Real Estate in the News

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Real estate news stories that we’ve been following this week.

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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”.