Imagine it: You buy a house, and the bank offers you a single rate of interest that will keep your mortgage payments steady for the next 30 years. Pay it off early if you like, by the way: no big penalties to fear. And if interest rates drop sharply, you can refinance that loan to…
Stalled home values, rising incomes and falling mortgage rates continue to deliver improvements in housing affordability in Canada, according to a report released Wednesday. And yet, National Bank of Canada estimates show the median household would need to double their annual earnings to qualify for a mortgage on a typical home across the country’s major…
Descrease article font size Increase article font size Young Canadians are holding fast to the dream of buying a home, even as overall rates of ownership are falling sharply, according to a new poll released by Scotiabank Tuesday. The polling shows a steep decline in young homeowners over the past three years as housing unaffordability…
Hopeful Canadian homebuyers may well have their pick of the litter when it comes to condos in many housing markets across the country, a new report from Re/Max Canada shows. The national brokerage said in its national condo outlook released Wednesday that listings in this segment of the market have “soared” in recent months. A…
Proposed changes to remove price caps and extend amortizations on insured mortgages will help renters break into the ownership market, Ottawa argues, but experts are raising flags about the impact on home prices. Proposals unveiled Monday, which one expert called “some of the most significant mortgage policy reforms that we have seen in many years,”…
Canadian youth are prioritizing their efforts to break into the housing market over other traditional markers of adulthood like getting married, according to a survey released Wednesday from RBC. The results show homeownership remains an aspiration despite affordability barriers boxing out many of the youngest generation. Some 78 per cent of single or unmarried first-time…
Some Canadians looking to break into the housing market are now able to get 30-year mortgages, a bid from the Liberal government to make owning a home feel more affordable. Experts who spoke to Global News say that while some homebuyers are likely to see their borrowing power increase because of the new regime, the…
