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It’s sure been a whirlwind couple months of the housing industry. Let’s take a look at what has had an impact on markets recently.
Vancouver’s 15% sales tax
Implemented in August, the province announced a tax on foreign buyers in a bid to protect the country’s hottest housing market. The result has been a drops in both sales and value.
Department of Finance mortgage changes
On October 3, the Department of Finance announced sweeping mortgage changes that included a mortgage rate stress test for all insured mortgages. Another major change, which is expected to have an impact on investors, is that all portfolio insured mortgages for single unit properties must be owner-occupied.
First-time homebuyer tax break
Aspiring buyers in Ontario were given a break in the form of a larger rebate on land-transfer taxes. The province doubled the eligible amount to $4,000 – making it slightly easier for long-time renters to finally take the ownership plunge.
Lenders raise their rates
Earlier this month TD announced it was hiking its mortgage prime rate to 2.8%.
RBC followed suit Tuesday by announcing it was raising its special offer for a five-year fixed rate mortgage to 2.94 per cent, an increase of 30 basis points.
The lender also said it's raising its special offer for a four-year fixed rate mortgage to 2.79 per cent and three-year fixed rate mortgage to 2.69 per cent, increases of 30 and 25 basis points, respectively.
TREB president on the Toronto market’s prospects
Royal Bank of Canada to increase fixed mortgage rates as of Thursday
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The housing market is due for some volatility due to some recent policy and political changes. Have your investment plans for 2017 changed at all?