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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

22 April 2019

More red tape for construction industry in Toronto

Toronto City Council canceled a noise bylaw exemption which the construction industry has benefited from for the previous 12 years. Although the final amendment may have saved the construction sector from a strong hit, it’s still a question, whether this change can affect housing affordability.

The regulation was edited, and a permit application for continuous concrete pouring was included instead of the initial straight ban. Nevertheless, more red tape can lead to additional risk the consumer will pay for.

“When a builder needs to apply for a permit, such risks will definitely affect the contract”, - noted Richard Lyall, president and CEO of the Residential Construction Council of Ontario. “A contractor could point to uncertainties and say they can’t make it within the strict period of time, that’s why a contingency fee will be included in the contract in order to protect themselves from possible obstacles out of their control”.

18 April 2019

Millennials are ready to move to suburbs just to get the house of their dreams

The recent poll by TD shows that a third of Canadian Millennials would prefer living in the city, but others are ready to switch to suburbs in order to get the home they wish.

According to the survey, 81% of Millennials want to have their own property. However, as affordability (78%), home size (60%) and good neighbourhood (58%) are the main factors affecting their choice, moving to the suburbs is the most reasonable variant for many.

"Now, Millennials are looking beyond the city, especially when it comes to their future plans and needs, like a larger home for a bigger family," - noted Pat Giles from TD.

16 April 2019

CIBC's prominent economist calls for mortgage stress test revision

CIBC Capital Markets Deputy Chief Economist Benjamin Tal requires from regulators to review mortgage stress tests, noting that its rules are too strict.

He calls for a more flexible rate for the new stress test, which took effect in January 2018 and was aimed at cooling Canadian hottest real estate markets.

“The stress test was probably necessary, as we needed to protect certain Canadian borrowers from themselves,” – Tal said. “However, is 2% the right measure?”.

The stress test on uninsured mortgages, introduced by the OSFI, had to make sure borrowers who provide at least 20% down payment are able to manage their mortgages at the Bank of Canada's five-year benchmark rate or at their contract rate plus 2%.

In Tal’s opinion, the stress test, which was implemented when the markets have already started cooling, has its flaws.

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21 May 2019

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20 May 2019

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17 May 2019

Stephen Poloz doesn’t think changes to mortgage stress test are necessary Despite all the calls, the governor of the Bank of Canada doesn’t think cha...Read more >>
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