Investing in pre-construction condos in Ontario involves understanding occupancy and closing costs. The interim occupancy period allows buyers to occupy their unit before the title transfer, requiring payment of occupancy fees, which include interest on the unpaid balance, estimated maintenance fees, and property taxes. These fees do not build equity. Closing costs arise once theRead more
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Ontario's financial services regulator, FSRA, is implementing measures to promote fair outcomes for individuals obtaining or investing in mortgages. Continue to full articleRead more
The Bank of Canada, led by Governor Tiff Macklem, is considering further rate cuts following a drop in the consumer price index to 2%, the lowest since February 2021. Macklem noted that the bank has achieved key goals in managing inflation, which is now within the target range. The next monetary policy decision is setRead more
Ottawa's new mortgage rules aim to assist homebuyers in the Greater Toronto Area (GTA). Eliminating the 20% downpayment requirement for $1M to $1.5M homes increases accessibility.Read more
The Bank of Canada cut its key interest rate to 4.25%, the third consecutive cut since June. The rate was lowered by 25 basis points due to easing inflationary pressures.Read more
Canada’s largest mortgage lender faces rising delinquencies in the Greater Toronto Area mortgage portfolio. Serious delinquency rates surged to 0.27% in Q3 2024, a 42% increase from the previous quarter.Read more
Keep essential mortgage documents until you no longer need them, like after selling your home. Monthly mortgage statements can be discarded post-loan, but online copies may be useful for tax purposes.Read more
The national housing market slowed in Early-Q3, but prospects are improving with interest rate cuts. Expert economists predict increased market activity next year due to expected further rate cuts.Read more
76% of mortgages due for renewal by end of 2026. Variable rate mortgages risk negative amortization, increasing principal balances.Read more
Canadians' rising savings rate, now at 7.2%, may not adequately shield homeowners from upcoming mortgage renewals, according to a CIBC report. The true excess savings could be between 5% and 13% of household income, rather than the 25% suggested by national accounts. Most savings are held by homeowners without mortgages, while those with significant mortgageRead more
