CMHC Explores Cutting Red Tape for Self-Employed Borrowers

Canada’s National Housing Corporation (CMHC) is restructuring its qualification requirements in order to make it easier for self employed workers, entrepreneurs and new immigrants to attain homeownership. This involves removing some of the red tape currently required in applying for a mortgage loan. “Right now, under our mortgage insurance policies, you have to be able to document income to get…

Montreal Real Estate Market Update: September 2017

Reading time: 3 minutes, 2 seconds Montreal students build sustainable home for Chinese competition Source: CTV news Students from Concordia and McGill universities have been selected to show off their designs for an energy efficient homes in the 2018 Solar Decathalon competition in China.  The project has been 18 months in the making, and brings together students from engineering, design,…

Team Coderre’s Program Aims to Facilitate Homeownership

Reading Time: 1 minute, 30 seconds The Greater Montréal Real Estate Board (GMREB) is in agreement with Team Coferre’s goal to increase levels of homeownership in Montreal. Team Coderre wants to invest $17 million into Montréal’s first-time buyer program, which helps first time buyers attain homeownership by allowing them to tap into their RRSPs for an interest free loan. The program will now include…

City of Montreal Launches New App and Website

This week, the city of Montreal unveiled a digital platform that aims to help its residents stay connected. Mayor Denis Coderre calls this project a move towards the city’s transformation into a smart, digital network. Users will be able to register up to 5 addresses and receive notifications on snow removal, neighbourhood events, and emergencies. It also allows Montrealers to report problems…

Montreal Emerges as Canada’s New “Luxury Hotspot”

Reading Time: 40 seconds According to a new report by Sotheby’s International Realty, Montreal is emerging as a luxury real estate “hot spot,” while Toronto and Vancouver are experiencing a sluggish period expected to pick up after the fall. Related: Toronto vs Montreal: A Comparison for Real Estate Investors The optimism in Canada’s real estate comes despite a slew of…

Montreal Real Estate Market Update: August 2017

Reading Time: 2 minutes, 10 seconds According to the Greater Montréal Real Estate Board, home sales in Montreal’s residential real estate market reached record highs this August, led by condominium sales. Here is a summary of the GMREB’s findings: 2,899 residential sales closed in August 2017, which is 8% higher than the figure recorded in August 2016. This was the…

Montreal House Price Index August 2017

The Teranet-National Bank House Price Index™ released its August report today. The index is an independent representation of the change in average home prices over time  in Canada’s eleven metropolitan areas: Victoria, Vancouver, Calgary, Edmonton, Winnipeg, Hamilton, Toronto, Ottawa-Gatineau, Montréal, Québec City, and Halifax. All indices started at a base value of 100 in June 2005. So, for example, an index…

Airbnb is Now Fully Legal in Quebec under Landmark Deal

Reading Time: 1 minute, 30 seconds Airbnb and Quebec’s government have struck a deal in which Airbnb will be allowed to operate legally while remitting a “tourist tax” on short term rentals, on behalf of its hosts. Representatives from the home sharing platform and the provincial government sealed the deal at a conference in Montreal on Tuesday. The agreement, which…

Montreal Shifts Towards a Seller’s Market

Reading Time: 1 minute, 56 seconds According to the GMRE data released on Friday, residential real estate sales in Montreal have risen in the month of July across all property types, for the third consecutive month. Home sales in the larger Montreal area increased by 16% last month, compared to July 2016. The largest increase was seen on the Island…

Market News: Qualifying Rate and Mortgage Rate to Increase in 2018

For the past few weeks, invested parties have speculated on a potential Bank of Canada qualifying rate increase, from 4.64%, where it stands today, to 4.74%. Market News: Qualifying Rate and Mortgage Rate to Increase in 2018  For the time being, the British Columbia Real Estate Association is predicting that no change will occur until the first quarter of 2018. BCREA’s chief economist…

Real Estate Market Update: May 2017

Having moved into the second quarter of 2017, there’s much speculation about where the real estate market is headed. The key changes in the past 3 months have been: 1. 2017 Federal Budget favours the housing market On March 22 Bill Morneau, Canada’s Finance Minister, tabled his budget for the upcoming year. Among the proposed measures, the rumours of an increased capital…

Projet Montreal Wants to Tax Foreign Real Estate Investors

Estimated reading time: 0 minutes, 54 seconds. Concerned about about a spike in foreign real estate investors, the opposition at city hall has proposed a tax on foreign investors purchasing real estate in Montreal. Unlike Toronto and Vancouver, where the tax was implemented after reaching crisis-levels when it comes to housing affordability, Projet Montreal wants to give the city the power to…

Ontario Implements 15% Foreign Investor Tax Among Other Measures

Estimated reading time: 3 minutes, 32 seconds Six significant changes were recently implemented in Ontario in an attempt to cool Toronto’s overheated real estate market. A non-resident speculation tax of 15% will be imposed on all buyers who are not permanent residents, in Ontario, Canadian citizens, or Canadian corporations. The non-resident tax will not effect immigrants who have obtained permanent resident status, nor foreign nationals working…

Montreal Real Estate Market Outlook – March 2017

Estimated reading time: 2 minutes, 13 seconds. The first quarter of activity in Montreal’s real estate market has shown signs of shifting in the direction of a seller’s market – with a decreasing number of active listings and a shorter time to sell, but an increased number of total sales. For buyers, finding a good investment opportunity and securing an accepted offer may…

January Outlook: Real Estate Market Trends and Statistics

Estimated reading time: 2 minutes, 24 seconds. Teranet and the National Bank of Canada have collaborated to pull together house price data in Canada’s 6 metropolitan cities (Montreal, Vancouver, Toronto, Edmonton, Ottawa and Calgary). Here is a summary of their findings from December 2016 until January 2017. The National Picture Toronto, Victoria, Hamilton and Vancouver experienced the largest year-over-year house price changes….

Real Estate Market Predictions for 2017

Estimated reading time: 2 minutes, 5 seconds. 2016 has been a year of changes- with new mortgage regulations, amendments to real estate taxation laws, and uncertainty over the effects of the American election on the Canadian market. But Canada’s Real Estate Association (CREA), which represents about 115,000 realtors across the country, predicts a major levelling off in 2017. Here’s what economists, analysts…

New Changes to Capital Gains Tax Rules

Reading Time: 4 minutes, 26 seconds A series of new tax rules implemented across Canada in the last quarter of 2016 will have implications on homeowners and their approach to capital gains strategies. Families with more than one property should take the time to read and understand the new requirements, as a means of minimize the amount of tax owed…

CMHC Warns About Higher Downpayment Rules

Estimated reading time: 1 minute, 34 seconds As the danger of Canadians’ debt grows, the CMHC has announced that higher down payments could be required for the average homebuyer, in the near future. Although a change is not yet on the table, the idea of raising the downpayment with loans backed by federal mortgage insurance is being discussed by the heads…

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