?". #realestate
It must be tough for the outgoing chief of CMHC to eat crow, but he's finally admitting that they got it wrong. #realestate is not going to implode. It always comes back to supply and demand. #mortgage
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Combined with historically low #mortgage rates, there may never be a better time to buy a condo. Post-covid, the desire to return to condo life may push prices up significantly. #realestate
You know how when gas prices drop, people rush out and start buying giant SUVs? This is the #realestate version of that. Rapid changes don't tend to stick. When buying a home, think long term. #mortgage
I'm not sure if I agree... rates have to go up sometime, but as far as the Canadian Dollar being undervalued, it's almost at $0.80 USD having steadily climbed about 10 cents since covid hit. Increasing interest rates will put more upward pressure on our dollar and is not good for exports. #mortgage #realestate
I'm not sure what is worse: CMHC's ludicrous warning that in a "W recovery" we could see #realestate prices fall by 50% or the media's clickbait saturation of headlines with the warning, without mentioning that it's the least likely scenario. #mortgage
#BREAKING Bank of Canada holds the overnight lending rate at 0.25%. This was widely expected and suggests that BoC is satisfied with the direction of the economy. #mortgage #realestate
If you were waiting for the bottom of the condo market, it looks like a full reversal of the downward trend is now happening. #realestate #mortgage
RBC has joined the chorus of voices predicting an aggressive #realestate market in 2021. It seems like it's going to be a busy year. #mortgage
This CIBC economist thinks that there's a lot of pent up demand ready to burst forth once we get covid in the rear view mirror. I tend to agree. Remember, 95% of our economy is performing very well. #mortgage #realestate
The media loves to warn us about these "cliffs" that we're approaching. Have you ever noticed that we never seem to go over the cliff? Sure, there is a risk. There always is. But if the housing market has held strong thus far, it's hard to imagine going over the edge anytime soon. #mortgage #realestate
While 2020 will always be remembered as being an awful year, one silver lining has been Canada's resiliency. It looks like 2021 might be a great year, economically. #mortgage #realestate
Nearly everyone knows what a will is, but a surprising number of people don't have one. Do you? #mortgage #realestate
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The #realestate market, facing historic low supply levels, is showing signs of overheating. Bank of Canada will not raise #interestrates yet, but remember that fixed #mortgage rates reflect the bond market, which has taken off like a rocket in the last 10 days. http://bit.ly/3bHOgx1
There's still a lot of confusion about whether CERB payments need to be re-paid. Here's some news. Have a great Family Day! #mortgage #taxes #insurance
I generally don't have a problem with the wealthy paying more taxes, but any increase in land transfer tax, even on luxury homes, is going to have a trickle down effect on the rest of the #realestate market as it further chokes off the supply of homes. #mortgage
It's getting harder to save money on #realestate by travelling out of the GTA. Kitchener is hardly a suburb of Toronto, but there are a lot of homes in-between that will be influenced by both markets. #mortgage
More signs of the condo market coming back to life in Toronto and the 905 areas. #mortgage #realestate