Federal government increases minimum down payment for homes over $500,000
Homebuyers will now have to put 10 per cent down on the portion of the home purchase price over $500,000.

465,000 people may miss start of Ontario’s low-income energy rebate
The lights go out on Ontario’s provincewide energy rebate Dec. 31 — and fewer than seven per cent of the eligible low-income households have applied for the discount program intended to replace it, CBC News has learned. Have you passed information about this rebate program to your clients?

CMHC says annual pace of housing starts picks up in November to 211,916
The Canada Mortgage and Housing Corp. said Tuesday the annual pace increased to 211,916 units in November compared with 197,712 units in October. That compared with the 197,300 that had been expected by economists, according to Thomson Reuters.

Brokers scoff at O’Leary’s housing take
“Based on O’Leary’s track record, everyone should run out right now and buy houses,” Dave Larock, a broker with Integrated Mortgage Planners wrote in the comments section of MortgageBrokerNews.ca. “This is the same guy who told everyone to lock in to a fixed-rate mortgage in 2012 when they were offered at 3.00%, predicting that anyone who didn’t would get ‘slammed.’” Also read “Housing starts rise unexpectedly, fuelling boom“.

Ottawa may want to consider targeted steps to cool mortgage borrowing: report
Steps that could be considered included raising required credit scores, capping total debt-service ratios at lower levels, increasing qualifying interest rates or varying the minimum down payment by the size of the mortgage.

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Stephen Harper pledges higher RRSP withdrawal limit for 1st time homebuyers
Increasing the upper limit to the Home Buyer’s Plan is a great idea, allowing more Canadians to purchase their first home. Also read “Harper pledges to track foreign property ownership“.

What the Current Canadian and U.S. Employment Trends Mean for Our Mortgage Rates
The latest Canadian employment data was less encouraging, showing a shift in momentum away from full-time work toward more part-time work, but that trend was offset by rising wages and signs of renewed export growth. Also read “Ultra-low interest rates are here to stay says mortgage lender” and “The Fed Will Probably Raise Interest Rates Twice in 2015“.

Mortgage brokers calling for tighter regulations in wake of alleged fraud
Bad press for mortgage brokers and fraudulently completed mortgage applications cast a long shadow on the industry.

July housing starts slip from June: CMHC
Despite the 5.9% drop in urban housing starts supply continues to meet demand. Also read “Value of Canadian building permits jumps nearly 15 per cent in June, says Stats Canada“.

CMHC Releases Quarterly Results of its House Price Analysis and Assessment Framework for Canada and 15 Markets
Of particular interest in this report : “In the case of Toronto, strong price acceleration in 2015 reflects a larger share of sales of pricier homes. The rise in house prices have not been matched by growth in personal disposable income, giving rise to a modest risk of overvaluation”.

Risks To Canada’s Economy Are On The Rise, Bank Of Canada Warns
House price growth continues to outpace income growth and that could be the fuse that leads to a house pricing correction says the Bank of Canada, but we are on a better economic footing to absorb economic shocks. Also read “Should Stephen Poloz be more worried about the Canadian economy?“

Toronto condo construction heating up again, housing agency says
This key economic indicator is showing a jump from last month to a seasonally adjusted rate of 201,705 units from 183,329 in April. Also read “Dip in multi-family construction intentions“.

Average price of detached home in Toronto hits $1.15M
A new record is set in the GTA after a record smashing April. Listing remain far behind demand which is putting upward pressure on prices. Also read “West Vancouver home sparks bidding war, sells for $1.1 million above asking“.

18% of first-time homebuyers get help from parents, CAAMP says
The “bank of mom and dad” is helping almost 20% of first-time home buyers. Is this due to poor budgeting as these first-time buyers underestimate the price they will be paying for their home? Or is the overall affordability just not within reach? Also read “Mom helping son with down payment ends in family feud“.

Online real estate brokerage Zoocasa shuts down
Zoocasa will be closing down their operations June 22, 2015. Also read “Real estate website Zoocasa to shut down June 22“.

Fake Real Estate Bids Face Ontario Crackdown
July 1, 2015 is the day new regulations become law concerning “phantom bids” to combat the undocumented “there’s another bid on this property” that some unscrupulous brokers have been caught doing.