Raymond Byrne Mortgage Specialist

06/07/2023

Why do I see only ads when I open Facebook .? How do I get to see the posts from everyone ? Has Facebook gone psycho? I don’t see any posts at all just stupid TikTok’s and video feeds.

03/21/2019

The announcement of a new CMHC First-Time Home Buyers Incentive Plan represents a shared equity mortgage program that would give eligible first-time homebuyers the ability to lower their borrowing costs by sharing the cost of buying a home with CMHC.

The incentive would provide funding (equity sharing) of up to five percent of the purchase price of an existing home, or 10 percent of a newly constructed home. No ongoing monthly payments are required. The buyer would repay the incentive, for example at resale. The government has budgeted up to $1.25 billion over the next three years to support this program.

For example, if a borrower purchases a $400,000 home with five per cent down and a five per cent CMHC shared equity mortgage ($20,000), the size of the borrower’s insured mortgage would be reduced from $380,000 to $360,000, helping to lower the borrower’s monthly mortgage bill. This would make it easier for Canadians to buy homes they can afford.

The program limits eligibility to households earning a maximum of $120,000 annually, and lets them borrow no more than four times their annual household income. This limits a home purchase to roughly $505,000. This Incentive Plan will be discussed more fully in the coming days, but it is not expected to begin until fall, 2019. In principle, the increased equity share eligibility for newly constructed homes will help incent new construction and supply across Canada.

Further analysis is needed, however, some aspiring homebuyers, especially at the lower end of the economic ladder, will have greater opportunities to purchase a home with the assistance of this new program.

Also of note is an increase in the eligible RRSP withdrawal amount through the Home Buyers’ Plan (HBP). Previously $25,000, this has been increased to a maximum to $35,000.

The budget included a lengthy defense of the current stress tests but does suggest that adjustments may be made in future. We will continue to discuss this issue with policymakers.

While we did not see immediate movement on the stress tests, and the new Home Buyers Incentive Plan can be seen as an alternate and more targeted response than an insurable 30 year amortization

03/06/2019

https://www.mortgagebrokernews.ca/n/255111?utm_source=%%Platform%%&utm_medium=%%todaysdate:Ymd%%&utm_campaign=%%campaign_name%%&utm_content=%%emailmid%%&tu=%%emailmid%%

Mortgage professionals must ensure that strong protections are in place

02/21/2019

The Toronto Real Estate Board says B-20 needs to be "revisited" because, in addition to stymieing eager and otherwise qualified buyers, it's harming the Canadian economy

02/21/2019

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Report reveals desperate measures of indebted consumers

02/01/2019

https://send.kmimedia.ca/l/eN9125eQqnqHVaLgaRAoHglEtzFio-8WU5qWkefMLGU

09/01/2018

As the trade talks continue, some industry watchers have wondered how a tenser trading relationship with our southern neighbour might affect the Canadian housing market. The answer so far? Not much.

09/29/2016

Toronto foreign-homebuyer tax? The city’s realtors say they have a better plan. What do you Think?
https://goo.gl/nXxkuh

Two major real estate industry groups in Ontario are speaking out against the possibility of a tax on foreign homebuyers in the province.

09/29/2016

10 things you Need to Know about Buying a Pre-Construction Condo.
https://goo.gl/f6q7Nj

Pre-construct condos can offer more real estate bang for your buck, but include extra costs not associated with resale condos. 10 things to know upfront.

05/09/2016

50 of the World's Strangest Hotels. Which one do you like?
http://goo.gl/YZ2sGR

From quirky to downright weird, a guide to the most unusual places to stay, featuring the world's best spaceship treehouses, ice suites, underwater hotels and glass igloos

05/09/2016

Want to buy a house? It'll cost you 400 weeks worth of work, economist calculates

http://goo.gl/5N6GX