Ads Google

Poll: Have your investment plans changed?

by Justin da Rosa on 21 Nov 2016
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? Let us know by taking our poll today.

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.

Related Stories:
TREB president on the Toronto market’s prospects
Royal Bank of Canada to increase fixed mortgage rates as of Thursday
 



Post a Comment



Most Trending News

Training new skilled trades workers must be a priority
News

While there has been a deceleration in new home sales, we must keep the pedal to the metal and continue to train skilled trades workers for the future.

Read More
To build 1.5M homes, we must think outside the box
News

Many jurisdictions in the U.S. have been thinking outside the box to boost the housing supply. Here in Ontario, we’d be wise to follow suit.

Read More
Upcoming free event: Canadian Real Estate Investment Summit
News

This free summit will feature top experts in Canadian real estate who will share their knowledge on a broad range of topics. It will be presented on Sat. Jun. 18th from 12pm-3pm.

Read More