Your Hot Summer Mortgage Market

Tips for the summer mortgage market

June 21, 2013

On the hunt for a new home or mortgage rate this summer? Chances are, even if you’re an old salt at buying and selling, you’re a tad overwhelmed. After all, a recent home buying poll found two thirds of Canadian buyers found the overall experience to be stressful.

If fretting over your down payment or debt ratios is keeping you up at night, read on to get a handle on home ownership this summer.

Stop Mortgage Stress: 3 Tips

It doesn’t matter how much you research and plan – getting a mortgage is still a hugely stressful process, according to a new poll by ING. Respondents said that the home financing process was “confusing”, “complicated” and “hard to figure out” – to say nothing of expensive!

While the largest purchase of your lifetime is unlikely to be a zen process, there are ways to tone down the turmoil. Check out our tips for beating big mortgage stress.

Read Allan’s Blog | Stop Mortgage Stress

Real Estate: Hottest Housing Markets 2013

Sales may be slowing nationwide, but Canada’s largest urban markets are still a hotbed of competition, driving up prices and putting a cramp in homebuyer affordability.

Are you living in one of our nation’s top mortgage markets? Read on for a recap on real estate conditions in Toronto, Vancouver and Calgary.

Read Diane’s Blog | Hottest Housing Markets 2013

Condo or House: What’s the Better Buy?

With single detached family homes becoming an endangered species in urban markets, condos provide buyers with an affordable way to break into the housing market. However, if your motives surround making an investment rather than a home, they don’t always provide a great return.

Check out our guide to the pros and cons of condo ownership, and whether buying one is the right choice for you.

Read Melanie’s Blog | Condo or House: What’s The Better Buy?

And in this week’s hot and fresh finance headlines…

How Government Fees Increase Your Home Purchase Price

Government fees can increase the closing costs on your home – by as much as one fifth of the total cost! What is this money used for, and what should buyers know about these additional charges?

Read Rubina’s Blog | Government Fees Increase Your Home Price

Land Transfer Tax in Toronto: Fair to Home Buyers?

The Land Transfer Tax in Toronto was implemented in 2008, and can substantially add to a home buyer’s closing costs. While the tax reaps great income for the City of Toronto, is it fair for buyers to shell out extra in order to live within city limits?

Read Jaclyn’s Blog | Land Transfer Tax In Toronto

Why Is Saving So Hard For Gen Y?

Why is saving so hard for today’s 20 and 30-somethings? A unique mix of financial factors is making it challenging for millennials to manage their money, according to a TD study.

Read Andrew’s Blog | Why Is Saving So Hard?

Another Fixed Rate Mortgage Increase From TD

TD increased their five-year fixed mortgage rates this week to 3.39 per cent, their second rate hike in as many weeks.

Read Penelope’s Blog | Another Fixed Rate Mortgage Increase

Canadians Confident About Investments and Economy

It appears the cloud of recession pessimism may be lifting from Canadian investors. A recent TD poll found that respondents feel generally good about their investment portfolios, and about the Canadian economy as a whole.

Read Sean’s Blog | Canadians Confident About Investments

Financial Advisors For Seniors

Financial advisors for seniors should address the unique needs of those preparing for retirement. Here’s how to choose the right one, and spot whether an investment strategy may not be in your best interest.

Read Andrew’s Blog | Financial Advisors For Seniors 

CREA Adjusts Forecast Due To Strong Spring Sales

Fears of a sliding market have persisted since last summer’s CMHC rule implementation, but home sales keep defying doom and gloom predictions. Stronger than expected May sales have prompted CREA to adjust their market activity forecast for 2013 and 2014.

Read Penelope’s Blog | Strong Spring Home Sales

Life Insurance Lessons From Dad

Your dad’s always got your back – and a recent RBC study finds this plays a large role in the type of life insurance fathers prefer.

Read Andrew’s Blog | Life Insurance Lessons From Dad

Want Financially Responsible Kids? Create a Consistent Message

Want to raise financially responsible kids? It’s important to clearly establish on your own personal money values first.

Read Gordon’s Blog | Want Financially Responsible Kids?

You Answered!

What are Canadians saying about personal finance this week? We asked our readers:

What is the most stressful aspect of getting a mortgage?

56.1% of prospective home buyers say that saving enough for a larger down payment (and avoiding those pesky default insurance premiums) caused the most stress when obtaining a mortgage.

32.5% say it’s all about location – trying to buy in one of Canada’s large urban markets such as Toronto or Vancouver presents significant challenges.

 11.4% said optimizing their credit and debt ratios in order to qualify for a mortgage was the toughest part.

Get in on the winning action by answering this week’s question:

Are you saving for a vacation or road trip this summer?

Thanks for tuning in this week! Got a great idea for a blog post? I’d love to hear from you! Write your thoughts in a comment, or pop by on Twitter or Facebook :)

– P

Related Topics

Buying A Home / Mortgage News / Mortgages

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