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Budget 2023: What does it mean for housing finance?
The 2023 federal budget’s discussion of housing affordability largely focused on previously announced housing and housing affordability measures. There was one new housing measure: an additional $4 billion over seven years, starting in 2024-2025, for Indigenous Housing. Some other measures, while less immediate, will be of interest to mortgage brokers. 1.Lowering the criminal rate of…
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Fed hikes interest rates despite banking troubles
At the Federal Open Market Committee (FOMC) meeting on March 22, the US Federal Reserve increased interest rates by 25 basis points. The Fed’s view is that inflation remains too high and the labour market continues to be very tight; however, problems in the banking system are expected to result in tighter credit conditions for…
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Overcoming Housing Affordability Challenges
Movements in the rental market are great indicators of the state of housing affordability. When people can’t afford to buy, they rent, and when there’s an influx of renters in a sector with limited housing supply, landlords are able to charge more. The apartment-hunting platform, Rentals.ca, reported that, on average, Toronto tenants are allocating 42%…
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Rethinking the Renovation
Do Home Improvements Improve Value? According to a CIBC poll, only 32% of homeowners who’ve decided to renovate came up with a detailed budget. That’s only half the story. Of those who recently renovated, 39% went over budget. The same study found that 49% of Canada’s homeowners planned to renovate in 2019, a four-point increase…
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The Right Rate: Fixed or Variable?
In a statement released in July of 2019, the Bank of Canada (BOC) reported positive trends in the national housing market. “At the national level, the housing market is stabilizing, although there are still significant adjustments underway in some regions.” With real estate prices fluctuating in recent years, exacerbated by the expanded mortgage stress test…
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Why Borrowers Choose a Private Mortgage
More Canadians have started to turn to private lenders in search of mortgage financing. With mortgage regulations continually becoming stricter and tightening the lending gap, many would-be homeowners are being squeezed out of their dreams. Private mortgages abide by a similar set of parameters as the ones commonly imposed by many banks. However, these parameters…
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Raising Property Value and How to Pay for It
For most people, a house is the most expensive purchase they will make in their lifetime, and aside from the obvious (having a place to live), homebuyers have incomparable incentives to own property. Not only do they secure a home for themselves and their families, but a real estate asset can also be liquidated in…
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