A Canadian study on family finances says the average household debt has climbed to $96,000 in 2009.
The number of mortgage payments that were at least 90 days late was up 50 per cent compared with 2008. There was also a 40 per cent increase in the number of credit card holders who were at least three months behind in their payments.
The finance minister has announced changes to the home buying ...
Posted by Sean Kavanagh
on February 18, 2010
Jim Flaherty has indicated that his measures to slow the Canadian real estate market back in July 2008 have not worked and he may need to take additional measures to prevent another housing crisis. Back in July 08, Flaherty decided to raise the minimum down payment for buyers from 0% down to 5%. He also lowered the amortization of mortgages from 40 years to 35 years. This seems ...
Posted by Sean Kavanagh
on February 16, 2010
We are now full steam into 2010 and many people are beginning to think about buying or selling real estate. As you are making your plans, please consider the following points.
1. Interest rates are on the rise
Home buying has continued its hot streak from 2009 into 2010. Interest rates remain low and continue to pull buyers into the market. The threat of rising interest rates in ...
Posted by Sean Kavanagh
on February 11, 2010
Exceptionally low interest rates, government incentives (rebates, tax breaks and RRSP contributions), the looming HST and a renewed consumer confidence puts Canada as the world leader when it comes to the recovery of the global real estate market.
In a recent report on Global Real Estate Trends written by Adrienne Warren of Scotiabank, Canada is leading the way in the global real estate recovery with ...
Posted by Sean Kavanagh
on January 22, 2010
Last year ended stronger than expected for Canadian real estate and shed some hope for the industry and the Canadian economy as a whole. Many in the real estate industry predicted that 2009 would continue to post a decline in both units sold and average prices. MLS sales for 2009, however, were reported at approximately 465,000 which represents a 7% increase over 2008 and the average housing ...
Posted by Sean Kavanagh
on January 22, 2010
House hunters still waiting for prices to drop further before buying may have sat on the sidelines too long, according to a new report. A study released Thursday shows home values in some major markets across Canada have recovered to levels where they were before the recent market drop. Economists agree and say the power has shifted to a seller's market in recent months, after the buyer's ...
Posted by Sean Kavanagh
on September 29, 2009
Have you ever thought about paying off your mortgage quicker? Have you ever had some money you wanted to invest, but just didn’t know where to put your money? Bumping up your mortgage payment can save you a fortune over the years ahead. Consider our happy newlyweds Dick and Jane. They live in Burlington, Ontario in a three-bedroom, two-storey home. They owe $200,000 on their mortgage ...
Posted by Sean Kavanagh
on September 29, 2009
Mortgage rates have eased slightly for both the fixed rates & the variable rate mortgages.
The 5 year fixed rate has finally come back down below 4% to 3.99%. The variable has also moved down to prime (2.25%) plus .15% on a 3 year term & prime plus .20% on a 5 year term. The variable seems to be the way to go, as the economists are now predicting that the Bank of Canada rate will ...
Posted by Sean Kavanagh
on September 9, 2009
Sales of homes in Canada jumped 31.5 percent in the second quarter from the first and saw their first year-over-year quarterly increase since before the peak of the financial crisis, the Canadian Real Estate Association said on Tuesday. The report is the latest piece of evidence showing that consumers are venturing back into the home market, encouraged by low mortgage rates and signs that the worst ...
Posted by Sean Kavanagh
on July 15, 2009
Home sales activity increased for the third time in as many months, according to statistics released by The Canadian Real Estate Association (CREA). The national average price also rose again, to within short reach of the record levels set a year ago.
Sales activity climbed 11.2 per cent in April 2009 compared to the previous month. This is the largest month-to-month increase in activity in more than ...
Posted by Sean Kavanagh
on June 3, 2009