Increase to minimum down payment as of February 15, 2016.
Requirements will remain at 5 percent down payment for homes under $500k. Minimum down payment requirements on homes valued over $500,000 will require a 10 percent down payment. For example a $700k home will require a $45,000 down payment, 5 percent on $500,000 and 10 percent down on the remaining $200,000.
Home prices in Toronto and Vancouver are on pace to increase nearly 10 per cent in 2015 while Calgary’s are falling less than expected, meaning the nationwide average price should grow 6.1 per cent this year, according to a new forecast from Royal LePage.
The Royal LePage House Price Survey and Market Survey Forecast analyzed sales in 90 markets during the second quarter of this year and found that prices increased year-over-year by 7.5 per cent to $438,938 for a detached bungalow, 6.8 per cent to $471,002 for a standard two-storey house and 3.9 per cent to $268,583 for a standard condominium.
Royal LePage president Phil Soper said the second-quarter averages were heavily influenced by Toronto and Vancouver, which have “prosperous labour markets driving demand for housing that is in limited supply.”…………
Josh Dehaas, CTVNews.ca
Published Tuesday, July 14, 2015 6:05AM EDT
Last Updated Tuesday, July 14, 2015 11:29AM EDT
More Canadians to buy homes due to low interest rates
More Canadians are considering becoming homeowners as lower interest rates make it even more attractive. With rents higher and mortgage rates lower, almost half of all those surveyed said they were thinking of getting on the property ladder in the next five years. Among the younger demographic that figure was 75 per cent. The Bank of Montreal report shows that 15 per cent of those thinking of buying are doing so as a direct result of the Bank of Canada’s rate cut. The lower oil prices are also playing a part with those in Ontario and Atlantic Canada feeling particularly upbeat about finances thanks to lower gasoline prices. However, for many households the survey shows a focus on cutting existing debts rather than taking on new ones.
Source:http://www.canadianrealestatemagazine.ca/news/daily-market-update-187697.aspx
RBC cuts mortgage rate, price war coming?
It was always going to happen but while last week the big lenders were reluctant to pass on the Bank of Canada’s interest rate cut to borrowers, this week there’s talk of a price war. Royal Bank of Canada has become the first of the big banks to cut mortgage rates, dropping its 5-year fixed rate deal to 2.84 per cent and also cutting its other fixed products. Flexible rates are unchanged though along with other lending from the bank. Of course these rates are their published deals and brokers frequently secure better ones but a ‘battle of the rates’ creating headlines can only help the perception that now is a great time to buy. How low those rates go is anybody’s guess but there are already predictions of sub-2 per cent mortgages.
Source:http://www.canadianrealestatemagazine.ca/news/daily-market-update-187519.aspx
Vancouver, BC – June 13, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 8,729 residential sales were recorded by the Multiple Listing Service® (MLS®) in May, up 13.9 per cent from May 2013. Total sales dollar volume was $4.9 billion, an increase of 20.6 per cent compared to a year ago. The average MLS® residential price in the province rose to $565,233, up 5.8 per cent from the same month last year.
“Consumer demand was noticeably stronger last month, with unit sales posting their highest level for the month of May since 2007,” said Cameron Muir, BCREA Chief Economist. “Rock bottom mortgage rates are inducing many would-be home buyers to enter the market this spring.”
“With most BC markets now in balanced conditions, home prices are up in nine of 11 board areas,” added Muir.
During the first five months of the year, BC residential sales dollar volume was up nearly 26 per cent to $18.8 billion, compared to the same period last year. Residential unit sales were up almost 17 per cent to 32,894 units, while the average MLS® residential price was up 7.7 per cent at $571,648.
Click here for more information: http://www.realtorlink.ca/portal/server.pt/gateway/PTARGS_0_146252_18576_582_87462_43/http%3B/wci-publisher%3B7087/publishedcontent/publish/british_columbia/bcrea/bcrea_news2/articles/strongest_may_for_home_sales_since_2007__bcrea_.html
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was little changed in February 2014 on a month-over-month basis.
Highlights:
•National home sales edged up 0.3% from January to February.
•Actual (not seasonally adjusted) activity stood 1.9% above February 2013 levels.
•The number of newly listed homes edged up 0.6% from January to February.
•The national average sale price rose 10.1% on a year-over-year basis in February.
•The MLS® Home Price Index (HPI) rose 5.1% year-over-year in February.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations was little changed from January to February 2014, edging up just three tenths of one per cent. The February result follows five straight monthly declines and leaves activity 9.3 per cent below the peak reached in August 2013.
| The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kamloops Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. |
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