Each week there seems to be another release surrounding the fate of the Canadian real estate market … is there a bubble and will it burst? And what about those CMHC changes and the hurdle that first time home buyers are faced with?
Many Canadian boomers are considering trading the family home for a compact condo to cut living costs. There’s a lot of money to be saved by downsizing – but be aware of your changing financial strategy and insurance needs as well.
Taking out mortgage insurance may seem like a breeze, especially compared to the lengthy process of life insurance. Turns out, you’re paying for that convenience with the quality of your coverage – and you may find yourself without any, right when you need it most.
Canada’s three major urban centres have experienced a downturn recently, with an increase in unsold inventory from this time in 2011. Is Canada’s reliance on credit to blame?
What is a REIT and how can you use it to capitalize on the inflating housing market? REITs are highly liquid (vs. having a property as an asset in your portfolio), cost effective (less expensive per unit than real estate) and they allow you to invest in non-residential property as well if you so choose.
Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192.
The CMHC had added their predictions to the cooling housing market pile – and they’re fortunately less extreme than past calls of a 10 per cent drop. While they’re forecasting a slowdown in pricing, new construction and existing home sale figures, Canada’s housing market is still sitting pretty compared to the U.S., where 4 million homeowners are now underwater on their mortgages.
CAAMP released its fall consumer report today, The Annual State of the Residential Mortgage Market in Canada. So what’s on the horizon for the mortgage market? Here are the top highlights from this quarter’s report.