Mortgages

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„Czy nieszczepione dzieci są zagrożone? Aby sprawdzić stan zdrowia dzieci zaszczepionych i niezaszczepionych w ramach badań naukowych, w Stanach Zjednoczonyc...

08/25/2019

Ten dokument blokuje wszelkie decyzje szkodliwe dla Narodu Polskiego

05/02/2019

03/20/2018

Changes to syndicated mortgage transactions take effect July 1, 2018

The Government of Ontario has made regulatory amendments to O. Regulation 188/08 Mortgage Brokerages Standards of Practice under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) that affect non-qualified syndicated mortgages.

02/23/2018

https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_005.cfm

The CMHC Mortgage Loan Insurance premium is calculated as a percentage of the loan and is based on the size of your down payment.

02/11/2018

There was little change in housing starts in January with the 6-month trend at 224,865 compared to 226,346 in December.

"The national trend in housing starts held steady for a third consecutive month in January, remaining near the 10-year high set in December," said Bob Dugan, CMHC's chief economist. "This reflects higher starts of multi-unit dwellings in urban centres in recent months, which has offset lower starts of single-detached homes."

CMHC data reveals that Vancouver’s starts almost doubled the level of a year earlier with the North Shore particularly hot due to condo and multi-family developments getting underway.

Toronto’s starts continued to trend lower for the second consecutive month. Multi-family starts were higher, helping to offset lower numbers of single-family homes which have seen weaker demand due to more supply in the resale market.

Among the other highlights were gains for Kelowna, Lethbridge, Gatineau, Barrie and Guelph. The latter saw the highest number of apartment starts for any January since 1991.

Starts continued their downward trend in Kingston and Edmonton.

The standalone seasonally adjusted annual rate of housing starts for all areas in Canada was 216,210 units in January, essentially unchanged from 216,275 units in December.

08/09/2017

Don't promote Loan & Trust Companies not registered in Ontario

The Financial Services Commission of Ontario (FSCO) is committed to ensuring regulated entities are aware of their obligations and comply with legislation and regulations.

FSCO reminds all mortgage brokerages, brokers and agents you cannot promote the services of a loan and trust company unless they are registered in Ontario. This includes:

promoting the services of a loan and trust company not registered in Ontario to handle mortgage investments (including syndicated mortgages) made through self-directed registered accounts (e.g.: RRSPs, RESPs, TFSAs etc.)
including the name and/or logo of a loan and trust company not registered in Ontario on marketing materials promoting mortgage investments (including syndicated mortgages) and identifying such a corporation as the "registered custodian" (or other similar term) for the investments
It is not sufficient for a loan and trust company to be licenced in another Canadian jurisdiction. If you are found to be soliciting on behalf of an out-of-province loan and trust company, you can still be held personally liable under the Loan and Trust Corporations Act (Ontario).

As a general rule, if the investor or property is in Ontario, the loan and trust company must also be registered in Ontario.

It is your responsibility to ensure any loan and trust company you promote is registered in Ontario. You can check FSCO's website for a current list.

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http:/anandtrust/loantrust.aspx

04/21/2017

Measures
This morning, Premier Kathleen Wynne announced a comprehensive package of housing reforms, ahead of next week's provincial budget aimed at cooling the GTA housing market. The release can be found here. The announcement follows extensive media coverage about the serious concerns with the over-heating markets.

Mortgage Professionals Canada has been engaged with the Ontario government and many MPPs through our lobbying activities and our recent Queen’s Park Advocacy Day. We are pleased to see measures that will increase supply, improve data collection and curb speculation within the market place, which we have been asking the government to do.

However, we are disappointed that there is no additional support for first-time buyers in this package, and we suggest caution that a foreign buyer tax will not have the desired impact that the government seeks.

We will be studying the comprehensive package of measures in greater detail over the coming days and will continue to engage with the government to ensure the interests of our members are heard at Queen’s Park.

What was announced:

Introducing legislation that would, if passed, implement a new 15-per-cent Non-Resident Speculation Tax (NRST) on the price of homes in the Greater Golden Horseshoe (GGH) purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations.
Expanding rent control to all private rental units in Ontario, including those built after 1991.
The government will introduce legislation that would, if passed, strengthen the Residential Tenancies Act to further protect tenants and ensure predictability for landlords.
Establishing a program to leverage the value of surplus provincial land assets across the province to develop a mix of market housing and new, permanent, sustainable and affordable housing supply.
Introducing legislation that would, if passed, empower the City of Toronto, and potentially other interested municipalities, to introduce a vacant homes property tax to encourage property owners to sell unoccupied units or rent them out, to address concerns about residential units potentially being left vacant by speculators
Ensuring that property tax for new multi-residential apartment buildings is charged at a similar rate as other residential properties.
This will encourage developers to build more new purpose-built rental housing and will apply to the entire province.
Introducing a targeted $125-million, five-year program to further encourage the construction of new rental apartment buildings by rebating a portion of development charges.
Providing municipalities with the flexibility to use property tax tools to help unlock development opportunities.
Creating a new Housing Supply Team with dedicated provincial employees to identify barriers to specific housing development projects and work with developers and municipalities to find solutions.
The province will work to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market Working with the real estate profession and consumers, the province is committing to review the rules real estate agents are required to follow to ensure that consumers are fairly represented in real estate transactions
Establishing a housing advisory group which will meet quarterly to provide the government with ongoing advice about the state of the housing market
Educating consumers on their rights, particularly on the issue of one real estate professional representing more than one party in a real estate transaction.
Partnering with the Canada Revenue Agency to explore more comprehensive reporting requirements so that correct federal and provincial taxes, including income and sales taxes, are paid on purchases and sales of real estate in Ontario.
Making elevators in Ontario buildings more reliable by establishing timelines for elevator repair in consultation with the sector and the Technical Standards & Safety Authority (TSSA).
Working with municipalities to better reflect the needs of a growing Greater Golden Horseshoe through an updated Growth Plan.

01/24/2017

Fiery Toronto real estate heats up surrounding markets
by Justin da Rosa | Jan 24, 2017

Increasing home prices in the GTA are having a spillover effect in surrounding cities, according to a recent report.

Skyrocketing single-family home prices in the GTA are encouraging buyers to purchase outside the city, according to CMHC’s latest Housing Markets Insight Report, released Tuesday.

“Our evidence supports that increasing single-family home prices in the GTA are persuading buyers to make purchases in nearby communities like Hamilton, Barrie and Guelph where homes are more affordable than within the city,” Jean-Sébastien Michel, principal, Market Analysis Centre, at Canada Mortgage and Housing Corporation, said. “In turn, this is driving up house prices in these neighbouring markets.”

That effect has been felt in Hamilton, Barrie and Guelph over the past few years. More recently, however, more far-flung markets are also seeing the effect.

Especially in St. Catherines-Niagara, according to CMHC.

“Except for the clear but short decline in many centres in 2008, house prices have steadily increased in most Ontario CMAs over the past twenty years, with even higher growth rates in the last five years,” CMHC said. “Overall, this substantial increase was due mainly to favourable economic conditions, population growth and relatively low mortgage rates, which increased demand for housing and drove up prices.”

Since the recession, Toronto real estate has been appreciating and a much faster pace than its surrounding CMAs.

However, it appears surrounding markets are starting to benefit from the country’s hottest housing market.

CMP Magazine