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Real Estate

Ottawa eases mortgage rules for first time in a decade and the Home of the Week: Canadian real estate news for April 13

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Home of the Week, 7 Hurndale Ave., Playter Estates, TorontoMshati Productions

Here are The Globe and Mail’s top housing and real estate stories this week and one home worth a look.

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First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change

As part of a growing collection of initiatives designed to address Canada’s growing housing crisis, the federal government announced that it was easing its mortgage rules for the first time in a decade, writes Rachelle Younglai. First-time homebuyers who require mortgage insurance — due to making a down payment that is less than 20 per cent of the purchase price — will now be able to take out 30-year mortgages on a newly built home. It is unclear how much the longer amortization period will help first-time buyers, as it only

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Real Estate

Chilliwack and area real estate sees ‘slow and steady’ improvement

New supply holding strong, available inventory just ‘slightly above average levels,’ says CADREB

The Chilliwack real estate market is undergoing “slow and steady” improvements, even if March sales numbers fell a little flat.

The Chilliwack and District Real Estate Board characterized home sales as “subdued but still rising” according to CADREB’s monthly report for March.

The number of homes sold through the MLS System in Chilliwack totalled 266 units in March 2024 – a decrease of 8.9 per cent from March 2023.

“Although sales activity came in below last year’s March reading, we are still seeing signs of a slow and steady improvement on a month-by-month basis in our market,” said Steven Kelly, president of the Chilliwack and District Real Estate Board.

New supply is holding strong, and available inventory is just “slightly above average levels,” Kelly said.

Once demand picks up there will be ample listings to supply those

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Real Estate

Real Estate Commission Settlement May Shift Luxury Market Practices


The way home buyers and sellers pay real estate agents in the U.S. could change as a result of a ruling last month against the National Association of Realtors, but many industry insiders expect a far less dramatic effect on the luxury segment of the housing market. 

Rumors are flying about real estate agent commissions dropping overnight, home prices declining and a new world order for the industry after a $418 million legal settlement—along with policy changes—by the NAR in response to a massive lawsuit. Whatever the ultimate changes, they’ll likely have a lesser effect on the higher end by virtue of sellers and buyers having more means and, in many cases, experience at the negotiating table.

“Everyone is speculating right now, but my best guess is that this will be far less impactful than people think,” said Brian Boero, co-founder of 1000watt, a real estate branding and strategy firm

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Real Estate

This Week’s Top Stories: Canadian Real Estate Has Never Been Less Affordable & Low Rates Don’t Help

Time for your cheat sheet on this week’s top stories.

Canadian Real Estate

Buying A House In Canada Has Never Been Harder, Years To Correct: RBC

Canada’s largest bank warns it’s never been more difficult to buy a home in the country. RBC warns a median household would need to spend up to 108% of their income to purchase a median home in cities across Canada. The erosion in affordability is like nothing seen in the country’s history. Even “affordable” markets now require close to half a household’s income just to carry the mortgage payments.

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Canada Added 58k Workers But Lost 2k Jobs Last Month

The good news? Canada is rapidly adding to its workforce. The bad news? The country somehow lost jobs. The latest labor force survey shows 57.7k more workers added to the economy in just March. At the same time, those workers were chasing 2k

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Real Estate

Real estate wealth has devalued the status of being a millionaire in Canada

A subindustry in publishing is devoted to books about becoming a millionaire.

There’s Millionaire Teacher, The Millionaire Next Door, The Millionaire Fastlane and The Millionaire Mind, not to be confused with Secrets of the Millionaire Mind or Your Millionaire Mindset. Also, The ChatGPT Millionaire, Baby Steps Millionaires, Seventeen to Millionaire, From Zero to Millionaire and The Millionaire Master Plan. We could go on and on – Amazon’s books page offers more than 50,000 results for a search for “millionaire.”

The word millionaire means wealth, financial independence and prestige, at least in the minds of people writing, editing and publishing personal finance books. But the status of millionaires today has been devalued by high real estate prices. If you own a home in some parts of the country, millionaire status awaits.

A widely accepted definition of millionaire is having a net worth of $1-million or

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