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Mortgage Stress Test Is Here!

(December 2017) The federal government confirmed in October that new rules for qualifying for conventional mortgages will be in place by the start of 2018. It is intended that these new rules will ensure borrowers can handle their payments if rates go up.The new rules apply to conventional mortgages where the downpayment on a purchase is usually OVER 20% of the purchase price. In 2016, similar rules had been introduced for hi-ratio mortgages where the downpayment is less than 20%. We have attached an article from the canadianmortgagetrends.com website.
 

Stat Snippet: Days on Market tells an interesting story

(July 2017) Its no secret that the local real estate market was robust, if not over-heated, in 2016. If we conclude that the market will eventually become more balanced, then what are the signs of a shift back toward moderation? Think about how long a home is available as one of the statistics that will reveal truth about the market.  The chart shows how median days on the market has progressed over the last year for each of detached houses, townhomes and apartments.  Traditionally, apartments have shown the longest days on the market and houses have been the shortest.  These days apartments are selling the fastest.  Its worth noting that houses are not floundering on the market; it is remarkable that typically more affordable properties like apartments and townhouses are selling faster.  It fits with what we are observing in our business and what many of our contemporaries are sharing of their experiences.  If you have a question about the market or want to know more, send us a note or call us.

Its no secret that the local real estate market was robust, if not over-heated, in 2016. If we conclude that the market will eventually become more balanced, then what are the signs of a shift back toward moderation? Think about how long a home is available as one of the statistics that will reveal truth about the market.  The chart shows how median days on the market has progressed over the last year for each of detached houses, townhomes and apartments.  Traditionally, apartments have shown the longest days on the market and houses have been the shortest.  These days apartments are selling the fastest.  Its worth noting that houses are not floundering on the market; it is remarkable that typically more affordable properties like apartments and townhouses are selling faster.  It fits with what we are observing in our business and what many of our contemporaries are sharing of their experiences.  If you have a question about the market or want to know more, send us a note or call us.
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