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Saturday, February 22nd, 2020

Canadians’ debt payoffs rise as mortgage principal payments targeted

Contrary to all the hype about consumer debt levels, Canadians are actually paying off their debts at a faster rate than the Bank of Canada estimates, says Canadian Imperial Bank of Commerce economist Benjamin Tal. Indeed, he says consumers are being quite responsible in the face of extremely tempting low interest rates. True, they are […]

Canadian home sales fall for first time in nine months

OTTAWA — Sales of existing homes cooled in September as they fell 1.4% on a month-over-month basis, the first monthly decline since January, the Canadian Real Estate Association said Wednesday. The association said sales through its Multiple Listings Service were down in about 60% of all local housing markets last month. CREA president Beth Crosbie […]

Scotiabank’s Porter Calls Canada Bubble Fears Overblown – Ask a Vancouver Mortgage Broker

Canadian concerns about a housing bubble are overblown in a country where credit growth is modest and the job market is stable, says Bank of Nova Scotia Chief Executive Officer Brian Porter. “Bubble is perhaps the most overused word since the global financial crisis,” Porter said in an interview yesterday in Washington, referring to Canada’s […]

Could targeted land transfer taxes cool Canada’s hottest markets?

Ontario’s real estate association has launched an ad campaign to explain why they believe land transfer taxes hurt the economy. But in a hot housing market, could the tax be used to cool particular regions, such as Toronto and Vancouver? Officials in Ottawa have made it clear they see no need to cool the market […]

What to do when there’s more value in your house than your marriage

He’s a one-percenter. He’s got the high-powered job, a vacation property and a $1.5-million detached home in the heart of midtown Toronto. About a decade ago, he and his wife were fortunate enough to get their foot into the housing market when it was still relatively sane — paying roughly half what the place is […]

Getting a divorce? Here are four things to consider before selling your real estate

About 70,000 Canadian marriages end up in divorce every year. It’s an emotional decision that is almost impossible to decouple from the financial implications that follow. Financial planners often say divorce is one of the worst decisions you can make, at least from a personal finance point of view. We know that, in general, married […]

While Toronto’s housing boom rolls on, some of the housing itself is falling apart

While Toronto’s housing boom rolls on, some of the housing itself is falling apart TORONTO — Toronto has more than 100,000 units under construction as developers and investors seek to cash in on condo prices that are up 25.7% in the city over the past five years. The trouble is, many buildings are so poorly […]

First-time homebuyers are feeling the weight of Canada’s housing boom

Many times over the last few years, John Norquay has been stricken with pangs of anxiety over not being a homeowner. Should you rent or own your home? Bank of CanadaPeople say that when you grow up, you buy a home. But owning doesn’t make sense for everyone and in some cases, it might be […]

Chinese developer Greenland makes its first purchase in Canada — a Toronto condo project

Greenland Holding Group Co., a Shanghai-based developer owned by the Chinese government, said it bought King Blue, a two-tower condominium project in Toronto, its first purchase in Canada. Greenland Holding bought the planned development, which includes 44 and 48-story towers, from closely held Easton’s Group of Hotels Inc. and The Remington Group Inc. for at […]

Canada housing starts cool in August, seen slowing further

TORONTO — Canadian housing starts cooled more than expected in August, while the previous month was also revised slightly lower, data showed on Tuesday, setting the stage for what is widely expected to be a slowing housing market as 2014 draws to a close. A report from the Canada Mortgage and Housing Corp showed the […]

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