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

14/04/2024
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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

Trudeau announces support for renters and the Home of the Week: Canadian real estate news for March 30

02/04/2024
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The four-bedroom loft is situated in The Merchandise Building, a live/work complex renovated from the shell of a 1910 brick warehouse in Toronto.Michael Peart Photography

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

Try The Globe’s business and investing news quiz

Trudeau announces renter-focused measures ahead of 2024 budget

Prime Minister Justin Trudeau announced a series of measures to help renters in Canada, including a $15-million tenant protection fund and a Canadian renters’ bill of rights, write Bill Curry and Marieke Walsh. A third measure is to amend the Canadian Mortgage Charter, so that it calls on landlords, banks, credit bureaus and fintech companies to take rental history into account when assessing credit worthiness. The government hopes that by dropping budget details in advance, it will be able to garner more attention

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Real Estate

Investor dominance in Ontario real estate and the Home of the Week: Canadian real estate news for March 23

24/03/2024
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Home of the Week, 79 Amelia St., HamiltonMichael Goencz Photography

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

Try The Globe’s business and investing news quiz

Banks to face new limits on mortgage loans above 4.5 times a homebuyer’s annual income

The Office of the Superintendent of Financial Institutions is capping the number of highly leveraged loans in the banks’ residential mortgage portfolios, instructing lenders they will have to limit the number of mortgages that exceed 4.5 times the borrower’s annual income, write James Bradshaw, Rachelle Younglai and Stefanie Marotta. The new income limit, which is expected to take effect in the first quarter of next year, comes on top of existing mortgage qualification rules. In markets like Toronto and Vancouver, prospective homebuyers often have to borrow more than 4.5 times their

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Real Estate

Allied REIT buys out Westbank on two condo projects: Canadian real estate news for March 16

19/03/2024
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Home of the Week, 80 John St., Upper Penthouse 1, TorontoJohn Lee/John Lee/Soare Productions

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

Take The Globe’s business and investing news quiz

Canadians’ wealth is bolstered by stock rally amid housing slump, Statscan says

In the fourth quarter, households saw their net worth rise by $290-billion, or 1.8 per cent, to roughly $16.4-trillion, Statistics Canada said in a report Wednesday. But many homeowners have yet to face the full brunt of higher interest rates until they renew their mortgages, writes Matt Lundy. Others have variable-rate mortgages with fixed payments, which means that as rates have increased, more of their bill is going toward the interest portion rather than paying down the principal. The looming renewals, among other factors, led Canadians to stay cautious about

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Real Estate

Court authorizes investigation into real estate firm run by former child actor: Canadian real estate news for February 24

25/02/2024
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Home of the Week, 199 Albany Avenue, Toronto.Darren Eagles Photography

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

Take The Globe’s business and investing news quiz

Should homebuyers wait for bigger rate drops or jump back into the market now?

Home sales in December and January bounced back from the lows of the latter part of 2023, but with the volume of sales still well below the 10-year average, prices continue to decline in many markets, writes Erica Alini. Would-be buyers are largely waiting for borrowing costs to drop lower, as several financial analysts forecast the Bank of Canada’s interest rate won’t be cut until later this summer. But some economists believe prices and competition will quickly heat up by then as borrowing becomes less expensive. For those who could afford to

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