Younger Canadians are expected to jump into the real estate market this year as they hope to take advantage of low interest rates and what they consider "good prices," The Royal Bank suggested that 15 per cent of Canadians between the ages of 18 and 24 were very likely to buy, almost double from eight per cent in 2009. With a tough job market with uncertain job security, young Canadians had been ...
Posted by Sean Kavanagh
on March 19, 2010
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
Canada and more specifically Ontario appears to have avoided any lasting impact from the collapse of the US housing market and the subprime mortgage market meltdown. What we have seen over the past 18 months was fear versus demand and fair market values relative to the true economic environment in Ontario. From the price stability we have seen, I would say we are on great footing going forward. The ...
Posted by Sean Kavanagh
on January 14, 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
If you have been considering buying a house, refinancing to see if it you can save money by lowering your monthly payments, or are interested in taking some equity out to pay for some renovations, pay for some upcoming large purchases, or even just to use that money to go on that much needed vacation, then now is the time to consult a mortgage broker and find out whether now is the right time for you ...
Posted by Sean Kavanagh
on May 30, 2009
First-time homebuyers are being lured into the real-estate market this spring by falling prices, lower interest rates, a large selection of homes to choose from and new government incentives. Century 21 Miller Real Estate has shown a drastic increase in the number of real estate transactions since the beginning of the year and much of that can be attributed to the number of first timers not wanting ...
Posted by Sean Kavanagh
on May 27, 2009
JUST REDUCED to $189,000 - 21 East 16th Street on the mountain in Hamilton
Great family home located in a prime central mountain neighbourhood. This recently updated detached 3 bedroom, 2 bath, 2.5 storey beauty offers a separate dining room and living room, main floor den, with a large eat-in kitchen with walk-out to large deck and private backyard. Recently painted and updated. Up on the mountain, ...
Posted by Sean Kavanagh
on May 22, 2009