As expected, the Bank of Canada left the country’s key lending rate unchanged today at 1.00%. That keeps prime rate at 3.00% for now. In the commentary that followed the announcement, the Bank stated:  Global economic “risks have increased” “…pressures affecting prices remain largely unchanged” Today’s decision “leaves considerable monetary stimulus in place” “In the third quarter, household spending was stronger than...

As Real Estate markets across Canada shift through a balanced market to a buyers market behaviours become very predictable. Buyers Buyers adapt very quickly to a changing market.  Buying a home is and always has been an emotional decision first and a financial one second.  A shift to a buyers market has everything to do then with buyers who are fearful running to the safety of the herd and staying on the sidelines. The data to support...

The process of buying a new home is a very daunting task even if you are a seasoned purchaser.  I came across this checklist on apartmenttherapy.com the other day and thought it would be most useful. 1. Check the drains to make sure they’re not backed-up. To test, do a load of laundry, fill up the tub and sinks, and try to drain them all at the same time. 2. Open all the windows all the way to make sure they’re able to open and shut...

In a time where identity theft and Ponzi schemes are plastered across the daily news, the last thing you want to worry about is yet another way to lose your hard-earned money. But as a homeowner, you need to be aware of crimes on the rise known as mortgage fraud and real estate title fraud. Mortgage Fraud The most common type of mortgage fraud involves a criminal obtaining a property, then increasing its value through a series of sales and...

I’m sure you’ve heard it: “once the Olympics are over our real estate market will……..”  I know I have.  I have been listening to it for almost seven years now.  And I am still finding myself question what, if any, effect it will have on the real estate market. Smaller, underdeveloped cities like Athens and Barcelona have seen huge property gains triggered by the Olympics. But in developed host...

With tax season almost upon us I thought I would throw out a reminder about one of the tax credits that is available to first-time buyers for 2009 tax year.  A new program for 2009 and subsequent tax years is the Home Buyer’s Tax Credit. To be considered elible for for the Home Buyer’s Tax Credit you must be a first time home buyer (or have not lived in a home you own for the tax year and the past four years) and purchased your new...

The government and Bank of Canada is becoming increasingly concerned that consumers may not be able to meet debt payments once interest rates rise again.  Finance Minister Jim Flaherty has even gone on record stating he’s considering taking measures to make it harder to obtain a mortgage to avoid households taking on excessive debt. Possible measures he mentioned include raising the minimum downpayment, which currently stands at 5% or...