Tag Archives: condos

10% Minimum, Raising the Wrong Bar

If you’ve been in the market for a mortgage in the last couple of months there is almost no chance you haven’t noticed the talk of an increased minimum down payments from 5 to 10% on loan amounts over $500,000.  What this means for you?  Well if you’re buying a house under 500k, nothing, if you’re buying a house over 500k?  Simple, instead of putting a down payment of 5% … Read More

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Toronto Residents Forced to Rent

The Department of Finance seems to be getting its wish of reducing the amount of mortgage debt, but is it in the best interest of Canadians?  MLS data revealed that the number of Toronto condos leased in the first quarter of this year soared by over 31 per cent compared to the same period last year.  Alternatively, the number of new Toronto condos sold in the first quarter of this … Read More

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Qualifying for Condos

First time buyers need to know what price range they can afford, both in terms of personal choice and mortgage approval purposes.  What they don’t often realize is that the condo fees can make or break their ability to purchase. The condominium market has grown rapidly especially in the Toronto and Vancouver urban markets.  The benefits of not having to maintain the outside of your home, the peace of mind … Read More

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Freehold, Condo, Leasehold or Co-operative

When purchasing a home most buyers only distinguish between freehold and condominium.  This normally doesn’t pose a problem because 98% of land ownership is held in one of these 2 forms.  Some buyers will take title to their new home as leasehold or as a co-operative without knowing the facts and this could spell disaster down the road. Under leasehold ownership you typically take full ownership of the building, but … Read More

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Toronto Condo Prices on the Rise

Toronto condo prices are expected to jump a healthy 2.50% in 2013.  For the average $305,000 condo this equates to an increase of $7,625.  These findings were released in a report authored jointly by Genworth Canada and the Conference Board of Canada.  The report focused on 8 major Canadian cities and forecasts price increases in all markets except for Vancouver, the countries priciest market. “This data corroborates our view that … Read More

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Experts Warn of Housing Price Increases and Decreases

Am I the only one that’s confused?  I never bought into the “bubble mania” that the industry “experts” were selling, but now there’s talk of a housing shortage in the Toronto market driving prices up to Vancouver levels.  The Toronto Star‘s Sunday edition featured the front page warning. Developers aren’t stupid.  Along with the financiers that control them, they won’t break ground until they’ve sold the majority of their project.  … Read More

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Hot Condo Market Will Chill Mortgage Lenders

The number of Canadian housing starts was strong in March, rounding out a hot first quarter.  According to the Canada Mortgage and Housing Corporation (CMHC), the seasonally adjusted annual rate was 215,600 units in March – up from 205,300 in February.  “The upward movement in March was largely due to an increase in multiple starts, particularly in Ontario and the Prairies.”  Multiple starts refer to condo development as opposed to … Read More

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