Real Estate in the News

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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 “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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