Municipal governments are starting to put green standards in place for developers and builders to follow to help protect the planet. But will it really work?
Interest in refinancing is accelerating significantly amid the COVID-19 pandemic, according to comparison site Lowestrates.ca.
“We have seen a huge increase in the number of consumers coming to our site to compare rates and see if they can save money by breaking their current mortgage and renewing early or refinancing,” said Justin Thouin, chief executive of Lowestrates.ca.
The site’s metrics showed that the volume of refinancing inquiries made through the site increased by 326% month-over-month in March, when the coronavirus first took hold of Canadian markets, according to CBC News.
In early June, Statistics Canada said that mortgage borrowing – and overall credit market activity – has grown along with a noticeable decline in debt-servicing costs.
As of the end of Q1, national credit-market debt was at $2.33 trillion, with $1.53 trillion in mortgage balances and $802.1 billion in consumer credit and non-mortgage loans. During the same time frame, the household debt-service ratio (DSR) stood at 14.67%, from the 14.81% in Q4 2019.
“One silver lining in [the latest] report was the decline in debt-servicing costs, with the DSR falling for the first time in more than two years as interest rates fell across a broad range of loans,” said Ksenia Bushmeneva, TD Bank economist. “In addition to lower interest rates, deferrals and other modifications of mortgages and other credit products also helped lower expenses related to debt servicing.”
The survey shows that buying a home in a major city centre has risen 5% since last year.
The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.
Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.
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