OSFI CONFIRMING CHANGES OF RESIDENTIAL MORTGAGE RULES

OSFI CONFIRMING CHANGES OF RESIDENTIAL MORTGAGE RULES

Recently, OSFI confirmed that their draft proposals for residential mortgage underwriting practices through revisions to Guideline B-20 are to become reality in January 1, 2018. The changes are threefold and impact the mortgage market by; Setting a higher qualifying...
OUR TOP 5 TIPS FOR HOMEBUYER’S

OUR TOP 5 TIPS FOR HOMEBUYER’S

No matter how you cut it or which angle you approach it, Toronto real estate is a seller’s market and has been for a few years now. Competition has exponentially increased – especially in the past two years – and 2017 is no exception. But this doesn’t mean...
DRAMATIC SHIFT IN MORTGAGE UNDERWRITING

DRAMATIC SHIFT IN MORTGAGE UNDERWRITING

Currently we are in a kind of market that even the most seasoned of Realtors has never seen.  The last sellers’ market, even remotely like this one, was the one that ended in 1988, and even that one did not sustain itself for as long as this one has. There are a few...
WHAT DOES IT MEAN AND HOW DOES IT AFFECT YOU?

WHAT DOES IT MEAN AND HOW DOES IT AFFECT YOU?

Many are concerned after a major shift in mortgage rules was announced by the federal government in October, driving up interest rates for consumers. The federal government says it’s responding to concerns that substantial increases in housing prices particularly in...

WHAT ARE CLOSING COSTS?

Closing costs are the fees paid when a property changes hands, from the seller to the buyer. Closing costs include (but are not limited to): Legal fees Brokerage commission (when selling) Property survey Property appraisal fees, if not covered by your bank Home...

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