Thursday, October 19, 2017 / by Evelyn Lopes
New mortgage rules have tightened for non-insured mortgages_ see RBC article below. It was confirmed that in order for purchasers to qualify under the old rules, an accepted offer to purchase with application for mortgage must be approved prior to January 1st, 2018. Note that the closing can be sometime after January 1st.
Thinking of making a move? - Now may be the perfect time. Questions? Call me at 905-965-5902 Evelyn.
RBC released additional information- see the article below.
CANADA’S HOUSING MARKET
October 17, 2017
As expected, OSFI tightens rules for non-insured mortgages Starting on January 1, 2018, residential mortgage borrowers with a down payment of more than 20% will need to qualify at a significantly higher rate when they do business with a federally-regulated mortgage lender. This was officially announced today by the Office of the Superintendent of Financial Institution (OSFI) as part of final revisions to so-called Guideline B-20 on residential mortg ...
Monday, March 20, 2017 / by Evelyn Lopes
Here is a link to an insightful, recent article that appeared in the Globe & Mail a few days ago. The article addresses the state of the Housing market in Canada and especially Toronto's tight market.Globe and Mail
Thursday, February 16, 2017 / by Evelyn Lopes
Are you thinking of buying a home within the City of Toronto?
IMPORTANT Changes to Toronto LTT APPROVED
- Effective March 1, 2017
City of Toronto Council has approved changes to the Toronto Land Transfer Tax that mean additional Toronto Land Transfer Tax costs for some home buyers with a closing date on or after March 1, 2017, when it will be harmonized with the provincial LTT.
The following changes to the Toronto Land Transfer Tax were considered and approved by Toronto City Council on February 15, 2017. The changes are effective AS OF MARCH 1, 2017, for real estate transactions closing on or after this date:
· Added an additional LTT of 0.5% of the value of a residential or non-residential property from $250,000 to $400,000 (an additional $750)
· Added an additional LTT of 0.5% of the value of a residential property above $2 mil ...