August 22, 2017

Blog

Should You Get A Status Certificate?

Aug 22, 2017

With the current situation of house prices in the Toronto area, chances are first time buyers (and those of us downsizing) will be looking at purchasing a condo.  What is a Status Certificate. Purchasing a condo or condo townhouse is very different from purchasing a detached home.  All condo buyers should be aware the unit’s status certificate as it provides important details about the unit you are interested in, as well as the condo corporation as a whole.  I strongly suggest you make your purchase conditional on a review of the status certificate. Sometimes the seller will offer to provide you…

Shocking, This All Started 9 Years Ago!

Aug 8, 2017

If I were to ask when you remember the Office of the Superintendent of Financial Institutions (OSFI) making fairly recent changes to the mortgage rules, what would be your guess?  When was mortgage insurance banned on properties over $1 million?  Would you have guessed a couple of years ago?  It was actually 5 years ago! Here’s a brief history of some of those key mortgage rule changes over the past decade: January 1, 2017: OSFI imposed onerous capital requirements on default insurers, thus disadvantaging many bank competitors (and consumers) by jacking up rates substantially on low-ratio insured mortgages. November 30,…

The Facts Behind Our Rising Debt Levels

Aug 1, 2017

We are continually being reminded that Canadians are overextended and in too much debt. So much so, the Ministry of Finance has made getting a mortgage more difficult and changed the rules to qualify for financing. What has recently been discovered is that while this may be true, we have generally borrowed wisely to build our net worth to record levels. Warnings about household debt often ignore assets and skew the picture. The $10.3-trillion in net worth of Canadian households is the result of debt accumulated to finance assets such as real estate and investments, according to a Fraser Institute…