Unlocking Your RRSP: The Home Buyer’s Plan Explained In order to purchase or construct a qualified house for yourself or a relative with a handicap, you may make a withdrawal from your Registered Retirement Savings Plan (RRSP) under the house Buyers’ Plan (HBP). Withdrawals from the HBP must be repaid within 15 years. If you […]
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Reuters survey predicts rising Canadian housing prices due to high demand According to a Reuters survey of real estate experts, Canadian house prices are expected to decline by approximately 9 percent this year before rising again in 2024 and beyond as purchasers wager interest rates have already peaked and demand for housing remains high. After
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Toronto and Vancouver Home Prices Rise Like Mortgage Credit Home prices increased dramatically last month in Canada’s two most populous real estate regions. In April, home values in both Toronto and Vancouver increased. There has been a gain in sales and a decrease in inventory in both markets, but this probably hasn’t led to the
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To Avoid Defaults, Canadian Banks Extend Amortisations 35 Years What is Canada’s secret for having such low delinquencies despite its high-interest rates? Evidently, they never paid off those enormous mortgages. A significant portion of mortgages had remaining amortizations of 30 years or more in Q1 2023, according to reports from Canada’s Big Six banks. Most
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Canada’s Cheap Mortgage Credit Drives Real Estate Prices… Again Everyone in Canada is trying to determine why real estate prices have suddenly increased. However, the data from the Bank of Canada (BoC) points to a more direct explanation: witchcraft. In reality, it’s the return of easy access to debt and the resulting increase in leverage.
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Canada maintains 4.5% interest rate, What’s next? The Bank of Canada will reveal its decision on the benchmark interest rate it will use going forward. Even if the economy performs better than projected, most economists believe the central bank will maintain its key interest rate at 4.5 percent. The economy started the year strong, even
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Despite the slowdown, Canadian mortgage debt continues to rise Despite the housing market recession, Canadians still have a serious addiction to mortgage debt. According to Stat Can, the sum of outstanding mortgage loans reached a new high in December of 2022. Even while the rate of increase in mortgage credit has fallen to its lowest
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Bank of Canada will increase rates, and leave room for more: BMO One possible reason why we won’t see a rate cut this year is that Canadian markets have already started talking about them. Over the weekend, BMO Capital Markets sent a letter to investors stating their anticipation of a rate increase this week. Currently,
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Process of warranty claim and what to expect? Everything about your new house would be wonderful if you could just move in. It’s possible that you’ll discover anything that needs fixing, finishing, or installing after your builder has left. However it is important to ensure that builders meet minimal customer service requirements when addressing warranty
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Denied Mortgage Renewal:What happens next? If you want to keep paying down your mortgage after the current term ends, you’ll need to renew it. You will have to repeat this procedure several times before your mortgage is paid off. Lenders typically issue renewal offers a few months before a term ends. A new mortgage rate
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