As the number of homeowners facing mortgage renewals with higher interest rates continues to rise, many find themselves in the difficult position of potentially having to sell their homes. However, experts suggest that there are steps financially strained homeowners can take before resorting to selling. “It’s important to recognize that selling the house might be …
From the surging demand in real estate due to ultra-low interest rates to the sudden rise in interest rates not seen in a generation, staying updated on the ever-changing mortgage landscape has been challenging. Now, with interest rates expected to remain high for an extended period, homeowners who secured low rates in previous years are …
The Liberal government’s latest plan to increase the supply of rental housing involves expanding a program that helps developers secure cheaper mortgage rates. As interest costs rise and impact the feasibility of new projects, the government aims to mitigate these challenges. Yesterday, Finance Minister Chrystia Freeland announced that the federal government is raising the annual …
Prospective homebuyers had “more choice” in Canada’s housing market in August as a rise in new listings met a slowdown in activity, according to the national real estate association. Home sales fell 4.1 per cent between July and August, the Canadian Real Estate Association (CREA) said Friday. Slowdowns in the Greater Vancouver Area, the Fraser …
According to a new survey released by Re/Max Canada on Tuesday, Canada’s housing market could experience a slowdown this fall as potential buyers and sellers wait to see what the Bank of Canada does with interest rates. The report suggests that home prices will remain stagnant from August until the end of the year due …
As interest rates continue to rise, many individual buyers are being priced out of Canada’s housing market. In response to this, brokerage firm Royal LePage has released a report indicating that Canadians are increasingly turning to family and friends to afford a home. The report, based on an online survey conducted by Leger in August, …
Many Canadian homebuyers eagerly waiting for the completion of their pre-sale units are now receiving cancellation notices from developers, leaving them discontented and struggling to recover their deposits or seek further compensation. Real estate lawyers from Canada’s busiest housing markets have revealed that the outcomes for buyers depend largely on their contracts. The Canadian Home …
The federal government is facing increasing pressure to address the housing supply shortage in Canada. As opposition leader Pierre Poilievre criticizes the government for unaffordable housing, the minister in charge of the housing portfolio is exploring new approaches to tackle the issue. The rising levels of immigration and the impact of rising interest rates have …
Canada’s housing market is experiencing a slowdown in homebuying activity, which is allowing for an increase in inventory, according to the Canadian Real Estate Association (CREA). In July, national home sales decreased by 0.7% compared to the previous month. CREA stated that the housing market has been stabilizing after a bustling spring, as the Bank …
Chris Burke and his fiancée have spent the past three years trying to save for their first home, but they keep encountering obstacles. The first challenge was saving for a down payment, and now rising interest rates have pushed their homeownership dreams even further away. This setback has not only stalled their plans to get …