“Looking ahead to 2014 and 2015, we anticipate a further – albeit gradual – deterioration in affordability,” reads a recent TD Economics special report. You might be excused for spewing your coffee upon reading that. In Vancouver, payments on an average mortgage already take up a mind-boggling 60% of an average family’s income, according to said report. How can buying a home or holding a mortgage be getting less affordable? Continue reading
This is a guest post by NewVaughanCondos.com.
For Canadians who want a taste of big city life, Vaughan is a great place to live. New condos in Vaughan are selling fast, as many are migrating towards Toronto and the surrounding areas. This comes on the heels of a number of new development projects around the city, all designed to make the area more accessible and convenient.
It’s well known that, as Toronto has continued to grow, economic development has not always kept pace. As well, the roadways have become clogged and congested with traffic, and the current public transportation system is not up to par for current residents, let alone the anticipated swell of newcomers.
However, with plans in place to boost economic development through sustainable and eco-friendly growth, and to significantly increase the accessibility of public transportation in the GTA, it has never been a better time to consider moving a home or business to Vaughan. Continue reading
This three-bedroom, one-bathroom starter home is located in St. John’s, Newfoundland and features hardwood floors, two fireplaces and a woodstove. With an asking price of $274,900, it’s a great option for first-time buyers.
Our starter home series has taken us across the country, from Victoria, B.C. to Halifax, N.S. The goal of this series was to explain what the average starter home costs and features in each province, so first-time homebuyers could prepare themselves for whatever real estate market they may be looking in.
For the final post in the series, we spoke with two real estate agents in Newfoundland and Labrador, asked them to profile first-time buyers in their respective cities, and tell us what type of home they could expect to find and at what price. Continue reading
Someone hit the snooze button on our Monthly Mortgage Update, so I’m here to wake it up! Mortgages, you see, do not have to be boring or even be of interest to only mortgage brokers and real estate agents. At least, this is the challenge I am facing, and I accept.
First off, check out the new look. How could you not take advice from a person with those smart spectacles?
Now that I’ve established my credibility (okay, check out my LinkedIn profile), let’s get down to business. Here are the highlights broken down into easily digestible sub-sections for your ease and pleasure.
Fixed Mortgage Rates are on the Rise
The big story this month is that fixed mortgage rates are on the rise. In fact, 5-year fixed discounted mortgage rates on our site have gone from around 2.70 per cent at the beginning of June to almost 3.20 per cent – that’s a jump of 0.50 per cent in just one month! We haven’t seen rates that high on our site since the end of 2011. Continue reading
Every year, dozens of reports and surveys are released that explain the state of the Canadian residential mortgage market. After reading the ones released so far this spring, we decided to compile the results from Canada’s two authorities on mortgage reports and data and turn it into an easy-to-read infographic.
Pulling data from CMHC’s 2013 Mortgage Consumer Survey and CAAMP’s Change in the Canadian Mortgage Market, we’re sharing the good, the bad and the ugly things happening in Canada’s mortgage market. The good: Canadians put $10,000,000,000 in lump sum payments towards their mortgage debt last year! The bad: well, you’ll have to see to find out.
2013 Mortgages: A Canadian Market Overview Infographic by RateHub.ca
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