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Mortgage Stress Test: Everything You Need To Know About It

Wednesday Aug 11th, 2021

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Toronto Condo Team

The new mortgage stress test rules are out. With these rules, it will be more difficult for new and renewing mortgage borrowers to be eligible for their home loan commencing June 1st, 2021. The “stress test” now looks at a higher threshold. The Introduction to Stress Test A mortgage stress test was introduced in 2018 for all Canadian homebuyers. This catered to validating whether they can make a down payment of 20% or more on a home. Additionally, new mortgage stress test... [read more]

Buy a College condo for your kid and skip the Dorm

Saturday Mar 30th, 2019

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Toronto Lofts For Sale

  When Alex & Marriot's daughter went to college in another state, the idea of shelling out more than $80,000 for rent in four years, had the couple deep in apprehension. They determined that it was a needless financial sinkhole; something they had better find an alternative to. So, the duo did what they deemed a prudent financial move. They bought a condo for their away-from-home daughter near the university she was studying at. While this would have many gaping at horror... [read more]

Toronto Real Estate Board Takes it up to Ottawa to Loosen up on Mortgage Rules

Monday Mar 25th, 2019

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Toronto Condo Team

  Last month, the Toronto Real Estate market experienced its steepest monthly sales decline in a year. The city’s realtor board is of the opinion that the revised mortgage rules are the culprit behind the decline in sales and need to be reviewed before they keep more buyers on the sidelines. According to reports by the Toronto Real Estate Board on Tuesday, sales fell 7.7 per cent to 6,212. Benchmark prices, which vary from home type to home type, climbed 0.8 per cent from the... [read more]

How Much Money Do I Need to Buy A House in Toronto?

Thursday Jan 24th, 2019

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Toronto condo purchase

The cost of buying a home factors in way more than the moving truck rental and the initial purchase price. First time home-buyers get a massive surprise on the closing day when they see the amount they are presented with the final cost. Wouldn’t it be better to be financially prepared by knowing what to expect in advance? While industry leaders may look at the Toronto housing market through an analytical lens of interest rates, shifting sales numbers, and percentages. However, an average... [read more]

New Lending Rules in Canada

Tuesday Dec 12th, 2017

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Buying a condo in Canada has been easier in the past due to the lenient lending rules in Canada. The housing market of Canada is fast and the government has been trying to slow down this market. This time, there are some major changes being introduced by the banking regulator of Canada, OSFI, which will be implemented from 1st January 2018. Fears of the Government of Canada: The changes are due to the housing market situation in the country. the government has been taking into... [read more]

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