first time home buyers News and Articles | My Blog
Here's why a mortgage broker thinks a 30-year amortization is a 'trap'
10/25/2024 | Posted in Home Buyers by Paul DeAdder
The federal government allowed 30-year mortgage amortizations for first-time homebuyers purchasing new builds in August, and the new rules are set to expand in December to ... More
Federal government releases technical details of its latest mortgage changes
9/25/2024 | Posted in Government and Regulation by Paul DeAdder
As a follow-up to last week’s announcement, the federal government has unveiled a more detailed framework for its updated mortgage rules, which are set to take effect on ... More
Canada's 30-year mortgage option has officially launched
8/2/2024 | Posted in First Time Home Buyers by Paul DeAdder
The Canada Mortgage and Housing Corporation (CMHC) has officially launched Home Start, a 30-year mortgage option for first-time homebuyers purchasing newly constructed homes. ... More
First-time buyers relying on gifted down payments more than ever
7/29/2024 | Posted in First Time Home Buyers by Paul DeAdder
Mortgage down payment gifts from family members remain a crucial factor for first-time homebuyers in Canada, even as the housing market cools and economic conditions ... More
6/25/2024 | Posted in First Time Home Buyers by Paul DeAdder
More than one-third of first-time homebuyers in Ontario are getting help with their down payment and the average gift now tops $100,000, according to a report from CIBC.
... MoreThe Liberals' savings account for first-time homebuyers mostly got only small deposits
6/1/2024 | Posted in First Time Home Buyers by Paul DeAdder
New home savings accounts have been used by 624,000 Canadians according to tax data, with a median deposit of $2,040.
... MoreFixed mortgage rates are rising. What's the deal?
4/18/2024 | Posted in Home Buyers by Paul DeAdder
As variable-rate mortgage holders eagerly anticipate the Bank of Canada’s first rate cut, fixed rates are heading in the other direction: up.
... MoreOttawa to allow 30-year amortization for first-time buyers' mortgages on new homes
4/11/2024 | Posted in Government and Regulation by Paul DeAdder
Some advocates are praising Ottawa’s move to lengthen the amortization period on insured mortgages for certain homebuyers, but say expanding the policy to all Canadians ... More
Variable or short-term fixed mortgage? Where experts see the "sweet spot"
3/13/2024 | Posted in Mortgages and Real Estate by Paul DeAdder
The Canadian mortgage space is already seeing some rates on offer decline heading into the spring market, despite no clear indication yet from the Bank of Canada that interest ... More
CMHC to scrap First-Time Home Buyer Incentive and refocus funding on other tools
3/2/2024 | Posted in Home Buyers by Paul DeAdder
The federal government has announced it will be discontinuing its First-Time Home Buyer Incentive (FTHBI) program as of March 21.
... MoreOne-third of Canadians considering alternative home ownership models amid low affordability
2/27/2024 | Posted in Home Buyers by Paul DeAdder
One third of Canadians are considering alternative home ownership models, a new survey has found, as purchasing a home remains out of reach amid an ongoing affordability ... More
Tax advantages driving exodus from Canada's priciest housing markets
2/6/2024 | Posted in Canada Living by Paul DeAdder
A new report published today reveals that the burden on buyers from provincial governments’ billions of dollars in levies and development fees on new construction, and ... More
Rise in bond yields could send fixed mortgage rates higher, experts say
1/18/2024 | Posted in Mortgage Interest Rates by Paul DeAdder
This week’s rise in bond yields could cause some lenders to reverse recent fixed mortgage rate cuts, experts say.
... MoreLatest in Mortgage News: OSFI leaves stress test rate unchanged
12/13/2023 | Posted in Mortgages and Real Estate by Paul DeAdder
Canada’s banking regulator confirmed it will leave the mortgage stress test for uninsured mortgages unchanged.
... MoreNo end in sight to housing affordability crisis, says BMO's Guatieri
8/28/2023 | Posted in Canadian Housing Market by Paul DeAdder
The Bank of Canada's June and July interest rate increases essentially put a stop to the housing market’s recovery, says analyst.
... More1 in 5 homebuilders are nixing projects amid high rates. Here are your rights
8/18/2023 | Posted in New Developments by Paul DeAdder
Many Canadian homebuyers waiting patiently for construction to finish on their pre-sale unit are being met with cancellation notices from developers. The building environment ... More
What impact might OSFI's new proposals have on borrowing costs?
7/26/2023 | Posted in Mortgages and Real Estate by Paul DeAdder
The plan might help safeguard the stability of the financial system - but could also see mortgage costs rise.
... MoreFixed mortgage rates surge again, pushing rates under 5% to the brink
6/16/2023 | Posted in Mortgages and Real Estate by Paul DeAdder
Fixed mortgage rates are once again on the rise, with rates under 5% quickly becoming a distant memory.
... MoreOntario's first-time buyers prefer detached homes and townhouses over condos
3/14/2020 | Posted in Ontario Real Estate by Paul DeAdder
Condo developers in Ontario looking to sell units to millennials and first-time home buyers could be barking up the wrong tree, according to a new survey from OREA.
... More10 first-time homebuyer trends
2/24/2020 | Posted in First Time Home Buyers by Paul DeAdder
Genworth Canada’s 2019 First-Time Homeownership Study provides a snapshot of the demographics of Canada’s first-time homebuyers (FTBs), what’s motivating them ... More
OSFI considering new benchmark rate for uninsured mortgages
2/19/2020 | Posted in Mortgages and Real Estate by Paul DeAdder
The Office of the Superintendent of Financial Institutions (OSFI) has announced that it is considering a new benchmark rate to determine the minimum qualifying rate for ... More
2/10/2020 | Posted in GTA Real Estate by Paul DeAdder
Mortgage stress test forces homebuyers further outside GTA to find house they can afford.
... MoreInitiative to increase tax rebate for first-time buyers in Toronto
1/27/2020 | Posted in Toronto Real Estate by Paul DeAdder
Two city councillors are pushing for a rethink of Toronto's municipal land transfer tax rebate for first-time home buyers, suggesting the cap should be increased to match ... More
Owning a home is a pipedream for many Canadian millennials
12/13/2019 | Posted in Home Buyers by Paul DeAdder
Millions of Canadian millennials feel they may never be able to follow previous generations into homeownership according to a new survey.
... MoreCMHC's Siddall Defends Policies, Provides Update on the FTHBI
11/22/2019 | Posted in Canadian Housing Market by Paul DeAdder
Some fresh information on the status of the First-Time Home Buyer Incentive (FTHBI) and a possible increase on the $1M cap for insured ... More
Newcomers represent one in five home purchases in Canada
10/16/2019 | Posted in Canadian Housing Market by Paul DeAdder
This demographic is likely to account for nearly 700,000 home sales over the next five years.
... MoreWhat to know about the Liberals' new housing-incentive promise
9/16/2019 | Posted in Home Buyers by Paul DeAdder
In an election announcement on Thursday, Liberal Party Leader Justin Trudeau promised to turbocharge the First-Time Home Buyer Incentive (FTHBI) for Canadians who live in ... More
Despite new details, First-Time Home Buyer Incentive is flawed
6/18/2019 | Posted in First Time Home Buyers by Paul DeAdder
While more details about the First-Time Home Buyer Incentive were released this week, there remains a glaring problem.
... MoreFirst-Time Home Buyer Incentive To Launch In September
6/18/2019 | Posted in Home Buyers by Paul DeAdder
The incentive will allow eligible first-time homebuyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, to apply to finance a ... More
Price growth expectations and financial risk: top influences for homebuyers
6/13/2019 | Posted in Home Buyers by Paul DeAdder
Three quarters of homebuyers in three of Canada's largest housing markets are not willing to take financial risks when buying a home, ... More
