Saturday, Sept 28, 2019
Volume 28 Number 39
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Bank of Canada lowers qualifying rate used in mortgage stress tests The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.19 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped from 4.74 per cent to 4.64 per cent, and increased steadily since. Rob McLister, founder of mortgage comparison website RateSpy.com, says the dip will
increase the buying power for mortgage borrowers by allowing them to afford up to 1.4 per cent more home. For example, someone putting a 20-per-cent down payment on a home who makes $50,000 per year can now afford $4,000 more home, according to calculations by Ratespy.com. “It will have an incremental boost for housing,” McLister told BNN Bloomberg’s Greg Bonnell Friday. “This, on its own, obviously is not going to turn the housing market around. But if we get maybe another half-point cut in the stress test rate, it could be
material for housing.” The qualifying rate is used in stress tests for both insured and uninsured mortgages, and a lower rate means it is easier for borrowers to qualify. These stress tests require potential homebuyers to show they would still be able to make mortgage payments if faced with higher interest rates or less income. Ontario Real Estate Association calls on Ottawa for relaxed mortgage rules CMHC CEO defends mortgage stress test changes amid calls for loosening rules ‘I would frown upon it’: Poloz on
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calls to loosen mortgage rules The Bank of Canada’s five-year benchmark rate is calculated using the posted rates at the Big Six Banks. Home sales softened last year after the federal government introduced new stress test rules for uninsured mortgages, or those with a down payment of more than 20 per cent, and mortgage rates inched higher. As of Jan. 1, 2018, to qualify for an uninsured mortgage, borrowers needed to prove they could still make payments at a qualifying rate of the greater of two percentage points higher than the contractual mortgage rate or the central bank’s fiveyear benchmark rate. An existing stress test already stipulated that homebuyers with less than a 20-per-cent down payment seeking an insured mortgage must qualify at the central bank’s benchmark five-year mortgage rate. The federal financial regulator has said that the new, stricter regulations aimed to tighten mortgage lending and take some of the risk out of the market. Meanwhile, home sales have
improved in recent months as mortgage rates have moved lower. But on Thursday, the Ontario Real Estate Association called for less stringent mortgage rules, saying that policy changes are needed to counter a downward trend in home ownership. OREA’s chief executive Tim Hudak said in a letter to federal policy-makers that Ottawa should consider restoring 30-year insured mortgages, ease up on the interest rate stress test and
eliminate the test altogether for those renewing their mortgage with a different lender. Borrowers looking to renew their mortgages are subject to stress tests if they switch to a new lender, but not if they stick with their current one. In a May letter to policy-makers, the chief executive of Canada Mortgage and Housing Corporation defended the stricter lending rules, arguing that “the stress test is doing what it is supposed to do.”
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The Top 6 Things That Will Impact Fall Real Estate in Canada
Back to school and off to work! The postlabour day time usually coincides with supply shopping and settling in after relaxing summer vibes - but it also tends to kick off Canada’s fall real estate markets, with home buyers and homeowners looking ahead to their next steps. However, before they make a move, buyers and sellers should get up to speed on the factors that will affect this year’s real estate landscape, ranging from the predictable to the truly surprising. Without further ado, here are the top six things that will impact Canada’s fall real estate season. Fixed Mortgage Rates Currently hovering around 3%, an all-time low with further decreases anticipated, fall demand will be high in many parts of Canada as consumers do everything they can to take advantage of these rates. Federal Election on October 21 Whether or not it’s warranted, elections create a real sense of insecurity and uncertainty. As a result, many consumers decide to delay real estate purchases until they know if the incoming government will modify or even cancel any of the programs and regulations affecting real estate sales and purchases. “In the lead-up to the election – that means more choice and better value for buyers that actively pursue real estate in September and October,” said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada, whose office is based in Kelowna, B.C. Historically, federal elections dampen real estate demand, so sellers that want to maximize exposure and opportunities for their properties should likely list their homes after October 21. Size May Not Always Matter Everyone has a budget, and consumers can expect to pay more in Canada’s biggest, costliest cities: Namely, Toronto, Montreal and Vancouver. While some Canadians can afford the premium locations that come with square footage and put them close to work, shopping, green space, and more, they’re far from the majority. As a result, many urbanites with smaller budgets may compromise with a much smaller midtown or downtown condo, while others will drive or ride transit to work to get single-family home in the suburbs and outlying communities. “People are paying more attention to how far they’ll have to commute to work because fuel prices are up and we’re all more aware of climate change and our role in it,” says Ash. Towns and Small(er) Cities Think outside the downtown box. Areas like Ottawa, London and Windsor in On-
tario; Halifax, Sydney and Truro in Nova Scotia; and Moncton, St. John and Fredericton in New Brunswick can make sense on multiple levels. With greater job mobility and the ability to work remotely, more people are open to fresh starts in less traditional places. After all, you get more home for your money and what some consider a far more balanced, less frenetic lifestyle. “Homebuyers that want access to the Greater Toronto Area appreciate smaller, but still vibrant cities like Ottawa, London and Windsor, which are more affordable than Kitchener-Waterloo,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of OntarioAtlantic Canada, Mississauga, Ont. “They have excellent infrastructure and amenities as well as road and train access to Toronto and Detroit, a major port and cultural center whose recent improvements have heightened its appeal.” Hyper-Local Real-Estate Markets Ask seasoned realtors about fall market trends and chances are they’ll hesitate, ponder and then hem and haw. Why? More than ever before, markets are hyper-local with trends as well as supply and demand varying significantly city to city and province to province. As a result, savvy buyers and sellers will get super local when researching markets to ensure they have the information and insight they need to make good decisions. Figure out which specific neighbourhood appeals to you, then talk to a realtor about what’s new in places like Toronto’s Leslieville, Montreal’s Outremont, Vancouver’s Kitsilano, Calgary’s Beltline or Halifax’s Westmount. “Do your homework locally! Look at what’s happening in the specific city and as importantly, the neighbourhood you want to make your own,” says Ash. “Look for real estate agents that really specialize and know specific niches and neighbourhoods firsthand.” Vacation Homes for All Ages Every urban centre, from Vancouver to Montreal and everywhere in between, is experiencing somewhat of an exodus as residents opt for a seasonal, weekend pied-a-terre and a place to retire with leisure opportunities, a slower pace and spectacular views. Homes in these recreational communities certainly aren’t cheap but they’re more affordable than urban equivalents with multiple lifestyle benefits. That’s a dream Canadians are starting to make a reality sooner than later. Now you’re up to date on Canada’s top fall home trends - let the fall markets begin, and good luck buying and/ or selling!
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