Industry leaders are cautioning agents working Toronto’s west end, warning them about a seemingly ideal client intent on luring them to vacant properties.
Four months after having its hand slapped by TREB, this online brokerage is closing its doors.
The checks and balances which have been put in place are there to support stability and control in the real estate market. Restrictions and requirements for homebuyers will ensure qualified buyers have sufficient equity and the ability to finance their home purchase over the long term thereby protecting themselves and the banks from default. This is precisely what we need in the market versus the " Wild West Mortgage schemes " of the US which we witnessed back in 2008 which lead to a collapse in the market.
Robert I am afraid I strongly disagree with you! The government is requiring buyers to work with a potential interest rate that I don't see happening in the foreseeable future. Yet they have to qualify at this much higher rate (which is currently about double to nationally posted 5 year rates). This is plain and simply a move by the government to put fairly strong brakes on the housing market.I would like to see how people would react to the government changing the tax benefits of capital gains if the stock market was getting overheated, as to me that is what the government is doing to the housing market.
I cannot scream this loud enough from the roof tops of all those homes I cannot afford. It is NOT the Canadian residents who need checks and balances. It is the foreign buyers we need to put checks and balances on. I ask the same question every time this issue comes up. If foreign buyers can come in and pay cash for a million dollar home, why is our gouvernment wasting time and money of changing Canadian mortgage rules. LOOK at the what happened with Vancouver's housing market, when their gouvernment put road blocks in place directed at foreign buyers. It did NOT impact their economy, it only brought down the price of homes so that Canadian could once again buy a house in the city they call home. I realize cooking off housing prices will bring down the money a Realestate agent makes, but please, for the love of future generations, stop the insanity that we call a housing market by blocking foreign buyers from out bidding Canadian families on homes that should cost half of what they are selling for.
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