Real Estate

WHAT'S AHEAD: Real estate prices may bottom out when mortgage rates drop

“With fewer than 950 sales for the whole year, (2023) was the slowest year for real estate sales since 1997,” said Darcy Toombs of Toombs Team Real Estate Group in Newmarket

Since the start of 2023, single family homes in the GTA, in which Newmarket resides, have risen from $1.268 million to more than $1.3 million.

This year, the average price of a single family home in the GTA peaked in June at $1.402 million, but has since dropped each month to $1.347 million as of October.

Similarly, apartment prices in the GTA have risen in 2023 with the average cost being $698,300 in January and have risen to $713,500 as of October. But, apartments did dip as low as $682,000 in March and peaked at $728,400 in September. 

It was much of the same with townhouses in the GTA throughout the year with the average cost being $797,400 in

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Real Estate

Real estate tech companies continue to get hammered by high mortgage rates

Welcome back to The Interchange, where we take a look at the hottest fintech news of the previous week. This week, we take a look at one startup layoff, another offering an employee ownership buyout option, and much more. If you want to receive The Interchange directly in your inbox every Sunday, head here to sign up!

From a $2B+ valuation to round after round of layoffs

Last week, I reported on Divvy Homes’ third round of layoffs in a year’s time. It was the latest casualty in a beaten down real estate tech sector.

I first wrote about rent-to-own startup Divvy Homes in September 2019 when it announced a $43 million Series B round to help in its mission to help more Americans “move from renters to [home]owners.” I then covered the company’s $110 million Series C in February of 2021.

Of course, at that time, it was

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Real Estate

Sweet-spot mortgage terms and 2025 predictions: Canadian real estate news for July 22

Open this photo in gallery:

Home of the Week – 77 Forest Hill Rd.Rob Holowka/Handout

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

Take The Globe’s business and investing news quiz

Mortgage rates today range from bad to horrible, but there is a sweet spot

The cheapest mortgage rates today are for a fixed term of five years, but who wants to lock in for five years when rates are thought to be peaking, asks Rob Carrick. One-year mortgages make sense strategically because renewing in 12 months could let you tap into those lower rates, but the premium you’ll pay for having that opportunity is huge. Is there a sweet spot compromise between the two?

Why some mortgage renewal payments could rise into

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Real Estate

CIBC’s mortgage underwriting lapses and one senior’s search for roommates: Canadian real estate news for June 10

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This week in real estate, why relying on your house for retirement is a bad idea.DAN KIRCHNER/Handout

Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

CIBC ordered by banking regulator to fix its mortgage underwriting lapses

CIBC has been under remediation orders from Canada’s banking regulator for more than a year after an audit of its mortgage portfolio uncovered breaches of rules that limit how indebted borrowers can be, James Bradshaw, Tim Kiladze, and Stefanie Marotta reported this week.

Thousands of clients are affected, many of whom had lines of credit that were secured against their homes. When these lines were combined with a mortgage, the total credit exceeded the acceptable thresholds for total debt obligations relative to

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Real Estate

Real estate: Can I just pay interest on my mortgage?


Some Canadians have extended the amortization period on their mortgages, and real estate experts say it could bring uncertainty for renewals.


Amortization refers to the time it takes to pay back a mortgage. As elevated interest rates hit the housing market, some people have been have been extending their amortization period out several decades and are only paying interest on their homes.


Daniel Vyner, the principal broker at DV Capital, said in an interview with BNNBloomberg.ca Monday, the trend points to potential default risks and problems for some buyers.


In his view, variable-rate mortgage holders with fixed payments are nearing, or have already hit their trigger rate, which refers to when a homeowner’s mortgage payment is not sufficient to cover the interest accumulated since their last payment. 


“These extended amortizations, this is really just a temporary Band-Aid solution, which in my view is preventing

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