4 Big Ways Rate Increases Are Impacting Real Estate (& Why They Matter)
As the Bank of Canada works to keep inflation under control, rate increases are making home ownership decisions increasingly difficult. Here’s a brief look at what prospective home buyers and sellers should know about the impact of rising interest rates on real estate in Canada.
Are we in a buyer’s market? April 2023 Edition
While interest rates have gone up, there are some things that contribute to it being a good time to buy. Many Canadians know that home ownership is a great long-term investment. However, they also acknowledge the higher interest rates may have a negative effect on their ability to buy or sell a home. At this point, 67% of Canadians wouldn’t consider purchasing a home in the early part of 2023.
Mortgage credit score required for mortgage approval in 2023
Can you afford the monthly payments and property taxes as well as any incidentals that might come up? Here’s a guide on what a lender is looking for in terms of your credit score and how to get an approval.
How to Buy a Foreclosed Home in Canada in 2023
Foreclosure may be forced on a homeowner because of criminal activity or bad living conditions. There are many circumstances that can cause someone to be removed from their property. Lenders who keep the liens to properties like this will need to do something to get some of their money back as they will be at a loss. The lender is legally allowed to sell the home, putting it up for sale.
The 30 Cheapest Places to Live in Canada for 2023
If you’re currently living in one of the areas in Canada that are inflated, you may want to consider looking for a new place. There are plenty of affordable towns and cities in Canada to get in on owning a home. There are some mortgages you may not currently be able to access because you don’t qualify. If you have the freedom to move, you may want to consider it. There are a lot of Canadians that are working remotely now. If you don’t need to live in one of the expensive cities like Vancouver or Toronto, it’s a great opportunity to explore this incredible country.
The 10 best real estate apps for Canadians looking for a house in 2023
The technology of real estate has made great progress, making it easier than ever to house hunt while navigating complex home equity loans applications. Here’s our list of the 10 best real estate apps available to Canadians.
Canadian Housing Market News 2023
If you’re looking to get a mortgage, you may be able to purchase for less than you could a year ago but you’ll be dealing with much higher interest rates. It’s harder to meet the requirements for a good mortgage rate at the moment as the CMHC changed protocols based on the change in interest rates. However, for those who have excellent credit, the interest rate can be reduced, which is a silver lining. There are a few facts you’ll want to know as a Canadian looking to get in or out of the real estate market in 2023.
The Bank of Canada Interest Rate and How It Impacts Canadians Now and Looking Into the Next Few Years
Interest rates with the Bank of Canada tell a tale of how the economy in Canada is doing. As interest rates rise, consumerism falls so there’s a major impact on Canadians in general. To get the full scope, it’s important to understand the influence of the Bank of Canada. It’s a crown corporation and the main bank of Canada and is responsible for putting together Canada’s monetary policy.
Canadian mortgage market: rising interest rates and what that means for consumers
After flat and falling interest rates for many years, 2022 has been the year of rising interest rates. We saw prime rates go up for the first time in almost 4 years. Fixed rates are going up as well.
Let’s look at what rising interest rates means for consumer in the Canadian mortgage market.
What You Should Know About Getting a Mortgage When You’re Self-Employed
When you’re self-employed, dealing with fluctuations in your income can be tough. What’s even tougher in some cases however, is trying to get a mortgage without a regular paycheque. Here’s what you need to know about getting a mortgage in Canada when you’re self-employed.