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Property Assessment vs. Market Value

The assessed value of your home doesn’t tell the whole story.  You really need a professional to know how much your house is worth.  

35% Downpayment… The New Conventional Mortgage?

If you’re looking to buy a new home, one of the most difficult things can be putting together a down payment for the mortgage. So how much do you really need to put together before you can get into the home of your dreams? Let’s take a look at some of the different options, with their various pros and cons.   0% Down – A Thing of the Past? If you’ve been in the housing market before, you might remember a time when banks offered extremely inexpensive mortgage options, including the “zero down payment” mortgage. Although these types of mortgages were extremely attractive for obvious reasons, you may remember a something called the Great Recession of 2008. The unfortunate downside to these mortgages was that far too many unqualified buyers were opting into mortgages they could not realistically afford. When these people defaulted en masse, it led, in part, to …
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Ion Express Train for Waterloo Region

3 Ways Transportation Will Make Waterloo Region Explode

  Waterloo Region and Hamilton are leading the way nation wide for real estate growth and there is no end in site.  According to the Province, every year 10 thousand people move to Waterloo Region.  Over the next 20 years the population of Waterloo Region is expected to grow by 200 thousand people.  It’s the equivalent of adding another community the size of Kitchener to the area.  This is obviously fueling the local real estate market. Agents actually camped out for a week to get a shot at buying properties in the area for clients from out of town.  There are a number of reasons this region is so attractive.   Kitchener-Waterloo offers a strong, diverse economy with great quality of life for residents and housing is still relatively affordable.  One particular strength is that the area is investing heavily in transportation infrastructure as it plans for growth.

CMHC Premium Increase – What it means for you

As most of you will know, Canadians that borrow from a financial institution covered by the Bank Act with less than 20 per cent down payment must have mortgage default insurance.  The premiums that they charge are calculated based on the loan-to-value ratio of the mortgage. Before we get to insurance premiums, let’s first look at what the loan-to-value ratio means.  As the name suggests, it is a calculation of the value of a home or property (value) vs. the amount of money borrowed (loan) to purchase that home.  Here are two examples: Melanie and Ron have saved up $35,000 for a downpayment.  They are interested in purchasing a home that is listed for $290,000. They will need to borrow $255,000 to purchase this home.  Their downpayment represents 12% (35,000/290,000) of the purchase price, meaning that their loan-to-value ratio is 88%.  Melanie and Ron would have to have mortgage default insurance …
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Housing Prices Continue to Creep Up

Dr. Sherry Cooper is Dominion Lending Centres’ Chief Economist, and in her latest blog post, she looks at the recent mortgage rule changes, current market trends, and even the effects of the US Presidential election that could be felt here in Canada. It looks like more and more people are taking advantage of the high housing demand in our area, as the number of houses that were listed in October rises, as expected. NEW LISTINGS EDGE UPWARD The number of newly listed homes climbed 1.7% in October compared to the prior month. Led by a marked increase in the GTA, new listings increased in about 60% of all local markets. Housing inventory has been in acutely short supply in the GTA. The rise in new listings last month supported a rise in sales in the GTA and nationally. The national sales-to-new listings ratio at 62.9% in October, compared to 62.4% …
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New Mortgage Regulations: What You Need to Know

This week brought new government regulation changes when it comes to mortgage financing in Canada.  These regulations apply to high-ratio buyers, and become effective on October 17th, 2016. There is pressure and potential for rates to go up at this time, and it is important to know how these changes will affect you.  Timing is crucial.    If you are looking to purchase or refinance, call our office today!  We are happy to look over your purchase details, or review your current mortgage. Office: 519-745-8019 Here, Pauline Tonkin, one of DLC’s Accredited Mortgage Professionals lays out some examples of these changes and their results.  Check out her article below: The Minister of Finance announced on Monday new Canadian mortgage rules effective October 17,2016. The new rules will impact high ratio buyers – those with less than 20% down payment. Other rule changes are expected to follow so stay tuned for details as they unfold. …
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Kitchener-Waterloo’s Housing Market is Getting Hotter by the Day

by Sandra Rohfrietsch   While it’s certainly easy to be intimidated by the prices that you might see as you browse MLS into the wee hours of the night, mortgage interest rates are still at a historical low.  If you’re looking at purchasing for the first time, you’re thinking, “What does that mean?!”  With rates as low as they are, the cost of borrowing associated with your mortgage is lower than ever before.  You also need to look at other fees that can be tied to different mortgage products.  For example, some mortgages don’t allow for additional or increased payments, while others allow you to pay down your principal mortgage amount by up to an additional 20% per year, saving you money over the lifetime of your mortgage. It’s important to recognize and understand these options and fees, and that is where a Mortgage Broker comes in.  Brokers and their …
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Slowing Housing Market Could Harm our Economy, according to CIBC Economists

August 17, 2016 The blazing fast growth of housing prices in Canada’s most in-demand cities has rendered purchasing homes impractical for all but the wealthiest would-be buyers, but a CIBC economist argued that political intervention will only make things worse.In an August 11 research note, CIBC chief economist Avery Shenfeld warned that government pressure on the residential real estate segment would drastically slow down the national economy, BNNreported. “While some might welcome a cooling-off period for these markets, the same can’t be said for the Canadian economy,” Shenfeld stated. “Interest rate hikes or much tougher mortgage policies could put a damper on house prices, but at the expense of economic growth.” Numbers released by Statistics Canada earlier this month revealed that housing and bank lending together comprise around 20 percent of the economy at present. Real estate currently accounts for 12.4 per cent of the GDP (13.2 percent with leasing included). …
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Purchasing outside of Canada? Read this before you make your move.

Our Chief Economist, Dr. Sherry Cooper looks at the ins and outs of British Columbia’s new foreign-owned land tax below. July 27, 2016 In a surprise move, British Columbia introduced a new 15 percent property transfer tax on foreign real estate buyers in Vancouver on Monday, action intended to calm soaring prices. The new tax would apply to buyers who are neither Canadian citizens, nor permanent residents. The definition of foreign buyer appears to include international students and temporary foreign workers. The reaction so far has been mixed, but clearly it has raised issues on a number of fronts. One concern is enforcement. The new tax, which is quite hefty, amounting to $300,000 on a $2 million property, could be difficult to enforce as foreign buyers might circumvent the tax by having Canadian residents buy on their behalf. It is suspected that many foreigners already buy properties through local residents. B.C. said it would …
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New Innovation Complex Coming to Kitchener-Waterloo!

Karen K. Ho The Globe and Mail Published Tuesday, Jun. 21, 2016 5:26PM EDT Kitchener-Waterloo is set to get a large new innovation complex specifically aimed at new hardware companies and exceeding the size of a pioneer facility in Shenzhen, China. The 475,000-square-foot project, named Catalyst137 after its Kitchener address on Glasgow Street, was announced on Tuesday by Frank Voisin, president of real estate investment firm Voisin Capital, and Miovision Technologies chief executive Kurtis McBride. This is a catch-all ASF view; only displays when an unsupported article type is put in an ASF drop zone Tech firm Miovision, which specializes in the collection and analysis of traffic data, is currently located in Kitchener, Ont. Mr. McBride said the idea for the almost five-hectare building started when his company went to its 120 employees for ideas on where they should move and the amenities they’d like in their new space. “They gave …
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